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BSP working to ensure exit from ‘gray list’

CRECENCIO I. CRUZ

THE BANGKO SENTRAL ng Pilipinas (BSP) is working to ensure the country’s exit from the Financial Action Task Force’s (FATF) “gray list” of jurisdictions under increased monitoring for anti-money laundering risks by next year.

The central bank has been working with the National Government to “further strengthen the country’s risk-based anti-money laundering/countering terrorism and proliferation financing (AML/CTPF) supervisory regime,” it said in a statement on Tuesday.

“The BSP remains committed to reinforcing the integrity of the Philippine financial system and continues to conduct risk-based AML/CTPF examinations, thematic reviews, and capacity building programs,” it added.

The FATF last week kept the Philippines in its list of jurisdictions under increased monitoring for “dirty money” risks. The country has now been on the gray list for over three years or since June 2021.

Still, it said the country has addressed the remaining deficiencies in its recommended action items.

The dirty money watchdog is set to conduct an on-site visit to verify the Philippines’ progress in its action plan and implementation of reforms. This is set to take place anytime between now and February 2025.

“The Philippines will be removed from the FATF gray list after successful verification,” the BSP said.

The central bank has been implementing the necessary initiatives to “enhance money service business supervision and the effectiveness of targeted financial sanctions framework for terrorism and proliferation financing,” it said.

“The BSP also recognizes the continuing efforts of banks and other BSP-supervised financial institutions to improve their AML/CTPF frameworks,” it added.

Exiting the gray list will help support overseas Filipino workers (OFWs) by making remittances and cross border payments faster and more affordable, the central bank said.

The Anti-Money Laundering Council (AMLC) earlier said the country is on track to exit the gray list by 2025.

In 2002, the FATF blacklisted the Philippines for having no legal anti-money laundering framework. It was removed from the blacklist a year later after the passage of the Anti-Money Laundering Act.

The FATF Plenary, the intergovernmental organization’s decision-making body, usually meets in February, June and October.

Data from Moody’s Investors Service showed that from 2018 to 2023, the Philippines was among the top five countries in Southeast Asia with money laundering activity events added over the five-year period.

The number of money laundering events added in the Philippines increased by 45% from 2022 to 2023, according to Moody’s. — Luisa Maria Jacinta C. Jocson

Sean ‘Diddy’ Combs sexually assaulted 10-year-old boy, lawsuit claims

Sean “Diddy” Combs on the talk show Late Night with Seth Myers. — IMDB

NEW YORK — Sean “Diddy” Combs has been accused of sexually assaulting a 10-year-old boy in 2005, according to a new lawsuit that joins more than two dozen others accusing the music mogul of sexual misconduct.

The civil lawsuit was one of two filed on Monday in a New York state court in Manhattan by Tony Buzbee, a lawyer who says he represents more than 150 victims of Mr. Combs’ abuse, and has filed at least 17 lawsuits.

In Monday’s second lawsuit, another male accuser said he was a 17-year-old auditioning for the reality TV show Making the Band when Mr. Combs and a bodyguard sexually assaulted him in 2008.

“The lawyer behind this lawsuit is interested in media attention rather than the truth,” Mr. Combs’ lawyers said in a statement resembling those issued after earlier Buzbee lawsuits. “In court, the truth will prevail: that Mr. Combs never sexually assaulted or trafficked anyone — man or woman, adult or minor.”

Mr. Combs, 54, has also pleaded not guilty to criminal sex trafficking charges in federal court in Manhattan, where he faces felony counts of racketeering conspiracy, sex trafficking, and transportation to engage in prostitution.

Federal prosecutors have accused the Bad Boy record label founder of coercing men, women, and children into sex acts without their consent, bribing and intimidating them into keeping quiet, and employing his staff to cover up his crimes.

Mr. Combs has been held for six weeks in a Brooklyn jail after being denied bail twice, and is appealing his detention.

In the complaint involving the 10-year-old, the California plaintiff known as John Doe said he was an aspiring actor and rapper when a consultant whom his parents had hired arranged an “audition” with Mr. Combs at a New York hotel.

According to the complaint, after Mr. Doe told Mr. Combs he would “do anything” to become a star, Combs gave him a soda spiked with drugs, pushed him down, and forced him to perform oral sex.

Mr. Doe said he lost consciousness, and upon waking was sore and had his pants undone. He said he cried and asked to see his parents, leading Mr. Combs to say he would hurt them “badly” if Mr. Doe revealed what happened, the complaint said.

In the second complaint, a different California plaintiff named John Doe said Mr. Combs forced him to perform oral sex on himself and the bodyguard, with Mr. Combs framing the latter as a “test” of how much Mr. Doe wanted to succeed in the music industry.

Mr. Doe failed the audition, after Mr. Combs deemed him “untrustworthy due to his reservations about performing oral sex on his bodyguard,” the complaint said.

Combs’ criminal trial is scheduled for May 5, 2025. — Reuters

Our collective stake in our common future

RAWPIXEL.COM-FREEPIK

It’s the season once again — for the Stratbase Group’s Pilipinas Conference, which this year will be held on Nov. 6 and 7 at the Manila Polo Club and also livestreamed. It will be the 9th year that such a major conference is taking place.

Our organization, the Stratbase Group, has been around for 20 years. We are a thinktank, yes, but we also relish our role as a provider of platforms for sparking new ideas and fostering discussions on key issues facing Philippine society. We bring together key stakeholders from the government, private sector, civil society, and diplomatic community to discuss and shape policies that address the complex social, political, and economic challenges affecting the Philippines and the broader Indo-Pacific region.

This year, we are building those discussions around the twin themes of geopolitics and geoeconomics. These two are both crucial to the development of the Philippines and our ability to provide quality life to our people, as well as our ability to protect them. They are also inseparable.

The Philippines has distinct core qualities compared to other countries. We are in a strategically critical location with unparalleled natural resources. Aside from these natural attributes, we boast of a young, skilled, and adaptable workforce. Taken together, these advantages have long defined our potential — the only thing left to do is to make that potential a reality. We are on that track, but we have a long way to go.

A certain way to do this would be to make the Philippines an attractive hub for foreign direct investment. There are ongoing reforms to improve the investment climate, such as easing business regulations and adopting transparency and accountability in our processes. These would definitely overcome bureaucratic delays and encourage more investors to take a chance on the Philippines, not only in the capital region, but in numerous other locations as well across the archipelago.

Investments bring more than the actual amount that investors commit. They bring possibilities and the opportunity to look into the future in a more confident position. They bring infrastructure, which are long-term expressions of commitment. Infrastructure is a stated priority of this administration. Investments bring jobs, occasion consumer spending confidence, and drive economic activity. Specifically, given our innate strengths, the Philippines is being looked at as a regional manufacturing and logistics center. It could play a pivotal role in shaping the economic dynamics of the Indo-Pacific.

Central to these efforts is collaboration between the public and the private sector, as well as with other stakeholders. The people themselves are aware of how important such a partnership is. In a survey commissioned by Stratbase from Pulse Asia Research, Inc., it was found that Filipinos believe that the private sector is vital to achieving economic security. They see the private sector and government working together to promote economic growth and development by expanding livelihood opportunities (52%), making goods more affordable and accessible to consumers (51%), and creating higher-quality jobs (48%).

Obstacles to foreign investment include complicated rules and regulations like red tape (52%), changing government policies and regulations (51%), and corruption in the public sector (46%). Addressing these concerns could significantly enhance investor confidence and drive economic growth.

Working with the private sector and with civil society gives the government a realistic feel of the concerns being faced by industries, business organizations, communities, and individuals. Thus, the government can craft policies or amend existing ones so that they truly respond to what is needed on the ground.

Collaboration is also non-negotiable in good governance. Irregularities happen when one party is given too much discretion without any checks and balances from other stakeholder groups. Ideally when these different groups come together, nobody will be able to get away with self-serving acts without facing reckoning and being held accountable.

THE CONFERENCE
The two-day conference is entitled “Navigating a Complex Geostrategic Landscape: Building Resilience Through Cohesive Cross-Sectoral Collaboration in 2025.”

On the first day, we will focus on the confluence of asymmetric security challenges and their impact on the collective security of the Indo-Pacific region and adherence to the rules-based international order. The Philippines faces risks and opportunities in various areas, including aggressive actions in the West Philippine Sea and proliferating cybersecurity threats like disinformation campaigns. In response, the Marcos Jr. administration has employed minilateral and multilateral approaches to strengthen and expand cooperation with like-minded partners.

On the second day, the focus will shift to strategic initiatives necessary to foster a robust economy and resilient society through the creation of green and high-quality jobs. Since 2022, the Marcos Jr. administration has implemented an Eight-Point Socioeconomic Agenda aimed at mitigating external risks and steering the economy back to a high-growth trajectory. This agenda prioritizes investments in sustainable infrastructure, critical minerals, and clean energy, positioning the Philippines as a key player in the global supply chain.

During the past two decades, Stratbase has been mindful of its unique role in Philippine society — as the top think-tank, we are dedicated to facilitating critical dialogues that include all societal sectors, aiming to elevate the Philippines’ global standing and improve the quality of life of every Filipino.

Indeed, the 2024 Pilipinas Conference serves as a call to action, inviting stakeholders to collectively shape the nation’s future and secure the Philippines’ place on the world stage.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

Converge ICT advancing IoT integration — Uy

CONVERGE ICT Chief Executive Officer Dennis Anthony H. Uy — CONVERGEICT.COM

CONVERGE ICT Solutions, Inc. is working to enhance its services and infrastructure by leveraging Internet of Things (IoT) technology and expanding its data centers and subsea fiber networks to meet the growing demand for better connectivity in the Philippines, its top official said.

“Here in the Philippines, we anticipate an influx of utilization of capacities, especially with IoT, data, and artificial intelligence. All of this content, all of them need huge capacity. We are looking at the new age of intelligence today; we are looking after connectivity,” Converge Chief Executive Officer Dennis Anthony H. Uy said during a press briefing on Tuesday.

With the expected demand for data and connectivity, Converge said it is developing its business and projects to better suit the capacity demand in the country.

For instance, the company said it plans to open two data centers with a combined capacity of 13 megawatts in 2025.

“We will activate it in the first quarter of 2025, and we will build a computing zone; this is a virtual computing machine. On top of this computing data center, we will build the application layer, which is connectivity,” Mr. Uy said.

“We are now also on the way to build digital infrastructure with a multiple edge cloud and data center strategy,” he added.

The company said previously that it was also on track to complete the construction of its international subsea fiber networks by next year.

The Bifrost cable system is expected to be completed by the first quarter of next year, and the Asia-Hainan-Hong Kong Express (SEA-H2X) Submarine Cable System is set for completion by the second quarter of 2025, it said earlier.

“[Our] goal is to drive the expansion of IoT solutions in the Philippines by creating a collaborative environment where local and global stakeholders can connect, share insights, and explore innovative technologies,” said IoT solutions provider Packetworx, Inc. Chief Marketing Officer Raisa Orbon.

Like artificial intelligence, IoT continues to gain momentum in the country as telecommunications companies capitalize on its growth to further strengthen by providing reliable connectivity.

“To support this growth, the DICT is laying the groundwork for a robust IoT ecosystem. Our initiatives focus on infrastructure development, smart cities, industry support, and countryside development,” said DICT Industry Development Bureau Director Emmy Lou V. Delfin.

The development of IoT in the information and communications industry is important as the country’s IoT market is expected to reach P165 billion within this year and has a projected annual growth rate of 20% from this year until 2029.

She said DICT’s programs like the National Broadband Program and its Free Wi-Fi for All project will help bridge the digital gap by providing internet access to Filipinos.

“This connectivity is the foundation upon which IoT thrives, enabling applications across healthcare, agriculture, logistics, and government services,” Ms. Delfin said. — Ashley Erika O. Jose

RCBC upsizes medium-term note program to $4 billion

PHILSTAR FILE PHOTO

RIZAL COMMERCIAL Banking Corp. (RCBC) has upsized its medium-term note program to $4 billion from $3 billion, it said on Tuesday.

The Yuchengco-led bank will also be issuing foreign currency-denominated senior notes under the program, RCBC said in a disclosure to the stock exchange.

It has appointed SMBC Nikko Securities, Inc. as the program arranger, it added.

The increase in its bond program, the planned issuance, and the appointment of the program arranger was approved by the bank’s board of directors on Monday.

RCBC last tapped the foreign bond market in January, raising $400 million from an issuance of five-year senior unsecured sustainability notes.

This issuance marked RCBC’s return to the overseas debt market after over three years.

The notes were issued out of the bank’s medium-term note program, with the proceeds set to finance and refinance its consumer loans, as well as its own operating activities, for eligible green and social categories in line with the RCBC’s Sustainable Finance Framework.

RCBC’s net income declined by 12.97% year on year to P2.25 billion in the second quarter due to increased tax expenses.

Its shares went down by 25 centavos or 0.93% to close at P26.60 each on Tuesday. — AMCS

Pop star Madonna defeats lawsuit over concert start time in Miami

MADONNA.COM

POP SUPERSTAR Madonna persuaded a judge in Miami to throw out a lawsuit claiming she deceived concertgoers by taking the stage 90 minutes late at a concert in April.

Judge Jorge Perez Santiago of Miami-Dade County Court said at a hearing last week that the concert’s 8:30 p.m. start time was subject to change and that an opening act performed as planned before Madonna’s appearance.

The concertgoer alleged Madonna and the arena, Kaseya Center, violated Florida’s law against deceptive and unfair business practices by starting the concert late and for knowingly allowing the venue to be overheated.

Mr. Perez Santiago said there were no issues for a jury to resolve, and dismissed the case. The judge said the dispute over heat boiled down to a subjective feeling.

“If it was too hot for you, it’s too cold for somebody else,” Mr. Perez Santiago said at the Oct. 24 hearing, according to a transcript.

Marcus Corwin, an attorney for the concertgoer, told Reuters on Monday that he planned to appeal the dismissal ruling.

“My job is to help consumers get what they feel they’ve bargained for,” Mr. Corwin said in an interview.

Lawyers for Madonna and the arena, home to the Miami Heat professional basketball team, did not immediately respond to a request for comment.

Mr. Corwin has two other similar pending lawsuits against Madonna before different judges in the same court. He said a judge in one of the cases had rejected Madonna’s early defense arguments.

Mr. Corwin, who is based in Florida, is also pursuing a separate class action over a late Madonna concert start in federal court in Washington, DC. In June, he voluntarily withdrew a lawsuit in New York that accused Madonna of starting concerts two hours late.

Madonna has denied the claims in all the cases.

The lawsuits in Miami-Dade County Court sought damages of under $8,000 for different nights of Madonna’s Celebration Tour in Miami.

Mr. Corwin at the Oct. 24 hearing accused Madonna of habitual lateness.

“I mean, this is not one night. They do this all the time,” he said.

Madonna’s lawyer Austin Flickstein countered that the plaintiff got what he paid for.

“It is not unreasonable for a headlining act to have someone come up and warm up the crowd,” Mr. Flickstein told the court. “Reasonable consumers know this.” — Reuters

Helene and Milton damage is just the start of the climate tab

JCOMP-FREEPIK

WHEN we think about the economic damage of climate change, most of us probably think about the physical destruction wrought by mammoth disasters like hurricanes, wildfires, and droughts: Bungalows tumbling into the sea. Houses turned to ash. Acres of dead crops. That sort of thing. But the quieter, longer-term effects of global warming cut even deeper.

Consider western North Carolina. It’s just beginning to repair the heavy physical damage to homes, businesses, and infrastructure caused by Hurricane Helene nearly a month ago. The state’s tab for that could be $53 billion, Governor Roy Cooper has said. But all of that physical wreckage also means businesses are closed, tourists aren’t visiting, people aren’t working, and few are splurging on luxury goods when many are still struggling just to get drinking water. That adds up to financial damage that dwarfs the physical one.

The total short- and long-term economic impacts of Hurricanes Helene and Milton could amount to roughly $400 billion, the private forecasting firm AccuWeather has estimated. That’s more than twice most assessments of the direct physical damage done by these storms.

Clearing away wreckage could take months. Rebuilding homes, businesses, and infrastructure could take years. During that time, the economic losses will pile up, AccuWeather’s chief meteorologist, Jon Porter, noted in an interview. Businesses will close. People will move away forever.

“These places have a long road ahead,” Porter said. “They need a lot of help to rebuild and put lives back together, which tragically changed forever, sometimes in a matter of minutes.”

North Carolina’s pain will also be shared across the country in the form of higher grocery bills. Helene and Milton disrupted agriculture across the Southeast, tightening produce, livestock and fertilizer supplies when consumers are already struggling with food inflation.

Most insidiously, the stress of the disasters will inflict long-term health impacts on millions. Tropical storms cause excess deaths for 15 years after they strike, according to a new study by researchers at the University of California, Berkeley. The average storm leads to 7,000 to 11,000 extra deaths during that span, compared with the 24 deaths, on average, storms cause directly when they land. This doesn’t account for the chronic health problems of those who survive or the medical costs they will incur during their lifetimes.

But the pain doesn’t end there. S&P Global Ratings last week put Asheville and 11 other North Carolina and Tennessee municipalities on “CreditWatch with negative implications,” which is rating company lingo for “We might cut your credit rating.” Why? All of that aforementioned post-hurricane economic weakness could make it harder for these cities and towns to pay their bills. As anybody who has ever tried to buy a car with a lousy credit score can attest, this can balloon your borrowing costs. So add higher interest rates to a bill that is growing longer than a CVS receipt.

Disasters aren’t climate’s only source of financial pain. A group of Oregon economists called the Forum on Oregon Climate Economics recently tried to tally all the losses a heating planet is inflicting on their state. As you would expect, they found the 2018 wildfire season and 2021 heat wave wreaked billions of dollars in damage. But Oregonians also lose tens of billions every year because of excess heat, poor air and water quality, and other routine impacts of climate change, and they risk losing even more from the death of the state’s salt marshes, Douglas firs, and other natural resources.

“The average household in Oregon can reasonably expect to suffer damages in the tens of thousands of dollars per year under current emissions scenarios,” the economists wrote.

And that’s just one state. All across the US and the world, increasingly extreme climate conditions are hurting buildings and infrastructure in subtle but devastating ways, Bloomberg’s CityLab noted recently. Heat and rainfall that were unimaginable at the time of design and construction are causing roofs and HVAC systems to fail, roads and railways to buckle, and foundations and plumbing to shift and crack. Maintenance and repair costs have only begun to soar.

All of this adds up to crushing economic cost. Every 1° Celsius of heating above preindustrial averages cuts global GDP by 12%, a recent National Bureau of Economic Research paper estimated. The 1.3°C of warming the planet has already experienced has left economic output 37% lower already than it might have been in a normal climate. By the end of the century, global GDP could be cut in half — an effect comparable to a permanent state of war.

In fact, war is a good analogy for the challenge we face. Bloomberg NEF has estimated it will cost $215 trillion by 2050 to mitigate future climate change and adapt to the warming already in the pipeline. If Earth faced an alien invasion that was costing it trillions of dollars and thousands of human lives every year and eroding the foundations of society, we wouldn’t blink at spending $215 trillion to repel it. The war against climate change is no less existential.

BLOOMBERG OPINION

PHL startup fights ‘period poverty’ using bamboo

ADRIAN DOUGLAS-UNSPLASH

FEMININE CARE startup Hiraya Pilipina created zero-plastic sanitary pads from bamboo to help fight menstrual period poverty and stigma in the Philippines.

Aside from helping girls, Dream bamboo pads are made of 100% natural material to reduce waste, Cleorine Faith C. Loque, founder and chief executive officer of Hiraya Pilipina, told BusinessWorld.

The startup has partnered with We Bleed Red Movement Philippines, a nongovernmental group, to reach out to Filipinas who need menstrual care products.

Ms. Loque said 1% of their profits from the sanitary pads are donated to women in need, especially victims of calamities.

Period poverty — lack of access to menstrual products, education, and hygiene facilities is a pressing Philippine issue, Budget Secretary Amenah F. Pangandaman said at a United Nations Commission on the Status of Women meeting in New York in March.

She said period poverty is a global community health concern that affects women and girls physically, emotionally, and academically.

“Period poverty is something that we need to address urgently, even as we address other issues such as financial literacy and financial inclusion of women,” she said, according to a statement from the Budget department.

In July, Hiraya Pilipina donated 500 boxes of compostable pads to victims of Typhoon Gaemi, locally known as Super Typhoon Carina, through We Bleed Red Movement.

“With initiatives from this NGO and Hiraya Pilipina, hopefully, we’re able to open more conversations around menstruation so we can educate more young girls regarding their periods as well,” Ms. Loque said.

She noted that unlike commercially available feminine pads with toxic chemicals that cause itchiness and irritation, their bamboo pads are composed of plastic-free materials such as breathable bamboo surfaces from China and biodegradable wood pulp from Germany.

“The sourcing of materials is very intentional as well because we want to ensure that it’s of the highest quality and it’s also really good for sensitive skin.”

Compostable materials used in the biodegradable pads decompose after 180 days, unlike traditional pads, which take 600 to 800 years, she added. — Almira Louise S. Martinez

Sonak Retail Group names new president, plans new ventures

MARIA AURORA “AC” C. LEGARDA

SONAK Retail Group has named Maria Aurora “AC” C. Legarda as its new president.

“Ms. Legarda’s extensive experience in both commercial and residential real estate will be instrumental in amplifying Sonak’s current presence in the Philippines, which currently retails ASICS and Onitsuka Tiger,” the company said in a statement on Tuesday.

Sonak said Ms. Legarda is also committed to onboarding new ventures, which include a large Japanese retail brand, further solidifying Sonak’s position in the sports, lifestyle, and fashion sectors.

“I am honored to join Sonak Retail and contribute to its continued growth and success,” said Ms. Legarda.

She has over 32 years of experience in the local real estate industry, with a track record in property operations, management, and business development, the firm said.

“I look forward to leveraging my expertise to expand our portfolio and strengthen our relationships with partners and customers at a time of rapid growth for the company,” she added.

Ms. Legarda previously held a key leadership position at Ayala Malls.

“We are thrilled to welcome AC to the Sonak family. Her extensive experience and proven leadership will be invaluable as we continue to expand our presence,” Anil Buxani, chief executive officer of Sonak Corp., said.

Sonak Retail Group is a retailer of sports, lifestyle, and fashion brands in the Philippines. It has more than 40 stores nationwide with brands such as Onitsuka Tiger and ASICS. — Aubrey Rose A. Inosante

Sun Life Philippines launches insurance product with guaranteed cash benefits

SUN LIFE of Canada (Philippines), Inc. (Sun Life Philippines) has launched a life insurance policy with guaranteed annual cash benefits, it said on Monday.

Sun Life Secure Income is a limited-pay whole life insurance product that provides coverage equivalent to 200% of the policy’s face value from the first day of coverage until age 100, the insurer said in a statement.

The product also has a centenarian bonus component, where the policyholder will receive a portion of the life insurance benefit equal to 25% of the face amount on policy anniversaries.

Sun Life Secure Income gives clients guaranteed annual cash benefits equal to 6% of the face amount starting at the end of the sixth policy year up to the age of 100, which can serve as a regular stream of income for the policyholder, the life insurer said.

“The regular guaranteed cash benefits would allow them to grow or preserve their wealth and enjoy it up to their retirement years to fund financial goals and milestones,” Sun Life Philippines Chief Client Experience & Marketing Officer Carla Gonzalez-Chong said in a statement.

“Meanwhile, the life insurance coverage will give them peace of mind that their dreams for their loved ones will be realized no matter what happens,” she said.

Sun Life Philippines said its own study showed that only 14% of the Filipinos it surveyed are currently preparing for retirement even as they consider it a financial priority.

“Planning for the future can be overwhelming, especially as Filipinos strive to meet the needs of the present. The good news is more and more people are starting to recognize its importance. To leverage this, Sun Life was inspired to create a financial solution that will make financial planning for the future a more delightful experience. That is how our latest protection and savings plan, Sun Life Secure Income, was born,” Ms. Gonzalez-Chong added.

Sun Life Philippines booked a premium income of P55.79 billion in 2023, while its net income was at P8.8 billion.

TECH FEEDER FUNDS
Meanwhile, Sun Life Grepa Financial, Inc. has launched feeder funds that allow its clients to invest in global technology companies.

The SLG Peso Global Tech Funds can be added to any Sun Life Grepa investment-linked insurance plan, Sun Life Grepa said in a statement on Tuesday. There are two variants available, namely the SLG Peso Global Tech Growth Fund and the SLG Peso Global Tech Payout Fund.

Initial investments into these feeder funds will be placed in the Invesco Nasdaq-100 Exchange-Traded Fund, which mirrors the performance of the NASDAQ-100 Index.

“The technology sector has been one of the biggest drivers of growth and innovation globally. Through the SLG Peso Global Tech Funds, we are giving our clients access to this dynamic sector and the chance to benefit from its long-term potential,” Sun Life Grepa President Richard S. Lim said.

“By offering these new funds as part of our life insurance products, clients enjoy the dual benefits of investment growth potential and the safety net of guaranteed life insurance coverage, ensuring financial security and peace of mind for their loved ones.”

Sun Life Grepa’s premium income last year stood at P13.48 billion and its net income was at P1.05 billion. — A.M.C. Sy

Live Nation must face consumer lawsuit over ticket prices, US appeals court rules

LIVE NATION ENTERTAINMENT and its subsidiary Ticketmaster have failed to persuade a US appeals court to block a proposed class action accusing them of charging artificially high ticket prices.

The San Francisco-based 9th US Circuit Court of Appeals on Monday upheld a lower judge’s 2023 ruling that said Live Nation could not enforce contract provisions that required ticket buyers to arbitrate their claims rather than sue in federal court.

The appeals panel said the arbitration rules were unfair to consumers and “overtly” beneficial to defendants. The rules, which placed the ticketholders’ claims in the hands of a new arbitration body called New Era ADR, were “unconscionable and unenforceable,” the court said.

Beverly Hills-based Live Nation did not immediately respond to a request for comment.

New Era chief executive Rich Lee in a statement said the company, which is not a defendant, was disappointed by the court’s decision. Mr. Lee said New Era’s rules are “objective, easy to understand, and, most importantly, highly advantageous for any party with meritorious claims or defenses.”

The closely watched appeal tested the scope of companies’ power to compel buyers to arbitrate their disputes, including through “mass” arbitrations involving hundreds or thousands of claims.

Warren Postman, a lawyer for the consumers, welcomed the decision in a statement. He criticized what he called “corporate attempts to impose novel group procedures to gain tactical advantages over consumers and employees.”

The appeals panel found a key 2005 California Supreme Court opinion protecting class actions applied to the antitrust case against Live Nation and was not preempted by the Federal Arbitration Act.

New Era’s arbitration rules were an “inadequate vehicle” for the plaintiffs to resolve their claims, the three-judge panel said, with rules “so dense, convoluted and internally contradictory to be borderline unintelligible.”

Live Nation has defended New Era, calling its rules “sensible, fair, and similar” to those at other platforms.

In May, the US Justice department and a group of states asked a US judge in Manhattan to break up Live Nation for allegedly violating antitrust law, claiming the company “suffocates its competition” in its control over ticket sales and pricing.

Live Nation in a statement then said there was more competition than ever before in the live events market. — Reuters

Leveraging One Health to build a resilient Philippines

FREEPIK

THE PHILIPPINES is already preparing to handle the next pandemic.

The country has just reached a critical milestone in the pursuit of global health security by securing a significant grant from The Pandemic Fund. Thanks to the joint efforts of the Department of Agriculture (DA), Department of Health (DoH), Department of Finance (DoF), and key stakeholders such as the World Bank and the Emergency Center for Transboundary Animal Diseases (ECTAD) of the Food and Agriculture Organization of the United Nations (FAO), the country’s proposal stood out in this year’s competitive funding round. The $24.9-million grant under the Resilient Philippines project will enhance the country’s health systems, from bolstering disease surveillance and early warning systems, to strengthening laboratory networks and cross-sectoral collaboration.

This success is very timely for the Philippines, a country topping the World Risk Index for the third consecutive year. The rapid decline in biodiversity — driven by deforestation, ecosystem destruction, and habitat loss — has triggered the emergence and re-emergence of transboundary animal diseases (TADs) and zoonoses, or diseases transmitted between species, such as from animal to human. In addition, the misuse of antimicrobials has also fueled the rise of antimicrobial resistance (AMR) — a hidden yet growing threat. Often called the “silent pandemic,” AMR continues to advance unnoticed until its devastating effects are felt, compounding food security risks and socioeconomic challenges.

This project will thus mark a pivotal step in fully implementing the One Health approach in the Philippines. One Health is a framework that recognizes the interconnectedness of human, animal, and environmental health. It is crucial because diseases don’t respect borders — whether geographical, species, or ecological. By fostering collaboration across sectors, from agriculture to health and environmental management, One Health approach helps to better detect, prevent, and respond to health threats like zoonoses, antimicrobial resistance, and transboundary animal diseases. Ultimately, One Health is not just about addressing health risks but about building a resilient system that protects the well-being of people, animals, and ecosystems alike.

This success is also a collective achievement, a testament to the power of collaboration. By building on the shared expertise of its national stakeholders, the Philippines has harnessed the mutual enrichment of public health and sustainable agricultural practices. With FAO’s leadership in sustainable agriculture, and the World Bank’s strategic investments support, this partnership has also created a powerful synergy, culminating in the awarding of the grant to the consortium.

The Pandemic Fund was launched in 2022 by the G20 composed of the world’s biggest economies as a direct response to the global vulnerabilities exposed by the COVID-19 pandemic. It finances critical investments aimed at strengthening pandemic preparedness and resilience in the most at-risk countries. More than just a funding mechanism, this initiative provides governments with a crucial opportunity to institutionalize and sustain their efforts towards building long-term pandemic resilience and health security. 

For us, this is just the beginning. Now is the time for all sectors — government, private industry, and civil society — to rally behind this momentum and invest in sustainable, resilient systems that will protect our future. We must scale up our efforts to integrate One Health principles and the Sustainable Development Goals of the Agenda 2030 across all levels, strengthen partnerships, and secure more innovative funding to face the evolving threats to human, animal, and environmental health. The success of this project shows what is possible when we act collectively, but the real test will be our ability to sustain and expand this progress for generations to come, leaving no one behind.

 

Dr. Lionel Dabbadie is the FAO representative in the Philippines. ECTAD is the unit of the FAO founded in 2004 and established in the Philippines in 2022 that implements relevant initiatives in attaining economic, social, and health security from TADs and other health threats.