IF a hard landing—or the Philippine economy falling into recession— occurs, the Bangko Sentral ng Pilipinas (BSP) said key policy rates could be reduced by as much as 50 basis points (bps) in its upcoming rate-setting meeting in April.
In a forum on Tuesday, BSP Governor Eli M. Remolona Jr. said the central bank can cut rates by up to 50 bps, even more, in April “if things look much worse than we thought or what we call a ‘hard landing.’”
“But as long as we’re more or less on track, it will be [a 25-bps cut] at a time,” Remolona quickly added. The Philippine economy, the central banker said, is “highly unlikely” to fall into a recession.
As inflation eased unexpectedly to 2.1 percent in February, below the BSP’s forecast of 2.2 to 3.0 percent, Remolona said the central bank is “happy” about inflation missing its outlook.
“[It is] lower than the bottom of our range. If we’re going to miss it, that’s the way to miss it,” he added.
With the recent arrest of former President Rodrigo R. Duterte which
caused the decline in yields of government bonds on Tuesday, Remolona said political noise is normal and will not prompt the BSP to change its model. In its previous meeting, the BSP kept its key policy rates unchanged at 5.75 percent due to global uncertainties and will recalibrate its models to better account for these uncertainties. Remolona said the BSP is still assessing the uncertainties in its outlook as central banks around the world are concerned about uncertainties as well. “We’re all looking at it. We’re all trying to figure out what to do.”
The governor said that so far, the BSP’s measures of policy uncertainty have spiked but the markets have not, as the country’s credit default swap spreads have not widened too much.
By Andrea E. San Juan @andreasanjuan
By Samuel P. Medenilla and Joel R. San Juan
message to Filipinos, “he is being forcibly taken to the Hague tonight.” Lawyer Israelito Torreon filed the SC petition seeking the immediate issuance of a temporary restraining order (TRO) enjoining respondents from cooperating with the ICC and providing assistance with the Interpol in the execution of ICC-issued warrants, red notices, summons, or other actions .
It also asked the Court to immediately order the release of Duterte and any other individuals arrested in connection with the ICC investigation.
Named respondents in the petition were Executive Secretary Lucas Bersamin, Justice Secretary Jesus Crispin Remulla, Interior and Local Government Secretary Jonvic Remulla, Philippine National Police chief Gen. Rommel Francisco Marbil, PNP-Criminal Investigation and Detection Group Director Gen. Nicolas Torre III, Solicitor General Menardo Guevarra, Foreign Affairs Secretary Enrique Manalo, Armed Forces Chief of Staff Gen. Romeo S. Brawner and the Bureau of Immigration (BI).
The petitioners also asked the Court to declare as unconstitutional the Philippine government’s cooperation with the ICC and to affirm that the Philippine government’s withdrawal from the Rome Statute on March 17, 2019 effectively terminated all jurisdiction of the ICC over the country and its nationals.
In their 94-page petition, Duterte and Dela Rosa argued that the respondents committed grave abuse of discretion amounting to lack of jurisdiction when they allowed the entry of the ICC investigators and prosecutors to investigate the drug war in the country and cooperate with the enforcement of the warrants of arrest arising from the said investigation.
They said the ICC has lost jurisdiction over the country upon the effectivity of its withdrawal from the Rome Statute and that the preliminary examinations conducted by the ICC prosecutor do not qualify as “matters under consideration” provided under Article 127 (2) of the Rome Statute. Torreon explained that the preliminary examination conducted by the ICC’s Office of the Prosecutor in 2018 does not constitute a “matter under consid-
eration since a preliminary examination is merely a prosecutorial assessment and not a formal judicial proceedings.
Under Article 127 (2), a withdrawing state remains obligated only with respect to matters already “under consideration” by the Court before the withdrawal becomes effective.
“A preliminary examination is merely a prosecutorial assessment and is not a formal judicial proceeding involving the ICC’s Pre-Trial, Trial, or Appeals Chambers,” the petition read.
“As such, when the Philippines’ withdrawal became effective in March 2019, no judicially authorized investigation was pending before the Court, and therefore, the ICC lost all jurisdiction over the situation in the Philippines,” it added.
The petitioners stressed the need for judicial action on the issue due to its possible implications on national stability.
“In addition, there exists an extreme urgency for the resolution of the issues involved as the liberty and security of the petitioner is at risk should the ICC warrant be enforced with the cooperation of the public respondents,” the petition stated.
Allowing the ICC investigators, Interpol and other relevant agencies to enter the Philippines to probe the drug war and serve warrants of arrest constitutes a direct violation of the country’s sovereignty, thus, unconstitutional, it added.
The petition also cited the principle of complementarity, which bars the ICC from exercising jurisdiction over the Philippines because the country has a functioning legal system capable of investigating and prosecuting crimes under its national laws.
The petitioners said the government has no legal obligation to enforce an ICC-requested Interpol red notice.
“The Philippine government’s duty is to protect its nationals from unlawful foreign interference, and any attempt to enforce ICC warrants or facilitate the ICC investigation constitutes a failure to uphold this duty,” it added.
Special raffle
MEANWHILE, the SC has acknowledged the urgency in addressing the issues raised in the petition , thus, it immediately ordered a special raffle for the case.
“Given the significance of this case and upon the Chief Justice’s instructions, a special raffle has been conducted
pursuant to Rule 7, Section 7 of the Internal Rules of the Supreme Court,” the SC announced through its spokesperson, lawyer Camille Sue Mae Ting.
Duterte was detained by PNP personnel shortly after his arrival at the Ninoy Aquino International Airport (NAIA) via Cathay Pacific CX 907 flight at 9:20 am
Tuesday after a weekend trip to Hong Kong.
The former President flew to Hong Kong to attend a sortie of the Partido Demokratiko Pilipino-Lakas
ng Bayan together with his daughter, Vice President (VP) Sara Duterte.
“The officials of the PNP, who enforced the warrant, assured that they were wearing body cameras. For now, [Duterte] is now under the custody of authorities,” the Presidential Communications Office (PCO )said in Filipino.
‘In good health’
THE Palace also assured the public that Duterte and the group, who accompanied him in his Hong Kong trip are in good health after undergoing medical assessment.
Later in the afternoon, however, Duterte’s daughter Veronica (Kitty) posted on social media images of her father lying on a sofa, attached to an oxygen tank. Sen. Bong Go, who had earlier tried to visit Duterte, reported that his glucose reading had reached an alarming 328, adding they were pleading with authorities to let him be treated for diabetes and other complications.
The Palace said PNP is coordinating with Interpol for the possible turnover of Duterte to the ICC custody.
‘Unlawful arrest’
SALVADOR S. PANELO, the former spokesperson and chief legal counsel of Duterte, decried the arrest as “unlawful.”
“The PNP didn’t allow one of his lawyers to meet him at the airport and to question the legal basis for PRRD’s arrest,” Panelo said in a statement.
“By not allowing one of his lawyers to meet him, the arresting [party] could avoid being asked if they have the hard copy of the arrest warrant,” he added.
“The government action will make the arresting team as well as the public officials ordering the arrest criminally liable,” Panelo said.
Enrile: Foreign legal problem
FOR his part, Juan Ponce Enrile, the chief legal counsel of the Marcos administration, stressed that the current administration has nothing to do with
Duterte’s legal problems with the ICC.
“The current legal problem of former President Rodrigo R. Duterte is not caused by Philippine laws. His legal problem is caused by laws enforceable by the International Criminal Court [ICC]. It is not correct to blame the Philippine government for the current legal problem of exPRRD,” Enrile said in a social media post.
The former Senate president urged the legal counsel of Duterte to secure a copy of the ICC charges against him so they will know why he was ordered arrested by the ICC.
“Philippine domestic laws have nothing to do with his current legal problem,” Enrile said.
Duterte is facing an investigation from the ICC for his alleged crimes against humanity after the antiillegal drugs campaign of his administration killed at least 6,000 drug suspects.
ICC defines crimes against humanity as a largescale attack against any civilian population, which includes offences such as murder, rape, imprisonment, enforced disappearances, enslavement— particularly of women and children, sexual slavery, torture, apartheid and deportation.
The ICC does not have its own police force and enforcement body so it relies on cooperation with countries worldwide and international groups like the Interpol for transferring arrested persons to its detention center in Hague.
Due process
PROSECUTOR-GENERAL Richard Anthony Fadullon maintained that due process was observed in serving the arrest warrant on Duterte.
Fadullon served the warrant on Duterte.
“The former President was read his rights and informed of the charges against him. Clearly. it was read to him that the warrant of arrest issued by the ICC was on the following charges, crimes against humanity and murder,” Fadullon said in a text message to reporters.
“Precisely, we observed due process by reading him his rights and ensuring that the dignity of the former President is protected,” he added.
Fadullon said any question as to the validity of the ICC arrest warrant should be filed before the court that issued it and not before the arresting of-
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“It’s fast when it’s automatic. But it must not be on one level only. It has to be
ficers implementing the same.
“ We are here only to ensure that the manner of arrest is done in accordance with the law, he said.
Need to ensure appearance
THE arrest warrant was issued by the International Criminal Court (ICC) on March 7, 2015 and was signed by Pre-Trial Chamber (Presiding Judge Julia Antoanella Motoc and two other judges: Sophie Alapini-Gansou and Maria del Socorro Flores Liera.
In a 15-page order, the ICC chamber said Duterte’s arrest is necessary “to ensure his appearance before the Court.”
“After evaluating the information submitted by the Prosecution, the Chamber accepts that ‘there is no reasonable expectation that he would cooperate with a summons to appear issued by the Court,” the order read.
It noted that although Duterte is no longer in power, he “appears to continue to wield considerable power.”
“Mindful of the resultant risk of interference with the investigations and the security of witnesses and victims, the Chamber is satisfied that the arrest of Mr. Duterte is necessary...to ensure his appearance before the Court,” the order read.
Despite the Philippines’ withdrawal from the ICC which took effect on March 17, 2019, the chamber maintained that it retains jurisdiction over the said crimes which occurred while the Philippines was still a state party to the Rome Statute.
The crimes covered by the arrest warrant took place between November 1, 2011 and March 16, 2019, according to the chamber.
“As the alleged conduct has taken place between 1 November 2011 and 16 March 2019 on the territory of the Philippines, it falls within the Court’s jurisdiction,” the chamber stressed.
The ICC chamber issued the arrest warrant against Duterte in connection with the killing of 19 alleged drug pushers or thieves by the Davao Death Squad (DDS) in various locations in Davao City during Duterte’s term as mayor of the province.
The warrant also covers the killing of 24 persons believed to be drug pushers and thieves or drug users during Duterte’s term as President.
a multiple authentication process. If you ask me, I will not accept only your postal ID; give me another ID, which I can automatically process also—whether it’s real or not. It’s a blockchain system,” he explained.
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pollution such as from agricultural burning,” he said.
He highlighted ADB’s contribution to these improvements, mentioning its Air Quality Improvement in the Greater Beijing-TianjinHebei (BTH) Region Program. He said they invested $2.45 billion from 2015 to 2020 to
Remolona maintained that the central bank is still in the easing cycle and expects a few more rate cuts this year as it balances inflation and economic growth.
The March inflation data will be released on April 4, which will be considered by the BSP in deciding the country’s monetary policy.
RRR cut
MEANWHILE, Remolona said the banks’ reserve requirement ratio (RRR) remains high at 5 percent and expressed his vote to bring it down to zero, similar to the United States.
“But it can’t be sudden because we need to control the liquidity that’s coming out,” he added.
Remolona said it is possible to deliver another RRR cut by the end of the year.
The BSP announced earlier that the RRR for universal and commercial banks (UKBs), as well as nonbank financial institutions with quasi-banking (NBQBs) functions,
support emission reduction and energy efficiency projects.
More to its initiatives include the Asian Clean Blue Skies Program, launched in 2022, which aims to expand investments in air quality improvements across the Asia-Pacific region through 2030. Bless Aubrey Ogerio
will be reduced by 200 basis points (bps) to 5 percent effective March 28, 2025.
Gold gains
MOREOVER, Remolona defended the BSP selling the most gold worldwide last year, saying that gold serves as a hedge against risks in dollar-denominated assets.
The report said the BSP sold 29.4 metric tons of gold in 2024, which lowered gold reserves by 18.48 percent.
“Gold as an asset...it’s a very poor investment. Its return is negative because there are custody fees,” Remolona said, adding the country’s gold reserves are stored in the Bank of England.
“However, if you hold it as part of a larger portfolio—and our portfolio is mainly in dollar assets—it serves as a good hedge. When other assets decline, gold tends to rise, especially during geopolitical uncertainties.
Since gold prices have increased, Remolona said BSP’s gold holdings have exceeded the ideal ratio of between 8 and 10 percent, prompting the central bank to sell some.
“No gold left the BSP. Most likely, the buyer’s gold is still in the Bank of England— it was just moved to a different cage. But the proceeds from the sale went into our reserves,” Remolona added.
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.
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they are waiting for the release of the Energy Regulatory Commission (ERC) decision on the proposed P19billion refund to customers.
Fernandez said that as of Tuesday morning there is no word yet from the ERC.
Meralco earlier proposed the refund of P19 billion at an average rate of P0.1138 per kWh over 36 months. The proposed amount covers the difference between the company’s actual weighted average tariff and the last approved rate of P1.36 per kWh from July 2022 to December 2024. “If ERC approves this over 36 months, this is equivalent to a refund for household of P0.19 per kWh for three years,” Fernandez said. ERC chairperson Monalisa Dimalanta said last week that her office may issue a decision this week. Meanwhile, Meralco said it is, together with the Bureau of Fire Protection (BFP), stepping up efforts to raise awareness on the importance of electrical safety especially this Fire Prevention Month.
“We remind our customers to observe electrical safety especially with the dry season fast approaching since many household fires usually start from faulty wiring, overloaded outlets, or improper use of appliances,” Zaldarriaga said.
Meralco also reminded its customers to continue practicing energy efficiency to better manage their consumption. “We reiterate our call to the public to do their part in power demand management by practicing energy efficiency as a way of life. Based on latest data, electricity demand increases by 20 percent to 33 percent during the dry season due to increased usage of cooling appliances such as air conditioners,” Zaldarriaga said.
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locator projects.”
Panga said this setup will be limited to BCDA’s New Clark City and will exclude supervision of Hann, Filinvest and the upcoming project of Endec which he said will all be under Peza. Further, the state-run BCDA will now take on the role of regulator of developers/operators in New Clark City, similar to how Peza regulates the Filinvest Innovation Park in the same area.
“The goal is to capacitate BCDA so that in 5 years, they will be able to register and administer incentives according to PEZA’s model,” added Panga. Peza said in a statement on Tuesday that it will assist BCDA in project registration, as well as fiscal and non-fiscal incentive administration.
Under this interim setup, Peza will be granted the authority to issue building permits within these zones. “All of these will be implemented through a MOA that we will be working on with BCDA,” Panga told this paper. With this interim arrangement in place, the Peza chief said the major change lies in having a “seamless and well-defined roles” for both investment promotion agencies.
“It gives them predictability, and speeds up the decision-making process, which we all need to support the government’s agenda to promote the Luzon Economic Corridor,” Panga said.
In a social media post, Peza said this approach “leverages” BCDA’s expertise in property development and estate management alongside Peza’s “renowned” one-stop-shop services for locators.
This partnership between PEZA and BCDA “not only prevents jurisdictional overlaps between the two investment promotion agencies but also capitalizes on our core competencies to attract more investors to the Philippines, particularly along the Luzon Economic Corridor,” Panga also said.
For his part, BCDA President Joshua Bingcang said this partnership will combine the two agencies’ “strengths” in infrastructure development and public-private partnerships with investment facilitation.
“For new investors, we are ready to assure that flagship projects such as New Clark City will greatly benefit from Peza’s trademark ease of doing business,” added Bingcang.
Senators appeal for calm following Duterte arrest
By Butch Fernandez
@butchfBM
Jovee Marie N. dela Cruz
@joveemarie
& Jonathan L. Mayuga
@jonlmayuga
TWO senators on Tuesday called for calm and urged political leaders not to further fan unrest amid the report of some sporadic protest erupting over the arrest of former President Duterte.
Senate President Pro Tempore Jinggoy Ejercito Estrada said: “In this time of heightened emotions and division, I call on the Filipino people to remain calm and exercise sobriety as the legal proceedings unfold. We must refrain from engaging in any form of violence, spreading misinformation, or taking actions that may only further polarize our country.”
“Like any Filipino citizen, former Pres. Duterte is entitled to legal recourse, and as a lawyer, he knows the proper steps to take. I trust that his rights will be respected and protected.
“Maintaining our nation’s unity and stability is crucial as we navigate this challenging chapter in history,” Estrada said.
Meanwhile, Sen. Christopher Go, a longtime Duterte aide before being elected senator, also appealed for calm among Duterte’s followers, shortly after visiting the former President at Villamor Air Base.
Go brought food for Duterte and his group, and assured him of his unstinting support. At the same time, he said he advised people to keep cool as speculation rose that protests might erupt over the arrest of Duterte.
National healing
CALLING it as a catalyst for national healing, lawmakers on Tuesday said the arrest of Duterte marks a significant turning point in the Philippines’ pursuit of justice, especially for the families of the more than 30,000 victims of extra-judicial killings (EJKs) during the Duterte administration and its bloody war on drugs.
Surigao del Norte Rep. Robert Ace Barbers, the lead chairman of the Lower House’s Quad Committee, emphasized the importance of this arrest in restoring public trust in the justice system. Barbers said that this move proves that no one is above the law, even in the so-called “Bagong Pilipinas.”
“The arrest of former President Duterte is a step toward justice for the families who lost loved ones due to EJKs,” Barbers added.
The Mindanao-based lawmaker pointed out that the previous administration’s relentless anti-drug campaign encouraged law enforcers to abandon their duty
to “serve and protect.” Instead, it fostered a culture of impunity, disregarding due process and violating human rights.
He added that Duterte’s arrest could serve as a catalyst for national healing, particularly for the families of EJK victims.
“This arrest is not just about one man,” Barbers concluded. “It is about restoring public trust in our justice system and ensuring that past and present abuses are never repeated.”
House Deputy Minority Leader Rep. France Castro, along with fellow ACT Teachers party-list group nominee Antonio Tinio, welcomed the arrest of Duterte, calling it a milestone in the fight for accountability and justice for his victims.
“The arrest of former President Rodrigo Duterte marks a concrete step towards accountability and justice for the countless victims of his bloody regime. This should serve as a reminder that those responsible for human rights abuses must face the consequences of their actions,” Castro said.
Tinio added, “We hope that Vice President Sara Duterte would be next. The wheels of justice must continue to turn, and all those complicit in the atrocities committed during Duterte’s administration must be held accountable for their actions.”
Kabataan Rep. Raoul Manuel said this arrest is “long overdue and well-deserved.”
“He should not resist arrest. He must face the legal process for the crimes he committed against the people,” he added.
Day of reckoning
AKBAYAN Rep. Perci Cendaña said that the long-awaited day of reckoning has finally arrived for the former leader.
“Hurry up, ICC, huh? You asked for it; now here it is. Take full responsibility for the thousands of deaths caused by your bloody and morally bankrupt war on drugs. There’s no escaping this now. Enough with the drama. Time’s up! The day of reckoning has come, and there’s no escape from justice,” Cendaña said.
Former Bayan Muna Rep. Neri Colmenares welcomed Duterte’s arrest, calling it “a significant step toward justice for the thousands of victims of extrajudicial kill -
ings and human rights violations under his administration.”
Colmenares, a long-time human-rights advocate, stressed that Duterte’s arrest is only the beginning of a long road to justice.
For her part, former senator Leila de Lima, a staunch critic of Duterte’s bloody war on drugs, said the event marks a significant step toward accountability and justice.
“For almost seven years, I was imprisoned on fabricated charges, accused of crimes I did not commit—all because I dared to speak out against Duterte’s drug war. While I was behind bars, thousands of Filipinos were killed without justice, their families left to grieve with no answers, no accountability,” she said.
De Lima emphasized that this development is not about revenge but about ensuring that the rule of law prevails.
“Duterte is being made to answer—not to me, but to the victims, to their families, to a world that refuses to forget. This is not about vengeance. This is about justice finally taking its course,” she added.
Justice for victims
HUMAN- RIGHTS and cause-oriented groups welcomed Duterte’s arrest as they called on the Marcos administration to cooperate with the ICC to bring to justice the 79-year-old former Philippine president.
The Center for Trade Union and Human Rights (CTUHR) welcomes the ICC’s issuance of an arrest warrant and the execution of the order by authorities upon his arrival from Hong Kong.
“These events prove that the grave labor and human rights violations that Duterte carried out while president are unacceptably wrong. We hope that Duterte’s arrest will lead to justice for the numerous victims of grave labor and human-rights violations under his presidency,” CTUHR said in a statement.
In particular, CTUHR is calling for justice for the 68 workers and unionists who were killed under Duterte’s watch.
It cited an International Labor Organization’s High-Level Tripartite Mission to the Philippines in 2023, which concluded that the Duterte administration conflated unionism with the armed insurgency in the country, thereby resulting in repressive attacks against the labor movement.
Arrest long overdue
THE militant labor group Kilusang Mayo Uno said Duterte’s arrest “is long overdue.”
It said the former President should be held accountable for the alleged long list of crimes against workers, citing the numerous threats, harassment, and intimidation, including the deaths of union leaders and members Dandy Miguel and Manny Asuncion; and the forced disappearance and illegal arrest based on trumped-up charges.
KMU said “Duterte must face trial for his crimes against humanity on account of the thousands of people killed in his drug war and alleged war on terrorism.”
DBM OKs ₧2.7-B budget for Bangsamoro polls
TBy Justine Xyrah Garcia
HE Commission on Elections (Comelec) is set to receive an additional P2.7 billion from the Department of Budget and Management (DBM) to fund the firstparliamentary elections in the Bangsamoro region this October.
Comelec Chairman George Erwin M. Garcia said the DBM has approved the additional funding in principle, following the enactment of a law rescheduling the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) elections.
“It has been approved in principle by
the DBM. For us to use the funds, we just need to submit a financial plan outlining our expenses, what we need to procure, and how we will allocate the budget,” Garcia said in an interview on Tuesday. He said a significant portion of the additional funding, based on the poll body’s computations, will go toward increasing the honoraria of teachers serving as electoral board members by P2,000 on election day. Garcia stressed that despite the Bangsamoro elections being separated from the 2025 midterm polls, teachers serving in the region must still receive proper compensation.
He added that BARMM is considered a “special case,” necessitating additional support staff to assist teachers in managing the voting process.
When asked about the recent leadership change in BARMM, Garcia said it would have no direct effect on the elections.
However, he expressed optimism that the new leadership would immediately address concerns regarding the allocation of seven parliamentary seats originally designated for Sulu province.
“We are hopeful that the new BARMM leadership will take swift action to resolve this issue, as it requires a legal remedy,”
Naval exercises in WPS involve 3 major ships
TBy Rex Anthony Naval
HE Philippine Fleet (PF) on Tuesday announced that three of its major surface units have successfully conducted its first ever simultaneous unilateral and gunnery exercises (Gunnex) at the West Philippine Sea (WPS) on March 10.
The Kilusang Magbubukid ng Pilipinas (KMP) said it strongly supports any action by the International Criminal Court (ICC) to arrest Duterte for the thousands of killings and widespread human-rights violations under his brutal “kill, kill, kill” policies from 2016 to 2022.
Danilo Ramos, KMP chairperson, said: “Duterte must face the consequences of his crimes. The thousands of victims of his bloody drug war and anti-insurgency campaign, including the urban poor, farmers, and indigenous peoples, deserve justice. Marcos Jr.’s government should fully cooperate with the ICC and ensure that Duterte is arrested and made to answer for his atrocities.”
“Justice cannot be selective. Duterte’s crimes extend beyond the drug war; his policies targeted activists, human rights defenders, and peasant communities under counter-insurgency campaigns like Oplan Kapanatagan and the NTF-ELCAC. His direct orders to ‘kill, kill, kill’ resulted in mass killings, forced evacuations, and state-perpetrated violence. Dapat managot at panagutin si Duterte,” the KMP leader said.
KMP reiterated its demand for justice and accountability, emphasizing that the ICC’s actions are crucial in breaking the cycle of impunity in the Philippines. The peasant organization vowed to join protests and campaigns to press the Marcos government to comply with the ICC’s legal processes and arrest Duterte. “The victims and their families have waited long enough. Duterte must answer for his crimes against humanity,” Ramos, also a Makabayan senatorial candidate, concluded.
Victory for Justice
ANTI-MINING group Alyansa Tigil Mina (ATM), meanwhile, hailed as a “victory for justice” the arrest of former President Rodrigo Duterte today at the Ninoy Aquino International Airport (NAIA) for his crimes against humanity.
Jaybee Garganera, ATM National Coordinator, said, “It may have taken several years for justice to be served, but we finally have that today. The tens of thousands who have been killed during Duterte’s presidency may not be brought back to life, but the arrest is a step towards the healing and the quest for justice of the victims’ families.”
Aside from the victims in Duterte’s war on drugs, Garganera also noted that environmental and human rights defenders were killed and assaulted during Duterte’s term. “For defending their lands and fighting for food, water and health, many were red-tagged and doomed to suffer.”
“Unlike Duterte, who is now being accorded due process, thousands were denied of this right and were murdered with impunity,” said Garganera, calling on the International Criminal Court and the Philippine government to prosecute and convict all culpable individuals involved under Duterte’s merciless tyranny.
Garcia said.
Earlier this week, Malacañang announced that Maguindanao del Norte Gov. Abdulraof Macacua will replace Ahod “Al Haj Murad” Ebrahim as the interim chief minister of BARMM.
Ebrahim, who also chairs the Moro Islamic Liberation Front, had been serving as the region’s leader since the Bangsamoro Transition Authority was established.
While the move surprised many and raised concerns, Malacañang assured the public that the peace situation in the region remains stable despite the transfer of power.
If preparations proceed as planned, the Bangsamoro parliamentary elections will take place on October 13, with ballot printing expected between July and August.
mitment to maintaining top-tier readiness in any environment.”
PNP assists PCTC in serving ‘Interpol Notice’
THE National Police (PNP) on Tuesday said that it has provided assistance to the Philippine Center on Transnational Crime (PCTC) in serving an “Interpol Notice” to former President Rodrigo Duterte upon his arrival at Ninoy Aquino International Airport (Naia) from Hong Kong on Tuesday.
“To ensure a peaceful and orderly process, the PNP deployed 379 personnel at Naia and other key locations. The PNP Chief, Gen. Rommel Francisco D. Marbil, along with the Criminal Investigation and Detection Group Director, Maj. Gen. Nicolas Torre III, supervised security measures at the airport,” it said. Also, the PNP said it is committed to assisting in lawful processes while maintaining peace and order.
“In fulfilling this role, the organization upholds its duty to enforce the law with professionalism and adherence to due process. The PNP urges the public to remain calm and avoid spreading misinformation,” it added. The force also cautioned the public against the spread of fake news and advised the public to rely only on official government sources for accurate information.
Rex Anthony Naval
Ombudsman junks plea to suspend Romualdez, other House officials
THE Ombudsman has dismissed a motion seeking the suspension of Speaker Ferdinand Martin G. Romualdez and other House of Representatives officials, citing lack of jurisdiction and a pending Supreme Court case related to the 2025 General Appropriations Act.
Ombudsman Samuel Martires, in a 10page resolution released Monday, ruled that the Constitution grants Congress exclusive authority to discipline its members, thus preventing the Ombudsman from ordering their suspension.
“Unquestionably, the Office of the Ombudsman possesses full disciplinary authority over public officials and employees, except impeachable officials, members of Congress, and the Judiciary. Since respondents are members of the House of Representatives, this Office does not have the authority to order their suspension,” the Ombudsman stated.
Martires signed the resolution on March 7, 2025, but copies were made public only on March 11.
The dismissal rejects a motion filed by Davao Rep. Pantaleon Alvarez, lawyer Ferdinand Topacio, and others, alleging irregularities and P241 billion in unauthorized insertions in the 2025 budget bill.
The complaint also accused Romualdez and other House members of falsifying legislative documents and violating antigraft laws.
Respondents included Reps. Manuel
Dalipe of Zamboanga City, Elizaldy Co of Ako Bicol, Stella Quimbo of Marikina, and members of the Bicameral Conference Committee’s technical working group. Martires also decided to hold the complaint in abeyance, citing a pending Supreme Court petition challenging the constitutionality of the 2025 budget law (RA 12116). He stated that the issues raised in the complaint are “closely intertwined” with the Supreme Court petition.
“After a careful reading of the complaint, I am convinced that the issues raised herein are closely intertwined, if not intimately related to a petition for certiorari and prohibition that was earlier filed before the Supreme Court,” the Ombudsman stated.
“The Supreme Court must first resolve the issue of constitutionality before the criminal action pending before the Ombudsman will proceed. Whatsoever will be the resolution of the Supreme Court in the Petition for Certiorari and Prohibition would be determinative juris et de jure of the guilt or innocence of herein respondents in the criminal case before the Ombudsman,” Martires explained. He added that if the Supreme Court upholds the validity of the 2025 budget law, there would be no probable cause for any criminal offense. However, if the budget law is struck down, only then can the Ombudsman act on the complaint. Jovee Marie N. dela Cruz
Govt intensifies drive vs deepfakes
By Lorenz S. Marasigan @lorenzmarasigan
WITH the elections fast approaching, the government is moving toward tackling the growing threat of artificial intelligence (AI)generated deepfakes, which are distorting political narratives and misleading voters.
To counter the spread of manipulated content, the government has launched the National Task Force for Deepfake, using a newly acquired software tool capable of detecting fabricated media in real-time.
In addition, the government has implemented the National Strategy and Policy Empowering the Public to Combat Deepfakes, a multi-pronged approach that includes working with major tech companies such as Google, Meta, and TikTok, ramping up media literacy efforts, and rolling out advanced detection technology.
tool acquired for P2 million, capable of identifying deepfake content within 30 seconds with an accuracy rate of 90 percent to 95 percent, Ramos claimed. This AI-powered system scans videos and images on mobile phones and computers, determining whether a piece of content has been digitally altered.
“It allows the user real-time detection of the case. It’s a software. So, what you see on your phone or on your laptop, within 30 seconds, it will register if it’s a deepfake,” Ramos explained. He noted that the government is taking a cautious approach in disseminating this tool to the public. Instead of full government control, an accreditation system will be in place, ensuring that independent entities, such as community leaders and media watchdogs, have access to the detection software.
Cybercrime Investigation and Coordinating Center (CICC) Executive Director Alexander Ramos acknowledged that deepfakes are “wreaking havoc” in the country, with AI mimicking politicians, generating fake statements on policies, and eroding public trust in information.
In a statement, the PF Public Affairs Office chief Lcdr. Randy Garbo said the drills were carried out despite rough seas. “The Fleet’s guided missile frigate BRP Jose Rizal [FF-150] and offshore patrol vessel, BRP Ramon Alcaraz [PS-16] together with Fleet’s pioneering landing dock, BRP Tarlac [LD-601], participated in the unilateral exercise performing a series of maneuvering and radio communication drills,” he added. Garbo said that BRP Jose Rizal and BRP Ramon Alcaraz also carried out live-fire drills southeast of Bajo de Masinloc in the WPS.
Garbo added that these exercises are useful in enhancing the operational readiness of its naval forces.
He added that these maneuvers went ahead without a hitch despite turbulent seas, “showcasing the PF’s unwavering com -
“These exercises not only sharpened the skills and effectiveness of participating naval assets on warfighting and humanitarian assistance and disaster response but also bolstered the Fleet’s overall operational performance,” he said.
“We are bombarded by this challenge to decide ‘ano ba talaga ang totoo?’ We need to know and discern. Do we curtain the source, do we censor the platforms? Everyday this is a question even within the government,” he said in a cybersecurity forum on Tuesday.
At the heart of the government’s anti-deepfake strategy is a new software
“We want it to be fully independent. There is no government regulation. First, because we don’t have particular laws. So, instead of waiting for a response from the government, accredited communities can use this,” Ramos said. Ramos said there are cases of deepfake videos circulating ahead of the elections, with some appearing to show candidates making statements they never actually made.
Others have manipulated real footage to make it appear as though politicians attended events they were never present at.
“The backlog of reports is growing because everybody’s reporting to the government [with suspected deepfake content],” he said.
A4
Wednesday, March 12, 2025
PHL focuses on cybersecurity resilience
TBy Lorenz S. Marasigan @lorenzmarasigan
HE Philippines is intensifying efforts
to bolster its cybersecurity resilience
amid a rapidly evolving cyberthreat landscape, seeking support from allied nations to keep pace with increasingly sophisticated attacks.
At a cybersecurity forum held on Tuesday, experts and officials underscored the urgency of collaboration in combating cyber threats that target critical infrastructure, government systems, and financial platforms.
Cybercrime Investigation and Coordinating Center (CICC) Executive Director Alexander K. Ramos acknowledged that while the Philippines has made significant strides in enhancing its cybersecurity capabilities, there is still a long road ahead of it.
“We cannot do it alone. So we continue to ask and seek knowledge from our allied countries to ensure that we get the best practices and implement it as fast as we can before it changes again, the threat landscape,” he said.
Stephen Cutler, who chairs the Overseas
Security Advisory Council, warned that cyberthreats are continuously evolving at a pace that many governments—including the Philippines—could not keep up with.
“Governments in general have the real problem about procurement and the ability to procure software, hardware, and training on a continuing basis to make our governments and our society more resilient is really, really difficult,” he said.
He also pointed out that cyberattacks have become “cheaper” and “more accessible,” leading to the rise of cybercrime-as-a-service. For him, this makes it crucial for governments and businesses to continuously upgrade their defense strategies.
Microsoft Philippines Chief Executive Officer Peter Maquera, who shared findings from the Microsoft Digital Defense Report 2024, compared the evolving approach to cybersecurity to maintaining physical fitness.
In the past, he said, cybersecurity was often likened to preventing a robbery— placing emphasis on locking doors and keeping intruders out.
However, he argued that a more accurate analogy today is maintaining personal health.
“Just as staying fit requires consistent effort—eating well, getting enough rest, and practicing mindfulness—to reduce the frequency and severity of illness, cybersecurity demands continuous vigilance, adaptation, and resilience,” Maquera explained.
Rather than striving for absolute prevention, organizations must focus on minimizing damage and recovering swiftly from inevitable attacks, he said.
“The right analogy is around resilience,” Maquera said.
According to the Microsoft report, there was a 20-percent surge in cyber threats globally in 2024, with the company detecting 73 trillion threat signals daily.
Maquera warned that the rise of artificial intelligence (AI) has amplified the volume and sophistication of cyberattacks, particularly targeting IT infrastructure, government systems, and the education sector.
Ransomware incidents have increased by 2.75 times, while distributed denial-ofservice (DDoS) attacks have grown fourfold due to AI-driven automation.
Maquera emphasized the importance of equipping individuals with practical cybersecurity skills, urging collaboration
between the private sector, government, and academia to ensure that training programs go beyond theory and translate into real-world solutions.
GCash Chief Information Security Officer
Miguel Geronilla emphasized the need to stay ahead by “detecting threats in real time and responding without hesitation.”
“As we embrace digital innovation, we must also strengthen our defenses because in this world, security is not just optional—it’s already essential,” he said. “A nation, especially the Philippines, that is resilient against cybercrimes is a nation that can fully embrace digital transformation.”
Canadian Ambassador to the Philippines David Hartman emphasized the stakes involved in cybersecurity, warning that vulnerabilities could lead to economic loss, public harm, and erosion of trust in institutions.
He highlighted Canada’s commitment to work closely with the Philippines to align policies and strengthen defenses against cyberattacks.
“There is tremendous potential for Canada and the Philippines...to collaborate in cybersecurity initiatives,” he said.
Auto body builders urge govt to fast-track PUVMP project
By Andrea E. San Juan @andreasanjuan
CITING estimates that eight in 10 traditional jeepneys do not comply with vehicle emission standards, the industry of auto body manufacturers in the Philippines is pushing to fast-track the implementation of the Public Utility Vehicle Modernization Program (PUVMP) to reduce air pollution and improve urban mobility.
In an e-mail sent to the BusinessMirror, the Automotive Body Manufacturers Association of the Philippines (Abmap) said currently, a large percentage of traditional jeepneys and old PUVs fail to meet the required emission standards set by the Clean Air Act.
“While the exact number of compliant vehicles varies, estimates
suggest that more than 80 percent of traditional jeepneys on the road today do not meet Euro 4 emission standards,” Abmap told this paper.
The industry group underscored that these vehicles contribute “heavily” to urban air pollution, particularly in highly congested areas like Metro Manila.
“Outdated and inefficient public utility vehicles are among the major contributors to air pollution due to their reliance on old, poorly maintained engines that emit excessive carbon monoxide, nitrogen oxides, and particulate matter,” the industry group said.
With this, the industry group called on stakeholders to phase out older, high-emission vehicles and replace them with “cleaner alternatives.”
By modernizing the PUV fleet
with new, fuel-efficient, and lowemission vehicles, Abmap said:
“We can significantly cut down on harmful pollutants and promote a cleaner, healthier environment.”
The group added that PUVMP ensures that public transport vehicles meet Euro 4 or higher emission standards, which drastically reduce emissions compared to what it called the “outdated Euro 1 or non-compliant jeepneys still in operation.”
“By phasing out older, highemission vehicles and replacing them with cleaner alternatives, the PUVMP directly supports the Clean Air Act’s mandate to improve air quality for all Filipinos,” Abmap said in a statement.
The industry group explained that modernized PUVs under the PUVMP are designed to comply with Euro 4, Euro 5, or even electric vehicle (EV) standards.
“We urge all stakeholders to support and accelerate the implementation of the PUVMP as a necessary step towards a sustainable, efficient, and environmentally responsible public transport system,” Abmap said.
In an earlier statement, the industry group said the Clean Air Act of 1999 set strict emissions regulations to protect public health and environment. However, it noted
that enforcement has been “challenging” owing to the continued operation of old, smoke-belching diesel jeepneys.
For his part, Abmap Executive Director Edgar Manuel said implementing the program aimed at modernizing public transportation in the country would result in generating more jobs for local automotive body manufacturers.
“By investing in locally assembled modern PUVs, we can generate jobs, boost the economy, and ensure the country’s transport sector is globally competitive,” added Manuel.
Apart from the call on transport cooperatives, local governments and the private secctor to work together in expediting the program, the industry group also prodded financial institutions to provide “affordable” financing options for operators and drivers who need assistance in transitioning to modern vehicles.
“This is a once-in-a-generation opportunity to transform our transport system for the better,” Manuel said.
“By modernizing our public utility vehicles, we are not just complying with the law—we are investing in the future of clean, safe, and efficient transportation for all Filipinos,” he added.
www.businessmirror.com.ph
Groups launch
‘Vote Green, Not Greed’ campaign
By Jonathan L. Mayuga @jonlmayuga
ENVIRONMENT advocates and humanrights defenders have launched a campaign called “Vote Green, not Greed” to support candidates with clear platforms for the environment.
At a news conference to mark the Anti-Mining Solidarity Week, also called Mining Hell Week which also coincides with the 30th year since the enactment of the Philippine Mining Act of 1995, antimining groups led by Alyansa Tigil Mina called on the Marcos administration to declare a nationwide mining moratorium and urged the government to initiate dialogues on offshore and deep sea mining and its impact on the environment and climate before allowing them to happen in the country.
“We need to elect leaders that will push for sound environmental policies instead of trapos [traditional politicans] who cater to the interests of big business, if not their own self-serving agendas,” Jake Tabara, ATM youth coordinator said, as he called on the younger generations distressed by the country’s state of affairs to “bring change, through the vote and through collective actions.”
Jaybe Garganera, ATM national coordinator, said the campaign aims to raise awareness on the consequences of largescale mining operations on communities against a backdrop of the country’s socioeconomic-political system.
He said a new mining policy must be put in place, wherein local governments have preferential rights on the use of land resources saying “local governments are in the best position to decide whether mining should be allowed or not in their localities.”
Marylou Verano of Ang Aroroy ay Alagaan Inc. (4A) and ATM Council of Leaders said “mining has taken its toll on our health as our source of water has become polluted and toxic, and our food is contaminated. We inhale metallic dust from blasting. Plants no longer grow and fishes in the rivers have died, and we have lost our livelihoods resulting in poverty,” adding that the government has failed to perform its duty to address the worst effects of mining.
Mikko John Rivero of Living Laudato Si shared that due to the violations of Altai Philippines Mining Corporation, Sibuyan residents have recently filed a petition before the Department of Environment and Natural Resources demanding that Altai Mining’s contract be canceled.
“We cannot allow mining operations to destroy our island. DENR must abide by its mandate to protect our natural resources and decide in favor of the communities, instead of condoning Altai Mining’s blatant violations.”
Belle Reyes of the Environmental Legal Assistance Center (ELAC) stressed the importance of the anti-mining resistance in preventing damage to the environment and communities as she narrated their struggle towards a 50-year mining moratorium in Palawan that was recently approved by the Sangguniang Panlalawigan (SP). “The moratorium would not have been approved were it not for the strong lobby of the Church, nongovernment organizations, and residents and their persistent efforts over the years. They were able to convince Governor Socrates, who pushed for the moratorium until it was successfully passed.”
Abby Dupale of Lilak or Purple Action for Indigenous Women’s Rights, meanwhile, highlighted the burdens carried by women and indigenous groups as they deal with the effects of mining. “As nurturers and protectors of the environment and the community, women and indigenous groups have to deal with polluted and toxic sources of water, food shortage, and harassment against environmental human rights defenders.”
“Mining directly affects more than half of key biodiversity areas and Protected Areas and almost two-thirds of claimed and titled ancestral domains of indigenous peoples,” Dupale added.
Despite the government’s aggressive push for mining, ATM said the mining industry continues to contribute measly to the country’s economy. Previous reports by the Philippine Extractives Industries Transparency Initiative (Eiti) revealed: (i) losses of 24 percent of taxes due to tax holidays; ii) only 3 percent of mining contribution to total excise tax collections; (iii) only 1 percent contribution of mining to gross domestic product; and, (iv) only 0.4 percent mining contribution to total employment.
DTI: AI program in good hands under
HE Department of Trade and Industry
T(DTI) said it will not totally abandon the Center for AI Research (CAIR) as the project is now under the Department of Education (DepEd).
“While the Department of Trade and Industry was initially responsible for its development as it is bound to benefit from the systems the program might eventually produce, research is not one of DTI’s main strengths,” Trade and Industry Secretary Cristina A. Roque told the BusinessMirror in a Viber message.
“Therefore, it makes sense for this program to be moved to the Department of Education, where expertise in education research is more relevant,” Roque added.
Instead, she told this paper that DTI “intends to open up an AI Center for trade and industry-related matters within the year.”
Roque explained that E-CAIR is a program focused on creating AI tools for education and school management. Currently, she added, it is primarily engaged in research activities.
“This does not mean that the DTI will totally abandon the project and leave it with the DepEd. We are committed to work with them hand-in-hand to ensure the success of CAIR,” she said.
“These are projects that are aligned with the President’s direction in terms of enabling MSME and industries to embrace AI in daily operations and promote Tatak Pinoy products and services,” added Roque.
DepEd
In July 2024, the DTI launched the National AI Strategy Roadmap 2.0 and the Center for AI Research (CAIR), the first AI hub in the Philippines.
Seven months after or in February 2025, the Department of Education (DepEd) announced the launching of the Education Center for AI Research (ECAIR) which the agency said “builds on the pioneering efforts that the CAIR has started in 2024.”
According to the DepEd statement issued last month,under DepEd’s leadership, E-CAIR will sustain, deepen, and expand the Center’s mission to advance AI capabilities in the Philippine education sector – a critical area where AI can have the greatest impact.
“E-CAIR will continue to be collaborative and inclusive, working with national and local government agencies as well as industry partners to deliver AI solutions that will transform public and private sectors,” the DepEd statement read. As far as AI is concerned, the DTI chief said, “It is definitely a priority of DTI but focused on trade and the different industries and not the research part of AI.”
The DTI launched CAIR in July 2024 under the leadership of then-Trade Secretary Alfredo E. Pascual and thenUndersecretary for DTI’s Competitiveness and Innovation Group Rafaelita M. Aldaba. Andrea E. San Juan
Boracay stakeholders renew opposition to ₧8-B bridge project, as DPWH opens competitive bid
By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
THE pioneering group of stakeholders on Boracay Island on Tuesday reiterated its strong opposition to the proposed P8-billion bridge that will connect the town of Caticlan to one of the best beaches in Asia on environmental, economic, and governance concerns.
The Boracay Foundation Inc. (BFI), posting on its Facebook page, underscored the “potential risks the project poses to Boracay’s fragile ecosystem, the lack of transparent stakeholder consultation, and the questionable track record of the proponent in delivering critical infrastructure improvements.”
This developed as the Department of Public Works and Highways (DPWH), on January 31, invited “local and international companies to submit comparative proposals under a Comparative Bidding Process to finance, design, construct, operate and maintain the [Boracay Bridge] Project under
a 30-year concession period from the start of operations.”
Prospective bidders have until October 18 to submit their proposals. The DPWH announced on February 20, however, that the issuance of tender documents originally scheduled that day “will be rescheduled.”
‘No consultation’ THE project to construct the 2.54-kilometer limited access bridge system was submitted as an unsolicited proposal by San Miguel Holdings Corp., and includes “an access road infrastructure with facility hubs on both islands, providing commercial spaces for lease and parking areas for service and operation of public transport vehicles and cargo/delivery vehicles between Boracay Island and Caticlan, Malay.”
Aklan Gov. Jose Enrique “Joen” Miraflores and Malay Mayor Floribar Bautista, however, told the BusinessMirror that the local government units were not properly consulted about the project.“There is no proposal with us,” said Miraflores, adding, “We haven’t been consulted about it.” For his part, Bautista said, “We actually don’t know where it [the
proposal] is,” and said, “the project should come from the DPWH.”
The BFI also stressed in a Resolution No. 006 issued in October 2024 “the absence of thorough consultation with Boracay’s local businesses, residents, and tourism stakeholders,” and that the installation of the bridge must be studied more comprehensively.
Earlier, San Miguel Holdings chair and chief executive Ramon S. Ang contended that the LGU knew as early as 2016 about said project.
“We’ve proposed the project a long time ago and we’ve briefed them a number of times — the LGU, the barangay, and everybody. We’ve explained it to them many, many times,” he said in a mix of Filipino and English.
Goodbye algae bloom?
HE asserted that with the bridge, garbage will be easily transported off the island, and “eliminate the algae” which still blooms in its waters off the main white beach.
“So it’s really better if that bridge will be built and we can transfer the garbage out of there daily. That will make Boracay more attractive.” (See, “Why is Ramon Ang praying a lot these days?” in the
SCMB railway project gains momentum with 163 landowners paid for right-of-way
SBy Andrea E. San Juan @andreasanjuan
TATE -run firm Bases Conversion and Development Authority (BCDA) said 163 out of the 519 landowners whose lots were affected by the right-of-way (ROW) acquisition for the Subic-Clark-Manila-Batangas (SCMB) Railway project have already been paid partial or full compensation.
Out of 163 lot owners, BCDA said in a Viber message, “A total of 101 lot owners already received full payment.”
“The SCMB has a railway alignment of 26.9 kilometers in Porac and Floridablanca, affecting 519 lots in these municipalities. The BCDA has successfully completed the negotiations
PCA launches
Twith 212 lot owners, 163 of which have already received either partial or full compensation,” BCDA said in a statement on Tuesday.
As an “integral” part of the Luzon Economic Corridor, BCDA said the 250-kilometer SCMB will provide essential connectivity and freight transport services between four major economic points in Luzon, namely the Port of Subic, Clark International Airport, Port of Manila, and Port of Batangas.
“This will revolutionize the country’s transport and logistics sector, as these four ports facilitate about 80 percent of the entire country’s port traffic,” the state-run firm added.
Meanwhile, BCDA said it has already ditributed 36 Transfer Certificate of Titles
(TCTs) to landowners affected by the project in Pampanga.
In a ceremony held on March 4, BCDA Vice President and Subic-Clark Railway Project Director Jocelyn L. Caniones turned over the certificates to 17 lot owners from Porac and Floridablanca.
Citing their contribution to the smooth implementation of the SCMB Railway Project, Caniones lauded landowners for their cooperation, and for acknowledging the importance of this endeavor in the development of Central Luzon and the country.
“The SCMB Railway Project would not succeed without the support of the landowners who yielded to the railway’s requirements. This development empha -
₧29.5 million research project to modernize
B usiness M irror , Sept. 13, 2024.)
Yet BFI underscored on Tuesday that, “Boracay, renowned for its pristine beaches and delicate marine environment, could suffer irreversible damage from largescale construction and increased human activity. Environmental groups and local stakeholders have expressed fears that the project could disrupt marine biodiversity, worsen coastal erosion, and compromise the island’s sustainability—jeopardizing the very foundation of its tourism-driven economy.”
Despite having recovered its pre-pandemic arrivals, the island’s tourism economy remains sluggish, driven mostly by lower-spending domestic tourists. Last year, arrivals in the island reached 2.08 million, of which 1.64 million were domestic tourists, while only 412,803 were foreign nationals. In 2019, more than half of the 2-million tourists on Boracay were foreigners.
BFI likewise pointed to the “lack of substantial improvements at the Caticlan International Airport,” operated by a San Miguel subsidiary, which “raises doubts about the ability of the proponent to effectively manage a project of this magnitude.”
sizes affected landowners’ important role in the realization of the Luzon Economic Corridor vision,” the Subic-Clark Railway Project also noted.
BCDA said this is the second batch of TCTs turned over by the BCDA for the SCMB Railway project following the initial distribution of 68 certificates in November last year.
Under Republic Act 10752 or the Rightof-Way Act, the owner of properties affected by a project and the implementing agency shall execute a deed of absolute sale, with the implementing agency facilitating the annotation of the deed of absolute sale on the TCTs. TCTs are legal documents that serve as evidence of ownership of registered land.
(See related story: https://businessmirror.com.ph/2024/12/02/scmb-railwayproject-done-with-row-issues/)
coconut farming
Catholic Church welcomes ICC arrest warrant for Rodrigo Duterte
TBy Justine Xyrah Garcia
HE Catholic Bishops’ Conference of the Philippines (CBCP), through its social action arm, has welcomed the arrest of former president Rodrigo Duterte, calling it a critical step toward justice for the thousands killed in his war on drugs.
On Tuesday morning, Duterte was taken into custody at Ninoy Aquino International Airport after arriving from Hong Kong.
Authorities served the International Criminal Court (ICC) warrant against him for crimes against humanity, following years of calls for an independent probe into the killings.
Caritas Philippines, the CBCP’s social action arm, urged Duterte to fully submit to the legal process and stand by his past statements about facing the consequences of his actions.
“For years, former President Duterte has claimed that he is ready to face the consequences of his actions. Now is the time for him to prove it...True justice is not about political allegiance or personal loyalty—it is about accountability, transparency, and the protection of human dignity,” Caritas Philippines President Bishop Jose Colin Bagaforo said in a statement.
The Church has long condemned the extrajudicial killings tied to the anti-drug campaign, with Bishop Gerardo Alminaza, Caritas Philippines vice president, saying the ICC case should expose the full extent of the violence.
He pointed to testimonies from former law enforcers, which alleged that police officers were rewarded for drug-related killings.
“These killings were not random; they were part of a policy that violated the fundamental right to life. The families of the victims deserve truth, reparations, and justice. As a nation, we must ensure that such crimes never happen again,” Alminaza said.
Caritas Philippines also called on Duterte’s allies to uphold justice over loyalty.
The group urged members of his party and former government officials to acknowledge the legitimacy of the case instead of dismissing it as political persecution.
“This moment calls for leaders to prioritize justice and the common good over partisan interests. Justice cannot be selective; it must apply to all, regardless of power or position,” they said.
The CBCP has long opposed the violent anti-drug campaign, which, according to the United Nations Human Rights Council, left nearly 9,000 dead. Local human rights groups estimate the death toll at over 20,000. With Duterte now in custody, the Church called on the Marcos administration to cooperate with the ICC investigation and break from policies that allowed impunity to flourish.
“If the government has nothing to hide, it has nothing to fear. The rule of law must prevail. Justice must be served. Let this be a turning point for our nation—a step toward healing, accountability, and real change,” Caritas Philippines added.
Duterte’s son cries foul over ICC arrest
FORMER President Duterte’s son, and city mayor here, Sebastian Duterte, said the President’s critics waylaid his father to board on a plane “to who knows where using an ICC warrant” and lashed out at Malacañang and critics, describing them “clowns”.
The former President’s detractors expressed exuberance however, and said the ICC arrest shows that the long arm of the law finally caught on Duterte. The younger Duterte posted on his Facebook account that it was a ruse for critics to make his father board on a plane at the waiting arms of the arresting offices of the ICC “which does not have jurisdiction in this country”.
“Clowns behaving like clowns again. This has to end. Bongbong Marcos administration is fantasizing that this scenario would materialize hoping that the issue on the national budget would just go away. The smell of desperation,” he said.
Manuel T. Cayon
By Ada Pelonia @adapelonia
HE Philippine Coconut Authority (PCA) will lead a P29.5 million research project aimed at modernizing coconut farming to boost productivity and improve farmers’ income.
PCA Administrator and CEO Dexter Buted stressed the crucial role of science and technology in driving innovation and progress in the coconut sector, expressing his support for initiatives that advance data-driven farm management strategies.
The research project titled “Profiling and Evaluation of Coconut Palms for National Coconut Hybridization through Hyperspectral Data and Image Analysis,” funded by the Department of Science and TechnologyPhilippine Council for Agriculture, Aquatic and Natural Resources Research and Development (DOST-PCAARRD) is set to run for 3
and a half years.
The PCA will collaborate with the Philippine Space Agency (PhilSA), the University of the Philippines Diliman (UPD), and the University of the Philippines Los Baños (UPLB) to integrate science-based and technology-driven solutions into coconut farm management. Under this project, the Comprehensive Spectral Library for Coconut would be developed, which is considered the first of its kind in the Philippines.
This database would serve as the foundation for advanced plant health models, allowing precise coconut identification either by type, variety, or reproductive stage, early pest and disease detection, and targeted fertilizer recommendations.
“These advancements are expected to maximize coconut productivity and increase farmers’ incomes,” the PCA said in a statement.
Furthermore, the agency would lean into developing machine learning methodologies, leading toward Artificial Intelligence (AI) as part of its digital transformation.
The PCA said these AI-driven tools would provide coconut farmers with real-time insights on crop health, pest outbreaks, and yield forecasts, allowing for data-driven decision-making at all levels.
Meanwhile, the agency said it would venture into another proposed project titled “Nationwide Management of Coconut Production and Production Component Resources,” which is in the pipeline for P70 million in DOST-PCAARRD funding.
This project would use Geographic Information Systems (GIS) and Remote Sensing Technology to conduct an automated nationwide coconut inventory, which would map coconut palms down to the barangay level.
“By replacing manual, labor-intensive surveys, this approach will significantly cut costs, improve data accuracy, and enable efficient resource allocation.”
The PCA noted that these science-based monitoring strategies would optimize planting methods, fertilizer application, pest management, and disaster preparedness.
Thus, real-time, location-specific recommendations would empower farmers to boost their productivity while ensuring the long-term sustainability of the coconut industry.
“By harnessing cutting-edge remote sensing technologies, including satellite and drone hyperspectral data, the PCA seeks to modernize farm monitoring, enhance productivity, and promote sustainability in the country’s coconut industry.”
Paris talks: 30 nations plan Ukraine security force with heavy weaponry, rapid response
By Samya Kullab & John Leicester The Associated Press
KYIV, Ukraine—Ukraine has key questions it wants answered as army chiefs from over 30 countries arrive Tuesday in Paris for talks on creating an international force to deter future Russian aggression once a ceasefire is established. They include troop size, location and crucially, military options in the event of a transgression.
The Paris meeting is the most significant culmination so far of French and British efforts to rally nations under a so-called “coalition of the willing” to safeguard Ukraine by establishing a reassurance and deterrence force to dissuade Russia from invading again.
The talks will include nearly all 32 countries of the NATO alliance—notably without the United States—as well as Commonwealth nations and Asian powers Japan and South Korea, said a French military official. Participants will be invited to spell out what their militaries might be able and willing to contribute be that troops, weapons or other assistance.
Some Ukrainian officials are wary of any deal without clearly identified security guarantees. For them, a key question is how such a coalition will respond if Russia violates any future ceasefire agreement. What kind of military response would follow a large-scale
offensive by Russia and how quickly will that response materialize?
Western and Ukrainian officials said that, while there is plenty of thinking and resolve, there is no definitive plan for military options yet. First, they must assess what willing countries might be able to offer. The Associated Press spoke to Western and Ukrainian officials in Kyiv, as well as French officials in Paris and British officials in London. The officials spoke on condition of anonymity to speak openly about sensitive matters.
Ukrainian President Volodymyr Zelenskyy has welcomed the proposal but expressed skepticism, telling The AP in an interview in February that foreign troops alone would not be a sufficient guarantee of security for his country, and that such a plan should be backed up by weapons from the US and Europe, and support for Kyiv to develop its own defense industry.
“Diplomats are discussing, military officials are discussing, but we still don’t have real proposals,” said a senior Ukrainian official about the plan. The talks “are not in the first stage, we did a lot in the first stage, but we still don’t have a real solid approach.”
What means of deterrence?
As President Donald Trump has appeared to nix the idea of US security guarantees and other US officials said this will fall on Europe to enforce, the French-British plan looks to create a force equipped with enough military might to dissuade Russia from attacking Ukraine again. “That is the crux of it,” said a Western official in Kyiv.
The force being envisaged by France and Britain would aim to reassure Ukraine and deter another large-scale Russian offensive after any ceasefire, a French military official told AP. It could include heavy weaponry and weapons stockpiles that could be rushed within hours or days to aid in Ukraine’s defense in the event of a Russian attack that shatters any truce, the official said.
The Western official in Kyiv, offering another idea on the table, said they could incorporate direct and immediate strikes on Russian assets in the event of a violation. Details of the contours of the proposal have emerged piecemeal in recent weeks as technical discussions have been ongoing between Western diplomatic and military officials in Ukraine and other European capitals.
Political leaders have convened key summits in the past two months to establish common ground. It was discussed at a summit of more than a dozen mostly
European leaders in London on March 2, and at a virtual planning meeting on March 5 called by the U.K. and attended by officials from about 20 countries. France and Britain are now casting the net even wider in their search for nations willing to back the blueprint and provide the force with teeth. The Paris talks on Tuesday will include not just NATO and European Union nations but also Asian and Oceania countries. Australia, New Zealand, Japan and South Korea will dial into the discussions remotely, the French military official said. Turkey, which has the largest army in NATO and a robust defense industry and shared stakes in the Black Sea, will attend. NATO nation Canada will also be represented.
The United States—NATO’s most militarily powerful member—was not invited because European nations want to show that
Ukraine will propose limited ceasefire during talks with the US in Saudi Arabia, officials say
By Matthew Lee & Hanna Arhirova
The Associated Press
EDDAH, Saudi Arabia—A
JUkrainian delegation set to meet with America’s top diplomat in Saudi Arabia about ending the 3-year war with Russia will propose a ceasefire covering the Black Sea and long-range missile strikes, as well as the release of prisoners, two senior Ukrainian officials said Monday.
The officials, who spoke on condition of anonymity because they were not authorized to speak publicly about Tuesday’s meeting, also told The Associated Press that the Ukrainian delegation is ready during the talks to sign an agreement
with the United States on access to Ukraine’s rare earth minerals— a deal that US President Donald Trump is keen to secure.
The officials discussed the confidence-building measures, with no further details, ahead of the Ukrainian negotiating team’s meeting with US Secretary of State Marco Rubio in Jeddah.
Kyiv is trying to repair the damage done when Ukraine President Volodymyr Zelenskyy’s Feb. 28 visit to Washington descended into an Oval Office argument with Trump and Vice President JD Vance.
At stake is the military aid and intelligence previously offered by the United States that had helped Ukraine in the war but is now paused as Washington pushes for
a peace agreement.
Rubio and Zelenskyy landed a few hours apart Monday in Saudi Arabia, but did not meet.
Zelenskyy met with the kingdom’s powerful crown prince Monday evening, with the president saying they “had a detailed discussion on the steps and conditions needed to end the war and secure a reliable and lasting peace.”
“Saudi Arabia provides a crucial platform for diplomacy, and we appreciate this,” Zelenskyy said online.
Rubio also met Crown Prince Mohammed bin Salman, thanking him for hosting the talks and also discussing Yemen’s Houthi rebels, who are threatening to restart their attacks in the Red Sea.
Speaking to reporters aboard his plane before arriving, Rubio said he and national security adviser Mike Waltz would take stock of Ukraine’s responses in Saudi Arabia.
If Ukraine and the US reach an understanding acceptable to Trump, that could accelerate his administration’s push to peace talks.
“What we want to know is, are they interested entering some sort of peace conversation and general outlines of the kinds of things they could consider, recognizing that it has been a costly and bloody war for the Ukrainians. They have suffered greatly and their people have suffered greatly,” Rubio said. “And it’s hard in the aftermath of
something like that to even talk about concessions, but that’s the only way this is going to end and prevent more suffering.”
He added: “I’m not going to set any conditions on what they have to or need to do. I think we want to listen to see how far they’re willing to go and then compare that to what the Russians want and see how far apart we truly are.”
Zelenskyy has said his team meeting Rubio will include his chief of staff Andriy Yermak, Foreign Minister Andriy Sybiha and Defense Minister Rustem Umerov. Rubio will lead the US team.
The rest of Europe remains skeptical about the talks as it has been sidelined by Washington.
The European Union last week agreed to boost the continent’s defenses and to free up hundreds of billions of euros for security in response to the Trump administration’s shift in stance on Ukraine.
White House special envoy Steve Witkoff told Fox News on Monday that the pause of US intelligence-sharing with Ukraine has not limited defense intelligencesharing.
“We never shut off intelligence for...anything defensive that the Ukrainians need,” Witkoff said.
Arhirova reported from Kyiv, Ukraine. Associated Press writers Jon Gambrell in Dubai, United Arab Emirates, and Aamer Madhani and Zeke Miller in Washington contributed to this report.
they are able to shoulder a large part of the job of safeguarding Ukraine once a truce is in effect, the French military official said.
The contours of a plan LAST month, some Western officials described a small Europedominated “reassurance force” of less than 30,000 troops, rather than an ambitious army of peacekeepers posted along the 600-mile (1,000 kilometer) front line. But other officials have said the numbers were under discussion. According to one version of the proposal, troops would be posted away from the front line at key infrastructure sites such as nuclear power plants and backed by Western air and sea power. The front line would largely be monitored remotely, with drones and other technology. Air power, including US air power based outside Ukraine, perhaps in Poland or Romania, would be in reserve to deter
breaches and reopen Ukrainian airspace to commercial flights.
Allied navies could also play a role in the Black Sea clearing mines and patrolling to keep international waters safe.
The idea is to “aggregate” the capabilities those countries are ready to provide in order to be able to offer security guarantees to make sure the peace deal is “robust and verifiable,” with the aim to get some US backstop, another French official said.
“To get signals on the US backstop, the ‘able and willing’ European countries must be able to aggregate their capabilities and demands,” he said.
Cautious Ukrainian optimism Some Western officials cautioned that there will be several stages to a peace plan and a broader range of countries could join the coalition later on. The first step could be a one-month freeze, as proposed by Zelenskyy and European leaders, as a confidence building measure.
The Ukrainian officials said they were optimistic about the coalition of the willing, conceding they have few other options with NATO off the table.
“I fully believe it’s very possible,” said one senior Ukrainian official. “Trump is comfortable with the idea, the idea is very positive for us, and if Europe wants to be a real player, they should do this.”
“If they lose this opportunity, we will be in a very difficult situation,” he added.
Leicester reported from Paris. Associated Press writers Jill Lawless and Emma Burrows in London, and Sylvie Corbet in Paris contributed to this report.
Activist groups urge UN probe of its Myanmar envoy after report alleges ties to Chinese firms
By David Rising The Associated Press
BANGKOK—Activist groups are calling for the United Nations to investigate its special envoy to Myanmar over possible conflicts of interest, after a report detailed her consulting company’s alleged ties to Chinese mining and construction companies with interests in the country.
Justice for Myanmar wrote to UN Secretary General Antonio Guterres following a report in Australia’s The Saturday Paper outlining what it said were Julie Bishop’s links to Chinese state-owned companies that operate in Myanmar. Since then, multiple other groups have joined the call for a probe.
Bishop, a former Australian foreign minister and current chancellor of the Australian National University, has not commented on those links. There was no response to a query sent to her consulting company.
Myanmar, also known as Burma, is embroiled in a civil war where the country’s military rulers are fighting pro-democracy and other forces. China is one of the major suppliers of weapons to the military, which seized power from democratically elected Aung San Suu Kyi in 2021. Chinese-backed mining and construction projects are also major sources of revenue for Myanmar’s military government.
Bishop’s links to Chinese and other companies with interests in Myanmar create “unacceptable conflicts of interest that must be fully investigated,” Justice for Myanmar wrote to Guterres.
“The loss of trust of Myanmar civil society is a critical issue for the special envoy’s position since her mandate involves engagement with civil society, among other relevant stakeholders,” the group’s spokesperson Yadanar Muang told The Associated Press on Tuesday.
In a statement sent to The Australian newspaper, Bishop’s company said it was “a private-advisory firm engaged to provide strategic analysis and guidance.” It added that it “does not take fiduciary or executive roles, nor does it provide legal, corporate or financial advice” and that “any potential or actual conflicts are declared and vetted.”
Guterres’ office confirmed it had received Justice for Myanmar’s letter but did not comment.
Australia’s Foreign Ministry directed questions to the United Nations, noting that Bishop is not a government employee.
The Australian National University stressed that Bishop’s role as chancellor was part time and non-executive.
“Chancellors generally have interests outside of their university, and as long as these don’t conflict with the university’s interests, they are free to pursue these,” the university said in a statement emailed to the AP.
Bishop was appointed Guterres’ envoy to Myanmar last April.
The Saturday Paper said her consulting firm was hired as a strategic advisor on a Greenland mining project by Melbournebased Energy Transition Minerals, a rare earths company with significant backing from China’s Shenghe Resources and “extensive commercial ties to the Chinese Communist Party.”
ETM is currently involved in a lawsuit against Greenland and Denmark, seeking billions in compensation over Greenland’s ban on uranium mining that came after the company had already started developing a project there. The project stalled after the ban in 2021.
Shenghe Resources is a partially stateowned rare earths company and is believed to source rare earths from Myanmar, which is the largest supplier of heavy rare earths to China, Justice for Myanmar said.
UKRAINIANS hold Ukrainian and European flags as the Eiffel Tower is illuminated with the colors of Ukraine to mark the third anniversary of Russia’s invasion of the country, in Paris, February 24, 2025. AP/CHRISTOPHE ENA
Doctors declare Pope Francis no longer in imminent danger due to pneumonia, but remains hospitalized
By Nicole Winfield The Associated Press R
OME—Doctors said Monday Pope Francis is no longer in imminent danger of death as a result of pneumonia that has kept him hospitalized
for nearly a month, but have decided to keep him hospitalized for several more days to receive treatment. In a late update, the doctors said the
88-year-old pope remains stable and has consolidated improvements in recent days, as determined by blood tests and positive responses to drug treatments.
The Vatican said the doctors had lifted their previous “guarded” prognosis, meaning they determined he was no longer in imminent danger as a result of the original respiratory infection he arrived with on Feb. 14. But their caution remained. See “Pope,” A8
Asian markets plunge amid US tariff concerns and economic uncertainty
By Yuri Kageyama Ap Business Writer
TOKYO—Asian benchmarks dove Tuesday, as worries grew about the ripple effects from President Donald Trump’s tariffs on regional economies and companies.
Japan’s benchmark Nikkei 225 dove 1.7 percent in morning trading to 36,382.57. Australia’s S&P/ASX 200 lost 0.9 percent to 7,888.50. South Korea’s Kospi declined 1.5 percent to 2,532.29. Hong Kong’s Hang Seng slipped 0.9 percent to 23,568.83, while the Shanghai Composite lost 0.4 percent to 3,352.01.
“Heightened anxiety surrounds both existing and incoming US tariffs, along with retaliatory measures from trading partners, and China’s newly effective tariffs will continue to weigh on equities,” said Anderson Alves, a trader at ActivTrades.
Also Tuesday, Japan slightly lowered its October-December economic growth rate to an annual rate of 2.2 percent, revised from the 2.8 percent growth given last month, because of revisions in consumer spending and private inventories.
The stock fall in Asia echoed the sell-off on Wall Street, where investors are raising questions on how much pain Trump will let the economy endure through tariffs and other policies in order to get what he wants.
The S&P 500 dropped 2.7 percent to drag it close to 9 percent below its all-time high,
which was set just last month. At one point, the S&P 500 was down 3.6 percent and on track for its worst day since 2022. That’s when the highest inflation in generations was shredding budgets and raising worries about a possible recession that ultimately never came.
The Dow Jones Industrial Average dropped 890 points, or 2.1 percent, after paring an earlier loss of more than 1,100, while the Nasdaq composite skidded by 4 percent.
It was the worst day yet in a scary stretch where the S&P 500 has swung more than 1 percent, up or down, seven times in eight days because of Trump’s on -and- off -again tariffs. The worry is that the whipsaw moves will either hurt the economy directly or create enough uncertainty to drive US companies and consumers into an economyfreezing paralysis.
The economy has already given some signals of weakening, mostly through surveys showing increased pessimism. And a widely followed collection of real-time indicators compiled by the Federal Reserve Bank of Atlanta suggests the US economy may already be shrinking.
Asked over the weekend whether he was expecting a recession in 2025, Trump told Fox News Channel: “I hate to predict things like that. There is a period of transition because what we’re doing is very big. We’re bringing wealth back to America. That’s a big thing.” He then added, “It takes a little time. It takes a little time.”
Trump says he wants to bring manufacturing jobs back to the United States, among other reasons he’s given for tariffs. His Treasury secretary, Scott Bessent, has also said the economy may go through a “detox” period as it weans off an addiction to spending by the government. The White House is trying to limit federal spending, while also cutting the federal workforce and increasing deportations, which could hinder the job market.
The US job market is still showing stable hiring at the moment, to be sure, and the economy ended last year running at a solid rate. But economists are marking down their forecasts for how the economy will perform this year.
In response to the market sell-off, White House spokesman Kush Desai noted that a number of companies have responded to Trump’s “America First” economic agenda with “trillions in investment commitments that will create thousands of jobs.”
Trump met on Monday with tech industry CEOs, but the event was closed to the news media.
The worries hitting Wall Street have so far been hurting some of its biggest stars the most. Big Tech stocks and companies that rode the artificial-intelligence frenzy in recent years have slumped sharply.
Nvidia fell another 5.1 percent Monday to bring its loss for the year so far to more
than 20 percent. It’s a steep drop-off from its nearly 820 percent surge over 2023 and 2024.
Elon Musk’s Tesla fell 15.4 percent to deepen its loss for 2025 to 45 percent. After getting an initial post-election bump on hopes that Musk’s close relationship with Trump would help the electric-vehicle company, the stock has slumped on worries that its brand has become intertwined with Musk. Protests against the US government’s efforts to cull its workforce and other moves have targeted Tesla dealerships, for example.
Instead, investors have bid up US Treasury bonds as they look for things whose prices can hold up better when the economy is under pressure. That has sent prices for Treasurys sharply higher, which in turn has sent down their yields.
The yield on the 10-year Treasury tumbled again to 4.22 percent from 4.32 percent late Friday. It’s been dropping since January, when it was approaching 4.80 percent, as worries about the economy have grown. That’s a major move for the bond market.
All told, the S&P 500 fell 155.64 points to 5,614.56. The Dow Jones Industrial Average dropped 890.01 to 41,911.71, and the Nasdaq composite sank 727.90 to 17,468.32.
In energy trading, benchmark US crude slipped 17 cents to $65.86 a barrel. Brent crude, the international standard, fell 9 cents to $69.19 a barrel.
In currency trading, the US dollar fell to 146.92 Japanese yen from 147.14 yen. The euro cost $1.0858, up from $1.0839.
AP Business Writer Stan Choe contributed.
Musk eyes Social Security in bid to slash federal spending, ignites controversy over fraud claims
By Chris Megerian The Associated Press
WASHINGTON—Elon Musk pushed debunked theories about Social Security on Monday while describing federal benefit programs as rife with fraud, suggesting they will be a primary target in his crusade to reduce government spending.
The billionaire entrepreneur, who is advising President Donald Trump, suggested that $500 billion to $700 billion in waste needed to be cut.
“Most of the federal spending is entitlements,” Musk told the Fox Business Network.
“That’s the big one to eliminate.”
The comments on the popular program and other benefits provided to Americans could rattle politicians on both sides of the aisle as Musk works to downsize the federal
Pope. . .
Continued from A7
“However, in view of the complexity of the clinical picture and the important infectious picture presented on admission, it will be necessary to continue medical
government, especially as he already faces blowback for his chainsaw-wielding approach to laying off workers and slashing programs.
Musk’s estimate for the level of fraud in entitlements far outpaces figures from watchdogs like Social Security’s inspector general, who previously said there was $71.8 billion in improper payments from fiscal years 2015 through 2022. That’s less than 1 percent of benefits paid out during that time period.
Musk also said there were “20 million people who are definitely dead marked as alive in the Social Security database.”
However, the leader of the agency has rejected claims about widespread payments to dead people.
“These individuals are not necessarily receiving benefits,” said Lee Dudek, Social Security’s acting commissioner.
drug therapy in a hospital setting for additional days,” according to the Vatican statement.
In a sign of his improved health, Francis followed the Vatican’s weeklong spiritual retreat via videoconference on Monday in both the morning and afternoon sessions.
As he did on Sunday, Francis partici -
The interview with Fox Business was a reminder of Musk’s deep skepticism and even hostility toward the program, which provides monthly benefits to retirees and some children. Trump has promised to defend Social Security from cuts, but Musk has described it as “the biggest Ponzi scheme of all time,” and the administration is shutting down some of the agency’s offices.
Musk said Monday that federal entitlements are “a mechanism by which the Democrats attract and retain illegal immigrants by essentially paying them to come here and then turning them into voters.” The allegation echoed the “great replacement” theory, which claims that politicians are trying to expand their power by reshaping the country’s racial demographics.
The interview was conducted in the
pated in the retreat remotely from the Rome hospital where he is being treated. He could see and hear the Rev. Roberto Pasolini, preacher of the papal household, but the priests, bishops and cardinals gathered for the retreat in the Vatican auditorium could not see or hear him.
Pasolini is delivering a series of
White House complex by Larry Kudlow, who served as an economic adviser to Trump during his first term. During the conversation, Musk seemed to acknowledge the unusual nature of his role in the administration.
“Frankly, I can’t believe I’m here doing this,” Musk said. “It’s kind of bizarre.”
Musk is the world’s richest person and still runs his private enterprises as he advises the president on ways to overhaul the federal government.
He also thanked Trump for his confidence, saying, “Without the president’s support, we couldn’t make any progress here.”
Trump has publicly backed Musk and given him extraordinary influence over the federal government. However, the Republican president has indicated a shift in approach, saying that Musk’s team would use a “scalpel” rather than a “hatchet.”
meditations this week on “The hope of eternal life,” a theme that was chosen well before Francis was admitted to Rome’s Gemelli hospital on Feb. 14 with a complex lung infection.
The retreat, an annual gathering that kicks off the Catholic Church’s solemn Lenten season leading to Easter, continues
Ontario premier raises electricity taxes by 25% for US customers amid trade war with Trump
By Rob Gillies The Associated Press
TORONTO—Ontario’s premier, the leader of Canada’s most populous province, announced that effective Monday it is charging 25 percent more for electricity to 1.5 million American homes and businesses in response to US President Donald Trump’s trade war. Ontario provides electricity to Minnesota, New York and Michigan.
“I will not hesitate to increase this charge. If the United States escalates, I will not hesitate to shut the electricity off completely,” Ontario Premier Doug Ford said at a news conference in Toronto.
“Believe me when I say I do not want to do this. I feel terrible for the American people who didn’t start this trade war. It’s one person who is responsible, it’s President Trump.”
Ford said Ontario’s tariff would remain in place despite the one-month reprieve from Trump, noting a one-month pause means nothing but more uncertainty. Quebec is also considering taking similar measures with electricity exports to the US.
Minnesota says Ontario tariff will have minimal impact MINNESOTA receives only a small share of its electricity from Ontario, but Democratic Gov. Tim Walz was sharply critical of Trump’s actions that led to Monday’s announcement from Ford.
“The first victims of Trump’s Trade war? Minnesotans struggling to pay their skyrocketing electric bill,” Walz said on X with a link to a story about Ontario’s move. “Minnesotans cannot afford Trump’s billionaire-run economy. We have to put a stop to this madness.”
In a brief press availability later Monday, Walz acknowledged that Minnesota doesn’t get a lot of electricity from Ontario, but he’s worried about Manitoba following suit.
“So look, even if it were one megawatt, this is totally unnecessary. And the fact of the matter is, it doesn’t impact Donald Trump one bit. It impacts ratepayers in Minnesota. For what? These are our friends,” he said.
Walz said he’s even more worried about the impact on Minnesota if Canadian potash fertilizer gets caught up in the trade war.
“If it starts with this, the one that I’m really worried about is potash, when it comes behind it. If they do potash, that’s a big one on agriculture,” he said.
Walz said he discussed these concerns last week when he spoke with the premiers of Ontario and Manitoba. He said they told him the dispute is broader than just their trading relations with Minnesota.
“They were very clear that it’s not Minnesota—we’re huge trading partners.”
Minnesota Power, the main electrical utility serving the part of Minnesota that borders Ontario, gets only a “very small” proportion of its power from the province, company spokesperson Amy Rutledge said. Minnesota Power bought only about
through the week. The Vatican has said Francis would participate “in spiritual communion” with the rest of the hierarchy, from afar.
Francis also resumed his physical and respiratory therapy at the Gemelli hospital, and rested and prayed in between. Francis has been using a nasal tube for supplemental oxygen to help him breathe during the day and a noninvasive mechanical ventilation mask at night, therapy that he was continuing Monday.
The 88-year-old pope, who has chronic lung disease and had part of one lung removed as a young man, had what was just a bad case of bronchitis when he was hospitalized last month. 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.
Francis was still keeping his eye on things. The Vatican said he had been informed about the floods in his native Argentina and expressed his closeness to the affected population. In addition, a Vatican cardinal close to Francis spoke out Monday to refute some negative media reports that have circulated in his absence.
The Vatican development office released a letter written by Cardinal Michael Czerny to one of Francis’ close
$300,000 worth of electricity from Ontario last year, and only for four months out of the year. The utility serves over 150,000 customers, mostly with power it generates itself in Minnesota, she said. While it gets about 11 percent of its power supply from Manitoba Hydro, she said, that’s not affected by Ontario’s announcement.
“We really expect any impact on our customers to be negligible,” Rutledge said. Midcontinent Independent System Operator, the organization that manages a regional power grid that stretches from Manitoba to Minnesota to Louisiana, also expects little effect, spokesman Brandon Morris said. MISO gets under half its power from Canada, and less than half of that comes from Ontario, he said.
Michigan worries about reliability of electric grid now MATT HELMS , public information of officer for the Michigan Public Service Commission, said the impact on Michigan customers is likely to be “small” and most of Michigan’s electricity is produced by utility companies in the state or through long-term contracts. Of greater concern to the commission is the reliability of the electric grid, as electricity flows between the US and Canada as part of an interconnected grid.
“Any action to limit or disrupt these flows would remove a layer of protection and make all of us—Canadians and Americans alike—more vulnerable to grid-scale outages,” Helms said. In New York, Gov. Kathy Hochul said she has ordered state energy officials to conduct a review on how much the tariffs could drive up electricity and other energy costs in the state.
“These federal tariffs have been poorly conceived from the start: crafted in secret with no transparency and no clear economic rationale, they’ve only served to destabilize our capital markets and create uncertainty among New York families and businesses,” said Hochul, a Democrat.
Trade war intensifies THE new surcharge is in addition to the federal government’s initial $30 billion Canadian dollars ($21 billion) worth of retaliatory tariffs applied on items like American orange juice, peanut butter, coffee, appliances, footwear, cosmetics, motorcycles and certain pulp and paper products.
Trump launched a new trade war last week by imposing tariffs against Washington’s three biggest trading partners, drawing immediate retaliation from Mexico, Canada and China and sending financial markets into a tailspin.
“It needs to end. Until these tariffs are off the table, until the threat of tariffs is gone for good, Ontario will not relent,” Ford said.
The Associated Press writer Steve Karnowski in St. Paul, Isabella Volmert in Lansing, Michigan and Anthony Izaguirre in Albany, New York contributed.
friends, the Argentine social justice activist Juan Grabois.
Grabois had travelled to Rome to pray for Francis at Gemelli hospital, and some Italian media reported last month that he had tried to forcibly get into Francis’ 10th floor hospital suite, a claim he denied. In the March 6 letter, Czerny told Grabois that Francis “knew of your presence in Rome and your daily vigils of prayer and spiritual solidarity at Gemelli Polyclinic and I’m sure this gave him a true comfort and support.”
“Additionally, I know that you join me in strongly repudiating the unfounded versions that have circulated in some media about alleged inappropriate behavior in the hospital,” Czerny wrote. The Vatican is always abuzz with rumor but has gone into overdrive with speculation about Francis’ health and talk of conclaves, even though Francis is very much alive and in charge. The fact that Czerny felt it necessary to defend one of Francis’ friends suggested that the rumor and maneuvering in Francis’ absence had crossed a line.
On Thursday, the Vatican will mark the 12th anniversary of Francis’ election, the first with the pope out of sight but still in charge. Francis was elected the 266th pope, the first Jesuit pope and first from Latin America on March 13, 2013, following the resignation of Pope Benedict XVI.
Nonprofit sues Trump-era EPA over frozen $7 billion grant for clean energy projects
By Matthew Daly & Michael Phillis
The Associated Press
WASHINGTON—A nonprofit that was awarded nearly $7 billion by the Biden administration to finance clean energy and climate-friendly projects has sued President Donald Trump’s Environmental Protection Agency, accusing it of improperly freezing a legally awarded grant.
Climate United Fund, a coalition of three nonprofit groups, demanded access to a Citibank account it received through the Greenhouse Gas Reduction Fund, a program created in 2022 by the bipartisan Inflation Reduction Act and more commonly known as the green bank. The freeze threatens its ability to issue loans and even pay employees, the group said.
“The combined actions of Citibank and EPA effectively nullify a congressionally mandated and funded program,” Maryland-based Climate United wrote in a Monday court filing.
vironmental justice. The money was formally awarded in August.
While favored by congressional Democrats, the green bank drew immediate criticism from Republicans, who routinely denounced it as an unaccountable “slush fund.’’
Regan sharply disputed that claim.
Climate United said the EPA has refused to meet with the group.
Several Democratic lawmakers slammed Zeldin’s attacks on the green bank as a “sham investigation and unsubstantiated funding freeze.”
of Denise Cheung, a high-ranking prosecutor in the US Attorney’s Washington office, who said she was forced to step down after refusing demands from top Trump administration officials to freeze the climate groups’ assets.
The Trump administration’s “baseless attacks on these investments will only cost jobs, increase prices and harm our communities,’’ Maryland Sen. Chris Van Hollen, Massachusetts Sen. Ed Markey and Michigan Rep. Debbie Dingell said in a statement Monday. The three Democrats pushed for creation of the green bank.
Citibank said it was reviewing the Climate United lawsuit.
“Citi’s actions have blocked CGC from deploying funds appropriated by Congress for energy projects to lower electricity costs and provide clean air and water for all Americans,’’ the Washingtonbased group said in a statement.
The two nonprofits are among eight groups tapped by then-EPA Administrator Michael Regan to receive $20 billion to finance tens of thousands of projects to fight climate change and promote en -
In a related action, the Coalition for Green Capital, a separate group that received $5 billion from the Biden-era program, sued Citibank Monday, alleging breach of contract over the refusal to disburse the grant funds awarded by the EPA.
The bank was quickly targeted by EPA Administrator Lee Zeldin, who was confirmed to the role in late January. In a video posted on X, Zeldin said the EPA would revoke contracts for the still-emerging program. Zeldin cited a conservative journalist’s undercover video made late last year that showed a former EPA employee saying the agency was throwing “gold bars off the Titanic”—presumably a reference to spending before the start of Trump’s second term.
Zeldin has repeatedly used the term “gold bars” to accuse the Greenhouse Gas Reduction Fund’s recipients of misconduct, waste and possible fraud.
According to the lawsuit filed in federal court, Citibank cut off access to Climate United’s bank account on February 18—an action the bank did not explain for weeks.
The cutoff took place as Zeldin made multiple public appearances accusing Climate United and other groups of misconduct, eventually announcing that the funds were frozen, according to the lawsuit.
“As we’ve said previously, Citi has been working with the federal government in its efforts to address government officials’ concerns regarding this federal grant program,” the bank said in a statement Monday. “Our role as financial agent does not involve any discretion over which organizations receive grant funds. Citi will of course comply with any judicial decision.”
The EPA declined to comment, citing pending litigation. A hearing on the case is scheduled for Wednesday in US District Court for the District of Columbia.
In its court filing, Climate United pointed to the resignation
Zeldin raised questions in a letter to the agency’s watchdog about the EPA’s use of Citibank to hold the money, a structure that allowed the eight entities to be used as “pass throughs” for eventual grant recipients. The process undermined transparency, Zeldin alleged.
He also questioned the qualifications of some of the entities overseeing the grants and said some were affiliated with the Biden administration or Democratic politics, including Stacey Abrams, a former Democratic nominee for Georgia governor.
Trump singled out Abrams over her ties to the green bank in his address to Congress last week.
In a letter to EPA officials on March 4, Climate United disputed Zeldin’s allegations. The group’s lengthy application material is publicly available and the EPA used a rigorous selection process, Climate United said, adding that its spending is transparent.
In addition to Climate United, the new fund has awarded money to other nonprofits, including the
Coalition for Green Capital, Power Forward Communities, Opportunity Finance Network, Inclusiv and the Justice Climate Fund. Those organizations have partnered with a range of groups, including Rewiring America, Habitat for Humanity and the Community Preservation Corporation.
The green bank represents ideas Congress enacted that the Trump administration doesn’t like: fighting climate change and helping communities that are often low-income or majority-Black and Hispanic, said Ilmi Granoff, a climate finance expert at the Sabin Center for Climate Change Law at Columbia University.
“The resources have already been spent, which means they’re trying to come up with pretexts to do something the government is not supposed to do, which is claw back resources” that Congress provided, Granoff said, comparing the Trump administration’s investigations to a “fishing expedition.”
The Trump administration said Friday that it’s pulling $400 million from Columbia University, canceling grants and contracts because of what the government describes as the Ivy League school’s failure to squelch antisemitism on campus.
Phillis reported from St. Louis.
The UK fears environmental damage as ships burn after North Sea collision
By Jill Lawless
The Associated Press
ONDON—British officials
Lwere concerned about pos -
sible environmental damage Tuesday and looking for answers a day after a cargo ship carrying a toxic chemical hit a tanker transporting jet fuel for the U.S. military off eastern England, setting both vessels ablaze. Jet fuel from a ruptured tank poured into the North Sea after the Portugal-registered container ship Solong broadsided the US-flagged tanker MV Stena Immaculate on Monday. The collision sparked explosions and fires that were still burning 24 hours later.
British government minister Matthew Pennycook said it was a “fast-moving and dynamic situation.”
He said air quality readings were normal and the coast guards “are well-equipped to contain and disperse any oil spills,” with equipment including booms deployed from vessels to stop oil spreading, and aircraft that can spray dispersants on a spill.
The collision triggered a major rescue operation by lifeboats, coast guard aircraft and commercial vessels in the foggy North Sea.
All but one of the 37 crew members from the two vessels were brought ashore in the port of Grimsby, about 150 miles (240 kilometers) north of London, with one hospitalized. One crew member was missing, and the coast guards suspended the search late Monday.
U.K. Marine accident investigators have begun gathering evidence of what caused the Solong, bound from Grangemouth in Scotland to Rotterdam in the Netherlands, to hit the stationary tanker, which was anchored some 10 miles (16 kilometers) off the English coast.
The investigation will be led
by the US and Portugal, the countries where the vessels are flagged.
The 183-meter (596 foot) Stena Immaculate was operating as part of the US government’s Tanker Security Program, a group of commercial vessels that can be contracted to carry fuel for the military when needed. Its operator, US-based maritime management firm Crowley, said it was
carrying 220,000 barrels of JetA1 fuel in 16 tanks, at least one of which was ruptured.
The company said it was unclear how much fuel had leaked into the sea.
The Solong’s cargo included sodium cyanide, which can produce harmful gas when combined with water, according to industry publication Lloyd’s List Intelligence. It was unclear if there
had been a leak.
Greenpeace UK said it was too early to assess the extent of any environmental damage from the collision, which took place near busy fishing grounds and major seabird colonies.
Environmentalists said oil and chemicals posed a risk to sea life including whales and dolphins and to birds, including puffins, gannets and guillemots that live
on coastal cliffs. Tom Webb, senior lecturer in marine ecology and conservation at the University of Sheffield, said wildlife along that stretch of coast “is of immense biological, cultural and economic importance.”
“In addition to the wealth of marine life that is present all year round, this time of the year is crucial for many migratory species,” he said.
Alex Lukyanov, who models oil
spills at the University of Reading, said the environmental impact would depend on multiple factors, including “the size of the spill, weather conditions, sea currents, water waves, wind patterns and the type of oil involved.”
“This particular incident is troubling because it appears to involve persistent oil, which breaks up slowly in water,” he said. “The environmental toll could be severe.”
Navigating agricultural trade: Can PHL become an export powerhouse?
BEING a net food importer, the Philippines has always recorded an agricultural trade deficit. The preliminary data released by the Philippine Statistics Authority (PSA) recently proves this as it showed that the country’s import payments for agricultural products continued to outpace exports in January. In the first month of the year, import payments, according to the national statistics agency, have already breached $1 billion (See, “PSA: Agri trade gap narrows in January,” in the BusinessMirror, March 10, 2025).
A silver lining in the preliminary PSA data on agricultural trade is the increase in farm exports during the first month of 2025. The Philippines kicked off the calendar year with a 32.8-percent year-onyear surge in export receipts, which reached $715.25 million. Topping the list of the agricultural products exported by the Philippines were animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes. According to the World Customs Organization, lard and coconut are part of this classification.
Other products that beefed the country’s farm export receipts are edible fruit and nuts; preparation of vegetables, fruits, nuts or other parts of plants; tobacco and manufactured tobacco substitutes; and preparations of meat, of fish, of crustaceans, mollusks or other aquatic invertebrates or of insects. The top buyers of Philippine farm products in January were the United States and Japan. Among its major trading partners, the Philippines enjoys a trade surplus with only Japan and the European Union.
The latest PSA data shows that the Philippines is capable of expanding its agricultural exports and increasing its contribution to the country’s overall export performance. Because of the increase in export earnings in January, the agricultural trade deficit shrank by 2.8 percent to $1.001 billion. While import payments amounted to $1.716 billion during the period, the increment in export receipts, pegged at nearly $200 million enabled the country to trim its the farm trade gap.
Wiping out billions of dollars in the country’s trade gap or reducing it significantly would take some time and ingenuity on the part of the country’s policymakers. The Philippines must go beyond its traditional export earners like coconut oil, fresh bananas and pineapples if it intends to raise the receipts from food exports. It may be in need of huge volumes of some staples, like rice and wheat, but the Philippines also has a number of farm products that the world may find interesting.
The Marcos administration must lean on its agricultural resources to achieve its goal of turning the Philippines into an “export powerhouse” by 2028. We could only hope that the state has already crafted or implemented the policies that will turn this into a reality as soon as it announced its export goals. Without the right policy mix and the political will to transform certain sectors like agriculture into a significant contributor to the country’s dollar earnings, the Philippines will continue to lag behind its neighbors in Southeast Asia, like Malaysia and Thailand.
Oil CEOs back Trump’s energy agenda as crude hits six-month low
By Kevin Crowley
EXECUTIVES from some of the world’s top oil and gas producers offered full-throated support for President Donald Trump’s “Energy Dominance” on Monday, even as financial markets slumped on broader concerns about his economic agenda.
The hallways and sessions on the first day of the annual CERAWeek by S&P Global conference in Houston were filled with buzzy chatter and the vibes of an industry that’s looking forward to an upswing.
Chevron Corp. Chief Executive Officer Mike Wirth told delegates the conversation around climate change and energy production is headed for a “reset.” Shell Plc. boss Wael Sawan boasted of a “long runway” ahead for natural gas demand, while Saudi Aramco CEO Amin Nasser said the flaws in the energy transition have been exposed.
But as the executives spoke, New York oil futures dropped to a six-month low, while US equities were hammered amid tariff-driven anxiety. The moves underscore how Trump’s push for US fossil fuel hegemony risks bumping up against the economic repercussions of the trade war set in motion by his administration.
US Energy Secretary Chris Wright defended Trump’s agenda.
“Uncertainty is unsettling and that leads to a loss of confidence—
Cthat leads to fear,” he said in an interview with Bloomberg Television’s Alix Steel. “But look, life is long. This administration has been in 50 days.”
“There’s so much positive going on, but yes, you’re seeing the sausage making up close and personal. At the end of the day, we want to lower costs for Americans,” Wright said. “You’ve got to give it a little bit of time.”
The US fossil fuel industry is key to Trump’s promise of a new “golden age” for the world’s biggest economy. His administration represents a rare opportunity for oil and gas companies to lock in permitting for everything from drilling leases to liquefied export terminals.
But the reality is likely to be less than straightforward. Trump’s trade tariffs are set boost prices for steel used in oil and gas pipes. Action on immigration threatens to limit the supply of workers.
Crude prices are down roughly 15 percent since Trump was inaugurated on January 20, which will make it harder for even aggressive producers to lift output as margins
The US fossil fuel industry is key to Trump’s promise of a new “golden age” for the world’s biggest economy. His administration represents a rare opportunity for oil and gas companies to lock in permitting for everything from drilling leases to liquefied export terminals.
get compressed.
“If we are becoming a little more nationalistic—and I’m not saying that’s a bad thing—but it does resonate with me that it’s going to have elevated inflation,” said Larry Fink, CEO of BlackRock Inc. Deportations are going to have “severe impacts” on the construction sector, he said. “I’ve even told members of the Trump team that we’re going to run out of electricians.”
Gas-fired power generation is of particular concern given it’s likely importance in underpinning the build-out of data centers for artificial intelligence. Even before the most recent tariffs, the cost of building gas power generation has gone up threefold in recent years due to the long-lead times on turbines, slow permitting, and a shortage of labor, said NextEra Energy Inc. CEO John Ketchum.
“It’s all of the above: We need renewables, we need gas, we need nuclear,” said Ketchum, who wants the
US to maintain Biden-era tax credits for renewables projects.
“It’s all going to come in at different times and it’s all going to come in at different cost profiles, but let’s not just go and make decisions that force us into one technology,” he said in an interview.
The oil and gas industry’s top lobbyist is confident he can achieve carve-outs from Trump’s tariff policy by making the case that imported steel and tubular goods will boost domestic energy production. US liquefied natural gas export capacity is on course to expand 60 percent by 2027, requiring a lot of imported steel.
“The president and his team fully recognize to help meet the energy dominance agenda you’re going to need a trade agenda that falls within that frame as well,” Mike Sommers, CEO of the American Petroleum Institute, said in an interview. “There certainly is some uncertainty but there’s uncertainty with every administration.”
Even with the uncertainty, oil producers including Chevron and Shell welcomed the Trump administration’s pro-growth agenda, contrasting it with what they perceive as overly stringent regulatory and climate stances by the Biden administration and in Europe’s political circles.
“There’s no question the narrative is changing,” Sawan said. Bloomberg
HINESE tariffs on a slew of American farm products have officially come into effect, the latest retaliation in the unfolding trade war between the world’s top two economies.
China’s willingness to use food as a countermeasure against the US, historically one of its biggest providers, underscores both the government’s success in boosting agricultural self-sufficiency and the impact of a slowing economy on demand.
The agricultural tariffs, which run from 10 percent to 15 percent on an expansive list of items including grains, proteins, cotton, and fresh produce, follow initial action focused on energy and critical metals. Soybean imports from three US firms, as well as all American timber purchases, have also been halted.
In a separate move on Saturday, Beijing imposed retaliatory tariffs on a range of Canadian agricultural goods that will come into effect on March 20.
Ensuring that 1.4 billion citizens
are adequately fed continues to top the policy agenda. While China remains a key export market for largely Republican states in the Midwest farm belt, Beijing’s efforts to reconfigure supply chains after the trade war during the first Trump presidency have weakened Washington’s leverage.
The Chinese economy’s disappointing recovery from the pandemic has yielded one bright spot: a surfeit of food. Dealing with the impact of domestic oversupply has taken on more urgency. Local wheat prices are around five-year lows and corn imports have collapsed. The latest data on Sunday showed deflation taking hold of consumer prices, driven by a steep decline in food.
The government has responded by trying to protect its farmers. Traders have been asked to limit overseas
purchases of grains including barley and sorghum, while shipments of soybeans have been delayed.
Beijing’s enthusiasm for trade probes and levies in recent months, targeting items from rapeseed and pulses to seafood, meat and dairy, suggest policymakers aren’t overly perturbed by creating barriers to imports, particularly on premium items that have borne the brunt of penny-pinching by households.
Backstopping all these efforts is record grain output, and a determination to use this period of plenty to build reserves. At its annual legislative meeting that concludes this week, the government raised both its production target for the year and its budget for stockpiling.
More technical measures, such as reducing soybean meal in animal rations, are also being promoted, an indication of persistent anxiety over the vulnerability of livestock herds to foreign soy supplies.
Soybeans happen to be America’s top agricultural export to China,
worth nearly $13 billion in 2024, and the focus of intense efforts in recent years to shift the country’s dependence to other, less antagonistic, suppliers such as Brazil. The seasonality of world production will leave the South American nation accounting for the bulk of Chinese imports until at least the fourth quarter, which probably leaves the 10 percent tariff on US beans neither here nor there over the coming months. Of course, the government will want to get the economy motoring, and a big part of that will be enticing shoppers to open their wallets. Successful stimulus from the authorities could see food prices rise and the thinking on imports change. The crop impact of extreme weather brought on by climate change would also affect calculations. But in the meantime, in targeting American farm goods, Beijing is deploying one of the higher-impact, lower-cost weapons in its trade arsenal. Bloomberg
DeepSeek-fueled AI fever injects new energy into China’s NPC
FOR some years now, China’s annual gathering of its national legislature has been an increasingly disciplined and choreographed affair—its muted vibes practically an echo of deepening concern about domestic stagnation.
Not this time. The National People’s Congress seven-day gathering, which concludes Tuesday in Beijing, came on the heels of a breakthrough in artificial intelligence by China’s home-grown startup DeepSeek that’s fired up investors, politicians and even regulators. It also followed President Xi Jinping’s high-profile meeting with business chiefs including Jack Ma. Communist Party cadres from different regions competed to market their locales as China’s next AI hub. Lawmakers made a raft of proposals— from promoting AI-related education and scaling up the technology’s applications to boosting research and regulating the social impact—according to group discussions that were open to the media and records of closed-door sessions reviewed by Bloomberg News. Dynamism was also on display in rare debates over policy, as at least one delegate complained about limited access to bank funding for smaller tech firms.
At a two-hour-long press briefing with China’s top five economic and financial officials last week, AI was a hot topic alongside queries over boosting domestic consumption—an economic priority this year —and the newfound angst over US tariff hikes.
“This presser is almost becoming a tech-themed one,” quipped Wu Qing, chairman of the China Securities Regulatory Commission, at the briefing. “Tech is taking a more prominent role here,” he said, highlighting how DeepSeek has propelled a revaluation of Chinese assets. Wu and his fellow policymakers, including the finance minister and central bank governor, each spent some time talking about tech and innovation.
The unveiling of a state-backed startup guidance fund of 1 trillion yuan ($138 billion) by Zheng Shanjie, who heads the National Development and Reform Commission, spurred fresh discussion over China’s push to develop AI and quantum technology.
In one session attended by nearly 200 reporters, Yuan Jiajun, the Communist Party chief of Chongqing, explained how his megacity will translate its high-end manufacturing capacity into new success in producing connected vehicles, smart equipment and new materials. And, he said, Chongqing will be deploying “AI+” citywide.
Yuan, who sits on the party’s elite 24-member Politburo, pledged to support the private sector and build an entire ecosystem with “bigger companies as pillars and small and mid-sized companies ubiquitous.” Solar, EV parallel
LAWMAKERS from Shanghai and Guangdong similarly aim to identify areas their constituencies could excel at in AI, such as scientific research and industrial applications, records of closed-door meetings showed.
Meantime, the governments of Beijing and Shenzhen in recent days
set up their own funds, at 10 billion yuan, to nurture AI and robotics development. On Monday, the southern province of Guangdong, where Shenzhen is located, became the latest to unveil subsidies. And Wuhan, capital of the central province of Hubei, announced a plan to develop AI products in areas including health care, education and law.
The fervor bore some resemblance to surging interest in solar energy and electric vehicles in past years, when regional governments scrambled to build capacity in those sectors. That led to overcapacity and a rat-race competition among companies that undermined profitability—but at the same time secured China’s position as an industry leader in both sectors.
After years when the economic narrative has often turned to deflation risks and local officials who prefer to “lie flat” than take on new endeavors, AI offers a new story. For some, it also sparked some soul-searching.
Regional rivalry
THE provincial mouthpiece of Jiangsu, a powerhouse coastal province north of Shanghai, ran three articles last month asking why its neighbor to the south, Zhejiang, had become the base for DeepSeek and five other firms now known as the “six little AI dragons.”
Zhejiang’s tech megapolis Hangzhou is known for a more hands-off regulatory approach toward companies, a model that might have helped spur discussion at the gathering.
The government should avoid setting up “hidden barriers” for private companies, especially in areas that involve new technologies and business models, said NPC deputy Zhou Tongyu, vice president of the Shanghai Federation of Industry and Commerce, at a session open to journalists.
She also lamented that nearly 80 percent of small and medium-sized tech companies struggle to get bank loans for lack of physical assets to offer as collateral. That could be addressed if business-operation data were accepted as a basis for security credit, she said.
State model
NATIONAL regulators, too, may be taking on board lessons. The new tech guidance fund announced last week emphasized the role of the market.
That suggests the state is “evolving from identifying favored sectors to modeling the role of a patient, long-term investor” focused on early-stage investments in small companies working on challenging technologies, according to Tilly Zhang, an analyst at Gavekal Dragonomics. Still, challenges remain for a stateled approach, she wrote in a recent note. While Beijing is idealizing smallscale, decentralized development, “the methods it prefers are often largescale, centralized and tightly directed,” Zhang wrote. With assistance from Charlie Zhu /Bloomberg
Thieves
are hitting
By Nduka Orjinmo
Nigeria’s gas lines,
but not to steal gas
GANGS of thieves are tapping the pipelines that feed Africa’s biggest liquefied natural gas plant, collecting condensate—a hydrocarbon more desirable locally than crude—in a dangerous pursuit that’s sent Nigeria’s LNG exports plummeting.
Criminal groups have for decades targeted the oil pipelines that crisscross the country’s Niger Delta region, but a government crackdown on crude theft has driven them to gas conduits where they seek an ultralight form of oil that’s easy to process at makeshift refineries.
The surge in activity has crippled gas supply to Nigeria LNG Ltd., a joint venture owned by Nigeria, TotalEnergies SE, Shell Plc and Eni SpA.
“It is a very high risk, very dangerous operation, that’s not always successful. But when it’s successful, they make a lot of money,” said Effiong Okon, managing director of ANOH gas plant, a Seplat Energy Plc subsidiary that operates a $700 million gas project in the area. Decades ago, he was part of an engineering group at Shell that rerouted condensate flows to avoid such theft.
NLNG was held up as a model state-backed enterprise when exports of the super-chilled fuel started in 1999, but its footprint has dwindled. Nigeria accounted for 3.5 percent of the total global LNG supply last year, steadily decreasing from 6 percent in 2020, according to BNEF.
At the same time, plans are under way to boost condensate output, which doesn’t count against the oilproduction quota Nigeria agreed to
as a member of the Organization of Petroleum Exporting Countries. Africa’s biggest producer aims to reach a combined output target of 3 million barrels a day—half condensate —Minister of State for Petroleum Heineken Lokpobiri said last month.
The rise of illegal operations adds another obstacle to increasing that production.
Eight-year low NLNG exports tumbled in February, according to commodities tracking company ICIS. That month, the plant only received one-fifth of its gas supply, forcing a shutdown of processing units.
While five of its six production units are back up, a disruption of several months of all NLNG exports would have “a significant impact on the global gas markets,” said AnneSophie Corbeau, a researcher at Columbia University’s Center on Global Energy Policy.
The vandalism potentially threatens supply for a seventh NLNG unit that’s under construction, along with existing supply contracts and other planned projects to develop the fuel.
“Security issues may put in question future investments in the gas industry in Nigeria, especially if Nigeria wants to expand its LNG
exports,” said Corbeau, citing a glut of projects planned globally and additional LNG exports from the US backed by President Donald Trump. Crude-theft crackdown
FOR decades, crude theft has sparked conflict, exacerbated environmental devastation caused by oil companies, stoked corruption and robbed the country of billions of dollars in revenue a year.
In 2022, as Nigeria struggled to meet its Opec quota, the head of the national oil company estimated that it could be producing as much as 700,000 barrels a day more if not for criminals stealing crude and oil companies holding back for fear of theft.
Since coming into office in May 2023, President Bola Tinubu has increased security at the oil pipelines, sparking a rebound in output—a boost of more than 40 percent from three years ago—that exceeded Nigeria’s Opec production pledge in January.
Some of the security measures have been war-like: using drones and fighter jets to drop bombs on illegal refining sites that dot the delta, while on the ground, private security firms managed by former militants—who used to blow up the pipelines and hold workers for ransom—have ensured better protection of the main crude lines.
“Improved security at the oil pipelines is pushing criminals in other directions,” said Salahuddeen Tahir, head of assets and investments management at NNPC Gas & Power
Investment, a unit of the national oil company. While in the past gangs tapped oil pipelines with tools and hacksaws, today’s gas thieves shows signs of more sophisticated engineering skills—in line with the more dangerous nature of the work.
“These pipelines operate at high pressure, and any rupture poses a significant risk of explosion or uncontrolled fire,” said Claudio Steuer, a senior research fellow at the Oxford Institute for Energy Studies and former general manager at Shell Nigeria.
Condensate can sell for as much as Nigeria’s expensive crude grades like Forcados and Bonny Light and is easily refined or fed straight into generators. The fuel is sold on the streets of most southern cities like Port Harcourt and Aba. Olu Verheijen, Tinubu’s aide on energy, said the government is dealing with the attacks, but declined to give details. NLNG is working with government agencies “to strengthen the security of upstream production and transmission assets,” it said in a statement. Criminals are willing to face significant danger even though they’re usually accessing small volumes of condensate, said Okon, of Anoh Gas Plant.
Gangs install valves that slow down the pressure on the lines before cutting through pipes to leak out gas so they can collect the condensate at the bottom.
“High risk, high reward,” he said. Bloomberg
Japan’s economic growth revised lower ahead of BOJ meet
By Yoshiaki Nohara & Toru Fujioka
JAPAN’S
economy expanded in the last quarter of 2024 at a slower pace than reported in preliminary data, a result that may give the Bank of Japan added incentive to hold policy settings steady when authorities gather next week.
Gross domestic product grew at an annualized pace of 2.2 percent in the final three months of last year from the previous quarter, the Cabinet Office reported Tuesday. The result came in lower than the preliminary estimate of 2.8 percent as inventories sank more than forecast and consumption came in weaker. Economists had expected the revision to be largely unchanged.
The yen briefly weakened to 147.10 against the dollar following the release, before fluctuating again following overnight global market falls.
Separate figures showed households spent much less than expected in January as the impact of elevated inflation continues to bite.
The revised GDP figures highlight pockets of weakness in the Japanese economy even as it continues to expand moderately overall. A slowdown in spending by households may prompt the central bank to be more cautious as it looks for opportunities to keep dialing back easy monetary settings with gradual rate hikes. The BOJ will deliver its next policy deci-
sion on March 19.
“Consumer spending is likely to stay weak into this quarter as households face inflation,” said Taro Saito, the head of economic research at NLI Research Institute. Still, “this data alone probably won’t alter the BOJ’s view that there’s a moderate economic recovery underway. The central bank will remain on the course of gradual normalization.”
A majority of economists surveyed in January expected the BOJ to raise its benchmark interest rate in July. BOJ Deputy Governor Shinichi Uchida signaled last week that the benchmark interest rate remains on a gradual upward path.
As in the initial estimate, net trade and business spending led the expansion, while private consumption was flat. That underscores the fragility of Japan’s economic growth, given the growing risks from US President Donald Trump’s tariffs policy. Net exports last quarter also grew mainly on the back of falling imports, another reason not to be too optimistic about the state of trade. Going forward, the pace of eco -
nomic growth is expected to slow, according to analysts surveyed by Bloomberg. On the domestic front, one key point is whether consumer spending, the biggest component of GDP, can keep expanding as households try to cope with rising costs of living.
“The downward revision to Japan’s fourth-quarter GDP doesn’t change the bigger picture from the solid preliminary data. The weaker growth reading was led by a steeper drop in inventory, which tends to be volatile and doesn’t say much about fundamentals,” said Bloomberg economist Taro Kimura.
In January, household spending rose 0.8 percent from a year earlier, missing a consensus estimate of 3.7 percent growth. Consumption fell in most months over the last two years as shoppers reacted to persistent inflation—and sliding real wages—by cutting back on discretionary spending. Monday’s wage report showed that even with solid gains in base pay, real wages retreated by 1.8 percent in January from a year earlier.
Prime Minister Shigeru Ishiba is watching domestic demand figures closely as he and his Liberal Democratic Party prepare for a national election this summer. A poor showing by the party in an October poll weakened his position, and his predecessor stepped down in part due
Fears of US contagion spur traders to find hedges across world
Ruth Carson and John Cheng
By
FROM ditching US stocks for Chinese peers to buying the yen and the euro, traders are running for cover as they ponder how a US markets meltdown may convulse the world.
What had been a steady drumbeat of US stock selling turned into a stampede on Monday as recession jitters ripped across Wall Street. Risk aversion spilled into Asia, and growing conviction that US exceptionalism is over spurred a rush into the relative safety of the yen, Australian government bonds and the offshore yuan.
It’s been a dizzying turn of events for investors accustomed to years of US tech gains and a resurgent dollar.
A $1.1 trillion wipeout in the Nasdaq 100 Monday underscores how Presi-
dent Donald Trump’s America First policies have, paradoxically, spurred a shift away from US assets. The euro has jumped about 7 percent from a February low while a gauge of Chinese stocks in Hong Kong has skyrocketed nearly 20% this year.
“Markets right now are like Olympic-level tennis except we, traders, are the ball,” said Calvin Yeoh, portfolio manager at hedge fund Blue Edge Advisors Pte. in Singapore. Yeoh likes long-dated Treasuries and is bearish on US stocks, though “with moderate commitment” amid volatile markets.
A Bloomberg dollar gauge edged lower in Tuesday’s Asia trading while Treasuries extended gains as investors become more convinced that the Federal Reserve would have to resume cutting interest rates to bolster the economy.
In Europe, euro bears have been forced to change their tune as German’s historic defense spending plan spurs upgrades on the common currency’s path.
“US exceptionalism is starting to unravel—you want to preserve capital in this environment,” said Kellie Wood, money manager at Schroders Plc that oversees over $1 trillion globally. The fund last month flipped from buying the dollar to favoring the yen and euro, and is bullish on short-dated Treasuries and Australian government debt, she said.
China overweight THE pivot has been clear in stocks, where rising fears of a slowdown fueled a 3.8 percent plunge in the Nasdaq 100 on Monday—the biggest one-day drop since 2022. Nasdaq
futures pared losses in Asia to trade little changed on Tuesday.
Economic data give credence to the worries: US unemployment rose to 4.1 percent in February, while consumer spending fell by the most in nearly four years in January. Comments by Trump that the US could face a “period of transition” and Treasury Secretary Scott Bessent’s remarks that there could be “a detox period” are also encouraging traders to reduce US exposure. Strategists and money managers are rewriting their playbooks. George Efstathopoulos, a portfolio manager at Fidelity International, added German midcaps late Monday, betting on the country’s fiscal stimulus to help the industrial sector.
Citigroup Inc. downgraded US equities to neutral from an over -
weight position, while simultaneously upgrading China to overweight. Morgan Stanley Investment Management favors companies and countries in Southeast Asia, while T. Rowe Price Group Inc. likes European stocks. The developments are only adding to two-decade market veteran Li Minghong’s conviction that much of the valuation boost in US stocks has been “froth,” and that offshore Chinese shares offer better value.
“As global investors retreat from US stocks, one obvious destination where valuations are still recovering from a trough is China,” said Li, a fund manager at Beijing Yikun Asset Management Co. An index of China’s seven tech heavyweights, including Alibaba
to voter frustration over inflation. His government has introduced several price relief measures, including the release of emergency rice stockpiles after prices for the grain surged.
Uncertainties are mounting with respect to trade prospects as Trump continues with his tariff campaign.
Commerce Secretary Howard Lutnick signaled on Sunday that he expects no reprieves on 25 percent tariffs for steel and aluminum imports set to take effect Wednesday, and the White House may also impose tariffs of around 25 percent on automobile, semiconductor and pharmaceutical imports as early as April 2.
Higher levies, especially against Japanese cars shipped to the US, would likely deal a blow to the Japanese economy. This week the nation’s trade minister doubled down on a request for Japan to be excluded from Trump’s tariff campaign in his first in-person discussions with his US counterparts, but Tokyo didn’t get any immediate confirmation of a reprieve.
“Depending on the details of Trump’s auto tariffs, Japan could be directly impacted by a slowdown in external demand,” said Yuhi Kawano, market economist at Mizuho Securities. “This could put downward pressure on the Japanese economy from April onward.” With assistance from Erica Yokoyama /Bloomberg
Group Holding Ltd. and Tencent Holdings Ltd., has rallied more than 30 percent this year while a gauge tracking the Magnificent Seven stocks has lost 15 percent. Caution is also prevailing at Emmer Capital Partners Ltd. in Hong Kong, where Manishi Raychaudhuri sees increased volatility for all risk assets.
“The single most important dampener is President Trump’s apparent lack of concern about how the economy or the stock market does in the near term,” said Raychaudhuri, chief executive officer at Emmer Capital. “US treasuries, money market
and
in Asia” seem to be the only
Wednesday, March 12, 2025
FIT-All, taxes, transmission push up March Meralco rates
By Lenie Lectura
ELECTRICITY
rates this month
will go up by P0.2639 per kilowatt hour (kWh) to P12.2901 per kWh, the Manila Electric Company (Meralco) announced on Tuesday.
The upward adjustment is equivalent to an increase of around P53 for residential customers consuming 200 kWh a month.
The utility firm cited higher transmission charge, increase in Feed-in Tariff Allowance (FIT-All), higher taxes, and absence of the one-time downward adjustment on reset fee, equivalent to P0.2264 per kWh, as reasons for this month’s higher electricity bill.
In 2024, the Energy Regulatory Commission (ERC) had ordered power distribution utilities to refund unused regulatory reset fee of around P0.22 per kWh, which was reflected in the February 2025 billing of Meralco.
Also contributing to the upward adjustment was the P0.1294 per kWh increase in the transmission
charge for residential customers, due to higher ancillary service charges incurred by the National Grid Corporation of the Philippines (NGCP). This month’s transmission charge also includes the second of three installments of February and March 2024 reserve market transactions for Luzon that ERC directed NGCP to collect.
In addition, this month’s charges reflect the P0.0351 per kWh increase in FIT-All following the ERC’s directive to implement a new FIT-All of P0.1189 per kWh beginning this March, from a previous rate of P0.0838 per kWh.
Subsequently, other charges that include taxes, registered a net increase of P0.0416 per kWh.
Generation charge, meanwhile, declined to P7.0517 per kWh due
to lower costs from Meralco’s supply sources. However, this was not enough to offset the other factors that drove the increase in March power rates.
Charges from Independent Power Producers (IPPs) and Power Supply Agreements (PSAs) registered decreases of P1.0143 and P0.2934 per kWh, respectively, due to the appreciation of the Peso against the US dollar, which affected around 98 percent of IPP costs and 61 percent PSA costs that were dollar-denominated.
Wholesale Electricity Spot Market (WESM) charges also went down by P0.2247 per kWh due to the improved supply situation in Luzon. While average demand in the grid increased by around 329 megawatts (MW), average capacity on outage was lower by about 157 MW for the February supply month. IPPs, PSAs, and WESM accounted for 31 percent, 47 percent, and 22 percent, respectively of Meralco’s total energy requirement for the period.
Pass-through charges for generation and transmission are paid by Meralco to the power suppliers and the grid operator, respectively; while taxes, universal charges, and FIT-All are all remitted to the gov-
Personal appearance for SIM card registrants eyed
By Lorenz S. Marasigan
FILIPINOS may soon be required to register their SIM cards in person, as the government reviews proposed amendments to the SIM Registration Act or Republic Act No. 11934 to address ongoing issues of fraud and text scams. In a statement, the National Telecommunications Commission (NTC) said on Tuesday it is studying the possibility of introducing a “personal appearance” requirement for SIM registration, similar to the process for obtaining a driver’s license or clearance from the National Bureau of Investigation (NBI). This proposal comes amid growing concern that the current online registration system is being exploited by scammers who sell registered SIM cards to criminals despite existing penalties of up to six years in prison and fines of up to P300,000.
To strengthen the law’s implementation, the NTC has issued Memorandum Order No. 010-092023, directing telecommunications companies to enhance their SIM registration processes, validate registered SIMs, and block clickable links in text messages to curb phishing attacks. In addition, the agency has submitted proposed amendments to Congress that would grant NTC the authority to regulate the number of SIMs an individual can own. The amendments also propose limiting the types of government-issued IDs that can be used for registration and requiring government agencies to develop a validation platform that telecom companies can access to verify identities. Despite these efforts, text scams and SIM fraud remain persistent problems. In 2023, telcos blocked over 3.3 billion scam messages and deactivated more than 3.1 million fraudulent SIMs.
Asked for comment, Cybercrime Investigation and Coordinating Center (CICC) Executive Director Alexander K. Ramos said the proposal has both pros and cons.
For one, in-person identity verification will be beneficial in validating the identity of the SIM card owner.
“That is safe because to see is to believe, ‘right? When you see that person, okay, at least [that one is] verified,” he said. Nonetheless, he conceded, requiring this slightly defeats the idea of digitalization.
“We want it to be fully automated. Right now, I think this is part of the campaign to cleanse the database of the telcos. Because that’s the challenge. How do we share? How do we authenticate? The fake IDs are proliferating. That is a challenge right now. And let’s be practical,” he said.
For Ramos, the authentication is “critical.”
See “Personal,” A2
Ian Anthony Pallasigui; Maria Djerizza Pallasigui; Anthony Rey Pallasigui; Grandchildren Kara Victoria and Ellard Pineda
ernment.
Meralco’s distribution charge, on the other hand, has not moved since the P0.0360 per kWh reduction for a typical residential customer beginning August 2022.
Meralco utility economics head Lawrence Fernandez said power demand for April is expected to be higher than March due to rising temperatures. “For March, demand will be moderate. We already experienced one yellow alert this month. We will see what the situation is for the rest of the month,” he said.
Meralco spokesperson Joe Zaldarriaga said the utility firm’s supply for its customers during the summer months is adequate. “Meralco is working very closely with suppliers and the grid operator. We entered into emergency power supply agreements to cover our requirements especially during peak load come summer months.
We feel the impact of high temperature levels on demand. So, as long there will be no unplanned and forced outage and as long as transmission can supply load coming from the power plants, we don’t see any problem come the summer months,” said Zaldarriaga.
The Meralco officials also said
See “FIT-ALL,” A2
By Bless Aubrey Ogerio
THE Philippine Statistics Authority (PSA) on Tuesday cautioned the public about a growing number of scams exploiting the National ID system, including phishing attempts, fraudulent website links and unauthorized payment schemes.
The agency said scammers often disguise themselves as official representatives, reaching out through text messages, social media and messaging apps.
Some schemes, it said, often involve misleading individuals into sharing personal details under the pretense of assisting with National ID registration, correcting errors, printing physical IDs or downloading the digital version.
“Such offers often include website links posing as the official website of the National ID, which individuals are persuaded to click or open to input personal information. In some instances, National ID-related fraudulent acts involve video calls and payments,” the PSA said.
National Statistician Claire Dennis Mapa stressed that the agency does not solicit personal information through social media or messaging platforms.
“Data privacy and security is of the highest priority for the PSA. We will never ask for personal
information over social media or messaging apps,” he said. “We strongly condemn such fraudulent acts and reiterate that these are punishable by law.” In information obtained by BusinessMirror, Mapa said they received eight reports of National ID-related scams—four through Facebook, two via email, and two from the 8888 Citizens’ Complaint Center.
Deputy National Statistician Rosalinda Bautista also advised individuals to stay vigilant for any suspicious activity related to the National ID system.
“We urge the public to refrain from providing their personal information to any individual or group phishing for it and to immediately report such incidents to the PSA,” Bautista said. Under Republic Act 11055 or the Philippine Identification System Act, unauthorized collection or misuse of personal information from the National ID system is punishable by six to 10 years of imprisonment and fines ranging from P3 million to P5 million.
Individuals who profit from the unauthorized access or use of such data may also be fined an amount equivalent to double their financial gain.
As of February 5, PSA data showed that more than 92 million individuals have completed their registration.
Editor: Jennifer A. Ng
Ayala Land unit sets aside $500M for hotels, resorts
By VG Cabuag @villygc
AYALA Land Hospitality Corp., the new unit of listed Ayala Land Inc. that will handle all the company’s hotels and resorts, will spend some $500 million through 2030 to increase its room keys.
The company, formerly known as Ayala Land Hotels and Resorts, has been re-launched as the Philippines positions itself for a tourism boom.
The company said it will bring its room keys up to 7,500 by 2030 from more than 4,000.
Previously, all other hotel and resorts, such as Seda and its high-end resorts in El Nido in Palawan, operate separately under Ayala Land Hotels and Resorts.
Ayala Land Hospitality has consolidated its portfolio—spanning
homegrown brands like Seda Hotels, El Nido Resorts and Huni, Lio, alongside international luxury names such as Raffles Makati, Fairmont Makati and the upcoming Mandarin Oriental Makati.
“As we chart a bold new course in hospitality, our vision is clear: elevate Filipino hospitality to the world stage,” company CEO George Aquino said. “This means curating experiences that go beyond service—creating real connections between guests, places and culture.”
Mariana Beatriz Zobel de Aya -
la, Ayala Land senior vice president for leasing and hospitality, said the Department of Tourism’s target is for tourist arrivals to hit 12 million by 2028 driven on the back of continued investment in infrastructure and increased air connectivity.
Last year, the Philippines recorded only 5.44 million international visitors, lagging behind Southeast Asian neighbors such as Thailand which welcomed over 35 million visitors, Malaysia’s 22.5 million, Vietnam’s 17.5 million and even Indonesia’s 12.66 million.
“It might feel small relative to the likes of Thailand and our neighbors, but some of you might not know that spent per capita in the Philippines is highest in the region. So we are actually 50 percent higher. A tourist in the Philippines spends 50 percent more than a tourist in Thailand. And I find that a very powerful data point as we share a little bit about our story.
March 12, 2025
We’re witnessing a shift in traveler behavior,” Zobel said.
“The Philippines is attracting a new wave of high-value tourists. Visitors who stay longer, who spend more, as I mentioned, and who seek authentic and immersive experiences.
Luxury tourism is also on the rise, with resorts setting new benchmarks in service and in design.”
Zobel noted that Filipino expatriates are playing a key role in tourism, returning home not only for reunions, but to experience the country’s evolving lifestyle of culinary and leisure.
The company said it is reinvesting in its flagship properties, modernizing Seda’s business hotels, upgrading El Nido Resorts and refining guest experiences with a distinct sense of place. Meanwhile, its pipeline of new hotels and resort destinations will leverage Ayala Land’s expansive estates nationwide, integrating hospitality into vibrant townships and natural landscapes.
ACEN board greenlights capital stock hike
THE board of directors of ACEN Corp. has approved a capital stock increase to P58.4 billion, the energy arm of conglomerate Ayala Corp. told the local bourse on Tuesday.
During a board meeting, ACEN disclosed that the board approved amendments to ACEN Corp.’s Articles of Incorporation. These include the expansion of the scope of ACEN’s investment business and an increase in the authorized capital stock to P58.4 billion from P48.4 billion and the creation of additional common shares.
The proposed amendments will be presented stockholders for approval at their annual meeting next month.
The board also approved an extension of guarantee to Ingrid Power Holdings, Inc., a joint between ACEN and Marubeni Asian Power Corporation, provision of further guarantee for the project financing of Phases
1 and 2 of the Quezon North Wind Power Project, and ACEN Australia’s investment in the 400 megawatt hour (MWh) New England Battery Energy Storage System (BESS) project located in Uralla, New South Wales, Australia.
The BESS captures energy from power plants or the grid and stores it for later use.
The New England BESS project is set to be operational by 2026. Once completed, the New England BESS could be Australia’s largest co-located solar and battery storage facilities that provide stored energy to the grid.
ACEN is expanding its renewable capacity to 6.8 gigawatts (GW) and it hopes to scale this up to 20 GW by 2030.
ACEN is the listed energy platform of the Ayala Group with a fastgrowing presence in the Philippines, Australia, Vietnam, India, Indonesia, Lao PDR and the United States.
Last December, the company said its capital expenditures (capex) for this year could increase to P70 billion from P50 billion in 2024.
“We are forecasting P50 billion in capex across all geographies for fiscal year 2024. In 2025, we expect to spend roughly P70 billion,” said ACEN President and CEO Eric Francia.The amount will be used to achieve its goal of having 20 gigawatts (GW) of renewable energy (RE) capacity by 2030.
ACEN intends to operationalize several power projects with a total capacity of 1.2GW by end of next year. It currently has 6.8 GW of attributable RE capacity spanning operational, under-construction, and committed projects. Of which, 1.2GW of various RE projects will be operational soon.
Of the 6.8GW, 45 percent are operating, 34 percent are under construction and the rest are under the committed project list. Lenie Lectura
CA upholds SEC action against 1UP Time
THE Court of Appeals (CA) has upheld the cease-anddesist order (CDO) issued by the Securities and Exchange Commission (SEC) against Superbreakthrough Enterprises Corp., doing business under the name 1UP Time, for its unauthorized solicitation of investments from the public.
In a decision promulgated on February 11, the Fifth Division of the appellate court rejected the petition of 1UP Time and ruled that the SEC did not commit grave abuse of discretion when it issued the CDO and subsequently made it permanent.
Citing an earlier case decided by the Supreme Court, the CA said the SEC may issue a cease-and-desist order if conditions were met such as proper investigation or verification must be conducted. There must also be a finding that the act or practice, unless restrained, will operate as a fraud on investors or is likely to cause grave or irreparable injury or prejudice to the investing public.
The court said the SEC conducted investigations before issuing the CDO and that 1UP Time was afforded due process because it was informed of the investigation’s findings and
Shakey’s
to build 20 new stores this year
SHAKEY’S Pizza Ventures Inc. said it will open 20 new branches this year, half of which will be franchised.
Last year Shakey’s also added 20 branches to its store network, according to company president Vicente Gregorio.
“That’s where the growth will be coming from in the next couple of years. Remember, the economy is not yet in the best shape. We believe the potential or growth is for long term because we’re like a perfect match for those who want better than fast food but lower price than fine dining, so we’re right there. Once the economy improves, that’s where we see a big upside,” he said.
“We’re opening more stores, the average sales continue to grow.”
Shakey’s, owned by the Po family, also owns the brand and the rights to franchise and operate Shakey’s Pizza in Asia excluding Japan, Middle East and the Oceania.
It has stores in Singapore and in the Middle East. Gregorio said the bulk remains in the Philippines where many areas remain underpenetrated.
“Outside Metro Manila. But we already have made inroads across international market. We continue to look for the right opportunity to ex-
pand internationally,” Gregorio said.
“We have a lot to cover— cities and first class municipalities and even probably second class municipalities that we don’t have presence. So it’s something that we’re looking for. In those places we’re the highend (restaurant). Cities where we already become like a casual dining. And because of our low investment and healthier margins, it’s easy to make the brand work in Visayas and Mindanao.”
A Shakey’s store costs around P18 million to 25 million to build.
The company has 300 Shakey’s stores out of its 2,483 store network for all of its brands — Shakey’s, PeriPeri Charcoal Chicken, R&B Milk Tea, Potato Corner and Project Pie.
“We’re still almost on a 50-50 ratio. We’re also keen on opening more company stores, but whenever we see a franchise partner come up to us with a good location, we also consider that. Depending on the market condition, we have different store models—freestanding stores, mall stores, in-line stores—that we can choose from and decide what is suitable for that specific city or location.” For its 2024 results, Gregorio said the group posted a double-digit growth. The company is still finalizing its numbers, he said. VG Cabuag
was given an opportunity to file a motion to lift the order.
1UP Time was also aware of the allegations against it, particularly that its product packages were considered as investment contracts.
The SEC issued the CDO against 1UP Time, and its president Juluis Allan Nolasco, its directors, offi-
cers and agents, in December 2023 for illegally soliciting investments from the public. The SEC made the CDO permanent in April 2024.
Nolasco has previously been a subject of a CDO for promoting illegal investment activities through Alphanetworld Corporation, otherwise known as NWorld. VG Cabuag
W. Visayas MSMEs shine at KULTURA Fest 2025, generating ₧1 million in sales
PhilFIDA promotes abaca fiber production in Bicol
LBy Connie Calipay
EGAZPI City—The Philippine Fiber Industry Development Authority in Bicol (PhilFIDA-5) has intensified its efforts to boost abaca fiber production in Bicol.
In an interview on Tuesday, Brent Baltazar Marbella, PhilFIDA-5 fiber development officer, said they help farmers by linking them directly to processors and providing training on high-quality fiber production.
“We are providing our abaca farmers’ group or associations with direct access to processors or buyers so that they can discuss the right price and the demand needed. This is part of the marketing strategy provided by our office to help our farmers,” he said.
“We provide technical training on abaca production from establishment to processing and harvesting. We also continue to give free planting materials, provision of farm equipment, a particular stripping knife, and a spindle stripping machine. We also give our farmers technical assistance and livelihood training.”
Marbella said they coordinate with local government units and other national government agencies for financial grants and assistance for the farmers.
“The price of abaca fiber depends on the grade that ranges from P45 to P55 per kilogram for fair grade, while good to excellent goes up to P120 per kilogram,” he said.
Marbella added they have already submitted a funding proposal to its mother agency, the Department of Agriculture, for the rehabilitation of the abaca plantation destroyed by weather disturbances Kristine and Pepito in 2024.
In the Bicol Region, Catanduanes leads in fiber production, making 81.76 percent of all abaca produced in the region, followed by Albay with 11.62 percent, Camarines Sur with 4.67 percent, Sorsogon with 1.38 percent, and Camarines Norte with 0.57 percent. Abaca demo, training
MEANWHILE , the National Mu-
seum of the Philippines in Bicol (NMP-Bicol) conducted a two-day workshop about abaca processing and weaving for female participants from Sorsogon as part of its Women’s Month celebration.
In an interview also on Tuesday, Jesseshan Aycocho, NMP-Bicol information officer, said the activity aims to highlight women’s capacity to extract abaca fiber in the abaca industry, which is traditionally a male-dominated industry.
“If you have observed earlier, we have two women hand-strippers manually extracting abaca fiber through the traditional abaca handstripping device. We saw that it’s a laborious task, but of course, in celebration of women’s month, we want to show our participants and the public that women can also do it,” she said.
Aycocho said that as Bicol is one of the largest producers of abaca, it is important to showcase the tangible and intangible cultural heritage attached to abaca.
“This activity is conducted annually, and we would like to make people aware of our own identity by featuring and popularizing the abaca culture. Through this activity, with the help of our women culture bearers, we want the younger generations and other generations to appreciate the stories behind the abaca tradition,” Aycocho added.
She said NMP-Bicol, as a cultural and educational institution, would like to support these initiatives to encourage the public to embrace abaca production as part of their culture.
Meanwhile, Leslie Mojar, a participant and a Grade 11 student from Pilar, Sorsogon, said the experience provided her with additional knowledge and skills.
“As a woman and a youth, I am encouraged to work hard. I want to show them that being a woman does not mean being weak —we also have strength, and we are capable of doing difficult tasks like abaca weaving,” Mojar said. With reports from Angelica Joyce Serrano and Lily Nocomora, OJTs/PNA
THE Department of Trade and Industry (DTI) recorded around P1 million in sales from micro, small, and medium enterprises (MSMEs) from Western Visayas during the recently concluded KULTURA Fest: Philippine Trade Fair 2025, held at Festival Mall in Alabang.
About 30 MSMEs from Capiz, Guimaras, Iloilo, and Negros Occidental showcased their premium products at the Panublion Western Visayas booth during the five-day national trade fair from February 26 to March 2.
“This remarkable achievement reflects the competitive quality of Western Visayas products and the resilience of our local entrepreneurs. Our MSMEs continue to prove that Western Visayas craftsmanship can compete at the national level,” said DTI Region 6 Director Rachel Nufable, who personally visited the regional pavilion.
The Panublion booth featured a diverse array of products, including fresh produce, homestyle and wearable items, delicacies, shell crafts, hablon, natural wellness products, food items, and distinctive artisanal crafts. These offerings highlight the region’s rich cultural heritage, natural resources, and traditional craftsmanship.
Sales breakdown from the event
included direct cash sales, booked orders, and business deals under negotiation.
DTI Region 6, in collaboration with four One Town, One Product (OTOP) Hub cooperators, spearheaded the region’s participation in the national trade fair. The event gathered various exhibitors from 16 regions across the Philippines, including the Bangsamoro Autonomous Region in Muslim Mindanao and the Negros Island Region.
“This platform has been invaluable for our local entrepreneurs, providing them with opportunities to gain exposure, establish new business connections, and expand their market reach beyond Western Visayas,” Director Nufable added. The KULTURA Fest serves as a vital showcase for regional products and supports the government’s ongoing efforts to strengthen the MSME sector, which is a key driver of inclusive economic growth and employment generation in the country. Local entrepreneurs interested in joining future trade fairs and OTOP initiatives may contact the nearest DTI provincial office for more information.
Personal growth is a choice
WHETHER we like it or not, change is inevitable, especially in the marketplace. And in order to cope with these shifting business scapes, sales leaders need to continually step up on their game. We need to focus on personal growth, which is an intentional enhancement of capabilities, relationships, careers and lives. It’s not a one-time or a mere phase that you go through—personal growth is a continuous journey where you need to choose growth on a daily basis. And while growth seems like a natural occurrence, personal growth is not. Factors like fear, comfort zone, lack of discipline, lack of vi-
sion, limited mindset, self-doubt and pride may hinder people from achieving it. So in order to achieve personal growth, here are four (4) tips that can get you started.
Know where you want to go Earl Nightingale said that “People with goals succeed because they know where they’re going.”
With a clear vision of your destination, it’s easier for sales leaders to determine the steps that they should take in order to get from here to there. The gaps between their goals and current location are called growth areas. Knowing these areas will allow them to effectively formulate specific personal growth plans.
Flavored salt seen to revitalize industry in Ilocos
LBy Leilanie Adriano
AOAG City—To revitalize the salt industry in Ilocos Norte and to add more value to the natural sea salt, a gourmet salt processing and analysis center was formally opened in Burgos town on Tuesday. For the initiative, local makers belonging to the Mariposa Salt Producers Association were trained to process at least five flavored salts: native garlic, black garlic, native garlic-onion, native onion, and gamet seaweed.
“This is a big help for us and we are so grateful to the Department of Science and Technology (DOST) for assisting us since the start and until now. Your focus and determination to help us is deeply appreciated,” Larry Baniaga, Mariposa’s president, said during the blessing, inauguration and turnover of the center. Native onion gourmet salt is priced at P120 per bottle, native garlic at P130, native garlic-onion at P140, black garlic at P280, and gamet seaweed at P220. Traditional salt, meanwhile, is sold at PHP35 to PHP40 per kilo. With at least six trained personnel to man the operation, DOST Regional Director Teresita Tabaog said in a media
interview that the center would serve as a model for salt innovation in other regions.
“It started with product development and there are a lot of agencies who want to help like the Department of Trade and Industry, Bureau of Fisheries and Aquatic Resources, Mariano Marcos State University, and many others,” she said.
“So with the technologies that we gave, they were able to increase the volume of salt production by 20 percent and then we came up with value-adding products to further increase their income,” Tabaog added.
The official expressed hope that Mariposa, with its 38 members, would
Norte
be able to sustain the project by enabling its members to upgrade their skills to become more competitive in the market.
To help modernize the salt industry and link them with institutionalized buyers, the salt makers of Burgos have committed to produce more quality salt to be able to meet the demand.
On average, the Burgos salt makers are producing about one
Develop a habit of learning
AS mentioned earlier, personal growth is a continual pursuit. And to sustain growth, one should develop a healthy habit of learning. Take risks and consider failures as growth opportunities, and live a lifestyle of learning at every turn. Don’t worry, today’s experts were once beginners.
T hey achieved growth because they were willing to learn, no matter what. As John Maxwell once said, “Sometimes you win, sometimes you learn.”
Stretch your limits
IN order to be effective in keeping things together, rubber bands must be stretched. Otherwise, it becomes utterly useless. Hence, we must learn from rubber bands! As sales leaders, we need to constantly stretch our capacities. If we were able to accomplish certain tasks yesterday, endeavor to do better today. This is what world-class athletes do—they stretch their limits and refuse to be defined by their yesterday’s statistics. It’s no different with sales leaders.
Practice the 1% Principle CONSCIOUS and deliberate growth
requires a sustained forward push on a daily basis. You don’t need to pursue one-time big-time goals. What’s important is that you take forward steps daily.
Just endeavor to practice the 1 percent Principle—become at least 1 percent better today than you were yesterday, and before you know it, you’re already 365 percent better today than you were last year. “Be not afraid of growing slowly; be afraid only of standing still”— Chinese Proverb. “Be the best you can until you know better. Then when you know better, do better”—Maya Angelou. For the best can always get better. Remember, “Growth must be chosen again and again” (Abraham Maslow). You got this! God bless.
DTI Region 6 Regional Director Rachel Nufable (center, in a brown blazer), alongside DTI officials and representatives, visits the Panublion Western Visayas booth at KULTURA Fest 2025, showcasing the region’s premium products and local craftsmanship.
PHILIPPINE Fiber Industry Development Authority (PhilFIDA-5) fiber development officer Brent Baltazar Marbella discusses the history and cultural value of the abaca industry during a two-day workshop at the National Museum of the Philippines-Bicol in Daraga, Albay, on Tuesday (March 4, 2025). The activity was part of the Women’s Month celebration. PHOTO BY ANGELICA SERRANO, OJT/PNA
SALT makers in Burgos, Ilocos Norte, process gourmet salt at the newly opened salt processing and analysis center on March 4, 2025. The initiative aims to revitalize the salt industry in the province and
Banks’ bad loans inch up in Jan as total portfolio hits over ₧15T
By Reine Juvierre Alberto @reine_alberto
THE local banking industry’s bad loans inched up again in January, according to latest data released by the Bangko Sentral ng Pilipinas (BSP).
BSP data showed that the gross non-performing loan (NPL) ratio slightly increased to 3.38 percent in January 2025 from 3.27 percent in December 2024. However, this was lower than the 3.44-percent NPL ratio recorded in January a year ago.
The Philippine banking system’s total gross NPL amounted to
LOCAL political noise and global uncertainties caused by Trump’s tariff threats pulled down the 7-year Treasury bonds (Tbonds) yields on Tuesday.
The long-term government securities fell by 10.6 basis points (bps) to 6.143 percent on Tuesday’s auction, coming from 6.249 percent during the previous auction of the securities with the same tenor a month ago.
However, the current yield is higher by 4.8 bps than the 6.095 percent benchmark Philippine Bloomberg Valuation (PHP BVAL) rate for the 7-year tenor.
Investors asking yields ranged from a low of 6.120 percent to a high of 6.150 percent. Meanwhile, the coupon rate was pegged at 6.750 percent. The Bureau of the Treasury (BTr) raised P30 billion, as total tenders
SBy Henry Empeño
UBIC BAY FREEPORT—This appears to be an unintended effect of the Create More law.
Contiguous communities affected by the operations of the Subic Bay Special Economic and Freeport Zone recently received from the Subic Bay Metropolitan Authority (SBMA) a total of P143 million as revenue shares from the 5-percent tax on gross income paid by registered business locators here.
The total amount represented the shares for eight neighboring local government units (LGUs) from corporate taxes collected in Subic in the second half of 2024.
However, the latest release of shares showed a marked decrease of 20 percent, compared to previous releases of P178 million in the last two years.
The notable decrease in LGU shares is seen as an effect of recent government measures on reforming the corporate income tax and incentives system, according to SBMA Deputy Administrator for Corporate Communications (OIC) Armina Belleza C. Llamas.
Last February, the agency released P33.48 million to Olongapo City, which traditionally gets the biggest share due to its large population; P21.48 million to Subic, Zambales; P21.48 million to Dinalupihan, Bataan; and, P17.19 million to San Marcelino, Zambales.
The other LGUs received their shares as follows: Hermosa, Bataan, P15.33 million; Castillejos, Zambales, P13.02 million; Morong, Bataan, P12.66 million; and, San Antonio, Zambales, P12.17 million.
Looking back, however, the LGUs got heftier shares totaling P178 million in February last year: P41.62 million for Olongapo; P26.7 million for Subic; P22.17 million for Dinalupihan; P21.37 million for San Marcelino; P19.06 million for Hermosa; P16.18 million for Castillejos; P15.73 million for Morong; and P15.3 million for San Antonio.
The LGUs even received slightly higher shares from a total of P178.7 million released in February 2023 for revenues collected in the second half of 2022.
P512.828 billion in January 2025, up by 2.47 percent from last month’s P500.434 billion. This also posted an 11.30-percent increase from P460.759 billion during the same month in 2023.
The gross total loan portfolio (TLP) of the Philippine banking system amounted to P15.175 trillion. This was
reached P81.761 billion. The auction was 2.7 times oversubscribed.
The demand was higher than the P54.219 billion bids during the previous auction for the same tenor last month.
The political noise surrounding the recent arrest of former President Rodrigo R. Duterte and uncertainties related to Trump’s tariff threats moved the debt papers’ yields, according to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC). Ricafort said the comparable 7-year PHP BVAL yield corrected to new 1.5-month highs due to the “Trump factor” after Washington imposed 25-percent tariff rates on Canada and Mexico and doubled tariff rates to 20 percent on China.
The market was also jittery after China signaled higher tariffs on US
According to Llamas, SBMA Chairman Eduardo Jose L. Aliño had explained that due to the 20 percent corporate recovery tax, which took effect last November 28, 2024, shares for the second half of the same year dipped significantly with a difference of P61.6 million. Further quoting Aliño, she said this was for businesses under the “economic development regime” (EDR) on income derived from registered projects or activities. Corporate income tax for resident foreign corporations like those in Subic was first reduced from 30 percent to 25 percent under Republic Act (RA) 11534, or the “Corporate Recovery and Tax Incentives for Enterprises Act” (Create Law), which sought to improve the equity and efficiency of the corporate tax system by lowering the rate, widening the tax base, and reducing tax distortions and leakages. The tax rate further sank to 20 percent under RA 12066, or the “Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy” (Create More) law. While LGU shares traditionally increased over the years due to the influx of new investments in the Subic Freeport, the lower tax rate for investors is seen to create a significant pull on this upward trend.
the second consecutive month that the TLP exceeded P15 trillion.
While this was a 0.96-percent contraction from the P15.323 trillion posted in December 2024, it grew 13.41 percent from the P13.380 trillion in January 2024.
Meanwhile, the gross NPL ratio of universal and commercial bank (UKBs) also increased to 3.11 percent in January 2025 from 2.99 percent in December 2024 and 3.14 percent in January 2024.
The gross past due loans held by UKBs amounted to P435.131 billion in January while the total loan portfolio of these major banks reached P14.033 trillion in October last year.
BSP data showed that the NPL of these big banks amounted to P424.675 billion in the previous month and P389.410 billion in Janu-
agricultural imports and reiterated reciprocal tariffs.
The sharp weekly increase in the 10-year German bund yield to 2.83 percent at new 16-month highs on higher defense spending after Trump cut off intelligence support and military aid to Ukraine could also lead to some slight upward correction in other bond yields globally, added the RCBC executive.
All these factors, Ricafort said, could lead to higher US inflation and fewer US Federal Reserve rate cuts, which Philippine monetary authorities could match.
Last Tuesday, too, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona said that with inflation on track, the central bank will gradually reduce key policy rates this year by 25 basis points (bps) at a time.
In a briefing paper, Standard
WHAT is the difference be-
tween Return on Investment (ROI) and Return on Equity (ROE)? Let us start with a few basic concepts of return, investment and equity.
Return is normally expressed as a percentage over a period of time. This rate of return can be though of as how much you get back in addition to the principal amount you invested.
For example, if your put funds into a time deposit with a bank, a principal amount of P1 million, and after one year you get an interest of P5,000 after final withholding taxes, your rate of return or simply return is 5,000/1,000,000 = 5.0 percent per annum or simply 5.0 percent.
The amount of P1 million is called your investment and, since you probably did not borrow the money to make this time deposit, this investment is entirely your money or your equity. In this case, where the investment is entirely in the form of equity, the ROI = ROE.
However, this is not always the case where investments are made in a project or business where some amount is borrowed. Let us say you decided to put up a business that needed an initial investment of P1 million but you only had P600,000 of your own money and had to borrow the balance of P400,000 from the bank, which is charging you 7.0 percent interest rate.
If this business after a period of 1 year gave you a net profit before taxes and interest of P100,000, your ROI would be 100,000/1,000,000 and your ROE would be (100,00028,000)/600,000 = 12.0 percent.
The difference is that the denominator used in the ROI is the total investment while the one for the ROE is your total equity. Hence, when the cost of borrowing is less than or equal to the ROI, this will lead to a higher ROE. On the other hand, if the cost of borrowing is higher than the ROI, this will lead to a lower ROE since more of the return will be used to pay the
ary last year.
For thrift banks, the NPL ratio was at 6.69 percent in January 2025, up from 6.65 percent in December 2024, but lower than the 6.87 percent ratio in January 2024.
Gross NPLs were at P54.065 billion in January 2025, higher than the P52.576 billion posted in December 2024 and the P48.296 billion recorded in January 2024.
Meanwhile, digital banks’ gross NPL ratio was at a 2-month low at 7.73 percent in January from 7.33 percent in December 2024. BSP data showed that the gross NPLs of these banks reached P3.199 billion while its TLP amounted to P41.358 billion in January 2025.
The BSP still did not have NPL data for rural and cooperative banks as of press time.
Chartered Bank Asia Economist Jonathan Koh said as the BSP remains in an easing cycle, “it is only a question of when the BSP will cut rates.”
“We currently expect the BSP to deliver its first rate cut of 25bps for 2025 in June, and then another 25bps each in August and Q4 [fourth quarter] for a total of 75bps,” Koh said.
The Treasury aims to raise this month a total of P125 billion by auctioning T-bonds and P88 billion from Treasury bills.
The national government aims to borrow P2.545 trillion, following an 80:20 mix in favor of local sources.
The government’s outstanding debt reached a new record high at P16.312 trillion as of the end of January 2025. This is 10.29 percent higher year-on-year from P14.790 trillion. Reine Juvierre S. Alberto
higher interest rate. If in our earlier example the cost of borrowing is 15.0 percent, while the ROI will remain the same at 10.0 percent, the ROE will drop to (100,000-60,000)/600,000 = 6.67 percent!
There are also a number of complications that can be computed for, such as when periods or ten-ors are less than one year, compounding of interest rates, computing of rates of returns for the en-tire project life or investment periods covering several years necessitating an internal rate or return (IRR) or net present value (NPV). However, it would not be possible to discuss all of these in the space allocated for this column.
Our objective for now is to learn how to differentiate between ROI and ROE. It is also important to understand the repercussions of the cost of borrowing and its effect on the ROE. Hopefully, this short column was able to provide you with the relevant knowledge to deepen your understanding of some basic financial terminology.
The views and comments of Dr. George S. Chua are his own and not of the BusinessMirror or the Financial Executives Institute of the Philippines (Finex). The author was 2016 Finex President, 2010 to 2020 FPI president, an active entrepreneur in fintech, broadcast, media, telecommunications, properties and a regular member of the National Press Club. He is also a Professorial Lecturer 2 at the University of the Philippines Diliman and BGC Campus and vice chairman of the
Rules on AI in financial sector out in H2–BSP
THE Bangko Sentral ng Pilipinas (BSP) will issue regulations to address associated risks from artificial intelligence (AI) in the financial sector within the first half of the year.
Speaking at a forum on Tuesday, BSP Technology Risk and Innovation Supervision Director Melchor T. Plabasan said the AI-specific rules will clarify and address risks related to bias management, accuracy and ethical use of machine-learning technology.
Plabasan said the Monetary Board has approved a white paper, which will be provided to financial industry players.
“AI is exciting because it entails a lot of innovative ideas, but we should not lose sight of the risks associated with [the technology],” Plabasan said.
While there are no AI-specific rules, regulations or laws in the Philippines, Plabasan said the industry could leverage existing technology policies.
“Since we are adapting the riskbased approach to supervision, most of the risk associated with AI, I think 80 percent to 90 percent, are already covered by existing regulations,” Plabasan said.
The BSP issued Circular 1137 on “Amendments to the Regulations on Outsourcing and lT Risk Management” as there will be significant reliance on vendors, outsourced systems and solutions, Plabasan added.
The Department of Trade and Industry (DTI) has also published
the “National AI Strategy Roadmap 2.0” while the Department of Information, Communications and Technology (DICT) and Civil Service Commission (CSC) have also issued memoranda on the ethics and trustworthiness of AI within the government.
A BSP study found that financial institutions use AI for hyper-personalization, improving customer insights, seamless client onboarding, detecting suspicious transactions, managing anti-money laundering systems and enhancing credit scoring.
Generative AI assistance is also being used to improve interactions between clients and financial institutions regulated by the BSP. As to the extent of use of AI in the sector, Plabasan said most financial institutions have existing AI projects or are considering them in their roadmaps, with more than one-third establishing centralized AI units.
Financial institutions also anticipate increased profitability as they invest in AI-driven systems and technologies, such as hyper-personalization and operational efficiency enhancements.
However, Plabasan cautioned that despite AI’s benefits, the technology remains fundamentally humandriven.
“The BSP is committed to fostering an enabling regulatory environment that would promote responsible use of AI for the trustworthiness and resilience of our digital finance ecosystem,” Plabasan said. Reine Juvierre S. Alberto
FBy Rizal Raoul S. Reyes @brownindio
ILIPINOS unwittingly lost approximately P8.37 billion to hidden foreign exchange (forex) fees in 2023, a new research commissioned by financial technology firm Wise Plc. revealed.
In a news briefing held last Monday in Manila, Wise CEO Kristo Käärmann told reporters that the cost of remittances has long been a global concern, with the United Nations Sustainable Development Goal (UN SDG) aiming to lower fees to 3 percent by 2030. However, despite these global efforts, Käärmann pointed out that many Filipinos continue to experience the burden of paying excessive hidden fees when sending and receiving money internationally.
According to Wise, over 7 in ten (72 percent) Filipinos surveyed stated that they “somewhat” or “fully” understand international payment costs, yet only one in six (18 percent) fully recognize the impact of hidden forex markups.
In fact, he said nearly 6 in ten (57 percent) Filipinos believe they understand the cost of payments but they actually don’t, while another one in four (25 percent) are unaware of the true costs of remittances.
Take this example: an international transfer of $10,000 (approximately P578,000) advertised as “fee-free” could actually cost P21,187 in hidden forex markups if a 3.6 percent margin is applied. While upfront fees are usually stated by providers, many providers tend to add an undisclosed markup on the exchange rate, instead of using the fair, mid-market rate (the rate typically seen on Google). This means consumers often end up paying more than expected.
The findings emphasize the need for greater fee transparency in crossborder payments, and better consumer awareness of hidden fees, according to the the United Kingdom-headquartered fintech.
Who pays the price?
ACCORDING to Käärmann, hidden forex fees have a severe impact on Filipinos with cross-border financial needs, including parents sending
funds for overseas education, overseas Filipino workers (OFWs), gig economy workers, and their families. OFWs send billions of pesos home each year, but forex markups mean their families receive less than intended, affecting essential expenses like food, education, and healthcare, he explained.
With over 1.5 million gig economy workers and nearly 2 million OFWs3, cross-border payments are a crucial lifeline for many Filipinos. As digital financial services become more widely used, it’s more important than ever to ensure transparency in international transactions.
According to a freelance professional Gamaliel Natividad, he relies on international payments to receive money from clients abroad.
“I used to receive payments through traditional providers. But I constantly felt like I was losing out due to hidden fees and poor exchange rates. The amount I received was always less than expected because of the markups [that] I didn’t even know existed,” Natividad said during the briefing.
“Since switching to Wise, I no longer worry about hidden charges eating into my payments. The mid-market exchange rate and transparent fees mean I get more of the money I’ve earned. It has saved me both time and money, especially when managing payments from international clients,” he added. He said the story highlights a larger issue facing many Filipinos, underscoring the need for greater transparency and affordability in international payment solutions.
Wise Pilipinas Inc. Country Manager Areson R. Cuevas said the company wants to ensure that customers know exactly what they’re paying upfront, so they can make informed choices and get the most value from their money.
Cuevas said the Philippines already has a solid regulatory framework in place to support transparent remittance pricing. By fully aligning with these rules, the country could unlock P8.37 billion for the economy, benefiting families, businesses, and the broader financial system, he said. “Being transparent on fees is a small action that can have a huge benefit for Filipinos.”
THIS file photo courtesy of the Subic Bay Metropolitan Authority shows SBMA Chairman Eduardo Jose L. Aliño (right) handing over a cheque for the share of Subic, Zambales, to Mayor Jeffrey D. Khonghun.
FINEX FREE ENTERPRISE
George S. Chua
Lessons from learning a new language
GROWING up, I was immersed in multiple languages—born Tagalog, raised Ilocano, educated in a Chinese school, and surrounded by Cebuano-speaking relatives. Later, I studied Spanish in college and dabbled in Greek and Hebrew in postgraduate studies. I also gave French a try, but my Ilocano tongue struggled to keep up with its intricate pronunciation. While I am not a polyglot, these experiences have deepened my appreciation for how context, tone, and emphasis shape meaning. Language learning goes beyond memorizing vocabulary and grammar. It is a journey that sharpens the mind, broadens perspectives, and encourages personal growth. In today’s interconnected world, multilingual skills create valuable opportunities, but, more importantly, the process cultivates resilience, character, and meaningful connections. One of the most important lessons learned is perseverance. Mastering a language takes time and dedication. Pronunciation can be tricky, grammar rules may seem inconsistent, and memorizing vocabulary can feel overwhelming. Yet, those who stick with it develop a sense of resilience that extends beyond language learning. I learned that progress comes from persistence, from repeatedly trying, failing, and adjusting my approach. This lesson applies to many areas of life, which shows that challenges are not roadblocks but stepping stones to growth. Another valuable lesson I learned is the importance of stepping outside one’s comfort zone. Speaking in a new language can feel awkward and intimidating, especially when you keep making mistakes. However, pushing through this discomfort builds confidence. The experience of struggling to find the right words or accidentally using the wrong phrase teaches humility and the ability to laugh at oneself. More importantly, it nurtures the courage to take risks, an essential skill for personal and professional growth. People who embrace discomfort in language learning often find it easier to tackle other challenges in life, whether it be public speaking, meeting new people, or adapting to unfamiliar situations.
Learning a new language also sharpens problem-
By Dinna Chan Vasquez
SOLAIrE resort North has brought many firsts to Quezon City. The luxury resort, at 28 stories, is the tallest in the city and also its first luxury 5-star hotel. The resort was designed by Samantha Drummond, founder of the interior design firm Habitus Design Group. The interiors beautifully showcase Filipino style and design with over 2,000 art pieces, all created by Filipino artists, found all over the resort. Solaire engaged the Manila-based gallery and creative production group Tarzeer Pictures to source and procure all the artworks. The Solaire resort North experience begins as you enter the lobby. You’ll see “The Mangrove,” an installation by Nikolas Weinstein that is made mostly of glass, woven together by local weavers from the mountains. The idea behind this is that as guests enter, they are invited to explore the resort beyond the ground floor and go up and experience more of the amenities. For Quezon City residents, Solaire resort North is another destination for dining, entertainment, and, yes, staycations. So why should they go there instead of crossing city borders to have their staycations in Pasig, Mandaluyong, or Makati?
1. The rooms are spacious, beautiful, and well-designed. The beds are soft but not overly so. The pillows are also the perfect combination of soft and firm. The AC is cold and toasty (it can be turned up if you prefer a warmer temperature). If you prefer something more luxurious, you can book one of the resort’s Gem Suites located on the 35th and 36th floors. The rooms range in size from 378 to 382 sqm and have elements like natural materials, bookshelves with actual books you can read, and leather to evoke a tactile and emotional experience. The Ruby, Emerald, and Diamond Suites come with dedicated butler service and there’s a different set of elevators so you don’t need to fall in line. The suites also offer breathtaking views of the city. Every suite also has a Nespresso machine so you can make your own cup of coffee to start your day.
solving skills. When words or phrases are unknown, learners must find creative ways to express themselves. They might use gestures, synonyms, or even describe a concept in simpler terms. This ability to think quickly and adapt to unexpected situations strengthens flexibility, which is beneficial in both professional and social settings. The mental agility developed through language learning enhances overall communication skills, making individuals more effective at expressing their ideas and understanding others. Beyond cognitive benefits, learning a new language develops a deep sense of empathy and cultural appreciation. Language is not just a tool for communication—it is a reflection of a culture’s history, values, and way of thinking. By immersing in a different language, learners gain insight into the traditions, customs, and perspectives of another culture. This exposure cultivates openmindedness and respect for diversity, reducing biases and fostering meaningful connections with people from different backgrounds. In a world where misunderstandings often stem from differences, language learning becomes a bridge to greater understanding.
Additionally, language learning enhances patience and self-discipline. Unlike many modern skills that offer quick results, becoming proficient in a new language requires sustained effort over months or even years. Learners must stay motivated despite slow progress, a lesson that translates into other aspects of life such as career development, fitness goals, or personal projects. The ability to stay committed to a long-term goal despite challenges is a crucial skill for success in any endeavor.
Moreover, language learning teaches the power of perspective. Many words and phrases in different languages do not have direct translations, revealing unique ways of viewing the world. For example, the Japanese word “wabi-sabi” expresses an appreciation for imperfection and impermanence, a concept not easily captured in English. Learning these linguistic nuances broadens one’s worldview and encourages deeper reflection on how language shapes thought. It reminds learners that there are multiple ways to interpret and experience life.
Ultimately, learning a new language is a transformative journey. It is not just about fluency but about the lessons gained along the way. Whether one achieves full proficiency or simply learns the basics, the experience itself is invaluable. It shapes a person into a more adaptable, open-minded, and resilient individual, which are qualities essential in both personal and professional life. In the end, the process of learning a new language is a reminder that growth comes from stepping outside one’s comfort zone, embracing challenges, and connecting with the world in new and meaningful ways. n
AR ANeTA CITY wINS MOST INNOvATIve MIxed-USe URBAN deveLOPeR IN PHL AwARd
so-CallEd the City of Firsts, araneta City continues to be recognized as a leader in urban development after being named the Most Innovative Mixed-Use Urban developer in the Philippines for 2024 by International Finance, a prestigious business and finance magazine based in the UK. Rowell Recinto, senior Management Consultant of araneta City, received the award during the ceremony held in Bangkok, thailand, on February 21, 2025. this prestigious recognition underscores araneta City’s significant progress in building a modern, sustainable, and inclusive urban ecosystem that meets the diverse needs of an evolving populace. araneta City seamlessly integrates residential, commercial, retail, and entertainment spaces into a vibrant destination which fosters community connectivity and enhances quality of life.
this award serves as a testament to our company’s pioneering legacy of innovation and excellence. as we mark over seven decades of dynamic growth and transformation, this milestone highlights our unwavering commitment to redefining urban spaces and creating lasting value for our stakeholders. It motivates us to continue pushing boundaries and making a meaningful impact both locally and globally,” said Recinto. this recognition from International Finance adds to araneta City’s growing list of awards. In 2024, the company received the top 10 developer award from BCI asia. In the same year, araneta City’s Gateway Mall 2 was honored as the new Mall of the Year in the Philippines by the Retail asia awards in singapore and received the Mall Innovation award from the Philippine Retailers association.
2. The color palette of the rooms is fairly neutral to make the overall look and aura timeless and elegant. The walls and ceilings are in shades of beige, taupe, grey, cream or white, with vibrant hues coming from the furniture and other decor such as carpets, cushions, artwork, stones, flowers, and even lamps. The lighting is perfect in every room, thanks to the natural light from the huge picture windows so every corner is perfect for taking pictures.
3. The restaurants at level 38 give guests perfect iews from a height of approximately 170 meters above the ground. At Finestra Italian Steakhouse, you can choose from a lunch set menu consisting of authentic Italian appetizers, pastas, mains, and desserts starting at P2,400++ for two courses, P2,600++ for three courses, and P2,800++ for four courses. Finestra favorites include Insalata Caprese (tomato, basil, and mozzarella appetizer), Lasagna alla Bolognese, Costata di Manzo (USDA prime ribeye), or the Affogato. Finestra also has two private rooms if you prefer privacy when having a small party or an intimate dinner with loved ones. For dinner, Finestra serves classic Italian steaks with top-quality US, Japanese, or Australian beef cuts starting at P5,000++. Other Italian signature dishes like Zafferano (saffron risotto) and Capesante (seared scallop with tomato and burrata appetizer)
are available from the restaurant’s a la carte menu. The Skybar lets guests enjoy live performances and DJs against the stunning city skyline. Cocktails start at P230++ for local bottled beers and P495++ for classic and signature cocktails. For those who prefer a more relaxed and romantic vibe, Finestra remains open for dinner, serving classic Italian steaks with top-quality US, Japanese, or Australian beef cuts starting at P5,000++. Other Italian signature dishes like Zafferano (saffron risotto) and Capesante (seared scallop with tomato and burrata appetizer) are available from the restaurant’s a la carte menu, enhancing the irresistible allure of the horizon for diners. Solaire resort North has other superb dining options, including the resort-exclusive Manyaman, a Kapampangan restaurant that serves the most delightful tibok-tibok and other delicious dishes, such as Beef Adobo sa Gata, Sisig, and grilled meats and seafood. Café Mangrove is a good place for working lunches that involve meetings. Also at the lobby is the Lobby Lounge. The Yakumi serves elevated Japanese food while red Lantern is for authentic Chinese cuisine. red Lantern is best known for its Chinese delicacies from various regions of China, from Cantonese, Yunnan, Hangzhou to Sichuan, Chengdu, and Shanghai Huai Yang dishes and its lunchtime dim sum buffet. Fresh International Buffet is an all-day dining buffet restaurant that serves a wide range of flavorful and appetizing delicacies. The newly opened Trattoria e Dolci serves pizza and gelato. If you’re looking for more affordable but still delicious options, the Food Court is the place to go.
4. There’s a dedicated Kids Waterpark and a Kids Club, a six-level play structure with a play village, soft play area, and children’s
FEU earns AUN-QA Institutional Certification
FAR Eastern University (FEU) has earned the ASEAN University Network-Quality Assurance (AUN-QA)
Institutional Certification, reaffirming its commitment to quality education, sustainability, and community engagement.
This recognition indicates the overall quality and governance of the university, ensuring it meets ASEAN regional standards. It strengthens FEU’s standing not only as an institution but also complements its 18 AUN-QA program accreditations, which assess the quality of specific academic programs.
The AUN-QA Institutional Assessment highlighted FEU’s core values, along with its academic excellence, strong governance, and innovative approach to holistic student development. The university’s Community Extension Services were commended for their research-based alignment with the United Nations’ Sustainable Development Goals.
Experts of AUN-QA explored two of FEU’s flagship community initiatives.
One is its partnership with the Bureau of Jail Management and Penology, which equips female inmates with life and work skills to help them reintegrate into society. Another is Project Mangyan, an initiative dedicated to preserving indigenous traditions while providing
community members with sustainable livelihood training and essential resources.
The university’s environmental sustainability efforts were also recognized. Its 4.4-hectare Manila campus, known as a “green campus” both literally and figuratively, features lush gardens, quiet spaces, and five Art Deco buildings cited by the United Nations Educational, Scientific and Cultural Organization. The university leads in sustainable practices, having pioneered a chilled water district cooling system and now a centralized potable water filtration and distribution plant reducing its overall carbon footprint significantly. Electricity in FEU is additionally 100 percent supplied from renewable power providers.
This certification solidifies FEU’s standing as a premier university in the Southeast Asian region, complementing its distinction as one of only three Philippine universities in the Quacquarelli Symonds Rankings with AUN Institutional Accreditation.
Joyride interdiction operation yields fake bikers at PITX
HOMEGROWN ride-hailing and delivery services app Joyride Superapp conducted an interdiction operation at Parañaque Integrated Terminal Exchange (PITX) last February 26, 2025.
This is a massive campaign of the app, in support of Metropolitan Manila Development Authority (MMDA) and Philippine National Police’s (PNP) road crimes prevention efforts, to apprehend fake Joyride bikers who use Joyride uniforms to conduct illegal activities like habal-habal and other crimes.
“We wanted to ensure the safety of our riders and bikers,” said Jay E. Amante, Manager of Joyride Superapp’s Biker Communications & Retention. “ We need to make sure that all of our Joyride bikers on the road are legit, disciplined, and have undergone proper and legitimate training.”
During their morning operation, Amante together with Laurence Y. Elumbra, Manager of Joyride Superapp’s Training & Driver Management, and PITX Police, recorded two fake bikers who violated the app’s guidelines.
“The first case [was a biker] who had a Joyride app he borrowed from his neighbor but he is not a legitimate [authorized] rider. The second one was also a fake biker who illegally bought fake Joyride uniforms,” Amante shared.
Illegal cases like the simultaneous use of two riding apps and the wearing of Joyride uniforms while out of duty, were also some of the recorded violations.
While awaiting due process, the apprehended drivers were recorded at the Barangay Police blotter.
To further safeguard consumers, Elumbra reminded riders about
DJOYRIDE Superapp officials together with PITX Police, conducted an Interdiction Operation at Parañaque Integrated Terminal Exchange (PITX).
cancelling a booking within the app. “If a Joyride biker is asking you to cancel a booking, do not agree to cancel the booking, as much as possible, for your own safety. If you encounter such a case, please report them using the [Joyride] customer app,” Elumbra advised the public. VPR
Foundation Deliver Resilience in Action in South Luzon
IGIPLUS Interactive, through its social development arm, BingoPlus Foundation, continued efforts to promote resilience in vulnerable communities by bringing its KabuhayanPLUS program to the South Luzon regions. Anchoring on disaster response and sustainable livelihood, the Foundation delivered solar solutions to Mangyan Indigenous People (IP) communities in Mindoro and financial assistance to typhoon victims in Bicol Region as part of post-disaster recovery initiatives. Bright lights and bright smiles spread across the Mangyan Indigenous People (IP) community as BingoPlus Foundation trekked the mountains of Manalansay, Oriental Mindoro to provide solar lights and solar generators in response to the Samahan
ng Magbubukid ng Manaul or SaMa Manaul’s request for assistance to solve their electricity problems.
According to IP residents of Manaul, the lack of electricity has impacted their ability to maximize their time to produce their handicraft and other forms of livelihood.
Children must also study despite the dark, reading by the furnace or with only a flashlight. Communications depend on the ability to travel to the town proper to charge mobile phones.
“Even if I want to finish my work, I can’t because I can only work until there is light. As a mother, it really pains me to see my kids not being able to accomplish their requirements in school because it’s too dark to work at night,” said Liza Gayot, who has
been a long-time resident of Manaul. “I’m thankful for BingoPlus Foundation because you are the light of our life and home,” said Gayot. “After 20 years, we finally have lights in our own homes,” she added.
Meanwhile, BingoPlus Foundation concluded its commitment to provide financial assistance amounting to P37 million to bereaved families of Super Typhoon Kristine. From January to February 2025, the Foundation collaborated with the Department of Social Welfare and Development (DSWD) Field Office V in Bicol Region to provide financial aid to 74 affected families from Camarines Sur, Albay, Sorsogon, Catanduanes and Masbate.
The DSWD also donated family food packs, drinking water, hygiene supplies and first aid kits. The turnover ceremony held in Pili, Camarines Sur was joined by DSWD Assistant Secretary for Regional Operations Paul Ledesma and DSWD Bicol Regional Director Norman Laurio.
“Our hearts go out to all the families affected by Typhoon Kristine,” said Angela CaminsWieneke, Executive Director of BingoPlus Foundation. “While the typhoon has since passed, the loss of loved ones – many of whom were breadwinners –is an additional burden to bear in the journey to recovery.”
According to beneficiaries, the financial assistance of P250,000 will be used not only for house repairs, but also to sustain the education of orphaned children and daily household needs of families left behind.
“It’s very pleasing to note that we have in place, first and foremost the right personnel and organization, that our facilities are high level and that our systems and governance practices robust to deliver consistent quality education,” said FEU President Juan Miguel Montinola.
TA challenge to conformity with Niaraki’s ‘The Red Chair’ at ILOMOCA through exhibitions and programs. ILOMOCA is open Tuesday to Sunday, from 10 am to 6 pm (last entry at 5:30 pm). For inquiries, contact ILOMOCA via Facebook (@ILOMOCA), Instagram (@itsilomoca), Tiktok (@ILOMOCA), or email at ilomoca.ph@gmail.com.
HE Iloilo Museum of Contemporary Art (ILOMOCA) proudly presents “The Red Chair,” a bold solo exhibition by multimedia artist Babak Niaraki, on view until April 2025 in Gallery 3. This thought-provoking collection of photographs explores the tension between societal expectations and personal authenticity.
As a symbol of imposed norms, the red chair traditionally represents one’s predisposition to conformity. However, Niaraki subverts this notion, using the female form in unconventional poses to challenge expectations. Through strength and fluidity, his subjects embody individuality, encouraging viewers to reconsider and challenge their own roles within society.
Niaraki’s journey has been one of doubt and introspection. Despite his debut exhibition, “Not Black / Not White” (2008), he struggled with creative limitations. It was during the global pandemic that he shed societal constraints, embracing authenticity and emerging with a renewed artistic vision.
“The Red Chair” is a declaration of independence from conformity—an invitation to embrace self-expression and challenge societal norms. Through this exhibition, Niaraki encourages introspection, rebellion, and selfdiscovery.
The Iloilo Museum of Contemporary Art (ILOMOCA) is the first museum in the Visayas region dedicated to contemporary art. It is committed to promoting cultural education, heritage preservation, and artistic excellence
EXPERIENCE a luxurious yet homelike vacation at Azalea Hotels & Residences Baguio. Known as the first 4-star serviced apartment hotel in Baguio City, Azalea offers full services and amenities of a multi-use serviced apartment where all of its suites have complete living, dining, and kitchen facilities.
The towering facade of Azalea Hotels & Residences Baguio resembles a ski-resort which exudes a welcoming and familiar feeling of home among visitors, making you think
FAR Eastern University (FEU) President Juan Miguel Montinola receives the ASEAN University Network-Quality Assurance (AUN-QA) Institutional Certification, solidifying FEU’s standing as a beacon of academic leadership and student mobility. FEU aims to leverage this recognition to expand global partnerships, facilitate exchange programs, enhance cross-border research collaborations, and elevate the university’s ranking in the next QS evaluation cycle.
Despite the headwinds on the horizon, property management consultancy firm santos Knight Frank (sKF) remains optimistic about the outlook for the philippine property sector.
Lovelle Taleon, Director for Consultancy of SKF, told the BusinessMirror in an email interview the proactive measures of the current Marcos administration to further open the country to investments, with priorities and initiatives geared towards infrastructure development, economic growth and the revitalization of tourism will continue to drive opportunities in the property sector.
She said SKF’s Occupier Sentiment Survey revealed real estate strategies of occupiers for the next three to five years. Preferred expansion areas include Metro Manila, Metro Cebu, other parts of the Visayas, other parts of Luzon, and Iloilo. “We anticipate more office spaces adopting collaborative workplace designs, with enhanced amenities like subsidized food and refreshments, as well as physical fitness facilities. Metro Manila, Metro Clark, and Metro Cebu remain the top geographic choices,” she said.
Growth drivers In 2025, SKF anticipates several key
growth catalysts for the property sector. Taleon said SKF sees an increased demand for green-certified buildings, driven by occupiers' flight to quality and a stronger focus on sustainability.
Taleon said the CREATE MORE Act, on the other hand, expands fiscal incentives and lowers corporate income tax on foreign enterprises as well as grants tax relief for companies. She said it introduces investment-friendly policies aimed at driving business growth and boosting real estate demand. “These reforms position Manila as an attractive destination for investors looking to seize opportunities in the city’s expanding commercial and industrial sectors,” Taleon said.
The extension of the land lease to 99 years, according to Taleon, is also a catalyst for growth. She said this is an opportunity for foreign investors seeking to expand in the Philippines, offering a significant advantage vs. other SEA markets with shorter lease terms. Furthermore, she said the Bangko Sentral ng Pilipinas’ move to lower interest rates will improve cash flow be -
tween investors and consumers, creating a more favorable environment for growth. These factors combined are set to inspire significant momentum in the property sector this 2025.
The POGO exit
Wh ILE t he executive order banning the operations of Philippine Offshore Gaming Operators (POGOs) is expected to have an impact on the office and condominium sectors, particularly in areas like the Bay Area where POGOs were concentrated, SKF remains confident that it will only be partial. Taleon said the company is already seeing signs of resilience, with office vacancy rates improving compared to 2023.
While SKF thinks demand for premium buildings will remain robust, including green-certified spaces, it is projecting a rent decline (between -5 percent to -1 percent) YoY, based on historical data, tenant cost consciousness and a relatively competitive market. “This
Century Properties’ PHirst launches Centrale Batulao township in Batangas
CE n tury Properties Group’s first-home brand, PHirst, officially launched its second township project, Century PHirst Centrale Batulao, in n a sugbu, Batangas, on February 15. t h is marks a significant milestone for the company following the success of PHirst Centrale Hermosa in Bataan, which was launched in March 2022. Marco r . A ntonio, President and CEO of Century Properties Group and Vice Chairman of PHirst, emphasized how this expansion aligns with the company’s long-term vision: t h e launch of Century PHirst Centrale Batulao represents another step forward in our mission to redefine first-home living in the Philippines. By developing integrated, well-planned communities, we are not just building homes, we are shaping dynamic environments where families and businesses can grow together. t h is township reflects our commitment to innovation, sustainability, and inclusive progress, ensuring that more Filipinos have access to a higher quality of life.”
r cky M. Celis, President of PHirst, added, “With the launch of Century PHirst Centrale Batulao, we are not only addressing the housing needs of Filipino families but also contributing to the growth of Batangas and the Southern Luzon region. t h is township project will create more jobs, support the local economy, and offer affordable and mid-tier housing options, helping alleviate the country’s housing backlog.”
a new era of township living
S PA nnin G 142 hectares along the n a sugbuta gaytay n at ional Highway, Century PHirst Centrale Batulao is a mixed-use estate designed to integrate residential, commercial, institutional, and retail establishments. t h e development follows the “15-minute city” concept, ensuring that everything residents need is within a short distance. t h e township is structured around three key pillars: Dwell, Create, and t h rive, offering a complete living experience.
Dwell: Phirst residential brands for various market segments
tHE D well zone includes housing options in various gated villages catering to a range of market segments. PHirst Park Homes Batulao and PHirst i mpressions Batulao offer affordable house & lot packages for first-time homebuy -
ers. PHirst Editions Batulao, on the other hand is perfect for upper middle-income families, while the distinctive Commune Village provides homes open to both Filipino and foreign home-seekers.
Alongside the township launch, PHirst introduced its newest residential village—the 10-hectare PHirst Editions Batulao Vol. 2 West, the sequel project following on the success of PHirst Editions Batulao Vol. 1 introduced to the market in December 2022. t h is new development features 496 homes designed to accommodate a wide range of family sizes.
t h e homes, with floor areas ranging from 54 sqm to 120 sqm, are priced starting at P4.5 million. Available model units include Cartland 54, Charles 70, Christie 90, and Corin 120, offering diverse options to meet varying needs.
Prior to this, in n o vember 2024, PHirst also launched the expansion of its PHirst i mpressions Batulao project, with price points starting at P2.5 million further enhancing its residential offerings.
create and Thrive zones: Building community and commerce tHE C reate and t h rive zones will enhance the township’s dynamic atmosphere, encouraging a unique lifestyle, blending work, leisure, and community.
t h e Create zone, which spans 13.6 hectares, will feature commercial, and retail spaces, attracting third-party tenants and fostering business growth. i t ’s focus on business and industry will create a hub for professionals and entrepreneurs, offering a range of opportunities for individuals seeking a thriving career and business venture.
t h e t h rive zone, covering 1.2 hectares, will focus on community-building with amenities such as a church and an events space. t h is will promote a sense of belonging, with planned spaces dedicated to social gatherings, spiritual growth and cultural activities. Construction of these zones is set to begin soon, promising a vibrant merchant mix from services to food & beverage establishments and places of leisure, that will benefit both residents and visitors. r e sidents will truly enjoy a balanced lifestyle where they can work, connect, and relax all within a vibrant and accessible environment.
The future of suburban township living
C E n tury PHirst Centrale Batulao aims to set a new standard for township living in Batangas, blending urban convenience with suburban tranquility. With its well-planned infrastructure and a mix of residential, commercial, and recreational spaces, it is poised to become a landmark development that offers both enriching living experiences and exciting business opportunities. Celis emphasizes, “Century PHirst Centrale Batulao is more than just a development—it’s a vision for a thriving, connected community that brings modern living closer to nature. We’re excited to offer a space where residents can live, work, and connect, all in one place. t h is is the future of township living.”
Recent launches
PHir S t has been expanding its footprint across the Philippines, with 27 projects in total—26 in Luzon and 1 in the Visayas. t h e brand offers diverse housing options for various market segments, including PHirst Sights (socialized & low-economic housing), PHirst Park Homes & PHirst i mpressions (high economic to affordable housing), PHirst Editions (mid-income market), and PHirst Centrale (township projects). n addition to Century PHirst Centrale Batulao, PHirst successfully launched PHirst Park Homes Bacolod in February 2024 and PHirst Park Homes Calamba West in October 2024, both receiving strong market reception.
The core of Phirst PHir S t i s committed to its 4Cs brand pillars: Complete, Conceptive, Connected, and Convenient. Each PHirst home is thoughtfully designed with essential fixtures and finishes to ensure residents have functional, well-crafted spaces from day one. t h e developments feature amenities for leisure, fitness, and community engagement, and are strategically located near schools, hospitals, transport hubs, and commercial centers. PHirst’s goal is to provide a seamless journey to homeownership, offering homes that are built to last, where families can create and share their milestones together. PHirst, the home of many firsts, a wholly owned subsidiary of Century Properties Group. For more information, visit www. century-phirst.com.
shift is creating more opportunities for diversified leasing activities, both commercial and residential, and opening doors for industries seeking high-quality office spaces in strategic locations. The flight to quality will persist, with prime offices at the forefront, but landlords must adapt with competitive lease terms and enhanced tenant experience to sustain an improving market,” Taleon said.
Further, she said the decrease in rent and the improved space takeup could be a signal of a market correction. Ultimately, a project’s success should be assessed based on how well it contributes to the investment strategies of the developer. This includes looking at how efficiently inventories are being sold, and whether the project is generating the expected returns over time. It’s striking a balance between moving units and ensuring the development remains profitable in the long run.
Dealing with a huge inventory T ALEO n s aid one effective approach in dealing with a huge inventory is a targeted sales campaign, where sales efforts are focused on specific, qualified audiences. She added the discreet marketing strategy avoids public promotions or large-scale advertising campaigns,
helping maintain market stability. She said sellers should focus on priority to preferred clients or repeat buyers and offer bulk purchase incentives to help move inventory quickly. “Collaborating with established real estate agencies. Is another effective strategy, leveraging their extensive networks and expertise to expand market reach and accelerate sales,” Taleon said. Taleon noted it is also important to recognize that the term “huge inventory” is subjective. She said a project’s inventory status should be assessed based on several factors, such as how long the project has been on the market, its target market strategy and the broader investment strategy of the developer. For example, units in the high-end, luxury and ultra-luxury segments may take more time to sell out due to their niche market and premium pricing.
Expanding economy to support PHL property’s recovery
First of two parts
Th E s ustained pace of economic expansion makes the Philippines one of Southeast Asia’s bright spots. Consumer spending slowed in 2024 but the tempering inflation as well as the implementation of interest rate cuts should provide a boost to the household expenditure-led Philippine economy. The Philippines should benefit from economic pump-priming activities to be facilitated by direct and spillover impacts of election spending this year.
Office leasing in Metro Manila continues to see challenges, but there are opportunities for tenants to scout for higher-quality space offered at discounted rates. n ew high-profile locators are also taking up space in Metro Manila, helping fill the void left by POGOs. Meanwhile, lower interest rates should help raise appetite for more residential projects, especially for horizontal developments outside Metro Manila. Developers should continue offering attractive payment terms.
The hotel and industrial segments continue to benefit from greater interest from foreign players. International hospitality and manufacturing brands are locating in the country and more should be enticed to invest in the Philippines following the enactment of probusiness reforms including CREATE MORE.
One of the fastest GDP growth in Southeast a sia
Th E P hilippine economy expanded by 5.6 percent in 2024, slightly faster than the 5.5 percent growth in 2023 but slower than the government-projected target of between 6 percent-6.5 percent. The country was the second-fastest growing economy in Southeast Asia last year, only trumped by Vietnam’s 7.1 percent GDP growth.
Colliers is optimistic that sustained growth in 2025 will continue to help lift the property sector, especially the Metro Manila residential and office segments that continue to reel from the adverse impacts of the pandemic and POGO exodus.
In our view, the emergence of more sustainable demand drivers for office and residential sectors buoyed by constantly-expanding economy, bode well for Philippine property.
Lower interest rates to make mortgage rates more attractive
Th E B angko Sentral ng Pilipinas (BSP) or central bank decided to keep the policy rate at 5.75 percent in February 2025. This defied analysts’ expectations as majority predicted a 25-basis points (bps) rate cut amid slowing economic growth and easing inflation. In 2024, the central bank slashed policy rates by a total of 75 bps and is expected to reduce rates by another 50 bps in 2025. Average inflation settled at 3.2 percent in 2024, slower than the 6.0 percent inflation a year ago. In 2025, inflation is projected to reach
3.5 percent. Colliers believes that stable inflation and the further easing of interest rates should positively impact the property market, especially the pre-selling condominium sector which experienced its lowest launches and take-up on record in 2024.
Debunking the resi doom and gloom
Th E ready-for-occupancy (RFO) condominium market in Metro Manila continues to face challenges. But while it takes more than 8 years to fully absorb the unsold units, it is important to highlight the fact that not all Metro Manila submarkets are affected by the overhang. To address the oversupply issue, developers in Metro Manila continue to offer more attractive payment terms for pre-selling and RFO projects. In our view, the interest rate cuts are a potential tailwind to the Metro Manila condominium market. Lower interest rates should result in lower mortgage rates, and these should complement the promos offered by developers. Colliers believes that geographic diversification is pivotal especially now that we are recording a lukewarm appetite in the capital region. Resort-themed projects in Batangas, Benguet, Davao, and Cebu continue to perform well while some mid-income vertical projects outside Metro Manila are nearly sold out. Lastly, property firms should highlight the proximity of their residential developments to gamechanging infrastructure projects due to be completed in Metro Manila, such as the subway. These bigticket public projects should play an important role in stoking demand in the capital region beyond 2025.
The BGc view from the Fort Legend Tower
Grassroots sports ranks high on SBG roster of priorities
FOR many young athletes in the Philippines, sports provide both an outlet and an opportunity—a way to develop discipline, build character, and open doors for the future.
However, talent alone is not enough—proper support and infrastructure are crucial.
L ast year, Senator Christopher “Bong” Go, chair of the Senate Committees on Sports and on Youth, was involved in efforts to strengthen grassroots sports programs, particularly through his support for inter-barangay and inter-municipality competitions that give young athletes a platform to hone their skills.
In 2024, Go played a role in supporting local sports programs, including the Inter-Barangay Basketball and Inter-High School Volleyball tournaments in Abuyog, Leyte, following a request from Mayor Lemuel Traya.
That same year, the Municipality of Medina in Misamis Oriental also received assistance for its InterMunicipality and Inter-Barangay Basketball League, providing additional opportunities for young athletes to compete at the community level.
Go emphasized the importance of grassroots sports in nurturing future national athletes.
“The success of an athlete starts in the community,” said Go as he continues to advocate for grassroots sports development programs across communities.
Beyond facilitating community tournaments, Go was involved in broader efforts to enhance sports development nationwide.
He authored and co-sponsored Republic Act No. 11470, which established the National Academy of Sports in New Clark City, Capas, Tarlac—the institution integrates secondary education with specialized sports training, ensuring that student-athletes can excel both academically and athletically.
Recognizing that access to proper training facilities Go was also involved in efforts to improve key sports venues and played a role in securing funding for the rehabilitation of major facilities such as the Rizal Memorial Coliseum in Manila and the PhilSports Arena in Pasig City.
Go also advocated for increased budget allocations for sports programs, supporting initiatives focused on improving athlete preparation and training for international competitions.
A dditionally, he was involved in launching programs aimed at identifying and nurturing young talents at the grassroots level, reinforcing the importance of early investment in sports development.
As I always remind our youth, get into sports, stay away from illegal drugs to keep us healthy and fit,” he said. Through his involvement in grassroots tournaments, institutional reforms, and facility improvements over the previous years, Go contributed to strengthening Philippine sports.
MAFY SINGSON carded a wind-blown 74 but remained atop the leaderboard in the second round of the International Container Terminal Services Inc. (ICTSI) Eagle Ridge Championship at the Faldo course in General Trias, Cavite, on Tuesday. B ut lurking just a few strokes behind Singson were battle-hardened Chihiro Ikeda and Marvi Monsalve as the stage is set for a frantic and unpredictable finish in the Ladies Philippine Golf Tour (LPGT) event.
Singson started the day four shots behind Gretchen Villacencio in joint fourth but played steady through 12 holes by mixing one birdie and one bogey before yielding shots on Nos. 13 and 15 as the swirling wind again took control of the round.
With the leaderboard constantly shifting in every gust, Singson wrested the lead anew after Villacencio and Kayla Nocum fumbled late in their rounds.
S ingson’s 10-over 154 aggregate put her a shot ahead of Ikeda and two clear off Monsalve to move her closer to a second LPGT victory after bagging her maiden crown at Valley Golf Club last year.
“The course is so difficult and unpredictable. After shooting an 80 in the first round, I thought I played really bad. But when I checked the scores, I realized it wasn’t just me,” Singson said. “Of course, you want to play well, but given the tough conditions, I just had to accept that even if I hit a good shot, I won’t always get the reward.”
Davaoeña vowed to stay patient and avoid aggressive.
“If you attack, you won’t hit the greens,” she said. “My goal tomorrow [Wednesday] is just to hit as many fairways and try to miss only around the green.”
But with the pack hot on her heels, Singson knows she has little margin for error heading into the final 18 holes.
Ikeda, who opened with an 80, quietly moved into contention after a gritty second-round 75.
Despite missing an opportunity to tie or even snatch the lead after a threeputt bogey on No. 10, the former LPGT Order of Merit winner came through with clutch birdies on Nos. 2 and 16 to secure solo second at 155.
Singson pulls ahead in wind-blown 2nd rd
“I miscalculated my putt on No. 10. I went too aggressive and it went past the hole, resulting in a three-putt,” Ikeda said. “But my irons clicked today, and my putting was much better.”
T he Filipino-Japanese
veteran said she would play more conservatively on Wednesday.
The course is very difficult, so my approach is to stay steady and take advantage of opportunities,” said Ikeda, out to snap a two-year title spell, in Filipino.
Also back in the hunt was Monsalve, who staged a remarkable turnaround after an error-filled opening-round 82.
Banking on improved putting, she fired a 74 to climb to solo third at 156, just two strokes off the lead.
“In th e first round, I had six threeputts and missed a couple of short ones after good chip shots, which led to 38 putts,” Monsalve said. “So, I really worked on my putting, and it made a huge difference. I only had 29 putts today [Tuesday], which shaved off a lot of strokes.”
M onsalve emphasized the importance of staying composed.
“I d o have expectations, but I keep telling myself to take it one shot at a time. Making putts is not a huge improvement, but it makes a big difference in gaining momentum,” she said.
The title, however, remains up for grabs with several players still in the mix despite being a few shots off the pace.
Sarah Ababa posted a 79 for a 157 total buoyed by a birdie on the 18th, Mikha Fortuna struggled with four consecutive bogeys from No. 14 but remained within striking distance after matching Ababa’s 79 for a 158 aggregate and LK Go who submitted 76 on Tuesday.
Dutchman seizes control in unforgiving Faldo course
VETERAN Guido van der Valk leaned on his wealth of experience to navigate the windbattered and unforgiving Faldo course to carve a hard-earned 69 and seize control after another grueling day in the International Container Terminal Services Inc. Eagle Ridge Championship on Tuesday in General Trias, Cavite.
T he Manila-based Dutchman propelled himself halfway toward a mission of redemption as he aims to bounce back from a heartbreaking playoff defeat in The Country Club (TCC) Invitational last January. From joint 16th and seven strokes behind, the two-time TCC Invitational champion surged to the top of the leaderboard with a two-over 146 total.
Tuesday’s conditions remained harsh with swirling winds and tricky pin placements, yet van der Valk
PARIS 2-24 Olympics boxing bronze medalists Nesthy Petecio and Aira Villegas lead the honor roll in the Second Philippine Sports Commission (PSC) All Women Sports Awards set this Saturday at the Century Park Hotel. They will be feted as the Female Athletes of the Year for clinching medals in Paris, PSC Executive Director Paulo Tatad told Tuesday’s Philippine Sportswriters Association (PSA) Forum at the Conference Hall of the Rizal Memorial Sports Complex on Tuesday. Tatad represented PSC commissioner Olivia “Bong” Coo, brainchild of the event staged annually in cooperation with the PSC to
KURT ALCANTARA booked two hard-fought three-set victories to claim the boys’ Most Valuable Player honors, while homegrown Justine Zaia Gumbao emerged as the top performer in the girls’ division with one title and two runner-up finishes
Grand Slam beckons
delivered a gutsy performance.
“This course is so hard. I really struggled a lot yesterday [Monday], but I managed to hit it a bit better today [Tuesday],” said van der Valk, who now stands 36 holes away from ending his title drought.
“I also holed a lot of putts—20-footers that you don’t usually expect to make. That probably helped keep my score way lower than it should’ve been.”
A group of young challengers, however, stayed well within striking distance at 147 to ensure a tense battle ahead in the P2 million championship organized by Pilipinas Golf Tournaments Inc. and sponsored by ICTSI.
Lloyd Go, who matched par 72, and Sean Ramos and Hyun Ho Rho, who matched 73s, credited their improved putting for keeping them in the hunt in the second leg of the 10-stage Philippine Golf Tour.
honor outstanding Filipino women in sports.
T he awards ceremony is being held in celebration of the National Women’s Month.
PSC All-Women Sports Award secretariat head Rachel Dumuk joined Tatad in the same Forum presented by San Miguel Corp., PSC, Philippine Olympic Committee, Milo, Smart/PLDT and the country’s 24/7 sports app ArenaPlus.
Dumuk said that Lifetime Achievement Award, Major Awards, Outstanding Female Coaches of the Year, Flame Awards, Special Citations, Female Executive Awards and Posthumous Awards will also be given out this weekend.
in the Governor Datu Pax Ali Sangki Mangudadatu National Juniors Tennis Championships held over the weekend in Isulan, Sultan Kudarat.
Top seed Alcantara, playing out of Bansalan in Davao del Sur, overcame two formidable foes in the finals
Go positioned himself just a shot behind after a round that featured a fiery three-under card through his first six holes before a couple of costly mishaps—he birdied Nos. 11, 12 and 14 but fell with bogeys on Nos. 16 and 17 and double-bogeyed the par-five No. 2 after a four-chip miscue.
“I was able to birdie the easy holes in a back-nine start. I was three-under after six holes,” Go said. “But I had a costly mistake on No. 2 where I struggled around the green.”
Despite the setback, Go remains focused on his game plan.
“I don’t expect anything. It’s holeby-hole, shot-by-shot. I can’t think ahead,” he said.
R amos, meanwhile, kept himself in the mix despite a rollercoaster round of 35-38 marred by five bogeys against four birdies. But he attributed his better performance to his improved iron play.
TBy Josef Ramos
HE Philippine Olympic Committee (POC) again found itself as a caretaker this time of the billiards association after the Asian Confederation of Billiard Sport (ACBS) suspended the Billiard Sports Confederation of the Philippines (BSCP) for at least three months.
Michael Al Khoury, secretary-general of the Qatar-based ACBS, told the POC in a letter dated March 9 that the organization’s board of directors decided during its meeting last February 18 in Doha to suspend the national sports association, a move that was ratified by the continental body’s general meeting on the next day.
The ACBS informed the POC, through secretary-general Atty. Wharton Chan, to form a disciplinary committee “to investigate the violations of the BSCP, including conflicts of interest, the failure to hold elections for a long time, organizing international tournaments without the necessary approvals from either Asian or world governing bodies and not properly taking care of the Philippines Billiard Athletes.”
T he POC promptly officially informed the Philippine Sports Commission (PSC) of the BSCP’s suspension by its Asian governing body. With this decision, the POC shall
to become the only player to clinch two singles titles in the Group 2 tournament that kicked off a threeleg swing of the Palawan PawnshopPalawan Express Pera Padala (PPSPEPP) tennis circuit in the region. A fter cruising through his
first three matches, Alcantara encountered stiff resistance in the boys’ 16-and-under final, where he had to recover from a second-set loss before subduing No. 3 seed Aljaven Lumambas, 6-2, 3-6, 6-3. H e displayed his tenacity in the
temporarily assume the tasks of the BSCP, including the supervision of arrangements and entitlements for national athletes under Billiard Sports, during the period of suspension,” Chan wrote PSC chairman Richard Bachmann. The Asian body “assigned the POC with the tasks of the BSCP, especially to follow up on the files of players qualified to participate in international tournaments, most notably the World Games in Chengdu-China 2025.” The World Games are set August 7 to 17. “ We will take care of the athletes as we follow the ACBS’s instructions. That’s the priority for now,” POC president Abraham “Bambol” Tolentino said. “We will wait for the outcome of the disciplinary committee investigation aside from taking care of their athletes.” W harton, meanwhile, said that the POC will follow all orders of the ACBS, stressing that they do not have any information about the current officials of the BSCP except on its national athletes.
“Honestly, I do not know who their officials are. We haven’t seen them yet,” Chan said. “Our priority is to take care of their athletes, check their welfare and make sure that they will compete at their very best talent.”
Businessman and sportsman Aristeo Puyat was the last BSCP president on record, according to Chan.
18-and-under championship where he beat Charles Gallo in another grueling battle, 6-3, 2-6, 6-3, to complete the sweep in the event sponsored by Mangudadatu and sanctioned by the Philippine Tennis Association.
JUSTINE ZAIA GUMBAO (second from left) and Kurt Alcantara display their trophies as they pose with Rex Bentillo (left) and sports coordinator Jonix Paniagua in Sultan Kudarat.
PHILIPPINE Sports Commission Executive Director Paulo Tatad and Rachel Dumuk present the commemorative rings.
SENATOR Christopher “Bong” Go: The success of an athlete starts in the community.
