The Manila-based multilateral development bank said it intends to quadruple its support for private sector financing to $13 billion annually by 2030. The financing, ADB President Masato Kanda said, will help support entrepreneurs, businesses, and investors for innovative business solutions. (See: https://businessmirror.com.ph/2025/05/06/ adb-to-add-100-billion-to-dmc-financing-in-10-years/)
“Bearing these in mind, we call on the international community to deepen collaboration and urge international financial institutions like ADB to be adequately equipped and step in more decisively to support lower- and middle-income countries through timely and accessible financing, technical assistance, knowledge support, and enhanced policy dialogue,” Balbosa said.
“Furthermore, we encourage ADB to continue collaborating with other international finance institutions in supporting vulnerable countries and finding innovative ways to finance programs and projects that contribute to global growth and development,” he added.
In September last year, ADB released its new country partnership strategy (CPS) for the Philippines in the next six years. The strategy intends to help the country sustain its growth in the medium term.
Under the CPS, ADB will its intensify support for initiatives that benefit lowincome households, promote regional economic growth corridors through flagship infrastructure investments, and shift focus to emerging sectors like clean energy, blue economy, and naturebased investments.
IEMOP sees ‘stable’ power supply, spot market prices
By Lenie Lectura @llectura
THE operator of the Wholesale Electricity Spot Market (WESM) expects “stable” power supply and spot market prices this year.
“Hopefully, we maintain that level of supply margin all throughout the year, not only in May or June, but hopefully even better as we go throughout the year because there will be capacity from renewable energy [RE] that will boost the supply,” Isidro Cacho Jr., head of trading operations at the Independent Electricity Market Operator of the Philippines (IEMOP), said at an online briefing on Tuesday.
The WESM has so far recorded a stronger supply margin amid rising temperatures. With more supply available than demand, market prices
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are declining.
“After the election season, we still see a more stable market, more ample supply, and generally stable prices,” added Cacho.
For the May billing period, IEMOP sees WESM prices hovering at around P4 to P5 per kilowatt hour (kWh). In April, market prices went down from to P4.52 per kWh, a 15.3-percent decrease from the previous month. This downward trend is a reversal from the same period last year. The key difference this year is the stronger supply margin in April 2025, IEMOP said.
“Given the trend that we see right now, we have an ample supply, and we see that same level of margin all throughout the month of May. We expect the same level of prices that we are experiencing now, hopefully even lower, around P4 to P5,” he added.
However, Cacho said unplanned power plant shutdowns remain a con-
cern because such affect WESM prices. “Our planned power plant maintenance happens in the first quarter and in the third and fourth quarters…What we need to look out for are those outside of the maintenance plan; we call that unplanned or outages, that is what will affect us,” Cacho said. WESM data from April 26 to May 4 showed the daily average market prices in Luzon ranged from P3.62/kWh to P4.53/kWh. In the Visayas, prices range from P 3.45/kWh to P5.73/kWh, while the daily average rate in Mindanao was P2.48/kWh to P4.59/kWh. IEMOP reported that other day that for the April 2025 billing period, or from March 26 to April 25, the country’s overall power supply rose to 21,345 MW, an 8.8-percent increase from March. Electricity demand also went up
In its previous meeting on April 10, the Target Reverse Repurchase (RRP) rate was lowered by 25 basis points to 5.50 percent. The interest rates on the overnight deposit and lending facilities were also reduced to 5 percent and 6 percent, respectively. (See: https://businessmirror.com. ph/2025/04/11/bsp-lowers-key-rate-by25-bps-more-cuts-seen/).
Finance Secretary and Member of the Monetary Board Ralph G. Recto said the lower-than-expected inflation in April provides more room for the BSP to further reduce the key policy rate.
“[This will] help us further boost the spending power of Filipinos, drive in more investments, and grow the economy, especially amid rising global uncertainties,” Recto said in a statement on Tuesday.
The lower inflation in April was mainly driven by slower increases in food and nonalcoholic beverages prices at 0.9 percent from 2.2 percent in the previous month, as well as transport at 2.1 percent from 1.1 percent.
Food inflation eased to 0.7 percent in April 2025 from 2.3 percent in March 2025 and 6.3 percent in the previous year, due to lower rice prices, which contracted by 10.9 percent from 23.9 percent a year ago and -7.7 percent in March 2025.
“We have been closely monitoring the situation and are aware of the upward price pressures mainly from meat, restaurant services, electricity, and rentals. In addition to paying attention to external developments, bringing down the prices for these items will be our primary focus moving forward,” Recto said.
Interventions
THE Department of Economy, Planning, and Development (Depdev) said Monday it is pushing for tighter inter-agency coordination to keep prices in check—especially for essential goods.
“Our goal is not only to reduce inflation but to ensure that its benefits are felt by every Filipino household—through lower food costs and improved access to basic goods,” Depdev undersecretary Rosemarie Edillon said.
She noted the Department of Agriculture’s continued monitoring of crop production and market prices, especially for heat-sensitive vegetables from the north.
It also revived its Inter-Agency Livestock Data Analytics Group and partnered with the Philippine Postal Corp. to roll out more KADIWA ng Pangulo stores through post offices.
Palace Press Officer Claire Castro attributed the 1.4 percent headline inflation rate last April to the Marcos administration’s efforts to address the price of basic commodities.
“The decrease in the inflation rate is proof that President Marcos Jr. and the administration are continuing to make efforts to strengthen our economy,” she said in Filipino.
to 14,739 MW, about 7.8 percent higher than the previous month, largely due to the intense summer heat.
With more supply available than demand, the supply margin widened to 4,585MW compared to 3,957 megawatts last March. As a result, market prices went down from P 5.34 per kWh to P4.52 per kWh.
In terms of generation mix, RE accounted for 22 percent of total generation. Coal’s share increased from 54.3 percent to 59.8 percent, while natural gas declined from 19 percent to 17 percent, and oil-based generation dropped from 0.8 percent to 0.5 percent. Solar energy held steady at 4.8 percent, while hydropower continued to decline, from 10.6 percent in January to 7.3 percent in April, due to the ongoing dry season.
Impact of stronger peso
BANK of the Philippine Islands Lead Economist Emilio S. Neri Jr. said the latest inflation data, as well as the recent appreciation of the peso, strengthen the case for another rate cut by the BSP.
However, Neri cautioned that monetary policy in the United States could shift eventually as a response to higher inflation brought by the tariffs.
“Cutting the policy rate too aggressively could make the Philippine economy vulnerable to a sudden reversal in the Federal Reserve’s stance, which might compel the BSP to implement substantial rate hikes in a worst-case scenario,” Neri said.
Aside from unfavorable base effects from oil and rice, Neri said the risk of a rebound in prices of key commodities may also drive inflation expectations in the fourth quarter of the year.
The upcoming GDP data would also be a key factor shaping the BSP’s decision, as a weaker-than-expected growth could result in a rate reduction, Neri added.
For former socioeconomic planning chief Dante Canlas, a stronger peso could help moderate inflation in the coming months if the Philippines secures favorable trade deals.
“This is granting the Philippine trade mission in the US is able to cut a favorable deal,” Canlas told BusinessMirror in a message.
Ateneo economist Leonardo Lanzona agreed with Canlas, saying the peso’s strength may have made imports cheaper, but warned it could also dampen exports and reduce demand.
“Indirectly, it could have lowered inflation by reducing economic activity, especially exports,” Lanzona told BusinessMirror. “This decline in exports and other trade-related activities could have caused a reduction in aggregate demand as incomes in such industries.”
UnionBank chief economist Ruben Carlo Asuncion told this newspaper that the currency may have played a role in easing inflation.
“It’s hard to measure how the stronger Philippine peso has impacted headline inflation. Nevertheless, there is potential pass through simply because it has been the strongest in seven months,” Asuncion said.
HSBC ASEAN economist Aris Dacanay said the Philippines saw a disinflationary effect from the strong peso, particularly through lower fuel costs.
“A strong peso against the US dollar also brought fuel prices down, which was another disinflationary impulse for the month via the ‘operation of personal transport equipment,’” Dacanay said in a report.
Ateneo economist Luis Dumlao, however, noted that over the past 30 days, the US dollar has depreciated against several major currencies, including the euro, yen, Singapore dollar, and the Philippine peso.
“So, strictly speaking, [it’s not that] the peso has appreciated, but the US dollar has depreciated,” Dumlao told BusinessMirror
He added that the impact on consumers would depend on the type of goods imported. “If consumers get relief, the relief will mainly be on cereals.” With a report from Samuel P. Medenilla
Luzon is also one of the most diverse—it’s where mountain peaks and volcanoes meet miles of coastline, and indigenous culture melds with Spanish colonial history. You can relax at the beach in Pagudpud, hike with locals up the Batad Rice Terraces, ride in a horse-drawn carriage in Vigan, and snack on street food and dance the night away in Manila. You’ll need a few days and a bus pass, but you’ll be glad you stayed.”
London is best in the world
LATEST data on regional travelers from the Department of Tourism (DOT) showed some 28.57 million tourists in Luzon in 2023, of whom close to 4 million were foreign nationals, while about 24.57 million were domestic travelers. Of the total visitors, some 25,000 were overseas Filipinos. Most foreign travelers in Luzon, at 2.36 million, visited the National Capital Region (Metro Manila). Meanwhile, Tripadvisor’s 25 Best of the Best Destinations in the World was topped by London, with six Southeast Asian locations in the lineup: Bali (second place, overall), Hanoi (seventh), Bangkok (10th), Hoi An (11th), Siem Reap (14th), and Phuket (16th).
“These destinations are our top spots for good reason—they’ve got everything travelers are looking for and more. The Travelers’ Choice Awards Best of the Best title celebrates the highest level of excellence in travel. It’s awarded to those who receive a high volume of above-and-beyond reviews and opinions from the Tripadvisor community over a 12-month period. Out of our 8 million listings, fewer than 1 percent achieve this milestone,” said Tripadvisor. No Philippine hotel or resort made it to the Best of the Best Hotels in the World, nor in Asia. But Discovery Coron in Palawan placed 19th among Tripadvisor’s 20 Best of the Best All-inclusive hotels in Asia, earning a 4.4-rating from 1,744 reviews.
Hotels among PHL awardees
DISCOVERY Coron is a secluded island resort in a Unesco Biosphere Reserve, offering beachfront cottages with private balconies and stunning views. Dive into activities like snorkeling, kayaking, or paraw sailing, or relax by the pool. Savor delicious meals at the restaurant and enjoy warm hospitality. With lush surroundings and personalized service, it’s a perfect tropical escape,” said Tripadvisor. In this category: “If you want a hotel that’s got it all [literally], these stays have everything you could ever need, all in one place,” it added. Among 3,000 Philippine properties listed on the Tripadvisor, 234 received Traveler’s Choice Awards this year. The top 12 were: The Funny Lion El Nido (ranked 5/5), The Funny Lion-Coron (4.9), The Funny Lion-Puerto Princesa (4.9), Clark Marriot Hotel (4.9), Mandarin Nest Boracay (4.9), Coast Boracay (4.9), Ferra Hotel and Garden Suites Boracay (4.9), The Bellevue Manila in Alabang (4.4), Swissôtel Clark (4.8), Marco Polo Ortigas (4.7), The Cocoon Boutique Hotel in Quezon City (4.7), and Hotel 101 Manila (4.7). The list here: https://tinyurl. com/46rpedx2
Earlier this year, the White Beach in Boracay Island and Nacpan Beach in El Nido were named among the 10 Best of the Best Beaches in Asia, at fourth and eighth place, respectively. (See, “Remulla tells Malay LGU: Cut Boracay fees,” in the BusinessMirror, February 20, 2025.)
Ban on poultry products from Minnesota lifted
TBy Ada Pelonia @adapelonia
HE Department of Agriculture (DA) has lifted the temporary ban it slapped on poultry products from Minnesota, United States.
Agriculture Secretary Francisco Tiu Laurel Jr. signed Memorandum Order (MO) 22, which allowed the entry of poultry shipments, including poultry meat, day-old chicks, eggs, and semen from the US state.
“All import transactions of the above commodities shall be in accordance with existing rules of the Department of Agriculture,” the order read.
The DA said it decided to lift the ban after American veterinary authorities reported to the World Organization for Animal Health (WOAH) that all reported cases of High Pathogenicity Avian Influenza (HPAI) in affected counties have ended with a resolved status.
No additional outbreaks were reported after February 28, 2025, it added.
The DA said there has been a mutual HPAI-related arrangement in 2016 between the veterinary authorities of the USA and the Philippines, wherein a state-wide ban should only be imposed if there are three or more counties affected by HPAI in one state.
Initially, the poultry ban was imposed in Minnesota to safeguard the local poultry industry, which is crucial to the country’s food security and a significant source of employment and investment.
The US is a major source of poultry products for the Philippines.
Data from the US Department
of Agriculture’s Foreign Agricultural Service (USDA-FAS) showed that the country shipped $194.1 million worth of poultry products, excluding eggs, to the Philippines last year. This was higher than the $180.5 million recorded in 2023.
In 2024, the US accounted for 158,159 metric tons (MT) of chicken exports to the Philippines, based on data from the Bureau of Animal Industry (BAI).
Mechanically deboned meat (MDM) held the bulk of the shipments at 248,550 MT.
Earlier, the Philippines had jump-started the development of its own vaccines against transboundary animal diseases with the inauguration of the DA’s vaccine development unit at the Center for Transboundary Animal Diseases (CenTrAD).
The agency said the facility will develop vaccines against transboundary animal diseases, particularly ASF, foot and mouth disease (FMD), and avian influenza (AI), major threats to the country’s livestock and poultry sectors.
Laurel noted that while vaccines for these infectious diseases are available internationally, locally developed vaccines based on indigenous strains tend to be more effective in preventing outbreaks.
“The National Animal Vaccination Program is about empowerment—empowering our farmers with knowledge, our veterinarians with resources, and our nation with the assurance that we are building a stronger, healthier future,” he said.
“It is a testament to the power of science, the importance of collaboration, and the undeniable truth that prevention is always better than cure.”
Colliers sees 22% Metro office vacancy in 2025
By Bless Aubrey Ogerio
METRO Manila’s office vacancy rate could climb to 22 percent by end-2025, driven by continued oversupply even as demand picks up, property consultancy Colliers Philippines said. Based on its First Quarter Property Market Report, the office vacancy rate stood at 19.7 percent, with a net take-up of 77,000 square meters (sqm) as of Q1 2025. For the full year, Colliers expects net take-up to reach 150,000 sqm. For leasing activity, transactions climbed to 238,000 sqm in the first quarter, a 66 percent increase from 143,000 sqm in the previous quarter. The firm said, the dip in Q4 2024 may have been influenced by business uncertainty during the US elections.
Traditional occupiers accounted for the majority of transactions in Q1 2025, making up 61 percent of deals with an average lease size of 900 sqm.
Lower inflation to help shield PHL from shocks
By Jovee Marie N. dela Cruz @joveemarie
ALEADER of the House of Representatives on Tuesday said the improved inflation environment would help shield the country from external economic shocks, especially those caused by volatile US tariff policies and retaliatory measures from other economies.
The chairman of the House Committee on Ways and Means, Albay Rep. Jose Clemente “Joey” Sarte Salceda, made a statement as he welcomed the latest report from the Philippine Statistics Authority (PSA) showing headline inflation easing to 1.4 percent in April, down from 1.8 percent in March, calling it “very good news”—particularly
Partnership enhances govt housing program
By Bless Aubrey Ogerio
Nwith food and beverage inflation slowing to just 0.9 percent.
“I also expect this to drive positive movement in the equities market. We’ve already seen increased foreign buying in anticipation of favorable inflation figures, and I believe this trend will continue as investors gain more confidence in the Philippine economy’s re -
silience to global uncertainties,” Salceda noted.
“This gives the Bangko Sentral ng Pilipinas [BSP] ample room to reduce interest rates, which would greatly benefit borrowers, especially homeowners and business owners,” Salceda added.
Aggressive efforts
SPEAKER Ferdinand Martin G. Romualdez meanwhile credited the administration of President Marcos for the consistent decline in inflation, citing strategic reforms and aggressive efforts to lower food prices—particularly rice.
“The drop in inflation to 1.4 percent in April is solid proof that government policies are making a real difference in the daily lives of ordinary Filipinos,” Romualdez said.
He emphasized that the moderation in prices of essentials such as rice, vegetables, meat, electricity, and transport shows better price stability and improved affordability for families.
“This is not a stroke of luck—it is the result of clear direction and
strong leadership under President Marcos, supported by Congress through the passage of key reforms,” he said.
Romualdez highlighted that fast-tracking the entry of affordable food into the market and supporting small businesses and workers have been crucial to the recent economic progress.
“Today, we are seeing these reforms bear fruit—not just as numbers on paper, but as real relief in markets, increased household purchasing power, and renewed hope in Filipino homes,” he added. He vowed continued support from the House of Representatives to sustain low food prices and promote inclusive economic growth. From a high of 2.9 percent in January, inflation has consistently trended downward to 2.1 percent in February, 1.9 percent in March, and now 1.4 percent in April.
“As I have repeatedly stated, the continuing challenge is for us to ensure that the inflation rate remains low. That will mean that rice and other food items will continue to be affordable,” Romualdez said.
Non-BPO, meanwhile, registered the biggest increase, from 83,000 sqm to 144,000 sqm. Meanwhile, shared services demand remained relatively flat, inching up from 11,000 sqm to 12,000 sqm.
Among traditional tenants, government agencies led demand in Q1 2025, accounting for 20 percent of leases. This was followed by the transportation, travel, and logistics sector at 10 percent, flexible workspaces at 9 percent, banking and financial services at 8 percent, and IT and software companies at 7 percent.
Furthermore, total vacated space dropped by 39 percent from the previous quarter, with both Philippine Offshore Gaming Operators (Pogo) and non-Pogo segments recording lower figures.
Non-Pogo vacated space went down from 128,000 sqm in Q4 2024 to 120,000 sqm in Q1 2025. Pogo-related vacancies also fell sharply from 203,000 sqm to 82,000 sqm over the same period.
Yet, transactions overall have trended upward year-on-year, rising from 207,000 sqm in Q1 2024 to 238,000 sqm in Q1 2025. Colliers said it kept its forecast unchanged amid challenges like US tariffs and geopolitical tensions.
Third-party outsourcing (3PO) firms followed at 34 percent, taking up larger average spaces of 1,900 sqm. On the other hand, shared services firms made up 5 percent of transactions, with the biggest average area at 2,900 sqm. Office demand improved across all tenant segments compared to the same period last year. Demand from 3PO firms rose from 49,000 sqm in Q1 2024 to 82,000 sqm in Q1 2025.
EARLY 8,000 homes will be built in key cities as part of the government’s flagship housing program, with a new partnership among the Home Development Mutual Fund (PagIbig), the National Housing Authority (NHA) and the Social Housing Finance Corporation (SHFC).
The agreement was forged to enhance the Pambansang Pabahay para sa Pilipino (4PH) Program of the Marcos administration.
Among the projects are a 372unit medium-rise condominium in Valenzuela City through NHA, as well as developments in the City of San Fernando, Pampanga, (3,440 units); Calinan District in Davao City (1,200 units); Tondo, Manila, (2,135 units); and Sta. Mesa, Manila, (425 units).
“We are happy to report that the Pag-Ibig Fund, NHA and SHFC continue to forge strong partnerships in support of the 4PH Program’s goal of providing quality yet affordable homes, especially to underserved families,” Housing Secretary Jose Rizalino Acuzar said.
Pag-Ibig will provide financing through its Direct Developmental Loan Program, which seeks to boost the availability of housing units.
As of 2019, around 3.75 million Filipino families lived in squatter colonies, with the country’s housing backlog estimated at 6.5 million units.
Alyansa Senate bet pushes amendments to PPP law
Acandidate is pushing for amendments to the PublicPrivate Partnership (PPP) Code to eliminate bureaucratic hurdles that delay the implementation of healthcare projects, particularly in underserved and rural areas. Makati City Mayor Abby Binay, a candidate under the Alyansa para sa Bagong Pilipinas, said the current PPP Code must be revised to address existing provisions that obstruct the creation of impactful partnerships between local governments and the private sector.
officials have already finished their term,” Binay explained.
She cited a provision of the law requiring PPP studies to go through the PPP Center, which delays the approval process and causes bottlenecks.
“Local
By the time approval comes, some local
Binay emphasized that the PPP Center should act as a repository of information and best practices, rather than serve as a gatekeeper.
“The PPP Center should serve more as a repository of PPP information than a gatekeeper, so that local governments
Comelec cancels rival’s candidacy, Villafuerte now unopposed in Camarines Sur gubernatorial race
By Jovee Marie N. Dela Cruz @joveemarie
UTGOING Camarines Sur 2nd District
ORep. Luis Raymund Villafuerte is now running unopposed for governor in the upcoming May 12 elections after the Commission on Elections (Comelec) First Division canceled the certificate of candidacy (COC) of his rival, Ronald Alarkon Rodriguez, over false material representation regarding his residency.
In a 12-page resolution promulgated on April 30, the Comelec ruled that Rodriguez falsely claimed to be a resident of Barangay Palestina in Pili, Camarines Sur, when evidence showed he continued to reside in Aeroville Subdivision, Barangay San Felipe, Naga City—an independent component city not under the administrative jurisdiction of the province, making him ineligible to run for a provincial post.
The Comelec found a “discrepancy” between the residency dates stated in Rodriguez’s COC and his application for transfer of voter registration. In his COC, Rodriguez claimed to have lived in Pili since April 2024, yet in his application for transfer dated May 7, 2024, he stated he had been residing in Pili since December 2023. This misalignment undermined his eligibility, as candidates for local office are required by law to have at least one year of residency in the locality prior to election day.
When summoned in November 2024, Rodriguez denied any intent to mislead the poll body, asserting he had transferred to Pili as part of a personal retirement plan after suffering from a severe case of COVID-19. He further claimed that
the inconsistency was due to a misunderstanding of election laws and a supposed software glitch in the Comelec’s Voter Registration Machine (VRM).
The Comelec, however, rejected these explanations. “There was a deliberate attempt to mislead, misinform, and hide his true state of residence, which would otherwise render him ineligible,” the resolution stated. The ruling was signed by First Division Presiding Commissioner Aimee Ferolino and Commissioners Ernesto Ferdinand Maceda Jr. and Maria Norina Tangaro-Casingal.
Petitioners Danilo Penda Camba and Buenaventura Bron Sunguad, residents of Palestina, Pili, filed the case seeking the cancellation of Rodriguez’s candidacy. They presented multiple pieces of evidence to support their claim.
The Comelec ruled that the documents Rodriguez submitted to prove his claimed residency—such as lease contracts, utility bills, and e-commerce deliveries—were insufficient to prove actual, permanent residence in Pili.
Citing Supreme Court rulings, the Comelec emphasized that residency or domicile requires both physical presence and intent to stay permanently. “In De Los Reyes v. Solidum, the Supreme Court stated that to establish a new domicile, one must not only reside in a new locality but must also intend to make it a permanent home.”
With Rodriguez disqualified, Villafuerte, who previously served as a three-term governor of Camarines Sur before becoming a congressman, now stands uncontested in the gubernatorial race.
Remullas, PNP chief, and other govt officials face Ombudsman inquiry on Duterte ICC ‘kidnapping’
THE Office of the Ombudsman directed Justice Secretary Jesus Crispin Remulla, his brother Interior and Local Government Secretary Juanito Victor “Jonvic” Remulla and three other high-ranking government officials to answer the complaints filed against them in connection with their involvement in the March 11 alleged “kidnapping” and transfer of former President Rodrigo Duterte to the International Criminal Court (ICC) in the Netherlands.
In a three-page order dated May 6, 2025 and signed by Preliminary Investigation and Adjudication Board (PIAB) director, the anti-graft agency gave the Remulla and their co-respondents namely Philippine National Police (PNP) Chief Gen. Rommel Francisco Marbil, PNP Criminal Investigation and Detection Group (CIDG) head Maj. Gen. Nicolas Torre III and Department of Foreign Affairs (DFA)-Special Envoy on Transnational Crime Ambassador Markus V. Lacanilao 10 days upon receipt of the order to file their counter-affidavits as well as the affidavits of their witnesses.
“Failure to file Counter-Affidavit within the aforesaid period shall be deemed as waiver of respondents’ right to submit controverting evidence and the preliminary investigation shall proceed accordingly,” the order read. After the conduct of preliminary investigation, the Ombudsman said the case will be submitted for resolution on the basis of the evidence presented by the complainant and the respondents.
It added that the presence of the parties during the preliminary investigation may be dispensed with unless for clarificatory
SENATOR Christopher “Bong” Go expressed deep gratitude following the results of the latest 2025 Pulse Asia senatorial preference survey, which placed him at the top spot with 62.2 percent of
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Dumaliang which granted perpetual land trust over 2,700 hectares of land to MGFI for conservation purposes.
DENR Assistant Secretary for Legal and Enforcement Norlito Eneran earlier told the B usiness M irror that a final report of the legal team has already been submitted for evaluation to the Office of the Secretary.
He said the cancellation order, as well as the recommendations on the fate of the contracts with BSCDC, stand on solid ground with the careful evaluation of all the legal aspects of the case.
“We’ve been studying the contracts thoroughly for over a year. Yes, it stands on solid ground,” he told the B usiness M irror
Taguig mayor welcomes court order granting access to EMBO barangays’ facilities amidst Makati dispute
By Claudeth Mocon-Ciriaco @claudethmc3
TAGUIG City Mayor Maria Laarni
“Lani” Cayetano welcomed the order of the Regional Trial Court (RTC) of Taguig after it issued a Temporary Restraining Order (TRO) directing the city government of Makati to immediately cease obstructing the City of Taguig’s access to and possession of government-owned facilities in the Barangays Cembo, South Cembo, Comembo, East Rembo, West Rembo, Pembo (including Rizal), Pitogo, Post Proper Northside, and Post Proper Southside—collectively known as the EMBOs—EMBO barangays.
Cayetano said that the order has emphasized the city’s hope to make the facilities fully accessible to the people of EMBO barangays:
“Malaking tagumpay ito para sa mga taga-EMBO. Ngayong nasa Taguig na ang pamamahala ng lahat ng pasilidad na ito, titiyakin nating bukas at ganap na mapapakinabangan ito ng mga taga-EMBO— hindi isasara, hindi haharangan, kundi pagbubuksan para sa serbisyong noon pa
man ay dapat nilang napapakinabangan,” she said in a statement.
The Order, released on May 5 by Executive Judge Loralie Cruz Datahan of RTC-Taguig, enforces the Supreme Court’s final and executory decision in G.R. No. 235316 which confirmed that the EMBO barangays are within the territorial jurisdiction of Taguig.
Taguig’s possession
THE TRO prohibits Makati and its agents from denying Taguig entry to and use of properties and facilities located in the EMBO barangays, and from interfering with Taguig’s full and exclusive possession and operation of said public properties.
The covered facilities include health centers, covered courts, multi-purpose buildings, day care centers, parks, and other government properties reserved for public use under Proclamation Nos. 518 and 1916.
Despite the Supreme Court’s final ruling in 2022, Makati refused to let Taguig take possession of these public facilities and even shut down the health centers and day care centers and in the process deprived its
former constituents in the EMBO barangays access to essential basic services.
The court found that Taguig “has sufficiently established extreme urgency for the present application, and that it stands to suffer grave injustice and irreparable injury without the injunctive relief prayer for.”
Makati to seek the reversal of TRO
MAKATI City Administrator Claro Certeza said the city government will seek the reversal of the TRO Taguig -RTC.
“Makati shall avail of all legal remedies, whether criminal, civil or administrative, to uphold its rights and hold Taguig and its irresponsible leaders accountable,” Certeza said in a statement.
“Today, the Taguig RTC issued an ex parte order allowing Taguig to take possession of Makati-owned health centers in the EMBOs. By its nature, the court’s order did not give Makati the opportunity to be heard,” Certeza said.
Jurisdiction, not ownership “TAGUIG’S leadership does not care about
Marcos orders replacement of NAIA Terminal 1 bollards following fatal car-ramming incident
PBy Samuel P. Medenilla @sam_medenilla
RESIDENT Ferdinand Marcos has ordered the immediate replacement of the bollards in the Ninoy Aquino International Airport (NAIA) Terminal 1 after a car-ramming incident in the facility killed two people.
questioning.
The case against the five high-ranking government officials stemmed from the complaint filed by the Senate Committee on Foreign Relations headed by its chairperson, re-electionist Senator Imee Marcos.
The committee charged the said government officials before the Ombudsman for arbitrary detention under Article 124 of the Revised Penal Code (RPC); usurpation of Judicial Functions under Article 241 of the RPC; grave threats under Article 282 of the RPC; violation of Republic Act 3019 or the Anti-Graft and Corrupt Practices Act, as amended; violation of R.A 7438 or An Act Defining Certain Rights of Person Arrested, Detained or Under Custodial Investigation As Well as the Duties of the Arresting, Detaining and Investigating Officers…; Usurpation of Authority or Official Functions under Article 177 of the RPC; and False Testimony in Other Case and Perjury under Article 183 of the RPC. The complaints were filed following an investigation in aid of legislation conducted by the committee in connection with the alleged irregularities committed in Duterte’s turn-over to the ICC.
“No motion to dismiss or bill of particulars shall be entertained,” the order stated. Earlier, the DOJ secretary said he is ready to face any investigation to be conducted by the Ombudsman in connection with the handing over of Duterte to the ICC to face trial for crimes against humanity in connection with the killing of 43 individuals during his bloody anti-illegal drug war campaign. Joel R. San Juan
respondents, saying they would vote for him if elections were held today. The survey was conducted from April 20 to 24. Go, who currently serves as Chairperson of the Senate Committee on Health, issued a
Public scrutiny, congressional inquiry
THE DENR, which recently issued the cancellation of the 2002 Supplemental Agreement, is facing public scrutiny and a Senate Blue Ribbon committee investigation. Masungi Georeserve Foundation, Inc. (MGFI), the operator of Masungi Georeserve and its supporters, have raised concern over the DENR decision, citing the risks of losing the gains of Masungi’s conservation efforts in the area.
The Masungi Georeserve has won international acclaim for its conservation efforts.
The Board of Directors of the BSCDC and Masungi are composed of the Dumaliang family—Ben and daughters Billie and Ann.
BDSCS is appealing to President Marcos not to implement the DENR’s Supplemental Agreeement and eviction order.
“The bollards will be inspected and replaced quickly for the safety of the public,” Palace Press Officer Claire Castro said in Filipino in a press briefing in Malacañang last Tuesday.
Castro said the Chief Executive has instructed Department of Transportation (DOTr) Secretary Vivencio “Vince” B. Dizon to look into reports that the bollards in NAIA Terminal 1 were substandard.
She said the bollards were installed in the airport in 2019 during the time of former DOTr Secretary Arthur P. Tugade.
“An investigation is being conducted into how the procurement was carried out, including the specifications [of its installations],” the Presidential Communications Office (PCO) undersecretary said.
“This was ordered by the President,
and Secretary Vince Dizon will immediately address this. Also, the bollards will be inspected and replaced quickly for the safety of the public,” she added.
Concerns over the quality of bollards in NAIA Terminal 1 were raised after it failed to stop a moving sports utility vehicle (SUV) from hitting bystanders last Sunday killing two people and injuring four others.
In a related development, Marcos honored one of the 10 passengers of the Solid North bus, which figured in an accident at the Subic-Clark-Tarlac Expressway (SCTEx)
DOJ creates special investigation team to probe Dayang’s killing
THE Department of Justice (DOJ) has formed a special investigation team to probe the killing former Kalibo Mayor and veteran journalist Juan “Johnny” Dayang inside at his home in Barangay Andagao, Kalibo, Aklan last April 29. In a statement, the DOJ said the investigation into Dayang’s killing will be handled by Special Investigation Team on New Cases (SITN), which will be headed by two prosecutors.
The creation of SITN was made through a department order issued by Justice
TBy Lenie Lectura @llectura
HE Department of Transportation (DOTr) is bidding out consultancy services worth P92.51 million for a detailed engineering design study for the New Zamboanga International Airport
public statement thanking Filipinos for their continued trust, vowing to further intensify his legislative work—especially programs aimed at aiding the poor and expanding access to healthcare.
Maraming maraming salamat po sa inyongpatuloynasuportaattiwala,” Go said.
Wanted: suitable site
PRESSED by reporters on the issue of the cancellation order that puts half of the 10,000 housing units project hanging in the balance, Yulo-Loyzaga said, “They should look for a suitable site,” adding that there are numerous factors to be considered in developing such massive housing projects, including the condition of the Marikina Watershed and extreme weather events triggered by climate change.
“If there is a requirement, that is proper site selection,” says Yulo-Loyzaga.
Yulo-Loyzaga, President Ferdinand Marcos Jr.’s alter ego in the DENR, is pushing for a multistakeholder comanagement approach through PROJECT Transform in Rizal Province for biodiversity conservation, sustainability, and resiliency.
Secretary Jesus Crispin Remulla in accordance with Administrative Order No. 01, s. 2016, which authorizes the DOJ to coordinate with law enforcement agencies to ensure a thorough, impartial, and expeditious investigation of mediarelated killings.
The designated prosecutors were directed to immediately convene a multiagency team composed of investigators from the Philippine National Police (PNP), the National Bureau of Investigation (NBI), and other relevant agencies to commence
Development Project. “The DOTr now calls for the submission of eligibility documents for consultancy services for the conduct of detailed engineering design study for the New Zamboanga International Airport Development Project at Brgys. Mercedes/Talabaan, Zamboanga City,”
Nag-uumapaw po ang aking pasasalamat para sa hindi natitinag na tiwala at suporta ngatingmgakababayansaatingkakayahan atmgaipinaglalaban.”
He went on to emphasize his intention to push for more laws and programs that directly benefits ordinary Filipinos, particularly the
Titled property
DENR Regional Executive Director for Calabarzon Nilo Tamoria, who recommended the cancellation of the 2002 Supplemental Agreement, said there is also a lot to be considered in constructing housing units on Lot 10, including the fact that it is now titled under the name of the Bureau of Corrections (BuCor).
He said BuCor is no longer pursuing to build housing units for its employees, but rather a training facility in “buildable areas” on its titled property, in recognition of the fact that there’s a karst ecosystem that needs to be protected in the area.
“If a prison facility is not suitable there, what more of 5,000 housing units?” he told the B usiness M irror in a telephone interview on May 1.
the law and the welfare of EMBO residents,” said Certeza. Certeza said that Taguig had two years to improve the health services in the EMBOs.
“They had two years to build their own health centers. But they did not. Makati expressed willingness to sit down and have a dialog with Taguig, but they refused. Sabing Taguignoon2023, kayanilangtapatanang health programs ng Makati. Perohanggang ngayon, wala pa rin,” he said. He reiterated that the SC decision was “about jurisdiction, not ownership over lots.”
“Hindi sinabi ng Korte Suprema na ang mga lupa at struktura na binili, tinayo at ginagamitngMakatiaybinibigaysaTaguig,” he said, adding that
Taguig has consistently invoked the SC decision to commit unlawful acts.
“This has to stop. Makati shall avail of all legal remedies, whether criminal, civil or administrative, to uphold its rights and hold Taguig and its irresponsible leaders accountable,” he assailed. With Joel San Juan
last week.
“Before I begin, let us take a moment to honor and to remember Seawoman Second Class Dain Janica Rendoque Alinas,” he said during the oath taking ceremony of the newly promoted Philippine Coast Guard (PCG) officials in Malacañang last Tuesday.
“She is no longer with us, but her courage and dedication continue to live on. Allow me to extend my deepest condolences and prayers to her family and to the Philippine Coast Guard community,” he added.
The vehicular accidents in NAIA and SCTEx prompted the President to order DOTr ordered for a nationwide crackdown against erring bus operators and a review of driver licensing.
the investigation.
“They are tasked with leading and supervising the fact-finding process, gathering and securing evidence, and facilitating the filing of appropriate charges, as warranted by the findings,” the DOJ said.
Remulla also ordered the SITN to submit regular progress reports to the DOJ until the case is fully resolved.
The DOJ added that Undersecretary Jose Torres, Jr. of the Presidential Task Force on Violence against Media Workers
the bid invite stated.
(PTFoMs),has been notified of about the creation of the new body for the purpose of coordinating with the designated prosecutors and law enforcement agencies about the investigation of the case.
“The Department of Justice remains steadfast in its commitment to safeguard press freedom and ensure that acts of violence against media practitioners do not go unpunished,” the DOJ stressed. Dayang was watching television when bullets were fired through the window of his living room, hitting his neck and back. He was rushed to a nearby hospital where he was declared dead upon arrival.
Joel R. San Juan
New Zamboanga Airport
The contract is valid for a year which means that the study must be completed within that period.
Interested bidders have until May 14 to avail of the documents from the DOTr.
Bidding documents can be purchased for P10,000.
poor who rely heavily on public services. “ Sa abot po ng aking makakaya, patuloy kong isusulong ang mga programa at batas na mas lalong maglalapit ng mga serbisyo ng gobyernosaatingmgakababayangPilipino, lalo na ang mga mahihirap at walang ibang malalapitankundiangpamahalaan.”
Suitability, geohazard assessment
THE area, he said, should be carefully assessed first for suitability and multiple geological hazards, considering that it is an environmentally critical area.
This means that an environmental impact assessment (EIA) is needed, which is a requirement for an environmental compliance certificate (ECC).
He noted that BuCor is now part of the Masungi Karst Management Council, created last year through a Resolution of the local government of Tanay.
Tamoria is reviving a 2011 comanagement plan for Rizal and is eyeing to replicate it in other areas in Calabarzon, which promotes multistakeholder participation or co-ownership of any development project for ecotourism to ensure environmental
The agency’s Bids and Awards Committee (BAC) will short list three bidders and they shall be ranked according to their total points, with a required minimum score of 70 points.
Bidding will be conducted through an open competitive procedure, the agency said.
“Ilapitponatinangserbisyonggobyerno saatingmgakababayangmahihirap,ilapitpo natinangserbisyongmedikalsamgamahihirapnapasyente.Uunahinkopongisusulong ang mga programangmakakatulongsamga mahihirap, ‘yung mga pro-poor programs,” he added.
sustainability and resiliency consistent with Project Transform in Rizal Province. Poor environmental conditions THE overflowing of the silted Marikina River is being blamed for the massive flooding in Metro Manila due to the degradation of the Marikina Watershed, prompting the Aquino Administration to issue a Proclamation establishing the Upper Marikina River Protected Landscape (UMRPL) in 2018.
The 26,126-hectare conservation area covers the city of Antipolo and the municipalities of Baras, Rodriguez, San Mateo, and Tanay and overlaps with several Certificate of Ancestral Domain Titles (CADTs) issued by the National Commission on Indigenous Peoples (NCIP) to several Dumagat-Remontado tribes in Rizal Province.
Romanian premier resigns after his coalition’s candidate fails to advance in presidential runoff
By STEPHEN McGRATH The Associated Press
BUCHAREST, Romania—
Romanian Prime Minister
Marcel Ciolacu announced his resignation on Monday, a day after the governing coalition’s joint candidate failed to advance to the runoff in the closely watched rerun of the presidential election.
The coalition’s candidate, Crin Antonescu, was third in Sunday’s first round, far behind top finisher hard-right nationalist George Simion and pro-Western reformist Bucharest Mayor Nicusor Dan.
“Rather than let the future president replace me, I decided to resign myself,” the prime minister told reporters after a meeting at the headquarters of his Social Democratic Party, or PSD. Sunday’s rerun underscored strong anti-establishment sentiment among Romanians and signaled a power shift away from traditional mainstream parties. It also renewed the political turmoil that has gripped the European Union and NATO member country.
The rerun took place months after a top court annulled the previous race following allegations of electoral violations and Russian interference, which Moscow has denied. The unprecedented decision plunged Romania into its worst political crisis in decades.
The prime minister had said one aim of forming the coalition last December—after the failed election— was to field a common candidate to win the presidency. After Sunday’s vote, he said, the coalition now “lacks any credibility.” It is made up of the leftist PSD, the center-right National Liberal Party, the small ethnic Hungarian UDMR party and national minorities.
Ciolacu said his party would not officially support either candidate in the final presidential vote on May 18. “Every PSD supporter will vote as they wish, according to their own conscience,” he said. An interim prime minister will
be selected from the current Cabinet of ministers and appointed by interim President Ilie Bolojan, who noted Ciolacu’s resignation and is expected to make an appointment on Tuesday.
Sunday’s vote was the second time in Romania’s post-communist history, including the voided election cycle, that the PSD party did not have a candidate in the second round of a presidential race.
As in many EU countries, anti-establishment sentiment is running high in Romania, fueled by high inflation, a large budget deficit and a sluggish economy.
Observers say the malaise has bolstered support for nationalist and far-right figures like Calin Georgescu, who won the first round in the canceled presidential election. He is under investigation and barred from the rerun.
Cristian Andrei, a Bucharestbased political consultant, says Ciolacu may have resigned to give his party “negotiation options” for a future coalition after the runoff.
“The decision can defuse some anti-coalition sentiment before the presidential runoff,” he said, but added that any negotiations to form a new Cabinet would “increase the sentiment that the older political parties are struggling to keep control of power.”
Simion, the 38-year-old frontrunner in Sunday’s vote and the leader of the Alliance for the Unity of Romanians, will face Dan in a runoff that could reshape the country’s geopolitical direction.
In 2019, Simion founded the AUR party, which rose to prominence in a 2020 parliamentary election by proclaiming to stand for “family, nation, faith, and freedom.” It has since become Romania’s second-largest party in the legislature.
Dan, a 55-year-old mathematician and former anti-corruption activist who founded the Save Romania Union party in 2016, ran on a pro-EU ticket. He told the media early Monday that “a difficult second round lies ahead, against an isolationist candidate.”
Trump administration plans to pay illegal immigrants $1,000 to leave US voluntarily
By Rebecca Santana The Associated Press
WASHINGTON—Pushing forward with its mass deportation agenda, President Donald Trump’s administration said Monday that it would pay $1,000 to immigrants who are in the United States illegally and return to their home country voluntarily.
The Department of Homeland Security said in a news release that it would also pay for travel assistance—and that people who use an app called CBP Home to tell the government they plan to return home will be “deprioritized” for detention and removal by immigration enforcement.
“If you are here illegally, selfdeportation is the best, safest and most cost-effective way to leave the United States to avoid arrest,” Secretary Kristi Noem said. “DHS is now offering illegal aliens financial travel assistance and a stipend to return to their home country through the CBP Home App.”
The department said it had already paid for a plane ticket for one migrant to return home to Honduras from Chicago and said more tickets have been booked for this week and next.
It’s a major part of Trump’s administration
Trump made immigration enforcement and the mass deportation of immigrants in the United States illegally a centerpiece of his campaign, and he is following through during the first months of his administration. But it is a costly, resource-intensive endeavor.
While the Republican administration is asking Congress for a massive increase in resources for the Immigration and Customs Enforcement department responsible for removing people from the
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concern, the universal church,” he told reporters. “When we are done, I will return to Kinshasa and I will put back on my archbishop of Kinshasa hat and the struggle continues.”
Cardinal Jean-Paul Vesco, the chatty French-born archbishop of Algiers, Algeria, lamented last week that there hadn’t been enough time for the cardinals to get to know one another, since many of them had never met before and hail from 70 countries in the
country, it’s also pushing people in the country illegally to “selfdeport.”
It has coupled this self-deportation push with television ads threatening action against people in the US illegally and social media images showing immigration enforcement arrests and migrants being sent to a prison in El Salvador.
The Trump administration has often portrayed self-deportation as a way for migrants to preserve their ability to return to the United States someday, and the president himself suggested it on Monday while speaking to reporters at the White House. He said immigrants who “self-deport” and leave the US might have a chance to return legally eventually “if they’re good people” and “love our country.”
“And if they aren’t, they won’t,” Trump said.
But Aaron Reichlen-Melnick, a senior fellow at the American Immigration Council, which advocates for immigrants, said there’s a lot for migrants to be cautious about in the latest offer from Homeland Security.
He said it’s often worse for people to leave the country and not fight their case in immigration court, especially if they’re already in removal proceedings. He said if migrants are in removal proceedings and don’t show up in court they can automatically get a deportation order and leaving the country usually counts as abandoning many applications for relief including asylum applications.
It can be an intricate process AND Homeland Security is not indicating that it is closely coordinating with the immigration courts so that there are no repercussions for people in immigration court if they leave, he said.
most geographically diverse conclave in history.
By this week, however, he said that any number of candidates were possible.
“It is what I call an artichoke heart,” he said. “Every day, I say to myself, ‘Ah! Oh my God! There we have it!’”
The role of the Holy Spirit FOR the cardinals, there is also the belief that they are guided by the Holy Spirit.
There is a famous quote attributed to then-Cardinal Joseph Ratzinger in 1997, in comments to a Bavarian television station. The future
“People’s immigration status is not as simple as this makes it out to be,” Reichlen-Melnick said.
He questioned where Homeland Security would get the money and the authorization to make the payments—and he suggested they are necessary because the administration can’t arrest and remove as many people as it has promised so it has to encourage people to do it on their own.
“They’re not getting their numbers,” he said.
As part of its self-deportation effort, the Trump administration has transformed an app that had been used by the Biden administration to allow nearly 1 million migrants to schedule appointments to enter the country into a tool to help migrants return home. Under the Biden administration, it was called CBP One; now it’s dubbed CBP Home.
Homeland Security said “thousands” of migrants have used the app to self-deport.
But Mark Krikorian, who heads the Center for Immigration Studies, which advocates for less immigration, said he doesn’t see the offer of paying people to go home as an admission that something in the Trump administration’s immigration enforcement agenda isn’t working.
Considering the millions of people who are in the country illegally, he said, it’s impossible to deport all of them so the administration has to combine its own enforcement efforts with encouraging people to go home voluntarily.
Krikorian said he supports the idea of paying migrants to leave although he questioned how it would work in reality.
“How do you make sure that they’ve actually gone home? Do you make them sign an agreement
Pope Benedict XVI said the Holy Spirit acted like a good educator in a conclave, allowing cardinals to freely choose a pope without dictating the precise candidate.
“Probably the only assurance he offers is that the thing cannot be totally ruined,” Ratzinger reportedly said. “There are too many contrary instances of popes the Holy Spirit would obviously not have picked.”
The Associated Press correspondent Jim Gomez in Manila, Philippines, and Silvia Stellacci, Trisha Thomas and Giovanna Dell’Orto in Rome contributed.
where they agree not to challenge their removal if they were to come back?” he questioned. “The execution matters, but the concept is sound.”
This has been tried before OTHER countries have tried various iterations of paying migrants to return home.
There’s a reason it’s attractive to governments wanting to encourage migrants to go. It costs less to buy someone a plane ticket and some incentive money than it does to pay to find them, detain them if necessary, wait for the courts to rule on their case and then send them home.
The Department of Homeland Security said that it costs $17,121 to arrest, detain and remove someone in the US illegally.
Voluntary returns also don’t require extensive governmentto-government negotiations to get a country to take back its citizens, which can be a major benefit. There are a number of countries that either don’t take back their own citizens who are being returned by US immigration enforcement officials or make that process challenging.
A 2011 study by the Migration Policy Institute and the European University Institute found that there were about 128 programs— often referred to as pay-to-go programs—around the world.
But the study found that, with a few exceptions such as one program to return people in the 1990s from Germany to Bosnia, these voluntary return programs generally failed at encouraging large numbers of people to go home. It is not clear whether these programs resulted in migrants who took the payments actually staying in their home countries and not trying to emigrate again.
ROMANIAN Prime Minister Marcel Ciolacu gestures at the PSD headquarters before announcing his resignation, in Bucharest, Romania, Monday, May 5, 2025, the day after the governing coalition’s candidate failed to advance to the runoff in the presidential election rerun.
www.businessmirror.com.ph
Bangladesh’s ex-premier Khaleda Zia returns, adding pressure for elections
By Julhas Alam The Associated Press
HAKA, Bangladesh—Bangladesh’s
Dailing former Prime Minister Khaleda
Zia returned to the country from London on Tuesday after four months of medical treatment, adding to pressure for its interim leaders to hold elections.
The South Asian country has been under a government led by Nobel Peace Prize laureate Muhammad Yunus since former Prime Minister Sheikh Hasina was ousted in a students-led mass uprising in August last year.
Zia, Hasina’s archrival, and her Bangladesh Nationalist Party have been pushing Yunus’ government to hold a national election in December to return the country to democratic rule.
Under Hasina, many opposition political parties including Zia’s BNP had either boycotted the polls or accused the authorities of rigging them. Many welcomed Hasina’s overthrow as a chance to return to democratic elections, but suspicion and uncertainty have surfaced in recent months about the new government’s commitment to hold elections soon. It has said the next election will be held in either December or by June next year, depending on the extent of reforms in various sectors.
Her elder son, Tarique Rahman, leads the party as acting chief from exile in London.
After Zia landed at 10:43 a.m., she was greeted by senior party leaders at Dhaka’s main airport. Zia, sitting in a wheelchair, smiled as she repeatedly raised her right hand to receive greetings.
Crowds gathered outside Hazrat Shahjalal International Airport to welcome the returning leader, amid tight security. Thousands of supporters, many carrying Bangladesh and BNP flags, waited along about a 9-kilometer stretch of road leading to her house in Dhaka’s upscale Gulshan area.
Accompanied by her two daughtersin-law, Zia arrived on a special air ambulance arranged by Qatar’s Emir Sheikh Tamim bin Hamad Al Thani, who also arranged her transport to London in January. Zia suffers from various serious health conditions and she has not attended any public gatherings.
Zia’s physical presence in the country has huge symbolic value for her party while Hasina is in exile in India.
Ahead of her arrival, BNP secretarygeneral Mirza Fakhrul Islam Alamgir said Tuesday her return will help Bangladesh restore the democratic process.
“This is a joyous moment for us and the nation. At this crucial time for democracy, her presence marks a significant day for the country. We believe that Khaleda Zia’s return will facilitate the path to democratic transition,” Fakhrul told reporters.
BELGRADE, Serbia—Serbia’s protesting university students are demanding a snap election after months of anti-corruption demonstrations that have shaken populist President Aleksandar Vucic’s tight grip on power in the Balkan country.
Sudan paramilitary launches deadly drone attack on Port Sudan, airport and hotel hit
CBy Samy Magdy
The Associated Press
AIRO—Sudan’s paramili -
tary unleashed drones on the Red Sea city of Port Sudan early Tuesday, hitting key targets there, including the airport, the port and a hotel, military officials said. The barrage was the second such attack this week on a city that had been a hub for people fleeing Sudan’s two-year war.
There was no immediate word on casualties or the extent of damage. Local media reported loud sound of explosions and fires at the port and the airport. Footage circulating online showed thick smoke rising over the area.
The attack on Port Sudan, which also serves as an interim seat for Sudan’s military-allied government, underscores that after two years of fighting, the military and the paramilitary Rapid Support Forces are still capable of threatening each other’s territory.
The RSF drones struck early in the morning, said two Sudanese
sands of people.
military officials, speaking on condition of anonymity because they were not authorized to talk to the media.
Information Minister Khalid Aleiser visited the southern part of the port where he said fuel tanks were hit in the attack. He slammed the United Arab Emirates, saying it was arming the paramilitary RSF.
“We will continue our legitimate battle,” he said as flames and thick smoke billowed behind him.
Abdel-Rahman al-Nour, a Port Sudan resident, said he woke up to strong explosions, and saw fires and plumes of black smoke rising over the port. Msha’ashir Ahmed, a local journalist living in Port Sudan, said fires were still burning late Tuesday morning in the southern vicinity of the maritime port.
The attack apparently disrupted air traffic at the airport, with Cairo airport data in neighboring Egypt showing that three Port Sudan-bound flights were canceled on Tuesday.
The RSF did not release any
statements on the attack. On Sunday, the paramilitary force struck Port Sudan for the first time in the war, disrupting air traffic in the city’s airport, which has been the main entry point for the county in the last two years.
A military ammunition warehouse in the Othman Daqna airbase in the city was also hit, setting off a fire that burned for two days.
When the fighting in Sudan broke out, the focus of the battles initially was the country’s capital, Khartoum, which turned into a war zone. Withing weeks, Port Sudan, about 800 kilometers (500 miles) to the east of Khartoum, turned into a safe haven for the displaced and those fleeing the war. Many aid missions and U.N. agencies moved their offices there.
The attacks on Port Sudan are also seen as retaliation after the Sudanese military earlier this month struck the Nyala airport in South Darfur, which the paramilitary RSF has turned into a base and where it gets shipments of arms, including drones.
The RSF is allied with the United Arab Emirates, which U.N. experts say has provided weapons, including drones to the paramilitary. The UAE denies the claim. Sudan’s miliary is backed by Egypt. Sudan plunged into chaos in April 2023, when simmering tensions between the military and the RSF exploded into open warfare in Khartoum. From there, the fighting spread to other parts of the country.
Since then, at least 24,000 people have been killed, though the number is likely far higher. The war has driven about 13 million people from their homes, including four million crossed into neighboring countries. It also pushed parts of the country into famine. The fighting has been marked by atrocities including mass rape and ethnically motivated killings that amount to war crimes and crimes against humanity, especially in the western Darfur region, according to the United Nations and international rights groups.
Trump’s broad tariffs likely to raise prices in the coming months.
Vincent Reinhart, chief economist at BNY, said that the Fed is “scarred” by what happened in 2021, when prices rose amid supply snarls and Powell and other Fed officials said the increase would likely be “transitory.” Instead, inflation soared to a peak of 9.1% in June 2022.
This time they will be more cautious, he said.
“That’s a Fed that is going to have to wait for evidence and be slow to adjust on that evidence,” Reinhart said.
Plus, Trump’s badgering of Powell makes it harder for the Fed chair to cut rates because doing so anytime soon would be seen as knuckling under to the White House, said Preston Mui, an economist at Employ America.
“You could imagine a world where there isn’t pressure from the Trump administration and they cut rates...sooner, because they feel comfortable making the argument that they’re doing so because of the data,” he said.
For his part, Powell said last month that
Germany.
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chancellor will face questions about the future of the far-right, anti-immigrant Alternative for Germany party, also known as AfD.
Mainstream German political parties refuse to work with AfD, citing the socalled “firewall” they’ve upheld against cooperating with far-right parties since the end of the war.
Alice Weidel, AfD’s co-leader and a candidate for chancellor during the February elections, wrote that Merz’ failure to get elected in the first round shows that his coalition has a “weak foundation.”
The station building in the northern city of Novi Sad had been renovated twice before its concrete canopy crashed on the people below. Critics said graft-fueled negligence and disrespect for safety rules caused the huge construction to collapse.
The disaster sparked months of protests demanding justice and the rule of law, which have garnered huge support among Serbia’s citizens drawing hundreds of thou-
A statement posted to a joint social media account late Monday said that an early vote is the only way out of a deep political crisis in Serbia triggered by a train station disaster that killed 16 people on November 1, which was widely blamed on government corruption.
tariffs would likely push up inflation and slow the economy, a tricky combination for the Fed. The central bank would typically raise rates—or at least keep them elevated—to fight inflation, while it would cut them to spur the economy if unemployment rose.
Powell has said that the impact of the tariffs on inflation could be temporary—a one-time price increase—but most recently said it “could also be more persistent.” That suggests that Powell will want to wait, potentially for months, to ensure tariffs don’t sustainably raise inflation before considering a rate cut.
Some economists forecast the Fed won’t cut rates until its September meeting, or even later.
Yet Fed officials could move sooner if the tariffs hit the economy hard enough to cause layoffs and push up unemployment.
Wall Street investors appear to expect such an outcome—they project that the first cut will occur in July, according to futures pricing.
Separately, Musk criticized the Fed Wednesday for spending $2.5 billion on an extensive renovation of two of its buildings in Washington, D.C.
“Since at the end of the day, this is all taxpayer money, we should certainly look to see if indeed the Federal Reserve
“Government corruption is so deeply rooted in state institutions that they are unable perform their duties independently,” the protesting students said. “We believe that democracy is the only right way to solve a political crisis of such proportions.”
A snap election would entail dissolving of the populist-dominated parliament and scheduling the early vote. The ruling Serbian Progressive Party leader and former Prime Minister Milos Vucevic has rejected the idea, saying it would spell a “disaster” for the country.
Vucic, a right-wing populist whom critics accuse of stifling
is spending $2.5 billion on their interior designer,” Musk said. “That’s an eyebrow raiser.”
Fed officials acknowledge that the cost of the renovations have risen as prices for building materials and labor have spiked amid the post-pandemic inflation. And former Fed officials, speaking on background, say that local regulations forced the Fed to do more of the expansion underground, rather than making the buildings taller, which added to the cost.
Meanwhile, Kevin Warsh, a former Fed governor and a potential candidate to replace Powell as chair when Powell’s term expires next year, said recently that the Fed has attracted greater scrutiny because of its failure to keep prices in check.
“The Fed’s current wounds are largely self-inflicted,” he said in a speech during an International Monetary Fund conference in late April, in which he also slammed the Fed for participating in a global forum on climate change. “A strategic reset is necessary to mitigate losses of credibility, changes in standing, and most important, worse economic outcomes for our fellow citizens.”
Powell, for his part, said last month that “Fed independence is very widely understood and supported in Washington, in Congress, where it really matters.”
democratic freedoms, has alleged the student protesters were staging a “color revolution” under orders from the West. Vucic is formally saying he wants Ser -
bia to join the European Union while boosting ties with Russia and China.
Serbia’s protesting students post statements and protest an -
nouncements on the joint social media account Students in Blockade. They have no leaders or spokespersons and make decisions at faculty plenary sessions.
The domestic intelligence service’s measure does not amount to a ban of the party, which can only take place through a request by either of parliament’s two chambers or the federal government through the Federal Constitutional Court. Merz has not commented publicly on the intelligence service’s decision.
The Associated Press videojournalist Fanny Brodersen in Berlin and writer David McHugh in Frankfurt, Germany, contributed to this report.
The AfD is the biggest opposition party in Germany’s new parliament. Last week, the German domestic intelligence service said it has classified AfD— which placed second in national elections in February— as a “right-wing extremist” organization, making it subject to greater and broader surveillance. Germany’s Federal Office for the Protection of the Constitution described the party as a threat to the country’s democratic order, saying it “disregards human dignity”— in particular by what it called “ongoing agitation” against refugees and migrants. The federal office’s decision prompted blowback from US Secretary of State Marco Rubio and US Vice President JD Vance over the weekend. Germany’s Foreign Ministry hit back at Rubio after he called on the country to undo the classification.
Wednesday, May 7, 2025
‘US tariffs pose downside risk to PHL credit rating’
By Reine Juvierre S. Alberto @reine_alberto
WHILE the Philippines could clinch a credit rating upgrade from S&P Global Ratings within two years, the impact of United States tariffs on growth and fiscal slippage pose downgrade risks.
In a webinar on Tuesday, Asia Sovereign & International Public Finance Ratings Director Rain Yin said the Philippines will likely be less affected by Washington’s new tariff policy.
The country was initially imposed with a reciprocal tariff rate of 17 percent, relatively lower than those slapped on other countries in the region.
Yin also noted that the Philippines does not have a large bilateral trade surplus with the United States, as a substantial portion of its exports are in services.
and attract more investors.
ALL 1,642 local government units (LGUs) are required to fully automate their business registration processes by 2028 or before the end of the term of President Ferdinand R. Marcos, Jr., according to the Anti-Red Tape Authority (Arta).
At a briefing in Malacañang on Tuesday, Arta Secretary Ernesto V. Perez divulged that out of 1,642 LGUs in the country, only 115 LGUs have fully automated their business registration processes as of March 31,2025 while 1,203 LGUs are “partially automated.”
against them before they act,” Perez said. He explained that the Office of the Ombudsman will determine the proper violation and penalty to be imposed on these non-compliant LGUs.
“Our President has a strict directive for all government processes to be streamlined and digitalized,” Perez said, partly in Filipino.
S&P Global Ratings earlier projected that the Philippine economy will expand by 6.2 percent this year.
As for the Philippines’s current “positive” credit rating, Yin said this could be removed depending on the size of the impact of the US tariffs on the country’s growth, fiscal, debt and external positions.
S&P Global Ratings upgraded the country’s outlook to “positive” from “stable.” However, it affirmed the sovereign credit ratings at “BBB+” for longterm and “A-2” for short-term, allowing the country to borrow at lower costs
“Nevertheless, growth is still likely to be affected,” she said, adding that the credit rater trimmed the Philippines’s growth outlook by 0.3 percentage points compared to its pre-tariff forecast for this year.
DENR chief to Blue Star: Find suitable land for 10,000 housing units
By Jonathan L. Mayuga
BLUE Star Construction and Development Corporation should look for suitable land elsewhere to build its 10,000 housing units, the country’s chief steward of the environment and natural resources. This was the unsolicited advice of Secretary Maria Antonia YuloLoyzaga of the Department of Environment and Natural Resources, at the sidelines of a recent press conference.
The 10,000 housing units being referred to are covered by two contracts—a 1997 Joint Venture Agreement and a 2002 Supplemental Agreement signed between the DENR and BSCDC.
Low-cost housing
THE low-cost housing units intended for government employees, particularly the Department of Environment and Natural Resources (DENR) and other government agencies, were to be constructed over a combined area of 430 hectares near or within the Masungi Greater Karst Area, which straddles three Protected Areas and a local Protected Area of Tanay, Rizal.
The 1997 JVA was signed on November 27, 1997, with the DENR then under former Secretary Victor O. Ramos, and BSCDC President Manuel L. Chua; while then Secretary Heherson Alvarez signed the 2002 Supplemental Agreement for the DENR together with Blue Star’s President on November 15, 2002.
The 1997 JVA pertains to a housing construction contract for 5,000 units on a 130-hectare land in Barangay Cayambay, Tanay, Rizal, while the 2002 Supplemental Agreement pertains to an additional 5,000 housing units to be constructed on Lot 10, also in Tanay, Rizal. Lot 10 was later titled under the name of the Bureau of Corrections (BuCor) (270 hectares and DENR (30 hectares) in 2022 based on Presidential Proclamation No. 1158 issued on September 8, 2006 by
then President Gloria MacapagalArroyo. This proclamation reserved the said 270 hectares of land as the new site of the New Bilibid Prison.
Cancelled contract
THE 2002 Supplemental Agreement, which extended the coverage of the 1997 JVA between the DENR and BSCDC, was cancelled by the DENR on March 7 this year, on account of what it cited as violations by BSCDC of the 1997 JVA and the 2002 SA itself, and the legal defects in the 2002 JVA. In the order, the DENR said no bidding was conducted for the housing project. To comply with COA Rules and Regulations, and existing jurisprudence, it is required that a separate bidding be conducted since the 2002 agreement has land larger than the subject area of the original JVA.
The DENR also declared that the 2002 SA is void ab initio because there is no Presidential Proclamation declaring the subject area open for disposition to allow development of housing units within the area.
It said EO 292 requires executive and legislative concurrence for property belonging to and titled in the name of the Republic of the Philippines to be subject to any disposition. The order also cited default on the part of BSCDC to perform its obligations under the JVA despite several extensions of the implementation period.
The order demands with finality that BSCDC vacate the premises covered by Lot 10 and DENR Region IVA title within a non-extended period of 15 days from receipt of the order.
Under careful review ASIDE from the 2002 Supplemental Agreement, the DENR is also reviewing other contracts with BSCDC, including the 1997 JVA and a 2017 memorandum of agreement signed by then DENR Secretary Regina Paz L. Lopez and MGFI’s Ben
Yin said a credit rating upgrade can be obtained within the next one to two years if the Philippines sustains its strong economic growth trajectory, narrows current account deficits and implements ongoing fiscal consolidation.
“However, if downside risks are very significant and derail our expectations on those constructive trends, then the outlook can possibly go unstable,” she added.
S&P Global Ratings Asia-Pacific Senior Economist Vishrut Rana said that while the Philippines is one of the more domestically oriented economies in Southeast Asia, it is more vulnerable to confidence and investment shocks.
“We see weaker confidence, weaker investment, and a weaker envi-
ronment in the region affecting the economy more broadly,” Rana said. Southeast Asian economies, including the Philippines, must diversify foreign demand and pitch away from manufacturing sectors towards services to pivot in this kind of environment, Rana added.
The country’s economic managers aim to secure a credit rating upgrade to “A” within the term of President Ferdinand Marcos Jr.’s term.
The Philippines currently holds investment grade rating of BBB from Fitch Ratings and BAA2 from Moody’s Ratings.
A higher credit rating reflects improved lender confidence in a borrower’s ability to meet its financial obligations, which translates to lower borrowing costs for issuers such as the government.
With only three years left in the Marcos administration, Perez said Arta is intensifying its efforts to make sure that all LGUs across the country will comply with the automation of business registration processes. Having a fully operational eBOSS or electronic Business One-Stop Shop means being able to streamline the procedures for the filing of applications and issuance of local business licenses, permits, clearances, and authorizations through the LGU’s provision and usage of an “on-demand” single, digital portal, according to ARTA.
“Ang target po before the term of this administration ends in 2028, all LGUs must be compliant. That is why our partners for this are the DICT, DILG and DTI,” said Perez. With this, the Arta chief revealed that it issued 431 Notices to Explain. “We will file charges against the 134 LGUs that did not respond. Because based on our experience, if they know the government agency is serious and will file charges, they will act on it. I hope they don’t wait for us to file a case
Perez said these LGUs cannot use lack of budget or financial resources as an excuse for non-compliance with eBOSS, “Because there is a free system that DICT developed. This began with the Integrated Business Permitting and Licensing System (IBPLS).” “The DICT has improved the e-gov.ph and it’s free. The LGU just needs to apply. Meanwhile, those LGUs with budget, they hired third-party service providers,” Perez explained. Moreover, the Arta chief said LGUs can-
By Andrea E. San Juan
TRADE and Industry Secretary Cristina A. Roque has assured Texas Instruments, a US-based chips manufacturer in the Philippines, that the Philippine government will “safeguard” its investments and operations in the country amid the trade disruptions.
In a social media post on Monday, the Department of Trade and Industry (DTI) said Roque met with Texas Instruments executives at the Philippine Embassy in Washington D.C. She assured the US-based chips maker that the government will “protect its investments, maintain trade stability and explore strategic responses to safeguard the semiconductor industry from any trade disruption.”
Apart from this, Roque said she discussed with Texas Instruments executives how the government can further assist with the company’s expansion plans in the Philippines.
“I just discussed if they have expansion plans
and how we can help them grow and expand the business in the Philippines,” Roque said.
However, she said Texas Instruments did not mention if they plan to expand their operations in the Philippines.
“They didn’t mention. They just reiterated they were happy with their operations in the Philippines,” Roque told the BusinessMirror in a Viber message on Tuesday.
Texas Instruments, a major player in analog and embedded processing chips, has significant manufacturing facilities in the Philippines, the DTI said. In August 2023, Texas Instruments announced it was planning to investment almost $1 billion to expand its facilities in Clark, Pampanga and Baguio in line with Washington’s efforts to ramp up research and production of semiconductors under the CHIPS and Science Act of 2022. (See: https://businessmirror. com.ph/2023/08/11/texas-instruments-tospend1b-on-phl-plants-expansion/)
Apart from the meeting with Texas Instruments, Roque participated in a high-level Business Forum jointly convened by the US Chamber of Commerce, the US-Asean Business Council, and the Semiconductor Industry Association (SIA).
DTI said this business forum gathered “key leaders from both government and industry to engage in discussions on tariffs, global trade dynamics, and regional economic updates.”
The forum, it added, “served as a platform for strengthening cross-border cooperation and deepening business linkages. With shared commitments to economic resilience and trade facilitation, the dialogue paved the way for broader partnerships between the Philippines and US-based firms,” said DTI. Latest Philippine Statistics Authority (PSA) data showed that Philippine electronics exports amounted to $10.54 billion in
to
Electronic
commodity export. Roque was part of the Philippine delegation that participated in the “comprehensive” dialogue between the Office of the US Trade Representative (USTR) and the
or the
are the country’s
of
Editor: Jennifer A. Ng
B1 Wednesday, May 7, 2025
Del Monte may sell US unit after losing firm to lenders
By VG Cabuag @villygc
THE Campos-led Del Monte Pacific Ltd. (DMPL) may sell its US unit, taking into account the macroeconomic conditions in the United States and its historical financial performance, as lenders took over Del Monte Foods Inc. (DMFI).
The company said it also considered the group’s liquidity and the operational needs of its Philippine unit, which is posting earnings.
“The company is currently in preliminary discussions with a potential investor regarding investment opportunities in DMFHL (Del Monte Foods Holdings Ltd., its US subsidiary). These discussions are expected to be protracted, and the new term facility lenders have expressed support for this initiative. Should these deliberations result in any material development for the group, a formal announcement will be made in accordance with applicable disclosure requirements,” the
company said.
Last month, DMFI has settled with a group of lenders who had filed suit in the Delaware Court of Chancery over alleged defaults under a loan agreement made in 2022. The firm earlier said it will contribute to either by equity or a subordinated loan to the subsidiary.
Del Monte said its board decided not to provide any monetary contribution to DMFHL’s new term facility lenders to settle such litigation.
As a result, the lenders will appoint majority of the directors of DMFHL. Del Monte’s 25-percent equity stake in DMFHL will be applied to repay approximately 37 percent of the settlement loan.
The balance (63 percent) continues to be a first-out incremental loan due from DMFHL to the new term facility lenders, according to Del Monte.
“The DMPL board believes that
its decision protects the company’s interests and, importantly, will not disrupt the favorable business operations of its subsidiary DMPI (Del Monte Philippines Inc.),” the company said.
As of end January, Del Monte’s net investment value in DMFHL was $579 million. In addition, the company and its affiliates have a net receivable of $169 million from DMFHL and its subsidiaries. Total investment since its acquisition of the US unit, which was much bigger than its Philippine group, was at $1 billion.
Del Monte said it will engage a financial adviser to appraise the fair value of its DMFHL investment and any potential impairments.
Despite these developments, DMPL assures its stakeholders it remains “committed to its strategy of managing the Group for sustainable growth.”
SMIC unit starts drilling on Mt. Malinao
TBy Lenie Lectura @llectura
HE Philippine Geothermal Production Co. Inc. (PGPC), a unit of conglomerate SM Investments Corp. (SMIC), announced last Tuesday it has commenced drilling operations in Mount Malinao, Albay.
The Mount Malinao site is one of several new concession areas being developed by PGPC in various loca-
tions in Luzon. These new concession sites have the potential to provide up to 300 MW of additional baseload renewable energy to the island of Luzon in the next few years.
PGPC’s project in Mount Malinao is expected to generate up to 49 megawatts (MW) of geothermal power.
Officials of PGPC, SMIC, Department of Energy (DOE), Board of Investments and the local government recently held a ceremonial blessing of the drilling rig dubbed “Pioneer 1.”
Energy Undersecretary Rowena
Cristina L. Guevarra said the project represents the type of innovation that the energy market needs in its ability to make meaningful contributions to the country’s renewable energy supply.
Guevarra also urged other power firms to emulate PGPC’s lead in exploring new geothermal resources across the country.
“May this rig blessing mark the beginning of a successful explora-
Maynilad reports pipe project
THE Maynilad Water Services Inc. announced it has completed a P218million pipe replacement project involving three kilometers of “aging and leaky” pipelines across five barangays in Quezon City. The piping replacement aims to improve water services in Greater Fairview, Holy Spirit, Maharlika, Pag-Ibig sa Nayon and San Jose barangays by addressing persistent issues in the distribution network. This upgrade also cut water losses by
approximately 3.14 million liters per day (MLD)—enough to meet the daily requirements of approximately 21,000 customers, according to the company. The company added the project also boosted supply pressure into a range of 7 pounds per square inch (psi) to 11psi, sufficient to deliver water to second-floor and third-floor fixtures without the need for booster pumps.
According to the company, it replaced 142 kilometers of pipelines across its West
tion campaign and a new chapter in Philippine geothermal development,” she said.
PGPC currently has two operating geothermal steam fields with a combined capacity of up to 300 MW at Tiwi, Albay and Mak-Ban in the provinces of Batangas and Laguna.
PGPC is Southeast Asia’s first commercial geothermal power resource provider supplying renewable geothermal energy to client power plants since 1979.
completion
Zone concession last year. The replacement was backed by a P6 billion allocation for its non-revenue water program. To date, the company has replaced roughly 70 percent of aging pipes in the West Zone and will continue these efforts to recover more water and further strengthen its network.
Ramoncito S. Fernandez, the firm’s president and CEO, noted the cooperation of local government units for these projects. Jonathan L. Mayuga
FIRST Gen Corp. (PSE: FGEN) saw its net income decline by four percent to $77 million (P4.49 billion) in the first quarter of the year versus $81 million (P4.52 billion) in the same period last year. The company pinned the slide on weaker geothermal and gas power sales.
Its subsidiary, Energy Development Corp. (EDC), produced lower generation volumes as certain geothermal plants underwent maintenance activities. The decline was also attributed to lower spot market prices as well as new debt incurred.
First NatGas Power Corp., the owner of the 420 megawatt (MW) San Gabriel natural gas-fired power plant likewise continued to experience a drop in revenues as its power supply agreement with the Manila Electric Company (Meralco) expired in February last year. Revenues stood at $583 million (P33.8 billion), down two percent. This was a result of lower volumes of electricity sold during the quarter across the natural gas and geothermal platforms. In contrast, the hydroelectric power plants had a better start in 2025 as the rains from the previous year enabled higher power production.
The natural gas portfolio accounted for 66 percent of First Gen’s total consolidated revenues, while 30 percent came from EDC’s geothermal, wind, and solar plants. The four percent balance comes from hydroelectric power plants.
The natural gas power plants reported a seven-percent increase in re-
curring earnings for the first quarter of 2025 to $46 million (P2.7 billion) from $43 million (P2.4 billion). First Gen’s 1,000MW Santa Rita Power Plant, 500MW San Lorenzo Power Plant and the 97MW Avion Power Plant all reported higher recurring earnings due mostly to savings on interest expenses from their lower outstanding debt. San Gabriel, however, posted lower earnings resulting from its merchant sales position. In addition, FGEN LNG Corp. (FGEN LNG) started contributing revenues as it started commercial operations last January. It earned a recurring net income of $7 million in the first quarter of 2025. EDC’s recurring income, excluding hydro, stood at $20 million (P1.2 billion) in the first quarter of 2025. This was 22 percent lower than its recurring income of $26 million (P1.4 billion) in 2024. The geothermal power plants under EDC generated lower sales and operating income due to a reduction in electricity prices and electricity sold, as well higher interest expenses from greater debt following the execution of its drilling operation program and project expansions. The hydro platform’s contribution to First Gen’s recurring earnings was at $11 million (P619 million), a 37 percent increase from last year.
“First Gen’s portfolio of power plants [is] available for dispatch as the country experiences this punishing heat,” First Gen President and COO Francis Giles B. Puno said adding the company promises to deliver resources “during these coming local elections.” Lenie Lectura
AEV to redeem early its
A₧9.1B
retail bonds
BOITIZ Equity Ventures Inc., the holding firm of the Aboitiz family, announced last Tuesday it is exercising its early redemption option to redeem all of the firm’s outstanding 3.5 years fixed-rate retail bonds issued on December 7, 2022.
The company said the paper has a principal amount of P9.1 billion, and was supposed to mature on June 7, 2026.
As it exercise its early redemption option, AEV will prepay its 2022 Series A Bonds at an early redemption price of 100.25 percent of their face value on June 9, 2025, subject to the applicable Philippine taxes.
According to the company, it is coordinating with the BDO Unibank Inc. Trust and Investment Group and the Philippine Depository and Trust Corp.—the trustee, and registrar and paying agent, respectively—for the corresponding notices and computation of the amounts due to the bondholders of the 2022 Series A Bonds,”.
AEV earlier said it reaffirmed its commitment to sustainable development by participating in dialogues on the sustainable development goals organized by the Global Compact Network Philippines (GCNP) and the United Nations Global Compact.
The company said it emphasized its ongoing integration of environmental, social, and governance principles across its business units. “We are proud to stand alongside partners who believe in the power of business to drive sustainable change,” said Ginggay Hontiveros-Malvar, AEV’s chief reputation and sustainability officer and vice president for marketing and board member of GCNP.
“Our journey continues to be guided by purpose, accountability, and the ambition to create long-term value,” she said. VG Cabuag
Editor: Vittorio V. Vitug
What makes a winner?
IN any journey, the most challenging part is the halfway point.
The launch phase is usually when you’re bursting with excitement and enthusiasm. At the same time, the hope of victory and thrill of adventure intensifies your energy and zeal for success, as you look positively to what’s about to come. Nothing can stop you.
On the other hand, once the goal is in sight, your determination to succeed increases exponentially. Interestingly, as you see the finish line, even amidst extreme exhaustion and hardship, your stamina to endure and focus on the goal is heightened. At this point, a second wind is birthed and propels you to victory.
But it’s a totally different story when you’re at the middle of the journey. The excitement and enthusiasm ebbs away as your energy diminishes precipitately due to exhaustion which is aggravated by the fact that the finish line is still not in sight.
Likewise, your zeal for success is chipped-off gradually by the challenges and disappointments encountered along the way. At this juncture, hope is dim and the thought of giving up on the dream begins to progressively take shape. It’s as if you suddenly lost your appetite for victory and without warning, the price begins to outweigh the prize. This is the knockouts round where winners are separated from losers. So what makes a winner? Here are three tips to help you overcome the halfway point.
Keep the end in mind
ACCORDING to Stephen Covey, the second habit of highly successful people is that they “begin with the end in mind.” Winners have a clear vision of their purpose and destination. They know where to go and why they need to be there.
Having a clear vision will definitely help propel momentum. And keeping this end in mind all throughout the journey will certainly sustain your excitement and enthusiasm to proceed amidst whatever challenges there may be. It also serves like an armor against slothfulness and despair. Ultimately, a clear purpose and destination will enable you to focus on important aspects
of the journey and regard hardships as essential ingredients for success. Romans 5:3-4 reminds us that “We rejoice in our sufferings, knowing that suffering produces endurance, and endurance produces character, and character produces hope.”
Think mile stones A SUCCESS journey is not an overnight thing. It’s a long game that involves patience and endurance that could potentially be an arduous venture especially at halfway point where the finish line is still out-of-sight. And that’s why you need to think mile stones when embarking on a long journey. T he idea is to put-up markers or milestones for smaller goals that eventually lead to the main objective. By doing this, you will be able to sustain the excitement and enthusiasm of moving forward as you achieve and celebrate a series of smaller successes. Remember, winners can always move slowly but surely, one step at a time.
Move forward, no matter what LASTLY, winners move forward, no matter what. Keep in mind that a success journey is not a race where you compete with others with the aim of prevailing over them in order to win. The truth is that in your success journey, you only compete with yourself.
Everyday you must endeavor to become a better version of who you were yesterday. It involves a constant struggle of pushing yourself forward, day in and day out, without excuses! Every morning, no matter how they feel, winners will always get up, dress up, show up and give each day their very best. You should too. So just do what the clock does—keep moving!
“I can do all things through Christ who strengthens me” (Philippians 4:13).
Alexey Rola Cajilig is the President of ARCWAY Consultancy Inc., Executive Director of ARC DOCENDI, and Senior Vice President & Chief Operations Officer of EM-CORE DOTNET Inc.
He is a Sales Leadership Coach, Strategic Sales Operations Consultant, Christian Motivational Speaker, Human Ecologist and Author of The Effective Seller. He is also the creator of ARCH Styles, a behavioral and personality assessment & discovery tool. If you have questions and suggestions, you may send an email to alexey. cajilig@gmail.com.
Bread and butter from peanut butter: Frux’s sweetest victory
FRUCTOSA “FRUX” LLANA knows firsthand that an entrepreneur’s journey is often a bittersweet story. With enough doses of perseverance, hard work, and determination, she has turned countless setbacks into a thriving business, proving that resilience remains a key ingredient for success.
As the founder of Frux Food Products in Brgy. San Francisco, Panabo City, Fructosa believe that market demand alone does not guarantee sustainability. Adaptability and flexibility, she says, are essential for longterm success—lessons she learned through years of trial and error.
Before finding her niche, Fructosa tried selling repacked sugar and spices, operating a sari-sari store, engaging in buy-and-sell activities, and even venturing into sand and gravel, mining, and logging businesses. Despite repeated failures, her passion for entrepreneurship never diminished.
The journey THROUGHOUT her high school and college years, Fructosa juggled multiple jobs to fund her education. She recalled using her first salary as capital to buy raw materials for repacking sugars and spices, driven by her intense passion for business, even in its simplest form.
“I vividly remember that my very first salary was used as my initial capital to buy raw materials to repack sugars and spices. It is really my desire to have a business, even in the simplest form of selling stuff,” she said while reminiscing about how entrepreneurship found her.
From gaining nothing from her previous businesses to building her own family with five children, Fructosa has proven that embracing resilience can truly go a long way.
In the absence of technology to develop and refine her product, Fructosa spent hours manually mixing crushed peanuts, leaving her arms numb from the discomfort. At some point, she considered giving up, but she persevered after seeing the potential of her latest endeavor.
“Roasting and crushing the peanuts were so hard, too. Luckily, my husband is skilled in fabricating machinery, so he made me a customized machine for peanut processing,” she quipped.
To upscale her business, Fructosa consulted her neighbors and customers through taste testing. She also sourced sturdy containers and partnered with a reliable firm for label printing. Following these initiatives, she approached the Department of
Trade and Industry (DTI) Davao del Norte for her business name registration. “While walking home, I had an idea—why not let my first name inspire my business name? And so, I named it Frux,” she happily recalled.
The word “Frux” is derived from the Latin word meaning fruit, produce, or crops. Planting the seed of a new name also grew and expanded the potential of her peanut butter ventures. Fructosa continues to see bread and butter in her peanut butter business to this day, constantly improving the quality, packaging, and labelling of her product to make it more appealing to the market.
Frux’s continued success
FRUCTOSA noted that visiting the DTI office is a critical step for entrepreneurs seeking business growth support. In her case, it provided valuable training and guidance, which significantly improved her business.
“As an entrepreneur, once you show interest in the DTI, the agency is also interested in helping and improving your business. Like me, they have provided training, such as packaging and labeling, marketing, good manufacturing practices, value-adding, and many more,” she said while encouraging other entrepreneurs to seek help.
Of expansion, diversification, and innovation
FRUCTOSA had already established her mark as one of the most marketable peanut butter brands in the city, but this did not stop her from reaching new heights and expanding her market. She was immensely determined to display and sell her product at supermarkets, grocery stores, and malls. Thus, she complied with the Food and Drug Administration’s License to Operate and Certificate of Product Registration to meet the requirements and standards for food products. She also obtained a Halal certification to join local and international trade fairs, a gateway for market expansion.
Moreover, Fructosa, adopted technological innovations, being a beneficiary of the Department of Science and Technology’s Small Enterprise Technology Upgrading Program, which provided her with
labeling and packaging machines.
Later on, she realized that relying on a single product might not be enough to sustain her business in the long run. While she remained hopeful about its future marketability, she understood the importance of diversification.
“As I displayed my peanut butter at the malls, bakeries, and trade fairs, I realized that I had only a single product. And maybe, as anticipated with the future marketability of my peanut butter would not guarantee the sustainability of my business,” she said, while emphasizing that product diversification is crucial to sustaining a business.
Frux added banana and cassava chips, as well as ginger tea, turmeric, and moringa powder, to its product offerings. This is not the end, though, as she looks forward to developing other innovative products that have not yet reached the market. Meanwhile, DTI Davao del Norte Provincial Director lawyer Zerline T. Balleque highlighted the importance of innovation for micro, small, and medium enterprises (MSMEs) like Frux Food Products. She exclaimed that it helps them set their products and services apart from competitors, adapt to evolving market trends and consumer needs, improve operational efficiency, cut costs, and enhance productivity.
“Innovation is crucial among MSMEs because it enables them to differentiate their products and services from competitors, respond to changing market trends and consumer preferences, improve efficiency, reduce costs, and increase productivity,” she emphasized.
Of reaping the sweetest fruit FRUCTOSA’S effort did not only gain ground in the market; they also caught the attention of awardgiving bodies.
Frux Food Products was honored with the Most Innovative Product Award at the Great Mindanao Food Fair held in August 2014. The awardwinning product, recognized for its creativity and health benefits, is made from a unique blend of fresh
vegetables, including cassava, carrots, squash, saluyot, moringa leaves, water spinach, and camote tops—all known for their nutritional value.
Frux Food Products further proved its excellence in innovation, as Fructosa was awarded the 2019 Packaging Innovation Award—Regional Level. The prestigious recognition was given during the National Science and Technology Week celebration at the World Trade Center in Pasay City. In addition, Frux Food Products was awarded as one of the Top 10 awardees in the 2022 Search for Women of the Year in Panabo City. She received the prestigious Entrepreneur Award in 2022, in celebration of the National Women’s Month and the 21st Araw ng Panabo. This recognition highlights her remarkable contributions to the local business community and her dedication to empowering women through entrepreneurship.
Moving forward AS she continues to expand Frux Food Products and explore new opportunities, Fructosa’s journey remains a source of motivation for others. Her achievements reinforce the importance of resilience, creativity, and hard work in the entrepreneurial world, proving that with determination and vision, success is within reach.
“I hope to inspire others to keep pushing forward, embrace challenges, and turn their visions into reality,” she said almost in tears as she remembered all of her struggles before. “I’ve failed many times, lost, and almost surrendered my passion for entrepreneurship, but those also fueled me to innovate and excel in the market.”
Fructosa’s journey is more than a business success story. It is a testament to the power of vision, perseverance, and the unyielding spirit of a woman determined to carve her path. From humble beginnings to award-winning innovation, she has transformed challenges into stepping stones, proving that no dream is too big when fueled by passion and resilience.
From rock bottom to rooted success: How storehouse food products grew from setbacks to significance
THEY faced failed ventures, financial loss, and fading hope. But instead of giving up, Noel and Myrna Hilario planted the seeds of something bigger: Storehouse Food Products, Inc., a business now uplifting farmers, nourishing families, and inspiring entrepreneurs everywhere.
Based in Opol, Storehouse Food Products, Inc.’s journey was not paved with a perfect business plan or instant success; it began with struggle. For Noel and Myrna, returning home to the Philippines after years of working abroad in Brunei meant chasing one uncertain business venture after another. In 2012, they opened a small bakeshop in Cagayan de Oro City, only to watch it falter. They then ventured into farming, but their crops failed. A food station fol-
lowed, but it did not take off either.
“We were exhausted,” Myrna recalled. “Our savings were gone. We had to sell property just to survive. It felt like we were losing everything.”
However, out of this season of loss came clarity. In 2017, they discovered a deeper purpose: helping tribal farmers in the hinterlands of Dansolihon, Cagayan de Oro. These farmers grew taro (lutya) but earned very little from it. Myrna and Noel saw potential in that humble root crop. They decided to buy it at fair prices and turn it into something more.
From that vision came LUTYAKO Taro Chips—a healthy and proudly Filipino snack that would become Storehouse’s flagship product.
Their first launch at a local bazaar was modest but it marked the
beginning of a new chapter. Later that year, a conversation with the Department of Trade and Industry opened doors to broader markets and invaluable support. “DTI became the game-changer,” said Noel. “We didn’t just gain access to training— we gained hope.”
Through the DTI Misamis Oriental, Storehouse received mentorship, product development assistance, and exposure in One Town, One Product hubs and pasalubong centers, including the one at Laguindingan Airport. They slowly expanded their product line to include cassava, banana, and garlic chips, as well as garlic chili oil, fresh fruit tarts, and the Pru-Lay Calamansi Concentrate. Of course, they knew that fscaling a food business meant more than just variety;
it also entailed investing in quality.
Through the Small Business Corporation, they secured a loan to upgrade their facility to meet Food and Drug Administration standards.
“Those upgrades were critical,” Myrna said. “They allowed us to grow without compromising quality.”
Still, the digital age posed new challenges.
“We were intimidated by online marketing,” Myrna admitted.
But through the DTI’s E-TAAS Ang Pinay Program 2024, Myrna learned how to bring their story and products into the digital space.
“E-TAAS helped us see the value in storytelling,” she said. “People connected with our mission. Our online presence began to grow, and orders started coming in from all over—from Manila, Davao, Iligan,
even OFWs abroad.”
In 2025, Myrna enrolled in the DTI’s Kapatid Mentor ME (KMME) Program to strengthen her leadership and build new networks.
“I met fellow entrepreneurs who are now helping distribute our products. It’s a beautiful community of support.”
Today, Storehouse Food Products supplies 11 outlets across Cagayan de Oro and continues to grow as a trusted source of nutritious snacks and heart-driven entrepreneurship. Their children—one now a licensed chemist and another studying aviation—are part of the legacy they have built through grit and grace.
Their dreams continue. Noel and Myrna aim to launch a one-stop pasalubong center, expand their facility, and someday enter the international markets.
For the couple though, success is not merely gauged by numbers; it is measured by impact.
“Every chip we sell is a win for our partner farmers. Every new outlet is a step closer to our dream,” Myrna said. “This business is more than just livelihood—it’s purpose.” To aspiring entrepreneurs, their message is simple but profound: “Don’t give up. Believe in your product. Be open to help. Your failure today may just be planting the seeds of your future success.”
Storehouse Food Products Inc. has become more than a business—it reflects purpose and perseverance. It is a testament that from broken beginnings, you can grow something beautiful—one that uplifts, nourishes, and inspires.
Banking&Finance
Editor: Dennis D. Estopace
PHL eyes more non-locals in securities trade
By Cai U. Ordinario @caiordinario
MILAN, Italy—The Philippines is keen on increasing non-resident participation in government securities as it vies to be included in the JP Morgan Index, a process that started in 2023, and undertakes efforts to improve investment options and conditions for foreign investors.
In an Asian Development Bank (ADB) Annual Meeting session here last Monday, National Treasurer Sharon P. Almanza said the challenges of raising foreign interest in government securities include liquidity for investors and the issue of withholding taxes.
These have kept foreign participation low in government instruments, which peaked at around 8 percent at the height of the Global Financial Crisis in 2008. Currently, the government maintains a borrowing mix of 80:20, with the bulk being allocated to onshore investments.
“We’re trying to encourage foreign participation but…there are several issues that we’re trying to address, one of which is liquidity. So that’s one concern
of non-resident investors,” Almanza said during the session.
“Another is on the taxation because the Philippines has a witholding tax and it’s also one of the challenges for nonresidents because of high withholding (tax), we have 20 percent withholding (tax). So for a non-resident, somehow it affects the return,” she added.
In order to address the liquidity concerns of investors, Almanza said the national government has been consolidating its offerings by reducing its issuance of International Securities Identification Numbers (ISINs) on an annual basis.
This means, the BTr will make sure that every time it introduces new ISINs, the volume will be large and will become
a benchmark of between two years to a decade.
Moving forward, Almanza said the Bureau of the Treasury (BTr) will be doing more issuances through book building, a process by which underwriters determine the price at which an offer will be priced.
On the sidelines of the event, Almanza told reporters here that bookbuilding is like issuing an Retail Treasury Bond (RTB). The only difference is that the RTBs cannot be reissued, she explained.
Almanza said the BTr is now shifting to issue more Fixed Rate Treasury Notes (FXTNs). While there will still be RTBs, Almanza said the size of these offerings will significantly be reduced.
The last RTB issued by the government was P584.86 billion. (See: https:// businessmirror.com.ph/2024/02/26/ more-than-%E2%82%B1500braised-by-ng-via-tender-of-rtbs/).
“The intention is to have more benchmark bonds. Kasi yun yung ano (gusto) ng mga investors. They want big weight because right now we have so many ISINs, hindi sila liquid. Now, if we’re able to convert most of our issuances to bigger sizes, it’s better because the liquidity nandun kasi the volume dictates liquidity,” Almanza explained.
Creating a new process
IN terms of withholding taxes, Almanza said their hands are tied as these levies are legislated. Nonetheless, she said, that the BTr has worked with the Bureau of Internal Revenue (BIR) to create a new process for foreign investors.
Instead of getting tax rebates, nonresident investors can onboard using the Treasury’s new tax tracking system to monitor if they are taxable entities or non-taxable entities. Almanza hopes this system will help in luring investors to participate in the market despite the withholding tax.
It can be noted that one of the provisions of the proposed Passive Income and Financial Intermediary Taxation Act (Pifita), which is now called the Government Revenues Optimization through Wealth Tax Harmonization (Growth), aims to reduce this withholding tax to 10 percent.
However, global economic uncertainties has prompted the Department of Finance (DOF) to withdraw this proposal.
“If you’re a foreign investor residing in countries which we have tax duty, you will be able to take advantage of that duty. But then there’s a process that you have to go through. Our custodian will walk through our investors so that (they) can take advantage of that duty,” Almanza said.
Assets required MEANWHILE, Almanza told reporters here that currently, Manila has no plans to issue new Sukuk or Islamic bonds, after the maiden issuance of the debt papers two years ago.
In 2023, the Philippines launched its maiden offering of benchmark-sized Islamic bonds or Sukuk bonds with a minimum target of raising $500 million. (See: https://businessmirror. com.ph/2023/11/28/phl-launchesmaiden-offer-of-sukuk-bonds-eyes500m/)
Issuing Islamic bonds, Almanza said, requires assets. This means, she explained, that before issuing these bonds, the government must take stock of its pool of assets as the exercise of floating these bonds is not “straightforward.”
Further, the National Treasurer said, the government is also not keen on issuing new global bonds for the rest of the year given that the funding gap that the BTr needs to fill is already “negligible” at this point.
Meanwhile, on changing the borrowing mix from 80:20 to 90:10, Almanza said this may be difficult given the size that the government has been borrowing onshore.
Almanza said in the pre-pandemic period of 2019, the BTr was just borrowing less than P1 trillion from the domestic market; today, the borrowing has increased to P2 trillion.
Tweaking the mix from 80:20 to 90:10 would cause unwanted consequences, she added, citing the latter as higher rates and “the potential for domestic borrowings to crowd our investments from outside.”
Almanza also stressed that given the increase in the borrowings that the government has had, which is around P2 trillion, may be too high to absorb by the domestic market.
Sabi ko kung mag-dry [up] ’yung liquidity [in the] market, baka nga hindi mo kaya yung 80:20. Baka lang, hindi naman…, depende. But that number is good enough. Or, maybe 85. Let’s see,” Almanza said.
Institutional support
THE National Treasurer said apart from having local currencies used in financing or loan agreement, the Philippines needs technical assistance from multilaterals like ADB, the World Bank, and
the International Monetary Fund (IMF). The technical assistance would be used for projects such as the one the country engaged with ADB on the repo program and, in general, the development of the Philippine capital market through a blueprint.
She said the country also needs the help of multilaterals also in terms of embedding taxes on the price of government securities.
“I think one ask that we want …is to explore how we can, again, through this same possible shift, or how do we get there, you know, if we will be transitioning to a single price because right now we put the tax with the price when trading in the Philippine secondary market,” Almanza said.
“Starting this conversation with our market participants and also the possible implication on our domestic yield curve, I think we need that support from the multilateral banks. How do we get there, you know, the steps, if there’s going to be disruption in our market, and potentially also talking to stakeholders,” she added.
Earlier, the BTr reported that the national government’s gross borrowings fell to P745.142 billion year-on-year in the first quarter, as domestic debt dropped even as external liabilities more than doubled.
Latest data from the BTr showed gross borrowings declined by 30.55 percent to P745.142 billion in the first quarter from P1.073 trillion during the same period a year ago. The current financing level accounts for 29.27 percent of this year’s borrowing program worth P2.545 trillion. (See: https://businessmirror.com. ph/2025/05/05/ng-gross-borrowings-dip30-5-to-p745b-in-q1/).
Bond yields climb even with inflation easing
By Reine Juvierre Alberto @reine_alberto
THE average yield of long-term 7-year Treasury bonds (T-bonds) in Tuesday’s auction climbed to 6.081 percent despite the easing inflation in April.
The Bureau of the Treasury (BTr) made a full award on P30-billion worth of reissued T-bonds with a remaining term of seven years and four months.
The auction committee allowed the average annual yield of the T-bonds to increase by 9.5 basis points from the 5.986 percent yield in the previous auction for the same tenor nearly a month ago, on April 8.
The yield was also 2.1 basis points higher than the benchmark Philippine Bloomberg Valuation (PHP BVAL) rate of 6.0609 percent for the 7-year tenor.
Rates of the 7-year debt papers ranged from a low of 6 percent to a high of 6.095 percent. The T-bonds carried a coupon rate of 6.750 percent.
Tenders for the government IOUs reached P71.710 billion, 2.4 times oversubscribed the planned offering. The auction committee had to reject bids amounting to P41.710 billion.
Despite inflation easing to 1.4 percent in April, the bond yield still went up due to other factors.
One of these factors is the , according Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the bond yields increased on track with
Wider
Tthe US Treasury yields.
The comparable 7-year US Treasury bond yield is among 1-month highs recently at 4.13 percent “as the markets still await for any inflationary impact of Trump’s higher US import tariffs/reciprocal tariffs/trade wars especially with China that could determine the pace of future Fed rate cuts,” Ricafort said.
Fed Fund Futures priced in 75 basis points of Fed rate cuts for the rest of the year, or about three 25 basis points rate cuts, with the first reduction seen as early as July.
Meanwhile, local monetary authorities had signaled policy easing to support the economy amid rising global uncertainties affecting domestic economic activity.
The Bangko Sentral ng Pilipinas (BSP) is widely expected to further reduce the key policy rate this year, after it delivered a 25-basis point rate cut in April due to a more challenging external environment.
“We can’t tell you exactly how many more cuts, but definitely further cuts this year,” BSP Governor Eli M. Remolona Jr. said, noting that rate cuts will not happen at every monetary policy meeting.
Nonetheless, latest inflation number strengthens the case for another rate cut by the BSP, Emilio S. Neri Jr. of the Bank of The Philippine Islands (BPI) wrote in a briefing paper issued last Tuesday.
“The recent appreciation of the Peso also reinforces the argument for a rate
cut,” Neri, chief economist of BPI, wrote. “However, the upcoming GDP [gross domestic product] data will be a key factor in shaping the BSP’s decision.” He added that a “weaker-than-expected growth figure could solidify the case for a rate reduction.” But Neri also expressed that “caution is still warranted when it comes to rate cuts.”
“Monetary policy in the US could shift eventually as a response to higher inflation brought by the tariffs. Aside from unfavorable base effects from oil and rice, risk of a rebound in prices of key commodities may also fuel inflation expectations from September to December,” he wrote. He added that cutting the policy rate “too aggressively could make the Philippine economy vulnerable to a sudden reversal in the Fed’s stance, which might compel the BSP to implement substantial rate hikes in a worst-case scenario.” The government plans to raise P160 billion from the market through T-bonds in May, and P100 billion from shortdated Treasury bills.
This year, the Marcos administration will borrow a total of P2.545 trillion, following an 80:20 mix in favor of domestic sources. Gross borrowings reached P745.142 billion in the first quarter. Meanwhile, the national government’s outstanding debt reached a new high of P16.632 trillion as of end-February, 9.57 percent higher year-on-year from P15.178 trillion.
loan portfolio boosts AUB income
By VG Cabuag @villygc
HE Asia United Bank Corp. (PSE: AUB) announced last Tuesday that its net income in the first three months of the year rose 34 percent to P3.1 billion from the previous year’s P2.3 billion, mainly on the expansion of its loan portfolio.
This translated to a return on equity of 22.3 percent and a return on assets of 3.4 percent, breaching year-ago ratios of 20 percent and 2.8 percent, respectively.
AUB closed in Tuesday’s stock trading at P72.15 apiece, up by P3.75 from the previous close.
“We have managed to sustain the growth in our profitability since the pandemic, thanks to our robust core business and digital partnerships,” AUB President Manuel A. Gomez was quoted in a statement as saying.
“While we are confident of our performance, we remain cautiously opti-
mistic about the near-term outlook for the global economy due to the ongoing trade wars, the potential disruption in global supply chains, the projected slowdown in many major economies, and the growing geopolitical tension in some parts of the world,” Gomez said. The bank’s loan portfolio rose 34 percent to P252.6 billion from P188.4 billion last year.
Asset quality continued to improve despite the loan growth, with its nonperforming loan ratio fell to 0.35 percent from the previous year’s 0.47 percent, one of the lowest in the industry. The company also further reduced its
Musical experts give insights on women’s inclusion and trends in fora
MUSIC industry experts convened in back-to-back panel discussions to share inspiring stories of strategies and resilience to establish a successful career at the third installment of the Benilde Women Trailblazers event. Organized by the Center for Intellectual Property Management (CIPM) of the De La Salle-College of Saint Benilde (DLS-CSB), the initiative was held in joint commemoration of the Women’s Month in March and World Intellectual Property (IP) Day in April.
The first session, titled Riding the Soundwave: Trends, Challenges, and Opportunities in Music, delved into the dominant themes in the local scene. It likewise explored ways for future talents to safeguard their rights. It was moderated by Atty. Ma. Janice Tejano, Benilde CIPM director and innovation and technology support office manager. Kevin Dizon, who handles advertising, sales, and business development at Spotify, cited that connectivity is the name of the game for Gen Zs, which comprise most of the platform’s monthly active listeners.
Benilde faculty Agnes Asunta Manalo highlighted the value of mastering the art of storytelling and creating a community of musicians through the academe.
On the legal side, Atty. Ivan Viktor Mendez, general counsel of the Filipino Society of Composers, Authors and Publishers Inc., discussed the importance of IP awareness and protection for emerging artists.
In the second session, called Trailblazing the Beat: Benilde Women in Music, an all-female roster of panelists delved on the experiences of women practitioners in the field. Catherine Samaniego, Benilde consular and diplomatic affairs, and diplomacy and international affairs chairman, served as the moderator.
The team was composed of session musician Pauline Mae Lauron, voice coach Hannah Dela Rosa, gospel recording artist Sheena Lee Palad, music theater actress Paula Paguio, music production program faculty Janine Marie Flores, and bass professor Christine Louise Mercado.
Each speaker, all with an AB Music Production degree from the DLS-CSB, shared their own unique journeys, which equipped them with the knowledge and skillset they need to excel in their careers.
However, the path to creating a name for themselves in a male-dominated industry was not easy. One of the hurdles they faced was dealing with gender-related judgments in their profession.
The panelists likewise discussed other challenges encountered by female practitioners. These include the sting of being on the receiving end of misogynic comments, the difficulty of finding roles due to one’s body size, and the duty of performing in a show despite having period pains.
Despite these difficulties, they acknowledged the positive changes in the acceptance of women in the industry.
Avoiding burned bridges
NAVIGATING political differences in today’s polarized world can feel like walking through a minefield. Whether it is a friend who suddenly embraces a viewpoint you cannot understand, a colleague who casually makes a controversial remark, or a family member whose dinner table conversations turn into debates, the emotional toll can be disturbing. But disagreements do not always have to lead to division. With a bit of empathy, self-awareness, and practical communication, it is possible to stay connected even when you do not see eye to eye.
Friendships can be one of the hardest places to manage political differences because we tend to choose friends based on shared interests, values, or a sense of understanding. So, when a friend starts expressing political views that you do not agree with, it can feel like a betrayal or loss. Maybe you have been friends since high school and suddenly their social media feed is full of posts that make you cringe. It is easy to react with judgment or withdrawal, but curiosity can be a more powerful tool.
When political differences arise in a friendship, start with curiosity instead of confrontation.
Asking open-ended questions like “Can you help me understand what you liked about that?” can lead to understanding even without agreement. People respond better when they do not feel attacked, and this approach can help maintain mutual respect. At the same time, it is important to set boundaries if the conversation becomes repetitive or crosses into harmful territory. Expressing your discomfort calmly shows that you value the friendship while protecting your emotional well-being.
In the workplace, where collaboration matters more than political agreement, navigating political conversations requires care. While it is common for politics to surface in casual chatter, it is often best to steer clear or redirect the conversation with a neutral remark like, “I try to stay out of political debates at work.” However, if a colleague crosses the line with offensive or discriminatory comments, it is important to respond appropriately, either by addressing it directly or reporting it through the proper channels, to maintain a respectful and inclusive environment.
But there are also cases when coworkers become genuine friends, and deeper conversations naturally unfold. In those cases, respectful disagreement can build trust. The key is to listen without trying to convert. For example, if you disagree on an issue, you might say, “I see it differently, but I appreciate hearing your side.” Focusing on shared work goals and common decency keeps the relationship intact without ignoring the divide.
In a Filipino family, political discussions can be especially intense because they are often intertwined with tradition, identity, and deep-rooted beliefs
passed down through generations. You might have grown up accepting certain views, only to find later that your values have shifted. Imagine you are at a family reunion and an uncle starts passionately expressing a political opinion that makes you uncomfortable. You can calmly share your own view by saying, “I see it differently and here is why...,” or steer the conversation elsewhere by asking about a different topic. If things get too heated, stepping away might be the best move. The goal is not to stay silent, but to protect your peace while preserving the relationship.
It is also helpful to choose your battles. Not every comment needs a response. Ask yourself if the conversation will help or if it will just escalate tension. If a family member is open to dialogue, then feel free to talk about it. But if they are combative or dismissive, it is okay to step back. You can love someone without agreeing with them and you can maintain boundaries without cutting ties.
In some cases, though, you may need to create more distance. If someone’s political beliefs lead to behavior that is racist, sexist, or otherwise harmful,
Do these modern triggers make you hypertensive?
ISN’T it ironic how the modern conveniences that make our lives so much fun and easier—cars, smartphones, the internet—are the very things that can have a negative impact on our health? Who hasn’t stressed over the horrific crimes that make up the headlines on the evening news, stewed impatiently while sitting for hours in snail’s-pace traffic, or cried in frustration over the nasty comments of bashers on social media?
Harboring such intense feelings doesn’t just affect your mental health, says Dr. Kristina Ozaeta-Lorilla, MD, a cardiologist at leading health institution Makati Medical Center (MakatiMed, www. makatimed.net.ph). “It can weaken your immune system, trigger digestive issues like hyperacidity or diarrhea, give you tension headaches and backaches.”
It can also elevate blood pressure. Defined as the force of your blood pushing against the walls of your arteries, blood pressure consists of two numbers: systolic (or the top number, which represents when your heart contracts) and diastolic (or the bottom number, which stands for your heart at rest).
“The goal is to keep your systolic BP at less than 120 mmHg and a diastolic pressure of less than 80mmHg. A systolic of 130 and up and or diastolic of 90 or higher means you have hypertension, and without proper management, you could be at risk for a heart attack or stroke,”
Ozaeta-Lorilla explains. Though poor lifestyle choices like a diet high in sodium and processed foods, smoking and alcohol consumption, and no exercise are often to blame for hypertension, even heightened emotions like anger and depression can bring your BP up. “When you’re stressed, you produce the fight-or-flight hormone adrenaline, which increases heart rate, narrows blood vessels, and temporarily elevates blood pressure,” Ozaeta-Lorilla points out. “As for depression, feeling down may lead you to pick up bad habits like smoking, drinking, or binging on calorie-rich food—all of them are risk
factors for hypertension.” The bottom line? “Make modern conveniences work for you, not against you,” says Ozaeta-Lorilla. “When you manage your emotions and use of these modern conveniences, you manage your BP.”
n Social media. It connects you with family and friends, keeps you abreast of breaking news, and makes you laugh with its funny memes and reels. But cyberbullying, mean comments, and fake news can really stress you out. “Stop yourself from replying to hurtful or malicious comments. Instead, log off and spend time with people who truly care
then that is a deeper issue. Your values and emotional safety matter, and walking away can sometimes be the healthiest option, especially if previous attempts at respectful conversation have failed.
At the heart of all of this is a simple but powerful question: how much do you value the relationship compared to how strongly you feel about the political differences? Some relationships can survive deep disagreement because they are built on years of trust, shared experiences, and mutual respect. Others may need to fade or change when the cost to your wellbeing becomes too high.
Not every disagreement has to end in disconnection. Sometimes, choosing to listen, to stay curious, or to respectfully disagree is enough to keep the relationship intact. Other times, standing firm in your values may mean letting go. Either way, you are allowed to decide what is worth holding onto and what is better left behind. The goal is not perfect harmony but integrity with compassion. When you can balance the importance of your beliefs with the value of your relationships, you are more likely to find peace in the space between. n
for you. You can also read a book, go for a walk, or exercise. That’s time well spent compared to hours of mindless scrolling,” says Ozaeta-Lorilla.
n National elections. Especially in the Philippines, discussions about the elections (and politics in general) are typically heated and go nowhere. “You’ll never win in a talk about politics, so don’t engage or encourage it,” says OzaetaLorilla. And when the candidates you voted for don’t win? “I know people who considered leaving the country when the public servants they campaigned hard for lost. But life goes on. Feel bad for a few days if you must, then resolve to do what your candidate would have done if they won: Be kind and helpful to your community.”
n The news. From the rising prices of goods to senseless crimes and deaths: These days, there’s rarely any good news in the news. “You can still stay informed by choosing reliable sources, and not these dubious sites that peddle fake news and negativity,” Ozaeta-Lorilla assures. “Also, check your mood before watching or reading the news: Are you tired? Anxious or sad over something? If so, then skip the news for the moment and come back to it when your mind and mood are better.”
n Heavy traffic. Not only do Filipinos waste so much time on congested roads (117 hours annually, the equivalent
of five days, says Dutch navigation company TomTom), they’re slowly killing themselves from the air pollution caused by vehicles. “According to a scientist from the Manila Observatory, at least 100 of every 100,000 Filipinos die annually because of air pollution,” shares OzaetaLorilla. “Air pollution exposure has also been known to increase blood pressure. If you can swing it, ask your boss if a workfrom-home arrangement is possible. But if you need to be in the office, wearing a facemask when you commute lessens your exposure to smog. In the car, you can also listen to music that you like and take slow, deep breaths to ease your anxiety from the traffic.”
n Work. And speaking of work, much of Filipinos’ stress and anxiety are traced to their jobs—from worrying about earning enough to support their families to fearing their boss and finding no fulfillment in what they do. “Unless you really don’t like your job and it’s affecting your health, I wouldn’t suggest quitting because it’s hard to be unemployed,” says Ozaeta-Lorilla. “For the moment, try to release that stress through exercise [sign up at the gym or form a running or walking group with coworkers] or talk to someone who can listen and offer words of comfort. Working up a sweat and opening up to a confidant are not only uplifting, they’re good for the blood pressure, too.”
Editor: Tet Andolong
BusinessMirror
Govt’s infra development program, private sector investment boosting Clark’s growth
By Rizal Raoul S. Reyes @brownindio
CLARK,
Pampanga—The
Build Better More infrastructure development program of the Marcos administration is a perfect complement to the private sector’s aggressive investment initiatives in catapulting Clark into a more progressive economic zone.
In the recent Talakad: Central Luzon’s Economic Rise” forum organized by Colliers Philippines in p artnership with Hann Resorts held at the Marriott Clark, Joey Roi Bondoc, research director of Colliers Philippines told the audience t hat the Clark Freeport is expanding its industrial footprint brought b y the massive infrastructure projects in Central Luzon. “Central Luzon is the biggest beneficiary of t he infrastructure spending by the government,” Bondoc said.
ing a total investment of $139.92 million and employing over 1,600 individuals.
These investments span various sectors, and the Philippines is actively looking to further enhance e conomic ties with Singapore in the Clark region.
A key investor Clark RODEM PEREZ , AVP for Business Enhancement, Clark Development Corp. (CDC), pointed out that the Hann group is a big investor and key contributor to the growth of tourism in Clark City. Furthermore, he said revenues generated n ot only by the locators and tourists coming in has helped a lot in m aking Clark Freeport a lucrative investment area.
As of 2023, 16 Singaporean firms operate within Clark, contribut -
The New Manila International Airport, Skyway Stage 3, North Luzon Expressway-South Luzon Expressway connector road and the Manila-Clark Railway are some of the big ticket projects in Central Luzon. “Aside from these infrastructure projects, Central Luzon, pa rticularly Pampanga, is attracting a lot of investors because 60 p ercent of its population belonging to the 15 to 64 age group is gainfully employed. W ith a current capacity of 8 million from 4 million prior to its modernization,Clark International Airport Corp. President J oseph Pascua Alcazar said the Clark International Airport is going to be a catalyst to develop a m ore dynamic retail landscape in the Central Luzon region in the years to come.
Kenneth Peralta, vice president for promotions, investment p romotions and marketing of the Bases Conversion and Development Authority (BCDA) said t ransitioning from leasehold to landhold would attract more investors to locate in the special zone. With the recent approval of Senate Bill 2647 and expected to be i mplemented in the next session, it will open a lot of opportunities for investments,” Peralta said.
Furthermore, he said the lease act up to 99 years passed by Congress could spur investments in economic zones like Clark. “We need
What MOA can teach us about the next era of urbanization
THE next generation of great cities will not happen by chance. They will be built deliberately—planned as integrated ecosystems where living, working, leisure, and commerce are seamlessly connected. In the Philippines, few developments reflect this shift more clearly than the Mall of Asia (MOA) complex in Pasay City. Across a single district, MOA brings together a rare convergence: the sprawling SM Mall of Asia, the landmark MOA Arena, the five-star Conrad Manila, the E-Com office clusters, and a growing network of residential and hospitality developments. Soon, the addition of the SMX Center for International Trade and Exhibitions (SMXCITE) will expand MOA’s role even further. Designed to accommodate up to 18,000 guests, SMXCITE will double SMX’s exhibition footprint and position MOA as the country’s premier hub for global trade shows, conferences, and business events—comparable to Southeast Asia’s leading convention centers. Strategically rising beside SMXCITE is SMDC’s Ice Tower ResidentialOffice. Its location is no coincidence. For Ice Tower owners, immediate proximity to the country’s largest events center means access to a year-round stream of businesses, entrepreneurs, and international delegates. Units here will have the built-in advantage of higher rental demand, business flexibility, and strong resale potential— qualities that few other addresses in Metro Manila can replicate. This ripple effect extends to other SMDC developments in the complex as well, such as Sail Residences, offering waterfront-inspired living near commerce, and Shore 3 Residences,
m ore investors, more tax breaks because we have to stay ahead of the competition,” Peralta said.
Making a difference in Clark
AS far as Hann Philippines is concerned, it is undertaking substantial investments, including the $250-million Hann Casino Resort expansion, the Hann Reserve Development featuring multiple luxury hotel brands (Banyan Tree, SO/, S ofitel, Emblems by Accor, and the Hann Reserve Public Park.
These developments by Hann Resorts significantly contribute to the investment landscape of Clark Freeport Zone and New Clark City, making it an attractive destination for both local and foreign investors, including those from Singapore.
More room for expansion
MEANWHILE , Hann Philippines Vice President for Real Estate and
Property Development Agnes Liwanag said there is more room for expansion in the 21-hectare property, t he only integrated luxury resort in Central Luzon. “The opening of the P8 billion 3,588-square-meter Canyon Casino is in response to the huge demand from the gamers. Basically, this is an expansion of t he current casino. This would bring more gaming spaces to our guests,” Liwanag told the audience during the forum. Liwanag said the project is currently under construction. Target c ompletion for the first phase is the end of 2025 while phase two of the project is to be completed in the first quarter of 2026.
“Hann Philippines Inc. is a significant driver of economic growth i n Central Luzon through its portfolio of luxury integrated lifestyle r esorts. The established Hann Casino Resort in Clark Freeport Zone
g enerates considerable tourism revenue and employment opportunities. Furthermore, the expansive Hann Reserve in New Clark C ity is projected to amplify these economic benefits by attracting substantial investment and highvalue tourism with its world-class amenities, including championship golf courses, international luxury hotels, a commercial center with a casino, and exclusive residential offerings, all while emphasizing sustainable development principles,” L iwanag pointed out. Finally, Department of Transportation spokesperson for business infrastructure Maricar Bautista said public-private ownership projects, currently numbering 187 in the pipeline. Secretary V ince Dizon said the private sector has the expertise in building the projects. “The key is collaboration,” she said.
LIMA Tower One sets benchmark for sustainable office spaces in Batangas with
ATANGAS , Philippines— LIMA Tower
BOne, the first premium office building in Batangas, has been awarded the prestigious 5-Star BERDE Certification by the Philippine Green Building Council (PHILGBC)—marking a major milestone for sustainable, high-performance developments in the province.
The recognition was celebrated at a ceremony attended by leaders from the PHILGBC, Aboitiz InfraCapital Economic Estates, and key stakeholders. In his remarks, Rafael Fernandez de Mesa, President of LIMA Land and Head of Aboitiz InfraCapital Economic Estates, emphasized how the milestone reflects LIMA Estate’s role in shaping a greener, more inclusive future for Batangas and for the country.
“Today’s 5-Star BERDE Certification is more than an accolade. It affirms our deep and ongoing commitment to responsible development—where economic progress, environmental stewardship, and community upliftment move forward hand in hand,” Fernandez de Mesa shared.
LIMA Tower One anchors the expanding Biz Hub at LIMA Estate, a 70-hectare business district in Lipa and Malvar that seamlessly integrates office, retail, residential, hospitality, and institutional components with industrial activity. This thriving environment is redefining what industrial estates can be—creating vibrant, people-centric communities beyond Metro Manila.
A centerpiece of the Biz Hub, LIMA Tower One addresses the growing demand for highquality workspaces in provincial locations, driven by a shifting workforce seeking better quality of life closer to home. The development has already attracted major tenants, with Conduent, one of the country’s top IT-BPM companies, choosing LIMA Tower One for its first provincial office. Occupying three floors, Conduent’s operations are poised to create hundreds of high-value jobs for Batangueños.
During the ceremony, Fernandez de Mesa underscored the unique relevance of the BERDE rating system, which addresses
in advancing sustainability in the built environment. “We chose to pursue BERDE Certification not just because of its technical credibility, but because it was designed by Filipinos, for Filipinos—rooted in the realities and aspirations of our communities,” he said. With
2,000 hectares of industrial land under management and home to more than 250 global and local companies, Aboitiz InfraCapital Economic Estates supports over 100,000 direct jobs across its developments. It is currently the only industrial estate developer in the Philippines to have all its operating estates BERDE-certified, reinforcing its leadership in building smart, sustainable, and future-ready communities.
Philippine Green Building Council Chairman Raymond Rufino, celebrated the continuous efforts of Aboitiz InfraCapital Economic Estates for continued collaboration and purpose-driven growth. “I have always encouraged fellow developers to embrace green building practices. The developments within Aboitiz InfraCapital’s Economic Estates exemplify how we can raise the bar—meeting global standards and demonstrating that the Philippines can lead in building green, future-ready communities.” said Rufino.
The 5-Star BERDE Certification of LIMA Tower One marks a significant step forward in Batangas’ transformation into a
business hub—strengthening the prov
ince’s position at the forefront of sustainable and inclusive growth in the Philippines.
HANN Philippines Vice President for Real Estate and Property Development Agnes Liwanag
FROM left Rodem Perez, Assistant vice president for business enhancement, Clark Development Corp and Kenneth Peralta, vice president for promotions, investment promotions and marketing of the Bases Conversion and Development Authority (BCDA). FROM left: Joseph Pascua Alcazar, president of Clark International Corp and Department of Transportation spokesperson for business
