WHILE the lower February inflation print fueled expectations of the Bangko Sentral ng Pilipinas (BSP) reducing key policy rates, inflationary pressures from higher “Trumphian” tariffs loom.
In a commentary by New York-based think tank GlobalSource Partners, country analyst Diwa Guinigundo warned that some precaution is “critical” for the central bank in considering to resume easing its monetary policy stance.
“We cannot dismiss the brewing price pressures in the US as a result of the Trumphian higher tariff [more expensive imports], tax cuts [more spending] and strict immigration policies [higher labor costs]. They are all potentially inflationary,” Guinigundo said. Inflation eased to 2.1 percent in February 2025, down from 2.9 percent in January 2025 and 3.4 percent in February 2024. It is also the lowest recorded inflation rate since September 2024’s See “Inflation,” A2
PHILIPPINE -BASED Ecommerce platforms are forced to source goods from other markets because the current infrastructure design in the country does not bridge e-commerce sellers with local manufacturers, according to Ecommerce experts. “There are manufacturers in different locations that we don’t have access to that can sell cheaper products, cheaper raw materials. Currently, our infrastructure in the Philippines is not designed to make
DESPITE the “adequacy” of the Philippines’s gross international reserves (GIR), the current level is “hardly reassuring” due to global uncertainties and ongoing fiscal consolidation challenges, according to an economist.
Latest data from the Bangko Sentral ng Pilipinas (BSP) showed the country’s GIR increased to $106.650 billion in February 2025 from $103.271 billion in January 2025.
This is a reversal from the 3.04-percent contraction in January 2025 from the $106.3 billion posted at the end of December 2024.
“The latest GIR level represents
a more than adequate external liquidity buffer equivalent to 7.5 months’ worth of imports of goods and payments of services and primary income,” the BSP said.
The GIR is seen to be adequate if it can finance at least threemonths’ worth of the country’s imports of goods and payments of services and primary income.
However, Ateneo de Manila University economist Leonardo A. Lanzona pointed out that the GIR level in February simply restores the situation at the start of the year.
“In the light of current uncertainties, including the continued challenges in fiscal consolidation, the observed increase in GIR is
hardly reassuring,” Lanzona told BusinessMirror With high debt repayments scheduled in the 2025 budget and priority projects such as in education and social security remaining unappropriated, the government, Lanzona said, may tap the reserves to secure funding.
“[The] government needs to look for funds to satisfy these needs. If it is not able to do so, they would likely reduce the GIR,” he said. The country’s external position should instead be boosted by reforms that increase economic activity, especially in trade and domestic production, and not just by prudent fiscal management, Lanzona added.
Moreover, the current GIR level is also about 3.8 times the country’s short-term external debt based on residual maturity. Short-term debt based on residual maturity refers to outstanding external debt with an original maturity of one year or less, including principal payments on mediumand long-term loans of the public and private sectors falling due within the next 12 months. The government’s net foreign currency deposits with the BSP, proceeds from the issuance of global bonds and gains from gold holdings and overseas investments increased the GIR level in February, the BSP said.
TARIFFS
our manufacturers, our suppliers successful. So a lot of the e-commerce platforms get their supplies from different countries,” Ken Layug, Senior Vice President for Operations at IntouchCX, a global BPO firm, said at the recent forum:, “Looking Ahead: Philippines 2025 How Geopolitics Will Affect Business.” Layug continued: “I think it would be best if the empowerment of the government goes to the different local manufacturers, local suppliers,
THE national government’s gross borrowings hit P2.564 trillion in 2024, with a greater reliance on domestic debt to mitigate foreign exchange risks while financing the fiscal deficit.
Latest data from the Bureau of the Treasury (BTr) showed the government’s gross borrowings rose by 16.92 percent to P2.564 trillion in 2024 from P2.193 trillion in 2023. This is slightly lower than the P2.570-trillion programmed borrowings for the year. About P1.924 trillion was targeted to be borrowed domestically while P646.084 trillion will be
sourced externally.
While the government’s bor rowings in 2024 were within the programmed amount, Sun Life In vestment Management and Trust Corporation (SLIMTC) President Michael Gerard D. Enriquez told reporters recently that the govern ment might increase borrowings in 2025.
This would depend on the gov ernment’s success in tax collec tions and expense mitigation mea sures, according to Enriquez. However, if the government bor rows more to plug the fiscal deficit, it could put upward pressure on interest rates, especially for long-
The country’s gold reserves amounted to $12.049 billion in February 2025, up from $11.751 billion in January 2025 amid recent global market volatility.
Special drawing rights held by the Philippines also increased to $3.737 billion in January 2025 from $3.731 billion in the previous month.
Reserves in the form of foreign investments were higher at $89.406 billion from $86.368 billion. Foreign currency deposits also jumped to $786.5 million from last month’s $748.2 million.
The level of GIR, as of a particular period, is considered adequate if it provides at least 100 percent cover for the payment of the country’s foreign liabilities, public and private, falling due within the immediate 12-month period.
In the coming months, the GIR may remain supported by sustained overseas Filipino workers’ remittances, business process outsourcing revenues, exports, recovering foreign tourism and continued foreign direct and portfolio investments, according to Rizal Commercial Banking Corporation Chief Economist Michael L. Ricafort.
“Still relatively high GIR may further strengthen the country’s external position, which in turn, fundamentally supports the country’s favorable credit ratings as seen recently,” Ricafort added.
Meanwhile, the net international reserves increased by $3.4 billion to $106.6 billion as of end-February 2025 from the end-January 2025 level of $103.2 billion.
Reine Juvierre S. Alberto
NCR construction costs flat in Feb amid mixed trends
By Bless Aubrey Ogerio
CONSTRUCTION material
prices in Metro Manila remained unchanged in February as varying cost movements across commodity groups balanced out, according to the Philippine Statistics Authority (PSA).
The Construction Materials Wholesale Price Index in the National Capital Region (NCR) posted a zero percent year-on-year change in February 2025 after a 0.1-percent increase in January and a 1-percent rise in the same month in 2024.
The structural steel index saw a steeper annual decline of 1.5 percent in February 2025, accelerating from a 0.9-percent drop in January. Meanwhile, doors, jambs and steel casement decreased to 0.5 percent from 0.6 percent; electrical works slipped to 0.2 percent from 0.3 percent; and painting works dipped to 1.0 percent from 1.1 percent. On the other hand, hardware rose to 0.2 percent from 0.1 percent, while tileworks climbed to 1.1 percent from
0.8 percent. Plumbing fixtures and accessories/waterworks inched up to 0.8 percent from 0.7 percent.
The index of PVC pipes also registered an annual increase of 0.1 percent in February 2025, reversing from a 0.1 percent decline in the previous month.
Cement improved to -1.0 percent from -1.1 percent and reinforcing steel narrowed to -0.1 percent from -0.3 percent. Fuels and lubricants softened to -3.3 percent from -3.4 percent.
“The indices for the rest of the commodity groups either retained their respective previous month’s annual growth rates or had zero percent annual rates in February 2025,” PSA said.
DFA welcomes reset of pre-enrollment for internet voting of OFWs
THE Department of Foreign Affairs has welcomed the decision of the Commission on Elections to postpone the start of the pre-enrollment for 1.2 million overseas Filipinos wishing to cast their vote via internet.
The Comelec had earlier scheduled March 10 until March 20, 2025, as the pre-enrollment period for overseas absentee voters to register for internet voting.
The new pre-enrollment schedule is reset to March 20-May 7.
“The Commission’s decision to move the schedule of the pre-enrollment is proof of its commitment to safeguard the integrity of elections overseas,” the DFA said in a statement.
This May 2025 mid-term elections is supposed to be the first time that overseas Filipinos can vote via the internet in select posts. Comelec only started testing the Overseas Voting and Counting System (OVCS) Saturday. An international certifier needs to verify if the counting machine passes the certification re -
NG…
term debt, Enriquez added.
“The government should continue to be diligent in ensuring that they plug all the leakages [and] expenditures. Our recent budget was quite a bit controversial,” Enriquez noted.
The government’s debt, broken down, consisted mostly of domestic borrowings—75 percent of the total—while 25 percent came from external sources.
Domestic borrowings grew by 14.69 percent to P1.923 trillion in 2024 from P1.634 trillion in 2023.
Most of the domestic debt came from the issuance of fixed-rate Treasury bonds worth P1.114 trillion, which decreased by 5.24 percent from last year’s P1.175 trillion.
On the contrary, funds raised through retail Treasury bonds more than doubled to P584.861 billion in 2024 from P252.091 billion in 2023.
Borrowings through Treasury bills also nearly doubled to P224.276 billion in 2024 from P119.531 billion in the previous year.
The government has not issued any retail onshore dollar bonds since October 2023 and tokenized bonds since November 2023.
External borrowings
MEANWHILE, external borrowings reached P641.171 billion, 14.69 percent higher than the P559.035 billion the government took a year ago.
The bulk, or P271.343 billion came
quirements under Election Automation Law of 2007.
See related story in Second Front Page, A12, “Comelec hopes to secure AES clearance by end-March.”
“The Department hopes Comelec’s decision for postponement shall enable it to ensure that the OVCS passes all the testing and certification required by Republic Act 9369, the Election Automation Law of 2007, prior to its launch,” the DFA said.
The DFA has been the implementing arm of the Comelec in the past national elections for overseas absentee voting.
“The Department, for its part, is ready to implement the OVCS upon Comelec’s direction, and remains resolute and committed to fulfilling its mandate of administering the vote to registered Filipino overseas voters during the overseas voting period from April 13 to May 12, 2025,” it added.
Malou Talosig-Bartolome
from program loans. This was followed by the issuance of global bonds amounting to P256.235 billion and project loans at P113.593 billion.
Program loans and global bonds increased in 2024, compared to the P204.279 billion and P163.607 billion borrowed respectively in 2023. Meanwhile, project loans decreased last year.
The government jacked up its borrowings in January this year, raising almost one-fifth of the government’s financing program for 2025, amid market uncertainty.
“There is still that room for the government to wait a bit because of lower rates moving forward,” Enriquez said.
The rise in 10-year US Treasury rates previously pushed long-term borrowing costs higher, but with rates now going down, Enriquez said the government is monitoring the right time to lock in lower rates for long-term borrowings.
For December alone, the government raised a total of P69.774 billion. Foreign financiers loaned P58.759 billion while P11.015 billion were obtained from domestic sources.
This year, the government aims to borrow a total of P2.545 trillion, following an 80:20 mix in favor of local sources.
The government’s outstanding debt reached a new record high of P16.312 trillion as peso depreciation continued to weigh on financial obligations. Reine Juvierre S. Alberto
Meanwhile, if inflation in the United States rises, Guinigundo said the US Federal Reserve would be more careful in cutting interest rates. This could lead to a narrowed interest rate differential should the BSP cut rates twice this year.
“Any reduction in interest rate differential with the US could trigger capital flows and weakness in the peso,” Guinigundo said.
Canada has retaliated against Trump’s trade war, which would slap a 10-percent tariff on some $114 billion worth of oil and petroleum products. Since the energy systems of the US and Canada are closely linked, Guinigundo said it would be selfdefeating for the US to have imposed such a tariff on Canadian fuel.
“We can only surmise that domestic inflation in the US could indeed act up again, and the global oil markets may also be disturbed,” he added.
Nomura projection
MEANWHILE , Japanese investment bank Nomura expects an additional 75-basis point reduction in key policy rates, delivered in April, August and December.
“BSP still assesses the passthrough from weakening FX as limited and has ample FX reserves to intervene and stem currency volatility, and we think it will maintain a laissez-faire approach to FX policy,” Nomura said.
For this year, it expects inflation to settle at 2.7 percent, well within the BSP’s 2 to 4 percent inflation target range.
“The output gap remains negative, and the impact of lower rice import tariffs on food inflation, in addition to more supply-side measures of the government, should keep inflation in check,” Nomura said in a commentary.
The central bank appears to be comfortable with the inflation outlook after leaving the policy rate unchanged while reducing the banks’ reserve requirement ratio by 200 basis points in February, Nomura added.
Metrobank Research
MEANWHILE , Metrobank Research revised its 2025 full-year inflation forecast to 3.1 percent from 3.4 percent previously.
The latest inflation print suggests a general slowdown in prices, Metrobank Research said, adding that this trend is expected to continue throughout the year, supported by the Department of Agriculture’s food security measures and agricultural recovery from past weather events.
While pork prices remain an upside risk, the expected decline in rice inflation until August should help offset any price surges, it added.
“Moving forward, imported inflation is still expected to play a significant role as the impact of the peso’s depreciation to inflation is expected to surface. Higher import costs could potentially exacerbate local inflation,” it said.
and local providers of items. I think that should solve that problem.” He pointed out that e-commerce is diverse and it gives buyers access to global products.
Despite the vast array of products being offered through borderless transactions, the Philippines, Layug said, is not taking advantage of this online trade given the lack of infrastructure support for its local manufacturers.
“The products that we’re looking for that we let people buy when people go abroad, now we have access to that. It’s just one click. But I don’t think we have that support infrastructure in the Philippines for our manufacturers and suppli -
ers to produce those kinds of products,” added Layug.
For his part, Von Basa, President of the Philippine Ecommerce Association, said at the same forum that more than 90 percent of the products being sold in the e-commerce platforms are sourced from China.
“I don’t know if Shopee and Lazada are here, but what happens is when they open international sellers to get in the platforms, marami pong namamatay na mga sellers. ‘Yan po ang katotohanan [Many sellers fall by the wayside. That’s the hard truth],” the chief of the ecommerce industry group added. On the issue of not being
able to stand out in the global e-commerce landscape, Basa underscored that the problem in identifying the country’s branding lies not in the lack of creativity of Filipino minds but in the capability of the local manufacturing sector to distribute raw materials for businesses.
“We are the most creative ones. And we can create good brands. But it boils down to the problem of manufacturing. Why do I say so: where does most of the raw materials that we use come from? Mostly we do importation. Packaging, where do you get it from? We do importation. Manpower, it’s still expensive,” added Basa.
Legislator seeks probe of leases granted Chinese firms by LGUs
By Jovee Marie N. dela Cruz @joveemarie
THE lead chairman of the House of Representative’s Quad Committee and chairman of the House Dangerous Drugs panel, has called on Malacañang to investigate the alleged lease grants issued by certain local governments (LGUs) to at least 85 Chineseowned companies in the coastal towns of Bataan, Zambales, and Pangasinan.
These companies, Surigao del Sur Rep. Robert Ace Barbers said, are “operating under unclear business ventures, have reportedly displaced local fishermen from their livelihood.”
Barbers disclosed that he has received credible information from fishermen in the affected areas about the suspicious activities of these Chinese-owned companies.
Barbers’ appeal follows the Palace’s recent directive to investigate allegations involving arrested Chinese spies—Wang Ingyi, Wu Jaren, Cai Shaohuang, and Chen Haitao—who reportedly donated 10 Chinese-made motorcycles worth approximately $2,500 or P144,800 each to the Manila Police.
Reports also indicate that in July 2022, Wang was seen in a Shandong ACFROC social media post handing over a P500,000 check labeled as a “poverty alleviation bursary” to the mayor of Tarlac City and the local police force.
Barbers pointed out that these “Chinese spies-invaders” appear to be following the same illicit business patterns as banned Philippine Offshore Gaming Operators (Pogos), using bribery and influence over law enforcement and local officials to facilitate their activities without scrutiny.
Aside from investigating the Chinese spy donations in Manila, Barbers urged the Palace to investigate the legal basis and protocols used by local governments in Zambales, Bataan, and Pangasinan in granting these leases to Chinese entities.
‘Take active role in defending territory’
AMID escalating tensions at the West Philippine Sea, the leader of the House of Representatives has urged Filipinos to take an active role in defending the nation’s maritime territory.
With increasing incursions by Chinese ships and disinformation campaigns claiming Palawan “is part of China,” Speaker Ferdinand Martin G. Romualdez called on the citizens to volunteer for the Coast Guard Auxiliary (PCGA) and stand united in protecting Philippine sovereignty.
“This is not the time to remain passive. Every day, foreign entities attempt to claim our waters. If we don’t take action, who else will defend us?” Romualdez, who was recently promoted to the rank of Auxiliary Vice Admiral of
the Philippine Coast Guard, said. Tensions have risen sharply, with the Chinese Coast Guard recently attempting to obstruct a Philippine civilian boat delivering supplies to BRP Sierra Madre at Second Thomas Shoal. Filipino fishermen continue to face harassment, while Chinese militia vessels maintain an aggressive presence in Philippine waters.
“No foreign nation has the right to block our soldiers, fishermen, or fellow citizens in our own seas. We will not surrender out of fear or external pressures. The West Philippine Sea belongs to us—not just on paper, but in reality,” Romualdez asserted.
He warned that China’s strategy involves both military aggression at sea and digital propaganda on land, aiming to weaken national resistance and divide Filipinos.
“They are not only using ships but also the internet to manipulate us. One day, we might wake up to the false narrative that Palawan is no longer ours. We will not allow this to happen,” he stressed.
Join PCGA THE Speaker highlighted that protecting the country’s territorial integrity is not solely the responsibility of the military. He noted that the PCGA offers an opportunity for civilians to contribute to national defense, maritime security, environmental protection, and disaster response.
PCGA volunteers assist in search-and-rescue missions, coastal cleanups, and marine biodiversity conservation. They also help educate local communities on maritime safety and monitor illegal activities at sea. In times of natural disasters, PCGA members provide critical manpower for relief operations and emergency evacuations.
“Serving the nation is not exclusive to those in uniform. We all have a role to play. By joining the PCGA, we strengthen our defenses and broaden our watch over our seas,” Romualdez said.
The PCGA welcomes Filipino citizens aged 18 and above, including those with backgrounds in maritime affairs, environmental conservation, and public safety. Applicants must fulfill basic requirements such as submitting an application form, photographs, and attending an orientation seminar.
Those in Metro Manila may reach out to the 109th PCGA Squadron Office in Sta. Cruz, Manila, or the Coast Guard Auxiliary District NCR-Central Luzon in Pasay City.
Romualdez expressed confidence that Filipinos would heed this call, citing a recent Social Weather Stations (SWS) survey commissioned by Stratbase Group.
The survey found that 77 percent of Filipinos support strengthening national defense through international alliances, joint patrols, and military exercises.
BI, cops rearrest Korean escapee; nab another one
TBy Joel R. San Juan @jrsanjuan1573
HE Bureau of Immigration
(BI) on Sunday announced the re-arrest of highprofile South Korean fugitive Na Ikhyeon who managed to escape from his escort after attending a a hearing for an estafa case at the Quezon City Prosecutor’s Office last March 4.
Na’s rearrest came with a bonus as he was found in the company of another Korean who is also wanted for fraud in South Korea.
Immigration Commissioner
Joel Viado said Na was found hiding in a residential area in baragay Pampang, Angeles City by agents
of the BI’s Fugitive Search Unit and Intelligence Division, who raided the house in coordination with the City Intelligence Unit, Police Station 4 of Angeles City, the Regional Special Operations Unit of the Central Luzon Police Command, the Natioal PoliceIntelligence Group, and the Naval Intelligence and Security GroupNorthern Luzon at around 5:30 a.m. on Sunday.
Arrested along with Na was another South Korean identified as Kang Changbeom.
Kang, the BI said, was the one who aided Na’s escape with the alleged connivance of three BI personnel who were assigned to escort the latter.
Further verification with the Korean National Police Agency confirmed that like Na, Kang is also wanted for fraud in South Korea.
Both fugitives will be transferred to the BI detention facility inside Camp Bagong Diwa in Taguig City.
“Given their escape attempt, special arrangements will be made to ensure heightened security, as they are now tagged as high-risk detainees with intent to escape,” Viado said.
The BI said it would move for the immediate dismissal of the estafa case against Na so he could be deported immediately to his home country to face trial for fraud.
Meanwhile, the BI announced that it had immediately dismissed two contractual employees following the incident while the case of the permanent employee was elevated to the Department of Justice (DOJ).
On Friday, Justice Secretary Jesus Crispin Remulla ordered the dismissal of the third employee involved in the escape. The three, according to the BI,were found to have facilitated Na’s escape, as evidenced by CCTV footage.
Aside from the termination of their employment, Viado said the three are also facing criminal charges for infidelity in the custody of a prisoner.
House seeks space for its prosecutors at Senate building
THE House of Representatives has officially requested the Senate to allocate a workspace for the Public Prosecution Panel in preparation for the impeachment trial of Vice President Sara Duterte.
In a letter dated March 5, House Secretary General Reginald S. Velasco urged Senate President Francis Escudero to designate an area within the Senate building that would serve as a holding and work space for the House prosecutors and the House Secretariat Support Group (SSG) throughout the trial.
“On behalf of the House of Representatives Public Prosecution Panel, may I humbly request the assignment of a room in the Senate
that will be utilized as a work and holding area for the Public Prosecutors and the House of Representatives Secretariat Support Group [SSG] for the duration of the impeachment trial of Vice President Sara Z. Duterte,” Velasco wrote.
The House official further requested an inspection of the designated room to ensure it meets the needs of the prosecution team.
“We request that we be allowed to conduct an ocular inspection on March 11, 2025 of the room to be assigned to determine how it will be set up to provide a comfortable and convenient working environment for the Public Prosecutors and the SSG,” he added.
The Senate formally received the letter on March 6.
This request comes as the House of Representatives moves forward with its role in the impeachment trial, following the transmittal of the Articles of Impeachment against VP Duterte in February.
Speaker Ferdinand Martin G. Romualdez also acknowledged receipt of a separate letter from Escudero dated February 24 regarding the verified impeachment complaint and Senate preparations for the trial.
“In line with established procedures, I have forwarded your letter to the House prosecution panel for their appropriate comment and action,” Romualdez said in a letter dated March 3.
Romualdez assured the Senate that the House is committed to
PHL aims to fortify agri trade ties with
By Ada Pelonia @adapelonia
THE Department of Agriculture (DA) said it is keen on forging bilateral trade and investment agreements with Thailand to increase the country’s food output.
Agriculture Secretary Francisco Tiu Laurel Jr. recently led a DA delegation to Thailand, where they discussed bilateral trade opportunities and potential Thai investments in the Philippine agriculture sector with Thai counterparts and the private sector.
The agency said executives from Charoen Pokphand Foods PLC (CPF) told Laurel of the Philippines’ potential as a food hub.
He said the Thai food and agriindustrial giant revealed plans to establish a food processing facility and distribution network in the Philippines within the next three years.
The DA delegation toured CPF’s
PHL moves to boost defense ties with UK, Canada amid Trump uncertainty
By Malou Talosig-Bartolome
THE Philippines is working double time to bolster defense ties with the United Kingdom and Canada amid the uncertainty of the Philippine-US alliance under the Trump 2.0 presidency.
The Philippines and Canada concluded negotiations for a Status of Visiting Forces Agreement (SOVFA), via hybrid meetings and consultations. British Foreign Minister David Lammy also visited Manila Saturday and discussed with his Philippine counterpart Enrique Manalo two possible bilateral defense agreements, including a SOVFA.
SOVFA with Canada and UK THE Philippines has signed separate
bilateral umbrella defense pacts with Canada and UK last year. The memoranda of understanding provided the framework for the three countries to commit to further cooperate on training and other capacitybuilding for their respective militaries.
On March 7, Canada and Philippine defense departments announced that they have reinforced the MOU with the conclusion of the negotiations for a SOVFA. Once signed and ratified by both sides, SOVFA would allow more Canadian troops to visit the Philippines and hold joint exercises. It provides the Canadian soldiers staying in the Philippines limited immunity from criminal or civil liability if they violated laws while performing their official duties.
At this time, Canada limits its deployment of ships and aircrafts to the Philippines for
occasional port calls and joint exercises.
On March 8, the top diplomats of the United Kingdom and Philippine signed the Philippines-UK Joint Framework—another step forward from the enhanced partnership deal they signed in 2021 to improve on defense and other areas of cooperation. Both also agreed to work on a few agreements such as the implementing agreement under the 2024 MOU on Defense Cooperation, and an MOU on information sharing concerning improving our maritime domain awareness.
Asked if the Philippines and UK will start negotiating for a SOVFA, Manalo replied, “It’s still a possibility. It’s a general thought. Nothing is firm yet. But certainly, that could be something in the horizon.”
In his remarks, Lammy said the world is
Nong Chok factory, which processes 70,000 metric tons (MT) of food products, including fillets, ready meals, hams, and sausages, largely for export to Europe. Delegates also visited CPF’s Makro, a well-known wholesale retailer in Thailand.
Meanwhile, the DA chief communicated to his Thai counterpart, Minister Narumon Pinyosinwat, the Philippines’ openness to sourcing more farm products like rice, vegetables, poultry, and pork from Thailand in his visit to the Ministry of Agriculture and Cooperatives.
For her part, Pinyosinwat expressed Thailand’s interest in exporting longan and poultry meat to the Philippines.
The agriculture chief then highlighted the Philippines’ aim to export Hass avocados and processed meats to the Southeast Asian nation.
“We hope this recent visit will lead to greater trade between Manila and Bangkok, as well as more
seeing a lot of “global volatility.”
“For me to come to the Philippines off the back of a trip that I made to Japan, to come to countries where we see the world through the same eyes, we’re aligned in our approach— there is so much that we can continue to do together,” Lammy added.
Manalo said he and Lammy agreed to continue the participation and exchanges in joint military exercises and maritime patrols, as well as port calls of British naval vessels.
Last year, HMS Spey, an offshore patrol vessel of the Royal Navy, visited the Philippines twice.
Energy, other economic cooperation with UK
MANALO said that since the Philippine-UK Enhanced Partnership was launched in 2021, the total bilateral trade has grown to £2.9 billion in recent years.
Thailand–DA
Thai investments in the Philippine agricultural sector,” Laurel said in a statement.
“Thailand, a major rice exporter, offers many lessons in agricultural efficiency and food product exports to Europe.”
Agri projects
The DA team also visited various Thai agricultural projects to observe sustainable farming practices and strengthen knowledge exchange.
For one, the delegation examined the Bio-Circular-Green Economy model at the Cassava Collaborative Farm in Wang Muang, Saraburi. This model emphasized resource maximization, sustainable practices, and technological innovation, wherein a collaborative committee at the farm ensures product quality through strict management practices.
ensure that the proceedings are conducted fairly and in accordance with the Constitution.
“The House of Representatives trusts that the proceedings will be conducted with fairness, impartiality, and strict adherence to the provisions of the Constitution,” Romualdez said.
The Speaker also emphasized the importance of maintaining coordination between both chambers of Congress to ensure a smooth and transparent impeachment process.
“We appreciate your commitment to ensuring an orderly and transparent process and will remain in coordination as we fulfill our respective mandates,” he added.
At the Asian Institute of Technology’s Smart Greenhouse, the delegation observed advanced climate control systems designed to optimize crop yield.
“Potential collaborations were discussed regarding climate-resilient structures, crop varietal development, and sustainable agricultural and fisheries research,” the DA said.
The delegation also looked into major food and agricultural wholesale and retail markets, including Or Tor Kor, Simummuang, and Talaad Thai, which serve as crucial hubs in the Southeast Asian nation’s agricultural supply chain, distributing fresh produce domestically and internationally.
“The visit to these markets provided the delegation with ideas to incorporate in the improvement plans for food terminals in the Philippines.”
The team also visited an asparagus farm in Nakhon Pathom, where efficient irrigation systems, contract farming practices, and effective implementation of farming and product standards resulted in increased yields and higher income. This farm exports asparagus to Taiwan.
The UK is among the Philippines’ top investment partners led by British firms
Unilever, Shell, HSBC, Standard Chartered, and AstraZeneca. Lately, solar projects from UK worth more than US$600-million added to the UK investment portfolio.
Manalo said the Philippines is committed to maximize the potential of UK renewable investments in the field of offshore wind farms.
Later this month, the first PH-UK Joint Economic Committee (JETCO) meeting will commence in London, upgrading the economic cooperation dialogue both have been conducting the past years.
Aside from renewable energy, JETCO also aims to develop cooperation in infrastructure development and agriculture.
The Philippines and UK are also negotiating an agreement on financing climate change adaptation and resilience projects that may also involve local governments and business communities. Other agreements in the pipeline are on financial cooperation, defense and security, ICT and maritime. Manalo said the financial cooperation agreement will unlock a £5.2 billion credit facility for the Philippines through the UK Export Finance, on 15 key sectors including agriculture, transportation, ICT, water sanitation, and health. These deals will likely be discussed later this year during the sectoral dialogue meeting. Aside from financial cooperation, a dialogue between UK and the Philippines on the sectors on defense, maritime, climate and environment is also on the table later this year. Aside from these new initiatives, Manalo and Lammy agreed to sustain cooperation on human rights, maritime and economic resilience.
DOE sets separate auctions for biomass, WTE projects
By lenie Lectura @llectura
THE Department of Energy (DOE) will conduct a separate green energy auction for biomass and waste-to-energy (WTE) technologies in hopes there will be interested renewable energy (RE) developers this time.
Under the proposed GEA-4.1, which covers WTE and biomass projects, the agency is targeting to make this happen within the year.
program. For the option bid, which is quite challenging as well, because of the huge investment and the capacity that will be built, we’re now doing a study. We’re seeking advice from various experts on how to develop the terms of reference for the option bid projects,” said Energy Assistant Secretary Mylene Capongcol during the Association of International Energy Negotiators (AIEN) Asia Chapter event held last week.
Capongcol presented the opportunities in the Philippines RE sector.
auction covered pumped-storage hydro, impounding hydro, and geothermal.
GEA-4 auction, meanwhile, has yet to happen. The DOE is targeting to release the terms of reference for the Integrated RE and Energy Storage System (Iress) anytime soon.
GEA-5, which covers offshore wind (OSW) projects is also targeted to happen this year. The target issuance of terms of reference is in the second quarter while auction is likely to happen in July.
A“If you notice, GEA 4 does not have waste-to-energy and biomass because, based on our consultation, the price of the levelized cost of producing biomass and waste-to-energy are quite high. So, we’re looking at options on how to find out the cost of this technology. That is why, there’s a study that is now being done at our biomass group.
During the GEA2 in 2023, the DOE received bids equivalent to only 3,580.73 megawatts (mW) out of the 11,600mW in RE capacity offers. However, there were no offers received for biomass and WTE.
“Hopefully, within a year, we will be able to conduct the auction
GEA 3 auction was conducted last month, with an offered capacity of 7,500MW, exceeding the installation target of 4,650 mW. The
DOLE recommends flexible work hours as heat intensifies
By Justine Xyrah Garcia
THE Department of Labor and Employment (DOLE)
is recommending flexible work schedules for employees exposed to extreme heat, particularly in high-risk industries like construction.
The proposal suggests shifting work hours earlier in the day, from 6 AM to 11 AM, and resuming from 2 PM to 6 PM to minimize exposure to the intense midday sun.
“We encourage outdoor workers and those exposed to intense heat to shift their work hours where possible. The goal is to avoid working under the harsh sun between 11 AM and 12 noon,” Bureau of Working Conditions
Director Alvin B. Curada said in
an interview on Friday.
Curada“We are closely monitoring the construction industry because we understand that workers in this sector are constantly exposed to the sun. That’s why our labor inspectors are also out in the field, checking whether they are being provided with personal protective equipment,” he explained.
For jobs where avoiding extreme heat is impossible, DOLE recommends implementing 30-minute heat breaks every two to three hours and adopting a buddy system to monitor workers’ well-being.
Curada also acknowledged that heat-related risks are not limited to outdoor workers. Employers in enclosed spaces—such as factories—should ensure proper ventilation to prevent heat-related
illnesses.
He explained that even air-conditioned workplaces may need adjustments, such as changes in work hours or arrangement, if possible, to reduce exposure to heat during commutes.
“Employers should discuss what adjustments can be made, which units or divisions can work from home, and set clear criteria on who qualifies and for how long,” the labor director added.
Curada assured the public that DOLE has been ramping up its advocacy efforts to remind employers to implement these mitigating measures.
He also cited Labor Advisory 8, issued by Labor Secretary Bienvenido E. Laguesma in 2023, which directs companies to assess risks faced by workers, par -
“For GEA 5, what we’re doing is the front runners. Those that have advanced activities as the first possible participants to the auction, which we hope to do it within the year,” said Capongcol.
The GEA program is designed to help the Philippines achieve its RE goal which is to increase the RE share of the power generation mix to 35 percent by 2030 and 50 percent by 2040.
ticularly those with comorbidities and those working under direct sunlight.
Beyond recommendations, companies that fail to comply with workplace safety regulations could face penalties under Department Order 198.
“For those in the construction industry, not providing personal protective equipment could result in a fine of around P50,000 per day and many other penalties,” Curada warned.
Under DO 198, penalties for workplace safety violations range from P20,000 to P50,000 per violation, depending on the offense.
These include failure to register establishments, provide job safety training, medical facilities, safety officers, protective equipment, and comply with other Occupational Safety and Health standards.
Workers experiencing unsafe conditions or wishing to report violations can file complaints with DOLE through hotline 1349 or by visiting the department’s regional and field offices.
Ecop warns vs ‘blanket safety policies’ on firms, schools to mitigate heat effects
By Andrea San Juan @andreasanjuan
THE head of the employers group in the Philippines has warned against imposing “blanket coverage” of safety policies on companies and schools amid the extreme heat, saying this could lead to lost opportunities for companies to earn and for students to learn.
In a statement issued over the weekend by Philexport, Sergio R. Ortiz-Luis, the president of the Employers Confederation of the Philippines (Ecop) underscored that companies and schools should be allowed to implement their own health and safety plans and measures for summer instead of imposing advisories on everyone.
“Napakadaling mag-suggest ng ganyang ‘fit all’… [pero] kailangan lang mag-ingat, tuluy-tuloy ang advisory…
huwag mag-overreact,” said Ortiz-Luis. He said imposing temporary school and company closures owing to the summer heat can lead to lost opportunities for companies to earn and for students to learn.
What can be done, Ortiz-Luis said, is to issue simple advisories and allow companies to implement “common sense” steps, such as making sure there is proper ventilation in the workplace and watzwer is always available for employees and students for “sufficient” hydration.
“Meron ba namang mga kumpanya na gusto nilang may madisgrasya sa kanila dahil sa heat? Kanya-kanyang ingat at tuluy-tuloy lang advisory…hindi iyong gagawakangregulasyonna[fit all]… Iba-iba ang sitwasyon. Merong mga lugar na airconditioned yung eskwelahan nila. Gagawa ka ng covered lahat eh sayang naman yung oras ng mga estudyante na nawawala dahil
sa overreaction or overkill na sina-suggest,” Ortiz-Luis added head of the Employers group in the country emphasized.
He said schools and companies know better on what they should do amid extreme heat during summer season.
In Monday last week, Malacañang said a new interagency action plan is in place to respond to the effects of soaring heat indexes which reached “dangerous” levels and prompted a suspension of classes in at least eight local governments.
Palace Press Officer Clarissa Castro made the assurance in a briefing with Palace reporters after the Philippine Atmospheric, Geophysical, and Astronomical Services Administration (Pagasa) reported areas in Quezon City and Pampanga reached 46 Celsius, a level within danger classification of its head index. According to the Department of
DMW set to sign labor pact with Slovenia
By Samuel P. Medenilla @sam_medenilla
TSENIOR member of the Committee on Information and Communications Technology of the House of Representatives has called on the Marcos administration to sustain the e-Gov PH, also known as the e-Government Philippines, a mobile application that streamlines transactions between 30 government agencies and the public amid reorganization in the Department of Information and Communications Technology (DICT).
Nueva Ecija Rep. Ria Vergara, in a statement, emphasized the importance of sustaining the e-Gov PH Super App, a key digital platform developed under the DICT’s e-Government Group.
She warned that ongoing leadership changes should not disrupt the progress made in streamlining government services through digital means.
“The launch of the e-Gov PH Super App marked a significant step forward in modernizing government services, offering a paperless, efficient, and convenient way for Filipinos to access essential services,” said Vergara. She stressed that the next DICT secretary must ensure the success and expansion of the app by strengthening the country’s IT infrastructure.
Last week, the Palace announced the resignation of Department of DICT Secretary Ivan John E. Uy.
“To ensure inclusivity, the government must provide stable, secure, and affordable internet access for all Filipinos. DICT can start by offering free internet services in government offices and public areas, ensuring that the marginalized sectors aren’t left behind,” Vergara said.
Developed under DICT’s eGovernment Group led by Undersecretary David Almirol, e-Gov PH Super App integrates multiple government services into a single platform, reducing the need for users to visit various websites or physical offices. This initiative has significantly improved processing times and efficiency across numerous government agencies. Just two years after its launch, Vergara said the DICT reported that approximately 30 national government agencies have been integrated into the platform, with ongoing efforts to onboard more. Vergara emphasized that digital initiatives such as the e-Gov PH Super App should be protected by ensuring continuity and stable leadership at the DICT. She also called on the government to recognize the app as a legacy project of the Marcos administration that must remain unaffected by leadership transitions.
“The Marcos administration needs to develop a clear transition plan, including knowledge transfer for ongoing projects. At the same time, it must appoint capable leaders committed to digital transformation,” Vergara added.
Italy eyes more Filipino seamen
By Bless Aubrey Ogerio
ITALY is increasingly looking to the Philippines as a source of maritime professionals owing to a shortage of skilled workers in its cruise industry, a diplomat said.
Education (DepEd) classes were suspended in Malabon, Las Piñas, Paranaque, Manila, Marikina (early dismissal for morning classes), and Pasay.
Meanwhile, in the cities of Valenzeula and Caloocan, only Kindergarten up to Senior High School public schools Public have declared the suspension of classes. San Juan City, on the other hand, will implement adjusted class schedules to protect students from extreme heat.
Mayor Francis Zamora has issued Executive Order FMZ-193, Series of 2025, implementing an adjusted class schedule for all public schools, including child development centers in the city. This measure will take effect starting March 4, 2025. (See: https://businessmirror. com.ph/2025/03/03/palace-craftsinteragency-action-plan-as-extremeheat-cancels-classes/)
“The industry is growing and there is a lack of manpower what to say in Europe across many European countries, but particularly in Italy,” Italian Ambassador to the Philippines Davide Giglio said during a reception marking the return of the Costa Serena cruise ship to Manila on March 6.
Giglio noted that the Philippines has become a key labor market for Italy’s cruise sector. “We will look at the Philippines increasingly as a country where we can recruit talented people, honest people committed to work and who are an example of successful integration in our country,” he added.
The Department of Migrant Workers (DMW) reported in 2023 that the Philippines deployed more than 500,000 seamen worldwide, the highest number on record. Meanwhile, a report from
US-based ManpowerGroup showed that Italy’s labor shortage rate stands at 75 percent, in line with global trends. Also, data from the Italian Marine Industry Association and the Edison Foundation indicated a 7 percent increase in employment in its marine industry, reaching 30,690 workers in 2023.
Magsaysay Maritime Corporation (MMC), the official human resource provider for Costa Cruises, welcomed Costa Serena’s return to Manila with an onboard reception. Visiting delegates toured the ship and met with Filipino crew members to gain insight into their working conditions.
MMC executive chairman Marlon Roño acknowledged the role of government support in facilitating the deployment of Filipino seamen, saying, “Thank you so much being for being here so you could understand how really the ship operate.”
Costa Serena’s stop in Manila is part of a five-day roundtrip cruise covering Manila, Keelung and Japan.
HE Department of Migrant Workers (DMW) is set to sign its first ever bilateral labor agreement with Slovenia, which will pave the way for the deployment of Filipino caregivers to the Central European country. In a news conference, Migrant Workers Undersecretary Patricia Yvonne M. Caunan announced the Memorandum of Understanding (MOU) with Slovenia is expected to be finalized this week.
in DMW, we will launch a government-to-government hiring program [with Slovenia] first for caregivers,” Caunan said in Filipino.
“We expect this will be discussed after the signing of the MOU with Slovenia,” she added.
“Actually, Slovenia and Philippines are already in talks. For us
Caunan noted among those, who are interested to participate in
the proposed program are former Filipino domestic workers, who were repatriated from Lebanon. They underwent skills training from the Technical Education and Skills Development Authority (Tesda) to become qualified caregivers.
Slovenia is among the new potential markets the DMW is eyeing for Filipinos who seek foreign employment. From 2023 to Octo -
ber 2024, only 40 workers were deployed by DMW in the said Central European country. In a related development, Caunan announced they are set to hold a job fair, which will feature almost 3,000 available positions like machine operators, welders, pipefitters, hotel workers, restaurant workers, and factory workers in Hungary. The vacancies offer starting
salaries ranging from 700 to 1,000 Euros (P43,379 to P61,970).
“Highlighting the PhilippinesHungary Friendship Week is our Hungary-exclusive job fair on March 11, 2025 from 10 in the morning to 4:00 p.m. at Robinson’s Galleria Level 3, Edsa Wing,” Caunan said. In its Facebook page, DMW announced all of the available slots for the event have been taken during the weekend.
International Women’s Day protests demand equal rights and an end to discrimination, sexual violence
By Mehmet Guzel & Andrew Wilks
The Associated Press
ISTANBUL—Women took to the streets of cities across Europe, Africa, South America and elsewhere to mark International Women’s Day with demands for ending inequality and gender-based violence.
On the Asian side of Istanbul, Turkey’s biggest city, a rally in Kadikoy saw members of dozens of women’s groups listen to speeches, dance and sing in the spring sunshine. The colorful protest was overseen by a large police presence, including officers in riot gear and a water cannon truck. The government of President Recep Tayyip Erdogan declared 2025 the Year of the Family. Protesters pushed back against the idea of women’s role being confined to marriage and motherhood, carrying banners reading “Family will not bind us to life” and “We will not be sacrificed to the family.”
Critics have accused the government of overseeing restrictions on women’s rights and not doing enough to tackle violence against women.
Erdogan in 2021 withdrew Turkey
from a European treaty, dubbed the Istanbul Convention, that protects women from domestic violence. Turkish rights group We Will Stop Femicides Platform says that 394 women were killed by men in 2024. “There is bullying at work, pressure from husbands and fathers at home and pressure from patriarchal society. We demand that this pressure be reduced even further,” Yaz Gulgun, 52, said.
Women across Europe and Africa march against discrimination
I N m any other European countries, women also protested against violence, for better access to genderspecific health care, equal pay and other issues in which they don’t get the same treatment as men.
In Poland, activists opened a center
across from the parliament building in Warsaw where women can go to have abortions with pills, either alone or with other women.
Opening the center on International Women’s Day across from the legislature was a symbolic challenge to authorities in the traditionally Roman Catholic nation, which has one of Europe’s most restrictive abortion laws.
From Athens to Madrid, Paris, Munich, Zurich and Belgrade and in many more cities across the continent, women marched to demand an end to
Israel to send delegation to Qatar to ‘advance’ Gaza ceasefire talks
By Wafaa Shurafa
The Associated Press
EIR AL-BALAH, Gaza Strip—
DIsrael said that it would send a delegation to Qatar on Monday “in an effort to advance the negotiations” around the ceasefire in Gaza, while Hamas reported “positive signals” in talks with Egyptian and Qatari mediators on starting negotiations on the truce’s delayed second phase.
The statement from Israeli Prime Minister Benjamin Netanyahu’s office gave no details except to say it had “accepted the invitation of US-backed mediators.” Hamas spokesman AbdelLatif al-Qanoua also gave no details. Talks on the second phase should have started a month ago.
There was no immediate comment from the White House, which on Wednesday made the surprise confirmation of direct US talks with Hamas. Over the past week, Israel has pressed Hamas to release half of the remaining hostages in return for an extension of the first phase, which ended last weekend, and a promise to negotiate a lasting truce. Hamas is believed to have 24 living hostages and the bodies of 35 others. Israel last weekend cut off all supplies to Gaza and its more than 2 million people as it pressed Hamas to agree. The militant group has said that the move would affect the remaining hostages as well.
The ceasefire has paused the
deadliest and most destructive fighting ever between Israel and Hamas, sparked by the Hamas-led attack on southern Israel on Oct. 7, 2023. The first phase allowed the return of 25 living hostages and the remains of eight others in exchange for the release of nearly 2,000 Palestinian prisoners.
Israeli forces have withdrawn to buffer zones inside Gaza, hundreds of thousands of displaced Palestinians have returned to northern Gaza for the first time since early in the war and hundreds of trucks of aid entered per day until Israel suspended supplies.
Before their weekly rally in Tel Aviv, relatives of hostages appealed to US President Donald Trump, who met with eight former hostages on Wednesday.
“Mr. President, a return to war means a death sentence for the living hostages left behind. Please, sir, do not allow Netanyahu to sacrifice them.” Muslim countries reject moving Palestinians from Gaza
A L SO o n Saturday, foreign ministers from Muslim nations rejected Trump’s calls to empty the Gaza Strip of its Palestinian population and backed a plan for an administrative committee to govern the territory to allow reconstruction to proceed.
The foreign ministers gathered in Saudi Arabia for a special session of the Organization of Islamic Cooperation to address the situation in Gaza.
The OIC has 57 nations with largely Muslim populations.
They supported a plan to rebuild Gaza put forward by Egypt and backed by Arab states, including Saudi Arabia and Jordan.
Without mentioning Trump, the ministers’ statement said that they rejected “plans aimed at displacing the Palestinian people individually or collectively … as ethnic cleansing, a grave violation of international law and a crime against humanity.”
They also condemned “policies of starvation” they said aim to push Palestinians to leave, a reference to Israel’s cutting off all supplies to Gaza.
Trump has called for Gaza’s population to be resettled elsewhere permanently, so that the United States can take over the territory and develop it for others. Palestinians have rejected calls to leave.
The ministers at the OIC gathering supported a proposal that an administrative committee replace Hamas in governing Gaza. The committee would work “under the umbrella” of the Palestinian Authority, based in the occupied West Bank. Israel has rejected the PA having any role in Gaza, but hasn’t put forward an alternative for postwar rule.
The foreign ministers of France, Germany, Italy and the United Kingdom said in a joint statement that they welcome the Arab initiative for a Gaza reconstruction plan, calling it “a realistic path.” They added that “Hamas must neither govern Gaza nor be a threat to Israel anymore,” and they support the central role for the PA.
Early Saturday, an Israeli strike killed two Palestinians in the southernmost city of Rafah, the Health Ministry there said. The Israeli military said that it struck several men who appeared to be flying a drone that entered Israel.
Israel’s military offensive has killed more than 48,000 Palestinians in Gaza, mostly women and children, according to Gaza’s Health Ministry, which doesn’t say how many of the dead were militants.
Hamas’ attack in October 2023 killed around 1,200 people, mostly civilians, inside Israel and took 251 people hostage. Most have been released in ceasefire agreements or other arrangements. The militants also hold the remains of a soldier killed in the 2014 war.
treatment as second-class citizens in society, politics, family and at work.
In Madrid, protesters held up big hand-drawn pictures depicting Gisele Pélicot, the woman who was drugged by her now ex-husband in France over the course of a decade so that she could be raped by dozens of men while unconscious. Pélicot has become a symbol for women all over Europe in the fight against sexual violence.
Thousands of women marched in the capital Skopje and several other cities in North Macedonia to raise
their voices for economic, political and social equality for women.
Organizers said only about 28 percent of women in the country own property and in rural areas only 5 percent, mostly widows, have property in their name. Only 18 out of 100 women surveyed in rural areas responded that their parents divided family property equally between the brother and sister. “The rest were gender discriminated against within their family,” they said.
In Nigeria’s capital, Lagos, thousands of women gathered at the Mobolaji Johnson Stadium, dancing and singing and celebrating their womanhood. Many were dressed in purple—the traditional color of the women’s liberation movement.
In Russia, the women’s day celebrations had a more official tone, with honor guard soldiers presenting yellow tulips to girls and women during a celebration in St. Petersburg.
German president warns of backlash against progress already made
I N B erlin, German President FrankWalter Steinmeier called for stronger efforts to achieve equality and warned against tendencies to roll back progress already made.
“Globally, we are seeing populist
parties trying to create the impression that equality is something like a fixed idea of progressive forces,” he said. He gave an example of “ large tech companies that have long prided themselves on their modernity and are now, at the behest of a new American administration, setting up diversity programs and raving about a new ‘masculine energy’ in companies and society.”
Marchers in South America denounce femicides
I N S outh America, some of the marches were organized by groups protesting the killings of women known as femicides.
Hundreds of women in Ecuador marched through the streets of Quito to steady drumbeats and held signs that opposed violence and the “patriarchal system.”
“Justice for our daughters!” some demonstrators yelled in support of women slain in recent years. In Bolivia, thousands of women began marching late Friday, with some scrawling graffiti on the walls of courthouses demanding that their rights be respected and denouncing impunity in femicides, with less than half of those cases reaching a sentencing. Kirsten Grieshaber contributed to this report from Berlin.
Pope Francis’ health improves, but remains hospitalized; Jubilee celebrations continue
By Nicole Winfield The Associated Press
ROME—Pope Francis continued his recovery from double pneumonia Sunday after doctors reported some positive news: After more than three weeks in the hospital, the 88-year-old pope is responding well to treatment and has shown a “gradual, slight improvement” in recent days.
In the early Sunday update, the Vatican said Francis was resting after a quiet night. For the fourth Sunday in a row, the pope will not appear for his weekly noon blessing, though the Vatican planned to distribute the text he would have delivered if he were well enough.
The Argentine pope, who has
chronic lung disease and had part of one lung removed as a young man, has remained stable, with no fever and good oxygen levels in his blood for several days, doctors reported in a Vatican statement Saturday.
The doctors said that such stability “as a consequence testifies to a good response to therapy.” It was the first time the doctors had reported that Francis was responding positively to the treatment for the complex lung infection that was diagnosed after he was hospitalized on February 14. But they kept his prognosis as “guarded,” meaning he’s not out of danger.
In his absence, the Vatican’s dayto-day operations continued alongside celebrations of its Holy Year, the
once-every-quarter-century Jubilee that brings millions of pilgrims to Rome. On Sunday, Canadian Cardinal Michael Czerny, who is close to Francis, celebrates the Holy Year Mass for volunteers that Francis was supposed to have celebrated.
Francis has been using high flows of supplemental oxygen to help him breathe during the day and a noninvasive mechanical ventilation mask at night. Francis was hospitalized February 14 for what was then just a bad case of bronchitis. The infection progressed into a complex respiratory tract infection and double pneumonia that has sidelined Francis for the longest period of his 12-year papacy and raised questions about the future.
Impeached Korean president released from prison as court allows trial for rebellion without detention
By Hyung-Jin Kim The Associated Press
SEOUL, South Korea—South Korea’s impeached conservative President Yoon Suk Yeol was released from prison on Saturday, a day after a Seoul court canceled his arrest to allow him to stand trial for rebellion without being detained.
After walking out of a detention center near Seoul, Yoon waved, clenched his fists and bowed deeply to his supporters who were shouting his name and waving South Korean and US flags. Yoon climbed into a black van headed to his presidential residence in Seoul.
In a statement distributed by his lawyers, Yoon said that he “appreciates the courage and decision by the Seoul Central District Court to correct illegality,” in an apparent reference to legal disputes over his arrest. He said he also thanks his supporters and asked those who are on hunger strike against his impeachment to end it. Yoon was arrested and indicted by prosecutors in January over his December 3 martial law decree that plunged the country into huge political turmoil. The liberal opposition-controlled National Assembly separately voted to impeach him, leading to his suspension from office.
The Constitutional Court has been de -
liberating whether to formally dismiss or reinstate Yoon. If the court upholds his impeachment, a national election will be held to find his successor within two months.
The Seoul Central District Court said Friday it accepted Yoon’s request to be released from prison, citing the need to address questions over the legality of the investigations on the president. Yoon’s lawyers have accused the investigative agency that detained him before his formal arrest of lacking legal authority to probe rebellion charges.
The Seoul court also said the legal period of his formal arrest expired before he was indicted.
Yoon’s release came after prosecutors decided not to appeal the decision by the Seoul court. South Korean law allows prosecutors to continue to hold a suspect while pursuing an appeal, even after his or her arrest is canceled by a court.
The main liberal opposition Democratic Party, which led Yoon’s Dec. 14 impeachment, lashed out at the prosecutors’ decision, calling them “henchmen” of Yoon, a former prosecutor general. Party spokesperson Cho Seung-rae urged the Constitutional Court to dismiss Yoon as soon as possible to avoid further public unrest and anxiety.
At the heart of public criticism of Yoon over his martial law decree was his dis -
patch of hundreds of troops and police officers to the National Assembly after placing the country under military rule. Some senior military and police officials sent to the assembly have testified that Yoon ordered them to pull out lawmakers to thwart a parliamentary vote on the decree. Yoon has countered that he aimed to maintain order. Enough lawmakers eventually managed to enter an assembly hall and voted unanimously to overturn Yoon’s decree. Investigators have alleged Yoon’s
Wo ME n c hant slogans during a protest marking International Women’s Day in Istanbul, Turkey, Saturday, March 8, 2025. AP
Emr
US inflation remains stubborn, pressuring the Fed amid global economic uncertainty
By Vince Golle & Craig Stirling
US consumer prices probably rose in February at a pace that illustrates plodding progress on inflation for Federal Reserve officials content to remain on the sidelines as they assess a policy whirlwind from the Trump administration.
Bureau of Labor Statistics figures on Wednesday are projected to show that the consumer price index minus food and energy climbed 0.3 percent, based on the median estimate of economists surveyed by Bloomberg. While less than January’s 0.4 percent gain in January, the magnitude of the increase leaves annual price growth elevated.
The so-called core CPI probably rose 3.2 percent from February last year. The data will inform the Fed’s preferred price gauge, which isn’t due until after the March 18-19 policy meeting. Interest-rate setters — now in a blackout period ahead of that gathering — have an inflation goal of 2 percent.
The latest snapshot of price pressures follows a February jobs report that showed steady payrolls growth tempered by hints of underlying cracks in the labor market. The broader economy is also displaying signs of softening, reflecting weaker consumer spending, sentiment and homebuilding at the start of the year.
A day after the CPI report, data on Thursday are projected to show similar lingering cost pressures at the economy’s wholesale level. The producer price index, excluding food
and fuel, is projected to have risen by 3.5 percent in February from a year ago.
“Chair Jerome Powell has said the Fed needs to see ‘real progress’ on inflation or some labor-market weakness to consider adjusting rates again. After early-year price resets stalled disinflation in January, policymakers will be looking for new progress in February’s CPI. We expect only modest improvement as residual seasonality effects linger: We estimate both headline and core CPI inflation rose 0.3 percent,” said Bloomberg economists Anna Wong, Stuart Paul, e l iza Winger, e s telle Ou and Chris G. Collins. On Friday, a University of Michigan report is projected to show a further decline in consumer sentiment. Traders, as well as Fed officials, will pay particular attention to the survey’s inflation expectations metrics. The Bank of Canada is widely expected to cut rates by a further 25 basis points on Wednesday if President d o nald Trump’s sweeping tariff push on Canadian goods persists. Previously, many economists had counted on a pause after recent data showed the economy bounced back strongly in the fourth quarter. It’s a challenging moment for
Governor Tiff Macklem, who successfully wrestled inflation lower and put the country on track for a soft landing—only to face potential stagflation from a trade war instigated by an ally. e l sewhere, inflation releases from China to Russia, growth data in the UK and a key speech by the e u ropean Central Bank president are among highlights.
Asia T H e week kicked off with China’s inflation report, which revealed a drop below zero for the first time in 13 months. While reading was skewed by seasonal distortions, it’s also a reminder of persistent deflationary pressures in the economy.
On Monday, investors will focus on Japan’s labor cost data after nominal wages in d e cember rose at the fastest pace in nearly three decades. Japan will also release current account figures on the day amid increasingly uncertain prospects for global flow of investment and trade.
Former Bank of Canada governor Carney favored to
By Brian Platt
become next prime minister
the governor of the Bank of Canada was under scrutiny. For weeks, press reports had tied Mark Carney to a potential run for the country’s l i beral Party, which was looking for a new leader.
C entral bankers are supposed to stay away from politics, but Carney had not snuffed out the speculation. o n e day in late 2012, after another reporter asked him if he was thinking about becoming a politician, he snapped back. “Why not become a circus clown?” he said.
a dozen years later, Carney is entering the circus of Canadian politics.
t h e 59-year-old former g o ldman s ac hs banker is the favorite to win the l i beral leadership vote on s u nday and replace Justin tr udeau as prime minister. h e ha s built momentum by persuading many l iber als, including much of tr udeau’s cabinet, that he’s the best one to steer the country through its biggest crisis in decades — the threats from us President Donald tr ump to inflict economic damage to Canada through a trade war.
C arney has crushed his rivals in fundraising and the party establishment has lined up behind him. National polls consistently show l ib eral Party voters prefer him to his opponents. i f h e wins s u nday’s vote, he’ll become Canada’s 24th prime minister in a matter of days—the realization of a long-held ambition and yet another instance in which seismic global events have provided him with a springboard to power.
C arney became governor of the Bank of Canada on February 1, 2008. i n s e ptember of that year, investment bank l e hman Brothers went under, Merrill ly nch teetered on the edge of collapse and the global financial system was in a full-blown crisis. Carney cut interest rates to almost zero and, as head of a g r oup of s e ven central bank, was involved in crafting a series of coordinated measures by central banks to help keep the global economy afloat.
C anada, with its concentrated financial
system and more risk-averse approach to bank supervision, got through the crisis without having to bail out its major banks.
Carney’s global profile grew, and in 2011 he was made chair of the Financial st ability Board, a body set up by the g r oup of 20 following the calamity of 2008.
Political power brokers in Canada took notice.
a f ter a disappointing 2011 election in which the l i berals finished in third place for the first time in Canadian history, some party members pushed hard to recruit Carney. h e was seen as the only credible contender to a young scion with a famous name who was gearing up a leadership run: Justin tr udeau. Carney weighed the decision, but ultimately declined.
h e s ays it wasn’t only the l i berals trying to pry him out of the central bank. st ephen h a rper, then prime minister of a Conservative government, offered him the finance minister role, Carney has said. h a rper has not confirmed this, and recently published a letter that accused Carney of embellishing his role in reacting to the 2008 financial crisis.
n stead, Carney departed for the Bank of e ng land—becoming the first non-British person ever in charge at t h readneedle st reet and giving him a unique distinction having managed two g -7 central banks.
a f ter helping steer the u K economy during the turmoil of Brexit, Carney finished his term in 2020 and accumulated a series of corporate and nonprofit roles, including becoming chair of Brookfield a s set Management l td . and Bloomberg i nc. B ut politics was always lurking. tr udeau, who won three straight elections but saw his popularity crumble after inflation surged above 8% in 2022, made multiple attempts to recruit Carney into his government. i t blew up in his face in December, when the prime minister attempted a maneuver that would have installed
Carney as finance minister and moved Chrystia Freeland into a role managing us r elations. Freeland instead quit — sting -
ing tr udeau with a resignation letter that stunned the entire nation. tr udeau lasted only three more weeks before announcing he would quit.
Freeland has the highest profile of any of Carney’s opponents in the l ib eral contest, but she has struggled to gain traction. i t h as been a low-key race—even the televised debates contained few moments of true battle among the candidates. i f C arney wins on s u nday, a much harder test awaits. h o w will a career in finance and central banking translate to the street fight of Canadian politics during a national election campaign?
“ When you look at people who’ve moved from the world of finance into politics and how have they managed, sometimes they come off as stiff and wooden and too much of the technocrat,” said s c ott r e id, who was a senior aide to l ib eral Prime Minister Paul Martin when Carney was brought into Canada’s finance department in 2004.
i t ’s hard to see Carney electrifying a crowd during a political rally, r e id said.
e v en in a l i beral leadership race that has been a polite affair, Carney has occasionally stumbled, allowing journalists to get under his skin with questions about his corporate interests.
B ut the most important question at the moment, r e id said, is what kind of prime minister Canadians want as the country faces the prospect of a painful trade war with the us not to mention the menacing words coming from Washington that threaten Canada’s sovereignty. Carney may be a neophyte to party politics, but he’s hardly new at dealing with an economic hurricane. a n d the economy and Canadian independence are the things voters are most worried about.
“ i f timing is everything in politics, maybe now is the right time to be a central bank governor offering yourself as a prime minister,” r e id said, then caught himself with a laugh. “ i t s ounds like a crazy sentence.” Bloomberg News
The country’s current-account surplus hit a record high in 2024, with the yen’s weakness inflating the value of overseas investment returns. A renewed trade war between the US and China, Japan’s two biggest trading partners, hangs heavy over the outlook.
Also on Monday, the State Bank of Pakistan is expected to cut rates to 11.5 percent to support growth after inflation eased to the lowest in seven years.
On Tuesday, Japan will publish final gross domestic product estimates for the fourth quarter. A strong report may pave the way for further monetary policy tightening.
Australia releases a private survey for
businesses which is likely to show the impact on sentiment of the country’s first rate cut in four years. Australia and Indonesia also report consumer confidence data.
On Wednesday, South Korea’s unemployment rate will be closely watched after a steeper-than-expected drop in January.
India’s consumer price growth likely cooled slightly in February which could spur bets for further monetary policy easing. Japan releases fourth-quarter economic and business conditions as well as producer prices, while New Zealand has card spending data. Malaysia and India report industrial output.
Friday will see trade data from South Korea and New Zealand’s food prices. Also during the week, China publishes credit data as well as foreign direct investment figures which will be closed watched after the country in January recorded the weakest start for inbound investment in four years.
europe, Middle east, Africa
A PACK e d week of policymaker appearances is in store for the euro zone following the e C B decision on Thursday to cut rates and avoid giving a clear signal of its next move.
Officials on the schedule include
President Christine Lagarde, who’ll make a key speech to a major conference
in Frankfurt on euro-zone monetary policy. Chief economist Philip Lane and governors from the region’s four largest economies are on the calendar too. Among data in the region, euro-zone industrial production on Thursday will give a signal on growth at the start of the year.
Prior to those figures, numbers from Germany will reveal how the country’s sickly manufacturing businesses were faring before Friedrich Merz won the February 23 election. He’s working on a fiscal package that could prove a massive support to the country’s crippled industrial backbone.
In the UK, G dP d ata for January, due on Friday, are predicted to show a third monthly increase, albeit much slower than the spurt seen at the end of last year. Sweden, meanwhile, will release its monthly G dP i ndicator on Monday, and Riksbank officials will testify to lawmakers the following day. Norway and d e nmark will publish inflation numbers during the week, as will Poland. The Polish central bank is likely to keep borrowing costs steady at a decision on Wednesday. The National Bank of Serbia, meanwhile, may extend its pause in monetary easing for a sixth month.
See “US,” A8
2 days of clashes, retribution killings leave over 1,000 people dead in Syria
By Bassem Mroue & Sarah El Deeb The Associated Press
BEIRUT—The death toll from two days of clashes between Syrian security forces and loyalists of ousted President Bashar Assad and revenge killings that followed has risen to more than 1,000, a war monitoring group said Saturday, making it one of the deadliest acts of violence since Syria’s conflict began 14 years ago.
The Britain-based Syrian Observatory for Human Rights said in addition to 745 civilians killed, mostly in shootings from close distance, 125 government security force members and 148 militants with armed groups affiliated with Assad were killed. It added that electricity and drinking water were cut off in large areas around the city of Latakia.
The clashes, which erupted Thursday, marked a major escalation in the challenge to the new government in Damascus, three months after insurgents took authority after removing Assad from power.
The government has said that they were responding to attacks from remnants of Assad’s forces and blamed “individual actions” for the rampant violence.
Retribution killings between Sunnis and Alawites
T HE r evenge killings that started Friday by Sunni Muslim gunmen loyal to the government against members of Assad’s minority Alawite sect are a major blow to Hayat Tahrir al-Sham, the faction that led the overthrow of the former government. Alawites made up a large part of Assad’s support base for decades.
Residents of Alawite villages and towns spoke to The Associated Press about killings during which gunmen shot Alawites, the majority of them men, in the streets or at the gates of their homes. Many homes of Alawites were looted and then set on fire in different areas, two residents of Syria’s coastal region told the AP from their hideouts.
They asked that their names not be made public out of fear of being killed by gunmen, adding that thousands of people have fled to nearby mountains for safety.
Residents speak of atrocities in one town R ES IDE n TS o f Baniyas, one of the towns worst hit by the violence, said bodies were strewn on the streets or left unburied in homes and on the roofs of buildings, and nobody was able to collect them. One resident said that the gunmen prevented residents for hours from removing the bodies of five of their neighbors killed Friday at close range.
Ali Sheha, a 57-year-old resident of Baniyas who fled with his family and neighbors hours after the violence broke out Friday, said that at least 20 of his neighbors and colleagues in one neighborhood of Baniyas where Alawites lived, were killed, some of them in their shops, or in their homes.
Sheha called the attacks “revenge killings” of the Alawite minority for the crimes committed by Assad’s government. Other residents said the gunmen included foreign fighters, and militants from neighboring villages and towns.
“It was very very bad. Bodies were on the streets,” as he was fleeing,
Sheha said, speaking by phone from nearly 20 kilometers (12 miles) away from the city. He said the gunmen were gathering less than 100 meters from his apartment building, firing randomly at homes and residents and in at least one incident he knows of, asked residents for their IDs to check their religion and their sect before killing them. He said the gunmen also burned some homes and stole cars and robbed homes.
Death toll has multiplied T HE O bservatory’s chief Rami Abdurrahman said that revenge killings stopped early Saturday.
“This was one of the biggest massacres during the Syrian conflict,” Abdurrahman said about the killings of Alawite civilians.
The previous figure given by the group was more than 600 dead. n o official figures have been released.
A funeral was held Saturday afternoon for four Syrian security force members in the northwestern village of Al-Janoudiya after they were killed in the clashes along Syria’s coast. Scores of people attended the funeral.
Official reports say Syrian forces regaining control
Sy R IA S s tate news agency quoted an unnamed Defense Ministry official as saying that government forces
have regained control of much of the areas from Assad loyalists. It added that authorities have closed all roads leading to the coastal region “to prevent violations and gradually restore stability.”
On Saturday morning, the bodies of 31 people killed in revenge attacks the day before in the central village of Tuwaym were laid to rest in a mass grave, residents said. Those killed included nine children and four women, the residents said, sending the AP photos of the bodies draped in white cloth as they were lined in the mass grave.
Lebanese legislator Haidar na sser, who holds one of the two seats allocated to the Alawite sect in parliament, said that people were fleeing from Syria for safety in Lebanon. He said he didn’t have exact numbers.
n a sser said that many people were sheltering at the Russian air base in Hmeimim, Syria, adding that the international community should protect Alawites who are Syrian citizens loyal to their country. He said that since Assad’s fall, many Alawites were fired from their jobs and some former soldiers who reconciled with the new authorities were killed.
Under Assad, Alawites held top posts in the army and security agencies. The new government has blamed his loyalists for attacks against the country’s new security forces over the past several weeks.
France expressed “its deep concern” over recent violence in Syria. Paris “condemns in the strongest possible terms atrocities committed against civilians on the basis of religion grounds and against prisoners,” its foreign ministry said in a statement Saturday.
France urged Syrian interim authorities to make sure independent investigations “shed full light on these crimes.”
The most recent clashes started when government forces tried to detain a wanted person near the coastal city of Jableh, and were ambushed by Assad loyalists, according to the Observatory. Omar Albam in Al-Janoudiya, Syria and Sylvie Corbet in Paris contributed to this report.
Iran’s top leader rejects talks with US over missile range, regional influence
TEHRA n Iran—Iran’s Supreme Leader Ayatollah Ali Khamenei said he rejects a US push for talks between the two countries because they would be aimed at imposing restrictions on Iranian missile range and its influence in the region. Speaking to a group of officials on Saturday, Khamenei did not identify the United States by name but said a “bullying government” was being persistent in its push for talks.
“Their talks are not aimed at solving problems, it is for ... let’s talk to impose what we want on the other party that is sitting on the opposite side of the table.” Khamenei’s remarks came a day after President Donald Trump acknowledged sending a letter to Khamenei seeking a new deal with Tehran to restrain its rapidly advanc -
Continued from A7
tu rning south, e g ypt’s inflation is expected to show a sharp drop in February from 24 percent a month earlier, paving the way for several rate cuts this year.
g hana ’s finance minister, Cassiel Ato Forson, will present the m aham a administration’s first budget on tu esday, outlining plans to revive the ailing economy. h e m ay also provide details on nternational m o netary Fund talks to alter the terms of a $3 billion program that ends next year. i n South Africa, Finance m nister e noch g o dongwana will present his own budget in Cape to wn on Wednesday, a month after delaying plans because of a coalition disagree -
ing nuclear program and replace the nuclear deal he withdrew America from during his first term in office.
Khamenei said US demands would be both military and related to the regional influence of Iran.
“They will be about defense capabilities, about international capabilities of the country. (They will urge Iran) not to do (certain) things, not to meet some certain people, not to go to a certain place, not to produce some items, your missile range should not be more than a certain distance. Is it possible for anybody to accept these?”
Khamenei, who has final say on all state matters, said such talks would not address solving problems between Iran and the West. Though Khamenei did not name any person or country, he said the push for talks cre -
ment over a proposal to raise taxes. i nvestors will watch for how far he sticks with fiscal consolidation while holding few options to raise revenue and reduce spending.
r u ssia will publish inflation figures for February on Wednesday, just over a week before its next rate decision. b l oomberg e c onomics sees annual price growth reaching 10 percent before trending lower through the rest of the year.
i n i sr ael, meanwhile, inflation is expected to have eased slightly to 3.7 percent from 3.8 percent a month earlier. t hat report is due on Friday.
l atin America
m u C h w atched central bank surveys of economists are on tap in Argentina, where inflation expectations are drifting ever lower, and
ates pressure on Iran in public opinion. “It is not negotiation. It is commanding and imposition,” he said.
Trump in comments to reporters in the Oval Office on Friday did not mention the letter directly. But he made a veiled reference to possible military action, saying: “We have a situation with Iran that, something’s going to happen very soon. Very, very soon.”
His overture comes as both Israel and the United States have warned they will never let Iran acquire a nuclear weapon, leading to fears of a military confrontation as Tehran enriches uranium at near weaponsgrade levels—something only done by atomic-armed nations. Tehran has long maintained its program is for peaceful purposes, even as its officials increasingly threaten to pursue the bomb as ten -
in b r azil, where they’ve leveled off after a protracted run-up.
b r azil’s February inflation report will likely show a roughly 60 basis-point jump in the year-on-year print to well over 5 percent, the highest since September 2023.
b r azil also reports industrial production, retail sales, budget and lending data in the coming week.
While tighter financial conditions— b r azil’s central bank has tipped a third-straight 100 basis-point rate hike at its m a rch 19 meeting—have yet to bring inflation and expectations to heel, retail sales and industry finished off 2024 on the defensive.
i n Peru, the central bank is likely quite close to drawing a line under its post-pandemic easing cycle. inflation in February slowed to 1.48 per-
market turmoil raises alarms about consumer spending and economic growth, as $3.7 trillion erased from stocks
By Lu Wang & Isabelle Lee
WALL S treet traders this week were hit by the biggest cross-asset losses since the Federal Reserve’s monetary-tightening campaign peaked in 2023. Blame tariffs, softening growth, a potentially revitalized Europe, and more.
Bulls, with their brokerage balances shrinking, hope it turns around.
Also eyeing the turmoil warily is a small but vocal cohort of market watchers worried about its implications for the economy.
At issue is the outsize role market gains have played in Americans’ sense of prosperity in recent years, helping buttress consumption. Equity holdings made up 64 percent of US households’ financial assets last year, a record, Fed data show. Most of it is held by the biggest spenders. Known as the “wealth effect,” people with money in the market tend to open their wallets when assets are buoyant—and do the opposite when they’re stressed out. While the scale of the losses may not be cause for panic just yet, the speed of the plunge is eliciting reminders that markets themselves have the power to cause economic trouble should they continue to crater.
“The stock market is good at forecasting the future because it helps create it,” said Leuthold Group’s chief investment officer, Doug Ramsey, a three-decade Wall Street veteran whose core investment fund is ahead of the S&P 500 this year. “We doubt this economic expansion can survive a stock market correction of more than 12-15 percent.”
sions are high with the US over its sanctions and with Israel as a shaky ceasefire holds in its war against Hamas in the Gaza Strip.
Iran’s accelerated production of near weapons-grade uranium puts more pressure on Trump. He’s repeatedly said he’s open to negotiations with the Islamic Republic while also increasingly targeting Iran’s oil sales with sanctions as part of his reimposed “maximum pressure” policy.
Late in August, Khamenei in a speech opened the door to possible talks with the US, saying there is “no harm” in engaging with the “enemy.” However, more recently the supreme leader tempered that, saying that negotiations with America “are not intelligent, wise or honorable,” after Trump floated nuclear talks with Tehran.
cent, below the 2 percent mid-point off the central bank’s 1 percent-to-3 percent target range, although policymakers led by President Julio Velarde may still opt to hold at 4.75 percent. i ndustrial production, wage data, consumer confidence and same-store sales are on tap in m e xico.
Argentina’s national inflation all but certainly slowed for 10th month, possibly sinking below 70 percent—down from 289.4 percent last April. t h e monthly reading may cool from January’s 2.2 percent print and local analysts see further disinflation ahead: they forecast 23.2 percent for year-end 2025 and 9.4 percent by 2027.
With assistance from Swati Pandey, Beril Akman, Greg Sullivan, Laura Dhillon Kane, Mark Evans, Monique Vanek, Piotr Skolimowski and Robert Jameson / Bloomberg
In today’s top-heavy business cycle where the richest 10 percent American households make up almost half the country’s consumer spending—and own half the stock, around $23 trillion worth—the threat posed by waning market wealth is a real one, according to Mark Zandi, chief economist at Moody’s Analytics. He estimates that for every $1 decrease in net worth, consumer spending ultimately declines by 2 cents.
That’s a dispiriting figure, given $3.7 trillion was erased from stocks in the last few weeks, just as consumer spending is slowing and data from housing to the labor market has shown signs of weakness.
“There is a very strong link between the stock market — its ups and downs — and the strength of consumer spending and the economy,” Zandi said. “If the stock market comes right back like it has in recent selloffs or recent corrections, then no harm, no foul. But, if the market stays down, it’s going to diminish consumer spending then it ultimately will derail it.”
While S&P 500 edged up Friday and has yet to reach the worrisome threshold cited by Ramsey—it’s down 6% from its giddy peak—months of market peace have abruptly blown up in a matter of days. Volatility has surged in equities, corporate bonds, currencies, and more. That is stirring questions on whether stress on Wall Street will sow discomfort among asset-owning consumers. And it’s the latest wild card in an economy whose outlook is already clouded by unknowable outcomes around tariffs and government firings.
This week saw the volley of confusing tariff-related announcements taken to a whole new disruptive level, causing a plunge in market sentiment
and a Wall Street backlash. Fed Chair Jerome Powell said Friday that officials don’t need to rush to adjust policy amid increased uncertainty in the economic outlook, even as bond traders have boosted their wagers on rate cuts.
Stocks posted their worst week of 2025 by far, with the n a sdaq Composite Index briefly entering a 10 percent correction. With major ETFs tracking stocks, Treasuries and corporate bonds falling an average 2 percent, the market endured the worst across-asset selloff since October 2023. The equity plunge is particularly unsettling. The rise in US total net worth since 2022 has been almost entirely driven by their stock holdings as technology shares led the equity boom amid frenzy over artificial intelligence. Excluding that factor, net worth by American households would have been broadly flat over the period, according to data compiled by Kaixian Tan, an analyst at Gavekal Research. A falling stock market may force Americans to save more when housing remains highly unaffordable, he warns. “I’m not too worried about the current growth,” Tan said. “I am, however, worried about the overvaluation of US equities and the potential for ‘better stories’ outside of the US leading to a simultaneous fall in US equities and US dollar. If this happens, this may eventually lead to a growth slowdown.”
Another variable to consider: Pain in speculative market corners is getting hard to ignore. A slew of so-called altcoins and leveraged ETFs tied to single stocks like Tesla Inc.—getrich-quick trades typically beloved by young and inexperienced investors— have in some cases slumped more than 50 percent this year.
“For those who arrived late, what they’ve experienced isn’t a setback, but a traumatic financial event,” said Peter Atwater, president of research service Financial Insyghts. While a tiny pot of money next to bonds and stocks—digital assets had a nominal value of $3.7 trillion at their peak—crypto and its volatile c ousins are the province of an especially flamboyant cohort of spenders. That’s been particularly the case in real-estate markets in California and nevada, according to a study last year. Researchers found that a dollar of unrealized crypto gains led to a 9-cent increase in its owners’ expenditures. The good news is that consensus estimates point to continued economic growth, even as they have been pared. After marking up their growth projections persistently since September, economists just trimmed the 2025 forecasts, with the median falling by 2 basis points to 2.28 percent—a slight but notable shift in momentum. Ed ya rdeni, the famous economist, says it’ll take a lot more than what’s happened in markets of late to derail US GDP—and he’ll only start to worry should the S&P 500 get nearer to a 20 percent decline. Such retrenchments preceded or coincided with the start of a recession in 11 out of the previous 15 cycles, data compiled by Bloomberg show.
“A bear market in stocks and much lower home prices likely would lead consumers and businesses to pull back some of their spending,” wrote the founder of ya rdeni Research Inc. “But that would be likely only in a recession, which we see as improbable at the moment.” Bloomberg News
Vill Ag e residents pray during the funeral of four Syrian security force members killed in clashes with loyalists of ousted President Bashar Assad in coastal Syria, in the village of Al-Janoudiya, west of idlib, Saturday, March 8, 2025. AP Photo/o m A r Alb A m
‘Ban on nickel ore exports will also hurt
WBy Ada Pelonia @adapelonia
HILE the Philippines’ plan to ban nickel ore exports could trigger a global supply squeeze and raise prices, it could also result in lower earnings for exporters.
Dan Smith, head of research at Amalgamated Metal Trading Ltd., said the country will be put at a disadvantage if the bid to ban the raw mineral’s exports materializes. The Philippines is one of the world’s major nickel ore producers.
will take effect after five years if signed into law.
Under the proposal, the Philippines will ban the export of locally extracted raw minerals, akin to Indonesia’s move when it halted outbound shipments of nickel ore in 2020 and bauxite in 2022.
the previous year.
Processing plant
LAST week, DMCI Mining Corp. and Nickel Asia Corp. signed a memorandum of understanding (MOU) on the development and operation of a nickel processing plant in the Philippines. (See: https://businessmirror.com. ph/2025/03/05/dmci-nickelasia-seal-pact-for-nickel-processing-plant/)
can help position the Philippines as a key player in the global nickel supply chain,” said Tulsi Das C. Reyes, president of DMCI Mining.
lar those based on lithium iron phosphate.
In a research piece, Smith said the nickel market is in the middle of a “massive market glut,” projecting a downward pressure on prices for at least the next six months.
Lawmakers have chalked out a plan to ban raw mineral exports to spur the development of local downstream industries and enable the Philippines to produce higher-value exports which will create more jobs.
Senate President Francis “Chiz” Escudero introduced the provision amending Senate Bill 2826, which
“The proposed ban on nickel ore exports could help to tighten the global market, but [the Philippines] would lose out due to lower export revenues,” Smith told the BusinessMirror via email.
Escudero said nickel and copper are key components in the production of lithium batteries for electric vehicles (EVs), and if the country could channel the potential of these minerals in the Philippines, “we can secure our place in the global supply chain, particularly in the production of EV batteries and maybe someday, our very own EV.”
Data from the Philippine Statistics Authority (PSA) showed that the value of nickel ore and concentrate exports reached $1.04 billion in 2024, 3.3 percent lower than the $1.08 billion in
The two firms said they would combine their resources, technical expertise, and mining assets to strengthen the country’s nickel processing capabilities.
“After extensive discussions, we are now ready to move forward with this strategic initiative. This project is more than just a business—it’s a step toward creating jobs and ensuring the sustainable use of our mineral resources. By laying the groundwork early, we
Reinstate tariffs on imported rice, agri group tells govt
THE broad agriculture sector coalition Sinag has urged the government to reinstate the tariffs on imported rice as lower duties failed to cut the price of the food staple.
In a letter to the President, Sinag Chairman Rosendo So called on the government to revert the tariffs on rice to its original rate of 35 percent for Asean countries and 50 percent for non-Asean countries by repealing Executive Order (EO) 62. EO 62, which slashed rice tariffs to 15 percent from 35 percent until 2028, took effect in July 2024. The group said the tariff reduction on imported rice under EO
62 “unfortunately failed to lower rice prices,” which was the prime objective of the order. So also noted that the tariff reduction from July 2024 to December 2024 led to a loss of P15 billion in foregone revenues originally earmarked to support rice farmers under the amended Rice Tariffication Law (RTL). The amended RTL extended and increased the Rice Competitiveness Enhancement Fund (RCEF) to P30 billion until 2031.
He noted that allocating P15 billion to 1.5 million hectares of rice plantations could lower the production cost of palay by P2.90 per kilo, equivalent to a reduction
of P5 per kilo of local rice.
“The National Rice Program budget, as approved by Congress, was cut by P10 billion. Additionally, a loss of P27 billion in foregone revenues is expected under EO 62 this year.”
Meanwhile, the group said global rice prices have already declined. It dropped by $146 per metric ton (MT) to $422 per MT on January 18 from $568 per MT last July 10, 2024.
“This translates to a decrease of P8.54 per kilo in the global rice market, which exceeds our target reduction of P6 to P7 per kilo through EO 62.”
So noted that the local agri -
“Despite the current oversupply of nickel globally, we remain confident in the sector’s bright future, driven by the growing demand from the electric vehicle and stainless-steel markets,” Martin Antonio G. Zamora, president and CEO of Nickel Asia, said.
Nickel boom
HOWEVER , Bloomberg recently reported that the nickel boom in Indonesia, the world’s largest producer of the base metal, faces a challenge as “production surge drags down prices and a shortage of ore forces even the country’s own smelters to curb output.”
It also noted that advances made by Chinese firms have seen nickel being displaced by cheaper battery chemistries, in particu -
culture sector expressed support for the government’s efforts to reduce retail prices of the staple food, such as the declaration of the food security emergency for rice and the Ricefor-All program, among others.
“These programs are testaments that we can reduce rice prices without reducing tariffs.”
The Department of Agriculture (DA) earlier declared a food security emergency on rice due to the “extraordinary spike” in the price of the country’s food staple despite the easing of global rice quotations and lower rice tariffs.
Ada Pelonia
Ex-lawmaker pushes for support for tomato farmers
By Butch Fernandez @butchfBM
ORMER Senator Francis
F“Kiko” Pangilinan is calling on local government units (LGUs), businesses, and ordinary Filipinos to take immediate action and support tomato farmers who are struggling with falling farmgate prices and oversupply, leading to food wastage and financial losses.
Last March 7, Pangilinan launched Operation Sagip-Kamatis-an initiative aimed at preventing food wastage and providing urgent relief to struggling farmers, leading efforts to rescue 11 to 12 tons of tomatoes in Rizal, Nueva Ecija
This comes amid a worsening crisis for tomato farmers in Pangasinan, Nueva Ecija, and Nueva Vizcaya, where farmgate prices have dropped to as low as P4 to P5 per kilo. With buyers scarce,
many are left with no choice but to discard their harvest, leading to massive losses. “Hindi natin pwedeng hayaan na masayang ang ani ng ating mga magsasaka habang marami pa rin ang nagugutom. Walang kulay ang gutom, walang kulay ang solusyon. Kailangang magtulungan ang LGUs, private sector, at mamamayan upang mailigtas ang mga produktong ito at mapanatili ang kabuhayan ng ating mga magsasaka,” Pangilinan said.
Immediate action TO address the crisis, Pangilinan is urging the following interventions:
n LGUs must implement emergency procurement programs to buy excess tomatoes directly from farmers, using the provisions of the Sagip Saka Act to bypass public bidding. These tomatoes can be distributed to feeding programs,
hospitals, and local markets;
n Businesses should establish direct partnerships with farmers to purchase fresh produce at fair prices, preventing wastage while ensuring a steady supply for food production and processing industries; and
n Ordinary citizens should support local farmers by choosing to buy directly from them through online platforms, farmers’ markets, and community-supported agriculture (CSA) programs.
Long-term solutions
BEYOND immediate relief, Pangilinan reiterated the need for structural reforms to ensure sustainable solutions for farmers:
n Market expansion: Strengthen linkages between farmers and institutional buyers such as supermarkets, restaurants, and food manufacturers to ensure stable demand.
n Cold storage and processing facilities: Establish post-harvest facilities in tomato-producing regions to extend shelf life and develop value-added products such as tomato paste and sauce.
n Stronger government support: Increase funding for transport subsidies and price stabilization programs to protect farmers from drastic price drops.
“If we help each other—government private sector, citizens--we can ensure that our farmers’ harvest will not be wasted and each Filipino family will have enough food on the tables.”
As the author of the Sagip Saka Act, Pangilinan has long championed policies that empower farmers. His call for action is a continuation of his advocacy for food security and farmer welfare, ensuring that agricultural produce is valued and utilized efficiently.
Justice department opens antitrust probe into egg price spike
THE United States Justice Department has opened a preliminary probe into a recent surge in egg prices across the country, according to a person familiar with the investigation.
The investigation, which is being conducted by the department’s civil antitrust enforcers, focuses on whether companies including Cal-Maine Foods Inc. and Rose Acre Farms Inc. have colluded to boost prices or limit supply, said the person, who asked not to be identified discussing a confidential probe. A dozen large eggs in the Midwest cost an average of $8.41 wholesale as of February 28, a record high and an increase of more than 200 percent from a year earlier, according to the US Department of Agriculture (USDA).
The surge has hit consumers’ wallets and become a political talking point for President Donald Trump and his detractors amid the worst-ever bird flu outbreak in the US, leading to the death of more than 130 million birds since 2022. The spike in prices has drawn scrutiny from lawmakers and industry watchdogs. A representative for the Justice Department declined to comment. Its civil antitrust probe may end without any accusations of wrongdoing. Representatives from Cal-Maine Foods and Rose Acre Farms, the nation’s top egg producers, didn’t immediately respond to requests for comment.
The investigation started under the Trump administration and is in initial stages, according to the person.
Under former President Joe Biden, the DOJ investigated mergers in the egg market, the person said. During his administration the DOJ also increased Chicago-based staff for the antitrust division to boost the department’s focus on agriculture markets.
Farm Action, a group that began pushing Washington to look at egg prices three years ago, praised news of the Trump administration’s move.
“It does seem like more is going on than just the avian flu,” the group’s president, Angela Huffman, said in an interview Friday.
On Thursday, Democratic US Senator Jack Reed of Rhode Island told USDA Secretary Brooke Rollins he’s concerned the Trump administration isn’t doing enough to address the problem.
“Since President Trump took office, the
price of a dozen eggs has nearly doubled, and the administration fired several employees working to combat avian flu,” Reed wrote in a letter to the USDA chief. “While the administration has since announced a new effort to rehire those employees and invest in solutions, it must do better to coordinate an effective response that actually results in lower prices for Americans.” Capitol Forum earlier reported on the probe.
Disbanded USDA panels
THE Trump administration has terminated two decades-old, independent food safety advisory committees to the USDA.
The National Advisory Committee on the Microbiological Criteria for Foods (NACMCF) and National Advisory Committee on Meat
“There are some bright spots for demand in the stainless steel market, but nickel batteries are losing market share in the electric vehicle market.”
With the nickel glut pulling down prices of the base metal, Smith said this would affect miners in the Philippines.
Figures from the World Bank showed that nickel quotations shrank by 6 percent to $15,288 per metric ton (MT) in February from $16,272 per MT in the same period of the previous year. This saw a further decline in the price of the base metal from its average price of $16,814 per MT recorded last year.
Panay, Guimaras fishers launch signature campaign against SC ruling
By Jonathan L. Mayuga @jonlmayuga
FISHERMEN based in Panay Island launched a signature campaign calling for the reversal of the a recent Supreme Court ruling that will allow commercial fishing vessels to operate within the 15-kilometer municipal waters. The Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya)-Panay said more than 180 small fisherfolk from the 52 coastal towns in Panay and Guimaras Islands stand to be affected once commercial fishing vessels are allowed to operate in municipal fishing grounds. Even without the said ruling, coastal municipalities
and Poultry Inspection (NACMPI), both made up of experts from academia, industry and advocacy groups, have been disbanded.
USDA Secretary Brooke Rollins “fully supports the president’s directive to improve government, eliminate inefficiencies, and strengthen USDA’s many services to the American people,” an agency spokesperson said. The groups were dissolved under President Donald Trump’s executive order “Commencing the Reduction of the Federal Bureaucracy,” the spokesperson said.
Members of the NACMCF were notified on Thursday that the committee would no longer continue its work, “effective immediately,” according to a memo seen by Bloomberg News.
The NACMCF was established in 1988 to offer an interagency approach on microbiological risks to food safety. Created in 1971, the NACMPI advises the Secretary of
along the Guimaras Strait, Panay Gulf, and Visayan Sea are already “frequented” by commercial fishing vessels. These commercial vessels, the group said, are often engaged in illegal methods of fishing, such as trawl and purse seine (locally known as kubkub).
The group is worried that if the Court ruling takes effect, it will legalize and exacerbate the commercial fishing intrusion in the municipal waters at the expense of the livelihood of small fishers.
On March 3, PamalakayaPanay led the launching of the “Aton ang Kinse Kilometro,” a coalition aimed at protecting the municipal waters against commercial fishing encroachment.
Agriculture on federal and state inspection programs. In 2024, for example, it issued a report on how technology could improve inspections.
Food safety experts expressed concern over the disbanding of the committees. “The termination of these two important advisory committees is very alarming and should serve as a warning to consumers that food safety will not be a priority at USDA in the foreseeable future,” said Brian Ronholm, director of food policy at Consumer Reports, who was also the former chair of NACMCF. “The failure to recognize and leverage the value of this scientific expertise is dangerous and irresponsible.”
Sandra Eskin, chief executive officer of Stop Foodborne Illness, said, “Without the input of these committees, we have little confidence that the food safety policies at USDA and FDA will, in fact, Make America Healthy Again.” Bloomberg News
REVITALIZING THE SALT INDUSTRY. The Department of Labor and Employment (DOLE) has awarded P1 million under its Adjustment Measures Program (AMP) to Pacific Farms, Inc. to support its innovative vertical salt farming technology in Pangasinan. PHOTOS BY DOLE
Expanding access to tertiary education through ETEEAP
IN a significant move towards inclusivity in education, President Marcos has signed Republic Act 12124, effectively institutionalizing the Expanded Tertiary Education Equivalency and Accreditation Program (ETEEAP). This law marks a transformative step in the Philippine educational landscape, particularly for those who have pursued non-traditional paths to learning. By recognizing workplace experience and non-formal education, this program opens doors for countless Filipinos seeking to earn degrees and improve their qualifications. (Read the BusinessMirror story: “New law eases tertiary education equivalency,” March 5, 2025).
Historically, higher education in the country has been predominantly structured around conventional schooling. This approach, while effective for many, has often excluded those who possess valuable skills and knowledge gained outside the formal classroom environment. The new law shifts this paradigm, acknowledging that learning can occur in various contexts — from the workplace to community engagements. This recognition is crucial in a rapidly evolving job market where practical skills often hold more value than formal qualifications.
The role of the Commission on Higher Education as the lead agency in implementing ETEEAP cannot be overstated. With the authority to set standards, grant accreditation, and monitor the program’s effectiveness, CHED is positioned to ensure that the implementation of this initiative is both rigorous and accessible. By establishing Centers of Development and Excellence, CHED will not only facilitate the accreditation process but also promote high-quality education that meets the needs of diverse learners.
Moreover, the requirements set for applicants—including being a Filipino citizen, having completed secondary education, and possessing at least five years of relevant work experience—are designed to maintain a standard of quality while being inclusive. This balance is essential; it ensures that those entering the program are adequately prepared to succeed in their academic pursuits while broadening access to education.
Financial assistance programs for ETEEAP learners are another commendable aspect of this initiative. Education is often a significant financial burden, and the provision of support can alleviate this challenge for many aspiring students. Coupled with comprehensive information campaigns, these efforts will raise awareness about ETEEAP, encouraging more individuals to take advantage of this opportunity.
This program has the potential to empower thousands of Filipinos who have been marginalized by the traditional education system. By empowering individuals through alternative pathways to higher education, we are not just granting them degrees; we are unlocking their potential, enhancing their employability, and ultimately contributing to the nation’s development.
We commend President Marcos and the lawmakers who worked tirelessly to pass this legislation. We look forward to seeing the positive impact of this program on the lives of Filipinos and the country’s economic development as a whole.
However, the success of this program will depend not only on its implementation but also on how well it is received by both educational institutions and potential students. It is imperative that higher education institutions embrace this program and recognize the value of diverse learning experiences. Furthermore, a cultural shift is necessary; society must begin to value non-traditional pathways to education and acknowledge the competence that comes from real-world experience.
Celebrating Women’s Month, balancing unity and equality
ARISING SUN
S we mark Women’s Month in 2025, it’s a time for reflection on its purpose and impact. At its core, this celebration aims to highlight and address the historical and ongoing inequalities faced by women and other marginalized genders. However, some argue that focusing on gender differences can sometimes reinforce divisions rather than bring us closer together.
The United Nations’ theme for International Women’s Day, “For ALL women and girls: Rights. Equality. Empowerment,” beautifully captures the essence of inclusivity and equality. It reminds us of the importance of recognizing women’s unique challenges and the shared humanity that connects us all.
In the Philippines, Women’s Month is celebrated with great enthusiasm and dedication. The Philippine Commission on Women (PCW) is working tirelessly to bring different sectors together, strengthen laws, improve access to essential services, and create sustainable opportunities for
women. Initiatives that promote economic empowerment, education, and healthcare for all genders are vital for bridging gaps and fostering unity. These efforts not only address historical inequalities but also acknowledge the interconnectedness of our struggles and successes.
As we engage more deeply with more relevant issues this month, it’s valuable to consider perspectives from authors like Mark Lilla and Cathy Young, who have explored the complexities of identity politics and gender-based movements. American political scientist, journalist, and professor of humanities Mark Lilla’s critique
In the Philippines, Women’s Month is celebrated with great enthusiasm and dedication. The Philippine Commission on Women is working tirelessly to bring different sectors together, strengthen laws, improve access to essential services, and create sustainable opportunities for women. Initiatives that promote economic empowerment, education, and healthcare for all genders are vital for bridging gaps and fostering unity. These efforts not only address historical inequalities but also acknowledge the interconnectedness of our struggles and successes.
of identity politics highlights the potential for fragmentation when we focus too much on individual identities. He suggests that emphasizing shared human values and universal principles could be a more effective way to drive social progress. By focusing on issues that affect everyone, such as economic inequality, education, and healthcare, we can create a more cohesive and impactful movement.
Cathy Young’s humanist ap -
proach encourages us to look beyond gender and focus on shared human rights and dignity. This perspective emphasizes inclusivity and frames discussions about gender equality within the broader context of human rights. By doing so, we can create a more unified and equitable society where everyone’s rights are valued equally. The following are some practical steps business and community leaders can take.
First, it is crucial to develop inclusive programs and initiatives that promote economic empowerment, education, and healthcare for everyone, regardless of gender. Secondly, there needs to be shared goals to be able to focus on issues that affect us all, such as environmental sustainability and social justice. Thirdly, it is likewise important to emphasize the importance of human rights and dignity in discussions about gender equality. And finally, the community needs to be engaged in open dialogues that foster understanding and unity across different gender identities. By embracing these strategies, we can ensure that our Women’s Month celebrations contribute to a more inclusive and equitable society for everyone.
Oil’s bearish lurch has speculators betting worse is yet to come
By Alex Longley, Yongchang Chin & Mia Gindis
OIL prices suddenly broke out of a months-long slumber this week to touch a three-year low. Now, traders are grappling with the question of whether the rout can run deeper.
A confluence of bearish factors has contributed to the worst crudemarket sentiment in recent history.
M. Lomibao Jr., Gerard S. Ramos
B. Resurreccion, Dennis D. Estopace
Angel R. Calso, Dionisio L. Pelayo
Ruben M. Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa
Opec and its allies made a surprise announcement of plans to boost supplies with crude trading near $70 a barrel, a shift from the group’s prolonged, stoic defense of higher prices. At the same time, US President Donald Trump continues to menace America’s largest trade partners with an on-again, off-again trade war that threatens to sap demand.
Geopolitical risks are broadly cooling after Russia signaled a willingness to discuss a temporary truce in Ukraine for the first time since the war’s onset more than three years ago. All the while, China, the world’s top crude importer, has told refiners to pivot away from making mainstay fuels like gasoline and diesel, a sign of the shaky, long-term demand outlook.
Collectively, those factors helped briefly nudge benchmark Brent futures out of the $70-$85 band in which they have mostly traded since September. Speculators are wagering the slide isn’t over.
In another sign of mounting bear-
ish sentiment, hedge funds reduced their gross long positions in West Texas Intermediate by 2,266 lots to 172,576, close to lows not seen since 2010, in the week ended March 4, according to the US Commodity Futures Trading Commission. Longonly bets on Brent were cut by 41,583 lots for the biggest raw-number decline since July, according to figures from ICE Futures Europe.
“Trump’s stance on energy markets has been clear: he’s pressuring Opec to increase production while simultaneously engaging in behindthe-scenes negotiations aimed at deescalating the Russia-Ukraine conflict,” Cayler Capital, an oil-focused commodity trading adviser run by Brent Belote, wrote in a letter to investors seen by Bloomberg. “The net result? A bearish tilt in the oil sector, with prices drifting lower as uncertainty persists.”
All of this is turning Wall Street more pessimistic.
Morgan Stanley now expects Brent crude to average $70 this year, down $5 from the previous forecast. Goldman Sachs Group Inc. sees risks of prices falling below their expected
Morgan Stanley now expects Brent crude to average $70 this year, down $5 from the previous forecast. Goldman Sachs Group Inc. sees risks of prices falling below their expected range of $70-$85. Meanwhile, JPMorgan Chase & Co. became the first to call for oil in the $50s at an energy conference in London last week while Citigroup Inc. reiterated calls for $60.
range of $70-$85. Meanwhile, JPMorgan Chase & Co. became the first to call for oil in the $50s at an energy conference in London last week while Citigroup Inc. reiterated calls for $60.
Easing premiums ANOTHER red flag is shown in the price of Middle Eastern crude that had been one of the strongest corners of the oil market in the wake of US sanctions on Russian and Iranian barrels. Those values have collapsed relative to the regional Dubai benchmark as a clamor for cargoes to replace sanctioned supplies abates. The premium of Murban, a mainstay for Asian buyers, over Dubai also has narrowed.
China’s crude imports during the first two months of this year were down about 5 percent from a year earlier. Iranian oil is being delivered to Chinese ports aboard smaller tank-
ers amid mounting pressure from US sanctions.
“Sanctioned flows have continued largely unfazed as the initial disruption has failed to continue for a meaningful duration,” RBC Capital Markets analysts including Brian Leisen and Helima Croft wrote this week. “January’s disruption did in fact cause a physical impact and a change in crude buying behavior, but as we’ve seen time and again since 2023, the shadow supply chain outperformed.”
At the same time, prices for lighter grades of crude have been persistently weak this year as production grows. Kazakhstan is set to ramp up oil exports this month after the expansion of one of the country’s largest fields. More supplies from outside of the Opec+ alliance are due to come online later in the year, with the International Energy Agency forecasting a surplus even before the group’s most recent move.
Iran risk THERE are reasons to think there are limits to any further declines in oil, however:
The Trump administration is continuing to threaten a maximum policy on Iran, with Treasury Secretary Scott Bessent recently saying the aim is cut the regime’s oil flows by more than 90 percent.
Ambassador Antonio L. Cabangon Chua
Atty. Jose Ferdinand M. Rojas II
Reverent comfort Government learning academies
TDEBIT CREDIT
Part five
HE mandate of the Philippine Tax Academy (PTA) is to deliver training and career development programs for the tax officials of the Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC), as well as collecting offices of the local government units and the Bureau of Local Government Finance (BLGF).
Republic Act 10143, the law creating the PTA, provides in Section 4: “All existing officials and personnel of the BIR, the BOC, and the BLGF shall be required to undergo the retooling and enhancement seminars and training programs.” This law also requires the PTA to engage with the other stakeholders in tax awareness and learning activities. These include taxpayers and tax practitioners and professionals.
Thus, the PTA’s curriculum should cover technical tax training, onboarding courses for newly hired tax collectors, tax updates, fiscal and tax policy development, digital transformation, international tax, ethics, leadership skills, tax compliance courses, and a host of other topics.
The PTA has been accredited with the Professional Regulations Commission to provide Continuous Professional Development courses to Certified Public Accountants. The PTA should also be conducting Mandatory Continuing Legal Education for lawyers in the government and private sector. It can also formulate its certification learning programs that will provide tax specialization recognition to the various stakeholders of the PTA.
With the holding of tax forums and seminars, PTA will create awareness of tax developments among the general public. These can be conducted for free or by charging a minimal fee. Tax Clinics and Advisory Sessions can be offered to Small and Medium Enterprises during the tax filing season.
The PTA should review its plans and programs so that it can participate in the implementation of Republic Act No. 12124 or the Expanded Tertiary Education Equivalency and Accreditation Program (ETEEAP). ( https://lawphil.net/statutes/repacts/ ra2025/ra12124_2025.html). This was passed on March 5, 2025 and would allow Filipinos to earn college degree credits from their gained professional expertise. The program provides that the Commission on Higher Education (CHED) grants equivalency academic credits to qualified individuals for the experience and learning that they acquire from their work and professional activities. CHED will deputize higher edu-
Continued from A10
The US has already signaled plans to withdraw Chevron Corp.’s license to pump and sell Venezuelan crude, a move that could potentially remove 200,000 barrels a day of crude from the market.
US is preparing to force more companies to stop working in Venezuela.
The looming threat of fresh flareups in the Israel-Hamas conflict amid a US administration more hawkish than its predecessor. The US energy secretary is seeking $20 billion to refill the Strategic Petroleum Reserve, a move that would effectively boost demand for barrels.
In addition, there’s the wider question of how far prices can fall before oil production is disrupted. At times this week, US crude for next year was trading in the low $60s, a level not seen since 2023 that begins to menace output growth, traders and analysts said. Opec+ has also
IAn initiative that the PTA can pursue in the short term is the offering of Internship and Scholarship Programs. These can be done by PTA partnering with universities for tax education internships. Scholarships can be granted by PTA to qualified persons for further studies in tax administration, fiscal policy, and masteral studies in tax.
cation institutions to offer academic degrees under the ETEEAP. PTA can be one of the institutions that CHED can tap for this program.
In the longer term, PTA can proceed with the formulation of formal academic programs on tax administration or compliance. These can be undergraduate and graduate programs that will be available for students to pursue. This will go a long way in expanding the talent pool for tax collectors and practitioners.
An initiative that the PTA can pursue in the short term is the offering of Internship and Scholarship Programs. These can be done by PTA partnering with universities for tax education internships. Scholarships can be granted by PTA to qualified persons for further studies in tax administration, fiscal policy, and masteral studies in tax.
By adopting dynamic and innovative learning and training activities, the Philippine Tax Academy can strengthen the capacity of tax collectors and professionals and contribute significantly to domestic resource mobilization, fiscal sustainability, and global tax leadership of the Philippines.
To be continued
Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and Tax partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He has his own tax and consultancy practice and can be contacted at joeltantorress@yahoo.com and his firm JL2T Consultancy.
reiterated that its moves can be “paused or reversed subject to market conditions.”
“The only thing that can balance it all is maximum pressure on Iran, but we know Trump wants lower oil prices,” said Gary Ross, chief executive officer of Black Gold Investors LLC.
“It doesn’t look like maximum pressure is happening any time soon.”
So far, the fallout from Trump’s economic policies has seen equity markets fall roughly 6% from a high less than three weeks ago. When US consumer confidence fell by the most since 2021 late last month, Brent futures slumped, one of the clearest signs that the de-stabilizing impact of tariffs in wider financial markets is rippling through to crude.
That’s leaving oil’s next path at the behest of more than just supply policy. The next chapter for the commodity may entail an outsize focus on macroeconomic data out of the US and China, the world’s largest crude consumers, according to traders and analysts. Bloomberg
Siegfred Bueno Mison, Esq.
THE PATRIOT
N The Agenda at Club Filipino, a “Kapihan-style” forum, former Comelec Chairman Christian Monsod admitted that he was part of the failure in maximizing the gains of the Edsa Revolution. He even went further in saying that it was not a revolution but merely a revolt since People Power still has some unfinished business.
A s part of the 1986 Constitutional Commission, Monsod sadly declared that corruption and political dynasties, the two evils that People Power sought to eradicate, remain unchecked and, throughout the 39 years post-Edsa, a handful of elites continue to lord over different and significant parts of the country. For Chairman Monsod, a change in social order is necessary to achieve what the EDSA “Revolt” failed to accomplish. In changing social order that is based on the social contracts between people and government founded on mutually agreed upon values, morals, and law, Monsod encourages Filipinos to be heroes. Not in the context of a Rizal or a Bonifacio, Monsod simply echoes what my law partner Alex Lacson has been espousing— the call that there is a hero in every Filipino. Every person does not have to do something extraordinary to be considered a hero; he/she just has to do ordinary things extraordinarily. To be true to the Preamble of the 1987 Constitution, Filipinos must embody the spirit of our heroes by pursuing a “regime of truth, justice, freedom, love, equality, and peace.”
In relation to the value of equality, the framework of diversity, equity, and inclusion (DEI) has not been given particular emphasis in our country, unfortunately. Nonetheless, some laws have been in place to promote the fair treatment and full participation of all people, particularly groups that have been subject to discrimination.
I consider myself as well-read and updated, yet I only recently knew
that the month of March is National Women’s Month in the Philippines and that International Women’s Day falls on March 8. Enacted on April 10, 1990, Republic Act No. 6949 encouraged all government agencies and employers in the private sector “to engage and participate in any activity…to celebrate National Women’s Day” to salute the contributions of women in society.
As such, in jointly celebrating this National Women’s month, I write about one particular woman whose advocacy is a stern reminder that all of us can be heroes.
Given her pedigree of affluence and influence, one strong woman appeared to be headed for instant success. But due to discrimination in a male-dominated workplace, Pia Consuelo Morato struggled. However, she endured as a single parent and a working mom while making significant contributions in the education sector. She tirelessly pushed for Alternative Learning Systems while at the Department of Education. Armed with her Spanish heritage, Pia Consuelo earnestly promoted the teaching of Spanish among other foreign languages.
Spinning off to the broadcast industry, she spent at least 16 years discussing education topics over the radio/TV in her quest to make the public more informed and engaged in keeping to what the Constitution provides—that education should be at the vanguard among all sectors in society. She believes, to which I fully agree, that education is the antidote to the lingering problems
The name Esther means “star,” which is often associated with being special or heroic, whereas the name Pia Consuelo means “reverent comfort,” which implies deep respect and a sense of security. Should there be more “Pia Consuelos” in our midst, I encourage them to be like the biblical Esther and use the blessings of their beauty, courage, and wisdom to do ordinary things extraordinarily. Who knows, this country, perhaps in this or in the next generation, can experience a social order that evokes a sense of admiration, peace, and security.
of our country today.
There are lesser-known women in the Bible, similar to Pia Consuelo of this generation, who made significant contributions in their own sphere of influence. For me, Esther fits the bill as she embodied the virtues of humility, beauty, courage, and intelligence. She never forgot her Jewish roots and used her position for the sake of her people. Saving the Jews from annihilation, Esther found favor in the eyes of the king who was eventually persuaded not to annihilate the Jews and even put to death the plotter Haman, one of the king’s advisors. Esther used not her power but her sacrificial love as she risked her life in seeing the king without being summoned. The contribution of Esther appears to be trivial for some, but her traits of sacrifice and wisdom make her one of the most influential women in biblical history. Worth mentioning is that her beauty allowed her to assume the role of a queen, something gifted to Esther and was used wisely by the queen. The name Esther means “star,” which is often associated with being special or heroic, whereas the name Pia Consuelo means “reverent comfort,” which implies deep respect and a sense of security. Should there be more “Pia Consuelos” in our midst, I encourage them to be like the biblical Esther and use the blessings of their beauty, courage, and wisdom to do ordinary things extraordinarily. Who knows, this country, perhaps in this or in the next generation, can experience a social order that evokes a sense of admiration, peace, and security.
A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.
Knowledge and greater awareness of the importance of our votes in any election will ultimately lead to a more responsible electorate and a more transparent and accountable regulatory agency. She is currently involved in the male-dominated world of the military in her capacity as one of the members of the consultative body of the Armed Forces of the Philippines. She is a vital cog in the leadership team in the city government of Quezon City, which is coincidentally led by another woman—Joy Belmonte. I am confident that Pia is one of the many women whose contributions might seem minimal, but when taken together with other like-minded women/heroes, the impact will be game-changing. More recently, she is part of a new show (“Bakit Kayo sa Kongreso”) that is being streamed online to educate the people about party-list representation in Congress. In line with what Chairman Monsod said about the noble objective of party-list organizations introduced in the 1987 Constitution, Pia Consuelo fearlessly discusses how the electoral system has abused and prostituted the representation of the supposed marginalized sector and those who have been historically underrepresented in Congress. In Biblical history, women were relegated to the sidelines. Yet, Sarah (Ishmael and Isaac), Hannah (Samuel), and Mary (Jesus), were mothers of great men, without whom the Will of our Almighty God would not have been carried out.
Sanctions are tangling, not stopping, China’s Iran oil trade
By Serene Cheong
SUCCESSIVE rounds of sanctions on companies and tankers said to be aiding Tehran are finally slowing the flow of Iranian oil to China, as costs rise and more traders are compelled to engage in risky efforts to circumvent US measures.
In recent weeks, shipments have been disrupted by a spate of seller defaults, according to executives at Chinese private refineries, the buyers of most of Tehran’s cargoes. While they said no specific reason was provided, they blamed logistical challenges and higher expenses snarling the supply chain.
Some Iranian tankers have been sanctioned en route to their destination, the executives said, adding to the disarray. They asked not to identified as the discussions are private. Trade with China, by far its largest oil buyer, has long been a financial lifeline for Tehran, and one that Washington has increasingly been focused on severing. After the latest rounds of sanctions on tankers, owners, brokers and traders, the US blacklist now covers more than twothirds of the approximately 150 vessels that handled the shipments of Iranian crude in 2024, according to data analytics firm Kpler. China does not recognize unilateral sanctions and has repeatedly defended its right to trade with Iran. But the realities of the vast US financial system mean ports and shipping companies with links outside the mainland are reluctant to risk dealing with sanctioned entities and vessels, especially as US President Donald Trump promises tougher enforcement.
Earlier this year, Shandong Port Group—which serves a province that is a hub for private refiners— urged operators to reject blacklisted
tankers.
The cost of working around Washington’s curbs is hefty and rising. The chartering rate for a non-sanctioned supertanker willing to move Iranian oil from Malaysia to China was pegged at between $5 million to $6 million earlier this month—a level that traders say is a record high and an increase of as much as 50 percent from last year.
The use of smaller tankers— less cost-effective than more typical large alternatives—has spiked, based on Kpler data. In February, a ship-to-ship oil transfer off Malaysia was conducted between an Iran oil-laden supertanker and three Aframax-size vessels, an unusually slow and expensive move.
Shipping analysts have also pointed to an increasingly limited number of available vessels, as the US blacklist grows in size. That’s a significant hurdle, given the trade leans heavily on transfers at sea and requires a large number of ships.
Deep discounts
Middlemen and traders typically offer Iranian oil to buyers at a fixed differential to a global pricing benchmark, such as Brent futures. This price includes the cargo’s value as well as add-on costs of booking tankers —typically two or more are needed for this route—STS transfers, insurance and port fees.
Sudden spikes in any of these costs, or indeed the failure to secure vessels or delay, can erase trad-
ers’ profit and the deal’s viability. A higher price, meanwhile, reduces the attraction for China’s cost-sensitive buyers. Last week, offers for Iranian crude for China delivery were on the rise, with the discount on Iranian oil narrowing to $0.50 to $1 a barrel against Brent futures, traders said. That compares to a discount of $1 to $1.50 a week earlier.
Big jumps in freight rates are a headache for sellers as the expense is tough to pass on, said Mia Geng, a Singapore-based oil analyst with FGE Group. “Faced with the prospect of shipment delays, Chinese buyers will be looking for deep discounts, which would eat into the profits of sellers and middlemen.”
But increased friction in the trade does not mean that China’s purchases from Iran will slow dramatically —much less cease.
The trade has been thriving since 2018 when US sanctions on Tehran were reinstated, and has proven to be adaptable. Last month, flows surged to a four-month high, partly due to a backlog of delayed cargoes from the prior month.
Sanctions are an imperfect tool, said Ja Ian Chong, associate professor of political science at the National University of Singapore.
“While they’re sometimes described as a way to seal off a certain trade or nation, the point is always to raise the cost of operating to an extent that it forces a change in behavior,” he said. “There will always be some leakage under any form of sanctions.”
In the waters off Malaysia, the most significant mustering point for the shadow fleet anywhere in the world and a hub for the Iranian crude trade, more ship-to-ship transfers have been happening entirely in the dark, meaning all transponders are turned off.
Up to seven transfers were observed on a single day last month, according to satellite images. Analysts said most of them were totally “dark,” indicating shippers are taking more precautions as Washington points to increased enforcement.
To date, tactics like these have been enough to muddy the origin of cargo, far from prying eyes. US President Donald Trump, though, has signaled he intends to apply “maximum pressure” on Iran. For that, Washington could tighten up the application of secondary sanctions on those dealing with Tehran, a move that would cool trade further, and could even attempt enforcement at sea.
A Reuters report last week, citing several US officials, said the Trump administration was considering a plan to stop and inspect Iranian oil tankers, a move that’s sure to deter or spook some operators and brokers in the China trade—even if it is unclear whether US forces and willing allies would have the capacity to carry this out.
Financial institutions working with private Chinese refiners who import Iranian oil may come under fresh scrutiny, or Washington could choose to pressure countries such as India and the United Arab Emirates, where key shipowners and dark fleet operators are based, according to Anoop Singh, Oil Brokerage Ltd.’s global head of shipping research. So far, the US has aimed at ships and owners, and the market has created workarounds, said Singh. “However, there are more critical parts of the network to target, from banks to governments to flag states and insurers—and regulatory avenues to explore.” With assistance from Weilun Soon /Bloomberg
Joel L. Tan-Torres
Monday, March 10, 2025
Comelec hopes to secure AES clearance by end-March
By Justine Xyrah Garcia
THECommission on Elections expects to receive international certification for its automated election system (AES) before the end of March, Chairman George Erwin M. Garcia said on Saturday.
Garcia explained that the certification, which covers transmission, voting machines, and internet voting, will serve as proof that all election processes are functioning as a single, integrated system.
“We hope to secure it before the end of March so that, at the very least, we’re still ahead of previous elections,” he said.
The poll chief added that since three voting systems are in place this year—with the introduction of internet voting—it is “justified” if securing international certification takes a little longer.
tion of automated elections, the earliest Comelec received certification was on March 9, 2010. The latest was in 2013 when the source code review was conducted only after the elections.
In more recent elections, Comelec secured a certification just days before voting day.
On Saturday, Comelec demonstrated the “trusted build” of the Online Voting and Counting System (OVCS) for the 2025 elections, the final step needed for international certification.
and will run until May 7.
He explained that the Department of Foreign Affairs plays a primary role in online voting, and Philippine embassies and consulates abroad requested the adjustment to better prepare for voter enrollment.
“At the request of various posts abroad, they want more time to ensure proper preparation for enrollment...Many overseas Filipinos are still unaware that they will be able to vote starting April,” Garcia said.
By Samuel P. Medenilla @sam_medenilla
MALACAÑANG said it is ready to cooperate with the International Criminal Police O rganization (Interpol) for the possible arrest of former President Rodrigo R. Duterte for his pending case before the International Criminal Court (ICC) related to his bloody drug war.
to follow,” Castro said. For his part, Presidential Communications Office ( PCO) Secretary Jay Ruiz said they are “prepared for any eventuality” related to the reported ICC arrest warrant.
T he PCO officials made the remark after it was reported that an arrest warrant was already issued against Duterte, w ho is being investigated by the ICC for possible crimes against humanity after his administrations anti-illegal drugs campaign killed at least 6,000 drug suspects.
Under Republic Act No. 9369, the TEC must secure certification from an established international entity at least three months before election day. This certification must categorically state that the AES, including its hardware and software components, is operating properly, securely, and accurately. However, Garcia countered that Comelec’s current timeline remains ahead of previous election years.
Since the nationwide implementa-
Garcia’s remarks came after Senator Risa Hontiveros urged the Joint Congressional Oversight Committee on the AES last week to investigate the supposed “delay” in obtaining certification from the Technical Evaluation Committee (TEC).
“We presented the so-called hash code, which can be verified. You can’t generate a hash code unless the system is functioning properly. It’s like building a car—this is the final model, and the only thing left is quality control, the certification to ensure that it works as intended and can be trusted,” Garcia explained.
Following this, an international certifier is scheduled to visit Comelec on Monday to witness the sealing of the source code.
Pre-enrollment for OVCS adjusted MEANWHILE , Garcia reiterated that the pre-enrollment period for OVCS has been moved to March 20
The pre-enrollment process involves verifying voter identities through government-issued IDs, such as passports, national IDs, and seaman’s books.
According to Comelec data, around 1.3 million Filipinos abroad are eligible for overseas voting.
While most posts will implement online voting, 17 will not, and instead, Comelec will send automated counting machines to their respective embassies and consulates.
Among these are posts in Russia and China, which did not permit the use of their internet services for online voting.
The overseas voting period will run from April 13 to May 12.
In a statement issued on Sunday, Palace Press Officer (PCO) Clair Castro reiterated they have yet to receive any confirmation if the ICC has already issued an arrest warrant for Duterte.
S he reiterated the position of the Marcos administration that it will not directly cooperate with the ICC after the co untry withdrew from the Rome Statute in 2019.
However, she noted that they will cooperate with Interpol if it is tapped by the I CC to arrest Duterte.
“As what ES [Executive Secretary] Bersmin and SOJ [Secretary of Justice] said before, if Interpol will ask the n ecessary assistance from the government, it is obliged
As of press time last Sunday, the ICC has yet to include Duterte in its list of of 5 5 defendants with pending warrant of arrests, which is posted in its website. However, there is speculation that ICC will soon be issuing warrants after Duterte l eft the country last Friday, and the scuttlebutt was that he sought to avoid being arrested.
D uterte’s camp said the former president is in Hong Kong for the sortie of the Partido Demokratiko Pilipino-Lakas ng Bayan in the autonomous territory of China.
Editor: Jennifer A. Ng
STOCK-MARKET OUTLOOK
By Lorenz S. Marasigan @lorenzmarasigan
THE Toll Regulatory Board (TRB) plans to approve within the quarter the construction of three San Miguel Corp. (SMC) expressway projects—the Northern Access Link Expressway (Nalex), Southern Access Link Expressway (Salex), and Toll Road 5 (TR5) Segment 1.
TRB Executive Director Alvin Carrullo said the agency is finalizing the approval of the final engineering design and will soon issue the notices to proceed to allow the diversified conglomerate to move forward with the projects.
“This quarter, the target of the TRB is to approve the final engineering and design and issue the notice to proceed. Construction will proceed in the first quarter. This is for Nalex and Salex. And also TR5, from Mayao, Quezon to Gumaca— the Segment 1,” he said in a chance interview with reporters. Based on documents from the TRB website, the three projects have a combined cost of nearly P329 billion and are expected to significantly reduce travel time while easing congestion in key corridors.
OThe P148.30-billion Nalex project, led by SMC Northern Access Link Expressway Corp., is designed to improve connectivity between Metro Manila, the New Manila International Airport (NMIA) in Bulacan, and Central Luzon.
Spanning 136.4 kilometers, Nalex will extend from the Metro Manila Skyway Stage 3 (MMSS3) at Balintawak, with a future expansion planned to reach Tarlac City.
The project, which forms Component 1 of the Greater Capital Region Integrated Expressways Network, was approved under a Supplemental Toll Operations Agreement (STOA) signed by the President in May 2022.
The P152.39-billion Salex, to be undertaken by SMC Southern Access Link Expressway Corp., will serve as Component 2 of the integrated expressway system.
The project comprises a 40.65-kilometer elevated expressway network featuring the Shoreline Expressway and three extensions of
MMSS3: C3-R10 Extension, Quirino Extension, and Buendia Extension. Designed to enhance northsouth connectivity within the metro, Salex will provide access to key urban areas, reducing travel bottlenecks and improving overall traffic flow. The project comes with a 30-year concession period from the issuance of the Toll Operations Certificate (TOC).
Meanwhile, TR5 Segment 1, valued at P28.15 billion, will extend the South Luzon Expressway (Slex) from its current endpoint at Toll Road 4 (TR4) in Lucena City, Quezon, to Gumaca, Quezon.
The 61-kilometer segment will feature four interchanges—Pagbilao, Atimonan, Aglangan, and Gumaca—along with toll plazas and an operations center to support its function.
The expressway is expected to enhance access to Quezon province and the Bicol Region, boosting trade, tourism, and economic activity in the south.
earnings tripled to ₧12.6B in ’24
NLINE gaming firm DigiPlus Interactive Corp. said its income last year tripled to P12.6 billion from the P4.09 billion recorded in 2023.
The company said this was driv-
en by the sustained momentum of its retail gaming segment, the successful launch of new livestreamed games and the continued expansion of its game portfolio across its gaming brands.
“The harmonization of regulatory fees further enhanced profitability, creating a more stable environment for long-term growth,” the company said.
Total revenues more than
doubled to P75.2 billion from the previous year’s P27.25 billion. By the end of 2024, DigiPlus recorded over 40 million registered users across its digital platforms.
VG Cabuag
Banking&Finance
Demand for B2B services boosts fintech’s volume
DEMAND for business-tobusiness (B2B) services and increased uptake of high-value financial products by small and medium-sized businesses (SMBs) drove Payoneer Global Inc. to record transaction volumes, revenue and profitability in 2024, the American firm said through a statement.
The financial services provider reported its total transaction volume increased by 21 percent year-on-year to $80 billion in 2024 as B2B transactions rose by 42 percent year-on-year.
“We achieved new records for annual volume, revenue and profitability, saw exceptional volume and revenue growth with B2B SMBs, drove increased adoption of our high-value products and expanded our financial stack,” Payoneer CEO John Caplan was quoted in the statement as saying.
The company saw an 8-percent year-on-year (y-o-y) growth in its ideal customer profile (ICP), with volume and revenue from $10K+ ICPs increasing by over 20 percent in 2024.
According to Payoneer, its average revenue per user (ARPU) rose by 18 percent y-o-y, driven by business mix, increased adoption of high-value products and higher interest income. ARPU, excluding interest income, also grew by 21 percent year over year.
Held customer short-term and long-term funds amounted to $7.0 billion, an increase of 9 percent y-o-y as of the end of last year, according to the company.
In its filing with the US Securities and Exchange Commission, the company said its Payoneer platform processed $80.1 billion, $66.0 billion, and $59.7 billion in volume during the years ended December 31, 2024, 2023, and 2022, respectively.
To reduce future sensitivity to interest rate fluctuations, Payoneer also invested $1.8 billion of underlying customer balances in US treasury securities and termbased deposits as of end-December 2024.
It also used $1.9 billion in long-term interest rate derivative instruments to provide a floor against interest rate declines below 3 percent.
The company also repurchased $137 million worth of shares at an average price of $5.50 per share. It also redeemed all 25 million outstanding public warrants for $21 million.
In its filing with the US SEC, the company said it acquired on August 5, 2024, 100 percent of the outstanding equity of Skuad Pte. Ltd., a workforce and payroll management company.
“The acquisition accelerates Payoneer’s strategy to deliver a comprehensive and integrated financial stack for SMBs that operate internationally.”
The company also said that last month, it received the regulatory
approvals required to complete the acquisition of a licensed Chinabased payment service provider to support Payoneer’s China business.
“These achievements are proof of our scalable, increasingly profitable business model, the size of our opportunity and the strength of our execution. Looking ahead to 2025, we will focus on expanding our regulatory moat, modernizing our technology infrastructure and further enhancing our financial stack, while seeking to deliver continued strong growth and profitability,” Caplan said.
“Our 2025 guidance is consistent with our medium-term financial targets and reflects our confidence in our strategy and in our ability to continue to build upon the strong momentum of 2024,” Payoneer Chief Financial Officer Bea Ordonez added.
Founded in 2005, the New York, US-headquartered Payoneer is a fintech company providing small and medium-sized businesses, particularly in emerging markets, with financial tools to facilitate cross-border transactions, manage multi-currency funds and participate in the global digital economy.
The company told the US SEC that it primarily generates revenues “when Payoneer customers use the funds in their Payoneer account to make a payment, make a purchase or to withdraw the funds to a financial institution.”
“For our customers transacting on a B2B or DTC basis, we also in certain circumstances generate revenue when they receive funds, such as when they invoice a customer or collect payments via their webstore,” the report read. “Additionally, given the significant customer funds held on our platform and ongoing growth in those balances, and in light of the high interest rate environment in the US and elsewhere, interest earned on customer funds held on our platform has been a significant source of revenue.”
According to Payoneer’s management, their “long-term strategy is centered on growing the number of customers on our platform who fit our ideal customer profile, namely – those who are customers that have on average over $500 a month in volume and were active over the trailing twelve-month period, and on increasing the revenue we earn from each customer.”
Approximately 55 percent of Payoneer’s global employee base is located in Israel, including approximately 78 percent of the firm’s research and development resources, read Payoneer’s report to the US SEC ( https://www.sec. gov/ix?doc=/Archives/edgar/da ta/0001845815/00015583702 5001804/payo-20241231x10k. htm#fact-identifier-30).
“At this time, it is difficult to assess the impact the war may have on our future results of operations,” the company said. Reine Juvierre S. Alberto
Bankers eye hedging tools as swap market gears hum
By Reine Juvierre Alberto @reine_alberto
AS the Peso Interest Rate Swap (PESO IRS) market gains traction, expanding access to offshore investors who need hedging tools is being explored, according to a bank executive.
In a chat with members of the press, Citi Philippines Country Officer and CEO Paul Raymond A. Favila said the Peso IRS market is considered to be opened to offshore investors.
“If you want to invest in the Philippines, you need to have a way to hedge yourself; so those are very much consistent with everything that we are trying to do,” added Favila, who
is also the chairman of the Open Market Committee of the Bankers Association of the Philippines (BAP). He added that the BAP continuously and closely monitors the Peso IRS market. But Favila noted that while there has been a “quite a fair amount of progress in terms of volume,” there is still a “long way to go” before the swap market becomes widely adopted as a platform.
Favila said the market—which allows borrowers to sell bonds and lenders to price loans at different maturities—should not just be for banks trading among themselves but to make sure that there is more reception coming from the end users.
“Otherwise, it doesn’t serve a purpose; it becomes speculative,” he explained. “The challenge now as we are creating the historical data, is for clients to start looking and saying ‘I’m comfortable with this. Now I’d like to get engaged.’”
Further, the Bangko Sentral ng Pilipinas (BSP) is expected to introduce further developments in the repo market, Favila added.
The PESO IRS, envisioned to be one of the key steps in deepening the capital markets, was launched last November 2024 as a collaboration between the BSP and the BAP. (See: https://businessmirror. com.ph/2024/11/18/new-pesoswap-market-seen-to-help-smes-
seeking-loans/ ).
The International Swaps and Derivatives Association (ISDA) recognizes BAP’s Philippine Overnight Reference Rate (ORR), where the swaps are anchored at the short end. Under this market, the BAP said it developed the Philippine ORR, which is based on the BSP’s overnight reverse repurchase rate (RRP), to which the BSP shifted last year. The BSP said for the first time, some 16 local and foreign banks have committed to be market makers for the ORR-based IRS. The BAP has said it expects widespread trading among market participants would promote the creation of enhanced benchmarks—“leading to the pricing of loans that reflect the needs of the market.”
The central bank has said it will ensure there will be prices for swaps of various maturities, from onemonth to 10-year, providing a new way to hedge or take positions.
DFP remits ₧174M to DOT despite continuing losses
By Ma. Stella F. Arnaldo @akosistellaBM Special
to the BusinessMirror
DUTY-FREE Philippines Corp. (DFPC), a government-owned and -controlled corporation under the Department of Tourism (DOT) continued to post losses in 2023, despite the full reopening of the country to international travel in 2022.
A report by the Commission on Audit (COA) showed DFPC recorded a net loss of P133.66 million in 2023, 51-percent lower than the P274.62 net loss in 2022, almost the same percentage loss the government firm recorded between 2022 and 2021. This was despite a 55.1-percent increase in income to P5.77 billion, and just a 46.65-percent rise in expenses to P5.91 billion in 2023.
The DFPC, however, did not receive a subsidy from the national government in 2023, unlike in 2022, when it was allocated some P35 million. Prior to the pandemic, DFPC earned a profit of P470.37 million in 2019.
Despite the continued loss, the DFPC still had to remit some P174.13 million to the DOT that year, “which comprises
SENATOR Francis Joseph “Chiz”
G. Escudero is calling for a wideranging financial and social audit of Internet gambling platforms as the surge in online gaming where bets can be placed through mobile phone apps means that “there is now a casino in every Filipino’s pocket.”
According to the Senate President, such easy access should prompt government regulators to conduct a “social coststate benefit” analysis of the activities of the Philippine Inland Gaming Operators (PIGOs) because “online gaming can now pick the pocket of every Filipino.”
A statement issued by his office quoted Escudero as saying that “the same accounting the government used in assessing and outlawing the Philippine Offshore Gaming Operators (POGOs) should apply on PIGOs.”
“What is sauce for the goose is sauce for the gander,” the Senate leader said.
[the agency’s] share of DFPC’s Net Profit for the year 2019,” a requirement under Republic Act 9593 (Tourism Act of 2009). COA’s report did not say if DFPC also had to remit any amount to the Tourism Promotions Fund, created under the same law, which provides that 75 percent of the 50 percent DFPC net income is remitted therein. TPF is a fund that can be tapped by the Tourism Promotions Board, the marketing arm of the DOT.
Unreliable financial ledgers
THE COA rendered a “qualified opinion” on the DFPC’s financial records in 2023 because: 1) The firm had yet to adopt newer accounting standards in recording 16 lease contracts; 2) its property, plant, and equipment account of P83.94 million was unreliable due to the inclusion missing properties, for one; and 3) the Accounts Receivables of P96.4 million was inaccurate due to missing relevant information and incomplete ledgers, among others.
The audit also showed that the DFPC’s reported sales in 2023 of P5.71 billion was “doubtful due to erroneous inclusion of sales from consigned goods in the compu-
“An anomaly does not cease to be one because Filipinos are doing it.”
What Escudero “would like to see [is that] government practice the same attention to detail in assessing PIGOs as it did with POGOs.”
Hindi ba lahat ng ahensya ng pamahalaan went granular in studying the impact of POGOs on our society?”
The veteran legislator said once the inquiry on PIGOs is underway, he expects data on “tax payments of PIGOs, the ownership structure, the share of the government, police reports on crimes that addicted gamblers had committed to come light.”
A new accounting of the entire gaming industry is in order, he pointed out, to determine the true picture as to how much bets do Filipinos place in a year.
“Ang nakikita lang kasi natin ay ’yung gross revenues, net income ng mga gaming and gambling firms. Pero dapat
tation of the agency’s sales thereby overstating sales revenue, sales returns and allowances, sales discount, and cost of sales accounts by P117.416 million, P165.711 million, P0.686 million, and P86.939 million, respectively, and non-recognition of fees and commission income amounting to P29.626 million…”
Most of the COA’s recommendations were for the DFPC’s accounting division to make the proper entries to their books with matching reference numbers, reconcile accounting records of affected accounts, adjust or reclassify entries in accounting ledgers, to name a few. The government firm had agreed to implement the accounting recommendations.
The COA also told the DFPC to “fasttrack the processing of severed employees,” who still has some P7.734-million in properties under their accountability. The DFPC implemented a restructuring plan in 2023 that has streamlined the number of its employees to 455 consisting of one presidential appointee, one co-terminus, 340 regular employees, 13 Contracts of Service, and 100 Job Orders. Prior to its restructuring, the DFPC had 748 plantilla positions.
ilabas ang total na taya na inilalagak ng mga Pilipino across the board and in all platforms,” he said. [All we see is the gross revenues, net income of gaming and gambling firms. But the total bets placed by Filipinos across the board and in all platforms should be made public.]
The Senate leader said his office has received reports from industry insiders that the total online bets could reach between P600 billion and P1 trillion a year—more than double the reported gross annual sales of a popular fast-food chain in the country.
Mas malaki rin into ng P150 billion sa value ng ani ng palay sa Pilipinas sa loob ng isang taon I-compute mo ang halaga ng lahat ng baboy, manok, baka, kambing na na- produce sa Pilipinas, mas malaki pa rin ang nataya sa online gaming,” he said. [This is also P150 billion more than the value of the rice harvest in the Philippines in a year. Compute the value of all
Hike in travel expenses
THE audit showed a 56.61-percent increase in DFPC’s maintenance and operating expenses, largely due to the 158-percent increase in traveling expenses to P1.71 million versus P663,277 in 2022.
As of December 31, 2023, the DFPC still had unsettled audit disallowances totaling P28.651 million…” from 2018, mostly from “irregular” travel expenses, inland transport and per diems, car plan benefits. The GOCC had no audit suspensions. DFPC continues to operate stores at the Fiesta Mall in Parañaque City, the Luxe Store at the Mall of Asia property, the Ninoy Aquino International Airport passenger terminals 1, 2, and 3 in Pasay City and at international airports in Mactan, Davao, Kalibo, Iloilo, and Bacolod/Silay. The Duterte administration had once considered the privatization of the DFPC, set up initially as a private corporation by the first Marcos administration, but absorbed by the government in 1986. (See: “DOT chief: Duty Free firm’s privatization possible,” in the BusinessMirror, Sept. 5, 2019.)
the pigs, chickens, cows, goats produced in the Philippines, the stakes on online gaming are still greater.] In weighing social costs, Escudero wants the evaluation of PIGOs to “go beyond counting pesos and cents.” Hindi ba addictive ang mga apps ito na pati ang pera pampagkain ng pamilya o pang gatas ng bata
for the family’s food or the child’s milk is just being gambled away? And isn’t it true that a person who is driven by gambling is more likely to resort to crime and anti-social behavior?] At the same time, Escudero expressed concern that while physical
DEI-NIED: US companies retreat from diversity commitments
By The Associated Press
Agrowing number of prominent companies have scaled back or set aside the diversity, equity and inclusion (DEi) initiatives that much of corporate America endorsed following the protests that accompanied the Minneapolis police killing of george Floyd, a Black man, in 2020.
The changes have come in response to a campaign by conservative activists to target workplace programs in the courts and social media, and more recently, President Donald Trump’s executive orders aimed at upending DEI policies in both the federal government and private sector.
DEI policies typically are intended to root out systemic barriers to the advancement of historically marginalized groups in certain fields or roles. Critics argue that some education, government and business programs are discriminatory because they single out participants based on factors such as race, gender and sexual orientation. They have targeted corporate sponsorships, employeeled affinity groups, programs aimed at steering contracts to minority or women-owned businesses, and goals that some companies established for increasing minority representation in leadership ranks.
While hiring or promotion decisions based on race or gender is illegal under Title VII of the 1964 Civil Rights Act in most circumstances, companies say they are not doing that. Instead, they say they aspire to diversify their workforce over time through policies like widening candidate pools for job openings.
These are some of the companies that have retreated from DEI:
Uber
Af T ER a n conducting an internal investigation that found rampant sexual harassment issues within its corporate office under its founder and former CEO Travis Kalanick, Uber has been focused on overhauling its corporate culture since its current CEO Dara Khosrowshahi took over in 2017. Those changes had included a ramped-up commitment to diversity and inclusion as part of a commitment that the ride-hailing service highlighted in a section of its annual report for 2023.
But Uber dropped its diversity and inclusion section from its 2024 annual report filed last month. And the word “diversity” doesn’t appear anywhere in its 135 pages.
Uber didn’t immediately respond to a request for comment f r iday.
Salesforce
S A l E S f ORC E C EO Marc Benioff once was on a crusade to inspire other corporate leaders to become social activists in a drive to fix a “train wreck” of inequality, but he has since toned down that message while pledging to work with President Donald Trump “to drive American success and prosperity for all.”
Although Benioff personally has remained an outspoken supporter of l G BTQ+ rights, Salesforce is no longer touting its diversity program. After carving out a section of its annual report filed last year to declare, “Equality, Diversity and Inclusion Equality is a core value at Salesforce,” the San f r ancisco excluded any discussion of diversity programs in its
latest annual report filed March 5. “While we don’t have representation goals, we remain committed to our value of equality,” Salesforce said in a statement.
Pepsi PepsiCo confirmed that it’s ending some of its diversity, equity and inclusion initiatives, even as rival Coca-Cola voiced support for its own inclusion efforts.
In a memo sent to employees, PepsiCo CEO Ramon l a guarta said the company will no longer set goals for minority representation in its managerial roles or supplier base. The company will also align its sponsorships to events and groups that promote business growth, he said.
l a guarta wrote that inclusion remains important to PepsiCo, whose brands include Gatorade, l a y’s potato chips, Doritos, Mountain Dew as well as Pepsi. The Purchase, New York-based company’s chief diversity officer will transition to a broader role focused on employee engagement, leadership development and ensuring an inclusive culture, he said.
Goldman Sachs I NVESTMENT f irm Goldman Sachs confirmed that it was dropping a requirement that forced IPO clients to include women and members of minority groups on their board of directors.
“As a result of legal developments related to board diversity requirements, we ended our formal board diversity policy,” said a Goldman Sachs spokesman in an email to The Associated Press. “We continue to believe that successful boards benefit from diverse backgrounds and perspectives, and we will encourage them to take this approach.”
Goldman Sachs said that it will still have a placement service that connects its clients with diverse candidates to serve on their boards.
Google G OOG l E r escinded a goal it had set in 2020 to increase representation of underrepresented groups among the company’s leadership team by 30% within five years. In a memo to employees, the company also said it was considering other changes in response to Trump’s executive order aimed at prohibiting federal contractors from conducting DEI practices that constitute “illegal discrimination.”
Google’s parent company Alphabet also signaled things were changing in its annual 10-K report filed with the Securities and Exchange Commission. The report dropped a boilerplate sentence it has used since 2020 declaring that the company is “committed to making diversity, equity, and inclusion part of everything we do and to growing a workforce that is representative of the users we serve.”
Target Th E r etailer said that changes to its “Belonging at the Bullseye” strategy
would include ending a program it established to help Black employees build meaningful careers, improve the experience of Black shoppers and to promote Black-owned businesses following f l oyd’s death in Minneapolis, where Target has its headquarters.
Target, which operates nearly 2,000 stores nationwide and employs more than 400,000 people, said it also would conclude the diversity, equity and inclusion, or DEI, goals it previously set in three-year cycles.
The goals included hiring and promoting more women and members of racial minority groups, and recruiting more diverse suppliers, including businesses owned by people of color, women, l G BTQ+ people, veterans and people with disabilities.
Target also will no longer participate in surveys designed to gauge the effectiveness of its actions, including an annual index compiled by the h u man Rights Campaign, a national l G BTQ+ rights organization. Target also said it would further evaluate corporate partnerships to ensure they’re connected directly to business objectives, but declined to share details.
Meta Platforms
Th E p arent company of f a cebook and Instagram said it was getting rid of its diversity, equity and inclusion program, which featured policies for hiring, training and picking vendors.
l i ke other companies that announced similar changes before Meta, the social media giant said it had been reviewing the program since the Supreme Court’s July 2023 ruling upending affirmative action in higher education.
Citing an internal memo sent to employees, news website Axios reported the Menlo Park, Californiabased tech giant said it would no longer have a team focused on diversity and inclusion and will instead “focus on how to apply fair and consistent practices that mitigate bias for all, no matter your background.” The change means the company will also end its “diverse slate approach” to hiring, which involved considering a diverse pool of candidates for every open position.
Amazon
A M A z ON said it was halting some of its DEI programs, although it did not specify which ones. In a Dec. 16 memo to employees, Candi Castleberry, a senior human resources executive, said the company has been
“winding down outdated programs and materials, and we’re aiming to complete that by the end of 2024.”
“We also know there will always be individuals or teams who continue to do well-intentioned things that don’t align with our company-wide approach, and we might not always see those right away. But we’ll keep at it,” she wrote.
Rather than “have individual groups build programs,” Castleberry said, Amazon is “focusing on programs with proven outcomes – and we also aim to foster a more truly inclusive culture.”
McDonald’s
M C D ONA l D S s aid on Jan. 6 that it would retire specific goals for achieving diversity at senior leadership levels. It also planned to end a program that encouraged its suppliers to develop diversity training and to increase the number of minority group members represented within their own leadership ranks.
McDonald’s later said it was changing—but not eliminating—a scholarship program for l a tino students after it was sued by a group that opposes affirmative action. The program will now be open to any student who can demonstrate an impact on the l a tino community, the fast-food giant said. Applicants no longer need to have at least one l a tino parent.
In an open letter to employees and franchisees, McDonald’s senior leadership team said it remained committed to inclusion and believes that having a diverse workforce is a competitive advantage. The company said it would continue to publicly report its demographic information and spending on diverse-owned suppliers.
Walmart
Th E w orld’s largest retailer confirmed in November that it would not be renewing a five-year commitment to a racial equity center set up in 2020 after the police killing of George f l oyd, and that it would stop participating in the h R C’s Corporate Equality Index.
Walmart also said it will better monitor its third-party marketplace to make sure items sold there do not include products aimed at l G BTQ+ minors, including chest binders intended for transgender youth.
Additionally, the company will no longer consider race and gender as a litmus test to improve diversity when it offers supplier contracts and it won’t be gathering demographic
data when determining financing eligibility for those grants.
Ford
CEO Jim fa rley sent a memo to the automaker’s employees in August outlining changes to the company’s DEI policies, including a decision to stop taking part in h R C’s Corporate Equality Index.
f o rd, he wrote, had been looking at its policies for a year. The company doesn’t use hiring quotas or tie compensation to specific diversity goals but remains committed to “fostering a safe and inclusive workplace,” farley said.
“We will continue to put our effort and resources into taking care of our customers, our team, and our communities versus publicly commenting on the many polarizing issues of the day,” the memo said.
Lowe’s
I N A ugust, l o we’s executive leadership said the company began “reviewing” its programs following the Supreme Court’s affirmative action ruling and decided to combine its employee resource groups into one umbrella organization. Previously, the company had “individual groups representing diverse sections of our associate population.”
The retailer also will no longer participate in the h R C index, and will stop sponsoring and participating in events, such as festivals and parades, that are outside of its business areas.
Harley-Davidson
I N a p ost on X in August, h a rleyDavidson said the company would r eview all sponsorships and organizations it was affiliated with, and that all would have to be centrally approved. It said the company would focus exclusively on growing the sport of motorcycling and retaining its loyal riding community, in addition to supporting first responders, active military members and veterans.
The motorcycle maker said it would no longer participate in the ranking of workplace equality compiled by the h R C, and that its trainings would be related to the needs of the business and absent of socially motivated content.
h a rley-Davidson also said it does not have hiring quotas and would no longer have supplier diversity spending goals.
Brown-Forman
Th E p arent company of Jack Daniels
also pulled out from participating in the h R C’s Corporate Equality Index, among other changes. Its leaders sent an email to employees in August saying the company launched its diversity and inclusion strategy in 2019, but since then “the world has evolved, our business has changed, and the legal and external landscape has shifted dramatically.”
The company said it would remove its quantitative workforce and supplier diversity ambitions, ensure incentives and employee goals were tied to business performance, and review training programs for consistency with a revised strategy.
“Brown- f o rman continues to foster an inclusive work environment where everyone is welcomed, respected, and able to bring their best self to work,” spokeswoman Elizabeth Conway said in an email.
John Deere
Th E f arm equipment maker said in July that it would no longer sponsor “social or cultural awareness” events, and that it would audit all training materials “to ensure the absence of socially-motivated messages” in compliance with federal and local laws.
Moline, Illinois-based John Deere added “the existence of diversity quotas and pronoun identification have never been and are not company policy.” But it noted that it would still continue to “track and advance” the diversity of the company.
Tractor Supply Th E retailer in June said it was ending an array of corporate diversity and climate efforts, a move that came after weeks of online conservative backlash against the rural retailer.
Tractor Supply said it would be eliminating all of its DEI roles while retiring current DEI goals. The company added that it would “stop sponsoring non-business activities” such as Pride festivals or voting campaigns—and no longer submit data for the h R C index.
The Brentwood, Tennessee-based company, which sells products ranging from farming equipment to pet supplies, also said that it would withdraw from its carbon emission goals to instead “focus on our land and water conservation efforts.”
The National Black fa rmers Association called on Tractor Supply’s president and CEO to step down shortly after the company’s announcement.
Refining fashion’s ease of wear
IN quick succession, giant fast-fashion Japanese brand Uniqlo launched covetable collections one after the other. Its Lifewear line, “designed to be of the time and for the time,” seems to be making a bid to be the everyday fashion staple for Filipinos.
LIFEWEAR LINEN COLLECTION 2025
THE Tokyo-based brand recently collaborated with Vogue Philippines for its Linen Collection. A deep dive into everything about linen and how to style it was held at the Manila House BGC with Vogue PH fashion editor Pam Quiñones, brand ambassadress Jasmine Curtis-Smith and Uniqlo Philippines head of PR and sustainability Reichelle Vergara as panelists.
The brand’s chief operating officer Geraldine Sia offered her insights after the informative discussion:
“[The collection] has a wide range of pieces that truly embody our Lifewear philosophy. It’s effortless style, comfort and versatility. This partnership with Vogue Philippines has been instrumental in highlighting the craftsmanship and timeless appeal of our Linen Collection, and we do deeply appreciate their collaboration in bringing this vision to life.”
RE.UNIQLO STUDIO EMBROIDERY SERVICE
THE unique embroidery service, located at the Manila Flagship Store in Glorietta 5, Makati, presents a wide range of design options perfect for customization and ensuring longevity.
Vergara, the head of PR and Sustainability, explained the initiative: “I want to share with you and introduce the three main pillars of our Re.Uniqlo Studio: First of all, it’s Reuse. We are proud of the quality of our Re.Uniqlo items, which really last long.
“Next is we have the Repair. This is the core purpose of our Re.Uniqlo Studio. When we have items that we love and we wear them over and over again, it’s subject to wear and tear. But we have a solution. We have our Repair Studio where you can give it a try.
“And the last is our Recycle. There are really times when, of course, the clothing has already lasted its lifespan. And those items, we actually recycle those and make it into new clothing. We also have collections that are made of recycled materials.”
BRA TOPS AND ‘TIMELESS TONES’ WITH summer about to scorch our everyday lives, the bra tops seem to be the most essential outfits for the season. Not just for the sporty or yoga types, the styles range from camisole, sleeveless, short sleeve, bra dress, halter neck, cropped, and ribbed sleeveless as seen on the gorgeous Thai/Norwegian actress Yaya Urrasaya.
Though launched towards the tail-end of 2024, the “Timeless Tones” collection is still a stylish option for those who dream of traveling to Edinburgh and Stockholm, the city inspirations for the colorful
WOULD you reformulate a beloved beauty product, one that women have trusted for years?
That’s exactly what Japanese luxury skincare brand Shiseido has done with the Ultimune Power Infusing Serum, giving it a new formula that promises to slow down the skin’s aging process by 50 percent.
Years of research conducted by Shiseido have showed that fermented camellia extract, derived from camellia flowers grown in Japan’s Gotoh Island, activates Memory T Cells. This extract is what’s in the reformulated Ultimune serum. The ki-koji fermentation process claims to boost “skin regeneration by four times and reduces aging factors by over 50 percent.” The patented process of fermenting camellia seeds enhances the amino acids in the extract, boosting its ability to strengthen the skin’s defense mechanisms. Fermented camellia extract supports protecting the skin from aging factors such as dryness and “boosts your skin’s innate strength to achieve its full
ensembles.
ANYA HINDMARCH COLLECTION
THE English fashion accessories designer titled her collaboration with the Japanese retail behemoth, “An Eye for Curiosity.” Hindmarch’s craftsmanship with a hint of playfulness blends seamlessly with Uniqlo’s functionality.
“I’ve loved collaborating with Uniqlo again, working with their iconic knits and outerwear. Once again, we’ve played with their silhouettes; deconstructing and then rebuilding them with darning stitches, knitted-in patches, and unexpected details, creating special designs, always with a touch of fun,” said Hindmarch in a statement.
COMPTOIR DES COTONNIERS
beauty potential.”
This means that Ultimune, which I used as a preserum prior to its reformulation, now promises to address the aging cycle at the cellular level.
By the way, Shiseido has used almost every bit of the Gotoh Island camellia plant in making Ultimune, reflecting the brand’s focus on sustainability, and concern for the ecosystems of its sourcing locations.
brands have been available at stores from March 7, with Comptoir based on the theme of “Casual Essentials,” featuring simple and sophisticated pieces centered on a linen blend with the soothing comfort of the natural material, while the Princesse tam tam is inspired by Provence and maintains the comfort of loungewear while delivering items that can be worn stylishly outdoors.
JW ANDERSON 2025 SPRING/SUMMER COLLECTION
THE Northern Irish designer, who established his namesake brand in 2008, has won awards such as the 2023 Council of Fashion Designers of America (CFDA) International Designer of the Year, and the 2023 and 2024 British Fashion Council (BFC) Designer of the Year.
For his collaboration with Uniqlo, he worked on the theme the new “Modern Preppy,” which focuses on materials and practicality, reinterpreting classic items
The camellia seed extract is made by upcycling the strained lees of the camellia seeds, which have antioxidant properties. Camellia leaf extract helps protect the skin from stimulus of excess sebum due to dryness, while camellia flower extract supports the skin barrier by improving the stratum corneum’s resistance. Meanwhile, camellia seed oil has an emollient effect.
Ultimune produced good results in both clinical tests and consumer tests with 98 percent saying they felt that aging signs (fine lines and wrinkles) were visibly reduced in four weeks.
What I noticed about the new Ultimune is that it became less liquid and more serum-like. It also has an instant glow-up effect but not to the point that it will have flashback.
The serum, while positioned for aging concerns, is not really for aging skin in my opinion. I think it’s more of a preventive product. I think it also has the perfect texture of not being too oily nor too dry. So it’s good at night (after your toner and moisturizer) and day (under makeup and sunscreen).
I’ve only used the new Ultimune for a few weeks so I can’t write a more thorough review but so far I am liking it.
“Those who want to try the serum for the first time will have an opportunity to experience its enhanced formula, which offers improved skin defense, hydration, and radiance,” said Kaila Nicdao, general manager of Shiseido Philippines. The Ultimune
with a combination of designs that reflect current trends and vibrant colors. It features moderately roomy men’s polo shirts, available in a wide variety of four types and 13 colors, and combines dry functionality and pique material.
UNIQLO: C 2025 SPRING/ SUMMER COLLECTION
CLARE WAIGHT KELLER’S new collaboration collection for men and women “pursues new functional materials and innovations to create the perfectly elevated, everyday urban uniform. “
The famous British fashion designer said of her latest offerings: “This spring I wanted to embrace two key elements for the new Uniqlo: C collection, the first of which was Nylon. In recent years there has been a dominance of polyester in sportswear and daywear, it’s even used in luxury ready to wear. I wanted to return to sportswear’s roots using the cool touch and fluid finish of nylon.
“Working this fabric in dress volumes, soft shirting as well as running shorts and vests creates a new modernity in these shapes and a sporty feel to the silhouette. Secondly, color was a great component to play with in this fabric. The subtle softness of even the most intense orange makes for a beautiful tonal richness in these shapes.” ■
Savoir-faire boots for FENDI Women’s SS 2025 Collection
THIS season, uniting luxury, heritage and utility, the FENDI (www.fendi.com) association with American footwear company Red Wing explores complementary values as well as aesthetic contrasts this season. And as FENDI celebrates its centenary in 2025, Red Wing reaches its 120th anniversary.
Two types of savoir-faire coming together, incorporating both the handmade and the machine, creating a boot for a woman who does rather than just is. The FENDI leathers and finishes unite with the structure and utility of the Red Wing Heritage Classic Moc, which was inspired by the original 1952 work boot.
Utilizing the best of both distinct worlds, FENDI’s color palette of sienna red and natural beige, together with the supple Cuoio Romano leather and Selleria hand stitching are applied to Red Wing’s Classic Moc boot silhouette that has been a mainstay of the brand since 1952. This season, it could be said the boots quite literally ground the FENDI collection.
Here, the iconic FF interlace workmanship— symbolizing FENDI’s DNA and savoir-faire in handbags—is threaded by hand by the skilled leathergoods artisans from the FENDI Factory in Capannuccia, Tuscany, requiring 5 hours of work, applied to each pair of shoes. The upper is then sent to the United States where the product is constructed by hand with traditional shoe-making processes and methods that Red Wing has used for more than a century.
The two brands share a love for high-quality materials and a legacy of families who dedicated their lives to artisanal mastery passed down through generations.
With every pair involving the work of more than 30 artisans and 80 steps, the FENDI Red Wing boots are a testament to their enduring family spirit, heritage, and the stories woven into every stitch and seam.
“The Red Wing boot, the sporty attitude worn with an evening dress, these shoes are made for walking. They’re made for busy women,” said Silvia Venturini Fendi, FENDI artistic director of accessories and menswear.
SHISEIDO’S new Ultimune formula claims to boost Memory T Cells to help slow down aging. PHOTO FROM SHISEIDO
PhilHealth expands coverage for heart surgeries up to P1 million
EFFECTIVE March 1, 2025, the Philippine Health Insurance Corporation’s (PhilHealth’s) significantly expanded Z Benefits Package for open heart surgeries and newly developed package for heart valve repair and replacement reaffirm the social health insurance’s commitment to provide financial protection for cardiovascular health.
Cardiovascular disease (CVD) is the number one cause of mortality in the Philippines. Globally, 32 percent of deaths were reported to be due to CVDs (WHO). In response to this growing health concern, PhilHealth substantially increased the packages for the following open heart surgeries:
• Coronary Artery Bypass Graft (CABG) ranging from P660,000 to P960,000 (previously at P550,000)
Closure of Ventricular Septal Defect (VSD) from P498,000 to P614,000 (previously at P250,000)
Total Correction of Tetralogy of Fallot (TOF) up to P614,000 (previously at P320,000)
Additionally, PhilHealth has launched its new Z Benefits Package for Heart Valve Repair and Replacement ranging from P642,000 to P810,000. It also includes cardiac rehabilitation packages at P15,000 and P6,500 for adult and pediatric cases, respectively. Meanwhile, patients with rheumatic fever/ rheumatic heart disease undergoing these treatments may be enrolled in the outpatient benefit package for secondary prevention
in accordance with PhilHealth Circular 2019-0005. Qualified PhilHealth members and dependents can avail of these benefits without copayments if admitted in ward accommodations of PhilHealth contracted facilities nationwide. These initiatives reinforce PhilHealth’s commitment to making essential healthcare services more accessible to all Filipinos, in support of President Ferdinand R. Marcos Jr.’s thrust to expand access to medical care for all communities. In his first State of the Nation Address, PBBM stated that “We must bring medical services to the people and not wait for them to come to our hospitals and health care centers.”
As of December 2023, there are 131 specialty centers established nationwide.
“Kaisa ni Pangulong Ferdinand R.
Marcos, Jr. ang PhilHealth sa layuning mailapit ang mga benepisyo, lalo na ang mga specialty services sa mga Pilipino sa lahat ng rehiyon [President Ferdinand R. Marcos, Jr. and PhilHealth are one in the goal of bringing benefits, especially specialty services, closer to Filipinos in all regions],} said PhilHealth President and CEO, Dr. Edwin M. Mercado. “Ito ay naaayon sa layunin ng Department of Health na pagbutihin ang antas ng mga ospital sa buong bansa [This is in line with the Department of Health’s goal of improving the level of hospitals nationwide.],” he added.
For further inquiries on benefits and services, members may call PhilHealth’s 24/7 hotline at (02) 866-225-88 or at mobile numbers (Smart) 0998-857-2957, 0968-865-4670, (Globe) 0917-1275987 or 0917-1109812.
SM Retail Powers the Future of Philippine Retail
SM Retail Inc is a premium sponsor of the 3rd Retail Leaders’ Summit, hosted by the Philippine Retailers Association. With the theme “Retail Recharge: Inspiring Strategies for Retail Success,” this year’s summit serves as a platform for industry leaders to exchange ideas, spark innovation, and navigate the evolving retail landscape.
At the heart of SM Retail’s success is its unwavering commitment to its “We’ve Got It All for You” strategy, offering a diverse selection of products, a seamless shopping experience, and customer-first service. As the country’s leading retail group, SM Retail remains a pioneer in delivering value, convenience, and quality to Filipino shoppers nationwide. Customer service excellence is the cornerstone of SM Retail’s approach.
With a deep understanding of the modern shopper’s needs, SM Retail Inc. continuously enhances its service
ANTHILL Fabric Gallery Marks 15 Years of Impact with Maybank Foundation partnership
AS Cebu City based ANTHILL Fabric Gallery celebrates 15 years of empowering Filipino weaving communities, it proudly announces its partnership with Maybank Foundation as the official implementing partner of the Maybank Women Eco-Weavers Program (MWEW) in the Philippines.
This marks the fifth country where the program is being implemented, following its success in Indonesia, Laos, Cambodia, and Malaysia. The expansion into the Philippines strengthens Maybank Foundation’s commitment to empowering communities across ASEAN through cultural preservation and economic development.
As an ASEAN-accredited entity, Maybank Foundation plays a significant role in advancing regional social impact initiatives, ensuring that programs like MWEW align with broader sustainability goals and contribute to economic inclusion across ASEAN.
Since its inception, the Maybank Women Eco-Weavers Program has trained over 1,900 women weavers and supported more than 2,200 farmers across Indonesia, Laos, Cambodia and Laos, fostering a sustainable ecosystem that integrates natural fiber cultivation, textile artisanship, and financial empowerment. By providing artisans with capacity-building, financial literacy, and sustainable livelihood opportunities, the program strengthens economic resilience while preserving cultural heritage.
The Philippines’ inclusion in the program builds on this success, with a focus on enhancing abaca fiber research and production, one of the country’s most valuable natural resources. By incorporating farmers, weavers, and circular economy principles, MWEW aims to create a sustainable value chain that not only ensures income stability for artisans but also promotes regenerative farming practices that benefit local ecosystems.
“For 15 years, ANTHILL has been deeply committed to weaving sustainability into the fabric of Filipino communities,” said Anya Lim, Co-Founder and Managing Director of ANTHILL Fabric Gallery. “This partnership with Maybank Foundation is a major milestone, allowing us to scale our impact further, bridge generational gaps in weaving, and strengthen the livelihoods of our partner artisans.”
“Through a shared commitment to cultural preservation and sustainable development, ANTHILL and Maybank Foundation aim to empower weaving communities with the
Ctools, resources, and market access they need to thrive in a modern economy. The Maybank Women Eco-Weavers Program initiative will not only enhance the visibility and economic resilience of women weavers but also reinforce the importance of ethical and sustainable textile production in the Philippines,” said Izlyn Ramli, Head of Group Corporate Affairs Maybank and CEO of Maybank Foundation. This collaboration reflects the power of collective action in uplifting traditional industries and fostering social impact. By working with ANTHILL, Maybank Foundation is investing in both heritage and innovation, ensuring that weaving remains a viable and meaningful livelihood for future generations. The success of this initiative is also made possible with the support of Maybank Philippines, alongside Maybank’s Cebu and Cagayan de Oro branch teams, who play an instrumental role in engaging with the local weaving communities, strengthening outreach, and ensuring the programme’s long-term sustainability. As ANTHILL embarks on its next chapter of impact, this partnership reaffirms its commitment to creating inclusive growth for weaving communities and championing a circular, sustainable economy. With the combined efforts of Maybank Foundation, Maybank Philippines, and its regional teams, ANTHILL continues to weave a future where culture, livelihood, and sustainability are intricately intertwined. For more information on ANTHILL Fabric Gallery and Maybank Foundation’s Eco Weavers Program, visit www. anthillmarkets.com and www.maybankfoundation.com or contact Anya Lim at anya.lim@anthillfabricgallery.com
ROWNE Plaza Manila Galleria announces its recent attainment of the prestigious Halal certification. This certification, which adheres fully to the Philippines National Standard on Halal, has been thoughtfully reviewed and endorsed by the Shari’ah Advisory Council (ULAMA COUNCIL) of the Halal International Chamber of Commerce and
SportS and muSic: a Synergy for the SenSeS
WHETHER or not you are a fan of American football, chances are you have heard of the Super Bowl halftime performance. These shows are among the most watched events on television, attracting audiences that are even bigger than the Philippine population.
Michael Jackson’s halftime performance in 1993—the one that set the stage for the halftime show format and quality that we see today - attracted 133.4 million viewers. Kendrick Lamar’s latest performance last month beat that record, with viewership reaching 133.5 million.
The Super Bowl is America’s foremost sporting event, not because of the halftime performances (but, of course, those count for something, too), but because of the game itself. As much as Americans are crazy for basketball, they are even more bonkers for football, evidenced by higher viewership and revenues for the National Football League (NFL) than the National Basketball Association (NBA).
Performing at the Super Bowl halftime show is a badge of honor for musicians, as not everyone is invited to perform on that stage. At the same time, the event offers tremendous opportunities for further brand exposure and amplification, which can result in exponentially higher streaming numbers, increased concert ticket sales, and even new brand partnerships. And this is precisely why Super Bowl halftime performers do the gig for free.
Geely Auto has engaged brand storytelling and experiential innovation agency INVNT to deliver the global launch of its first and highly anticipated allelectric EX5 SUV in Australia at an iconic Sydney venue on 11th of March.
Following a competitive pitch, INVNT secured the account with a vision that transcends traditional launches. Under the campaign G’day Austra -
Our own sports-music tie-ins IN the Philippines, we do not have anything as big as the Super Bowl halftime shows for any of our local sporting events— not even for the highly popular professional and collegiate basketball leagues. But we do have full-blown productions for the opening ceremonies of the two premier collegiate leagues: the University Athletics Association of the Philippines (UAAP) and the National Collegiate Athletics Association (NCAA). These are spectacles in themselves, with musical acts usually headlining the events.
Even sans the Super Bowl-level productions, what we do have are theme songs for various sports events and leagues, including the Philippine Basketball Association (PBA), Palarong Pambansa, and the country’s hosting of the Southeast Games in 2019. We also have theme songs for our national contingents to the SEA Games and the Olympics.
These just show how much music and sports are intertwined. In a country that boasts a wealth of creative talent, it is no surprise that the sports-music tie-in is as much a thing as tapsilog or halo-halo—all a hodgepodge of delicious things that are even yummier together.
Volleyball and its partners
THE latest example of a sportsmusic partnership is the Philippines’s upcoming hosting of the FIVB Men’s Volleyball World Championship in September. The Philippine National Volley -
lia, INVNT crafts an immersive experience that reflects Geely’s commitment to the country, bringing together key activations for the brand—including an electrifying launch event and party, media drive, and technical training.
Li Lei, CEO of Geely Auto Australia, says, “The launch of the EX5 is a significant milestone for Geely Auto Australia as it marks the start of our relation -
ball Federation (PNVF) recently introduced indie folk-pop band Ben&Ben as its Official Music Partner.
“To truly showcase the Philippine brand as we host the [World Championship], we are glad to have Ben&Ben as our Official Music Partner and Ambassador,” PNVF President Ramon “Tats” Suzara said. “With Ben&Ben, our own world-class culture and music will be showcased not only in the international volleyball community but in the entire world as well.”
Under the partnership, Ben&Ben will perform Triumph, one of the songs from their latest album, The Traveller Across Dimensions, during the tournament’s awarding ceremony on September 28 at the SM Mall of Asia Arena. The song, identified as the event’s victory anthem, will also be performed in other events in the run-up to the competition.
According to Ben&Ben’s Miguel Benjamin, Triumph focuses on struggles and victory—a theme that aligned well with sports and the upcoming tournament.
“Triumph is a song about strug -
ship with the country and Aussie consumers, and we needed a partner who could bring this to life in an authentic way, and we are excited to partner with INVNT to deliver unique experiences to consumers, media and our network.”
Laura Roberts, Managing Director INVNT APAC, added, “Australia isn’t just the starting line for Geely Auto’s global launch—it’s where the spark of
gling in life and being victorious over something. We feel that this energy is perfect for the sport, so we’re happy to be here,” he said.
“The way that we love performing to a lot of people, we would love to bring that energy of bringing everyone together through the song, and all of us together supporting this lovely sport and community.”
The partnership works well for both parties, as PNVF can leverage Ben&Ben’s massive following and well written songs, while the band can take this opportunity to expose their music to the global audience.
Since this is an international event, volleyball fans from all over the world are expected to come to the Philippines to watch the matches live, while thousands more watch via platforms that will stream the games. According to the PNVF, the FIVB Volleyball World Championships in 2022 reached 1.57 billion viewers globally, with an active community of 631 million fans.
Locally, the band may also be able to reach potential new listeners among volleyball fans who
something bigger begins. We believe in the power of innovationled experiences to shape culture, forge new connections, and set the course for the future. With Geely, we’re not just unveiling a car; we’re opening the door to a new era of human mobility, introducing Australians to a brand that’s set to redefine the road ahead.”
INVNT joins a suite of agencies supporting Geely, includ -
may not be familiar with their music. At the same time, this may be a good opportunity to encourage the band’s fans, dubbed Liwanag, to try watching volleyball games. Here’s hoping that the country’s historic hosting of the Men’s Volleyball World Championship succeeds, and that it paves the way not only for more opportunities to host global sporting events, but also for more sports-music partnerships.
PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier organization for PR professionals around the world. Abigail L. Ho-Torres is the Chief Marketing Officer of Ikigai Philippines and an independent consultant and trainer, with more than two decades of experience in media, public relations, marketing, and customer experience.
We are devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com.
ing Havas Host (creative and social), Havas Media (media), Dentsu (PR and Influencer management) and Merkle (website and CXM).
Australian consumers can get behind the wheel of the EX5 starting March 11, with test drives and pre-orders available at Geely dealerships. Personalization options are now live via the EX5 configurator at www. geely.com.au/ex5/build
At the press con for the formal introduction of Event Ambassadors and Official Music Partner NONIE REYES
t h E b and (left) with, from right: Event Ambassadors Bryan Bagunas and Eya Laure, Sen. Alan Peter Cayetano,
Event Co-Chair Vinny Marcos, Sen. Pia Cayetano, and tats Suzara NONIE REYES
Bruised and bloodied: No stopping Pogacar
SIENA, Italy—Bruised and bloodied, Tadej Pogacar still managed to solo to victory on Saturday.
The defending champion recovered from a heavy crash to become only the second cyclist to win the Strade Bianche three times.
T he Slovenian—who also became the first to win the race back-toback—remarkably had time to sit up on the approach to the line, raise his arms above his head and point both index fingers at the sky as he beamed broadly.
“I enjoyed it until I crossed the finish line, now the adrenaline has worn off, I’m starting to feel a lot of pain,” Pogacar said. “So not the best way to win a race but a win is a win, and let’s hope it’s nothing worse than it looks and all should be fine.”
Pogacar, who also won in 2022, finished one minute and 24 seconds ahead of Britain’s Tom Pidcock and 2:12 ahead of Tim Wellens of Belgium.
This year’s Strade Bianche was one of the toughest yet as for the first time in 19 editions there were more than 80 kilometers of the white, gravel roads that give the race its name—there were 16 gravel sectors, totaling 81.7 kilometers, on the 213-kilometer route through Tuscany.
Although he was heavy favorite before the race, Pogacar’s chances didn’t look so good when he fell with just under 50 kilometers remaining.
T he three-time Tour de France champion was at the head of a leading trio going downhill and he slid out on a corner, sending him flying across the road and tumbling head over heels into a ditch.
Pogacar was swiftly back on his bicycle but covered in scrapes on his left leg and arm, with his skinsuit torn up, and about 30 seconds down on Pidcock.
“I went too fast, I guess,” Pogacar said when asked how the crash happened. “I know this road very well, I’ve rode it like already now 20 times for sure in my life, but sometimes you misjudge and I don’t know, I just slipped.
“For a moment, I didn’t know if I was okay, and the bike was not working, so I had to change the bike. I was a bit worried because when you crash, the body takes a lot from you. But I still had enough to finish it off.”
Pogacar managed to quickly pass Connor Swift—who had been the other rider in the trio—and, when the gap fell to 15 seconds,
LPGT resumes in East Ridge’s tough Faldo course
WITH no clear favorites, a bunch of a rising contenders from Korea provide the most imminent threat to the local stars as the Ladies Philippine Golf Tour (LPGT) holds its second leg at the Faldo course of the Eagle Ridge Golf and Country Club in General Trias in Cavite starting Monday. And with the absence of first leg surprise champion Samantha Bruce who’s resuming her campaign abroad and a couple of top local stars who are competing at the Thailand Ladies Professional Golf Association, the field is now wide open for the Filipino hopefuls and international contenders for the coveted championship.
B ut a growing Korean presence— led by Seoyun Kim and Tiffany Lee—threatens to overshadow the homegrown talents—Kim shared runner-up honors with absentee
THE Ilagan Isabela Cowboys hit their target in the fourth quarter and routed the Sarangani Grippers, 74-54, in Manny Pacquiao presents 1xBet-Maharlika Pilipinas Basketball League (MPBL) 2025 Season on Saturday at their homecourt The Capital Arena.
Led by Arth Dela Cruz and JR Olegario, the Cowboys outscored the Grippers, 27-15, in the payoff period to win their first MPBL game pulling away. With the outcome beyond doubt, 71-50, following a Dela Cruz bucket, majority of the 10,000 capacity crowd headed to the exits happy and proud as it was past 11:20 p.m.
De la Cruz, former gunner of the Davao Occidental Tigers, fired 16 points on top of 11 rebounds, 3 assists, 3 steaks and 1 block to clinch best player honors.
O legario, formerly of the Paranaque Patriots, tallied 13 points, 2 rebounds and 2 steals for Cowboys Coach Louie Gonzalez.
Showdown of generations brewing as veterans clash with young aces
THE
Pidcock opted to wait for Pogacar to continue their duel heading into the final 45 kilometers.
Pogacar attacked on the penultimate sector, with 18 kilometers remaining, and left Pidcock in his—white—dust.
“I c ame pretty close. I mean Tadej crashed, it’s unfortunate, but let’s be honest it gave me a bit more of an opportunity,” Pidcock said. “But he was still too strong in the last attack of his. I’m happy but at the same time disappointed. Of course I waited…. He made a mistake and this is not how you take advantage in a race. It was also a long way to go. So I also don’t want to ride that far on my own.” AP
Daniella Uy at Pradera Verde while Lee is determined to redeem herself from a final-round collapse two weeks ago in Pradera. Out to lead the local charge are Chanelle Avaricio, Sarah Ababa, Mikha Fortuna, Mafy Singson, Lois Kaye Go, Marvi Monsalve and Florence Bisera.
A dding to the pressure is reigning LPGT Order of Merit champion Harmie Constantino, who seeks to bounce back from a tough 22nd-place finish in the season-opener.
Playing the Faldo course is a test of will and resilience with its demanding layout, unforgiving hazards and unpredictable winds.
Furthering the complexity is the depth of international talent now surfacing in the LPGT. Kim has displayed impressive consistency and calm under pressure, while Lee’s powerful game remains a
formidable threat, especially if she finds her rhythm early. Other Koreans in the fold are Minyeong Kim and Eunhua Nam.
Still, the Filipinas remain unrelenting in their quest for a breakthrough win this season.
A baba, who impressed with a closing 68 at Pradera Verde, hopes to ride the momentum. Avaricio, meanwhile still on the hunt for the fiery form that propelled her to multiple victories in 2022, views the upcoming tournament as a crucial turning point—a chance to regain her winning touch and reestablish her dominance.
W ith P750,000 and crucial season points at stake, this week promises a drama-filled showdown that could either see a Filipina reclaim the throne or witness a Korean breakthrough. Either way, the battle for supremacy at Eagle Ridge is set to be nothing short of electrifying.
Abra Solid North, meanwhile, weathered Biñan Tatak Gel’s final rally to prevail, 69-60, in the opener Saturday.
T he Abra Weavers saw their 17-point spread, 62-45, cut to just six, 63-57, by Biñan as KG Canaleta and Michael Maestre waxed hot.
D ave Ildefonso and Marwin Taywan, however, scored back-to-back baskets to foil Biñan’s comeback with one minute left.
E ncho Serrano, recruited from Pampanga, notched 14 points for Abra, but Ildefonso, a former Ateneo Blue Eagle, clinched best player honors with 13 plus eight rebounds, two assists and one steal.
O ther Cowboys who delivered were Joshua Guiab, former star of Jose Rizal University, with 12 points plus five rebounds; Joshua Gallano, another former Patriot, with 11 points, seven assists and five rebounds, and Gab Gomez, formerly of Ateneo, with 10 points.
in the circuit organized by Pilipinas Golf Tournaments Inc. The storyline couldn’t be more compelling: Will experience prevail once more, or will the new generation finally seize control?
Q ue, fresh off his emphatic six-shot victory in Pampanga, looms a s the heavy favorite with his confidence
sk y-high after proving that, at 46, he still has what it takes to dominate the younger field.
“I still believe I can win against these young guys,” Que said. “I’ve got the experience, the mental toughness, and my game feels great.” Que, however, is under no illusion that it will be an easy ride in all four days of the P2 million championship sponsored by ICTSI. Corpus, who impressed with a runner-up finish in his PGT debut, is brimming with confidence and hungry to take the next step.
“I’m really excited to have another opportunity to showcase all the hard work I’ve put in for another week of competitive golf,” said Corpus, drawing confidence not only from his recent momentum but also from his familiarity with the par-72 layout.
Joining Corpus in the cast of young stars is Korean standout Jaehyun Jung, who placed third at Pradera but remains a serious threat after topping the PGT Q-School.
There’s also Aidric Chan, Lloyd Go, Sean Monsalve, and Hyun Ho Rho, who are all capable of shaking up the leaderboard.
“I’m pretty confident with how I’m playing at the moment with that Top 3 finish at Pradera,” said Jung, 19. “Definitely, a confidence booster. I know if I make some putts this week, I can win the tournament.”
Oftana rises to occasion in ‘Blur’ Castro’s absence
JAYSON CASTRO’S unfortunate season-ending knee injury moved his TNT teammates to double the effort and contribute more than their usual share to fill in the void.
A nd one of the players who fully embraced this challenge is Calvin Oftana, who broke out of a mini slump to play a key role as the Tropang Giga finished off tough Rain or Shine in five games in the Philippine Basketball Association (PBA) Commissioner’s Cup semifinal series with back-to-back wins.
A fter a meager 10-point average on a 7-of-21 shooting (33 percent) in Games 2 and 3, Oftana summoned back his old deadly touch and sizzled with a team-high 26-on a 12-of-21
shooting as TNT took Game 4, 9385, for a 3-1 lead.
T he Gilas Pilipinas mainstay followed this up with a 12-point, 12-rebound double-double to lead the local support for Rondae HollisJefferson (42-11) as the Tropang Giga sealed the clincher in Game 5, 97-92, to set another title duel with old rival Barangay Ginebra.
For such strong outings at the pivotal stage, Oftana was named the PBA Press Corps-Pilipinas Live Player of the Week for the period March 5 to 7.
“It’s a big thing for me each time I contribute for us to win, especially now that Kuya Jayson will be out,” said the 28-year-old, stressing that every healthy body in the TNT fold is
carrying the same mindset as they try to make it a “twin-kill” in Season 49 sans Castro after their triumph in the season-opening Governors’ Cup.
“It’s not just about me but the effort of my teammates, the intangibles, like Kim [Aurin], more on defense, Kuya Kelly [Williams], his leadership and defense on [Rain or Shine import] Deon [Thompson],” he added. Oftana beat Barangay Ginebra’s RJ Abarrientos and Jamie Malonzo, who were instrumental in the Gin Kings’ finals-clinching 126-99 romp over NorthPort, and teammate Rey Nambatac for the last citation for the mid-season conference given by the men and women covering the PBA beat from different broadsheets, tabloids, and online platforms.
MAFY SINGSON, just like the rest of the locals, needs to summon her best game in what hs shaped up as a level playing field in General Trias.
CALVIN OFTANA tries to get out of a trap put up by Rain or Shine’s import Deon Thompson and Gian Mamuyac during the semifinal clash.
