BusinessMIrror February 25, 2025

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A broader look at today’s business

n

Tuesday, February 25, 2025 Vol. 20 No. 136

P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK

ONLY FOR FOREX NEED

By Reine Juvierre S. Alberto @reine_alberto

T

HE Bangko Sentral ng Pilipinas (BSP) maintained that the country’s gross international reserves (GIR), including gold, are not used for purposes other than meeting the country’s foreign exchange requirements.

The BSP on Monday said that the GIR are held and managed solely by the central bank to maintain the Philippine peso’s international stability and convertibility.

This came after former president Rodrigo R. Duterte claimed that the Marcos family was stealing and selling the Philippines’ gold reserves and accused them of the peso’s depreciation.

The central bank, tasked to manage the country’s external accounts, said it has been buying gold and selling gold over the years as part of its core functions.

See “BSP,” A2

SAMAR SUMMER From the towering, centuries-old rock formations of Canhugas Natural Park to the rolling waves of Borongan Bay, Eastern Samar’s coastline tells a story of nature’s power and human resilience. Surfers challenge the swells,

while fishermen find refuge in once-thriving beach communities reshaped by time and tides. In Guiuan, a former fishing hub devastated by Typhoon Yolanda has transformed into a popular tourist destination. Meanwhile, the lush old-growth forests of Taft stand as a testament to the region’s enduring natural beauty. JOEL C. PAREDES

NGCP WINS ARBITRATION Total PHL banking deposits

AGAINST PSALM, TRANSCO

By Lenie Lectura

T

HE Arbitral Tribunal of the Singapore International Arbitration Centre (SIAC) has ruled with finality that the country’s transmission grid operator, National Grid Corporation of the Philippines (NGCP), did not violate any law and fully complied with the terms of the concession agreement entered into with the Philippine government.

The Synergy Grid & Development Phils., Inc. (SGP), which holds a 40-percent stake in NGCP,

said in a disclosure to the stock exchange Monday that the SIAC upheld the NGCP’s P57.88-billion prepayment in 2013 as against the P3.9-billion claim of the National Transmission Corp. (TransCo).

“NGCP validly exercised its right to make the prepayment in the amount of P57.88 billion that it effectuated on July 15, 2013. NGCP shall pay only pay approximately P372.77 million to Transco out of its claim of around P3.9 billion,” it said.

NGCP won the 25-year concession contract to operate and See “NGCP,” A2

up 7% to P20.4T at end-’24

T

HE Philippine banking system recorded P20.373 trillion in total deposits as of the end of December 2024, according to the Bangko Sentral ng Pilipinas (BSP).

Latest data from the BSP showed the banking sector’s total deposits increased by 7.04 percent year-on-year to P20.373 trillion as of end-December 2024 from P19.032 trillion.

Total deposit accounts reached 143.352 million as of end-December 2024, up by 17.88 percent from 121.602 million during the same period in 2023.

Similarly, the number of depositors grew to 128.730 million in 2024, higher by 14.65 percent from 112.273

million in the previous year.

The bulk of the deposits in the Philippine banking system were from universal and commercial banks, accounting for 93.75 percent of the total deposits.

Deposits in big banks hit P19.101 trillion, up by 6.81 percent year-onyear from P17.882 trillion.

There are a total of 92.993 million accounts and 86.014 million depositors under universal and commercial banks.

Meanwhile, total deposits of thrift banks grew by 4.67 percent year-on-year to P826.205 billion from P789.310 billion.

Deposit accounts under thrift See “Total,” A2

PESO EXCHANGE RATES n US 57.9150 n JAPAN 0.3882 n UK 73.3667 n HK 7.4541 n CHINA 7.9850 n SINGAPORE 43.3625 n AUSTRALIA 36.8513 n EU 60.7007 n KOREA 0.0404 n SAUDI ARABIA 15.4440 Source: BSP (February 24, 2025)

News

BusinessMirror

A2 Tuesday, February 25, 2025

Total PHL banking deposits up 7% to P20.4T… Continued from A1

banks are at 7.419 million with 7.265 million depositors as of end-December 2024.

Deposits placed with rural and cooperative banks also expanded by 19.82 percent to P350.178 billion as of end-December 2024 from P292.240 billion during the same period in 2023.

Data from the BSP showed these banks recorded a total of 23.552 million deposit accounts and 23.047 million depositors.

Further, deposits in digital banks grew by almost half, with deposits hitting P96.270 billion as of endDecember 2024 from P65.181 billion a year ago.

Deposit accounts under digital banks reached 19.387 million with 12.403 million depositors.

Moreover, savings deposits accounted for 27.58 percent of the banking sector’s total deposits, amounting to P8.842 trillion.

Deposits under regular savings deposits amounted to P7.333 trillion while time certificate of deposits hit P5.881 trillion.

Demand deposits also reached P5.620 trillion, kiddie and teen savings were at P54.703 billion and basic deposits at P28.702 billion.

Reine Juvierre S. Alberto

www.businessmirror.com.ph

PHL to export 66K MT sugar to meet US quota allocation

S

By Ada Pelonia @adapelonia

IPALAY CITY—The Philippines is eyeing to export 66,000 metric tons (MT) of raw sugar before April to fulfill its United States sugar quota allocation and stabilize farmgate prices of the sweetener amid peak harvest season.

Sugar Regulatory Administration (SRA) Administrator Pablo Luis Azcona stressed the importance of maintaining the US quota, especially in case of a bumper crop.

“The Philippines has one of the largest US quotas. We don’t want to lose it,” Azcona told reporters in an interview here.

Azcona said they are looking at exporting early this year to guarantee that the shipment would arrive at its best condition before the September 30 deadline.

Last year, the US Trade Representative (USTR) announced the allocation of 145,235 metric tons raw value (MTRV) of raw cane sugar under the

tariff-rate quota (TRQ) system for fiscal year 2025, which started on Oct. 1, 2024.

The Philippines got the third largest allocation after the Dominican Republic at 189,343 MTRV and Brazil at 155,993 MTRV. Meanwhile, the SRA chief also noted the trajectory of oversupply in sugar during the first quarter, which pulled farmgate prices down.

“If you look at the inventories, the raw sugar inventory is going up already because we’re at the peak of milling season,” Azcona said.

“So, to create a need and a demand and to stabilize the price, we export [...] and then once we have a [supply]

FILE photo of a sugarcane farmer PNA PHOTO

gap, we import when harvest is done to replenish the export.”

Azcona said the agency plans to import refined sugar at a ratio of 1 (raw sugar exported):2.5 (imported refined sugar).

“We are thinking of a total import [volume] for the export replenishment of about 165,000 MT of refined sugar. So, [the exporters] can make up for the difference in cost.”

PHL must expand trade network–BCCP exec

By Andrea E. San Juan

T

HE Philippines should expand its trade network and supplement its existing incentives frameworks with efforts to reduce investment barriers to tap into its demographic advantage, according to the British Chamber of Commerce of the Philippines (BCCP).

“I think the comparative advantage is first, the people. You’ve got a lot of talent here.

That’s obviously an opportunity for companies. You have a large young population and if you combine it with the workforce, that’s an opportunity to grow,” BCCP Executive Director Chris Nelson told BusinessMirror on the sidelines of a recent forum.

However, on the issue of attracting more investments, Nelson said, “We live in a dynamic world, so you’re not the only one.

While I think the CREATE MORE is a good move, it needs to be supplemented with other things because you’re constantly competing with others.”

Nelson said this measure, which has recently been implemented, bodes well for the Philippines, calling it a “good move” as this signifies that the government “is looking at incentives and needs.”

This he said, however, should be coupled with providing awareness to the public to utilize the enhanced incentives framework.

“I think what we need to do, though, is to educate and promote to people what are the benefits of this Create More,” Nelson said.

To add to implementing this measure, the BCCP official said the country still needs to work on “improving the ease of doing business, getting more incentives, cutting certain investment barriers.”

He underscored that the CREATE More is “a good development but only in the context of everything else.”

In relation to improving the country’s ease of doing business initiatives, Nelson divulged that it has been a “constant request” by all foreign firms in the Philippines for the local

government units (LGUs) to simplify business process transactions.

“That’s why in terms of legislation, we’re very much pushing for the passage of the E-Governance Act, the Cybersecurity Act, because we think that’s important to be strengthened and also the Open Access in Data Transmission Act,” added Nelson.

The BCCP official also underscored the importance of the Philippines joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) amid the protectionist policies hounding global trade.

“For the Philippines, if you look at it, to expand the trading area is important. So the Philippines joined [Regional Comprehensive Economic Partnership] RCEP, it's a very large trading bloc,” Nelson said.

The CPTPP, he said, also includes countries such as Japan and the UK, adding “I think this is an opportunity for the Philippines because, you know, the challenge the Philippines faces, I think, is that currently you're a developing country. But the way the economy is growing, you may move to the next tier, and if you don't have trading agreements or free trade agreements, that could have an impact.”

Earlier, Trade Undersecretary Allan B. Gepty noted that “The Philippines is clear as to where it is heading to...we are headed to expand our trade network and one of them is that we are now officially considering applying to join CPTPP.” Moving forward, Nelson maintained the optimism that trade between the Philippines and the United Kingdom is seen to grow this year.

“The trade is growing between the two countries. We want to see that accelerate and we want to see companies doing further business, so we wholeheartedly welcome the Philippines joining CPTPP,” added Nelson.

The BCCP official said trade in goods and services between the UK and the Philippines reached £2.8 billion in the four quarters to the end of the third quarter of 2024.

NGCP wins arbitration against…

Continued from A1

manage the grid system in December 2007 for $3.95 billion. To date, the NGCP operates the country’s power transmission network.

NGCP remitted to the Power Sector Assets and Liabilities Management Corp. (PSALM) P57.88 billion in July 2013 to prepay its 10th to 30th deferred payments for concession fees. The prepayment corresponds to 51.59 percent of the outstanding concession fee as of July 16, 2013. However, TransCo claimed that the prepayment was made contrary to the provision of the concession agreement.

The Court, on February 19, 2025, rendered a final award in the case filed by NGCP against PSALM and TransCo. A statement from SGP said “NGCP did not breach the nationality restrictions in the Philippine Constitution, the Anti-Dummy Law, and its obligations under the Concession Agreement in relation to permitted indebtedness or insurance.”

The Court also ruled that NGCP is entitled to an indemnification from PSALM and TransCo up to the amount of P56.5 million for expenses on right of way claims with interest. It shall be compensated by TransCo through a corresponding reduction in the concession fee for SubTransmission Assets (STAs).

The Court also said that it is NGCP that will determine the exchange rate for project costs amounting to P10.106 billion, thereby decreasing the concession fee. Back then, NGCP said the rate of $1 : P49.62 must be used.

However, NGCP’s claim for capital expenditures (capex) on STAs was denied as TransCo is not obliged to account to NGCP in respect of any portion of the proceeds that may be attributable to NGCP’s capex.

Still, the Court ruled in favor of NGCP declaring that it has exclusive right and responsibility of preparing the Transmission Development Plan (TDP) yearly and is entitled to deal directly, and without intervention by TransCo, with the regulators.

Also, NGCP shall be reimbursed by TransCo for its retained obligations of P51.8 million.

Moreover, NGCP’s claim that it has exclusive rights over transmission assets, including their use for telecommunications, was affirmed by the Court.

Finally, the Tribunal declared that title to any Documented Property Rights acquired by NGCP in the exercise of its power of eminent domain is to be registered in the name of TransCo. SGP said the SIAC’s ruling is final and binding under international arbitration rules.

BIR…

Continued from A14

BSP…

Continued from A1

“When the BSP sells gold, the proceeds revert to and stay within the GIR,” the BSP said.

In fact, the country’s GIR increased to $106.3 billion in 2024 from $103.8 billion in 2023.

“Similar to other central banks, the BSP maintains a portion of its reserves in gold as part of the country’s GIR mostly to hedge against/offset movements in the market price of other assets,” the BSP said.

The BSP explained that gold prices tend to fluctuate in the opposite direction of other assets.

Because of this, central banks keep some gold as a hedge against drops in the value of other reserves’ assets.

However, the BSP said gold prices can be volatile, earn little interest and have storage costs, so

central banks don’t want to hold too much the commodity.

In a press briefing on Monday, Presidential Communications Office (PCO) Undersecretary Claire Castro said they will take Duterte’s claims seriously to prevent the spread of fake news, especially among those who listen and might even believe him.

Castro said selling of gold is just a regular activity for the BSP to pump up the economy.

“Even at the time of former president Duterte, the BSP has been doing this job—does he not know this?” Castro said, referring to Duterte.

Castro said that before Duterte makes insinuations, he should gather evidence to find out the truth.

“All we want here is evidence.

He should show proof that PBBM or the President ordered the sale of gold reserves,” Castro added.

BIR-led Illicit Trade Task Force within the government to sustain its combat against the proliferation of illicit cigarettes and fake tobacco products.

“A dedicated task force focusing on enforcement, prevention, and intelligence-sharing would strengthen the government’s ability to disrupt illicit networks and hold offenders accountable,” PTI said in a separate statement.

PTI said the illicit tobacco trade not only deprives the government of essential tax revenues but also threatens the livelihood of millions of Filipinos dependent on the legitimate tobacco industry, from farmers to manufacturers and retailers.

As the country’s main tax-collecting agency, the BIR recorded a P51.3billion shortfall in excise tax collection on tobacco in 2024.

Tax on tobacco is further projected to cost the government P240.3 billion in foregone revenues over the next three years.

www.businessmirror.com.ph

Tuesday, February 25, 2025

Palace exec. lawmakers warn vs. intrigues peddled by Duterte

By Jovee Marie N. Dela Cruz @joveemarie

& Samuel P. Medenilla @sam_medenilla

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EWLY-APPOINTED Palace Press Officer (PPO) Clarissa “Claire” Castro warned the public on Monday against the attempt of former President Rodrigo Duterte to regain power by “sowing intrigue” against the Marcos administration.

“We are seeing how they [Dutertes] are trying to destroy the [reputation of] the government and the President. So we know where they are headed this. They want to seize power and authority,” Castro told Palace reporters in Filipino during an interview last Monday.

Castro, who holds the rank of undersecretary, said the public should be wary of Duterte’s “propensity for generating intrigue against those who are against him” like in the case of former senator Leila M. de Lima.

De Lima was arrested in 2017 on drug-related charges after Duterte accused her of collecting drug protection money. She was released on bail in 2023 and a year after, she was acquitted from all her criminal case.

“If you will remember during the time of former President Duterte, he admitted that while he was a fiscal, he was already expert in [sowing] intrigue and planting evidence,” Castro said.

She made the remark when asked about her react ion on Duterte’s claim that President Marcos is already veering towards dictatorship.

Castro urged the public not to believe the claims of of the former President without any evidence.

During the weekend, Executive Secretary Lucas Bersamin called Duterte a “one-man fake news factory,” for his claim that the Marcos is eyeing to extend his term his six-year term in 2028 by declaring martial law like his father, the late President Ferdinand Marcos Sr.

Outright false

A LAWMAKER on Monday dismissed as outright false the claim of former Duterte that Marcos would declare martial law to

stay in power and ensure the impeachment of Vice President Sara Duterte.

House Deputy Majority Leader Paolo Ortega V said the claim about declaring martial law is fake news.

Ortega also mocked Duterte for spreading disinformation, claiming that Marcos is turning into a dictator. “ So wh at do we e ven c a l l him? The king of fake news?

Fat her fa ker? Mot her fa ker?

And what about his allies—faker ists? T hey’re like super v illains,” Ortega, who represents La Union, said.

Lanao del Sur Rep. Zia Alonto Adiong also downplayed Duterte’s statement, emphasizing that while the former President was entitled to his opinion, the case against Vice President Duterte was grounded in legal facts.

“The former President is, of course, entitled to his own opinion. We all have our own interpretations of things. But let’s not forget that the vice president is his daughter, so naturally, he will try to justify her situation however he can,” Adiong said.

He stressed that 215 lawmakers had found sufficient grounds to move forward with the case, proving that the allegations were serious and had nothing to do with political maneuvering.

“But the impeachment, if you go to the merits of the case, 215 complainants—members of this House—said that the VP deserves to be haled to court,” he added.

Adiong underscored that the charges against Duterte were tied to her alleged misuse of confidential funds and public threats against high-ranking officials, not political rivalry.

“One of the articles of impeachment is brought about by the threats that she made publicly against the President, against the First Lady, and the Speaker of the House, threatening their lives,” he added.

He urged the public to focus on the real issues instead of being misled by political narratives meant to distract from the case.

He also reiterated that electoral politics should not be mixed with constitutional accountability.

Atienza: Do not forget People Power revolt

F

ORMER Deputy Speaker Lito Atienza on Monday called on every Filipino—especially the youth—not to forget the significance of the 1986 People Power Revolution—a crucial turning point in the country’s history.

Atienza, who was among those who took part in the historic movement that restored democracy to the Philippines, urged Filipinos to honor and remember the significance of the Edsa People Power Revolution as the nation marks its 39th anniversary on Tuesday.

“We have to cherish and honor the memory of Edsa [Epifanio delos Santos Avenue], which not only galvanized our country but also set a shining example for other nations to emulate,” Atienza said in a statement.

“The Filipino youth should be made aware of the People Power Revolution, which proved that Filipinos

are capable of doing what is best for our country and our people. This peaceful revolution united Filipinos in fighting for their freedom and inspired countries in similar situations to follow suit,” he added.

Beyond commemorating the event, Atienza also urged President Marcos to take swift and decisive action against the rising incidents of violence and criminal activities across the country.

“The drug problem seems to be expanding once again, and we must not let our hard-earned freedom be threatened by these lawless elements,” he warned.

Atienza emphasized that the country must remain vigilant in protecting the values and liberties gained through the People Power movement, calling on the government and citizens alike to stand against threats to peace and security. Jovee Marie N. dela Cruz

A3

Philippines, Japan agree to deepen defense ties over China’s aggression

By Jim Gomez

The Associated Press

J

APAN and the Philippines agreed Monday to further deepen their defense collaboration and talk about protecting shared military information in the face of mutual alarm over China’s increasing aggressive actions in the region.

Japanese Defense Minister Gen Nakatani and his Philippine counterpart, Gilberto Teodoro, forged the agreements in a meeting in Manila where their concern over China’s actions in the disputed South China Sea and East China Sea was high in the agenda.

Japan and the Philippines are treaty allies of the United States, and the three have been among the most vocal critics of China’s assertive actions in the region, including in the contested waters.

At the opening of his meeting with Nakatani, Teodoro said the Philippines was looking forward to boosting defense relations with Japan “against unilateral attempts

by China and other countries to change the international order

and the narrative.”

Nakatani said after the meeting that he agreed with Teodoro “to strengthen operational cooperation,” including joint and multinational defense trainings, port calls and information-sharing.

“We also agreed to commence discussion between defense authorities on military information protection mechanism,” Nakatani said.

T he Phi lippines sig ned an a g re e me nt w it h t he Un it e d States, its longtime treaty ally, last year to better secure the exchange of highly confidential military intelligence and technology in key weapons to allow the sale of such weaponry by the US to the Philippines.

T hen-Defense Secretar y

L l o y d A u s t i n a n d Te o d o r o signed the legally binding General Security of Militar y Information Agreement in Manila at a time when the US and the Philippines were boosting their defense and militar y engagement s, i nc lud i ng l a rge - sc a le joint combat drills, largely in response to China’s increasingly aggressive actions in Asia.

Nakatani said that he and Teodoro “firmly concurred that the security environment surrounding us is becoming increasingly severe and that it is necessary for the two countries as strategic partners to further enhance defense cooperation and collaboration in order to maintain peace and stability in Indo-Pacific.”

Japan has had a long-standing territorial dispute with China over islands in the East China Sea. Chinese and Philippine coast guard and navy ships, meanwhile, have been involved in a series of increasingly hostile confrontations in the South China Sea in the last two years.

Also high on the agenda of Nakatani and Teodoro, a copy of which was seen by The Associated Press, was the “expansion of bilateral cooperation, especially in the context of the Reciprocal Access Agreement.”

Last year, Japan and the Philippines signed the agreement

allowing the deployment of Japanese and Philippine forces for joint militar y and combat drills in each other’s territor y. The Philippine Senate has ratified the agreement, and its expected ratification by Japan’s legislature would allow the agreement to take effect.

The agreement with the Philippines, which includes live-fire drills, is the first to be forged by Japan in Asia. Japan signed similar accords with Australia in 2022 and with Britain in 2023.

Japan has taken steps to boost its security and defensive firepower, including a counterstrike capability that breaks from the country’s postwar principle of focusing only on self-defense. It is doubling defense spending in a five-year period to 2027 to bolster its military power.

Many of Japan’s Asian neighbors, including the Philippines, came under Japanese aggression until its defeat in World War II, and Tokyo’s efforts to strengthen its military role and spending could be a sensitive issue.

Japan and the Philippines, however, have steadily deepened defense and security ties largely due to concerns over Chinese aggression in the region.

Associated Press journalists Joeal Calupitan and Aaron Favila contributed to this report.

House leaders to enhance Ayuda program

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OLLOWING the release of an Octa Research survey indicating that 79 percent of adult Filipinos are aware of the Ayuda para sa Kapos ang Kita (Akap) program and 69 percent support its continuation and expansion, leaders of the House of Representatives on Monday vowed to enhance this government’s flagship aid initiative.

In a joint statement, Senior Deputy Speaker Aurelio Gonzales Jr., Deputy Speaker David Suarez and House Majority Leader Manuel Jose M. Dalipe emphasized that strengthening Akap and other similar aid programs aims to address the real struggles faced by Filipinos and ensure that no one is left behind.

“We recognize that many of our fellow citizens struggle daily, with wages and earnings insufficient to meet their needs,” Gonzales, who represents Pampanga, said.

“The people have spoken. I urge our national leaders to listen. We must make AKAP more efficient and responsive so that the masses truly feel the government’s care and compassion.”

Suarez, who represents Quezon province, echoed the call for a compassionate and unbiased approach. “ We need to pay c lose attention to t he g r ievances of our people,” he said. “In recent mont hs, pol it ic a l m a neuver ing has overshadowed the benefits of direct aid for those facing hunger and hardship. Yet, the numbers speak for themselves—no matter how much A kap is criticized, the public recognizes its value.”

Dalipe added a forward-looking perspective to the discussion.

“This survey confirms that the people understand the importance of this program,” Dalipe,

who represents Zamboanga City, added. “Instead of wasting time on baseless criticisms, let’s work together to expedite the delivery of assistance. Every Filipino deserves to feel the government’s genuine concern.”

The Octa Research sur vey, conducted from January 25 to 31, 2025, involved 1,200 faceto-face interviews nationwide, with a ±3 percent margin of error at the national level and a ±6 percent margin for subnational estimates.

House leaders emphasized that the survey results provide a clear mandate for lawmakers to act.

Criticisms

HOUSE Assistant Majority Leaders Ernix Dionisio and Zia Alonto Adiong and La Union Rep. Paolo O r tega d i sm i ssed c r it ic i sm s against Akap, emphasizing that government assistance programs

FL Liza: No one should travel far for healthcare

By Bless Aubrey Ogerio

A

CCESS to medical services starts with proximity, First Lady Liza Araneta-Marcos said, calling for services to be delivered nearer to communities.

“Sa last Sona [State of the Nation Address] ng asawa ko, nasabi po niya na ‘we should bring healthcare services closer to the people

and not the other way around’,” Araneta-Marcos said in her message during the 40th Lab For All Program at the Navotas City Sports Complex. “That’s why nandito kami to fulfill his promise.”

Lab For All, a program led by the First Lady, offers medical check-ups, laboratory tests, dental services, and medicines in line with the implementation

of Republic Act 11223, or the Universal Healthcare Act. Last year, a report by the World Health Organization and the World Bank revealed that the Philippines scored 58 on the universal healthcare service coverage index, falling short of the global average of 68. (See: https://businessmirror.com.ph /2024/10/29/ high-health-costs-access-gaps-

have long existed across different administrations.

“There will always be detractors, especially those with vested interests,” Dionisiom who represents Manila, said. “But as we often say, government aid has always been part of governance— this isn’t unique to the current administration.”

He stressed the need for direct government intervention for Filipinos in need, highlighting the importance of ensuring that aid reaches beneficiaries efficiently.

Adiong, who represents Lanao del Sur, for his part, said the administration remains committed to bringing government services closer to the people.

“We are fulfilling our promise.

This administration is making government services more accessible. A 69 percent approval rating is already a strong indicator,” Adiong said. Jovee Marie N. dela Cruz

mar-uhc-goals/) Part of the event is the National Housing Authority’s (NHA) distribution of Certificates of Unit Allocation to 10 Navoteño families who will soon relocate to Navotas Homes 3 in barangay NBBS Kaunlaran.

Six of the beneficiaries currently live on the banks of the Malabon-Navotas River in barangay San Jose, while four reside by the Manila Bay shoreline in barangay Sipac-Almacen.

Electronics sector seeks exemption from Comelec’s chemicals ban

By Andrea E. San Juan @andreasanjuan

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HE electronics sector is seeking exemption from Comelec chemical transport regulations during the election period, saying non-exemption may mean “additional costs and undue delay” to the industry, the

Philippine Exporters Confederation Inc. (Philexport) said.

In a statement, Philexport explained that the regulation requires manufacturers to secure Certificates of Authority to Transport and Certificates of Authority to Acquire Chemicals for certain substances essential in the cleaning of electronics components.

“The sector warned [that] compliance could result in additional costs and operational delays,” the umbrella organization of Philippine exporters noted.

Philexport quoted Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi) President Danilo C. Lachica as saying non-exemption means

“additional costs and undue delay to the industry.”

Lachica noted the industry has not had any incident of misuse or diversion of these chemicals in the past 50 years, however, Philexport said he did not provide specifics on the potential financial impact.

See “Comelec,” A4

Tuesday, February 25, 2025

A4

Economy

www.businessmirror.com.ph

New DOTr chief doubles down on privatization A

Lawmaker to DOTr’s Dizon: Hasten completion of railway line to Bicol

By Jovee Marie N. dela Cruz

By Lorenz S. Marasigan

N

@lorenzmarasigan

EWLY-APPOINTED Transportation Secretary Vivencio Dizon is doubling down on the privatization of key transport infrastructure, calling it a “critical step” in making the transportation system more efficient.

“This is critical [privatization of transport projects] because I think that is the way to go. [Former] Secretary [Bautista] can be assured that we will really push that forward because that’s really... to my mind and especially to the mind of our President the way to go to make transport services more

efficient,” Dizon said.

Dizon lauded the efforts of his predecessor, former Transportation Secretary Jaime Bautista, in initiating the privatization of several transport projects, particularly the Ninoy Aquino International Airport (Naia).

He noted that these efforts are

beginning to yield positive results, highlighting the planned privatization of regional airports such as Laguindingan Airport in Cagayan de Oro City and the Bohol-Panglao International Airport.

Beyond airports, Dizon underscored the importance of privatization in road transport and railway infrastructure to ensure better service efficiency for commuters. Among the projects slated for privatization are the operations and maintenance (O&M) of the Edsa Busway and Metro Rail Transit (MRT) Line 3.

Dizon said the feasibility study for the Edsa Busway privatization is set to be completed in a few months, with the project expected to be awarded by the end of 2026.

Me a nw h i l e , t h e t e r m s o f reference (TOR) for the MRT 3 pr ivatization—cover ing both solicited and unsolicited prop os a l s — a re c u r re nt ly b e i ng

finalized in collaboration with the Public-Private Partnership (PPP) Center, the Asian Development Bank, and the DOTr. Dizon emphasized that “continuity is key to completing these projects,” noting that he honors the “passing of the baton” from Bautista.

“Kailangan habang pinapasa ang baton, imbes na bumabagal, kailangan pang pinapabilis. Kailangan natin magtrabaho ng mas maigi, kailangan natin pabilisin ito [transport projects],” Dizon said. “Kapag natapos itong mga proyektong ito, talagang giginhawa ang buhay ng ating mga kapwa Pilipino.”

Among the major projects Dizon vowed to prioritize are the North-South Commuter Railway (NSCR), the Metro Manila Subway, and the continued expansion of the Edsa Busway and Edsa Greenways Project.

Bangsamoro plan tackles poverty with aid, tech

By Bless Aubrey Ogerio

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HE autonomous reg ion in Muslim Mindanao has launched the Bangsamoro Social Protection Plan (BSPP) 2024-2028, aiming to improve support for vulnerable groups, including children, the elderly and people with disabilities.

Developed with assistance from the Australian Government and the United Nations Children’s Fund (Unicef), the plan seeks to address poverty and expand access to social services such as financial aid, healthcare and livelihood programs.

“In 2021, 44 percent of children in Bangsamoro lived in poverty, highlighting the urgent need for

stronger social protection,” Unicef said in a statement.

The BSPP outlines several key initiatives, including the use of digital payments to streamline cash assistance programs, expanding social insurance coverage to informal workers and providing financial aid to those facing unexpected crises such as medical emergencies and natural disasters.

The regional government is also set to collaborate with local governments to implement the plan effectively across Bangsamoro.

Bangsamoro Chief Minister Ahod Ebrahim described the initiative as a step toward strengthening social policies and programs.

“By strengthening policies and programs that protect individuals

and families from poverty and inequality, we can build a more resilient and empowered society,” Ebrahim said during the launch.

Social Services and Development Minister Raissa Jajurie emphasized the plan’s development process, which she said incorporated community input to align with the needs and aspirations of Bangsamoro residents.

Unicef Philippines acting representative Behzad Noubary underscored the plan’s role in addressing child poverty and improving access to essential services.

“Children and their families have the right to be protected f rom pover t y and its consequences throughout their life,” he said. “Through this initiative,

the Bangsamoro Government is taking a significant step toward ensuring that vulnerable families receive the support they need to build a better future.”

The Bangsamoro Parliament approved a P94.41 billion budget in December last year for the 2025 Bangsamoro Expenditure Program, outlining financial priorities as the region continues its transition.

The Department of Social Welfare and Development in Bangsamoro received P212.77 million from the national government’s Department of Budget and Management in early 2024. This disbursement is a portion of the P3.22 billion set aside for the region under the national social welfare budget.

Davao City set to plant 50,000 cacao seedlings

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AVAO CITY—Cacao farmers here will plant another batch of 50,000 cacao seedlings, double those of what they planted last year, the City Agriculturist Officer (CAgro) said.

CAgro Cacao Focal person Fe Oguio said the office already got the 50,000 seedlings from the Department of Agriculture.

These will be distributed to cacao

farmers by the second quarter. She said her office has identified the production areas of five organizations.

Davao City has a total of 7,933 cacao farmers and more than 5,000 hectares for cacao production.

Last year, the city was only able to distribute 25,000 cacao seedlings “because of the challenges in producing them as

harvest was then affected by extreme heat,” she said.

“This year our target is to surpass the 25,000 given last year,” she added Oguio said there is a high demand for cacao seedlings because of the increase in the price of cacao seeds in the market.

“The price of cacao went up threefold in the first quarter of 2024, when it was only at a maximum of P40 per kilogram. From the third quarter until now, the price has risen thrice,” Oguio said.

She encouraged more farmers to grow cacao and take advantage of the opportunity while the price of cacao is high.

“Based on the forecast, it will take two years before it will come back to the first quarter of 2024 price but definitely it

Comelec. . .

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The group said the Philippine Economic Zone Authority (Peza), which is the investment promotion agency tasked to establish and promote economic zones, backs the industry group’s exemption request, noting that the National Police’s Firearms and Explosives Office already regulates the use of chemicals used by electronics manufacturers.

Peza Director General Tereso O. Panga deemed the additional Comelec requirements as unnecessary, said Philexport.

Panga also cited past election periods, where delays in issuing required certificates led to production disruptions, temporary shutdowns and the abandonment of registered business enterprises’ imports at ports, the Philexport statement noted.

will not go back to the previous low price based on demand, so we should take the opportunity to make an income out of cacao,” Oguio said.

Oguio also assured farmers of contnued technical assistanceof l the Cagro through the agricultural extension workers.

“We have more workers in the field to provide technical assistance, to teach and conduct trainings and at the same time, to link our farmers to buyers so that the chain will be shorter and they will not go through many traders and benefit more from the current price,” she said.

Oguio encouraged farmers to go to CAgro district offices to avail of guidance and technical assistance provided by agricultural extension workers. Manuel T. Cayon

The umbrella organization of Philippine exporters explained: “Controlled chemicals are banned during the election period because they can be used to manufacture explosives and explosive ingredients that can destroy objects or maim or kill.”

The ban took effect on January 12 and will last until June 2025.

With the national and local elections on May 12, companies that use controlled chemicals in manufacturing must apply for Certificates of Authority to Transport and Certificates of Authority to Acquire Chemicals to secure exemption from Comelec’s gun ban, said Philexport.

Electronic products are the Philippines’ top export commodity. In fact, this commodity group reached $39.08 billion in export receipts in 2024, occupying 53.38 percent of the country’s commodity exports pie of $73.21 billion last year, data from the Philippine Statistics Authority (PSA) showed.

@joveemarie

SEN IOR l aw m a ker on Monday called on newlyappointed Transportation Secretary Vivencio Dizon to take immediate action on the longoverdue Bicol Express railway line and the upgrade of the Naga Airport, emphasizing their crucial role in enhancing trade and tourism in the Bicol region.

Camarines Sur Rep. Luis Raymund Villafuerte said Dizon’s extensive experience as former Bases Conversion and Development Authority (BCDA) head and a key figure in the previous administration’s “Build Build Build” program.

He hopes this expertise will translate to tangible progress on critical projects, including the Philippine National Railways (PNR) South Long Haul Railway (SLHR) Project (Bicol Express) and the Naga Airport runway expansion.

Despite previous assurances from former Transport Secretary Jaime Bautista, both projects remained stagnant. Villafuerte, who serves as majority leader in the Commission on Appointments (CA), hopes Dizon’s leadership will break this pattern. “ We in Camar ines Sur are hoping that it would be different this time around, with the Bicol Express and Naga Airport upgrade finally getting off the ground with an expert in presidential f lagship projects at the helm of the DOTr, which is the agency in charge of most priority infrastructure works under the President’s centerpiece infrastructure modernization program,” Villafuerte said.

He stressed the urgency of the

Naga Airport expansion, particularly in light of the Manila Slot Coordination Committee’s (MSCC) decision to phase out turboprop aircraft from Ninoy Aquino International Airport (Naia). Currently, Cebgo’s Manila-Naga route relies on turboprops, necessitating a shift to Clark International Airport (CIA) if the Naga runway is not upgraded to accommodate jets like the Airbus A300.

The proposed expansion aims to extend the runway from 1.3 km to 2 km, enabling the airport to handle larger aircraft like the Airbus A320, thus boosting Bicol’s trade and tourism.

On the Bicol Express, Villafuerte urged Dizon to expedite alternative financing options, such as Official Development Assistance (ODA) or Public-Private Partnerships (PPP), following the withdrawal of proposed Chinese funding.

He also suggested exploring the possibility of a Japanese-funded “bullet” train, leveraging Japan’s expertise in high-speed rail technology. He emphasized that the with the Bicol Express reducing travel time significantly, economic activity in the region would be stimulated.

Villafuerte said Dizon’s extensive ex per ience in both the executive and leg islative branches, including his roles at BCDA and the Office of the Political Adviser (OPA), ensures a smooth working relationship with Congress. He believes Dizon’s expertise will facilitate the implementation of the Marcos administration’s f lagship infrastructure program, which inc ludes nea rly 20 0 projects worth P9.14 trillion.

CHILDREN OF THE WORLD By: Henry J. Schumacher

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EOPLE who know me, know that I am interested in leadership, in “learning by doing,” in training and supporting children for the labor market, and, above all, the poor people around us.

Allow me to go back to my elementary school years: we collected money every year for children who were worse off than us. We saw that other children had so little. So, we went around with our donation box (which was still around back then) and begged all the adults we knew for money.

But the most important thing to us was how much of our own pocket money we put into the box. It was only small amounts, but it meant we had to forgo buying candy—and we were very proud of it. I still remember that feeling today.

At that time, I thought it should always be like that.

Then, however, you grow up and forget many things that were important to you as a child.

I made a career in traditional business, not exactly the embodiment of social giving.

But the memory of the good feeling of giving has stayed with me.

I am aware that there are many ways to contribute to others outside of work. But a volunteer role in a sports or neighborhood organization mainly means taking regular time. During certain life stages, when job and family already make every day too short, there’s often not much left for that.

Then, a financial donation is often the only option if you want to give something back.

However, this requires that donations are as unallocated as possible.

What always frustrates me: While people with higher incomes donate more in absolute terms than those with lower incomes (of course, they have more), relative to their income, the poorer are much more generous than the rich.

Giving money to others when you have little to spare is a much bigger step than being generous when your own consumption isn’t affected.

Don’t get me wrong, every peso counts.

But the excuses I hear while raising funds (I now do this without a donation box!) really leave me speechless. People come up with incredibly creative stories about why they have nothing left, while visible money is available for the latest handbag or the fifth watch from the luxury segment.

My fundraising activities are sometimes sobering. Reality also includes the fact that not all self-proclaimed philanthropists contribute to the redistribution of wealth between the rich and poor. Often, donation money flows where it benefits the donors themselves. Donations to elite universities or private schools often benefit their own children—not those who don’t have access to good education.

The new year is already a few weeks old. Maybe you’ve already thrown your New Year’s resolutions out the window or didn’t have any? Then take these lines as an opportunity to get involved as a volunteer or regularly donate a certain amount to an organization of your choice in the new year.

Unallocated, of course.

One percent of your net salar y is considered a reasonable benchmark. And if you calculate it and think: “What, that much?” Then you can start with half a percent of your net income—donations for beginners, so to speak.

I assure you: it will feel good.

Remember: the children deserve a future. Young people are not just our future.

They are key to creating a just, peaceful, prosperous and democratic world just now.

In other words, support the children of the Philippines. They deserve it!!!! If you need recommendation concerning organizations who have the support of children as one of their objectives, contact me at hjschumacher59@gmail.com.

Tuesday, February 25, 2025

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IPA-cleared projects, at ₧1.9T, to fuel growth

IPA-approved investments reach all-time high of ₧1.9-T, seen to modernize the Philippine economy

By Andrea E. San Juan @andreasanjuan

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NVESTMENTS greenlighted by the country’s leading Investment Promotion Agencies (IPAs) which reached P1.9 trillion in 2024 are expected to “modernize and structurally transform” the Philippine economy, according to the Board of Investments (BOI).

Dat a pro v ide d b y t he i n ve s t me nt promot ion a ge nc y at t ac hed to t he Depa r t ment of Trade and Industr y (DTI) showed that the IPA-approved investments level reached an “all-time high ” last year.

“Domestic investment approvals more than doubled, surging from P578 billion to P1.35 tril-

lion, while foreign investments accounted for P544 billion, representing 29 percent of the total,” the BOI said in a statement on Monday.

BOI Undersecretary Ceferino S. Rodolfo explained the nature of the investment projects approved: “Equally important as the level of investments are the type of projects approved. These ventures focus on sectors that will modernize and structurally transform the Philippine economy—such as renewable energy, telecom infrastructure, innovation-driven light manufacturing, and integrated tech-enabled agriculture.”

The BOI said the renewable energy sector led all investment categories, attracting P1.3 tril-

lion, followed by manufacturing (P144 billion), real estate (P138 billion), transportation and storage (P131 billion), and electricity, gas, steam, and air conditioning supply (P79 billion).

T he investment promotion agency said a “significant contributor to this record-breaking achievement has been the strong performance of the country’s leading IPAs, including the BOI, Philippine Economic Zone Authority (PEZA), Clark Development Corporation (CDC), and Bases Conversion and Development Authority (BCDA).”

BOI said Switzerland, South Korea, the Netherlands, Japan, and Singapore emerged as the top foreign investors.

For his part, Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick D. Go emphasized these investments are expected to generate 130,000.

“This unprecedented performance shows growing investor confidence in the Philippines and the success of the administration’s investment and economic policies. We are optimistic that these approved projects will translate into tangible economic benefits in the coming years, including the creation of more and better job opportunities for Filipinos, and paving the way for sustainable, investment-led growth,” added Go. According to the BOI, investment dynamics are “evolving,”

San Juan City launches affordable NFA rice sale at P1,650 per sack to combat rising food prices

By Claudeth S. Mocon-Ciriaco @claudethmc3

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HE city government of San Juan on Monday launched the sale of National Food Authority (NFA) rice at P1,650 per sack, equivalent to P33 per kilogram under the Food Security Emergency program of the National Government.

Mayor Francis Zamora said that the initiative aims to provide affordable rice to San Juaneños amidst rising food prices.

“Providing affordable rice to our residents is a priority for the

City Government of San Juan.

Through this program, we are ensuring that our constituents have access to quality food at a low price, especially in these challenging times,” Zamora said, highlighting the importance of the said initiative.

Zamora added that to help his constituents even more, San Juan is shouldering all the costs for hauling, transport, logistics, and other expenses associated with selling the rice.

“This is our way of assisting our residents and ensuring they have access to affordable food.

We will get them from the NFA at P1,650 and sell them to our constituents at P1,650 as well so as not to burden our people with additional expenses. The city government will shoulder all of these expenses for them,” he explained.

San Juan City will sell the rice per 50-kilogram sack. The city has committed to an initial 1,000 sacks, with provisions to order more should demand increase.

Department of Agriculture Secretary Francisco Tiu Laurel Jr. was also present to witness the start of the rice distribution.

Zamora was among the first local chief executives to express interest in participating in this program for the benefit of his constituents.

The National Government declared a Food Security Emergency in response to fluctuating rice prices and supply concerns.

This program, facilitated by the Department of Agriculture, ensures that staple food remains accessible to Filipino families.

The NFA rice program is part of the government’s measures to stabilize food prices and ensure national food security.

Chief Justice Gesmundo eyes AI integration in arbitration for efficiency and transparency

By Joel R. San Juan @jrsanjuan1573

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HIEF Justice Alexander Gesmundo has raised the possibility of using artificial intelligence (AI) to make arbitration more efficient, transparent, and data-driven. iIn his keynote address at the 3rd International Chamber of Commerce (ICC) Philippines Arbitration Day on February 21, 2025 held at the Grand Hyatt Manila, Bonifacio Global City, Taguig City, CJ Gesmundo stressed the importance of arbitration and alternative dispute resolution (ADR) in easing court congestion.

Th e c h i e f m a g i s t r a t e d e s c r i b e d arbitration as a “beacon of innovation within our judicial system” and pointed out how arbitration provides a faster, more flexible, and often more costeffective alternative to traditional court litigation.

CJ Gesmundo said AI can be used to provide “predictive analytics” and analyze arbitrator decisions to ensure consistency and fairness, thereby, promoting trust and transparency in the arbitration process.

He added that AI can also assess the efficiency of different arbitration institutions and practices, identifying any inefficiencies or systemic biases that may need addressing.

By using the full of potential of AI, CJ Gesmundo said the arbitration process can be streamlined, case management can be enhanced and costs can be significantly reduced “without compromising fairness and accuracy.”

“The integration of modern technologies, including artificial intelligence or AI, only amplifies arbitration’s potential to deliver even faster and more efficient solutions,” CJ Gesmundo said.

He added that one of the most impactful uses of AI in arbitration is predictive analytics.

“AI’s ability to analyze vast amounts of data from past arbitration cases allows it to identify patterns and trends that human arbitrators may overlook,” CJ Gesmundo explained.

“By using machine learning algorithms, AI can provide valuable insights into the likely outcomes of a case based on historical data, the profiles of arbitrators, and other relevant factors.

Panguil Bay management council reactivated

By Manuel T. Cayon @awimailbox

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AVAO CITY—Government reactivated the management body for the tranquil Panguil Bay to improved its sustainability for fisherfolk and bay communities, and as Mindanao’s longest bridge spanning the bay was just opened for general traffic late last year.

The Department of Agriculture-Bureau of Fisheries and Aquatic Resources (DABFAR) announced that “a significant milestone” for the improved management and fisheries governance of Panguil Bay was reached with the successful re-activation of the Panguil Bay Development Council

(PBDC) on February 11.

The reactivation during a convention and council meeting held in Lanao del Norte commit both public and private entities to safeguard Panguil Bay’s rich aquatic resources while ensuring the sustainability of the fishing industry.

The attendees in the meeting were key stakeholders from various fisheries sector and representatives from non-government organizations from Region 9 and 10, including Lanao del Norte Governor Imelda Dimaporo, the Coast Guard and Police Maritime Group.

“Discussions during the event emphasized the impor tance of local governance in maintaining the ecological

This predictive capability can also help ensure more consistent and informed decision-making,” he added.

Fu r t h e r m o r e , t h e C h i e f J u s t i c e said AI-powered tools can help sift through massive amounts of documents in a fraction of the time it would take an arbitrator, identifying key clauses, legal arguments, or precedents that are most relevant to the case.

“This drastically reduces the time required to prepare for arbitration hearings, allowing arbitrators and parties to focus their attention where it matters most,” he noted.

Likewise, AI-based platforms can assist in managing the arbitration calendar, ensuring that deadlines are met, and that communications between parties, arbitrators, and institutions remain streamlined. “These efficiencies help arbitration processes stay on track, even in complex or multi-party disputes,” However, Gesmundo said AI should be used in arbitration with caution and consideration of its ethical implications.

He noted that the lack of transparency on how the decision-making processes of an AI system work raises concern as to its

lack of transparency.

“This lack of transparenc y raises concerns about accountability and fairness in the arbitration process,” he said.

CJ Gesmundo stressed the importance of clear regulations and ethical safeguards, stating that striking the right balance between AI-driven innovation and human oversight “will be key to ensuring the continued fairness and integrity of arbitration as a trusted means of resolving dispute.”

The SC has consistently advocated for ADR through several key reforms over the years such as the 2000 Action Program for Judicial Reform and the 2009 Special ADR Rules which govern arbitration-related court proceedings, laid a strong foundation for these efforts.

More recently, under the Strategic Plan for Judicial Innovations 2022-2027 (SPJI), the SC has undertaken a comprehensive review of the Rules of Court to further promote ADR practices.

This initiative includes a requirement for parties to attempt at least two ADR methods prior to filing a civil case, reinforcing the importance of resolving disputes outside of traditional court proceedings.

balance of the bay while fostering economic growth for communities dependent on its resources,” the DA-BFAR said.

The PBDC’s re -activation aims to address issues such as illegal, unreported, and unregulated (IUU) fishing, habitat degradation, and the overall enhancement of fisheries governance in the region, the DA-BFAR said.

Gov. Dimaporo has highlighted “the breathtaking beauty and historical value” of Panguil Bay, as she also emphasized the “transformative impact of the newly constructed Panguil Bay Bridge,” which was opened in September last year.

“The success of our local fisheries depends on effective governance and a collective commitment to sustainability.

Through the re-activated PBDC, we can

create policies and programs that will ensure the long-term viability of Panguil Bay as a critical resource,” Dimaporo said.

“We expect policies that are science-based, balanced, owned by the fishing communities, and anchored on the principle of ecosystem approach to fisheries management,” said Director Salilig of DA-BFAR. “The key to achieving our goals is consistency. Let us do away with interest that easily dies off. Let us not be like a fire consuming a bunch of hay.”

The Panguil Bay covers a surface area of 180 square kilometers and measures 41 kilometers at its longest distance. It belongs to DA-BFAR’s Fisheries Management Area 9 that also includes the coastal and marine waters in Bohol Sea, Iligan Bay, Gingoog Bay, Butuan Bay, and Sogod Bay.

particularly in high-impact sectors such as renewable energy (RE), where foreign investments are playing a crucial role in fostering strategic partnerships and longterm industry growth.

T he investment promotion agency also noted that a “growing trend” in the RE sector involves projects initially registered as fully Filipino-owned entities before securing strategic foreign partnerships.

“This flexible investment structure ensures sustained industry growth and greater global integration,” the BOI pointed out.

For one, it cited the Terra Solar of MGen (Meralco), the secondlargest RE project registered in 2024.

“Originally listed as a fully Filipino-owned entity, it is now 40 percent owned by UK-based investment firm ACTIS. Similarly, SunAsia Energy, recorded as a 100 percent Filipino company under SunAsia Group, has backing from Australian giant Macquarie, with its five project vehicles in Laguna Lake set to include foreign ownership. Likewise, Tera Renewables, initially a Filipino entity, is fundamentally supported

by BlackRock, a major U.S.-based investment firm,” BOI said.

The BOI said these developments signal a “maturing investment climate—one that fosters strong local participation while leveraging strategic international partnerships to drive sustainable, long-term economic growth.”

DOJ attributes PHL’s ‘grey list’ to ongoing effort to fight ML and TF activities

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HE Department of Justice (DOJ) yesterday attributed the removal of the Philippines from the Financial Action Task Force’s (FATF) “grey list” to the government’s ongoing efforts to investigate and prosecute those involved in money laundering (ML) and terrorism financing (TF) crimes.

Based on its records, a total of 5,557 TF crimes have been reported from 2020 to 2024.

Out of the 5,557 TF crimes reported, 1,816 were officially investigated while 1,031 were referred to the DOJ for further action which resulted to 71 arrests. “The significant increase in identifications and investigations has resulted in a sharp rise in filed cases, ensuring justice is served,” the DOJ said.

On the other hand, the DOJ said 237 TF prosecutions have been initiated which resulted in the conviction of six individuals for 114 counts of financing terrorism.

Meanwhile, a total of 794 individuals have been accused of money laundering from 2021 to 2024.

The DOJ said a total of 13,799 money laundering investigations were conducted from 2021 to 2024 with 5,821 investigations in 2024 alone which was more than doubled in 2021-2022.

For the same period, the DOJ said a total of 264 ML cases have been filed under the Financial Investigation and Litigation Enhancement and Prosecution Support Center (FILEPSC).

“The DOJ remains steadfast in its mission to combating financial crimes and ensuring that those responsible for ML and TF are brought to justice. The ongoing initiatives under FILEPSC will continue to strengthen the legal framework and improve enforcement capabilities,” Justice Secretary Jesus Crispin Remulla said.

Joel R. San Juan

Go continues to bolster health-care access in grassroots as he joins turnover of SHC in Malapatan, Sarangani

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ENATOR Christopher “Bong” Go joined the turnover of the Super Health Center in Barangay Lun Padidu, Malapatan, Sarangani Province on Sunday, February 23. The event reinforced his commitment to improving healthcare accessibility, particularly in grassroots communities.

Addressing local officials and residents during his visit, Go emphasized the importance of bringing essential medical services closer to Filipinos, especially those in remote areas.

“Alam kong hindi madaling magkasakit, lalo na kung malayo ang ospital at kapos sa pera. Kaya sinisikap nating ilapit ang serbisyong medikal sa inyo. Ang Super Health Centers

ay para sa inyo—mas malapit, mas abot-kaya, at mas maaasahan,” said Senator Go. He explained that these facilities serve as a bridge between rural health units and hospitals, ensuring that Filipinos receive timely medical attention without having to travel long distances.

This initiative forms part of his health reforms crusade to extend medical services throughout the country.

The Malapatan SHC to be built in Sarangani Province through the collaboration of Go, fellow lawmakers, DOH, and local government units. Collectively, there are already over 700 Super Health Centers funded nationwide.

Tuesday, February 25, 2025

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TheWorld BusinessMirror

Editor: Angel R. Calso • www.businessmirror.com.ph

Ukraine marks 3 years of war: Allies show solidarity amid uncertainty over US stance

By Justin Spike

K

The Associated Press

YIV, Ukraine—A dozen leaders from Europe and Canada visited Ukraine’s capital Monday to mark the third anniversary of Russia’s invasion in a show of support for Kyiv by some of the nation at war’s most important backers.

European Commission President Ursula von der Leyen and Canadian Prime Minister Justin Trudeau were among the visitors greeted at the train station by Ukrainian Foreign Minister Andrii Sybiha and the president’s chief of staff Andrii Yermak.

In a post on X, von der Leyen wrote that Europe was in Kyiv “because Ukraine is in Europe.”

“In this fight for survival, it is not only the destiny of Ukraine that is at stake. It’s Europe’s destiny,” she wrote.

The guests, also including European Council President Antonio Costa as well as the prime ministers of Northern European countries and Spain, were set to attend events dedicated to the anniversary and discuss supporting Ukraine with President Volodymyr Zelenskyy amid a recent US policy shift under President Donald Trump.

In the latest sign of Europe’s

efforts to rework its strategy on Ukraine to respond to Trump’s actions, Costa on Sunday announced that he would convene an emergency summit of the 27 EU leaders in Brussels on March 6, with Ukraine at the top of the agenda.

“We are living a defining moment for Ukraine and European security,” Costa said in a post on social media.

The three-year mark of the war in Ukraine came at a sensitive moment for Kyiv as Zelenskyy navigates a rapidly changing international environment upended

by Trump’s changes to the US approach to the war.

The US leader has sought to follow through on his campaign promises to end the war quickly, though his methods for doing so have alarmed many in Ukraine and Europe who believe that his approach is too conciliatory toward Russia and its president,

EUROPEAN Commission President Ursula von der Leyen and European Council President Antonio Costa arrive at a train station on the third anniversary of the Russian invasion of Ukraine, Kyiv, Ukraine, Monday, February 24, 2025. AP/EFREM LUKATSKY

Vladimir Putin.

Russia’s foreign ministry said Saturday that preparations for a face-to-face meeting between Trump and Putin were underway, and US officials have said that they had agreed with Moscow to reestablish diplomatic ties and restart economic cooperation.

And on Sunday, Russian Deputy Foreign Minister Sergei Ryabkov told the state TASS news agency that Moscow and Washington would continue bilateral talks at the end of next week, adding that “quite a lot” of contact was ongoing between the Russian and American sides.

Leaders across the EU, fearing both that Trump’s approach to Ukraine would lead to an unfa-

vorable settlement for Kyiv and that they—among Ukraine’s most important supporters—would be sidelined in negotiation for peace, have rushed to assert their own response to the rapidly shifting environment.

The EU’s top diplomat, Kaja Kallas, insisted on Monday that the US cannot seal any peace deal to end the war without Ukraine or Europe being involved. She highlighted what she claimed were pro-Russian positions being taken up by the Trump administration.

“You can discuss whatever you want with Putin. But if it comes to Europe or Ukraine, then Ukraine and Europe also have to agree to this deal,” Kallas told reporters in Brussels, where she is chairing a

meeting of EU foreign ministers.

Kallas travels to Washington on Tuesday for talks with US Secretary of State Marco Rubio.

Asked whether the US administration is acting in the interests of Russia or Ukraine’s Western backers, she said: “If you look at the messages that come from the United States, then it’s clear that the Russian narrative is there very strongly represented.”

Kallas rejected Trump’s earlier inflammatory assertion that Zelenskyy was a dictator for not having held elections after his regular term expired last year, saying, “Russia hasn’t had elections in 25 years.”

Ukrainian law prohibits elections being held while martial law is in place, and Zelenksyy said as recently as Sunday that after martial law is lifted “there will be elections and people will make their choice.”

Coming off a victory in Sunday’s German elections, conservative leader Friedrich Merz – also a staunch backer of Ukraine — posted on X Monday: “More than ever, we must put Ukraine in a position of strength.”

“For a fair peace, the country that is under attack must be part of peace negotiations,” Merz wrote.

German President Frank-Walter Steinmeier said in a video message, parts of which were being aired on Ukrainian television, that “peace and freedom in Europe demand of us that we support Ukraine resolutely,” and

said Germany would not ease up on its humanitarian and military support for Kyiv for “as long as this illegal war lasts.”

The U.K. was expected to announce new sanctions against Russia on Monday, having earlier described them as the biggest package since the early days of the war. Foreign Secretary David Lammy on Sunday said the measures would be aimed at eroding Russia’s “military machine and reducing revenues fueling the fires of destruction in Ukraine.”

British Prime Minister Keir Starmer and French President Emmanuel Macron were to both visit Washington this week as Europe attempts to persuade Trump not to abandon Ukraine in pursuit of a peace deal.

Mea nwh i le, U k ra i n i a n a i r defenses dow ned 113 drones launched by Russia at 12 regions overnight with another 71 “lost” according to the daily air force report.

The report said that as a result of the attack, Dnipropetrovsk, Odessa, Kyiv, and Khmelnytskyi regions “suffered,” but did not provide further details.

On Sunday, the eve of the war’s three-year anniversary, Zelenskyy said Russia had launched 267 drones into Ukraine overnight, more than in any other single attack of the war.

The Associated Press writers Lorne Cook in Brussels and Geir Moulson in Berlin contributed.

The UN will vote to demand Russia pull troops out of Ukraine, but US wants softer approach

By Edith M. Lederer The Associated Press

U

NITED NATIONS—On the third anniversary of Russia’s invasion of Ukraine, the UN General Assembly is expected to vote Monday on dueling resolutions—Ukraine’s Europeanbacked proposal demanding an immediate withdrawal of Russian forces from the country and a U.S. call for a swift end to the war that never mentions Moscow’s aggression.

The United States pressured the Ukrainians to withdraw their nonbinding resolution in favor of its proposal, a US official and a European diplomat said Sunday. But Ukraine refused, and it will be put to a vote in the 193-nation assembly, two European diplomats said.

All spoke on condition of anonymity because the talks were private.

It’s a reflection of the tensions

that have emerged between the US and Ukraine after President Donald Trump suddenly opened negotiations with Russia in a bid to quickly resolve the conflict. It also underscores the strain in the transatlantic alliance with Europe over the Trump administration’s extraordinary turnaround on engagement with Moscow. European leaders were dismayed that they and Ukraine were left out of preliminary talks last week.

In escalating rhetoric, Trump has called Ukrainian President Volodymyr Zelenskyy a “dictator,” falsely accused Kyiv of starting the war and warned that he “better move fast” to negotiate an end to the conflict or risk not having a nation to lead. Zelenskyy responded by saying Trump was living in a Russian-made “disinformation space.”

Since then, the Trump administration not only declined to en-

UKRAINE’S President Volodymyr Zelenskyy addresses the 79th session of the United Nations General Assembly, September 25, 2024, at UN headquarters. AP/JULIA DEMAREE NIKHINSON

dorse Ukraine’s UN resolution, but at the last minute proposed its own competing resolution and pressed its allies to support that version instead. It comes as Trump plans to host French President Emmanuel Macron on Monday in Washington.

The US also wanted a vote on its proposal in the more powerful UN Security Council. China, which holds the council presidency this month, has scheduled it for Monday afternoon.

The General Assembly has become the most important UN body on Ukraine because the 15-member Security Council, which is charged with maintaining international peace and security, has been paralyzed by Russia’s veto power.

There are no vetoes in the assembly, and the Ukraine resolution, which is co-sponsored by all 27 members of the European Union, is almost certain to be adopted. Its votes are closely watched as a barometer of world opinion, but the resolutions passed there are not legally binding, unlike those adopted by the Security Council.

Since Russia forces stormed across the border on Feb. 24, 2022, t he Genera l A ssembly has approved half a dozen resolutions that have condemned Moscow’s invasion and demanded the immed iate pu l lout of Russian troops.

The votes on the rival resolutions—which have sparked intense lobbying and arm-twisting, one European diplomat said—will be closely watched to see if that support has waned and to assess the backing for Trump’s effort to

negotiate an end to the fighting.

The very brief US draft resolution acknowledges “the tragic loss of life throughout the RussiaUkraine conflict” and “implores a swift end to the conflict and further urges a lasting peace between Ukraine and Russia.” It never mentions Moscow’s invasion.

Russia’s UN ambassador, Vassily Nebenzia, told reporters last week that the US resolution was “a good move.”

The Ukraine’s resolution, meanwhile, refers to “the full-scale invasion of Ukraine by the Russian Federation” and recalls the need to implement all previous assembly resolutions “adopted in response to the aggression against Ukraine.”

It singles out the assembly’s demand that Russia “immediately, completely and unconditionally withdraw all of its military forces from the territory of Ukraine within its internationally recognized borders.”

It stresses that any involvement of North Korean troops fighting alongside Russia’s forces “raises serious concerns regarding further escalation of this conflict.”

The resolution reaffirms the assembly’s commitment to Ukraine’s sovereignty and also “that no territorial acquisition resulting from the threat or use of force shall be recognized as legal.”

It calls for “a de-escalation, an early cessation of hostilities and a peaceful resolution of the war against Ukraine” and it reiterates “the urgent need to end the war this year.”

AP Diplomatic Writer Matthew Lee in Washington contributed to this report.

DEACONS take part in a mass for their jubilee in St. Peter’s Basilica at The Vatican, Sunday, February 23, 2025, that was supposed to be presided over by Pope Francis who was admitted over a week ago at Rome’s Agostino Gemelli Polyclinic and is in critical condition. AP/ALESSANDRA TARANTINO

Vatican: Pope Francis battles pneumonia, lung infection, early kidney failure but remains alert as prayers pour in

By Nicole Winfield The Associated Press

R

OME—Pope Francis remained in critical condition Sunday and blood tests showed early kidney failure but he remains alert, responsive and attended Mass, the Vatican said, as the 88-year-old pontiff battles pneumonia and a complex lung infection.

In a late update, the Vatican said Francis hadn’t had any more respiratory crises since Saturday night but was still receiving high flows of supplemental oxygen.

Some blood tests showed “initial, mild, kidney failure,” but doctors said it was under control.

“The complexity of the clinical picture, and the necessary wait for drug therapies to provide some feedback, dictate that the prognosis remains guarded,” Francis’ doctors concluded.

Prayers for Francis, meanwhile, poured in from around the world, from his native Argentina to the seat of Sunni Islam in Cairo to schoolchildren in Rome.

In New York, Cardinal Timothy Dolan admitted what church leaders in Rome weren’t saying publicly: that the Catholic

faithful were united “at the bedside of a dying father.”

“As our Holy Father Pope Francis is in very, very fragile health, and probably close to death,” Dolan said in his homily from the pulpit of St. Patrick’s Cathedral, though he later told reporters he hoped and prayed that Francis would “bounce back.”

Doctors have said Francis’ condition is touch-and-go, given his age, fragility and pre-existing lung disease. His condition has revived speculation about what might happen if he becomes unconscious or otherwise incapacitated, and whether he might resign.

Prayers for pope at Vatican

FRANCIS was supposed to celebrate Mass on Sunday morning in St. Peter’s Basilica and ordain deacons as part of the Vatican’s yearlong Holy Year commemoration.

The organizer of the Holy Year, Archbishop Rino Fisichella, celebrated the Mass in his place and offered a special prayer for Francis from the altar before delivering the homily the pope had prepared.

“Even though he is in a hospital bed, See “Pope,” A8

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ESTABLISHMENT / ADDRESS NO.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

ACCENTURE, INC. 7f Robinsons Cybergate Tower 1, Pioneer St., Barangka Ilaya, City Of Mandaluyong FIDELIS DE JESUS, EPONINA Packaged App Development Analyst

1.

Brief Job Description: Communicate with the client functional design incharge about the detail of requirement definition and function design.

Basic Qualification: Bachelor’s degree in information technology, computer science or other relevant fields. Able to communicate effectively, verbally and written, in both English and required language.

Salary Range: Php 30,000 - Php 59,999

KICONGO, SEBASTIAO FERNANDO Packaged App Development Analyst 2.

Brief Job Description: Communicate with the client functional design incharge about the detail of requirement definition and function design.

JEON, SEOYOON Procure To Pay Operations Analyst

3.

Brief Job Description: Provides training and mentoring new starters as well as retaining/coaching of existing team members as required.

No.

KONDO, YUMA Assistant Manager 11.

Basic Qualification: Financial and accounting experience in an international environment.

Strong social skills both written and verbal with very good telephone skills.

KAMETANI, SHOHEI Corporate Planning Manager

12.

4.

Brief Job Description: Provides training and mentoring new starters as well as retaining/coaching of existing team members as required.

LAN, YING Chinese Consultant

HSIEH, CHUN-CHIEH Bilingual Technical Support

AIA PHILIPPINES LIFE AND GENERAL INSURANCE COMPANY INC. 23/f Philam Life Tower, 8767 Paseo De Roxas, Bel-air, City Of Makati

5.

Brief Job Description: Responsible for running the local architecture governance to ensure the architecture and standard (ARB) across all delivery and for managing the Architecture Governance 2.0 process.

Brief Job Description: Provide consistent project update to various stakeholders on strategy adjustments and development leverage best practices.

Brief Job Description: Resolve technical issues with patience and understanding.

WEI, RENFENG Mandarin Customer Service Representative 15.

Salary Range: Php 150,000 - Php 499,999

Brief Job Description: Responsible for handling Mandarin-based customer questions, complaints and concerns in a timely manner.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

STARBREAKER CORP. (PICKUP COFFEE, LOVE, COFFE, KAPE KANA AND ALAALA COFFEE) 3/f First Lucky Place, 2259 Chino Roces Ave. Extn., Magallanes, City Of Makati GONZALEZ FERNANDEZ, JAIME Vice President 22.

Brief Job Description: Responsible for overseeing the manufacturing and maintenance words within the company.

Basic Qualification: Duly elected by the Board of Directors of the company.

Salary Range: Php 500,000 and above

Salary Range: Php 60,000 - Php 89,999

Basic Qualification: High level experience of accounting, tax and financial roles. In-depton understanding of Accounting (IFRS). Sufficient knowledge of data analysis and financial modeling skills.

Basic Qualification: Fluent in Chinese/Mandarin language with very good communication skills.

TELEPHILIPPINES INCORPORATED 3/f & 4/f Silver City 2, Frontera Verde Drive, Ortigas Center, Ugong, City Of Pasig SOOD, SAMITA Director, Client Services

23.

RICKY LIEM Chinese Speaking Customer Service 24.

25.

Brief Job Description: Interact with customer, and use their people skills with sales.

WEI, CAIYUN Chinese Speaking Customer Service

26.

Basic Qualification: Proficient in speaking, reading and writing in Mandarin language.

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Interact with customer and use their people skills with sales.

TAN SIN WEI Chinese Speaking Customer Service

Basic Qualification: Proficient in speaking, reading and writing in two languages.

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Primarily handles operations and may also manage multisite operations.

Basic Qualification: Excellent communication skills, 10-15 years relevant experience and PRINCE 2 and Six Sigma certified.

Salary Range: Php 150,000 - Php 499,999

ZAMDON SOLAR PHILIPPINES INC. Unit Lg-23 Lower G/f Cityland Condominium 8, 98 Sen. Gil Puyat Ave, Pio Del Pilar, City Of Makati

Salary Range: Php 30,000 - Php 59,999

NOONA BUSINESS CONSULTING SERVICES INC. 10th & 31st Floor Ore Central Tower, 9th Ave. Cor. 31st St., Bonifacio Global City, Fort Bonifacio, City Of Taguig

14.

Basic Qualification: College graduate, with previous work experience in a similar role and with excellent technical and communication skills.

Brief Job Description: Responsible for developing employees by managing performance, setting goals, providing ongoing training, and maintaining strong employee relationships.

No.

LUCKY 821 CONSULTANCY AND SOLUTIONS CORP. 3rd Floor Cynros Building, 513 Alonzo St. Malate Manila, Barangay 699, Malate, City Of Manila

Salary Range: Php 30,000 - Php 59,999

BHUPATHI, HARI KRISHNA Associate Director, Integration Architect And Delivery QA

Basic Qualification: College graduate, with previous work experience in a similar role and with excellent technical and communication skills.

Salary Range: Php 30,000 - Php 59,999

13.

Basic Qualification: 1 year financial & accounting experience in an international environment.

Strong social skills both written and verbal with very good telephone skills.

QUALIFICATION AND SALARY RANGE

LBS DIGITAL INFRASTRUCTURE CORP. Unit 7-1 7th Floor Three/neo Building 3rd Avenue Corner 30th Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig

Salary Range: Php 30,000 - Php 59,999

PARK, CHUN HOON Record To Reports Operations Analyst

Brief Job Description: Responsible for acting as an assistant to the President of the corporation, for the internal/ external sales and all other task deemed essential by the Board of the Directors.

Brief Job Description: Interact with customer, and use their people skills with sales.

HAN, QIANG Chinese Speaking Marketing Consultant 27.

Brief Job Description: Interact with customer, and use their people skills with sales.

Basic Qualification: Able to speak, write and read in Mandarin language.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Able to speak, write and read in Mandarin language.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, write and read in Mandarin language.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Able to speak, write and read in Mandarin language.

Salary Range: Php 30,000 - Php 59,999

PT PEMBANGUNAN PERUMAHAN (PERSERO) TBK (PT PP (PERSERO) TBK PHILIPPINE BRANCH) Unit 104 Mission Garden Condominium, 59 Scout Ybardolaza, South Triangle, Quezon City BVT TUNING CORP. 44, Igdalig Street, Manresa, Quezon City BERCIK, JUSTIN Engineering Supervisor

6.

Brief Job Description: Supervise the work of engineers and staff within an organizational unit, exercising technical and administrative oversight. Independently perform the full range of professional engineering work assignment directions and planning.

INDAH WULANSARI SUKONO Bim Modeller Basic Qualification: Bachelors of science degree from an accredited college or university in engineering and engineering course work in the discipline related to the assigned office.

Salary Range: Php 60,000 - Php 89,999

16.

Brief Job Description: Responsible for creating BIM models according to the predetermined standards and BEP (BIP Execution Plan) and carry out the BIM model quality control process.

EASTERN GOLD CORPORATION 503, Nueva St., Barangay 289, Binondo, City Of Manila YU, RENHONG Marketing And Sales Agent

7.

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas.

Basic Qualification: Able to contribute information, ideas, and research to help develop marketing strategies. Able to help detail, design, and implement marketing plans for each product or service being offered.

Salary Range: Php 30,000 - Php 59,999

ECHOTECH SERVICES INC. 40/f Pbcom Tower 6795 Ayala Ave., Cor., V.a Rufino St., Bel-air, City Of Makati LI, CHUNYANG Foreign Software Developer 8.

Brief Job Description: Troubleshoot, debug and upgrade existing software.

Basic Qualification: Excellent in foreign languages.

Salary Range: Php 30,000 - Php 59,999

17.

9.

Brief Job Description: Provide oversight of planning, design, and construction of our centers, with a core focus on managing the end-to-end construction process.

LUO, SUMEI Marketing Specialist

10.

Brief Job Description: Assists with additional projects in site such as photography shoots, advertising and digital marketing efforts. Manage the production and delivery of proposals.

Basic Qualification: College graduate with bachelor’s degree and fluent in Mandarin and English languages.

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Responsible for collaborating with other managers to determine supply needs and for purchasing supplies and materials according to specifications.

KIM, SAEROM HR And Admin Manager (Korean)

18.

Basic Qualification: College graduate, with previous work experience in a similar role and with excellent technical and communication skills.

28.

Brief Job Description: Responsible for ensuring that the company is operating securely and effectively and for communicating and collaborating with the clients and interpret their conversation from English to Korean language and vice versa.

PAUL, ABHIJIT Project Manager 19.

Brief Job Description: Oversee the consultant supervision team to guarantee the successful completion of the project.

SASITHARAN RAMAKISHAN Project Manager 20.

Brief Job Description: Oversee the consultant supervision team to guarantee the successful completion of the project.

ZHANG, HANQING Project Manager

21.

Brief Job Description: Oversee the consultant supervision team to guarantee the successful completion of the project.

Brief Job Description: Interact with customer, and use their people skills with sales.

ZHOU, JINGPAN Chinese Speaking Marketing Consultant 29.

Brief Job Description: Interact with customer, and use their people skills with sales.

Basic Qualification: Able to speak, write and read in Mandarin language.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Able to speak, write and read in Mandarin language.

Salary Range: Php 30,000 – Php 59,999

*Date Generated: Feb 24, 2025

Salary Range: Php 30,000 - Php 59,999

In the ad material of Notice of Filing of Application for Alien Employment Permits published on February 21, 2025, the name LIKAYAT under the company S-W TRADING CORP., should have been read as LIYAKAT and not as published.

Basic Qualification: College graduate, with previous work experience in a similar role and with excellent technical and communication skills.

In the ad material of Notice of Filing of Application for Alien Employment Permits published on February 21, 2025, the name SANGER, MANPRET under the company S-W TRADING CORP., should have been read as SANGER, MANPREET and not as published.

Salary Range: Php 90,000 - Php 149,999

In the ad material of Notice of Filing of Application for Alien Employment Permits published on February 21, 2025, the name SHOHEL, MD MONIRUZZUMAN under the company S-W TRADING CORP., should have been read as SHOHEL, MD MONIRUZZAMAN and not as published.

SMEC PHILIPPINES, INC. 12/f Greenfield Tower, Mayflower Cor Reliance, Highway Hills, City Of Mandaluyong

Salary Range: Php 60,000 - Php 89,999

Basic Qualification: College graduate and fluent in speaking in Mandarin and English languages.

Commercial awareness partnered with a creative mind. Well-organized and detail oriented.

TANG, HUAN Chinese Speaking Marketing Consultant

Salary Range: Php 30,000 - Php 59,999

QROAD PHILIPPINES INC. Unit 105, Skyway Twin Towers Condo., 351 Capt. H Javier St., Oranbo, City Of Pasig

FUTURENET AND TECHNOLOGY CORP. 4502 The Finance Centre, 26th Street And 9th Ave., Fort Bonifacio, City Of Taguig ZHOU, YUPENG Deputy Marketing Director

Basic Qualification: College graduate, with previous work experience in a similar role and with excellent technical and communication skills.

QINGJIAN GROUP CO. LTD. 1046 U500 Puso Ng Maynila Bldg., A. Mabini St., 072, Barangay 666, Ermita, City Of Manila ZHANG, PEILIANG Chinese Purchasing Manager

A6 A7

ESTABLISHMENT / ADDRESS

KHI DESIGN & TECHNICAL SERVICE, INC. 1503-p, 15f, Five Ecom Center, Pacific Drive, Mall Of Asia Complex, Pasay City

Basic Qualification: At least bachelor’s degree in information technology, computer science or other relevant fields.

Salary Range: Php 30,000 - Php 59,999

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Tuesday, February 25, 2025

Basic Qualification: At least college graduate of civil engineer.

Salary Range: Php 150,000 - Php 499,999

Basic Qualification: At least college graduate of civil engineer.

Salary Range: Php 30,000 - Php 59,999

In the ad material of Notice of Filing of Application for Alien Employment Permits published on February 21, 2025, the name NASAR, MD ABDU under the company S-W TRADING CORP., should have been read as NASAR, MD ABU and not as published.

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication.

Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

Basic Qualification: At least college graduate of civil engineer.

Salary Range: Php 150,000 - Php 499,999

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

A8

Tuesday, February 25, 2025

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High-stakes talks: Trump meets Macron, Starmer amid transatlantic tensions and global uncertainty

By Matthew Lee & Aamer Madhani The Associated Press

W

ASHINGTON—President Donald Trump holds talks this week with French President Emmanuel Macron and British Prime Minister Keir Starmer at a moment of deep uncertainty about the future of transatlantic relations, with Trump transforming American foreign policy and effectively tuning out European leadership as he looks to quickly end Russia’s war in Ukraine.

Trump also has made demands for territory—Greenland, Canada, Gaza and the Panama Canal—as well as precious rare earth minerals from Ukraine. Just over a month into his second term, the “ America First “ president has cast an enormous shadow over what veteran US diplomats and former government officials had regarded as America’s calming presence of global stability and continuity.

Despite some notable hiccups, the military, economic and moral power of the United States has dominated the post-World War II era, most notably after the Cold War came to an end with the collapse of the Soviet Union. All of that, some fear, may be lost if Trump gets his way and the US abandons the principles under which the United Nations and numerous other international bodies were founded.

“The only conclusion you can draw is that 80 years of policy in standing up against aggressors has just been blown up without any sort of discussion or reflection,” said Ian Kelly, a US ambassador to Georgia during the Obama and first Trump administration and now a professor at Northwestern

University.

“I’m discouraged for a lot of reasons, but one of the reasons is that I had taken some encouragement at the beginning from the repeated references to ‘peace through strength,’” Kelly added. “This is not peace through strength—this is peace through surrender.”

Visits start on anniversary of war in Ukraine Trump is set to host Macron on Monday, the three-year anniversary of the war in Ukraine, while Starmer will be at the White House on Thursday.

Their visits come after Trump shook Eu rope w it h repeated criticism of Ukrainian President Volodymyr Zelenskyy for failing to negotiate an end to the war and rebuffing a push to sign off on a deal giving the US access to Ukraine’s rare earth minerals, which could be used in the American aerospace, medical and tech industries.

European leaders also were dismayed by Trump’s decision to dispatch top aides for preliminary talks with Russian officials in Saudi Arabia without Ukrainian or European officials at the table.

Another clash is set to play out at the U.N. on Monday after the US proposed a competing resolution that lacks the same demands as one from Ukraine and the European Union for Moscow’s forces to immediately withdraw from the country.

On the minerals deal, Zelenskyy initially bristled, saying it was short on security guarantees for Ukraine. He said Sunday on X that “we are making great progress” but noted that “we want a good economic deal that will be part of a true security guarantee system for Ukraine.”

Trump administration officials say they expect to reach a deal this week that would tie

the US and Ukrainian economies closer together—the last thing that Russia wants.

It follows a public spat, with Trump calling Zelensky y a “dictator” and falsely charging Kyiv with starting the war. Russia, in fact, invaded its smaller and lesser - equ ipped ne ig hbor i n Februar y 2022.

Zelenskyy, who said Sunday in response to a question that he would trade his office for peace or to join NATO, then angered Trump by saying the US president was living in a Russian-made “disinformation space.” Confronting Trump might not be the best approach, analysts say. “ The response to President Trump doing something to you is not to do something back right away. You tend to get this kind of reaction,” said retired Rear Adm. Mark Montgomery, former foreign policy aide to the late Sen. John McCain and current senior fellow at the Foundation for the Defense of Democracies.

He added, “This is part of a broader issue where I know the administration’s characterizing themselves as disruptors. I think a better term might be destabilizers. And, unfortunately, the destabilizing is sometimes us and our allies.”

T hat complicated dy namic makes this week’s task all the more difficult for Macron and Starmer, leaders of two of America’s closest allies, as they try to navigate talks with Trump.

High-stakes talks between European and US leaders

MACRON said he intends to tell Trump that it’s in the joint interest of Americans and Europeans not to show weakness to Putin during US-led negotiations to end the

war in Ukraine. He also suggested that he’ll make the case that how Trump handles Putin could have enormous ramifications for US dealings with China, the United States’ most significant economic and military competitor.

“You can’t be weak in the face of President Putin. It’s not you, it’s not your trademark, it’s not in your interest,” Macron said on social media. “How can you then be credible in the face of China if you’re weak in the face of Putin?’”

Yet, Trump has shown a considerable measure of respect for the Russian leader. Trump said this month that he would like to see Russia rejoin what is now the Group of Seven major economies.

Russia was suspended from the G8 after Moscow’s 2014 annexation of Ukraine’s Crimea region.

Trump dismissed Zelenskyy’s complaints about Ukraine and Europe not being included in the opening of US-Russia talks, suggesting he’s been negotiating “with no cards, and you get sick of it.”

Putin, on the other hand, wants to make a deal, Trump argued Friday. “He doesn’t have to make a deal. Because if he wanted, he would get the whole country,” Trump added.

The deference to Putin has left some longtime diplomats worried.

“The administration should consider going in a different direction because this isn’t going to work,” said Robert Wood, a retired career diplomat who served in multiple Republican and Democratic administrations, most recently as the deputy US ambassador to the United Nations until December.

“Let’s not kid ourselves: Russia started this war, and trying to rewrite the narrative isn’t going to serve the best interests of the US or our allies.”

Zelenskyy says progress made on reaching agreement with US on rare minerals deal

By Justin Spike & Illia Novikov

The Associated Press

K

YIV, Ukraine—A contentious Trump administration proposal to give the US $500 billion worth of profits from Ukraine’s rare earth minerals as compensation for its wartime assistance to Kyiv has been taken off the table, President Volodymyr Zelenskyy said Sunday, indicating a more equitable deal is in the works.

Zelenskyy had earlier declined a US draft agreement on exploitation of his country’s valuable minerals such as lithium used in the aerospace, defense and nuclear industries because it did not contain security guarantees and came with the $500 billion price tag.

“The question of $500 billion is no longer there,” Zelenskyy told a news conference at a forum of government officials in Kyiv marking the three-year anniversary of

Pope. . .

Continued from A6

we feel Pope Francis close to us. We feel him present among us,” Fisichella told the hundreds of white-robed deacons.

A prewritten message that had been prepared for Francis to read Sunday, but he did not deliver, said he was “confidently continuing my hospitalization at the Gemelli Hospital, carrying on with the necessary treatment; and rest is also part of the therapy!” The message asked for prayers for him—as he always asks—and noted the upcoming anniversary of Russia’s invasion of Ukraine, “a painful and shameful occasion for the whole of humanity.”

Meanwhile in Francis’ native Argentina,

Russia’s full-scale invasion of Ukraine.

The Ukrainian leader said considering aid as a debt to be repaid would be a “Pandora’s box ” that would set a precedent requiring Kyiv to reimburse all its backers.

“We do not recognize the debt,” Zelenskyy said. “It will not be in the final format of the agreement.”

No further details were given on the state of negotiations. Ukraine has insisted on security guarantees that it needs to deter any potential Russian aggression in the future.

Trump’s special envoy to the Middle East, Steve Witkoff, said on CNN’s “State of the Union” that he expects a deal this week allowing the US to play a greater role in exploiting Ukraine’s mineral resources.

Treasury Secretary Scott Bessent said the administration’s minerals plan was to create a US-Ukraine partnership, calling it a “win-win.”

“We make money if the Ukrainian Catholics prayed for the pope at the Buenos Aires cathedral and the city’s iconic obelisk was lit up “Francis, the city prays for you.”

In Cairo, the grand imam of Al-Azhar, the seat of Sunni learning who forged a close bond with Francis, wished him well.

“I pray to Allah to grant my dear brother, Pope Francis, a swift recovery and to bless him with good health and well-being so that he may continue his journey in serving humanity,” Sheikh Ahmed al-Tayeb wrote in a Facebook post.

The American Jewish Committee also offered prayers. “We stand together with our Catholic brothers and sisters during this challenging time,” the group wrote on X. And school children from around Rome deluged the Gemelli hospital with get-well

people make money,” Bessent told Fox News Channel’s Sunday Morning Futures program.

Zelensky y ’s chief of staff, Andrii Yermak, left the Kyiv forum early along with Economic Minister Yuliia Svyrydenko for what Yermak said were talks with US officials on a potential deal.

Later Sunday, Yermak posted on social media that he’d spoken with US officials, including Bessent and Trump’s national security adviser Mike Walz, saying it had been a “constructive conversation.”

“We are making progress,” Yermak wrote. “The USA is our partner and we are grateful to the American people.”

Zelenskyy says he’d give up presidency for NATO membership

IN response to a pointed question from a reporter on whether he would give up his presidency for peace in Ukraine, Zelenskyy said he would if it achieved a durable end to the fighting under the security umbrella cards, while Italian bishops led rosary prayers and celebrated special Masses across Italy.

Sepsis is a potential threat

DOCTORS have warned that the main threat facing Francis is sepsis, a serious infection of the blood that can occur as a complication of pneumonia. To date there has been no reference to any onset of sepsis in the medical updates provided by the Vatican, including on Sunday.

On Saturday, Francis developed a low platelet count, which remained low but stable Sunday. Platelets are cell-like fragments that circulate in the blood that help form blood clots to stop bleeding or help wounds heal. Low platelet counts can be caused by a number of things, including

of the NATO military alliance.

“If to achieve peace, you really need me to give up my post, I’m ready,” he said. “I can trade it for NATO.” His comment appeared to be aimed at recent suggestions by President Donald Trump and Russian President Vladimir Putin that elections should be held despite Ukrainian legislation prohibiting them during martial law.

Ukraine fears Trump’s policy shift toward Putin

T R U M P ’S engagement with Russian officials and his recent agreement to reopen diplomatic ties and economic cooperation with Moscow have marked a dramatic about-face in US policy that has rattled leaders in Ukraine and across Europe.

Zelenskyy has expressed fear that Trump pushing a quick resolution would result in Ukraine losing territory and being left vulnerable to future Russian side effects from medicines or infections.

Francis also developed anemia and, during blood transfusions Saturday, was given hematin, a treatment designed to increase the level of hemoglobin in his blood, which in turn helps the blood carry more oxygen. Doctors reported Sunday that the therapy had been beneficial.

Francis, who has chronic lung disease and is prone to bronchitis in winter, was admitted to Gemelli hospital on Feb. 14 after a weeklong bout of bronchitis worsened.

Doctors first diagnosed the complex viral, bacterial and fungal respiratory tract infection and then the onset of pneumonia in both lungs. They prescribed “absolute rest” and a combination of cortisone and antibiotics, along with supplemental oxygen when he needs it.

Germany shifts right: Merz to lead new government as AfD makes historic gains

By Vanessa Gera

The Associated Press

B

E R L I N — Prov i s i o n a l re s u l t s confirmed that mainstream conservatives led by Friedrich Merz won Germany’s national election, while a far-right party surged to become the nation’s second-largest.

Merz, who’s promising to unite Europe in the face of challenges from both Russia and the United States, is expected to become the country’s next leader. He’ll likely partner with the center left Social Democrats, who suffered a stinging defeat after their coalition collapsed. But the results were seen a rebuke for mainstream parties as the anti-immigrant Alternative for Germany notched its best results ever.

The campaign was dominated by worries about the yearslong stagnation of Europe’s biggest economy and pressure to curb migration, something that caused friction after Merz pushed hard in recent weeks for a tougher approach. It took place against a background of growing uncertainty over the future of Ukraine and Europe’s alliance with the United States.

The results released by the electoral authority showed Merz’s Christian Democrats and the center-left Social Democrats winning a combined majority of seats in the national legislature after small parties failed to make the electoral threshold.

Merz said on election night that he hopes to form a government by Easter at the latest. He has ruled out a coalition with the far-right AfD, which is now the country’s second-largest party.

For the time being, outgoing Chancellor Olaf Scholz, whose Social Democratic party suffered a stinging aggression. US officials have asserted the Ukrainian leader would be involved if and when peace talks actually start.

Trump, however, prompted alarm and anger in Ukraine this week when he suggested Kyiv had started the war and Zelenskyy was acting as a “dictator” by not holding elections.

On Sunday, Russian Deputy Foreign Minister Sergei Ryabkov told the state TASS news agency that Moscow and Washington would continue bilateral talks at the end of next week.

Ryabkov said the talks would take place between department heads from both countries’ foreign ministries, adding that “quite a lot” of contact was ongoing between the Russian and American sides.

European leaders prepare for talks with Zelenskyy and Trump

EUROPEAN Union Commission President Ursula von der Leyen and other top EU officials were headed to Kyiv Monday for talks with Ukraine’s government as Europe scrambles to devise a response to the Trump administration’s US policy changes, and

Francis’ recent reforms suggest he knew he was getting older and more fragile

FRANCIS has taken several recent decisions that suggest he was well aware that he was getting old and frail.

Last year, he revised the funeral rites that will be used after he dies, simplifying the rituals to emphasize his role as a mere bishop and allowing for burial outside the Vatican in keeping with his wishes.

But the core elements of the rites remain, including the three key moments that must be observed between the death of a pope and his funeral: In his home, in St. Peter’s Basilica and in the place of burial.

In December, Francis created 21 new cardinals. All but one were under age 80 and thus eligible to vote in a conclave to

defeat, will stay on as head of a caretaker government.

Mainstream parties hold majority as far-right surges Merz’s conservatives won 208 seats in the 630-seat Bundestag, while the AfD won 152. The three parties in the former governing coalition lost seats, with the SDP falling to 120 seats and the Greens to 85. The pro-business Free Democrats, which triggered early elections by pulling out of the coalition, failed to reach the 5% of the vote required to win seats.

The Left party got 64 seats, while the left-wing Sahra Wagenknecht Alliance came in just under the 5% hurdle.

The AfD was jubilant on Sunday night, with leaders vowing to become the country’s main party in the next election as its appeal expands. The anti-immigrant, far-right party has established itself as a significant political force in the 12 years since it was founded, but it hasn’t yet been part of any state or national government.

That’s the result of what is often called a “firewall” against Alternative for Germany. Other parties say they won’t work with the AfD, which is under observation by the domestic intelligence agency for suspected right-wing extremism, something that AfD objects to strongly. Its branches in three eastern states are designated “proven right-wing extremist” groups, which is particularly sensitive in view of Germany’s Nazi past.

The election took place seven months earlier than originally planned after Scholz’s unpopular coalition collapsed in November, three years into a term that was increasingly marred by infighting.

See “Germany,” A9

to maintain support for Kyiv if aid from Washington ends.

The U.K. said it would announce new sanctions against Russia on Monday, describing them as the biggest package since the early days of the war. Foreign Secretary David Lammy said the measures would be aimed at eroding Russia’s “military machine and reducing revenues f u e l i n g t h e f i re s o f d e s t r u c t i o n i n Ukraine.”

British Prime Minister Keir Starmer and French President Emmanuel Macron were to both visit Washington this week as Europe attempts to persuade Trump not to abandon Ukraine in pursuit of a peace deal.

Russia launches record drone strikes on eve of anniversary

EARLIER on Sunday, Zelenskyy said Russia had launched 267 drones into Ukraine overnight, more than in any other single attack of the war.

Ukraine’s air force said 138 drones were shot down over 13 Ukrainian regions, with See “Zelenskyy,” A9

elect his successor. Their additions brought the overall number of voting-age cardinals to 140, well over the 120 limit set by St. John Paul II. But several of the current electors are turning 80 this year, bringing the number down.

Earlier this month, once he was already sick, Francis decided to extend the five-year term of the current dean of the College of Cardinals, Cardinal Giovanni Battista Re, 91, rather than make way for someone new. As depicted in the film “Conclave,” the dean of the College of Cardinals plays an important role in the life of the Catholic hierarchy, and is a crucial figure during the transition between one papacy and the next.

Francis also decided to extend the term of the vice-dean, Argentine Cardinal Leonardo Sandri, 81.

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Delta flight crash landing raises concerns over safety of lap children: Experts urge use of car seats for kids

By Josh Funk

The Associated Press

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HE crash landing of a Delta Air Lines flight in Toronto this week highlighted the potential dangers of flying with a young child sitting on an adult’s lap. The plane flipped over, which would make holding onto a baby extremely difficult.

Authorities haven’t said whether the 18-month-old child who was injured in the crash was riding on a parent’s lap. All 21 people who were hurt were released from the hospital, but young children have died in previous crashes.

Despite the recent rash of aviation disasters, airline crashes remain rare, but children could easily get hurt if they are on a parent’s lap when a plane encounters turbulence.

Experts agree it’s safer for children younger than 2 years old to have their own plane seats and ride in approved car seats when flying, even if families have to pay for an extra ticket. But babies are still allowed to travel in laps, so parents continue doing it despite the risks.

“The saddest part is that most families who travel with a lap child think that because it’s allowed, it’s safe,” said former flight attendant Jan Brown, who had to look a mother in the face after she had just lost her 22-month-old son when their plane crashed and broke into several pieces near Sioux City, Iowa, in 1989.

Brown stopped that mother from climbing back into the wreckage of United Flight 232 after it came to rest upside down in a cornfield.

“I told her what I thought would stop her: that rescue workers would find him.

And she just looked up at me and said, ‘You told me to put my baby on the floor. And I did. And he’s gone.’ And so, I think that was the moment that I became a child seat advocate,” Brown said.

Of the four lap children on that plane, three were injured and the woman’s son was among the 112 people who died.

A 6-month-old boy traveling on a parent’s lap was killed in 2012 when a plane landed hard and overran the end of a runway in Nunavut, Canada. Last year, three infants on laps could have been sucked out of an Alaska Airlines plane after a door plug flew off midflight, but none were sitting close enough to the opening for that to happen.

What do experts recommend?

T H E National Transpor tation S afet y Board and its counterpart in Canada, the Transportation Safety Board, have long recommended that young children fly only in approved car seats to protect them. The Federal Aviation Administration also recommends the use of car seats but doesn’t require it despite lobbying from advocates.

In addition to those safety regulators, the American Academy of Pediatrics and most major airline trade groups and unions support requiring young children to fly in approved car seats.

The main crash investigators in the United States and Canada started recommending car seats for children under 2 and specialized restraint systems for older kids until they are taller than 40 inches (102 centimeters) after the deadly crashes in

their countries decades ago.

“We’ve all been there at that point in your life when you’ve got young children. You’re not swimming in money.

You’re trying to save nickels and dimes any way you can. And if you can avoid buying an extra seat, it’s a completely understandable reaction,” NTSB member Tom Chapman said. “It’s just that people don’t understand the risk that they are subjecting their child to by not buying that seat and properly restraining them.”

Not only is it safer for children to ride in their own seats, but it’s more enjoyable for parents who don’t have to hold a squirming baby for hours in the air.

Car seat expert and mother Michelle Pratt, who founded Safe in the Seat, said no matter how tempting it is to check that lap child box, families should get everyone a ticket.

“Your baby could cost less than your checked suitcase. Why not take advantage?”

Pratt said.

What do parents think?

SOME parents like Clare Ronning aren’t convinced. After landing in Burbank, California, with her husband and 5-month-old baby Thursday, she said she doesn’t see a need for a car seat on a plane.

“I don’t really see the difference, personally,” said Ronning, who already has taken her daughter on six flights. “It just seems like another money grab.”

But Meredith Tobitsch never imagined flying without a seat for her 3-yearold daughter and won’t do it with her 14-month-old now, either, because of safety and practical concerns.

“If there was turbulence, your natural reflex would be to let go of your child,” said Tobitsch, who lives in Connecticut, adding that her oldest daughter always slept better in her car seat, making the flights much more enjoyable.

“Obviously, that does add to the cost of air travel for families, but it is a safety thing. At least for us, we’re fortunate to do that,” she said.

T he Associated Press writers Jaimie Ding, Michael Casey and Kathleen Ronayne contributed to this report.

Zelenskyy. . .

Continued from A8

119 more lost enroute to their targets.

Three ballistic missiles also were fired, the air force said. One person was killed in the city of Kryvyi Rih, according to the city military administration.

Reacting to the latest Russian attacks, Andrii Sybiha, Ukraine’s minister of foreign affairs, said on

Germany. . .

Continued from A8

There was widespread discontent and not much enthusiasm for any of the candidates.

Merz says he’s ready to face challenges from US and Russia

MERZ said Sunday night that his top priority is to unify Europe in the face of challenges coming from the US and Russia. Both US Vice President JD Vance and Trump ally Elon Musk openly supported the AfD.

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Scam calls hit record in Thailand before cyber fraud crackdown

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By Patpicha Tanakasempipat

HAILAND saw the number of scam calls and text messages more than double to a record 168 million in 2024 from a year earlier, an anti-scam tech firm said, before authorities stepped up a crackdown on cyber fraud operations in Southeast Asia.

Scammers most often pretended to sell fake products, re pre s e nt T h a i f i r m s , of fe r loans, or collect debt, according to data collected by W hoscall, an application that identifies u n k now n c a l lers a nd bloc k s scam calls. The fraudsters have recent ly beg un to impersonate deliver y ser vices and state utilities or agencies, said app provider Gogolook Thailand, a unit of Taipei-listed Gogolook Co. Ltd. Such attempts were detected nearly 130 million times as text

messages and 38 million times as calls in 2024. That’s a 112% surge from 2023, when Whoscall recorded a total of 79.2 million calls and messages.

“The substantial increase is attributed to the progressively intricate scam ecosystem, fueled by the adoption of advancements in generative AI technology via phone, SMS and malicious links,” Manwoo Joo, chief executive officer at Gogolook Thailand, said in a statement on Monday.

The staggering number of scam attempts highlight the enormity

of the cyber scam industry across Southeast Asia, with centers set up in Myanmar, Cambodia and Laos.

The billion-dollar criminal operations are run mostly by Chinese fugitives who fled their home nation in 2020 following a domestic crackdown and ensnare thousands of workers who are victims of human trafficking.

The United Nations Human Rights Office said in a report that hundreds of thousands of people across Southeast Asia are being forcibly held by criminal gangs and made to engage in illicit activities from romance-investment scams and crypto fraud to illegal gambling.

The Thai government has estimated that its citizens lose an average of 60 to 70 million baht ($1.8 million-$2 million) a day to the scam operations, with total losses amounting to 42 billion baht between October 2023 and November 2024. Local authorities have set up a hotline for victims to lodge complaints besides mounting a public campaign to not fall victims to cyber scam attempts.

Saying it needs to protect its citizens, Thailand has ramped up

China conducts live-fire exercises in Gulf of Tonkin after Vietnam’s territorial claims

By David Rising

Why isn’t it required?

THE FAA relies on a study done in the 1990s to justify not requiring families to buy tickets for children younger than 2.

The rationale is that if families had to buy those extra tickets, more of them might drive instead of fly. Because driving is riskier than flying, that would mean more kids would die in car crashes than would be saved in planes if car seats and separate tickets were required.

Chapman with the NTSB thinks that logic is a stretch and the study should be revisited, particularly since airline tickets are more affordable today.

But parent Andrea Arredondo suggested there might be some truth to it, saying she might fly less if she had to buy a ticket and lug along a car seat for her 4-monthold when flying with her family and two older kids.

“I would be more likely to decrease our plane travel than bring a car seat,” Arredondo said, explaining she and her husband already have their hands full traveling with three kids, three car seats that they check, a stroller and play set.

Tuesday, February 25, 2025

The Associated Press

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ANGKOK—Chinese authorities said they began live-fire exercises in the Gulf of Tonkin on Monday, only days after Vietnam announced a new line marking what it considers its territory in the body of water between the two countries.

China’s Maritime Safety Administration said the exercises would be focused on the Beibu Gulf area, closer to the Chinese side of the Gulf of Tonkin, and would run through Thursday evening.

It gave no further details, but the drills follow an announcement last week by Vietnam establishing a baseline used to calculate the width of its territorial waters in the Gulf of Tonkin.

State-run Vietnam News reported that the baseline was in compliance with the United Nations Convention on the Law of the Sea and would provide “a robust legal basis for safeguarding and exercising Vietnam’s sovereignty, sovereign rights and jurisdiction.”

Vietnam has not publicly responded to the Chinese drills.

China and Vietnam have long had a maritime agreement governing the Gulf of Tonkin, but have been locked in competing claims in the nearby South China Sea over the Spratly and Paracel Islands and maritime areas.

China has been growing aggressive in pursuing those claims, and in October assaulted 10 Vietnamese fishermen near the Paracel Islands, three of whom suffered broken limbs.

China claims almost the entire South China Sea as its own,

social media: “No one should trust Putin’s words. Look at his actions instead.”

More sanctions imposed on Russia

New Zealand will sanction an additional 52 people and entities involved in Russia’s military and energy sectors, North Korea’s support to Russia’s war effort, and the forced relocation and reeducation of Ukrainian children, New Zealand’s Foreign Minister Winston Peters said Monday.

Since March 2022, New Zealand has placed “I have no illusions at all about what is happening from America,” he told supporters. “Take a look at the recent interventions in the German election campaign by Mr. Elon Musk.”

He added that “the inter ventions from Washington were no less dramatic and drastic and ultimately outrageous than the interventions we have seen from Moscow. So, we are under such massive pressure from two sides that my absolute priority now is really to create unity in Europe.”

Germany is the most populous country in the 27-nation European Union and a leading member of NATO. It has been Ukraine’s secondbiggest weapons supplier, after the US, and will

sanctions on more than 1,800 individuals and entities.

New Zealand will contribute a further 3 million New Zealand dollars ($1.7 million) to the World Bank-administered fund for Ukraine, Peters said in a statement.

The Associated Press writers Thomas Strong and Will Weissert in Washington and Charlotte Graham-McLay in Wellington, New Zealand, contributed to this report.

be central to shaping the continent’s response to the challenges of the coming years, including the Trump administration’s confrontational foreign and trade policy.

The conservative leader said that “the most impor tant thing is to reestablish a viable government in Germany as quickly as possible.”

“I am aware of the responsibility,” Merz said. “I am also aware of the scale of the task that now lies ahead of us. I approach it with the utmost respect, and I know that it will not be easy.”

“The world out there isn’t waiting for us, and it isn’t waiting for long-drawn-out coalition talks and negotiations,” he told cheering supporters.

though it has not publicly released exact coordinates of its claim other than a map with 10 dashed lines broadly demarcating what it calls its territory.

In addition to Vietnam, China’s claims overlap with those of the Philippines, Malaysia, Brunei and Taiwan, while Indonesia has also figured in violent confrontations with the Chinese coast guard and fishing fleets in the waters around the Natuna Islands.

Tensions have been particularly high with the

its crackdown on the transnational criminal industry in neighboring countries in recent weeks. The government has moved to make banks, mobile phone operators, social media platforms and online money lenders liable for financial frauds committed on their platforms. It also cut off electricity, Internet access and fuel supplies to some areas in Myanmar suspected to house cyber scam operations.

Last week, Thailand worked with China and Myanmar’s junta to repatriate hundreds of Chinese citizens from scam centers in a border town in Myanmar. The three countries will meet again at a ministerial level soon about the next steps, Thai Foreign Minister Maris Sangiampongsa said on Sunday.

Thai and Cambodian police also rescued 215 foreign nationals in a raid on an online scam center in northwestern Cambodia on Sunday.

China’s foreign ministry said last week that Beijing is working with Thailand, Myanmar and other countries to jointly prevent law-breakers from crossing borders to commit crimes and end the scourge of online gambling and telecom fraud. Bloomberg News

Philippines, with regular confrontations between the two countries.

Most recently, a Chinese navy helicopter flew within 10 feet (3 meters) of a Philippine patrol plane last week over the South China Sea, near the hotly disputed Scarborough Shoal off the northwestern Philippines.

Leaders in Australia and New Zealand also said China should have given more warning before its navy conducted an unusual series of live-fire exercises in the seas between the two countries, forcing flights on Friday and Saturday to divert on short notice.

Political leaders from both countries emphasized that China didn’t breach international law, but said they had only been given “a couple hours’ notice” rather than the usual 12 to 24 hours.

A10 Tuesday, February 25, 2025

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Trump’s shift on Ukraine fuels fears of Chinese aggression toward Taiwan

By David Rising

B

The Associated Press

ANGKOK—US President Donald Trump’s abrupt reversal of three years of American policy toward Ukraine has raised concerns China might become emboldened to push its territorial claim on Taiwan, though experts say Beijing is most likely in a wait-and-see mode right now to see how the situation in Europe plays out.

In the past two weeks, Trump h a s fa l sely c l a i med U k ra i ne “should have never started the war,” said Ukraine “may be Russian someday” and questioned the legitimacy of President Volodmyr Zelenskyy’s government, while upending the longstanding American position of isolating Russia over its aggression by beginning direct talks with Moscow and voicing positions sounding remarkably like the Kremlin’s own.

Before heading to Washington for talks with Trump on Monday, French President Emmanuel Macron said he would emphasize “you can’t be weak in the face of President Putin.”

“It’s not you, it’s not your trademark, it’s not in your interest,” Macron said he would tell Trump.

“How can you, then, be credible in

the face of China if you’re weak in the face of Putin?”

What does Ukraine have to do with Taiwan?

LIKE Moscow’s claim Ukraine is rightfully Russian territory, China claims the self-governing island of Taiwan as its own. Chinese President Xi Jinping has not ruled out taking it by force.

Trump on Friday appeared to walk back his earlier comments inaccurately blaming Ukraine for starting the war, but his administration’s overall abrupt shift in policy on the conflict could cause some in Taiwan to question “whether the United States could pull the rug out from underneath them as well,” said Russell Hsiao, executive director of the Global Taiwan Institute in Washington.

Fired federal workers hunt for new jobs but struggle to replace their old ones

By Matt Sedensky Ap National Writer

N

EW YORK—HIRING: Park ranger.

SEEKING: Nuclear submarine engineer. WANTED: Sled dog musher.

If they seem unlikely postings, they probably are. But a laid-off federal worker can dream.

Axed from jobs not easily found outside government, thousands of federal workers caught in President Donald Trump’s costcutting efforts now face a difficult search for work.

“If you’re doing, say, vegetation sampling and prescribed fire as your main work, there aren’t many jobs,” says Eric Anderson, 48, of Chicago, who was fired Feb. 14 from his job as a biological science technician at Indiana Dunes National Park.

All the years of work Anderson put in—the master’s degree, the urban forestry classes, the wildfire deployments— seemed to disappear in a single e-mail dismissing him.

He’s hoping there’s a chance he’s called back, but if he isn’t, he’s not sure what he’ll do next. He was so consumed with his firing that he broke a molar from grinding his teeth. But he knows he’s caught in something larger than himself, as the new administration unfurls its chaotic costcutting agenda.

“This is someone coming in and tossing a hand grenade and seeing what will happen,” he says.

The federal job cuts are the work of the Department of Government Efficiency, headed by billionaire Elon Musk, who has been tearing through agencies looking for suspected waste. No official tally of firings has been released, but the list stretches into the thousands and to nearly every part of the country. More than 80 percent of the federal government’s 2.4-million-person civilian workforce is based outside of the

Washington area.

Cathy Nguyen, 51, of Honolulu, was laid off last month from her job at USAID, where she helped manage the PEPFAR program, which combats HIV/AIDS. Her firing not only brought the turmoil of finding new health insurance, halting saving for retirement and her kids’ college education, and trimming spending for things like the family subscription to Disney Plus—it also has forced her to reconsider her career goals.

PEPFAR is a landmark effor t that stretches across dozens of countries and is credited with saving some 26 million lives.

Nothing rivals it. So where does a former PEPFAR worker go?

“It’s requiring me to rethink how I want to spend my professional life,” Nguyen says.

As specialized as Nguyen’s work has been, Mitch Flanigan may have her beat.

Flanigan, 40, was assigned to the sled dog kennels at Denali National Park and Preserve in Alaska until he was fired Feb. 14.

It never brought a huge paycheck, but where else could he get to work as a dog musher against such a breathtaking panorama?

He has appealed his firing with the US Merit Systems Protection Board.

“I still kind of want to fight for the job that I lost,” he says. “I’m not really making much money, it’s just fun and it’s a unique thing to be a part of.”

A November report from the Federal S a l a r y Co u n c i l , w h i c h a d v i s e s o n government pay, found that federal salaries were one-fourth lower than those in the private sector.

A Congressional Budget Office report released last year found pay disparities depended on workers’ education. Federal workers with a high school diploma or less outearned their private-sector counterparts with 17 percent higher wages, the CBO found. That edge disappeared among better-educated workers. Workers with

CHINESE President Xi Jinping delivers his speech during a welcoming dinner in Macao, Thursday, December 19, 2024. AP/ANTHONY KWAN

Still, while Beijing is certainly paying close attention to Trump’s comments, it is unlikely to act in haste, he said.

“I don’t think Xi Jinping will be so brash as to roll the iron die on the conclusion that just because Trump acted in a certain way concerning Ukraine he would do the same over Taiwan,” Hsiao said.

“Trump is too unpredictable.”

Trump administration has shifting positions on Taiwan

TRUMP was quite popular in Taiwan when he left office in 2021 and was widely credited with bringing the US and the democratically governed island closer together.

By American law, the US is obligated to supply Taiwan with sufficient hardware and technology to fend off invasion from the mainland, but maintains a policy of bachelor’s degrees had wages 10 percent lower than the private sector and those with professional degrees or doctorates earned 29 percent less. Federal benefits were vastly better than the private sector for the lowest-educated workers, the CBO found, and about even for the highesteducated workers.

Many laid off from federal positions were drawn by stability, benefits and, more than anything, the opportunity to do work they might not be able to do anywhere else.

Now, everyone from diplomats to public health workers are flooding the job market looking for suitable positions.

Gracie Lynne, a 32-year-old fellow at the Consumer Financial Protection Bureau, who lives in Eugene, Oregon, took a pay cut when she started her job four years ago.

Her parents lost their home during the Great Recession, which led to their divorce, years of financial angst, and Lynne’s own interest in financial regulation. She found herself following the nascent CFPB’s rulemaking and poring over 1,000-page bills on bank regulations. She wrote her master’s thesis on the bureau. She couldn’t pass up the job.

“This is a once-in-a-lifetime opportunity,” she told herself.

Plus, she thought, the benefits would come in handy when her and her husband decided to start a family. Now, six months pregnant, she finds herself jobless and scrambling to get insured.

She isn’t sure where she’ll land, or if she’ll find many employers rushing to hire someone about to become a mother. But she feels more committed than ever to the work she did.

“I feel even more compelled to stay in the public sector after this experience,” she says, noting the good work protecting consumers she was every day, “to stay in the fight.”

Luke Tobin, a 24-year-old forestry technician who worked for the US Forest Service in Idaho’s Nez Perce National Forest, who was fired from his job Feb. 14, finds See “Federal,” A11

“strategic ambiguity” on whether it would come to Taiwan’s defense.

Recently, Trump has been more critical of Taiwan, saying it should pay the US for its military defense.

On several occasions, he also has accused Taiwan of taking computer chip manufacturing business away from the US and suggested earlier this month he might impose tariffs on semiconductors.

At the same time, Trump has appointed many China hawks in his administration, including in top-level positions such as Secretary of State Marco Rubio and Defense Secretary Pete Hegseth.

A f ter meet ing NATO a l l ies in Br ussels earlier this month, Hegseth stressed that if the US were to pu l l back suppor t f rom U kraine, it would be to concentrate on the A sia-Pacific region a nd leave Eu ropea n defen se

pr im a r i ly to Eu ropea ns.

“The deterrent effect in the Pacific is one that really can only be led by the United States,” Hegseth said.

A few days later, Rubio issued a joint statement with his counterparts from Japan and South Korea after they met on the sidelines of a security conference in Munich, stressing the “importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community.”

In a move that irked Beijing, the State Department also removed a line on American opposition to independence for Taiwan in a revised US government fact sheet on the island.

Comments seem likely to give Beijing pause

“IF I were Beijing, I would be paying the most attention to what Hegseth said about why the US is changing its support to Ukraine,” said Meia Nouwens, senior fellow for Chinese security and defense policy at the International Institute for Strategic Studies in London.

“Hegseth said this is about the Indo-Pacific, that the US has priorities elsewhere, and I don’t think, from Beijing’s perspective, that would have been comforting,” Nouwens said.

The shift on Ukraine will give China the opportunity to push a message that the US is an unreliable partner, she said, but it was unlikely Beijing would read

Washington’s seeming willingness to concede Ukrainian territory as it being somehow open to Taiwan falling into Chinese hands.

“The broader trend lines of each country, of the US and China, looking forward aren’t necessarily changing,” Nouwens said. “Neither wants to give up any space, both want to continue on a trajectory that increases their national strength.”

It is worth noting that in the early months of Trump’s first term, there were concerns his administration might be moving too close to China, but he actually took a much tougher approach than some before him, said Euan Graham, a senior defense analyst with the Australian Strategic Policy Institute.

Graham said that while all American allies “should be concerned by the Trump administration’s abandonment of Ukraine and willingness to deal with Putin,” it would be “simplistic” to assume a similar arrangement would apply to the China-Taiwan situation.

“It’s more likely that the US administration is attempting, misguidedly, to get Ukraine out of the way by making it a European problem, in order to face China from a relatively stronger position,” Graham said. “I think it’s a dangerous approach, because of the appalling precedent it sets. But it’s unlikely to be repeated with China.”

Didi Tang in Washington, D.C., and Sylvie Corbet and John Leicester in Paris contributed to this story.

Indonesian Shariah court sentences 2 men to public caning for gay sex

By Yayan Zamzami The Associated Press

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ANDA ACEH, Indonesia— An Islamic Shariah court in Indonesia’s conservative Aceh province on Monday sentenced two men to public caning for having gay sex.

The couple, aged 24 and 18, were arrested on Nov. 7, after neighborhood vigilantes in the provincial capital, Banda Aceh, suspected them of being gay and broke into their rented room to catch them naked and hugging each other.

The lead judge said that the two college students were “legally and convincingly” proven to have had gay sex and would receive 85 and 80 strokes respectively.

“During the trial it was proven that the defendants committed illicit acts, including kissing and having sex,” said the judge, Sakwanah, who goes by a single name like many Indonesians. “As Muslims, the defendants should uphold the Shariah law that prevails in Aceh,” she added.

She said the three-judge panel decided against imposing the maximum sentence of 100 lashes because the men were outstanding students who were polite in court, cooperated with authorities and had no previous convictions.

Prosecutors prev iously demanded each get 80 strokes, but the judges decided on a harsher punishment for the older man because they believed that he was the one who had encouraged and provided a place for sexual relations.

Both prosecutors and the law-

yers for the two men said they accepted the sentence and will not appeal.

Aceh is considered more devout than other areas of Muslim-majority Indonesia and is the only province allowed to observe a version of Islamic Shariah law.

Indonesia’s secular central government granted Aceh the right to implement Islamic Shariah law in 2006 as part of a peace deal to end a separatist war. A religious police and court system have been established, and the new law is a significant strengthening of Shariah in the region. Each year since then, more than 100 people have been publicly caned.

Aceh implemented an expansion of Islamic bylaws and criminal code in 2015 that extended Shariah law to the province’s non-Muslims, who account for about 1 percent of the population, and allows up to 100 lashes for morality offenses including

gay sex and sex between unmarried people. This will be the third time that Aceh has caned people for homosexuality.

Caning is also a punishment in Aceh for gambling, drinking alcohol, women who wear tight clothes and men who skip Friday prayers.

Human rights groups have criticized the law, saying it violates international treaties signed by Indonesia protecting the rights of minorities.

Indonesia’s national criminal code doesn’t regulate homosexuality, and the central government doesn’t have the power to strike down Shariah law in Aceh. However, an earlier version of the law that called for people to be stoned to death for adultery was dropped because of pressure from the central government.

The Associated Press writer Niniek Karmini in Jakarta, Indonesia, contributed to this report.

TWO gay men sit inside a courtroom during their trial at Sharia court in Banda Aceh, Indonesia, Monday, February 24, 2025. AP/ REZA SAIFULLAH

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Tuesday, February 25, 2025 A11

Wounded, recovered and back to war: Ukrainian soldiers are returning to battle after amputation

By Hanna Arhirova, Evgeniy Maloletka & Vasilisa Stepanenko The Associated Press

D

ONETSK REGION, Ukraine —The Ukrainian intelligence soldier doesn’t know how long his clinical death lasted after an explosive detonated beneath him.

All Andrii Rubliuk remembers is overwhelming cold, darkness and fear. When he regained consciousness in his shattered body—missing both arms and his left leg—excruciating pain engulfed him, and hallucinations clouded his mind.

“It’s an experience you wouldn’t wish on anyone,” the now 38-year-old says.

Two years later, Rubliuk is again dressed in military fatigues, his missing limbs replaced by prosthetics—hooks in place of fingers, one leg firmly planted on an artificial limb.

From the moment of the explosion, Rubliuk knew his life had changed forever.

But one thing was certain—he vowed to return to the battlefield.

“Fighting with arms and legs is something anyone can do. Fighting without them—that’s a challenge,” he says. “But only those who take on challenges and fight through them are truly alive.”

Many Ukrainian brigades have at least one, and often several, amputee soldiers

still on active duty—men who returned to combat out of a sense of duty amid the grim outlook for their country.

They are among Ukraine’s 380,000 war wounded, according to President Volodymyr Zelenskyy. Some 46,000 soldiers have been killed during the three-year war, and tens of thousands are missing and in captivity.

On the front-line Russia is expending huge amounts of weaponry and human life to make small but steady territorial gains to the nearly one-fifth of Ukraine it controls. Meanwhile Ukraine, outnumbered and outgunned, faces challenges not only on the battlefield but also in diplomacy, as its once strongest ally—the US— enters talks with Russia, raising fears that Ukraine and its European partners will be sidelined.

It is this dire situation that has driven wounded soldiers back to the front, where little has changed since they first left their civilian lives to defend their families from an invading neighbor.

For them, lying in a hospital bed was unbearable compared to standing alongside their brothers-in-arms to defend Ukraine.

But they all agree on one thing—when the war ends, they won’t spend another day in uniform; joining the army was never their first choice.

Rubliuk rejoined the special forces last spring as a senior sergeant in the Artan intelligence unit, training new soldiers and monitoring enemy drones. His rehabilita-

Who is Friedrich Merz, the man on course to take Germany’s top job after election?

By Kirsten Grieshaber The Associated Press

B

ERLIN—Friedrich Merz, on course to become post-World War II Germany’s 10th chancellor after the country’s election, has vowed to prioritize European unity and the continent’s security as it grapples with the new Trump administration and Russia’s war on Ukraine.

Pulling a divided Europe together won’t be easy when many leaders are too preoccupied by domestic issues to devote much energy to answers to the continent’s most pressing problems. But expectations will be high for Merz to help fill a leadership vacuum and craft a united response to recent US policy shifts that have strained the transatlantic alliance.

His task will be complicated by the need to form a coalition with the center-left Social Democrats of outgoing Chancellor Olaf Scholz. He has repeatedly pledged not to work with the far-right anti-immigrant Alternative for Germany party despite their second-place finish.

The 69-year-old conservative leader heads the center-right Union bloc, which won Germany’s national election with 28.5% of the votes.

“I am also aware of the scale of the task that now lies ahead of us,” he told supporters after his victory Sunday night. “The world out there isn’t waiting for us, and it isn’t waiting for long-drawn-out coalition talks and negotiations.”

The top job has been late in coming for Merz, a lawyer by profession, who saw his ascent derailed by former Chancellor Angela Merkel in the early 2000s and even turned his back on active politics for several years. Despite his political experience, he is heading to the chancellery without previously having served in government.

The rivalry with Merkel

MERKEL has described Merz as a brilliant speaker and complimented his desire for leadership, though she acknowledged this was a problem in their relationship.

“We are almost the same age ... We grew up completely differently, which was more of an opportunity than an obstacle,” she wrote in her memoir “Freedom.”

“But there was one problem, right from the start: We both wanted to be the boss,” she said.

Merkel moved to consolidate her grip on Germany’s center-right after the Union narrowly lost a national election in 2002.

Federal. . .

Continued from A10

the accusations of waste by Musk and others laughable. He sees extreme understaffing and threadbare budgets.

He earned about $19 an hour and was

She pushed Merz aside as leader of its parliamentary group, taking the job herself in addition to the leadership of the Christian Democratic Union party she already held. She went on to lead Germany from 2005 to 2021.

A break from politics

MERZ turned his back on active politics for several years after leaving the parliament in 2009.

He practiced law and headed the supervisory board of investment manager BlackRock’s German branch. During that break, he often travelled for business to the United States and China, though he never lived outside Germany.

“Friedrich Merz is perhaps the most international chancellor Germany has had since the war—if he becomes chancellor,” said Volker Resing, who wrote the recently published biography “Friedrich Merz: His Path to Power.”

Merz “relies on personal initiative, on the freedom of the individual, on creativity and motivation. And only secondarily on the state,” Resing said.

Political comeback

MERZ launched his political comeback after Merkel stepped down as CDU leader in 2018 and announced that she wouldn’t seek a fifth term of chancellor. However, he was narrowly defeated by centrist candidates more in Merkel’s mold in party leadership votes in 2018 and early 2021.

Merz persisted and was elected party leader in the third attempt, after the centerright’s defeat by current Chancellor Olaf Scholz in Germany’s 2021 election. Merz cemented his power by also becoming the leader of the Union’s parliamentary group.

According to Resing, Merz’s “way of doing politics” is not to avoid confrontation at all costs. Instead, he maintains a perspective that “a certain amount of provocation can set off a real debate and perhaps a real development in motion.”

During the election campaign, Merz has vowed to make Germany’s ailing economy strong again and curb irregular migration.

With President Donald Trump back in the White House and tensions rising over how to resolve the war in Ukraine, Merz, who has long supported a strong transatlantic relationship, said after his victory that his top priority is to unify Europe in the face of challenges coming from the United States and Russia.

“I have no illusions at all about what

furloughed for about half of the year but still relished a job that had him backpacking in remote areas for days at a time.

Scrambling to find a replacement job, he’s put in dozens of applications. He has pursued openings on tree farms, at treetrimming companies and at nurseries, but so far, has only heard back from two

tion began in late 2022, but he believes it never truly ends.

“Every new day is part of my rehabilitation,” he says. His new body, he adds, is a balance between self-acceptance and continuous recovery.

A comrade who was with Rubliuk when the explosion happened and suffered minor injuries, remembers the moment vividly. “I thought he was dead,” said the soldier who did not give his name in compliance with special forces rules.

At that moment, Rubliuk’s life hung in the balance. He was transported to a nearby hospital, suffered cardiac arrest and eventually was resuscitated, said Dr. Anton Yakovenko, a military surgeon who treated him.

After months in hospital wards and rehabilitation centers in Philadelphia and Florida, Rubliuk has returned to take on a role near the front line where, like others who have done so, his knowledge and experience are the greatest weapon.

was bone.

“I quickly accepted the fact that my leg was gone. What’s the point of mourning?

Crying and worrying won’t bring it back,” the 42-year-old says.

By May, he was back in uniform, describing the feeling as “returning home.”

“You need to come out of this not as someone broken by the war and written off, but as someone they tried to break, but couldn’t,” he says. “You came back, proved you could still do something, and you’ll step away only when you decide to.”

Vysotskyi now commands a team operating explosives-laden drones on nighttime missions. He assesses risk and makes strategic decisions but rarely goes on combat missions. Despite his injury, he has never regretted enlisting.

“Everyone must walk their own path, and there will be challenges along the way.

You can try to escape your fate, but it will always catch up with you,” he says. “That’s why I never had regrets.”

Being back in uniform is like ‘returning home’

A combat medic who became a war psychologist

MAKSYM VYSOTSKYI had just completed a drone mission in November 2023 when he took a detour after heavy rains turned the battlefield into a swamp and stepped on a land mine.

The explosion was instantaneous. When he looked down at his left leg, all he saw is happening from America,” he told supporters. “We are under such massive pressure ... my absolute priority now is really to create unity in Europe.”

Merz will be under pressure to help solve some of Europe’s most urgent problems, according to Wolfgang Merkel, a political analyst from the WBZ Berlin Social Science Center, but “we shouldn’t expect to hear one voice out of Brussels.”

“The interests are so different within the European Union, including the political majorities, that we shouldn’t expect a resounding common EU policy,” he said and added that it will likely “be the usual game of muddling through.”

Flirting with the far right?

M E R Z p u t t o u g h e n i n g G e r m a n y ’s immigration laws at the forefront of the election campaign after a migrant killed two people in a knife attack in the Bavarian city of Aschaffenburg last month.

He brought a nonbinding motion before the parliament, calling for many more migrants to be turned back at Germany’s borders. The motion was narrowly approved thanks to votes from the far-right Alternative for Germany, or AfD, party.

That prompted his opponents to accuse Merz of breaking a taboo in allegedly working with the AfD, and a public rebuke from Merkel. Critics pointed to the episode as an illustration of what they say is Merz’s tendency to impulsiveness.

Since then, hundreds of thousands have taken to the streets to protest against both Merz’ motion and also the rise of the far right.

Merz has insisted he did nothing wrong and never worked with AfD, and also repeatedly vowed to “never” work with the party if he becomes chancellor.

Roots in rural Germany

M E R Z represents his rural region in Germany’s parliament—an area where people are “rather down-to-earth, perhaps a little reserved,” Resing said. “That’s what shaped him: rural life.”

As a politician, Merz has always championed conser vative values and stressed the importance of family.

He met his wife Charlotte, who is now a judge, while he was studying law. The couple has three adult children.

Merz joined the CDU in 1972 and was elected to the European Parliament in 1989.

He first joined the German parliament in 1994.

I n the pilot’s seat

A PILOT openly passionate about his hobby, Merz sometimes flies his own small plane employers on two minimum-wage jobs: one as an Amazon delivery person and the other as a line cook at a fried chicken restaurant.

“I need a job,” he says, “any job.”

The Associated Press writer Mark Thiessen in Anchorage, Alaska, contributed to this report.

‘You won’t leave me, right?’”

She stayed by his side, traveling from hospital to hospital as he recovered and learned to live with a full-arm amputation.

When he decided to return to the military, she wasn’t surprised. “I never doubted for a moment that it could be any different,” she says.

Before his injury, Puzikov, now 40, was a combat medic. After returning to service, he retrained as a psychologist, helping soldiers cope with the mental toll of three years of war.

“As long as the war continues, I won’t leave—I’ll help in any way I can,” he says.

Yet, his own struggle continues. He suffers from phantom limb pain. It feels as if his missing hand is clenched in a fist, the pain so sharp it cuts like a knife. He hopes another surgery might finally relieve it.

A proper prosthetic remains out of reach due to bureaucratic delays and poor-quality options. Like many other amputees struggling to find a good arm prosthesis, he continues his military duties without one.

Life after war

TWO and a half years ago, when Capt.

Oleksandr Puzikov called his wife to tell her his left arm had been severed, she thought he was joking.

“I will never forget that day,” says Iryna Puzikova, her voice trembling. “When I walked into the ICU, his first words were,

AFTER he lost his right arm in battle, Oleksandr Zhalinskyi transitioned from an infantry soldier to a navigator-driver and chose not to use a prosthetic.

“It’s only good for fishing,” jokes the 34-year-old of a hobby he still enjoys.

In his current role, he evaluates missions

from his home in the Sauerland region in western Germany to Berlin early on Monday mornings.

He has stuck to flying, despite the long hours imposed by his job as opposition

leader and occasional criticism that he is indulging in a rich man’s hobby.

“When you talk to him about flying, his eyes light up,” Resing said. “He says that when you’re above the clouds, that’s

and finds the safest evacuation routes.

“At first, I did not like this job. When I returned to service, I was ready to go back to the infantry,” Zhalinskyi says. “But over time, I accepted this new role.”

When an artillery strike hit his position in the fall of 2023, severing his arm, the pain was unbearable. He pushed himself up, scanning for comrades; he was the only one who survived.

He tried three times to tighten a tourniquet, but it wouldn’t hold. With communications destroyed and no way to call for help, he had only one option—move toward the evacuation point, forcing himself to stay conscious with every step.

“It felt like I was walking forever.”

Dark thoughts crept in, but he reminded himself of his five godchildren—he had to survive. Soldiers from a neighboring unit spotted him, stabilized him, and got him to safety. From that moment, there was no doubt—once he recovered, he would return to the fight.

But once he sheds his uniform, he has a plan. Before the invasion, he dreamed of opening a pub in his hometown. That dream remains—except he’s changed its name.

Now, he plans to call it Amputated Conscience.

The Associated Press journalist Volodymyr Yurchuk contributed from Kyiv, Ukraine.

freedom.”

The Associated Press videojournalist Fanny Brodersen in Berlin contributed to this report.

A12 Tuesday, February 25, 2025 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

Charting the course to universal health care for all Filipinos

T

HE vision of universal health care (UHC) in the Philippines, enshrined in Republic Act 11223, promises equitable access to quality health services for all Filipinos, regardless of socioeconomic status. PhilHealth, or the Philippine Health Insurance Corporation, is the vehicle to achieve this vision, tasked with providing financial risk protection against health-related expenses. However, recent developments cast a long shadow on the feasibility of this crucial initiative.

The current state of PhilHealth is alarming. The transfer of P60 billion to the national treasury, now under Supreme Court scrutiny, raises concerns about its ability to serve its members. Compounding this issue is the unprecedented zero subsidy allocated to PhilHealth for 2025. This financial strain worsens the already high out-of-pocket payments faced by Filipinos, which constitute a staggering 45 percent—and hovering around that level for a long time now —of the country’s total health expenditure, according to a study by the Unilab Center for Health Policy (UCHP) on the Philippines’ 30-year health spending.

PhilHealth’s contribution to the total health expenditure remains below 14 percent, far from the ideal 30 percent target, highlighting its limited impact on alleviating the financial burden on citizens.

Fortunately, successful UHC models exist, offering potential pathways for PhilHealth to emulate. Thailand, for instance, has achieved remarkable progress since implementing its UHC program in 2002. Their model features minimal co-payments, free medicines for common ailments, and improved access to primary care, resulting in significantly lower out-of-pocket spending. A key element of Thailand’s success is the adoption of Diagnosis Related Groups (DRG) as a payment system, a strategy mandated by the Philippines’ UHC law but yet to be fully implemented by PhilHealth. DRG refers to a system used in healthcare to categorize patients based on their primary diagnosis, allowing hospitals to be reimbursed a fixed amount for each patient group, regardless of the actual cost of their treatment, essentially aiming to incentivize efficient care delivery by grouping similar patients together.

Another study by the Unilab Center for Health Policy highlights the importance of an open and participative DRG process, managed by an independent agency. Countries like Thailand, Australia, and Germany have established independent technical institutions to oversee provider payments, ensuring neutrality and preventing interference. The Philippines should consider a similar approach, reevaluating PhilHealth’s current mandate of raising premiums, defining benefits, and processing payments, to ensure transparency and efficiency.

Despite these challenges, there are positive developments. The Department of Health’s recent announcement regarding PhilHealth’s implementation of a new system covering outpatient emergency cases in accredited hospitals is a step in the right direction. Furthermore, Acting PhilHealth President and CEO Dr. Edwin M. Mercado’s consultation meetings with private hospital groups and national associations demonstrate a commitment to improving efficiency and addressing payment delays. The collaboration with hospitals to expand primary care access points is crucial for establishing Health Care Provider Networks (HCPNs) and moving closer to UHC. (Read the BusinessMirror story: “DOH reminds hospitals on PhilHealth FBE coverage,” February 20, 2025).

To truly realize the vision of universal health care, the Philippines must address the systemic issues plaguing PhilHealth. This requires a multi-pronged approach: resolving the financial uncertainties surrounding the transferred funds, increasing PhilHealth’s contribution to the total health expenditure, implementing a transparent and independent DRG system, and fostering collaboration between public and private healthcare providers. Only then can the vision of equitable, accessible, and sustainable healthcare become a tangible reality for all Filipinos.

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Jungle traders hunt ‘alien gold’ John Mangun

OUTSIDE THE BOX

E

XCHANGE-Traded Funds (ETFs) are the lazy man’s lunch buffet—listed investments, mostly bland, predictable stock piles for folks too busy sipping Starbucks lattes or chasing political gossip to pick their own winners.

Take the First Metro ETF, mirroring the PSE index like a photocopy.

Too often flat gains; fat pain. No gold.

At least with AdvisorShares Pure Cannabis (symbol YOLO) or Global X Video Games & Esports (HERO) you know what you are betting on, even if it is a long shot. Then there is the Gender Diversity Index ETF (SHE), stuffing cash into US firms with women in corner offices. Woke points aplenty, but will it pay your skyrocketing Meralco bill? Maybe, maybe not.

Trading is my jungle, and every day is a machete swing, even when the PSE flatlines. It is typhoon season out there—wet, wild, dodging market debris while hunting profit.

We are not here to drink jasmine tea and pray; we hack through the chaos because that is the game.

Warren Buffett dropped his 2024 Annual Letter last Saturday. “Lack-

ing such assets as athletic excellence, a wonderful voice, medical or legal skills, or for that matter, any special talents, I have had to rely on equities throughout my life.” He is sitting on $334 billion in cash, a dragon hoarding treasure, moaning about “no compelling opportunities.”

If Buffett is baffled, are we traders doomed? Time to get a real job?

Enter Matthew Tuttle, the maestro of Tuttle Capital Management.

Since 2012, this 20-year market brawler has punched through dotcom busts and crypto crazes, now flexing $3 billion in Assets Under Management.

His moves are not for timid souls or the weak spirited. Back in 2021, his Short Innovation ETF (SARK) punched Cathie Wood’s ARK fund when her “stay-at-home” stars like Zoom shone brightest, up 157 percent in Covid’s peak. Then he cashed

Trading is my jungle, and every day is a machete swing, even when the PSE flatlines. It is typhoon season out there—wet, wild, dodging market debris while hunting profit. We are not here to drink jasmine tea and pray; we hack through the chaos because that is the game. in big when ARK cratered 80 percent in 2022. That is not just trading; that is a fiesta, bold and brilliant.

Sometimes you have to stalk the investment jungle’s dark corners, where scared money fears to tread, sniffing out the next big kill. That is why this game is a rush for us professionals. Mix sci-fi with Wall Street brass cojones, even if the fine print could sink it. Matthew Tuttle has been obsessed with UFOs for years, poring over grainy film footage, Roswell rumors, and Pentagon leaks, waiting for the payoff.

Now he is potentially swinging for the stars with the ‘UFO Disclosure AI Powered ETF’ (UFOD), filed this February 2025. Tuttle Capital Management intends to chase “reverseengineered alien technology.”

Tuttle is thinking defense giants like Raytheon or shadowy outfits like Lawrence Livermore’s ‘Z Division’ are already tinkering with ET gear. If the Pentagon spills its secrets, it is a trillion-dollar jackpot.

The reluctant British consumer is a problem for Keir Starmer

By Irina Anghel

F

OR British consumers still reeling from Labour’s first budget, the watchword is caution.

Pessimism is rife and households are looking to cut their expenses, for example by eating in rather than dining out, figures last week showed. Inflation is resurgent and fear of job losses mounting.

Gone too are the so-called excess savings built up during the pandemic, the victim of the savage increase in prices since then.

It’s a bleak picture for Prime Minister Keir Starmer and his Labour government, which swept to power in July promising to raise living standards. Instead, the economy is smaller on a per-capita basis and Labour is sliding in opinion polls. Alarm bells are also ringing at the Bank of England, where two policymakers this month called for interest rates to be slashed by a bumper half percentage point.

In the UK, trying to rev up the economy and generate much-needed tax revenue without the consumer is an uphill struggle, as their spending accounts for two-thirds of gross do-

mestic product.

Chancellor of the Exchequer Rachel Reeves has announced plans to turbocharge growth by spending big on housing and infrastructure. But for many workers, the focus is more immediate. Will they still have a job or get a pay rise after April when their employers are hit by a £26 billion ($32.9 billion) payroll-tax increase and another big hike in the minimum wage?

“The weakness in spending reflects both cost-of-living factors and confidence,” said Jessica Hinds, director of economics research at Fitch Ratings. “We also now face a cool-

In the UK, trying to rev up the economy and generate muchneeded tax revenue without the consumer is an uphill struggle, as their spending accounts for twothirds of gross domestic product.

ing labor market, with businesses’ demand for staff in decline. That will worry households given the big shocks that have hit their personal finances over the past five years.”

Ministers are hoping that caution will give way to confidence as uncertainty dissipates and interest rates fall further.

Wages are rising faster than prices, so living standards are improving. Households are now sitting on more than £2 trillion of savings, up almost a third since the end of 2019. Yet that increase has barely kept pace with consumer prices. Adjusting for inflation, savings are only 5 percent higher than pre-pandemic, and well-below long-term trends.

Picture alien energy tech hitting the grid and oil stocks, renewables, nuclear, all crashing to zero. Saudi Arabia is back to camel races by deserted oil rigs, and Manila’s jeepney drivers switch to Mercedes limousines. Tuttle’s plan is to buy the winners poised to rocket and short the dinosaurs left behind.

One hitch is that Uncle Sam has got to talk. The SEC filing is blunt: no disclosure, no launch. “Government confirmation or denial of advanced alien tech is uncertain, and rumored breakthroughs might never materialize.”

He dangles a golden carrot, yet the Pentagon’s silence could leave UFOD dead on arrival. Tuttle’s game blends madness and method, or maybe just madness. If the Pentagon talks, imagine Lockheed quadrupling on an ET engine leak. But does this smell like a trader’s bluff?

Who cares. No one has lost money on UFOD like the $63 billion vaporized between December 2024 and February 2025 on “sure winner” meme coins like PNUT, TRUMP, and HAWK. In this jungle, you do not win by playing safe. You hunt the wild and the weird. Matthew Tuttle and his UFOD is on my radar. Crazy can pay big and I would rather bet on aliens.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

“The idea that consumers have a lot of savings waiting to be unleashed once confidence recovers is a misnomer,” said Raoul Ruparel, director for Boston Consulting Group’s Centre for Growth.

The lowest-paid jobs are seeing the strongest wage growth, according to data from Indeed. However, the poorest households are likely using the extra cash to cover essential bills and pay down debt rather than splash out on discretionary items.

Meanwhile, excess savings generally accrued to wealthier households, who are “less likely to spend them and instead view them as a store of wealth,” Hinds said. “While bank deposits have increased significantly, in real terms the household sector will not feel substantially better off.”

Consumer confidence plummeted last year when the Labour government warned of “difficult” decisions to fill a fiscal black hole See “Reluctant,” A13

www.news.businessmirror@gmail.com

Opinion BusinessMirror

Tuesday, February 25, 2025 A13

Europe braces for freeze of US foreign corruption practices act

CREATE MORE’s draft RR

I

C

What was released last week were just drafts of the RRs that will govern us for years. The final version may be released this week. I hope that the final version of the revenue regulations will be categorical in defining terms and careful in introducing new ones. Again, as I said before, I do not want to see the word MOST after CREATE.

First, the draft RRs emphasized that there are two distinct categories of businesses that operate under different regulatory frameworks and tax incentives, i.e., Registered Business Enterprises (RBEs) and ExportOriented Enterprises (EOEs). RBEs are entities that are registered with the Board of Investments (BOI) or other Investment Promotion Agencies (IPAs) and are engaged in activities that qualify for fiscal and nonfiscal incentives. RBEs can operate under various income tax regimes, such as the Gross Income Earned (GIE)/Special Corporate Income Tax (SCIT), and Enhanced Deduction Regime (EDR). On the other hand, EOEs are businesses primarily engaged in the sale and actual shipment of goods or services from the Philippines to foreign countries. To qualify as an EOE, a business must meet the export sales threshold, which is at least 70% of its total annual production or sales from the preceding taxable year.

EOEs benefit from VAT zero-rating on their local purchases, provided they secure the necessary certification from the Export Marketing Bureau (EMB) of the Department of

is required to process and decide on the VAT refund claim within 90 days from the date of submission of the complete documents. If the BIR finds that the grant of the refund is not proper, it must state the legal and factual basis for the denial in writing. If the claim is denied, the taxpayer has 15 days from receipt of the denial to file a request for reconsideration. This request must be limited to questions of law and cannot introduce new evidence or documents that were not part of the original claim. The request for reconsideration must include specific documents, such as the authority to file the request, a copy of the original application for refund, the notice of denial, and pertinent documents relevant to the legal issues raised.

The BIR must decide on the request for reconsideration within 15 days from receipt. If the BIR fails to act within this period, the taxpayer may appeal the decision to the Court of Tax Appeals within 30 days. At this point in the process, the draft RRs are consistent with the law. But the next steps seem to veer away from what the law intends.

The draft RRs state that the decision on the request for reconsideration, if granted, restarts the

Atty. Irwin C. Nidea Jr.

TAX LAW FOR BUSINESS

By Jonathan Browning, Karin Matussek & Hugo Miller

N recent years, Glencore Plc, Airbus SE and Credit Suisse have collectively paid more than $5.5 billion in fines for their roles in sprawling corruption cases. While law enforcement in France and the UK took the lead, the involvement of their US counterparts was crucial in securing the settlements.

Now, to the shock of anti-corruption officials across Europe, that era of collaboration may be over.

Earlier this month, President Donald Trump ordered his new attorney general, Pam Bondi, to cease enforcing the Foreign Corrupt Practices Act, effectively hitting pause on US involvement in transnational bribery cases.

Trump called the 1977 law, a pillar of global anti-corruption legislation, a “disaster,” saying “nobody wants to do business” with American companies.

It’s too early to say how exactly this might play out—the FCPA has a five-year statute of limitations, meaning that companies could still be held liable for any violations committed during that period if the act is enforced—but authorities across Europe are nevertheless grappling with what the fight against corruption will look like without the world’s most powerful prosecutors by their side.

They’re also wondering whether Trump will export his “America First” agenda by halting investigations into American firms—or even targeting their foreign competitors.

“There may be a sense of one law for US companies and one law for everyone else,” said Peter Binning, who leads the Corker Binning law firm in London. “It seems, from the new presidential rhetoric, that the Department of Justice might be expected to advance US interests.”

In Europe and the UK, agencies have long relied on the US to share leads and bring some of their biggest cases to fruition. “No one else in the enforcement world has that kind of footprint,” said David Rybicki, a former senior official in the criminal division of the DOJ. The US has powerful tools at its disposal. It can claim jurisdiction to pursue a case simply because a suspicious transaction was conducted in dollars. The threat of stiff sentences —sometimes far longer than those permitted in Europe—and the strategy of turning potential suspects into cooperating witnesses have also been crucial to white-collar cases.

Testimonies of former employees played a major role in securing a $700 million guilty plea from Glencore Plc for conspiring to violate the FCPA and a $475 million penalty from Credit Suisse for bribing Mozambican officials, a key event in the bank’s downfall. A DOJ investigation into kickbacks in international football culminated in 2015 in the unprecedented sight of Swiss police marching into five-star hotels in Zurich to arrest top regional FIFA officials.

Such crackdowns have also shaped how national authorities approach corruption. In France, the US-led prosecution of Alstom—which resulted in a guilty plea and a $772 million penalty in 2014—prompted French officials

Reluctant. . .

Continued from A12

inherited from the Conservatives.

The £40 billion tax increase subsequently unveiled in the October budget was even worse than had been feared. Much of it was aimed at businesses, which are now looking to cut headcount and raise prices to protect their margins.

to strengthen their own measures, said Isabelle Jégouzo, head of the national anti-corruption agency, known as AFA. The fact that “not a single French company is being prosecuted in the United States to our knowledge” is evidence that the effort has been largely successful, she said.

Cooperation between European and US law enforcement tightened in 2006, when prosecutors in Munich raided Siemens’s headquarters and discovered signs of an international bribery network. Because the company was listed on the New York Stock Exchange, US officials joined the probe, which resulted in a $1.6 billion settlement two years later. Under that deal, Siemens pleaded guilty, paying €596 million in Germany and $800 million in the US for falsely recording $1.36 billion in bribes and questionable payments.

The case became a model for prosecuting transnational bribery, creating new areas of expertise for European law enforcement officials and corporate lawyers. It also signaled to companies that they had to be mindful of US authorities in addition to domestic anticorruption agencies.

Perhaps because of “intensive cooperation in the fight against corruption,” there have been fewer major international cases in recent decades, said Hildegard BäumlerHösl, the Munich prosecutor who led the probe into Siemens.

While Trump’s order to freeze the FCPA came as a shock to many, the legislation has been in the president’s crosshairs since his first term in office. In 2012, he called it a “horrible law” and accused it of disadvantaging American companies.

Yet the FCPA freeze may not mean that the US is walking away from the fight against global corruption entirely, noted Clare Nida, a partner at Latham Watkins in London who spent a year at the bribery division of the UK’s Serious Fraud Office. “I do wonder if there’s going to be some level of corruption enforcement,” Nida said, “but of non-US companies.”

The suggestion that non-American companies should be especially cautious was echoed by the AFA’s Jégouzo. “Those in sectors that are strategic for American foreign policy interests or those that compete with American economic operators should take particular care to put measures in place to protect themselves,” she said.

For now, prosecutors in Europe are adapting to the new circumstances.

“Of course, the Americans will be missed here,” said Simone Kämpfer, head of Freshfields’ White Collar Central European defense practice. “But I don’t believe that the Europeans will just sit back and stop tackling these cases.” With assistance from Gaspard Sebag, Sa-

REATE MORE’s implementing rules and regulations have been passed. But more importantly, drafts of the Bureau of Internal Revenue’s (BIR) Revenue Regulations (RR) have been released. Some questions have been answered, but some answers have sparked more questions. I hope the BIR is keen on making sure that the RRs are airtight.

Trade and Industry (DTI).

One area of concern is the vagueness of the definition of “total annual production” in EOEs, which is crucial in determining the 70 percent threshold. For goods, it refers to the volume or value of production that is manufactured and sold, including mark-up, by the export-oriented enterprise during the taxable year.

For services, it refers to the value of services rendered by the exportoriented enterprise during the taxable year.

The vagueness in this definition arises when the BIR in an audit asks how the goods manufactured in one year but sold in the subsequent year were treated. Is it correct to include it in computing the 70% threshold? In other words, the definition of “total annual production” is only focused on the volume or value of production that is manufactured and sold within the same taxable year. It is silent on the treatment of goods that were manufactured in a particular year but sold in another.

Second, the draft regulations specified in detail the procedure in claiming for VAT refund. The BIR

90-day period for processing the refund claim. My concern is that the “restart” procedure that is being introduced by the BIR cannot be found in the law. The law also did not limit the ground for an MR to only questions of law. The law is clear that an MR must be denied or granted within 15 days. If an MR is granted but is effectively remanded to the first step, the taxpayer might find itself losing its right to appeal to the Court of Tax Appeals. It must be recalled that the CREATE MORE Act is categorical in saying that the BIR has 15 days to grant or deny an MR, which means that the BIR must release the tax refund within the 15-day period if the decision is to grant the same. The fresh 90-day period that is being floated cannot be found in the law.

There are other issues that must be addressed. Unfortunately, this space can only accommodate so many words. Again, what was released last week were just drafts of the RRs that will govern us for years. The final version may be released this week.

I hope that the final version of the revenue regulations will be categorical in defining terms and careful in introducing new ones. Again, as I said before, I do not want to see the word MOST after CREATE. The author is a senior partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph), a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

Trump targets China with biggest salvo so far in second term

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HE Trump administration took aim at China with a series of moves involving investment, trade and other issues that raises the risk ties may soon worsen between the US and its top economic rival.

brina Willmer and Lucca De Paoli Bloomberg

In recent days, President Donald Trump has rolled out a memorandum telling a key government committee to curb Chinese spending on tech, energy and other strategic American sectors. The administration also called on Mexican officials to place their own levies on Chinese imports – a move that comes after Chinese firms moved production to the US neighbor to get around duties the Republican enacted in his first term.

The US also proposed fees on the use of commercial ships made in China to counter the nation’s dominance in the production of the vessels. Chinese shipping stocks fell on Monday, while the benchmark CSI 300 Index fluctuated. The yuan traded onshore rose 0.2% to 7.2359 versus the dollar as of 12:30 p.m. in Shanghai.

Taken together, the steps amount to the most sweeping, forceful actions targeting Beijing of Trump’s second term and could complicate a deal to reduce China’s trade surplus with the US that the president has indicated he wants to forge.

The memo with the order to the Committee on Foreign Investment in the US – a secretive panel that scrutinizes proposals by foreign entities to buy US companies or property – seems to be the most impactful of the flurry of the actions. Referring to Beijing as a “foreign adversary,” it says the changes are needed to protect “the crown jewels of United States technology, food supplies, farmland, minerals, natural resources, ports,

and shipping terminals.”

“This is likely a disappointment for Beijing, which hoped to offer a large-scale investments in the US as a concession in a negotiation,” said Martin Chorzempa, senior fellow at the Peterson Institute for International Economics in Washington.

“This calls into question whether the US would be open to that kind of investment.”

To be sure, China’s investment into North America tumbled at the end of last year below levels seen during the worst of the pandemic, a slide likely due to prospective investors waiting to see if Trump would win election in November. Companies announced only $191 million of new investments into Canada, Mexico and the US last quarter, according to US-based consultancy Rhodium Group, a decline of more than 90% from the same period a year earlier.

After the memorandum was released, Beijing urged Washington to stop politicizing and weaponizing economic and trade issues. The US government’s push to strengthen reviews of business ties on security grounds would seriously undermine the confidence of Chinese companies investing in the US, the Ministry of Commerce said.

The memorandum also says the US government should also review a 1984 tax deal with China that frees individuals and companies from double taxation, and an arrangement known as “variable interest

entity” that Chinese firms use to list on American exchanges.

“Eliminating these kind of treaties just makes things very uncertain and complicated for investors because they don’t know if they’re going to be taxed,” Chorzempa said.

A call in the memo for new and expanded limits on investment from US pension and endowment funds in high-tech sectors in China could affect companies along the Asian nation’s artificial intelligence supply chains, UBS Group AG said in a note.

The rule could impact hardware, software and internet firms, strategists including James Wang wrote.

The outline for a plan for fees on Chinese-built ships that carry traded goods also has mandates requiring that a portion of US products be moved on American vessels. It results from an inquiry into China’s practices in the maritime, logistics and shipbuilding industries that started during the Biden administration and ended with a report days before Trump took office.

China’s share of global shipbuilding capacity has surged over the past decade to account for around half of the world’s new builds, partly driven by its own domestic demand for more ships. The country’s fleet was valued at $255.2 billion in January, the most in the world, according to analytics platform VesselsValue.

Japan was second at $231.4 billion, while the US ranked fourth at $116.4 billion.

Shares of Cosco Shipping Holdings Co., which was earlier blacklisted by the Defense Department over alleged links to the People’s Liberation Army, fell as much as 8.3% in Hong Kong on Monday. Singapore-listed

The economy grew just 0.1 percent at the end of 2024, thanks in large part to government spending. Consumer spending was flat, and GDP per person fell for a second straight quarter. Now Britons are facing heightened geopolitical uncertainty and a new wave of pressures from rising energy and food costs. GfK found households more inclined to save their money than indulge in major purchases this month.

“Many families in Britain do not have enough accessible savings to cushion cashflow shocks,” said Molly Broome, a senior economist at the Resolution Foundation think tank.

Households have become more frugal in recent years. They are spending less in real terms on items that saw prices surge during the pandemic such as bread or utilities, and switching to cheaper alternatives elsewhere, for example by buying

more personal care items instead of going to hair salons, according to official data.

At the same time, housing costs are consuming a larger share of earnings, leaving less available to be spent in shops and restaurants.

New tenants are spending about a third of their gross incomes on rent, up from an average of around a quarter between 2019 and 2023.

And about a third of those on fixed-

rate mortgages are set to refinance at higher costs, according to BOE estimates.

At the BOE, concern over the state of the British consumer came from an unexpected quarter earlier this month. Catherine Mann, until then its chief hawk, stunned markets by dissenting from the majority on the Monetary Policy Committee in favor of a half-point rate cut. In a speech following her dramatic switch, she

Yangzijiang Shipbuilding Holdings Ltd. also slid.

Underscoring the divide between the two economic powers, last week Chinese Vice Premier He Lifeng expressed “serious concern” over a 10% tariff hike that Trump earlier place on goods from the Asian country. He made the comments in a call with Treasury Secretary Scott Bessent, who raised a host of issues with China, including “economic imbalances.”

China’s $295 billion trade surplus with the US looms large in the new administration’s list of worries, though Trump has said he may be able to reach a fresh deal with Beijing, following one during his first term.

“It’s possible, it’s possible,” he said last week. Trump earlier threatened tariffs of 60% on Chinese goods — a level that would devastate trade between the nations — and has ordered his administration to investigate whether Beijing had complied with that agreement.

The Bessent-He call came weeks after the new tariffs took effect, hitting the entirety of Chinese goods shipped to the US. Trump linked them to complaints over Chinese production of precursors for illicit fentanyl heading to America.

The rising China-US tensions come as Trump pushes to end the war in Ukraine, a move that started with landmark discussions between Trump and Russian leader Vladimir Putin. While China would welcome an end to the war because it would help improve its ties with Europe, it raises the possibility that once the fighting ends Washington would turn its full attention to Beijing. With

said that consumer reticence is likely to keep demand subdued beyond 2025.

“The dynamics of soft sales volumes, already observed for a year, will be accentuated as household savings rates remain high, both as an ongoing precaution against volatility in purchasing power and then also on account of heightened unemployment concerns,” Mann cautioned.

assistance from Helen Sun, Shikhar Balwani and John Cheng/ Bloomberg

Bloomberg

2nd Front Page

A14 Tuesday, February 25, 2025

www.businessmirror.com.ph

ARE ONIONS BEING WITHHELD BIR: Illicit cigs with P6.4-B FROM US? D.A. WANTS TO KNOW tax liability to be destroyed

By Ada Pelonia

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By Reine Juvierre S. Alberto @reine_alberto

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BUREAU of Internal Revenue Commissioner Romeo D. Lumagui Jr. PNA PHOTO

EIZED illicit cigarettes with an estimated P6.4 billion in total tax liability will be disposed of by the Bureau of Internal Revenue (BIR), as part of its nationwide destruction activities to crack down on tax evasion and illicit trade.

The BIR on Monday began its nationwide destruction of illicit cigarettes, with the Digamma Waste Management in Porac, Pampanga as the main destruction area, which will be conducted until February 28.

As such, the BIR said it will be demolishing 14.3 million packs of illicit cigarettes worth around P2.1 billion.

Internal Revenue Commissioner Romeo D. Lumagui Jr. said the destruction of the illicit cigarettes shows the BIR’s commitment to stopping illicit trade and safeguard-

ing legitimate businesses.

“This initiative is a testament to our commitment to uphold the law and deter illicit activities. This is the rational next step from the nationwide raids we conducted since 2022 and the filing of the criminal cases against these unscrupulous individuals and corporations,” Lumagui was quoted in the statement as saying.

The BIR said the move would also protect the public from cigarettes from unknown sources, which pose exponentially higher hazards to

both consumers and third-party smokers, as there is no quality control or regulation in place.

“By ensuring that these products do not re-enter the market, the BIR is fulfilling a three-fold mandate: strengthening revenue collection, protecting the business environment and consumers, and safeguarding public health and safety,” the BIR added.

The agency has also filed multiple criminal cases against individuals and corporations involved in illegal

trade to hold tax evaders accountable aside from the confiscation and destruction of cigarettes.

“These enforcement actions send a clear message—the BIR will not hesitate to take decisive action against those who violate tax laws,” it said.

W hile the Philippine Tobacco Institute (PTI) commended the BIR for its efforts in combatting illicit cigarette trade, it called to institutionalize the See “BIR,” A2

@adapelonia

HE Department of Agriculture (DA) on Monday ordered the inspection of onion warehouses to determine if newly harvested supplies are being withheld from the market.

Agriculture Secretary Francisco Tiu Laurel Jr. said onion harvests were expected to start this month, which should have provided fresh supplies that would ease prices. However, he noted that the harvest might not be reaching the market as expected.

“Last Friday, I directed the Bureau of Plant Industry and its team to visit all the onion cold storage facilities across the country and inspect whether newly harvested onions are being kept there instead of being sold,” Laurel said in a statement.

“If they are, that’s wrong.

Onions are typically stored toward the middle or end of the harvest season, not at the start. This clearly points to price manipulation—it’s hoarding,” he added.

Laurel estimated that the

BPI would complete its inspection within four to seven days, with a report expected by the end of the week.

Under the law, hoarding and price manipulation are illegal trade practices punishable by law.

Earlier, Laurel authorized the importation of 3,000 metric tons (MT) of red onions and 1,000 MT of white onions to address the projected shortfall before the harvest season.

BPI had earlier projected that the early harvest would add several metric tons to supply, with an expected total of around 33,000 MT by March.

Data from the Bureau of Plant Industry (BPI) showed that the country’s red onion inventory as of February 14 stood at 34 MT while yellow onion stocks were estimated at nearly 257 MT. Retail prices of red onions ranged from P140 to P240 per kilo, higher than P115 to P180 per kilo recorded on January 25, based on the government’s latest price monitoring report.

Local white onions ranged from P90 to P150 per kilo while imported white onions stood at P110 to P160 per kilo.

Priest warns vs spreading false reports on Pope; Marcos Jr. joins prayers

By Justine Xyrah Garcia and Samuel P. Medenilla

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ROME-BASED Filipino priest has cautioned the public against sharing unverified information about Pope Francis’s condition, following a surge of online rumors regarding the Pontiff’s health.

This, as President Ferdinand Marcos on Monday joined international calls for prayers for the recovery of Pope Francis, who is now suffering health problems, including respiratory crisis and a mild kidney failure.

Fr. Gregory Gaston, rector of the Pontificio Collegio Filippino, urged people to be mindful of misinformation, particularly fabricated reports claiming the Pope’s passing.

“Please be cautious about spreading false reports regarding Pope Francis’ death. Some even misuse the Vatican News logo to deceive people,” he said in a statement on Monday.

Gaston also stressed that the Vatican News website remains the most reliable source for updates on the pope’s condition and would be the first to release any official announcements.

His statement comes as speculation about the 88-year-old Pope’s health spreads online.

The Vatican confirmed on Sunday evening (Rome time) that while Pope Francis remains in critical condition, he has not experienced any further respiratory crises since Saturday.

According to the Holy See Press Office, the Holy Father continues to receive high-flow oxygen therapy through his nose but remains alert and well-oriented.

While his blood platelet levels have remained stable, recent tests indicated mild kidney failure, though it is currently under control.

Despite his condition, the Pope was still able to participate in a Mass with his caregivers at Gemelli Hospital in Rome, where he continues to receive treatment.

Who could succeed Pope Francis?

AS discussions emerge over the next potential leader of the Catholic Church, a Filipino priest believes there is a strong possibility that a Filipino cardinal could become the next pope.

Fr. Francis Lucas of the Catholic Media Network said in a radio interview that Cardinal Luis Antonio Tagle is among the strong contenders to succeed Pope Francis.

“There is a high chance for Cardinal Tagle, but the other potential candidates are also formidable,” Lucas said.

He noted that shifts in the composition of the College of Cardinals— who will elect the next pope—could favor Tagle.

Currently, European cardinals hold 38 percent of the votes, while Asia accounts for 19 percent, Africa 13 percent, the United States and Canada 10 percent, and Oceania 3 percent.

Aside from Tagle, Lucas named Cardinals Pietro Parolin of Italy, Peter Erdő of Hungary, Peter Turkson of Ghana, and Christoph Schönborn of Austria as other possible successors to Pope Francis.

While it remains uncertain who will lead the Catholic Church next, Lucas called on the faithful to pray for a pope who will continue the mission of Pope Francis.

“Let us pray that the next pope will be the right one for this time,” he said.

Marcos: Prayers for Pope

IN a social media post last Monday, President Marcos lamented the serious health issues the 88-year-old head of the Catholic Church is now facing.

“In these moments, we join the whole world in prayers for his strength and recovery,” Marcos said in Filipino.

“May the Lord continue to guide and strengthen him to continue his mission of faith and love for humanity,” he added.

Pope Francis was among those who extended his congratulations and blessing to Marcos during his inauguration in June 2022.

In 2024, the Pope also sent his greetings to Marcos through Archbishop Paul Gallagher, the Vatican secretary for relations with states and international organizations.

Marcos, however, has yet to personally meet Pope Francis since he became President.

Last Friday, the pontiff underwent treatment for bronchitis. The Vatican then reported on Sunday that Pope Francis also suffered from mild kidney failure and was in critical condition.

BALANCING THE BURDEN A delivery man carries sacks of rice on his head at a market in Pasig City, where prices per kilo range from P43 to P65. Consumers continue to grapple with fluctuating rice prices amid supply concerns. BERNARD TESTA

PCO under Ruiz pushes back hard vs Duterte

By Samuel P. Medenilla

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@sam_medenilla

HE Presidential Communications Office (PCO) under the leadership of its new Ad Interim secretary Jay Ruiz launched its relentless campaign against fake news last Monday by going after the claims by President Rodrigo R. Duterte against the Marcos administration.

After Ruiz and Palace Press Officer Clarissa “Claire” Castro took their oath of office before President Ferdinand Marcos in Malacañang on Monday, PCO immediately proceeded to dismantle the supposed false information coming from the Duterte camp.

In an interview with Palace reporters, Castro belied the claim of Duterte, made in an out-of-town

rally, that the Marcos administration is now veering towards dictatorship.

The PCO Undersecretary also held a press briefing, where he addressed Duterte’s claim that the Marcos family is stealing and selling the country’s gold reserves.

The Bangko Sentral ng Pilipinas, she said, can sell and buy gold without intervention from the President and its proceeds will be reverted to the country’s Gross International Reserves.

“All of these come from their rallies, We can see how they are defaming the government and the President. So we know where they are headed with this. They want to regain power and authority,” Castro said.

Duterte made his anti-Marcos remarks, while accompanying the

rallies of the Partido Demokratiko Pilipino Laban, which he chairs, leading to the May 2025 National and Local Elections.

Serious response

CASTRO said they will now take all the remarks made by the former President “seriously.”

The more “serious” response of the PCO on allegations against the President was a departure from its previous conservative and tempered response under its previous under the Marcos administration.

In the case of remarks by Duterte, Castro said they will not file cases against the former President, but they will issue clarifications on his statements that they deem erroneous.

Duterte is known for making controversial statements, which he usually later shrugs off as mere

jokes, once he is called out for it.

“So these [statements] he makes during the campaign rallies, are those jokes, are he serious about them? We have to know that,” Castro said.

During the meeting with the President, Ruiz said they discussed the need to fight fake news and other lies, which continue to spread.

“Of course there are many [people] who spread fake news. We will fight [the spread] of those,” Ruiz said.

Aside from issuing clarification on false information, he said they will also hold vloggers accountable for their content.

“If you are a vlogger, you should be responsible before the people in telling the truth. So us in the PCO, we know what we can do in making clarifications in the Marcos government,” Ruiz said.

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, February 25, 2025

B1

PH1WD: Project in Meralco posts ‘remarkable’ Cavite sells briskly

’24 financial results–exec

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By Lenie Lectura

@llectura

HE Manila Electric Co. (Meralco) saw its 2024 earnings rise due to higher electricity sales and significant contributions from its generation business.

Consolidated core net income (CCNI) increased to P45.1 billion from P43 billion in 2023 while net income grew 21 percent year-on-year to P45.9 billion last year.

Revenues also increased to P470 billion, driven by the growth in electricity sales volume and higher pass-through transmission charge.

Meralco Chief Operating Officer Ronnie Aperocho described the utility firm’s financial performance last year as “remarkable” as its customer base surpassed the 8-million mark in October last year and it recorded an all-time high energy sales of 54,325

gigawatt hours (GWh).

Consolidated energy sales volumes recorded a 6-percent growth from 51,044 GWh in 2023. Accounting for the largest share of 38 percent in the sales mix, the commercial segment closed the year with 20,406 GWh of energy sold mainly due to business expansion activities.

The residential segment, which accounted for 36 percent of the sales mix, rose to 19,455 GWh. The share of the industrial segment in the sales mix was at 26 percent.

Meralco’s customer base stood at 8.04 million at end-2024, 3 percent

higher than the 7.83 million customers recorded in 2023.

“The year 2024 saw double-digit CCNI growth – with generation, RES [retail electricity supply] and distribution as well as non-power subsidiaries contributing to the year’s gratifying results. Total share of unregulated businesses now accounts for 38 percent of CCNI. We previously put together a strategy to maintain a balanced mix of regulated and unregulated businesses to accelerate growth and enhance profitability and we are actively executing this strategy,” Meralco Chairman Manuel V. Panglinan said in a statement.

When asked for the company’s 2025 profit guidance, Pangilinan said the numbers may grow by double digits. “Double-digit percentage that I could say is 10 percent. To be precise, we will be at P49.6 billion.

Of course, I am encouraging management to achieve P50 billion.”

He said the company will be able to give a profit guidance once the En-

ergy Regulatory Commission (ERC) issues its decision on Meralco’s application of annual revenue requirement (ARR) and Performance Incentive Scheme for the 5th regulatory period (5RP) covering July 1, 2025 to June 30, 2029.

“There’s quite a bit of uncertainty in terms of how we define our outlook for 20025…Until the ERC decides, that’s our view.”

The ERC is expected to issue a ruling before July 1 this year.

Pangilinan said Meralco also moved ahead with critical activates, including securing legislative approval of its franchise renewal starting 2028.

The Senate approved this month on third and final reading House Bill 10926 renewing Meralco’s franchise for another 25 years. This followed the same approval granted by the House of Representatives in November last year.

The consolidated bill is set to be enacted into law once it is endorsed to the Office of the President.

Manila water profit surges by 88%

By Jonathan L. Mayuga @jonlmayuga

M

ANILA Water, the private water concessionaire of the Metropolitan Waterworks and Sewerage System (MWSS) for the East Zone reported that its net income surged by 88 percent year-on-year to P10.5 billion in 2024.

Manila Water said the exceptional performance last year was driven by robust topline growth in the East Zone Concession and a substantial positive contribution from its NonEast Zone Philippines (NEZ PH) businesses.

Complementing these revenue gains, the company said ongoing “cost management and operational efficiency initiatives played a crucial role in enhancing profitability.”

As a result, Manila Water closed the year with a record-high EBITDA of P25.9 billion, reflecting a 4-percentage-point improvement in EBIT-

Shein profit dropped last year

F

AST-FASHION retailer Shein’s profit slumped by almost 40 percent last year, putting further pressure on a potential initial public offering in the United Kingdom, the Financial Times reported, citing people it didn’t identify.

Net income fell to $1 billion even as sales jumped 19 percent to $38 billion, according to the report. The figures are internal projections before accounts are finalized, one of the people told the newspaper.

Shein doesn’t publish profit guidance, but a 2023 presentation to investors forecast $4.8 billion profit and $45 billion sales for last year, according to the FT. The retailer didn’t respond to a request for comment from the newspaper.

The company, which was valued at $66 billion in a funding round in 2023 and as high as $100 billion in 2022, confidentially filed papers in June for a London IPO. Bloomberg News reported earlier this month that the firm was under pressure to cut its valuation to about $30 billion. Bloomberg News

DA margin to 71 percent.

Beyond these gains in profitability, Manila Water said it maintained its “disciplined approach” to portfolio management, recognizing non-recurring items related to business divestments and impairment provisions.

Excluding these elements, core net income jumped by 48 percent to P14.2 billion, with core net income margin rising by 8 percentage points to 39 percent.

On a consolidated level, total revenues grew by 19 percent to P36.6 billion, supported by increased billed volume and the implementation of tariff adjustments in the East Zone Concession and several NEZ PH businesses.

“The company’s efficiency-driven approach helped contain total costs and expenses, which ended the year at P11.8 billion.”

Ma ni l a Water’s East Zone Concession posted a 20-percent

increase in revenues to P28.8 billion, largely driven by the implementation of the second tranche of the Rate Rebasing tariff adjustment in January 2024 and further supported by steady consumption growth across all customer segments. EBITDA increased by 22 percent to P20.7 billion, with EBITDA margin improving to 72 percent.

Beyond the East Zone Concession, the company’s NEZ PH business had a banner year in 2024, with earnings soaring more than threefold to P2.3 billion from P750 million in the previous year.

“This impressive performance was fueled by an 8-percent increase in billed volume, tariff adjustments, and stronger contributions from key business units, pushing revenues past P9 billion.”

Meanwhile, the company said Manila Water International saw lower contributions from its mi-

nority investments in Thailand and Vietnam.

“The company continues to closely assess its international portfolio while continuing to explore opportunities for long-term value creation.”

Manila Water continued to invest in critical infrastructure to fulfill its regulatory and service commitments. Groupwide capital expenditures (capex) reached P26.3 billion in 2024, with the East Zone Concession accounting for 90 percent of total capex at P23.6 billion.

“These investments underscore the company’s focus on ensuring sustainable water supply and wastewater coverage, while continuing the rollout of service improvements for its growing customer base.”

Manila Water said it also executed several strategic divestments in 2024. Specifically, the sale of its Bulacan businesses under NEZ PH generated gains of P894 million.

NNIC expands Naia shuttle fleet

By Lorenz S. Marasigan @lorenzmarasigan

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EW NAIA Infrastructure Corp. (NNIC) has expanded its fleet of inter-terminal shuttle buses at the Ninoy Aquino International Airport (Naia), adding eight new units to improve passenger mobility as air travel demand continues to surge.

With this latest deployment, the total number of newly acquired shuttle buses now stands at 12. The move comes in response to Naia’s growing passenger volume, which reached 50.1 million travelers in 2024--a 10.43-percent increase from 2023 and well beyond the airport’s original design capacity of 35 million passengers per year.

“Naia is operating well beyond its capacity, and while major infrastructure upgrades are in progress, expanding our shuttle fleet is an immediate step to improve accessibility and convenience for passengers,” said NNIC President Ramon S. Ang. The additional buses will provide 24/7, free inter-terminal transfers

A STRONGER fleet of NNIC buses is now ready to serve the rising number of passengers at Naia. CONTRIBUTED PHOTO

for passengers with connecting flights, helping reduce wait times and ease congestion across terminals.

Ang said this initiative is part of NNIC’s broader efforts to enhance the passenger experience, which also includes expanded terminal curbsides and an upgraded traffic system for more efficient airport operations.

Aside from boosting its shuttle fleet, NNIC has introduced new

ambulances for medical emergencies, “follow-me” vehicles for improved aircraft guidance, and inter-terminal coasters to assist passengers, especially those with mobility challenges.

Since assuming operations at Naia in September 2024, the San Miguel Corp.-led consortium has rolled out a series of upgrades aimed at modernizing the country’s main gateway.

By VG Cabuag @villygc

P

H1 World Developers Inc. (PH1WD), the property development arm of Megawide Construction Corp., said its residential community in Cavite posted robust sales.

One Lancaster Park (OLP), a multi-tower development within in a 10-hectare area in Lancaster New City, Imus, Cavite, posted a 96-percent and 60-percent take-up for its first two towers, respectively, the company said. The recently launched tower three, which now features PH1WD’s proprietary add-loft technology, saw sales topping 30 percent just one month after its official launch in January.

The fourth tower is scheduled to be unveiled towards the latter part of this year.

“OLP brings green living closer to Metro Imus, Cavite and offers a perfect balance of both city and nature life. By combining the convenience of metro living and the open-air feel of suburban space, PH1WD offers the perfect commune for future residents,” Gigi G. Alcantara, PH1 president, said.

“While Metro Manila is affected by the ongoing glut in condominium units, we believe that sprawling suburban areas, such as Cavite, offer significant growth potential in the real estate space and OLP’s value proposition will be an absolute come-on.”

Located in Imus City, One Lancaster Park is less than an hour away from Metro Manila and is accessible via multiple access roads such as Cavite Expressway, Cavite-Laguna Expressway and South Luzon Expressway via MCX-Daang Hari Exit.

The soon-to-be-operational phase one of the Cavite Bus Rapid Transport System, which parent firm Megawide is currently developing, will further boost connectivity.

“As a first-world property developer, we envision social and economic sustainability in our ongoing and future projects and ensure that synergies are harnessed within the bigger group,” Edgar Saavedra, Chairman and CEO of Megawide, said.

“In OLP, for instance, our very own engineering, procurement, and construction services and precast and construction solutions products will be utilized to capture the endto-end value chain. In addition, the Cavite BRT project will connect to the Paranaque Integrated Terminal Exchange, which will then serve as a jump-off point to other business districts around Mega Manila.”

The Cavite BRT System project includes the operation of a point-topoint route, with an alignment of 42 kilometers stretching through Imus, General Trias, Tanza, Kawit, Trece Martires, and its surrounding areas.

Phase one will be composed of three terminals and 27 stations, with the P2P service connecting non-stop to PITX.

B2

Companies BusinessMirror

Tuesday, February 25, 2025

SM Prime allots ₧100B for capital spending this year

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By VG Cabuag

M Prime Holdings Inc., the country’s largest property developer, on Monday said it earmarked P100 billion for capital expenditures this year, as it projects sustained growth in consumer demand and corporate activity.

“We expect election-related spending, easing interest rates and higher tourism spending to fuel our growth in 2025,” SM Prime President Jeffrey C. Lim said.

“Our growth will be driven by the mall business, while our robust project pipeline will enhance the expansion of strategic initiatives across our diversified portfolio.”

Capital expenditures this year will be prioritized for malls, residences and integrated property developments.

SM Prime has allotted approximately P21 billion for the expansion of its malls’ gross floor area (GFA).

New developments will add 205,400 square meters of GFA, while

in his accept In 2024, Lim marked his 30th year at SM Prime. Starting as vice president of finance, after which he was appointed as president in October 2016, becoming the first non-family member to hold the position.

“The Sy family’s trust, support and guidance have been instrumental to my career journey, and I am deeply grateful for their belief in me and the opportunities they provided.”

Under his leadership, SM Prime has expanded its reach by developing world-class malls and residential, commercial and hospitality properties while creating shared value and fostering sustainability.

The Triple A Award is the highest honor bestowed by the AIM, recognizing alumni for exceptional achievements in their respective fields.

Among the 2025 recipients were Isidro A. Consunji of DMCI Holdings Inc.; Dani D. Firmansjah of Buana Finance TBK, Indonesia; Porntip Iyimapun of PacRim Group, Thailand; Anil Kumar SG of Samunnati, India; Mohammad Rafiqul Islam Talukdar of American International University–Bangladesh; and Eugene S. Acevedo of Rizal Commercial Banking Corp.

ences, and exhibitions) businesses to expand capacity and enhance facilities.

The investment will fund the construction of two new convention facilities, the renovation of hotel rooms and the addition of food and beverage facilities in existing hotels.

The company will also develop new office towers and workspaces, including Six E-Com Center, an office tower in the SM Mall of Asia Complex designed for technology-driven industries and BPO firms. The expansion is a result of robust tenant demand for existing inventory.

“These planned investments position us to meet evolving customer needs while driving SM Prime toward its next phase of growth,” Lim said.

Meanwhile, Lim was honored with the prestigious Alumni Achievement Award by the Asian Institute of Management.

This accolade recognizes his exemplary degree of personal excellence and achievements and his contributions to the upliftment of less privileged members of society.

“This Triple A Award means so much to me because it reflects the values I try to live by—integrity, perseverance and a readiness to embrace every opportunity,” Lim said

@villygc

124,488 square meters of existing mall space will undergo redevelopment, the company said.

The company anticipates a yearend total GFA of over 8 million square meters for its malls portfolio.

The company said it will spend some P67 billion for SM Residences and integrated property developments (IPDs).

The residential projects will include regional, premium and leisure developments, while the IPDs— large, mixed-use, master-planned urban centers—will primarily be in Luzon and Visayas.

SM Prime is set to invest P12 billion in its office, hospitality and MICE (meetings, incentives, confer-

Walmart’s tepid outlook stirs concern for retail earnings ahead

A

N uncertain outlook from Walmart Inc. is putting investors on high alert ahead of earnings from other retailers, casting a pall over the economically sensitive sector.

The world’s largest retailer forecast lower-than-expected profit for the full year earlier this week, sending its shares tumbling. Walmart typically offers a lukewarm forecast at the start of its fiscal year and executives said American consumers remained resilient. Still, the mixed outlook raised the specter of further disappointment when other chains such as Home Depot Inc., TJX Cos. and Target Corp. disclose results in coming weeks.

Walmart is a “barometer for consumer spending, consumer sentiment,” said Michael Arone, chief investment strategist at State Street Global Advisors for the US SPDR ETF business. “They set the tone with what I view as a very conservative forecast for the balance of this year.”

Economic worries helped sink stocks on Friday, after percolating for weeks even as the S&P 500 marched to record highs. The index fell 1.7 percent, its biggest drop in two months, after data showed US business activity expanded at the slowest pace pace since September 2023 and a survey of consumers signaled elevated inflation expectations.

Such uncertainty could weigh on the economically sensitive shares of retailers—especially if it’s confirmed in earnings reports. Indeed, the comeuppance for Walmart was swift, with its shares sliding 6.5 percent Thursday in the biggest one-day drop in 15 months.

Shares of other retailers, from Costco Wholesale Corp. to Target, also fell.

The S&P Retail Select Industry Index ended the week at the lowest level since November.

Walmart’s rout may have been exacerbated by investors’ high expectations after a roughly 80-percent surge in the stock price over the past 12 months. Its shared traded around 37 times projected earnings into Thursday’s report, making the stock more expensive by that measure than tech darling Amazon. com Inc. “Valuations for S&P 500 consumer staples retail stocks are extremely high relative to norms, suggesting the expectations for future earnings growth may be simply too onerous for companies to satisfy in the short run,” said Bloomberg Intelligence Chief Equity Strategist Gina Martin Adams, in a recent report.

Retailers face a myriad of unknowns. Tariffs are one source of uncertainty, after US President Donald Trump temporarily paused them on products from Mexico and Canada and imposed additional levies on China.

Many consumer companies have yet to incorporate the impact of tariffs into their guidance. Bloomberg News

MUTUAL FUNDS

February 24, 2025

NAV

ONE YE AR THREE YE AR

PER SHARE

FIVE YE AR

RETURN*

Y-T-D RETURN

STOCK FUNDS PRIM ARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROW TH FUND, INC. -A210.72-6.37%-3.6%-2.48%

-2.84%

-3.96%

ATR AM ALPHA OPPORTUNIT Y FUND, INC. -A 2.0275

33.6%

8.34%

10.27%

2.28%

11.7%

ATR AM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A

2.8796

-7.97%

-4.11%

-2.9%

-4.38%

-3.49% 0.76%

-1.97%

-2.83%

FIR ST METRO CONSUMER FUND, INC. -A0.5938

-9.37%

-7.42%

-5.88%

N.A

-6.87%

FIR ST METRO SAVE AND LE ARN EQUIT Y FUND, INC. -A

CLIMBS SHARE C APITAL EQUIT Y INVESTMENT FUND CORP. -A

4.4711

-9.07%

-5.21%

-2.36%

-2.67%

0.6479

-12.08%

-6.29%

-4.16%

N.A

N.A

0.7178

-3.34%

-3.71% FIR ST METRO SAVE AND LE ARN PHILIPPINE INDE X FUND, INC. -A N.A

-6.58%

MBG EQUIT Y INVESTMENT FUND, INC. -A69.93

-15.48%

-8.65%

-6.08%

PAMI EQUIT Y INDE X FUND, INC. -A40.9146-10.78%

-5.32%

-3.24%

N.A

-6.44%

PHIL AM STR ATEGIC GROW TH FUND, INC. -A442.86

-7.38%

-4.28%

-2.55%

-2.67%

-4.22%

-1.88%

0.56%

0.72%

PHILEQUIT Y DIVIDEND YIELD FUND, INC. -A1.4044

13.08%

0.15%

2.88%

PHILEQUIT Y FUND, INC. -A33.8661-4.96%-2.85%

-1.1%

-1.34%

-3.35%

PHILEQUIT Y MSCI PHILIPPINE INDE X FUND, INC. -A

0.8428

-8.95%

-4.34%

-2.65%

N.A

-9.22%

-4.29%

-2.33%

-1.68%

-5.66%

-4.9% PHILEQUIT Y PSE INDE X FUND, INC. -A4.3711 PHILIPPINE STOCK INDE X FUND CORP. -A723.13

-9.74%

-4.51%

-2.51%

-1.85%

-6.1%

SOLDIVO STR ATEGIC GROW TH FUND, INC. -A 0.6992

-3.89%

-2.67%

-2.03%

-3.55%

-1.89%

SUN LIFE PROSPERIT Y PHILIPPINE EQUIT Y FUND, INC. -A

3.2996

-8.67%

-4.63%

-3.41%

-2.67%

0.8133

-10.51%

-4.91%

-2.9%

-5.59% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDE X FUND, INC. -A N.A

-6.75%

UNITED FUND, INC. -A2.9831-8.57%-4.87%-2.95%

-1.58%

-5.69%

PRIM ARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDE X UNITIZED MUTUAL FUND, INC. -A

1.0168

-9.65%

N.A

N.A

1.0473

1.88%

N.A

N.A N.A

-6.53%

- 0.01%

N.A

-5.36%

-6.02% COL STR ATEGIC GROW TH EQUIT Y UNITIZED MUTUAL FUND, INC. -A,2 N.A

- 0.73%

PHILEQUIT Y ALPHA ONE FUND, INC. -A0.9813

-6.78%

PHILIPPINE STOCK INDE X FUND CORP. -A872.57

-10.29%

-5.03%

N.A

N.A

-6.74%

-9.8%

-4.24%

-2.27%

E XCHANGE TR ADED FUND (SHARES) FIR ST METRO PHIL. EQUIT Y E XCHANGE TR ADED FUND, INC. -A,C -1.27%

98.2775

-6.62%

PRIM ARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ATR AM A SIAPLUS EQUIT Y FUND, INC. -B$0.8671

7.3%

-7.37%

-2.78%

-1.5%

4.43%

SUN LIFE PROSPERIT Y WORLD VOYAGER FUND, INC. -A

$1.9846

15.3%

5.82%

6.75%

N.A

3.06% BAL ANCED FUNDS PRIM ARILY INVESTED IN PESO SECURITIES (SHARES) ATR AM -2.95%

0.05%

-1.3%

-1.51%

ATR AM UNIC APITAL DIVER SIFIED GROW TH FUND, INC. -A,4 1.5552

PHILIPPINE BAL ANCED FUND, INC. -A2.0997-7.33%

1.34%

-2.41%

0.29%

-2.3%

-4.8%

-3.08%

- 0.68%

-1.71%

- 0.31% FIR ST METRO SAVE AND LE ARN BAL ANCED FUND, INC. -A

2.4696

-1.82% FIR ST METRO SAVE AND LE ARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A

0.2196

9.96%

1.18%

0.46%

NCM MUTUAL FUND OF THE PHIL S., INC. -A1.9247

-3.4%

-1.54%

- 0.03%

- 0.16%

-3.26%

PAMI HORIZON FUND, INC. -A3.6092-1.95%-1.38%

- 0.43%

- 0.85%

-2.3%

PHIL AM FUND, INC. -A15.7678-2.25%-2.21% - 0.88%

-1.13%

-2.33%

SOLIDARITA S FUND, INC. -A2.0649-1.64%-1.03%

- 0.06%

- 0.33%

-2.02%

3.4141

-3.42%

-2.24%

-1.62%

-3.46%

-2.24%

- 0.48%

-1.51%

N.A

1.2%

SUN LIFE OF C ANADA PROSPERIT Y BAL ANCED FUND, INC. -A -1.36%

-2.28%

SUN LIFE PROSPERIT Y DYNAMIC FUND, INC. -A

0.9037

-2.53% PRIM ARILY INVESTED IN PESO SECURITIES (UNITS) SUN LIFE PROSPERIT Y ACHIEVER FUND 2028, INC. -A0.9568 SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A

- 0.62%

N.A

- 0.7%

0.8222

-7.21%

-4.27%

-2.92%

N.A

0.8

0.3%

-7.83%

- 0.59%

-4.82%

-3.32%

N.A

-4.47% SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A -5% PRIM ARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) COCOLIFE DOLL AR FUND BUILDER, INC. -A$0.03258

0.34%

-3.25%

-3.58%

- 0.71%

1.46%

PAMI A SIA BAL ANCED FUND, INC. -B$1.0108 13.27%

-1.45%

- 0.38%

0.15%

3.71%

SUN LIFE PROSPERIT Y DOLL AR ADVANTAGE FUND, INC. -A

$4.8623

11.4%

2.92%

3.82%

4.01%

SUN LIFE PROSPERIT Y DOLL AR WELL SPRING FUND, INC. -A $1.1062

6.62%

- 0.36%

0.15%

N.A

2.56% 1.84% BOND FUNDS PRIM ARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A405.363.45%2.75% 2.44% ATR AM CORPOR ATE BOND FUND, INC. -A1.9137

2.37% - 0.27%

0.61% - 0.23%

0.39%

COCOLIFE FIXED INCOME FUND, INC. -A3.4872

4.6%

2.45%

2.13%

3.64%

0.55%

EKKLESIA MUTUAL FUND, INC. -A2.37664.33%

2.16%

1.17%

1.53%

0.55%

FIR ST METRO SAVE AND LE ARN FIXED INCOME FUND, INC. -A

0.49%

0.05%

2.5024

2.17%

PHIL AM BOND FUND, INC. -A4.46293.92%0.96%

0.27%

0.98%

0.59%

PHIL AM M ANAGED INCOME FUND, INC. -A1.4636

5.68%

3.56%

3.06%

1.26%

1.15%

1.1%

2.38%

0.9%

0.45%

PHILEQUIT Y PESO BOND FUND, INC. -A4.1886

3.75%

2.13%

2.04%

SOLDIVO BOND FUND, INC. -A1.08322.96%2%

2.13%

1.19%

0.59%

SUN LIFE OF C ANADA PROSPERIT Y BOND FUND, INC. -A

3.4496

4.44%

2.84%

1.69%

0.71%

2.19%

2.36%

0.87% SUN LIFE PROSPERIT Y GS FUND, INC. -A1.8325

3.97%

2.17%

1.46%

1.76%

0.81%

0.16%

N.A

N.A

N.A

CORPOR ATE DEBT VEHICLE (UNITS) ATR AM UNITIZED CORPOR ATE DEBT VEHICLE, INC. -A,3

1.0201

1.04% PRIM ARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ALFM DOLL AR BOND FUND, INC. -A$512.783.18%

1.72%

1.67%

2.2%

0.52%

ALFM EURO BOND FUND, INC. -AЄ219.862.59%

0.34%

- 0.13%

0.6%

0.4%

ATR AM TOTAL RETURN DOLL AR BOND FUND, INC. -B

$1.0441

1.63%

-2.94%

-3.02%

- 0.3%

$0.0251

1.21%

- 0.4%

- 0.7%

0.63% FIR ST METRO SAVE AND LE ARN DOLL AR BOND FUND, INC. -A 0.32%

0.4%

PAMI GLOBAL BOND FUND, INC. -B$0.86632.29% PHIL AM DOLL AR BOND FUND, INC. -A$2.3451

-3.86% 2.97%

-4.84% - 0.55%

-2.45% -1.02%

0.49% 1.04%

1.22%

PHILEQUIT Y DOLL AR INCOME FUND, INC. -A $0.062533

2.17%

0.58%

0.54%

1.23%

0.51%

SUN LIFE PROSPERIT Y DOLL AR ABUNDANCE FUND, INC. -A

$2.7694

1.48%

-2.6%

-3.28%

- 0.19%

0.78% MONE Y M ARKET FUNDS PRIM ARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONE Y M ARKET MUTUAL FUND, INC. -A,51.1369

3.42%

ALFM MONE Y M ARKET FUND, INC. -A143.474.35%

2.98%

FIR ST METRO SAVE AND LE ARN MONE Y M ARKET FUND, INC. -A N.A

N.A

N.A

2.55%

2.4%

0.74%

1.1595

N.A

4.07%

3.05%

2.36%

0.47%

3.71%

2.82%

2.44%

2.45%

0.57%

SUN LIFE PROSPERIT Y PESO STARTER FUND, INC. -A

1.4332

0.52% PRIM ARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONE Y M ARKET FUND, INC. -A109.934.46%

N.A

N.A

N.A

0.71%

PRIM ARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) SUN LIFE PROSPERIT Y DOLL AR STARTER FUND, INC. -A

$1.1468

3.86%

2.61%

1.98%

N.A

0.46% FEEDER FUNDS PRIM ARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-A SSET INCOME FUND, INC. -A45.2573

4.69%

SUN LIFE PROSPERIT Y WORLD EQUIT Y INDE X FEEDER FUND, INC. -A N.A

- 0.24%

N.A

N.A

1.24%

1.8435

21.86%

12.53%

N.A

7.79%

N.A

N.A

N.A

4.73%

SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A,1

1.0824

3.01% PRIM ARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) ALFM GLOBAL MULTI-A SSET INCOME FUND, INC. -A

$0.8089

1.09%

-4.3%

-4.15%

N.A

1.11% A - NAVPS A S OF THE PREVIOUS BANKING DAY. 1 - L AUNCH DATE IS AUGUST 22, 2023.

B - NAVPS A S OF T WO BANKING DAYS AGO.

2 - L AUNCH DATE IS OC TOBER 6, 2023.

C - LISTED IN THE PSE.

3 - L AUNCH DATE IS M AY 25, 2023.

4 - RENAMING WA S APPROVED BY THE SEC L A ST M AY 21, 2020 (FORMERLY, ATR AM DYNAMIC ALLOC ATION FUND, INC.) 5 - L AUNCH DATE IS FEBRUARY 15, 2024.

“While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.pifa.com.ph to see the latest NAVPS/NAVPU.”

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

February 24, 2025

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL DOMINION HLDG FIRST ABACUS MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

78 140 6.72 130.5 86.8 10.6 74.85 9 32.5 56.8 24.65 72.3 35 1.08 1.6 1.5 0.62 1,700 0.71 180 3,200 0.83

79.1 141 6.93 130.6 86.85 10.64 74.95 9.19 32.55 57 25.75 72.5 35.8 1.13 1.61 1.54 0.69 1,886 0.72 180.7 3,378 0.87

78 142.2 6.72 128.6 86.95 10.56 73.15 9.1 31.15 57.5 25 74 35.9 1.13 1.61 1.48 0.62 1,886 0.71 180.8 3,378 0.83

79.1 142.9 6.94 130.6 87 10.72 74.95 9.2 32.6 57.8 25.5 75.3 35.9 1.13 1.61 1.54 0.62 1,886 0.73 180.8 3,378 0.83

78 139.7 6.72 128.5 86.6 10.48 73 9 31.1 56.8 25 72 35 1.13 1.6 1.48 0.62 1,700 0.66 180 3,378 0.83

79.1 141 6.9 130.5 86.8 10.6 74.95 9 32.5 56.8 25.5 72.3 35 1.13 1.6 1.54 0.62 1,700 0.71 180 3,378 0.83

920 1,743,710 4,200 1,792,330 865,400 1,179,300 3,535,350 12,600 1,511,200 1,060 18,200 324,850 11,400 2,000 33,000 75,000 100,000 15 2,113,000 310 60 5,000

72,739 245,761,544 28,586 232,944,672 75,101,854 12,507,156 262,811,438.50 114,189 48,634,865 60,358 457,595 23,560,527 401,610 2,260 53,030 113,210 62,000 26,430 1,499,250 55,816 202,680 4,150

7,910.00 -63,508,506 50,297,912 -22,706,369.50 266,802 -22,535,604.50 7,821,170 -4,675,351.50 -14,200 17,000 202,680 -

INDUSTRIAL

ACEN CORP 3.18 3.19 3.22 ALSONS CONS 0.465 0.475 0.47 ALTERNERGY HLDG 1.04 1.05 1.07 ABOITIZ POWER 41.2 41.3 43 RASLAG 0.96 1 0.96 BASIC ENERGY 0.123 0.125 0.124 CITICORE RE 3.52 3.6 3.5 FIRST GEN 16.66 16.7 16.52 FIRST PHIL HLDG 58.6 59.5 59.5 MERALCO 490 493 487 MANILA WATER 29.95 30 30 PETRON 2.28 2.29 2.34 PETROENERGY 3.39 3.6 3.5 SEMIRARA MINING 37.85 37.9 37.9 SYNERGY GRID 11.7 11.76 12.3 SHELL PILIPINAS 6.25 6.28 6.5 SPC POWER 8.96 9.05 9 SP NEW ENERGY 1.12 1.13 1.12 VIVANT 18.12 19.88 19.98 AGRINURTURE 0.48 0.495 0.51 AXELUM 2 2.1 1.99 CNTRL AZUCARERA 12.68 13.78 13.84 CENTURY FOOD 38.8 39.2 38.8 DEL MONTE 3.7 3.86 3.74 DNL INDUS 5.97 6 6.05 EMPERADOR 12.34 12.36 12.38 SMC FOODANDBEV 52.2 52.5 51.9 FIGARO COFFEE 0.76 0.78 0.77 FRUITAS HLDG 0.67 0.68 0.68 GINEBRA 282.2 284 284.8 JOLLIBEE 254 258.6 258.6 KEEPERS HLDG 2.4 2.42 2.48 LIBERTY FLOUR 14.16 16.54 14.02 MAXS GROUP 2.4 2.41 2.28 MONDE NISSIN 8 8.08 8.15 SHAKEYS PIZZA 7.21 7.23 7.5 ROXAS AND CO 2.32 2.36 2.35 RFM CORP 4.16 4.18 4.1 SWIFT FOODS 0.052 0.055 0.055 UNIV ROBINA 70.05 70.45 74.35 VITARICH 0.59 0.6 0.62 VICTORIAS 1.68 1.7 1.7 CEMEX HLDG 1.47 1.48 1.46 EEI CORP 3.12 3.3 3.15 MEGAWIDE 2.27 2.3 2.29 PHINMA 17.5 18 17.94 CROWN ASIA 1.65 1.67 1.62 EUROMED 0.8 0.84 0.84 MABUHAY VINYL 4.82 5.03 4.9 PRYCE CORP 9.82 9.95 9.97 CONCEPCION 13.8 13.9 13.8 GREENERGY 0.159 0.16 0.16 INTEGRATED MICR 1.44 1.45 1.43 IONICS 0.75 0.77 0.77 PANASONIC 5.2 5.21 5.21 CIRTEK HLDG 1.19 1.2 1.18

3.25 0.47 1.07 43 0.96 0.125 3.63 16.7 59.5 493 30.3 2.34 3.5 37.95 12.3 6.5 9.07 1.13 19.98 0.51 2 13.84 39.2 3.75 6.05 12.38 52.5 0.78 0.68 285 259 2.48 16.54 2.4 8.19 7.84 2.5 4.17 0.055 74.35 0.64 1.7 1.48 3.3 2.36 18 1.65 0.87 5.03 9.97 13.96 0.16 1.45 0.77 5.21 1.19

3.16 0.47 1.04 41.05 0.96 0.122 3.49 16.52 58.6 484.4 29.35 2.28 3.5 37.7 11.6 6.15 8.95 1.11 19.98 0.48 1.99 12.68 36.8 3.7 5.97 11.26 51.9 0.75 0.67 282 252.4 2.4 14.02 2.28 8 7.23 2.27 4.1 0.055 69.1 0.59 1.7 1.46 3.15 2.26 17 1.62 0.84 4.9 9.8 13.8 0.157 1.43 0.77 5.2 1.18

3.18 0.47 1.05 41.2 0.96 0.125 3.6 16.7 58.6 493 30 2.28 3.5 37.9 11.7 6.25 8.96 1.13 19.98 0.495 2 12.68 38.8 3.7 5.97 12.36 52.5 0.78 0.68 284 254 2.4 16.54 2.4 8 7.23 2.32 4.17 0.055 70.05 0.6 1.7 1.48 3.3 2.3 18 1.65 0.87 5.03 9.95 13.8 0.16 1.45 0.77 5.21 1.19

2,626,000 30,000 27,000 4,087,100 13,000 1,190,000 1,072,000 249,800 1,080 111,110 1,971,900 843,000 53,000 1,532,200 1,341,800 1,433,600 23,800 5,505,000 100 240,000 186,000 200 2,767,900 41,000 2,761,800 4,291,900 33,550 1,262,000 76,000 3,260 367,600 3,609,000 3,100 104,000 1,833,700 578,300 77,000 126,000 20,000 2,652,930 5,063,000 30,000 871,000 29,000 217,000 23,100 49,000 8,000 500 983,600 56,900 380,000 115,000 297,000 31,800 239,000

8,352,590 14,100 28,430 169,027,105 12,480 146,310 3,776,460 4,161,558 63,531 54,342,942 59,084,330 1,942,720 185,500 58,001,075 15,937,152 9,050,465 213,241 6,188,830 1,998 117,630 371,910 2,652 107,074,845 152,290 16,491,732 50,654,458 1,749,498 978,820 51,660 926,074 93,819,534 8,752,580 51,022 247,330 14,832,238 4,201,582 179,860 524,050 1,100 186,238,588.50 3,035,070 51,000 1,287,010 94,650 491,410 403,094 80,820 6,760 2,463 9,641,265 786,452 60,650 165,400 228,690 165,586 282,990

-1,615,760 -14,100 -26,938,075 3,035,510 185,414 10,043,348 -17,641,575 -1,031,510 168,000 20,797,995 -1,545,782 -858,250 -1,790.00 -152,550 -93,206,125 22,440 -16,075,409 -30,716,932 -309,584.50 -10,640 -568,044 -17,538,208 2,262,390 13,232 -775,926 -4,181,790 8,320 -75,779,655.50 -5,800 -3,400 -43,800 -9,900 2,200 -84 79,200 -870 4,639,632 6,320 -8,700 -

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT KEPPEL HLDG A KEPPEL HLDG B LODESTAR LOPEZ HLDG LT GROUP PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP SEAFRONT RES TOP FRONTIER WELLEX INDUS ZEUS HLDG

0.5 584 33.55 7.12 14.48 0.6 0.54 5.4 11.5 4.84 530 18.76 27.4 27.4 0.23 2.8 11.84 1.8 1.05 787.5 84 1.85 62 0.22 0.069

0.49 569.5 32.55 6.61 14 0.53 0.54 5.3 11.3 4.61 524 17.94 26.5 22 0.23 2.68 11.7 1.71 1 772 82.85 1.85 60 0.22 0.069

0.49 584 33.5 6.8 14.48 0.6 0.54 5.39 11.44 4.84 528 18.36 27.2 25.9 0.23 2.7 11.74 1.75 1.05 780 83.95 1.85 60 0.22 0.069

12,810,000 142,560 800,000 1,880,600 17,800 285,000 432,000 356,700 1,736,700 7,000 33,850 6,690,600 1,034,500 468,500 20,000 144,000 1,467,900 28,000 73,000 218,000 185,450 7,000 10,090 30,000 10,000

6,278,700 82,559,330 26,706,965 12,832,684 250,784 165,380 233,280 1,910,989 19,855,272 33,420 17,875,305 122,338,998 28,318,480 12,481,650 4,600 388,230 17,239,308 49,640 73,840 169,923,905 15,527,390.50 12,950 609,095 6,600 690

-2,940,000 41,641,415 -16,335,440 -2,929,107 362,150 -6,598,438 -2,113,805 -9,603,888 4,600 277,100 -1,054,084 10,500 -23,519,420 -3,600,940.50 542,700 -

HOLDING & FRIMS

0.485 575 33.2 6.8 14 0.54 0.54 5.39 11.42 4.6 528 18.26 27.2 26.65 0.24 2.7 11.74 1.75 1.01 780 83.95 1.85 60 0.22 0.063

0.495 584 33.5 6.88 14.48 0.6 0.55 5.4 11.44 4.84 528.5 18.36 27.35 27.35 0.27 2.87 11.8 1.83 1.05 780.5 84 2.15 62 0.23 0.069

0.495 572 33.45 7.12 14.48 0.58 0.54 5.31 11.4 4.84 528 18.5 26.5 22 0.23 2.68 11.76 1.71 1.03 781 84 1.85 62 0.22 0.069

PROPERTY ARTHALAND CORP 0.325 0.34 0.34 0.34 0.34 0.34 100,000 34,000 AYALA LAND 22.9 22.95 23.15 23.5 22.9 22.9 24,442,400 566,586,080 -74,515,580 AYALA LAND LOG 1.55 1.56 1.57 1.59 1.55 1.56 420,000 656,430 -35,800 ARANETA PROP 0.49 0.51 0.5 0.51 0.49 0.51 152,000 75,750 AREIT RT 39.2 39.3 39.1 39.8 39.1 39.2 257,000 10,104,555 -1,819,630 A BROWN 0.53 0.55 0.55 0.55 0.53 0.55 83,000 44,110 CITYLAND DEVT 0.62 0.63 0.63 0.63 0.63 0.63 17,000 10,710 10,080 CROWN EQUITIES 0.051 0.053 0.052 0.052 0.052 0.052 110,000 5,720 CEB LANDMASTERS 2.65 2.67 2.66 2.67 2.65 2.65 117,000 310,100 CENTURY PROP 0.455 0.465 0.46 0.465 0.45 0.465 720,000 330,550 18,400 CITICORE RT 3.13 3.14 3.13 3.15 3.11 3.13 968,000 3,025,770 -18,840 DOUBLEDRAGON 9.7 9.8 9.98 9.98 9.72 9.78 71,600 698,829 102,756 DDMP RT 1.04 1.05 1.06 1.06 1.04 1.04 2,995,000 3,135,370 -2,085,550 DM WENCESLAO 5.22 5.35 5.24 5.24 5.24 5.24 4,000 20,960 EMPIRE EAST 0.119 0.121 0.119 0.119 0.119 0.119 460,000 54,740 EVER GOTESCO 0.232 0.242 0.246 0.247 0.232 0.242 650,000 151,820 FILINVEST RT 3.14 3.15 3.14 3.16 3.13 3.15 1,129,000 3,552,260 -345,630 FILINVEST LAND 0.71 0.72 0.72 0.72 0.7 0.71 1,026,000 728,850 -79,730 GLOBAL ESTATE 0.56 0.59 0.56 0.56 0.56 0.56 5,000 2,800 8990 HLDG 8.08 8.2 8.14 8.29 8.1 8.2 9,900 80,432 3,242 PHIL INFRADEV 0.255 0.27 0.255 0.255 0.255 0.255 20,000 5,100 KEPPEL PROP 2.96 2.97 3.09 3.29 2.9 2.97 116,000 347,860 CITY AND LAND 0.66 0.68 0.66 0.66 0.66 0.66 15,000 9,900 MEGAWORLD 1.75 1.77 1.76 1.78 1.75 1.77 2,772,000 4,886,970 -748,870 MRC ALLIED 0.7 0.71 0.71 0.72 0.7 0.71 1,549,000 1,099,120 720 MREIT RT 13.38 13.4 13.48 13.5 13.4 13.4 968,300 13,021,520 -12,073,438 PHIL ESTATES 0.265 0.28 0.28 0.28 0.275 0.275 500,000 139,750 PREMIERE RT 2.17 2.18 2.2 2.24 2.18 2.18 31,000 67,960 RL COMM RT 6.1 6.12 6 6.18 6 6.1 19,504,500 118,615,723 35,933,995 ROBINSONS LAND 12.22 12.26 12.42 12.42 12.2 12.26 523,200 6,439,444 -3,470,242 PHIL REALTY 0.102 0.108 0.105 0.11 0.104 0.11 110,000 11,860 -7,660 ROCKWELL 1.56 1.59 1.58 1.59 1.56 1.57 15,000 23,490 SHANG PROP 3.93 3.94 3.96 3.96 3.94 3.94 72,000 283,810 STA LUCIA LAND 2.61 2.85 2.89 2.89 2.89 2.89 1,000 2,890 SM PRIME HLDG 23.25 23.55 23.7 23.7 22.9 23.4 5,158,900 119,926,655 23,090,270 VISTA LAND 1.51 1.52 1.53 1.53 1.51 1.53 188,000 286,280 -24,240 VISTAREIT RT 1.82 1.84 1.81 1.85 1.81 1.83 1,753,000 3,202,510 0

SERVICES ABS CBN 4.73 4.75 4.89 4.89 4.73 4.75 147,000 705,980 GMA NETWORK 5.97 5.98 6 6.13 5.97 5.97 244,900 1,473,323 MLA BRDCASTING 6.3 6.9 6.3 6.3 6.3 6.3 100 630 GLOBE TELECOM 2,264 2,274 2,260 2,280 2,240 2,264 18,645 42,203,230 -19,864,310 PLDT 1,371 1,380 1,380 1,381 1,355 1,380 43,950 60,213,825 -16,931,780 APOLLO GLOBAL 0.0047 0.0048 0.005 0.005 0.0045 0.0048 674,000,000 3,203,400 CONVERGE 16.64 16.66 16.8 16.9 16.4 16.64 2,211,600 36,741,628 16,365,776 DFNN INC 3 3.16 3.19 3.19 3.16 3.16 181,000 576,930 -408,690 DITO CME HLDG 1.62 1.63 1.59 1.64 1.57 1.62 9,482,000 15,151,810 4,117,200 NOW CORP 0.58 0.59 0.6 0.6 0.58 0.58 112,000 65,710 27,810 TRANSPACIFIC BR 0.13 0.131 0.13 0.13 0.13 0.13 750,000 97,500 ASIAN TERMINALS 17.02 17.16 17 17.18 16.96 17.02 219,600 3,736,906 CHELSEA 1.26 1.31 1.29 1.33 1.26 1.26 107,000 141,190 CEBU AIR 30.65 30.95 30.25 31.3 30.25 30.95 326,200 10,030,760 -6,044,040 INTL CONTAINER 340.4 341 345 346.6 335.8 340.4 1,327,930 451,291,526 -135,481,136 LBC EXPRESS 10.02 10.88 10.88 10.88 10.88 10.88 400 4,352 LORENZO SHIPPNG 0.8 0.91 0.77 0.8 0.77 0.8 16,000 12,380 -1,600 MACROASIA 5.12 5.14 5.1 5.2 5.05 5.12 1,120,300 5,746,034 4,230,648 PAL HLDG 4.61 4.89 4.8 4.8 4.6 4.6 7,000 32,400 -32,400 HARBOR STAR 0.68 0.69 0.68 0.68 0.68 0.68 57,000 38,760 BOULEVARD HLDG 0.08 0.082 0.08 0.083 0.08 0.082 2,830,000 228,590 GRAND PLAZA 5.23 6.79 5.23 5.23 5.23 5.23 300 1,569 WATERFRONT 0.39 0.4 0.39 0.39 0.39 0.39 60,000 23,400 CENTRO ESCOLAR 13.3 13.86 13.3 13.4 13.3 13.4 32,100 428,202 FAR EASTERN U 743 800 743 800 742.5 800 210 159,985 IPEOPLE 6.08 6.39 6.09 6.09 6.09 6.09 2,100 12,789 STI HLDG 1.41 1.44 1.42 1.46 1.41 1.41 10,340,000 14,747,930 8,236,130 BELLE CORP 1.54 1.55 1.53 1.55 1.51 1.55 701,000 1,077,970 BLOOMBERRY 3.58 3.6 3.6 3.64 3.54 3.58 4,152,000 14,847,620 -10,184,790 PACIFIC ONLINE 4.15 4.2 4.57 4.57 4.01 4.2 513,000 2,136,650 197,160 PH RESORTS GRP 0.31 0.315 0.245 0.315 0.245 0.31 19,090,000 5,576,500 92,100 DIGIPLUS 37.55 37.8 38 38 37.2 37.8 3,897,300 146,710,290 -7,707,345 PHILWEB 1.16 1.17 1.17 1.18 1.15 1.16 374,000 432,560 ALLDAY 0.105 0.107 0.108 0.11 0.102 0.106 4,670,000 491,590 3,120 BERJAYA 5.2 5.7 5.9 5.9 5.8 5.8 40,400 237,360 ALLHOME 0.54 0.55 0.56 0.56 0.53 0.55 396,000 213,200 METRO RETAIL 1.24 1.25 1.23 1.25 1.23 1.25 122,000 151,390 85,570 PUREGOLD 28.2 28.5 27.4 28.65 27.05 28.2 1,410,600 39,484,455 1,336,790 ROBINSONS RTL 36.2 36.35 36.95 37 35.7 36.2 616,100 22,318,530 -16,141,840 PHIL SEVEN CORP 55.3 56.8 57.8 58.45 55.3 55.3 97,810 5,549,826.50 -2,670,213 SSI GROUP 3.05 3.15 3.03 3.05 3.03 3.05 33,000 100,330 UPSON INTL CORP 0.73 0.74 0.75 0.75 0.72 0.73 374,000 275,780 WILCON DEPOT 8.1 8.14 8.39 8.47 8 8.1 2,625,900 21,209,815 -5,623,506 PAXYS 3.2 3.39 3.22 3.39 3.21 3.39 16,000 53,250 PRMIERE HORIZON 0.169 0.17 0.161 0.171 0.16 0.169 730,000 118,300 1,610 SBS PHIL CORP 4.86 5 4.86 5 4.86 5 33,000 164,250

MINING & OIL ATOK 5.91 5.95 5.84 5.9 5.84 5.9 33,900 198,726 APEX MINING 4.4 4.44 4.52 4.52 4.36 4.44 1,756,000 7,739,370 1,292,510 ATLAS MINING 4.25 4.29 4.5 4.5 4.25 4.29 210,000 893,870 BENGUET A 3.7 3.8 3.81 3.81 3.72 3.72 62,000 232,470 BENGUET B 3.62 3.79 3.8 3.8 3.79 3.79 139,000 528,000 528,000 COAL ASIA HLDG 0.159 0.17 0.159 0.159 0.159 0.159 30,000 4,770 FERRONICKEL 1.09 1.1 1.1 1.1 1.09 1.09 114,000 125,060 GEOGRACE 0.078 0.081 0.078 0.081 0.078 0.081 30,000 2,370 LEPANTO A 0.087 0.088 0.083 0.087 0.083 0.087 11,730,000 1,012,920 LEPANTO B 0.081 0.086 0.081 0.086 0.081 0.086 1,920,000 165,050 MANILA MINING A 0.0048 0.0049 0.0049 0.0051 0.0048 0.0048 356,000,000 1,712,800 MANILA MINING B 0.0047 0.005 0.0049 0.0049 0.0047 0.0047 27,000,000 129,100 MARCVENTURES 0.59 0.6 0.6 0.61 0.59 0.6 184,000 109,160 NICKEL ASIA 2.49 2.51 2.52 2.52 2.46 2.51 1,625,000 4,032,200 -1,320,450 OCEANAGOLD 15.06 15.18 15.68 15.68 15 15.06 2,730,900 41,584,624 -8,979,508 PX MINING 5.13 5.14 4.99 5.13 4.68 5.13 20,536,000 100,321,330 9,987,710 UNITED PARAGON 0.0036 0.0049 0.0049 0.0049 0.0045 0.0049 5,000,000 23,700 ENEX ENERGY 4.03 4.23 4.07 4.16 4.02 4.03 61,000 246,670 4,070 ORNTL PETROL A 0.0075 0.0076 0.0075 0.0075 0.0075 0.0075 7,000,000 52,500 PHILODRILL 0.0075 0.0079 0.0075 0.0079 0.0075 0.0075 26,000,000 196,200 15,800 PXP ENERGY 2.18 2.25 2.39 2.39 2.18 2.18 543,000 1,197,790 -1,098,800.00

PREFFERED ACEN PREF A 1,014 1,020 1,020 1,020 1,020 1,020 10 10,200 ACEN PREF B 1,062 1,068 1,088 1,089 1,062 1,062 430 457,885 15,975 AC PREF AR 2,512 2,530 2,530 2,530 2,530 2,530 40 101,200 AC PREF B3R 2,040 2,050 2,050 2,050 2,050 2,050 30 61,500 BRN PREF C 101.5 103.9 103.9 103.9 103.8 103.9 4,960 515,194 CEB PREF 36.9 37.9 36.9 36.9 36.85 36.9 10,700 394,745 CLI PREF A2 1,034 1,040 1,035 1,040 1,035 1,040 375 389,975 CPG PREF B 99 102.5 102.5 102.5 102.5 102.5 100 10,250 DD PREF 96.75 97.2 97.15 97.2 97.15 97.2 5,500 534,500 EEI PREF B 98.15 98.5 98.4 98.5 98.4 98.5 8,020 789,750 GTCAP PREF B 960.5 970.5 961 961 956.5 956.5 4,780 4,585,690 MWIDE PREF 2B 95.05 98.65 98.75 98.75 98.65 98.65 100 9,869 -5,923 MWIDE PREF 4 98 98.25 98.25 98.25 98.25 98.25 10 982.5 MWIDE PREF 5 101 101.5 101 101 101 101 200 20,200 PCOR PREF 3B 1,012 1,020 1,020 1,020 1,020 1,020 10 10,200 PCOR PREF 4E 1,068 1,069 1,068 1,068 1,068 1,068 635 678,180 -160,200 SMC PREF 2I 72.2 73.25 73 73 73 73 700 51,100 SMC PREF 2K 70.5 71.15 71 71 70.5 70.5 57,000 4,021,964 SMC PREF 2L 77.1 78.7 77.2 78.7 77.1 78.7 15,000 1,164,502 SMC PREF 2O 81 81.65 81.5 81.65 81.5 81.5 7,540 614,810 TECH PREF B2C 46.55 47.7 47.7 47.7 47.7 47.7 200 9,540 VLL PREF 2B 101.5 102.4 102.5 102.5 102.4 102.4 9,290 951,306 -10,250

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

3.81 3.85 3.95 3.95 3.85 3.85 256,000 988,650 5.15 5.2 5.15 5.36 5.15 5.15 265,400 1,380,857

-1,299,223

SMALL, MEDIUM & EMERGING

0.38 0.38 0.375 0.38 130,000 49,100 0.64 0.64 0.61 0.61 817,000 517,850 1.08 1.1 1.05 1.1 54,000 56,860 1.13 1.17 1.13 1.16 19,000 21,760 0.55 0.55 0.52 0.53 651,000 344,290 12,710 2.4 2.4 2.4 2.4 17,000 40,800 -

EXHANGE TRADE FUNDS

98 98.3 97.9 98 6,470 634,188 25,480

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS MERRYMART NEXGEN ENERGY

FIRST METRO ETF

0.375 0.61 1.06 1.13 0.52 2.36 97.9

0.39 0.63 1.1 1.16 0.53 2.4 98

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, February 25, 2025

B3

Demand, RRR cut bet birth mixed T-bill yields

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By Reine Juvierre Alberto

@reine_alberto

IELDS of Treasury bills (T-bills) were mixed on Tuesday’s auction as demand for short-term securities increased and investors anticipated reduction in banks’ reserve requirement ratios (RRRs).

Nonetheless, the auction committee of the Bureau of the Treasury (BTr) made a full award of bids for the 91-day, 182-tenor and 364-day T-bills as total bids hit P83.711 billion. The latter made the auction

3.8 times oversubscribed from the initial programmed offering worth P22 billion.

Average yield of the 91-day T-bills settled at 5.329 percent, 1.1-basis points (bps) higher than the 5.318

percent yield recorded during the previous week’s auction. Yields ranged from a low of 5.280 percent to a high of 5.358 percent.

The Treasury generated P7 billion from the 91-day T-bills sold with bids reaching P24.475 billion.

Meanwhile, the 182-day tenor debt papers fetched an average yield of 5.672 percent, up by 1 bp from last week’s 5.662 percent yield. The lowest rate for the tenor stood at 5.640 percent while the highest was at 5.693 percent.

The auction committee accepted P7 billion of the total P25.936 billion bids tendered for its sale of 182-day T-bills.

Lastly, average yield of the 364day tenor government securities declined to 5.754 percent. This is

2.6-bps lower from last week’s yield of 5.780 percent. The average yield settled between 5.740 percent and 5.770 percent.

The 364-day tenor was sold in full, amounting to P8 billion with the auction committee receiving tenders amounting to P33.300 billion.

The 91-day and 182-day tenor T-bills are higher than the comparable Philippine Bloomberg Valuation (PHP BVAL) benchmarks, except for the 364-day government securities.

The 3-month tenor’s rate was at 5.293 percent, while the six-month tenor and one-year tenor fetched rates of 5.592 percent and 5.789 percent, respectively.

According to Michael L. Ricafort, chief economist at Rizal Commercial

Banking Corp. (RCBC), the average auction T-bill yields mostly corrected higher, after the unexpected pause in the key local policy rate easing and anticipated reduction of banks’ RRRs. The market was “somewhat disappointed” after they priced in a 25-bps rate cut to be delivered by the Monetary Board during its meeting last February 13, Ricafort said.

However, the RCBC executive said this was offset by the latest cut in banks’ RRRs, which will be effective on March 28, 2025, and the exit of the country from the Financial Action Task Force’s (FATF) grey list that could help improve sentiment on the local economy and financial markets.

The economist also said the T-

bill yields are slightly higher after some increased market demand for long-term local government securities. This is seen as an alternative investment to short-term local government securities, which mostly corrected lower recently after lower US Treasury yields recently, he added.

This February, the Treasury raised a total of P93.6 billion, higher than the P88-billion programmed amount to be borrowed.

The national government aims to borrow P2.545 trillion this year, following an 80:20 mix in favor of local sources.

The Philippines’s outstanding debt climbed to P16.051 trillion as of end-2024, based on the latest data from the Treasury.

Get rid of the scarcity mindset Strong ROI, insurance ops boost GSIS’s ’24 income

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HEN demand exceeds supply, there is scarcity.

Scarcity exists because our resources are finite. This is why commodity prices fluctuate.

Scarcity also presents itself in the mind. Some persevere to overcome it; others can’t. What is the scarcity mindset, what is its impact and how can we overcome it?

History books tell us that humans were born hunters. Cavemen have to face the perils of the environment to survive. In an ecosystem where there is competition with other creatures on limited resources, survival is paramount. While the basic human needs are still there, some have embraced the scarcity mindset a bit more than others. In the context of personal finance, this issue needs to be handled.

As a financial planner, I believe that strategic planning and its seamless execution are key. With regret, the scarcity mindset does exist as an impediment to the seamless execution of the financial plan.

The scarcity mindset is self-inflicted. Whether we are aware of it or not, certain beliefs are hardwired in our minds since childhood. The scarcity mindset may be one. While it can be assumed that the scarcity mindset is prevalent in the lower income class, its presence may also be seen in other demographics.

The scarcity mindset is a distraction. Author, Researcher and Lecturer Dr. Joe Dispenza emphasizes the importance of heart-mind coherence. A person is in a better person to achieve financial goals with limited to no interference. With a scarcity mindset, an individual focuses on lack rather than abundance. Instead of being grateful with a glass halffull, they stress themselves on seeing a glass half-empty.

The scarcity mindset creates anxiety. Add strong discipline to a well-designed investment plan and success is almost certain. Individuals who cling to the scarcity mindset develop a lack of trust. While unforeseen events such as inflation and geo-political risks are indisputable, these should not deter anyone from executing the plan.

It is not easy to correct the scarcity mindset. Standing pat, how-

Marion Evangelista

PERSONAL FINANCE ever, is not an option. The scarcity mindset is powerful enough to stop a person from progress. Here are some steps to conquer this: 1. Identify the source. In a family, it is possible that the parents are hardwired with the scarcity mindset. As such, the child who desires to buy a house may be discouraged to follow the investment plan. Given it may be difficult to teach an old dog new tricks, Psychologists recommend to work around them.

2. Seek support. Once the source is identified, the next step is to address it. Whether the source of the scarcity mindset is internal or from certain people, one must be open to seek support. This is a hard battle to win alone. Registered financial planners are always available to design a solid financial plan and to ensure accountability of the client.

3. Be with a group. Having an environment that praises financial literacy is crucial. Join both physical and virtual communities that foster growth. The number of relatives and friends who believe in wealth and self-development must be greater than those who are toxic to us. More than being a member, one must engage with the group. By being active, one learns more about the best practices of other members.

I have seen people who have not significantly progressed in their financial journey because their immediate environment is not supportive. The scarcity mindset is one such deterrent. The battle to defeat the scarcity mindset may be a long one, but with the right financial plan and support group, it is winnable.

Marion Irvin Sales Evangelista is a registered financial planner of RFP Philippines. The views he expressed in this article do not necessarily reflect those of the BusinessMirror’s. To learn more about personal financial planning, attend the 110th RFP program this March. To inquire, e-mail at info@ rfp.ph for details.

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TATE-run Government Service Insurance System (GSIS) reported its net income from operations grew by double digits, hitting P135.7 billion in 2024.

In a statement on Monday, the GSIS said its net income rose by 21 percent to P135.7 billion in 2024 from P112.1 billion in 2023. Its total assets also grew by 9.23 percent to P1.83 trillion.

The GSIS said strong returns on investments and insurance operations propped up its total income by 10.29 percent to P326.86 billion in 2024.

Investment gains, broken down, included P13.27 billion from foreign exchange, P11.24 billion from global private equity investments

through external fund managers and P3.09 billion from local equity investments.

“We maintain a prudent investment strategy, allocating 70 percent of our portfolio to government securities and other fixed-income instruments,” GSIS President and General Manager Jose Arnulfo A. Veloso was quoted in the statement as saying.

Veloso said the remaining 30 percent of its investment portfolio is placed in higher-yielding investments, such as equities, real estate and other vehicles, all managed within its strict risk parameters.

This “balanced approach,” ensuring stability and growth, will support GSIS’s fund life until 2058, he added.

Moreover, the GSIS also recorded

an increase in its financial assets amounting to P101.60 billion while its cash and cash equivalents rose by P30.54 billion.

Total loans to members also grew to P370.65 billion, achieving a 98.6 percent loan collection efficiency as of the third quarter of 2024.

The GSIS also reported its insurance business improved, with gross premiums written reaching P10.6 billion and surpassing the P8.5 billion target.

The GSIS has disbursed P179.92 billion in claims and benefit payments while reducing administrative expenses from P10.14 billion to P8.92 billion in 2024.

This improved the administrative cost ratio from 3.7 percent to 3

Loans growth shores up BDO’s income

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HE Sy-led BDO Unibank Inc. (BDO) saw its net income grow by double digits last year on the back of its businesses’ strong performance.

In a statement on Monday, the country’s largest lender said its net income increased by 12 percent to P82 billion in 2024 from P73.4 billion in 2023. This resulted in BDO’s Return on Average Common Equity (ROCE) recorded of 15.14 percent for 2024.

Net interest income and noninterest income both rose by 8 percent with the expansion in earning assets and growth in BDO’s service businesses.

“BDO’s established business franchise, robust financial performance, and wide distribution network make it well-equipped to pursue new opportunities and maintain long-term sustainable growth and profitability,” the bank said.

Gross customer loans expanded by 13 percent year-on-year (YoY) to P3.2 trillion in 2024, with doubledigit growth across all segments.

Meanwhile, total deposits grew by 6 percent YoY to P3.8 trillion in 2024, with the current account/savings account (CASA) ratio at 71 percent.

Moreover, BDO said its asset

quality remained steady, with a nonperforming loan (NPL) ratio at 1.83 percent, lower than the industry ratio of 3.27 percent.

NPL coverage was stable at 145 percent compared to 144 percent in the previous quarter, using the revised guidelines by the Bangko Sentral ng Pilipinas (BSP), which excludes provisions appropriated in retained earnings.

Using the old reporting regime, NPL coverage was at 179 percent in the fourth quarter of 2024, compared to 178 percent in the third quarter of 2024.

Shareholders’ equity also increased by 11 percent YoY on sustained profitable operations, with book value per share increasing by 11 percent to P107.83. This brings the bank’s CET1 ratio to 14.1 percent.

Further, BDO opened a total of 71 branches nationwide, the majority of which are located in rural and provincial areas. This resulted in the bank’s consolidated network of 1,791 operating branches.

“Sustained branch expansion is aligned with the Bank’s strategic focus of broadening its reach, particularly in underserved areas and enhancing customer convenience and accessibility,” BDO said.

Online platform

BDO also launched the new BDO Online website, allowing customers to access their accounts, cards and essential banking services.

BDO enhanced several features on the website, such as login protection through SMS One-Time Password (OTP) or push confirmation via the BDO Online app.

The lender also increased transfer limits via PESONet, reduced the P10 InstaPay fee and made BDO-to-BDO fund transfers free.

Customers can also lock or unlock their cards through the website and set daily transaction limits for added security and control.

“We recognize that customers have diverse banking needs that arise at different times of the day,” BDO Digital Banking Head Roy Villareal said.

“With this in mind, our goal is to provide a suite of complementary banking channels that allow customers to transact conveniently and securely, whether through our online platform or our extensive branch network. The new BDO Online website is designed to enhance security, accessibility, and overall user experience,” Villareal added.

Reine Juvierre S. Alberto

Masato Kanda named 11th ADB Prex PDIC to sell Luzon, Visayas

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A SATO K anda officially stepped on Monday into his role as the 11th president of the Manila-based Asian Development Bank (ADB).

Kanda took over from Masatsugu Asakawa, who had an extensive career at Japan’s Ministry of Finance prior to serving at the ADB. “With the trust of our 69 members and strong support of our dedicated staff, I am committed to advancing ADB’s mission to promote sustainable, inclusive, and resilient growth,” Kanda said.

“Together, we will respond to pressing development challenges, ensuring that ADB remains the partner of choice for the region.”

Nicknamed “Mister Yen” for his expertise in stabilizing financial markets, Kanda was known for spearheading

financial initiatives and coordinating policy efforts during his tenure as Japan’s top financial diplomat.

The ADB Board of Governors unanimously selected Kanda, expressing confidence in his leadership amid “a time of significant change.”

“His extensive background in managing complex economic policies and his hands-on experience in multilateral settings will be invaluable as ADB continues to adapt to a rapidly changing global landscape,” read a statement issued by the multilateral development bank.

ADB Board of Governors Chairman Fabio Panetta praised Kanda’s background in financial management and international collaboration.

“His proven track record in navigating complex financial challenges and fostering international cooperation

makes him the ideal leader to guide us as we build upon our strengths and seize emerging opportunities,” Panetta said. “I am confident that under his leadership, ADB will deliver targeted and impactful solutions for our developing member countries.”

For Kanda, teamwork and measurable results in his approach are important. “Our focus will be on pragmatic actions that deliver real results, ensuring that our support creates lasting improvements in the lives of people throughout Asia and the Pacific,” he was quoted in the statement as saying.

Kanda will serve the remainder of Asakawa’s term, which runs until November 2026.

Founded in 1966, the ADB is backed by 69 members, including 49 from the region. Bless Aubrey Ogerio

lots, vehicles via e-bidding

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HE Philippine Deposit Insurance Corp. (PDIC) announced last Monday it plans to sell through electronic public bidding (e-bidding) a total of 69 residential, agricultural, commercial, mixed-use lots, and vehicles. Electronic bids will be accepted through the PDIC e-bidding portal, starting at 9:00 a.m. on March 26, 2025, until 1:00 p.m. on March 27, 2025, and will be opened at 2:00 p.m. on March 27, 2025.

“To be sold on an as-is-where-is basis are closed banks’ and corporate assets consisting of 22 vacant agricultural lots, 15 residential lots with improvements, 10 vacant residential lots, 10 residential/ agricultural lots with improvements, three vacant residential/agricultural lots, two agricultural lots with improvements, one commercial lot with improvements, one commercial/residential lot

with improvements, four vehicles, and one generator set.”

According to the PDIC, the real properties, with areas ranging from 108 square meters (sqm) to 30,921 sqm, are located in Metro Manila, Aklan, Antique, Batangas, Camarines Sur, Cavite, Cebu, Ilocos Sur, Iloilo, Isabela, La Union, Laguna, Nueva Ecija and Pangasinan. Meanwhile, the vehicles are located in Makati City and Quezon City, with prices ranging from P315,000 to P684,000.

According to the PDIC, prospective parties can join the e-bidding through a one-time registration at http://assetsforsale.pdic.gov.ph/Account/Register.

Once registered, buyers may submit their bids online and observe the e-bidding proceedings by clicking the “Assets for Sale” icon at www.pdic.gov.ph.

percent, as GSIS filled 91 percent of its authorized positions.

More than 1.5 million members also received loans totaling P315 billion through the “Flex” and “Lite” multipurpose loan programs.

The pension fund also extended P2.84 billion in housing assistance, under the “lease with option to buy” program, with 3,360 families currently on the path to full homeownership.

“Beyond the numbers, these programs represent our commitment to provide support at critical moments,” Veloso said. “Whether it is helping fund a child’s education, addressing urgent medical needs, or ensuring financial stability during challenging times, these loans make a real difference.”

SECB loans enhanced for Tesla buyers

By VG Cabuag

S

@villygc

ECURITY Bank Corp. on Monday said it enhancing its auto loan product and positioning as one of Tesla’s preferred financing providers in the Philippines.

The company said it is making easy for customers to own the electric vehicle that’s revolutionizing the road.

This collaboration offers streamlined, customer-focused financing solutions tailored to meet the needs of Tesla buyers.

Through this, the bank will offer auto loans for Tesla models, with flexible financing options. Customers can opt for a 20 percent downpayment and select loan terms from 12 to 60 months, making it easier to own a Tesla and contribute to a greener future.

“At Security Bank, we are fully geared to accept auto loan applications with Tesla to make sustainable, innovative transportation more accessible to Filipinos. It allows us to focus on the dual objectives of customer-centricity and commitment to sustainability,” Rahul Rasal, EVP and retail banking segment head at Security Bank, said.

“We’re excited to help our customers drive their dream car and be part of a smarter, greener future,” he said.

The company said loan availers can visit the Tesla BGC Experience Center at Retail 25 Uptown Parade in Bonifacio Global City in Taguig to explore the latest Tesla models and learn more about the financing options available through Security Bank.

The enhanced auto loan will reinforce Security Bank’s commitment to innovative, sustainable financial solutions and improved customer experience, the lender said.

B4

Tuesday, February 25, 2025 • Editor: Gerard S. Ramos

Art

BusinessMirror

www.businessmirror.com.ph

Picasso, Matisse land at Art Fair PHL via 2025 S/S UT collection

TODAY’S HOROSCOPE

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Rashida Jones, 49; Chelsea Handler, 50; Sean Astin, 54; Tea Leoni, 59.

HAPPY BIRTHDAY: Less is more; remember that this year. You only need to satisfy your soul. Don’t deny yourself the happiness you deserve; avoid the wrath of those in your life who try to dominate your world. Explore what makes you happy and adjust your routine and schedule. It’s up to you to take responsibility for your happiness. Live life your way; the result will benefit you and those you love. Your numbers are 7, 12, 20, 26, 33, 42, 47.

ARIES (March 21-April 19): Channel your energy wisely. Don’t waste time on impossible situations you cannot change or negative individuals trying to rattle your nerves. Focus on using your energy to promote positive gain and to recognize and eliminate what causes you grief. ★★★★

TAURUS (April 20-May 20): Say no to toxic situations. Move toward peace of mind, even if your journey necessitates difficult choices. Put your time and effort into what’s uplifting and brings you joy.

Adjust your skills and experience to fit a venue or position that allows growth, not inhibitions. ★★★

PABLO PICASSO and Henri Matisse are among the featured collaborators in UNIQLO’s 2025 Spring Summer UT collection.

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HE quintessential iconographies of art titans Pablo Picasso and Henri Matisse found their way to Art Fair Philippines over the weekend, featured on Uniqlo shirts as part of the brand’s latest UT collection.

Uniqlo UT serves as the graphic T-shirt line of the Japanese apparel company. Launched in 2003 with the idea of turning fashion into a form of self-expression, it presents designs inspired by pop culture, art, and iconic brands through various collaborations with artists, museums, and franchises like Disney, Pokémon, and MoMA. In time for National Arts Month this February, Uniqlo unveiled its art-themed UT collection at the vernissage of Art Fair Philippines 2025 at Ayala Triangle Gardens in Makati City. Sharing the spotlight with the featured local and global artworks at this year’s edition of the annual fair were the 2025 Spring Summer UT collection.

The new set presents designs inspired by 20th-century visual art icons Henri Matisse and Pablo Picasso, who are both celebrated for their profound contributions to modern art.

Matisse, of course, was a French Fauvist artist who revolutionized the genre with his vibrant colors, while the Spanish Picasso pioneered various artistic styles and co-founded Cubism.

In addition to the Matisse and Picasso collaborations, the lineup also highlights exclusive partnerships with renowned art institutions. Among them is a tribute to the Museum of Fine Arts Boston’s Ukiyo-e collection, which features intricate Japanese color woodblock prints from the late Edo period.

The set also includes designs created in partnership with Tate, the UK-based family of art galleries, and The Museum of Modern Art in New York, showcasing modern interpretations of iconic works from MoMA’s extensive collection.

Photography also shines in the lineup with designs from MAGNUM PHOTOS, curated by renowned photographer Coco Capitán, as well as a unique selection of cat photographs.

Aside from having his artworks in the newest UT set, Picasso also plays a hand in the PEACE FOR ALL Charity T-Shirt Collection, adding him to the project’s list of esteemed collaborators. Proceeds from the sale of this print go toward the peace-building

efforts globally of Uniqlo with their three partner organizations, namely, Save the Children, Plan International and UNHCR. The 2025 Spring Summer UT collection is available at all Uniqlo stores in the Philippines and the www. uniqlo.com/ph online store.

■■■ THE art museum of Araneta City managed by the J. Amado Araneta Foundation, Gateway Gallery celebrates its first decade with the exhibit titled Timeless Moments: Still Life and Beginnings.

The show focuses on still life and features 18 works from the Gateway Gallery Art Collection, particularly pieces by Carlos Cee Cadid, Tess Duldulao, Bing Siochi, Lita Wells, Joemarie Sanclara Chua, and Grandier Gil Bella.

The exhibit is made interactive by inviting viewers to draw the featured still life objects. There are videos on playback as well to educate them about the show and the genre as a whole. Moreover, art workshops on still life are set on February 27 and March 6. The workshops, to be facilitated by artist and educator Robert Martin Sing, are free and open to the public.

Gateway Gallery opened in 2015 with the show The SiningSaysay: Philippine History in Art Exhibit, featuring 30 large-scale paintings. The project was mounted between Araneta City, the University of the Philippines, and the UP Alumni Association.

Located at the 5th Floor, Gateway Tower, Araneta City in Cubao, Gateway Gallery is a free-admission art museum open daily from 10 am to 6 pm. ■

YOUNG CREATIVES COMMEMORATE NATIONAL ARTS MONTH WITH EXHIBITION TOURS, WORKSHOPS, ART MART IMAGINATION, inventiveness, and individuality took center stage as studentartist groups celebrated the National Arts Month with a two-day open house festival.

The initiative, a part of Pasinaya 2025 of the Cultural Center of the Philippines, was organized by the Benilde Arts Management (BeAM), the home organization of the Creative Industries Management Program of the De La Salle-College of Saint Benilde (DLS-CSB). It was in collaboration with the Museum of Contemporary Art and Design (MCAD) and the Center for Campus Art. Art Punô, a nod to the Filipino word that means “to be full of,” provided a platform for young talents to cultivate a vibrant space for dialogue and exploration across various art forms.

The event, which opened with a tour, warmly welcomed the guests to the Design + Arts Campus where they glimpsed the sprawling artworks and capstone projects currently installed at the 14-storey structure.

An array of novel and budget-friendly art pieces in diverse mediums greeted visitors at the highly anticipated Art Mart.

A collaborative painting session, wherein traditional visual artists from the Artelier organization, enjoined participants to grab a brush and add their personal touches on the large canvas laid out on the floor.

Those keen on new media learned the fundamentals of claymation, an animation technique which uses movable clay characters and stop-motion recording, in a hands-on workshop hosted by the digital

artists from Animotion.

Original creations by the members of DrawINK, the premier comic organization of the college, were likewise showcased.

The catalog housed a range of genres, from Filipino mythology, slice of life, romance, and fantasy, to mystery, thriller, and horror.

Attendees were given a chance to borrow physical copies to read within the venue or scan QR codes to browse online.

The beauty of intricate patterns inspired by traditional weaves such as Ikat, Hablon, and Inabel, as well as the significance of sustainability through the use of recycled materials were highlighted in the maskmaking workshop led by Likha, under the Culture-Based Arts Program.

The group likewise facilitated a wire

décor session, wherein partakers combined cultural heritage and contemporary creativity as they incorporated traditional wooden beads into modern designs.

Likewise included was a guided tour around the first survey show of internationally acclaimed visual artist Maria Taniguchi at MCAD. Among the highlights of Taniguchi’s body of work was the renowned ongoing series of bricks, which has become central to the production and development of her practice.

Art Punô wrapped up with special performances, to include Rocketeer by the budding creative movers from Benilde-Xperimental Dance, and Aninag: Mga Tinig ng Tanghalan, an Aninag Theater original short play that pays tribute to Filipino musicals.

GEMINI (May 21-June 20): Broaden your scope of understanding. It’s easier to navigate life’s land mines if you know what’s detrimental to achieving what’s important to you. Distance yourself from users and abusers, and be kinder to your body, mind and soul. Choose change over temptations that mask problems rather than eliminate them. ★★★★★

CANCER (June 21-July 22): Be the light everyone looks to for guidance. Your wisdom, experience and gratitude will offer strength to loved ones and help you recognize what’s possible. Push forward and achieve. Life is about being true to yourself. Choose what makes you happy and infect those you love with positive support and wisdom. ★★★★

LEO (July 23-Aug. 22): Pay attention to your appearance and feelings. Address health issues or bad habits. Be a leader, not a follower—the one to make things happen instead of sitting on the sidelines observing and criticizing others. Choose to join forces with heartfelt people, and find meaning and purpose in making positive changes. ★★★

VIRGO (Aug. 23-Sept. 22): An unfamiliar environment will set your mind adrift. Bask in the anomaly of what’s possible if you stretch your mind and embrace new and exciting people and pastimes.

Use your experience to enrich what’s new and exciting, and you’ll discover the power of positive change. ★★★

LIBRA (Sept. 23-Oct. 22): Spread the love.

Compliment and lift those around you, and see what happens. Choose a jubilant approach to life; doors will open, and opportunities will manifest. Choose to be the light in the room and the one everybody wants to associate with, and you’ll discover the secret to success and happiness. ★★★★★

SCORPIO (Oct. 23-Nov. 21): Share ideas, lend a helping hand, expand your circle of friends and choose peace of mind and personal happiness over enticement, excess and putting yourself in a vulnerable position. Make choices based on facts, figures and the ability to compromise. ★★

SAGITTARIUS (Nov. 22-Dec. 21): Observe, listen and summarize situations carefully. Stick to the rules and take the path that bypasses indulgent behavior and temptation. Put health, diet, lifestyle and intelligence first. There are opportunities available to you. Choose wisely, and you’ll be proud of your achievements. ★★★★

CAPRICORN (Dec. 22-Jan. 19): Take your time. Rev your engine and head in a direction that honors your integrity, common sense and dignity. Refuse to bend or let someone take advantage of you. Speak up and stand up for what’s best for you. ★★★

AQUARIUS (Jan. 20-Feb. 18): Look on the bright side of life, and you’ll attract positive people and input to help you decipher how to navigate your way forward. Make your home your sanctuary, where you feel safe and sound, spending time doing the things that make you happy with those who bring you joy. ★★★

PISCES (Feb. 19-March 20): Love makes the world go round. Pick up the pieces you left behind, the people, pastimes and pleasures you miss, and fill your day with positivity and desire to see the good in others and manifest what matters most to you. ★★★ BIRTHDAY BABY: You are giving, supportive and appreciative.

You are energetic and understanding.

‘sounds fun!’ BY REBECCA GOLDSTEIN

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Adrian Johnson/Jared Goudsmit/Taylor Johnson ACROSS 1 Get out of a mess?

5 Walkway 9 Puritanical person 14 Frozen beverage brand 15 Cookies-and-cream cookie 16 Los Angeles public transit 17 Faucets?

19 “Not today, ___!”

20 Shenanigans 21 Hyundai competitor 23 A spider has eight of them 24 To the ___ degree 25 Sends to as an FYI, maybe 27 Smug smile 29 Bores?

33 Barack or Michelle 36 Butt of a joint 37 One, in San Juan 38 Avocado or mango centers 39 Tries to get a reaction out of 40 Potbellied pets 41 Self-importance 42 Dress style that’s good for twirling 43 Perceive

44 Dents?

47 Gives a mouthful?

48 Crop that may be drought-resistant: Abbr.

49 Lose elasticity 52 Web dev code 53 Down in the dumps 56 Jenna of Beetlejuice Beetlejuice 58 Regions 60 Seats?

62 Approach excitedly 63 Bend at a barre 64 Sound that 40-Across make 65 Digital ___ (break from screens) 66 Stop or Yield 67 Exams scored on a 400-1600 scale DOWN 1 Saturn’s largest moon 2 “Sorry, busy that day” 3 Swimming pool measurement 4 Abominable Snowman 5 Physics documentary’s genre, informally 6 Creative pursuit 7 Pool deck wood

8 Southwestern tribe known for coiled basketry 9 Afternoon hrs.

10 Certain driver’s license 11 Complete bankruptcy 12 Performers who may wear fake mustaches 13 Geological time periods 18 Ghana’s capital 22 Avia alternative 26 Ankle injury 28 Speedometer letters 29 Contacts privately on Insta 30 Accomplishing 31 Appropriate for all ages 32 Strike that!

33 Take in the Times, say 34 “That would be huge!”

35 Theme of Yom Kippur 39 Sheer ecstasy 40 Square ___ in a round hole 42 Tack on 43 Apt rhyme for “bore” 45 Frozen ristorante dessert 46 “Pass me the ball”

49 Photography tint 50 Customer service ___ 51 Stares with an open mouth 52 Tough 54 Starter dishes, for short 55 Sandwich shop 57 Pairs 59 Red ___ (Fenway Park team) 61 Faux hair Solution to today’s puzzle:

Show BusinessMirror

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TIMOTHEE CHALAMET

JANE FONDA

Editor: Gerard S. Ramos • Tuesday, February 25, 2025

KIERAN CULKIN

B5

DEMI MOORE

Chalamet, Moore win top awards; Jane Fonda supplies SAG Awards with a moment of fiery political resistance

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By Jake Coyle The Associated Press

HE 31st Screen Actors Guild Awards showered yet more awards on Shōgun, handed A Real Pain co-star Kieran Culkin another supporting actor win, and featured a fiery moment of political resistance from Jane Fonda on Sunday.

Host Kristen Bell introduced the ceremony, streaming live on Netflix from the Shrine Auditorium in Los Angeles, as an ode to both the aspirational spirit of actors who come to Los Angeles to make it, and to the city, itself.

The SAG Awards unfolded against the backdrop of the aftermath of the devastating wildfires that began in early January.

Those fires forced the guild to cancel its in-person nominations announcement and launch a disaster relief fund for SAG-AFTRA members affected.

Bell introduced attending firefighters as “the most attractive tables” among a sea of stars.

Fonda, 87, given the guild’s Life Achievement Award, provided the evening with its most passionately political moment. Fonda, a famed activist, spoke indirectly about President Donald J. Trump’s administration.

“We are in our documentary moment,” said Fonda.

“This is it. And it’s not a rehearsal.”

Fonda added that “woke just means you give a damn about other people.”

“A whole lot of people are going to be hurt by what’s happening, by what’s coming our way,” said Fonda. “We are going to need a big tent to resist what’s coming at us.”

Jean Smart, who had advocated for canceling award shows because of the wildfires, won best female actor in a comedy series for Hacks. Smart didn’t attend, but participated in a pre-taped introduction as her character, Deborah Vance.

Also not in attendance: Martin Short, though he upset Jeremy Allen White to win best male actor in a comedy series for Only Murders in the Building. The Hulu series also won for best comedy ensemble.

“Wait, we never win. This is so weird,” said Selena Gomez. “Marty and Steve [Martin] aren’t here because, you know, they don’t really care.”

Colin Farrell won his first SAG award, for his performance in The Penguin and also became the first winner ever introduced, by Jamie Lee Curtis, as “the man who gave me Covid at the Golden Globes.”

Farrell bounded to the stage and promptly responded, “Guilty as charged,” before blaming Brendan Gleeson for giving it to him.

The night’s first televised award went to Culkin, who has won just about every award in the category.

Gripping the SAG trophy, he could quickly tell the difference.

“It is funny that the heaviest of all awards is given by actors,” said Culkin, who characteristically riffed his way through a rambling acceptance speech before swearing sincerity: “Believe it or not, this actually means a lot to me.”

Netflix’s Emilia Pérez, which has seen its awards hopes largely dashed by controversy over old tweets by lead actor Karla Sophia Gascón, took home the award for best female supporting actor, for the Oscar favorite Zoe Saldaña.

For the second time, the awards were streamed live by Netflix. This time around, the streamer inserted ads sporadically, like a traditional broadcast.

Last year, downtimes were occupied by backstage interviews. Audio issues occasionally marred the broadcast Sunday, including brief interruptions of Fonda’s speech.

After romps at the Emmys and Golden Globes, Shōgun kept up its dominance. The FX series won best drama series ensemble, along with acting awards for Hiroyuki Sanada, Anna Sawai and for best stunt ensemble. The corresponding award for film went to the stunt performer ode The Fall Guy.

FILM

n Motion picture ensemble: Conclave n Female actor in a leading role: Demi Moore, The Substance n Male actor in a leading role: Timothee Chalamet, A Complete Unknown n Female actor in a supporting role: Zoe Saldaña, Emilia Pérez n Male actor in a supporting role: Kieran Culkin, A Real Pain n Stunt ensemble: The Fall Guy

TELEVISION

n Drama ensemble: Shōgun n Comedy ensemble: Only Murders in the Building n Female actor in a drama series: Anna Sawai, Shōgun n Male actor in a drama series: Hiroyuki Sanada, Shōgun n Female actor in a comedy series: Jean Smart, Hacks n Male actor in a comedy series: Martin Short, Only Murders in the Building n Female actor in a limited series or TV movie: Jessica Gunning, Baby Reindeer n Male actor in a limited series or TV movie Colin Farrell, The Penguin n Stunt ensemble: Shōgun

In the name of peace FROM left: Mon Confiado, McCoy de Leon and JC de Vera.

IN March of 2000, Father Rhoel Gallardo, a Claretian missionary priest, along with several teachers and students of the Claret School of Tumahubong in the province of Basilan and the neighboring elementary school, were abducted by the extremist group Abu Sayaff and were brought to the rebels’ camp in Mount Punoh Muhadji where they were held captives for 44 days. On May 3, 2000, Father Rhoel died during a crossfire at the age of 34, barely five years after being ordained.

The colorful and courageous life of Father Rhoel is the core of the movie titled In Thy Name, co-directed

by Caesar Soriano and Rommel Galapia for GreatCzar Productions, to be distributed by Viva Films.

Leading the male-dominated movie is McCoy de Leon, who admitted that he had qualms taking on the tall task of portraying a real-life character. “I had to search deep within me if I was ready to take on the role of a priest, much more that of someone who is considered a martyr for peace by many. My personal process was not easy and smooth as I had questions that needed answers, mostly within myself.”

He added, “But I guess I was destined to play Father Rhoel because everything just fell into place—shoot schedules, the weather, everything. I guess there was a higher force that kept on reminding me that I made

the right decision in accepting this project.”

De Leon was fully aware that he was not the first choice, nor was he the fallback actor the production people needed in case talks with their first choice bogged down. “I guess that’s what you call destiny.

I might not have been the top choice but I got the role, and that is what’s important. I hope that after watching the movie, I will not disappoint.”

He also shared that the first few days of working on the film were the most challenging for him. “I am so immersed in my role on the TV series Batang Quiapo, and my character there is so scheming, nasty and bad, so there was a major adjustment especially in the manner I had to deliver my dialogues. So I really had to psyche myself every time I was on the set of In Thy Name, because my role required a total shift from my character on TV that I was so used to doing.”

The movie also prides itself with a stellar major supporting cast that includes Mon Confiado, JC de Vera and Jerome Ponce.

Producer-director Caesar Soriano feels lucky that he was able to secure the commitment of Confiado for the movie. “Mon is one of the most reliable actors of the industry. Any filmmaker who has Mon in the cast of his movie should be thankful because actors like him are rare nowadays. Mon is a wonderful collaborator in the creation of the character he was tasked to give life to. He does his own research way ahead of the principal photography phase; he creates his look, comes to the set very prepared, and without any entourage, and he helps his co-actors level up to the vision of the filmmaker.”

Confiado shared that he enjoyed working on the movie. “It was a good experience working with Direk

Caesar’s production. I am happy that the main actors are also team players, considering that we have a relatively big cast and we were shooting on location.”

JC de Vera does not mind playing support to McCoy de Leon. “I am an actor, and a good actor should not mind playing a support character, because the bigger goal is to be able to come up with a believable performance and be part of the bigger picture in helping create a film, in helping to tell a story. I was asked early on in my career if I wanted to be a star or an actor. I guess you know what my answer was,” he said.

In Thy Name is set to hit the cinemas on March 5, and the producers, including the members of the Claretian community, are all hopeful that the story of Father Rhoel Gallardo would be able to not only inspire but also help others keep their faith alive.

B6 Tuesday, February 25, 2025

From Heartwarming Stories to Digital Innovation: Jollibee Shines at the 60th Anvil Awards

PwC Philippines, DLSU launch cutting-edge education programs

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S part of its goal to enhance the quality of education in the country, Isla Lipana & Co., the Philippine member firm of the PwC global network (PwC Philippines), is proud to announce its collaboration with De La Salle University (DLSU) in delivering two key programs: a cooperative education (Coop-Ed) program and a mergers and acquisitions (M&A) curriculum.

Representatives from both institutions signed a Memorandum of Agreement at the DLSU Manila campus, demonstrating their shared commitment to academic excellence and industry-relevant education.

These programs combine PwC’s industry expertise with DLSU’s academic excellence to provide students with comprehensive hands-on experience in audit and assurance, deal structuring and other professional services, as well as strategies in dealing with M&A transactions. Through intensive mentorship and real-world application, students will develop business acumen and technical skills to meet current and future industry demands.

Roderick Danao, Chairman and Senior Partner at PwC Philippines, shared, “We’re not just teaching accounting and M&A concepts; we are creating a learning environment where students work directly with our people on real-world engagements.

Through our mentorship program and specialized curriculum, we’re building a pipeline of talent that understands both the technical and practical aspects of business.

This collaboration also strengthens our own practice by introducing fresh perspectives and innovative approaches from the next generation of leaders.”

Dr. Robert Roleda, Provost and Vice President for Academics at DLSU Manila, emphasized, “This collaboration marks a significant step in professional education at DLSU. By bridging the gap between academic theory and industry practice, we’re creating unique opportunities for

J

OLLIBEE, the Philippines’ number one fast food chain, proudly celebrated another milestone as it bagged four Silver Anvil Awards at the 60th Anvil Awards Gabi ng Parangal held at the Fiesta Pavilion of The Manila Hotel.

Recognized for its excellence in public relations programs and tools, Jollibee continues to demonstrate its commitment to delivering meaningful, impactful, and culturally resonant campaigns that bring constant joy to Filipinos.

The Winning Campaigns 1. Jollibee JoyZone PR Tools – Multimedia category, Silver Anvil The Jollibee JoyZone initiative set a new standard for immersive brand engagement as it transformed customers’ smiles into store purchase discounts.

Initially placed in a high-traffic mall store and eventually rolled out into more stores during the holidays, JoyZone cleverly used augmented reality (AR) to create meaningful digital interactions that also embody Jollibee’s fun and playful spirit.

IN the photo, standing from left to right, are PwC Philippines Assurance Director Aldous Sarmiento; De La Salle University Graduate School Coordinator Editha Trinidad; PwC Philippines Human Capital, Inclusion & Diversity Leader Pam Gregorio; De La Salle University Vice Chair of the Department of Accountancy Dr. Joy Rabo; PwC Philippines Markets Director Dennis Bautista. Seated from left to right are PwC Philippines Deals and Corporate Finance Partner; PwC Philippines Chairman and Senior Partner Roderick Danao; De La Salle University Chair of the Department of Accountancy Dr. Arnel Uy; PwC Philippines Assurance and Academe Development Partner Ma. Lois Gregorio-Abad. our students to develop into well-rounded professionals ready for the future.”

The Coop-Ed program provides BS Accountancy students with an immersive internship experience. Students gain a deeper understanding of PwC’s assurance, tax and deals practices by participating in client engagements and fieldwork while being mentored by a dedicated PwC professional. DLSU faculty members also collaborate with PwC mentors to help students successfully balance their academic requirements with their professional development.

The collaboration also includes a specialized M&A elective course that introduces accountancy students to the vast world of M&A. Students learn the complete transaction lifecycle, from strategic planning to post-deal value creation analysis. The course culminates in a capstone project where students apply their knowledge by developing M&A deal structures and exploring capital raising strategies.

Dr. Arnel Uy, Chair of the Department of Accountancy at DLSU Manila, shared, “As an institution committed to excellence, integrity and holistic student development, we’re honored to introduce innovative and engaging programs like these. These initiatives not only help our students develop technical expertise and industry connections but also reflect our dedication to providing unique educational experiences. We’re glad that PwC is one with us in this endeavor.”

Trissy Rogacion, Deals and Corporate Finance Partner at PwC Philippines, said, “M&A is a critical driver of economic growth. By studying M&A, students gain insights into business evolution, shifting market dynamics and the influence of economic policies on corporate strategies.

Additionally, these programs will enhance students’ financial literacy, critical thinking and decision-making skills.”

PwC Philippines’ collaboration with DLSU is a key component of the firm’s commitment to partnering with educational institutions nationwide to nurture and empower the next generation of Filipino professionals. Ma. Lois Gregorio-Abad, Assurance and Academe Development Partner at PwC Philippines, said, “By working directly with students during their formative years, we’re shaping future leaders who understand the complexities of modern business.

This ensures that graduates enter the workforce with practical experience and the confidence to tackle the professional world from day one.”

Roselle Caraig, Tax Partner and Learning & Development Leader at PwC Philippines, added, “Through this partnership, we hope to inspire students to explore the numerous career opportunities available in assurance, tax and dealmaking. We are grateful for the opportunity to contribute to our country’s education sector by working closely with schools and universities that place the same high value on quality learning for future generations.”

2. Share the Joy of Love: My Kwentong Jollibee Valentine’s Day 2024 PR Programs – Best Use of Social Media, Silver Anvil Featuring real stories from real people resonated well with audiences, as the My Kwentong Valentine’s Day films titled “30 Dates” and “To Love Again” got recognized for how they sparked meaningful conversations about the complexities of relationships and the joy that love brings. By leveraging the power of social media, the films achieved immense reach, garnering millions of views and generating heartfelt engagements that solidified its place as a Valentine’s Day tradition for Filipinos.

3. Nanay ng Bayan: My Kwentong Jollibee Mother’s Day 2024 PR Programs – Best User of Social Media, Silver Anvil Titled “Nanay ng Bayan,” this heartwarming film celebrated the unconditional love and selflessness of all mothers and mother-figures. The emotional storytelling that paid tribute to all kinds of mothers not only resonated with audiences nationwide, but also encouraged them to share their own stories of maternal love. The campaign achieved significant

social media engagement, demonstrating how authentic and touching narratives can create a lasting impact.

4. Jollibee’s Generation Joy Fixed Creators Program PR Programs – Best User of Influencer Marketing, Silver Anvil This groundbreaking initiative tapped into the power of 20 top-tier content creators from lifestyle, food, and entertainment sectors to reach a wider audience. By empowering creators with creative freedom, the collaborative content outputs embodied authentic storytelling while ensuring alignment with Jollibee’s messaging.

The initiative’s success lies in its ability to foster genuine connections between the brand and its target market, using creativity and innovation to communicate and amplify its messages of joy.

“These recognitions at the Anvil Awards are further proof of Jollibee’s continued commitment to create campaigns and initiatives that not only celebrate Filipino culture, but also touch lives and bring people together,” said Dorothy Dee-Ching, VP-Marketing of Jollibee Philippines. “From heartfelt and authentic content to innovative on-ground activations, each of these campaigns reflects our dedication to spreading joy and meaningful engagement with our customers.”

Dubbed the “Oscars” of Philippine public relations, the Anvil Awards honor outstanding PR programs, tools, and practitioners in the country. The awards are organized annually by the Public Relations Society of the Philippines (PRSP), celebrating campaigns that set benchmarks in excellence and creativity.

For all the latest updates, like Jollibee on Facebook, subscribe to Jollibee Philippines on YouTube, and follow @ jollibee on X, Instagram, and TikTok.

SPECIALTY MASSAGES. Mitera Wellness Spa for Women in Lipa, Batangas, hopes to be every woman’s ally in her journey to motherhood. Located in the heart of historic Lipa, Batangas, Mitera has established a name for itself as a nurturing sanctuary for women. All massages are performed by certified therapists and the center is managed by an OB-GYN with decades of experience in women’s health. Some of the services being offered include Fertility Massage Therapy, Pre-Natal Massage Therapy and Lactation Massage Therapy. It is owned and conceptualized by obstetrician-gynecologist Dr. Lilibeth Manguera,

Digital gaming platform BingoPlus, Miss Aesthetics now offers Exoten, Universe Philippines unveil 2025 candidates Idara Exclusively Distributed by Piero Medica B I INGOPLUS, your comprehensive digital gaming platform in the country, introduced this year’s aspiring Miss Universe Philippines. A total of 69 beautiful and confident beauty queens were revealed

at a hotel in Makati on February 15, 2025.

Stunning delegates from all over the Philippines graced the stage and proudly stated their provinces and cities, garnering cheers from the audience.

MISS Universe Philippines 2025 candidates introducing themselves during the presentation.

As the co-presenter of the event, BingoPlus empowered the occasion, making the night memorable for the delegates, former beauty queens, influencers, and media attendees.

Likewise, BingoPlus placed an iconic photo booth at the venue. The candidates had a good time at the booth and took some photos and videos with their fellow beauty queens. The brand also gave merchandise to the lovely ladies and media partners.

Miss Universe Philippines deemed BingoPlus as a significant part of the event.

The brand was mentioned and thanked by the hosts for their support. Furthermore, a press conference was held shortly after the presentation of the candidates.

The national pageantry is close to the heart of the brand. In fact, this is the second year BingoPlus is sponsoring the organization’s events and activities. Since the brand is a firm believer in their vision, supporters should expect more events with BingoPlus and Miss Universe Philippines in the days to come. Together, the brands aim to empower women to become their best selves in pursuit of their dreams.

DigiPlus Interactive Corp. pioneered digital entertainment in the Philippines.

It introduced leading platforms BingoPlus and ArenaPlus, widely known for their engaging experiences in interactive gaming and sports entertainment. DigiPlus also operates SpinPlus, and GameZone, with more to come. For more information, visit: www.digiplus.com.ph.

DARA Aesthetics proudly announced that it is the newest center to offer Exoten, Amniotic stem cellderived exosomes. These Exosomes are derived from the youngest amniotic mesenchymal stem cells among adult stem cells, exhibiting roles close to omnipotence.

Exclusively distributed by Piero Medica, Exoten enhances the center’s treatments by combining cutting-edge science with precision formulations.

Exoten is renowned for its targeted approach to skincare, offering solutions that prioritize both effectiveness and skin health. Developed through extensive research, its products cater to common concerns such as hydration, anti-aging, and pigmentation issues, providing clients with visible results they can trust.

• Anti-Aging Complexes to reduce the appearance of fine lines and wrinkles.

• Skin Brightening and Repair Products to refine skin tone and texture.

By introducing Exoten to its service offerings, Idara Aesthetics delivers treatments that align with modern skincare demands, ensuring each client’s needs are met with precision and care.

As the newest center to incorporate Exoten into its treatments, Idara Aesthetics creates an inviting space where clients can explore personalized skincare solutions.

The center offers services designed to target a range of concerns, from hydration and pigmentation correction to rejuvenation and anti-aging.

According to the Exoten catalogue, the line includes: • Hydration Boost Formulas to replenish moisture and improve skin elasticity.

Clients visiting Idara Aesthetics can expect: • Customized treatment plans that use Exoten’s advanced formulations.

• Rejuvenation therapies to refresh and restore skin vitality.

• Specialized solutions for achieving smoother, brighter, and healthier-looking skin.

The center blends expertise and innovation, providing a professional yet approachable environment for skincare enhancement.

With Exoten’s advanced formulations and the trusted distribution of Piero Medica, Idara Aesthetics positions itself as a destination for cutting-edge skincare. Whether addressing specific concerns or maintaining overall skin health, the center offers solutions that merge science and beauty.

Visit Idara Aesthetics today to experience the transformative potential of Exoten and discover how this innovative line can help achieve your best skin yet.

World Features

www.businessmirror.com.ph • Editor: Angel R. Calso

BusinessMirror

Tuesday, February 25, 2025

B7

Inflation metrics show signs of cooling, but Fed signals no rush to lower interest rates

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By Molly Smith & Craig Stirling

HE Federal Reserve’s preferred inflation metric is expected to cool to the slowest pace since June, but glacial progress on taming price pressures overall will keep policymakers cautious about lowering interest rates further.

The core personal consumption expenditures price index—which excludes often-volatile food and energy costs—probably rose 2.6 percent in the year through January in Commerce Department data due on Friday. Overall PCE inflation likely eased on an annual basis as well, according to the median estimate in a Bloomberg survey of economists.

The decline will probably come from categories that were relatively tame in separate wholesale inflation data that feeds through to the PCE, according to Bloomberg Economics. But components that registered strong increases in the consumer price index will keep the PCE running above the Fed’s 2 percent target.

That’s a big reason why officials prefer to keep rates on hold for the time being. Michael Barr is due to speak for likely his last time as the central bank’s vice chair for supervision as he prepares to step down at the end of the month, while Richmond Fed President Tom Barkin and Cleveland’s Beth Hammack are among others scheduled to deliver comments.

Speaking on Sunday, Chicago Fed President Austan Goolsbee downplayed a report released last week—the gauge of longer-term inf l at ion e x pect at ions—t hat showed an increase in consumers’ expectations for future inflation.

The figure “wasn’t a great number,” Goolsbee said Sunday in an interview on News Nation. “But it’s only one month of data. You need at least two or three months for that to count.”

At the same time as Friday’s PCE report, the Commerce Department

will release the latest goods-trade balance, which widened to a record in December and will be a key focus for President Donald Trump in his second term. Other data due for release in the coming week include new-home sales, consumer confidence and the government’s second estimate of fourth-quarter growth.

Meanwhile, investors will continue to watch Trump’s efforts on tariffs and Elon Musk’s push to slash the size of the federal government.

“We expect personal-consumption data to show personal spending contracted in January, while core PCE inflation likely slowed to 2.6 percent year over year. The Trump Trade—a bet on higher inflation – may look increasingly unattractive, ” said Bloomberg economists Anna Wong, Stuart Paul, Eliza Winger, Estelle Ou and Chris G. Collins.

In Canada, gross domestic product data for the fourth quarter is likely to show an economy picking up steam following aggressive rate cuts—though that momentum may stall as the looming trade war weighs on business investment.

Elsewhere, Germany’s election, inflation in Australia and the biggest euro-zone economies, and a rate cut in South Korea may be among the highlights.

Asia

THE Bank of Korea will be in the spotlight this week when authorities decide whether to resume the rate-cut cycle.

While many economists expect the BOK to ease in a bid to prop up domestic demand and

get ahead of any tariff impact on exports, Governor Rhee Changyong injected uncertainty earlier this month by saying it was by no means a done deal.

The following day, the Bank of Thailand is seen holding its benchmark at 2.25 percent, though Bloomberg Economics expects pressure to continue for another cut later this year.

Fresh off its first rate cut since 2020, the Reserve Bank of Australia will get consumer inflation data that’s forecast to show price gains accelerated marginally for a third month in January.

Japan publishes CPI data for Tokyo that may show inflation in the capital stayed elevated in February, while Singapore’s core CPI gains probably moderated to 1.5 percent in January.

Sri Lanka releases CPI statistics on Friday. China reports preliminary PMI data for February on Saturday, with a key being the extent to which the manufacturing gauge recovers after a lunar-holiday dip in January. Bloomberg Economics expects the data to reinforce the case for policy support.

Taiwan reports preliminary gross domestic product figures for the fourth quarter on Wednesday, and trade data are due during the week from the Philippines, South Korea, Sri Lanka, Thailand and Hong Kong.

Europe, Middle East, Africa

THE aftermath of Sunday’s election in Germany will be the focus for investors. The pro-business CDU/CSU bloc, led by Fr iedrich Merz, took the biggest vote share after a campaign that often dwelled upon the country’s dismal economic record under Chancellor Olaf Scholz.

Recent upticks in investor confidence and among purchasing managers likely came too late to help the incumbent. Similarly, the closely-watched Ifo business sentiment report on Monday is expected to show the highest reading since October.

One of the main questions following the snap ballot will be the future of Germany’s so-called debt brake, a topic that’s preoccupied Bundesbank President Joachim Nagel for some time.

by outgoing Governor Gyorgy Matolcsy. Policymakers have no room to cut borrowing costs this year, another outgoing official, Gyula Pleschinger, told Bloomberg in an interview.

Latin America

OVERALL personal consumption expenditures inflation likely eased on an annual basis. DAVID PAUL MORRIS/BLOOMBERG

Reporters may quiz Nagel on that topic when he presents his institution’s annual report on Tuesday. He’s also likely to use the opportunity to comment on the European Central Bank’s next steps. A pre-meeting quiet period will then begin before the March 6 decision.

In an interview published Sunday, ECB Governing Council member Jose Luis Escriva said monetary policy must be approached with caution given the current “extraordinary uncertainty.”

“It’s very difficult to gauge the impact of events that are unfolding,” the Spanish central bank chief told La Vanguardia newspaper. “It’s advisable to be cautious, especially from the point of view of monetary policy; wait for doubts around certain issues to be cleared, see how the different geopolitical dynamics are resolved.”

Data that may draw attention in the euro region in the coming week include inf lation on Thursday and Friday from its four biggest economies, with economists anticipating outcomes ranging from slowing in Germany and France to a stable outcome in Spain and an uptick in Italy.

In the UK, meanwhile, several speeches by Bank of England policymakers are scheduled, including Deputy Governors Clare Lombardelli and Dave Ramsden.

Elsewhere in Europe, Swedish, Czech and Icelandic gross domestic product numbers for the fourth quarter will be released.

I n Sout h A f r ic a , d at a on Wednesday will likely show in-

flation quickened to 3.2 percent in January from 3 percent a month earlier. The reading will be the first since the nation’s consumer price index was overhauled. The release was delayed by a week to allow the statistics agency to conduct additional checks and verifications on the data.

On Wednesday and Thursday, South Africa will host the first Group of 20 finance ministercentral bankers summit since Trump returned to office. The meeting comes as the globa l economy enters a precar ious phase, with markets shaky and the easing cycle at risk because of US protectionist policies.

It’s also being overshadowed by the US leader’s public spat with President Cyril Ramaphosa over domestic land laws, equality policies and Israel’s war on Gaza.

Treasury Secretary Scott Bessent has pulled out of the event.

Two key monetary decisions in the wider region will draw investors’ attention: Israel’s central bank is set to hold its base rate at 4.5 percent for a ninth straight meeting on Monday. Ceasefires with Hamas in Gaza and Hezbollah in Lebanon have started to lessen economic pressures, but inflation is still at 3.8 percent, above the country’s official target of 1 percent-3 percent.

Governor Amir Yaron has pointed to that and signaled easing won’t begin until the second half.

Hungary’s central bank is expected to keep interest rates stable for a fifth month on Tuesday at the final meeting to be chaired

MEXICO’S mid-month consumer prices report may serve up a dose of whiplash, with the early consensus for a jump back up of some 30 basis points from 3.48 percent in the second half of January.

Less alarming, the core pr int m ay on ly budge sl ight ly f rom its c u r rent 3.61 percent, w it h i n t he cent ra l ba n k ’s 2 percent to 4 percent inf l at ion tolera nce ra nge t hough above t he 3 percent t a rget.

Latin America’s No. 2 economy will also serve up the January’s unemployment rate—currently running near all-time lows—along with trade, lending and current account data.

Chi le’s end- of-mont h d ata dump for January, which comprises six separate indicators including industrial production, retail sales, copper output, should show little drop-off from the economy’s strong finish to 2024.

Argentina closes the books on 2024 with December GDPprox y readings. After pulling out of recession and posting two months of better-than-expected growth, the nation may lead growth among the region’s big economies in 2025.

A smattering of Brazilian economic reports for December posted earlier this month, including Brazil GDP-proxy data and retail sales, suggest Latin America’s biggest economy may finally be cooling off.

Along those lines, national unemployment figures for January should show a second month of weakening of the economy’s tight labor market.

On the other hand, consumer prices can be expected to rebound from last month’s 4.5 percent reading—the top of the central bank’s tolerance range—and may not return there before sometime next year. With assistance from Brian Fowler, Laura Dhillon Kane, Monique Vanek, Ott Ummelas, Paul Wallace, Piotr Skolimowski and Robert Jameson /Bloomberg

States threaten fines, lawsuits and jail time for local officials who resist Trump’s immigration crackdown

By Charlotte Kramon & David A. Lieb The Associated Press

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T L A N TA — R e p u b l i c a n s t a t e lawmakers seeking to aid President Donald Trump’s crackdown on illegal immigration are threatening local officials who resist with lawsuits, fines and even potential jail time.

Lawmakers in more than 20 states this year have filed legislation targeting so-called sanctuary policies that limit cooperation with federal immigration authorities, according to an Associated Press analysis using the bill-tracking software Plural.

Some of those states already ban sanctuary policies but are now proposing to punish mayors, council members and other government officials who violate the prohibition.

The goal is to provide “teeth to those who are being aggrieved by local governments and local officials who are not abiding by Georgia immigration law,” said Republican state Sen. Blake Tillery, whose legislation would allow lawsuits against anyone who implements sanctuary policies. His bill recently passed the Senate

and is now in the House.

Opponents have raised concerns that the legislation could lead local police and sheriffs to detain immigrants for longer than they are supposed to under federal law out of fear of getting sued.

“We’re threatening our local law enforcement who are doing the best job they can to keep our communities safe,” said Georgia state Sen. Nikki Merritt, a Democrat.

The state proposals come as the Trump administration also has begun taking legal action against governments that have adopted policies inhibiting arrests and deportations by US Immigration and Customs Enforcement. The Department of Justice has sued Illinois, Chicago and Cook County, alleging they are violating federal law by not cooperating with immigration authorities.

Using lawsuits to enforce anti-sanctuary laws

A GEORGIA law enacted last year already mandates that local law enforcement cooperate with federal authorities to identify and detain immigrants in the US illegally, or else lose state funding and face misdemeanor charges. The

legislation recently passed by the state Senate doubles down by letting people sue local governments, officials and employees for violating the ban.

Immigrants and advocates in Georgia say the legislation, if passed, could stoke fear in communities already worried about ICE officials arresting loved ones in homes, churches or schools.

“This all relates to Donald Trump’s war on immigrants and local people trying to garner favor with him through legislation that doesn’t solve any problems,” said Charles Kuck, an Atlanta immigration attorney who opposes the legislation.

Mike Mitchell, deputy executive director of the Georgia Sheriffs’ Association, said the organization has a “neutral” position on the bill but noted sheriffs already are following immigration law.

Louisiana passed a law last year requiring law enforcement agencies to “use best efforts” to enforce federal immigration law. Earlier this month, Louisiana Attorney General Liz Murrill sued the sheriff ’s office in New Orleans, alleging it is violating the state ban on sanctuary immigration policies.

The Orleans Parish Sheriff ’s Office

declines ICE requests to hold detainees for extra time except when they face murder, rape, kidnapping, treason or robbery charges, according to a 2013 policy put in place under a consent judgment in federal court. The attorney general’s lawsuit seeks to end that federal court order.

The sheriff ’s office also restricts the information it shares with ICE and prevents federal immigration agents from entering its facilities without court authorization or interviewing detainees without legal counsel.

The sheriff ’s office said in an e-mailed statement that it “remains in full compliance with all applicable state laws and valid court orders related to ICE detainers.”

Imposing fines and jail time

AN ANTI-SANCTUARY measure was the first item signed into law by Republican Gov. Larr y Rhoden of South Dakota after he took over for former Gov. Kristi Noem, who was picked by Trump to be homeland security secretary. The law bans state and local policies that limit communication with federal officials about people’s immigration status, however it contains no penalties.

Other states have gone further. A sweeping immigration law signed recently

by Republican Florida Gov. Ron DeSantis requires the attorney general to take legal action against local governments that adopt policies refusing to comply with federal requests to detain immigrants in the country illegally. Local officials who willfully violate a ban on such sanctuary policies can face fines up to $5,000.

Te n n e s s e e l a w a l r e a d y d e n i e s state economic development funds to local governments that violate a ban on sanctuary policies. A law signed recently by Gov. Bill Lee enhances that by subjecting local officials who vote for such policies to felony charges punishable by up to six years in prison.

Legislative attorneys have said such penalties could be unconstitutional due to protections afforded elected officials while carrying out their duties.

Legislation that passed the Wyoming House and is now pending in the Senate would not only bar local governments from adopting immigration sanctuary policies but also block citizens from proposing them through initiative petitions. The measure contains steep penalties. The governor could withhold

state funds from counties, cities and towns that adopt such policies. Local officials who refuse to cooperate with federal immigration authorities could face felony charges punishable by 5-10 years in prison and a fine up to $20,000.

Republican state Rep. Joel Guggenmos acknowledged there are no sanctuary jurisdic tions in Wyoming but told colleagues during a committee hearing that he was sponsoring the legislation as a preemptive measure.

“As I look at other states, this is becoming a problem,” Guggenmos said.

New Hampshire lawmakers have advanced two separate bills targeting sanctuary policies. A Senate version would allow the state attorney general to sue local governments that prohibit the enforcement of federal immigration laws and seek fines equal to 25 percent of their state funding. A House version omits the fine but includes more detailed directives for local governments to cooperate with federal immigration authorities.

Lieb reported from Jefferson City, Missouri. Associated Press reporter Jack Brook contributed from New Orleans.

Que sets paces at Pradera Verde A

NGELO QUE showed veteran smarts to take the lead as recent Qualifying School graduates Carl Corpus and Jaehyun Jung came up with fine performances in the opening round of the International Container Terminal Services Inc. Pradera Verde Championship on Monday in Lubao, Pampanga.

Que submitted a 68 at the Pinatubo course, seizing a three-shot advantage over Corpus, Jung, big-hitting Keanu Jahns, Carl Corpus and Christopher Popp here on Monday.

This section of the 36-hole Pradera Verde golf complex is hosting a tournament of this scale for the first time since its unveiling late last year.

Que, a seasoned competitor and three-time Asian Tour winner, relied on meticulous planning to navigate the demanding course.

“It’s all about strategy,” said Que, who flourished on a hot, windy day with five birdies against a bogey. “When I played the pro-am on Sunday, I focused on identifying the right spots to miss on tough holes. If you miss it in the right place, you can still manage to save par.”

The reigning Philippine Masters champion made clutch putts, reading the greens with precision.

“I putted better than most, even sinking putts I usually miss,” said Que.

“With the wind making conditions tough, knowing where to place the ball was key. But holing a lot of putts really made the difference.”

As some players opted for aggressive plays and others took a more cautious approach, the lead changed hands frequently throughout the day. The gusty winds made the already challenging 7,400-yard course play even longer, adding another layer of difficulty.

Coming off a pro-am victory with Aron Roxas, Ralph Dungca, and JC Quizon, Jahns faced a much sterner test on the championship layout. Unlike traditional courses in the country, where raw power often dictates success, the Pinatubo course forces even the longest hitters to think strategically.

Despite an early stumble with a bogey on No. 2 and a double bogey on No. 3, he rebounded with a series of birdies, capitalizing on the course’s scoring opportunities. He birdied four holes on the front nine, including all three par-5s (Nos. 6, 7, and 9), and added another birdie on No. 12. However, a costly double bogey on No. 13 saw him settle for a 71.

Corpus, coming off a runner-up finish in last week’s PGT qualifying at Splendido Taal, displayed composure in his first pro tournament, carding three birdies against two bogeys to stay within striking distance.

Jung also impressed, as the Q-School topnotcher bounced back from a bogeyriddled backside start of 38 with a pitch-in eagle on No. 4 before closing with a strong birdie-birdie-bogey-birdie run to salvage a 33 and secure a share of second.

Popp matched Corpus’ three-birdie, two-bogey round, while Josh Jorge and Toru Nakajima posted identical 72s for joint sixth in the P2.5 million championship organized by Pilipinas Golf Tournaments Inc. Designed by Mike Singgaran, the Pinatubo course is a stark departure from traditional championship layouts in the country. While it stretches up to 7,400 yards from the back tees, the true challenge lies in its intricate design rather than sheer length. The course seamlessly blends nine original holes with nine newly designed ones, offering a dynamic mix of familiar and fresh obstacles.

Unlike courses where distance dictates scoring, Pinatubo demands precision. Its undulating, elevated greens add complexity, often requiring near-perfect approach shots to avoid tricky putts. Strategically placed bunkers further shrink the margin for error, making shot placement crucial.

Sports BusinessMirror

B8 | T

uesday, February 25, 2025 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

DANIELLA UY got to five-under before a closing bogey pulled her back. NONIE REYES

Uy leads Lee by three shots

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ANIELLA UY’S offseason adjustments paid immediate dividends as she seized a commanding three-shot lead with a four-under 68 at the start of the ICTSI Ladies Pradera Verde Championship on Monday in Lubao, Pampanga.

Rising star Tiffany Lee was the only other player under par, firing a 71 for solo second.

Uy’s round was a mix of precision and resilience. Amid swirling winds and ever-changing course conditions, she emerged from a tightly contested leaderboard, where at least eight players briefly shared a piece of the lead, to surge ahead with a string of three consecutive birdies from No. 12.

The former Junior World champion could have extended her lead further if not for a closing bogey, settling for a 3632 card on the par 37-35 layout hosting its first professional tournament.

“I shortened my swing for better accuracy and timing,” said Uy, who captured the Bacolod leg of last year’s 10-leg circuit organized by Pilipinas Golf Tournaments Inc. “I also worked a lot on my putting inside three feet, which had been a weakness in the past.”

Lee, who has faced challenges with consistency since winning her first professional tournament at Splendido Taal, showcased her potential with a solid three-under 34 on the front nine.

However, a delay in her tee-off on No. 10 disrupted her rhythm, leading to a costly double bogey that stalled her momentum.

Despite settling for a one-under 71, she remains confident in her ability to bounce back and contend for the title in the 54-hole, P1-million tournament sponsored by ICTSI. “I found the course short, which made my second shots easier, especially on the par-5s,” said Lee, who is seeking to rediscover the form that won her the Lakewood Championship in a playoff as an amateur. “But the greens are very tricky—large and undulating, making putting extremely difficult.”

While some players found the wind extending the course beyond its listed yardage, the long-hitting Lee saw an advantage. “For me, it wasn’t too long,” she said. “But I need to keep my drives on the fairway and read the wind better because it’s affecting the ball a lot.”

Montemayor tops trail race for third time

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By Josef T. Ramos

MMANUEL DAVE MONTEMAYOR and Nicole Quinoñes kept their mastery in the 2025 7-Eleven Trail Series Cross-Country Marathon on Sunday at the Timberland Heights in San Mateo, Rizal.

Montemayor, 24, claimed his third straight title in the cycling trail race, clocking one hour, 47 minutes and six seconds, edging out James Carl Dela Cruz by a second in the men’s 40-kilometer men’s race.

“I just proved everyone’s expectation about me is true. They knew that I am good for high and steep roads,” Montemayor, from Meycauyan, Bulacan, said.

“This is also my preparation for the upcoming week’s Tagaytay National Open.

It’s a tight race but I’m happy to win it.”

A total of 1,400 cyclists participated in the event.

Dela Cruz timed 1:47:07 for the silver medal while Jerico Rivera bagged the bronze in 1:48:29.

Montemayor, who has four titles including a win in the age-group division in 2019, will compete in the road event of the PhilCycling National Championships in Tagaytay City.

Quinoñes retained the women’s title, finishing in two hours, 12 minutes and 40 seconds, just a second clear of veteran Shagne Yaoyao. Pia Sendrijas earned the bronze in 2:16:07.

The daughter of former national team member Eboy Quinoñes will also join the National Open.

“We are thrilled to celebrate the 9th year of the 7-Eleven Trail, a race event series that brings together passionate cyclists and outdoor enthusiasts from all over the country. Seeing the growing community of riders who challenge themselves year after year is truly inspiring,” Jose Victor Paterno, President & CEO of Philippine Seven Corporation, said.

“I think we made a positive impact on Philippine cycling. I feel like I owe a lot to cycling in terms of keeping me healthy, motivated and keeping the mind fresh,” Paterno added. “I think it’s a healthy thing for everybody.”

The race was supported by Coke & Wilkins, Gatorade, Red Bull, Pocari Sweat, Suncoast Vitamin Boost, Ion, Black Mamba, Cobra, Absolute, and Summit, to City Cafe, Gulp, Selecta, Mister Donut, Gardenia, Monde Nissin, HottaRice, Big Bite, Fisherman’s Friend, Ecolab, Sante Barley, Trust, Bravo, Boss Max, Passion Max, Salonpas, GT, Cannondale, Fox Racing, Shimano, Maxxis, Traction MOAB, and Spyder, thanks to partners RD Cycles, All Terra Cyclery, Primer Group, NeoZigma, Timberland Heights, Timberland Highlands Resort, Timberland Mountain Bike Park, and the City of San Mateo.

RIDERS from Iloilo, Ilocos Sur and Pangasinan stamp their mark on the first day of the national championships. ROY DOMINGO

Gulmatico, Alejado head criterium winners in PhilCycling Nationals

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WO young riders from Iloilo and one each from Narvacan and Pangasinan dominated the Criterium races in Day 1 of the PhilCycling National Championships for Road presented by the MVP Sports Foundation and Standard Insurance on Monday in Tagaytay City.

Allaeza Mae Gulmatico and Maria Louisse Crisselle Alejado won the gold medals in Women’s Youth 1 and 2 categories to give Iloilo a head start in the five-day championships organized by the PhilCycling headed by Philippine Olympic Committee president Abraham “Bambol” Tolentino.

The riders aged 16 years old and younger raced over a 2.1-km circuit covering the perimeter of the Tagaytay City Atrium that’s made a popular destination by the Praying Hands monument—they raced for 20 minutes with the final two laps determining the podium finishers.

Joanna Mae Armendez bagged silver behind Gulmatico as Jems Lucas could only salvage bronze in the championships also backed by the POC, Tagaytay City and Excellent Noodles as well as the Philippine Sports Commission, which supports the national teams of cycling.

Maritanya Krogg wound up with the silver medal and Yvaine Osias capture the bronze in the Women Youth 2 class of the competitions that gathered more than 700 cyclists vying in Criterium, Individual Time Trial and Road races in Men and Women’s Youth, Junior, Under-23 and Elite caterories.

Jazmine Kaye Vinoya, on the othe hand, made Pangasinan proud by winning the Women’s Junior gold

medal—20 minutes plus 3 laps— beating Yvonne Alejado and Eloiza Pajarito, while Narvacan’s CJ Cabreros beat llocos Sur province mate from Banayoyo, Joelian Abdul Hamid, in the men’s Youth 1 class.

Raven Vidaz, Jerick Cabael and Silmar Khen Silao finished 1-2-3 in Men Youth 1 and Nheytan Pascua, Nathan Omana and Justine Yu completed the podium in the Men Youth 2 of the championships which resume with the ITT races on Tuesday in Tuy and Nasugbu in Batangas.

Hailey from different perspectives

HAILEY PENNINGTON is an up and coming professional women’s boxer.

She’s 2-0 winning both her fights by knockout.

A native of Huntington, West Virginia, her journey has

been somewhat different from other professional boxers who started out.

Hailey marketed, promoted, and staged her first two professional fights by herself. She also owns her own boxing gym and uses the sweet science to coach and mentor kids. I guess you can also say, for her first two fights, she managed herself and her career before she met veteran boxing manager Gwen Legge of Eruption Boxing Management.

When I said different perspectives, the 24 year old pugilist sees boxing from different perspectives and different spaces through the lense of a boxing gym owner, coach, and for at least for her first two professional fights, a boxing manager and promoter. As styles make fights, her style is customized for her opponent.

She can adapt and adjust easily whether before the fight or on the fly. She’s incorporated plyometrics into her

ANGELO QUE hits five birdies and makes one bogey. NONIE REYES

Ironman 70.3 P’Princesa offers slots to world meet

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HE Ironman 70.3 Puerto Princesa on Sunday gives age-group athletes a chance to secure slots in the world championship in Marbella, Spain.

With 45 qualifying slots allocated based on athlete participation in each age group, every competitor has a shot at turning their Ironman dreams into reality.

Marbella, a renowned Ironman 70.3 host since 2018, offers an unforgettable race experience with its stunning coastal course, rich cultural heritage and world-class holiday attractions— making it a dream destination for both

athletes and their supporters.

The world championship is set November 8 and 9.

With triathletes from 42 countries, the Ironman 70.3 Puerto Princesa promises an intense battle across a 1.9 km swim, 90 km bike, and 21 km run. Beyond the elite competition, age groupers will be vying for the honor of representing their country at the World Championship, adding an extra layer of excitement to this already high-caliber race.

The Sunrise Sprint, a short-distance triathlon, will offer an entry point for

TOUGH WIN. Danna Abad scores a 5-7, 7-6 (4), 6-3 win over Jonamil Prado as National University beat University of the Philippines, 3-2, in the University Athletic Association of the Philippines women’s tennis tournament on Sunday.

training for explosiveness when she lets her hands go. As per AI Overview, “Plyometrics helps boxers by significantly improving their explosive power, agility, and speed, which are crucial for delivering powerful punches and making quick movements in the ring, essentially enhancing their overall athletic performance through exercises that focus on rapidly stretching and contracting muscles to generate maximum force quickly; key benefits include increased punch power, better footwork, and faster reaction time.”

In the course of my conversation with Hailey, I saw why she is a fan of World Boxing Champion David Benavidez.

In an interview with www.fightmatrix.com, Pennington said, “ I’m a huge David Benavidez fan. I think he’s very creative and unorthodox, he’s a dawg. His mindset is unbeatable.”

Hailey is neither a one-trick pony nor a one-dimensional professional athlete, she picks up and absorbs bits and pieces from other professional boxers and adds them into her arsenal with a twist.

Personally, I like professional combat sport athletes who are willing to tweak their style depending on who is

both beginners and seasoned athletes.

Meanwhile, the IronKids Swim-Run and Kids Run on March 1 will give young athletes their moment to shine. The action-packed weekend will also feature the Princesa Run on February 28, a women-focused fitness event drawing over 300 participants.

Athletes from Australia, New Zealand, China, France, South Africa, the US, UK, Singapore, Taiwan, and Hong Kong will be among those competing for podium finishes. However, contenders from traditional powerhouse triathlon nations like Switzerland, Spain, Austria, Italy, Japan, and the Netherlands could shake up the leaderboard.

in front of them.

If the opponent likes to fight up close like in a phone booth then you work on your footwork to make sure you don’t get trapped in any of the four corners of the ring and that you stay away from the ropes keeping the fighting in the center of the ring where you can either box from a distance or get down and dirty with them as long as it is in the center of the ring.

According to www.womensboxing.com, “As a gym owner and coach, Hailey now trains her own team of fighters, striving to grow the boxing community in her area and teach others the sport. She’s particularly motivated by the many girls in her gym, who inspire her in their own unique ways.

Hailey aims to be a role model for these young athletes, hoping to one day inspire many others.

Boxing has given her a sense of purpose, discipline, and meaning in her life, and she encourages others to try the sport as well.”

Sky’s the limit of Hailey...doesn’t matter from which perspective.