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Power China tapped to construct MTerra Solar

STOCK PHOTO | Image by Michael Wilson from Unsplash

TERRA SOLAR Philippines, Inc. (TSPI), a subsidiary of SP New Energy Corp. (SPNEC), has tapped Power Construction Corp. of China Ltd. (Power China) for the construction of a portion of the P200-billion solar and battery energy storage project.

TSPI signed an engineering, procurement, and construction (EPC) contract with Power China along with its affiliates to build the east-side development of the MTerra Solar Project, the company said in a statement on Monday.

“MTerra Solar serves as our bold step towards ensuring a sustainable energy future for the Philippines — and with Power China as our partner, we are well on our way to achieving our vision of a cleaner energy future for the Philippines,” TSPI President and Executive Director Dennis B. Jordan said.

TSPI is constructing a 3,500-megawatt-peak (MWp) solar power plant and a 4,500-megawatt-hour (MWh) battery energy storage system in Central Luzon.

The project will be located in five towns — Gapan, General Tinio, Peñaranda, and San Leonardo, all in Nueva Ecija, and San Miguel, Bulacan.

Slated for completion by 2027, MTerra Solar is expected to provide clean energy to more than two million households.

Under the agreement, Power China will handle the development of the project’s east section, spanning approximately 1,505 hectares.

The section accounts for 1,050 MWp of the project’s total capacity.

SPNEC said that the agreement covers warranty, defect resolution, and the implementation of operational and maintenance protocols “to ensure long-term reliability and success” of the project.

MGen Renewable Energy, Inc., the renewable energy arm of Meralco PowerGen Corp. (MGen), holds a controlling stake in SPNEC. MGen is a subsidiary of power distributor Manila Electric Co. (Meralco).

“We sign this EPC agreement with Power China recognizing their expertise, exceptional track record, and unwavering commitment to excellence — we know that they will help us realize our bold ambition,” MGen President and Chief Executive Officer Emmanuel V. Rubio said.

Power China, a state-owned enterprise, focuses on the planning, design, and construction of electric power infrastructure with a presence across Africa, Asia, and Europe.

For the west side, TSPI recently inked an EPC contract with China Energy Engineering Group Co., Ltd. (Energy China) for the construction of the project’s section accounting for 1,400 MWp for solar and 3,300 MWh for energy storage.

Last month, the companies officially broke ground for the MTerra Solar Project, marking the full swing of its construction.

The project is set to deliver solar energy under a 20-year, 850 MW mid-merit power supply agreement to Meralco.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Moana 2 and Wicked lift US box office to Thanksgiving weekend record

LOS ANGELES — Walt Disney’s animated musical Moana 2 debuted with an estimated $368 million in global ticket sales through Sunday and combined with Wicked and Gladiator II to deliver the biggest Thanksgiving weekend in US and Canadian box office history.

A sequel to the 2016 animated film, Moana 2 reunites Auli’i Cravalho as the wayfinding title character with demigod Maui, voiced by Dwayne Johnson, on a voyage to break a curse and reunite the people of the ocean.

Initially envisioned as a series for the Disney+ streaming service, Moana 2 racked up a record $221 million from domestic ticket sales over the Thanksgiving period from Wednesday through Sunday. That surpassed Frozen 2’s holiday haul of $125 million in 2019.

For all movies in theaters this weekend, the domestic total hit $420 million, smashing the 2018 Thanksgiving record of $315.6 million led by Ralph Breaks the Internet and Creed II.

The results provided Hollywood studios and cinemas a reason to celebrate after prolonged closures during the COVID-19 pandemic and concerns that audiences might abandon theaters in favor of staying home to watch streaming TV.

“If you make the right movie, a movie with heart and humor that appeals to audiences, they will come to the theater,” Disney Entertainment Co-Chairman Alan Bergman said at a recent Moana 2 screening in Los Angeles.

The figures also showed Hollywood had rebounded from disruptions caused by strikes by writers and actors last year. Chains such as AMC Entertainment and Cineworld were left with a thin schedule for moviegoers in the first half of 2024.

Wicked, the adaptation of a beloved Broadway musical that is a prequel to The Wizard of Oz, brought in $117.5 million over Thanksgiving. Its global total after two weekends in theaters reached $359.2 million, distributor Uni-versal Pictures said.

Paramount Pictures’ action epic Gladiator II, the sequel to a best picture winner two decades ago, hauled in $44 million domestically over the holiday and brought its global total to $320 million.

Before the weekend, year-to-date domestic ticket sales had hovered nearly 11% behind the same point in 2023, according to data from Comscore. The Thanksgiving tally narrowed the deficit to 6.4%.

Still, the receipts remained significantly below pre-pandemic levels. Through Sunday, domestic ticket sales for 2024 were roughly 24% lower than the pace of 2019.

Paul Dergarabedian, senior media analyst at Comscore, said the frenzy at theaters this weekend would likely fuel strong sales in the coming weeks. He cited a number of potential hits reaching theaters in December to “help the industry take the year out on a high note.”

They include Kraven the Hunter, the animated Lord of the Rings: the War of the Rohirrim, Sonic the Hedgehog 3, and Mufasa: The Lion King, he said. — Reuters

PhilHealth budget tied to tobacco tax money, credit ratings upgrade

There are three phrases that I regularly read used in the continuing opposition by health activists and lobbyists over the excess PhilHealth (Philippine Health Insurance Corp.) funds.

One is “defunding PhilHealth.” “Defunding” means that a budget is slashed from xx billions to zero. This is not happening so the term is plain emotional and dishonest.

In 2023, PhilHealth had a budget of P100 billion, largely sourced from tobacco excise tax collections, which peaked at P176 billion in 2021. Under RA 11346 of 2018 which raised sin tax rates, 50% of excise tax revenues from tobacco, alcohol, sugar-sweetened beverages (SSB) should go to PhilHealth and the Department of Health (DoH).

When the tobacco tax rate increased from P50/pack in 2021 to P55/pack in 2022, tobacco smuggling and illicit trade exacerbated and tobacco tax revenues declined for the first time, down to P160 billion in 2022. The PhilHealth budget declined to P61 billion in 2024.

Then in 2023, the tobacco tax rate further increased to P60/pack and tobacco smuggling got even worse and government tobacco tax revenues further declined to only P135 billion, or P41 billion less than 2021’s level. In 2024, the tax rate further increased to P63/pack, the illicit tobacco trade worsened again, and the projected tobacco tax revenues will further decline to only about P122 billion.

The health lobbyists demanded an even higher PhilHealth budget for 2025 of up to P172 billion, even if they knew that their beloved tobacco tax money keeps declining. They did not get what they wished so now they blame the departments of Budget and Finance. This instead of blaming the high incidence of illicit trade in tobacco and the shift of smokers from legal to illegal tobacco, plus the shift to vapes from tobacco.

Anyway, PhilHealth will still get funding despite the declining tobacco tax money. PhilHealth will not be “defunded” in 2025 but it will receive fewer funds — P47.5 billion based on the Senate budget bill for 2025 (see Table 1).

The second phrase I see is “PhilHealth indirect contributors.” The indirect contribution to PhilHealth is the 50% share from excise tax revenues from tobacco and sugar-sweetened beverages. So, are the health lobbyists implying that the non-direct contributors to PhilHealth are the smokers, vapers, and sweet beverage drinkers? It does not sound logical because most patients are prohibited by their attending doctors from smoking and eating sweets.

The third phrase I read is “Insurance contract liabilities (ICL)… amounted to P1.128 billion.” As discussed last month in this column, “On the PEB in London, the PhilHealth funds, and the US elections” (Nov. 5), I ex-plained that “ICL is Present Value of Future Outflows minus Present Value of Future Inflows… So ICL are just estimates, not backed up by actual claims or contracts with hospitals and health professionals.”

Since ICL are just estimates based on certain assumptions, when the assumptions change, the ICL also changes significantly. See the fluctuation and variability of ICL estimates: P1 trillion in 2020, P0.34 trillion in 2021, P0.27 trillion in 2022, P1.15 trillion in 2023. Even that P1 trillion ICL is just hypothetical and not actual claims made by healthcare providers like hospitals.

One mistake that was made by the health lobbyists and activists was when they moved for the earmarking of tobacco tax revenues for PhilHealth and the DoH. They are happy when there are more smokers and drinkers of legal products because then the tax revenues increase. When smokers shifted to illegal or illicit products because of the high tobacco tax rate, the revenues declined, and funding for PhilHealth declined.

CREDIT RATINGS
Last week, on Nov. 26, S&P raised the Philippines’ credit rating from “BBB+ stable” (given in April 2019) to “BBB+ positive.” So, the next ratings upgrade for the Philippines would be “A-,” and will hopefully be given within the next 12 to 24 months. This is good news for us.

I noticed that several developed countries have very high ratings of AA to AAA yet have had a high level of corporate bankruptcies recently, like Australia and Germany. In contrast, a number of East Asian economies also have high credit ratings but are seeing flat or a declining number of bankruptcies, like Singapore, Taiwan, Hong Kong, and South Korea (see Table 2).

The challenge for us, especially the government economic team, is to attract those failing and migrating companies to move from North America, Australia, and Europe to the Philippines. We have third fastest GDP growth in Asia next to India and Vietnam, have improving credit ratings, declining inflation and unemployment rates, and other positive factors.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

DMCI Homes eyes up to 3 new projects

THE VALERON TOWER -- DMCIPROJECTS.NET

By Almira Louise S. Martinez, Reporter

CONSUNJI-LED developer DMCI Homes, Inc. is eyeing to launch two to three more projects in 2025, according to its president.

“If sales are very good, we will launch maybe two or three more projects,” DMCI Homes President Alfredo R. Austria told reporters on Friday last week.

However, this may not happen in the first half of 2025 “due to recent project launches,” he noted.

He cited new projects in Quezon City, One Delta Terraces, and Kalea Heights, the company’s first four-tower project in Cebu.

DMCI Homes is targeting P37 billion in sales and reservations for 2025.

According to Mr. Austria, Baguio, Quezon City, Taguig, and Laguna are some of the possible areas for the DMCI Homes’ next launches in the second half of 2025.

He said the company aims to focus on the sales of its existing projects before venturing into new ones.

“We also want our sales team to focus on our ready-for-occupancy projects.”

The Cresmont, a single-tower condominium in Quezon City by DMCI Homes, will have its unit turnover this month, remaining on track with its original schedule.

“We saw that many projects around us are not finished on time,” Mr. Austria said. “Despite the difficulties of the environment, especially brought by the pandemic, our delivery is still on time.”

Reflecting on the company’s challenges during the lockdown, Mr. Austria said that the majority of Cresmont units had been sold before the pandemic.

“It was actually almost sold out in 2019 before the pandemic. It was selling fast,” he said. “After the pandemic, Chinese buyers, one after the other, backed out.”

He noted that even Filipino buyers canceled their payments because of the public health crisis.

At present, around 190 units have become available again in the project.

DMCI Vice-President for Project Development Dennis O. Yap said that the lower interest rate will help the company increase its ready-for-occupancy sales.

“Before, maybe the market was discouraged from buying ready-for-occupancy units because of the interest rate,” he told BusinessWorld.

“Our main target end-users want to be able to occupy the units right away,” he said. “So, we feel like the situation of our ready-for-occupancy units will definitely improve.”

Cemex Holdings completes sale of reinsurance unit

CEMEX PHILIPPINES FACEBOOK ACCOUNT

CEMEX Holdings Philippines, Inc. (CHP) has completed the sale of its shares in a foreign subsidiary.

The payment for the sale of all CHP shares in Falcon Re Ltd. to Torino Re Ltd. was completed on Nov. 29, the cement producer said in a stock exchange disclosure.

The deal was valued at $3 million. The share purchase agreement between CHP and Torino was signed on Nov. 14.

Falcon is a CHP subsidiary established in Barbados which reinsures third-party insurers of CHP covering risks associated with property insurance coverage, with political violence and non-damage business interruption pro-grams, professional liability program and cyber risks.

Torino is an affiliate of Cemex, S.A.B. de C.V.

CHP recently sold its entire stake in Swiss-based Cemex Asia Research AG (CAR) to Cemex Innovation Holding AG for $900,459 (P53 million) to streamline its business.

Meanwhile, CHP said in a separate disclosure that its indirect parent company, Cemex Asia B.V., has signed an amendment agreement with DMCI Holdings, Inc., Semirara Mining and Power Corp. (SMPC) and Dacon Corp. on Dec. 1.

The agreement amends the sale and purchase of shares in CHP’s principal stockholder, Cemex Asian South East Corp. (CASEC), to waive the condition precedent in relation to the solid expansion.

CASEC owns about 89.86% of CHP’s outstanding capital stock.

“The parties agreed to conduct certain standard confirmatory testing related to the solid expansion after closing, and the same is expected to be completed within the first quarter of 2025 or soon thereafter,” CHP said.

In April, DMCI, SMPC, and Dacon announced the acquisition of CHP for $305.6 million under a share purchase agreement.

DMCI acquired the entire share of Cemex Asia B.V. in CASEC. Under the deal, DMCI will acquire a 56.75% stake in CASEC, Dacon will secure 32.12%, and SMPC will purchase the remaining 11.13%.

On Monday, CHP stocks rose by 5.59% or 10 centavos to P1.89 per share while DMCI stocks improved by 1.13% or 12 centavos to P10.78 apiece. — Revin Mikhael D. Ochave

Peso may hit P60 early next year — DBS

THE PHILIPPINE PESO could hit the P60-per-dollar level in the first half of 2025, DBS Bank said.

In a recent report, DBS said the local unit could settle at P60 against the greenback from the first quarter to the second quarter of 2025.

It then expects the peso to rebound to P58.90 by the third quarter and to P57.30 by end-2025.

DBS said it adjusted its currency forecasts to “reflect a bias towards a stronger US dollar at the onset of Trump’s second term.”

“Although markets viewed Trump’s tariffs as a transactional policy approach to extract leverage in negotiations, not all countries would be willing or able to meet his demand, resulting in retaliatory measures, straining US rela-tions with key allies and trading partners,” it said.

“Apart from undermining business confidence and investments, tit-for-tat trade wars would also hamper or halt the Fed’s ability to lower interest rates. Overall, Trump’s policy agenda is a complex mix of initiatives that sparked much debate seeking coherence. Their impact remains as uncertain as its implementation and global responses.”

US President-elect Donald J. Trump has promised to impose restrictive tariffs on Chinese imports as well as a universal tariff. Markets are anticipating the inflationary pressures that could come from these duties.

This year, DBS expects the peso to average P59.10 against the dollar.

The peso closed at its all-time low of P59 per dollar on Nov. 21 and 26.

FED EASING CYCLE
In a separate report, the ASEAN+3 Macroeconomic Research Office (AMRO) noted several shocks that could cause the peso to weaken further versus the greenback.

“The peso may continue to experience high volatility amid uncertainties over monetary policy decisions both at home and abroad, the global growth outlook, and geopolitical concerns,” it said.

“Against this backdrop, the peso should continue to be determined by the market and serve as a shock absorber for the economy. Judicious foreign exchange interventions should be employed from time to time to address ex-cessive volatility.”

AMRO said possible delays in the US central bank’s easing cycle could affect the local currency.

“A slower-than-expected monetary policy easing in the US compared to market expectations can trigger a peso depreciation and an increase in Philippine government bond yields,” it said.

“Even though the Federal Reserve already started cutting the federal funds rate in September, there remain uncertainties in the pace of further easing for the rest of this year and into 2025. As a result, the pace of US monetary policy easing still warrants close monitoring, as a slower-than-expected pace can trigger renewed peso depreciations.”

AMRO said that while a weaker peso would benefit overseas Filipino workers and exporters, this would place the country at risk as “large depreciations can exert upward pressures on the prices of imported goods.”

“Higher import prices can cause significant burdens on importers and manufacturers, and potentially consumers if the higher prices are passed on,” it said.

“Moreover, slower US monetary policy easing can contribute to an increase in the Philippine government bond yields, which are highly correlated with US Treasury yields. This will raise the government’s funding costs.” — Luisa Maria Jacinta C. Jocson

Taylor Swift fans turn out on Black Friday for vinyl album, new Swift book

LOS ANGELES/CHICAGO/NORTH BERGEN, N.J. — Young Taylor Swift fans and their parents lined up outside some of Target’s nearly 2,000 US stores early on Black Friday to buy copies of her new Eras Tour book and vinyl album. Hoping to buck a long stretch of slowing sales at Target stores — with penny-pinched shoppers making purchases at rival retailers — the big-box chain teamed up with Ms. Swift to build on the fan momentum she experienced following her Eras Tour concerts.

Several customers queued up outside Target stores as early as 5 a.m. in freezing temperatures, with most of them there to snap up Swift merchandise.

“Yeah, it’s really cold, but we’re here to get Taylor Swift’s tour book and her latest vinyl drop,” Carlos Miracle, a 31-year-old Swift fan, said while waiting outside a Chicago store.

Parents of teenage daughters and youngsters in their late 20s were up and about to buy Ms. Swift’s Eras Tour book priced at $39.99 at Target. The retailer is also making available a vinyl and CD version of The Tortured Poets Department: The Anthology for the first time, containing 35 tracks including four acoustic bonus songs.

The vinyl version is being sold for $59.99 and CDs for $17.99, according to Target’s website.

In Los Angeles, Landon McCall, a 31-year-old accountant, said “I originally came for the vinyl, and I saw the book there, too.”

A Target store employee “was like, ‘Hey, this is going to go by fast. It’s what everyone’s wanting. I already sold 30 this morning within the first 30 minutes,’” Mr. McCall said. “So, I was like, I might as well just get both … My daughter likes Taylor Swift, too, so I thought it’d be something for her and her mom to kind of, like, go through the book and look at it together.”

Ms. Swift, 34, has been setting music industry milestones and boosting local economies with The Eras Tour, with the last leg of the concert happening in Canada currently, a phenomenon that some economists have termed “Swiftflation.”

Ms. Swift had released her latest Tortured Poets album in May during Target’s first quarter, boosting its sales in its entertainment category by a high-single-digit percentage.

On Friday, Julia Corrin, a 39-year-old from Pittsburgh bought the Era Tour book. The tour was a “really special moment … and it’ll be great to have something to remember it by,” she said.

In New Jersey, 28-year-old Amy Webb was in line to get her hands on the new Eras Tour book. “I usually don’t buy anything during the holiday season, but wanted to get my hands on this before it sells out,” she said.

On X, formerly known as Twitter, users shared images of long queues to grab Swift merchandise, while some noted that a few Target stores saw nearly empty shelves for the Eras Tour book and were out of Tortured Poets vinyl by 9:30 a.m.

To boost sales during the holiday season, which is shorter than in previous years with only 26 days between Thanksgiving and Christmas, Target will offer the Eras Tour items on its app and website beginning Saturday.

“That’s the only reason I am here, we don’t want to go online and see that it is sold (out),” said a 35-year-old Marriott Hotel employee Adrian Antuna, who was waiting to get his hands on the Eras Tour book and a couple vinyl albums. — Reuters

IDC Prime, Dusit to develop 2 upscale hotels in Mindanao

Dusit Thani Manila

IDC Prime, Inc., a subsidiary of real estate developer Italpinas Development Corp., has partnered with Thai hospitality group Dusit International to develop two new upscale hotels in Northern Mindanao.

IDC Prime signed agreements with Dusit Thani Public Co. Ltd. and Dusit Thani Philippines, Inc. on Monday to establish Dusit Princess Moena in Bukidnon and Dusit Princess Firenze in Cagayan de Oro.

Under the partnership, IDC Prime will be the developer and owner of the projects, while Dusit will provide its brand and expertise in guest experience.

“We are delighted to strengthen our presence in the Philippines with these two remarkable projects,” Dusit International Chief Operating Officer Gilles Cretallaz said in a statement.

“As one of Asia’s fastest-growing economies, the Philippines presents tremendous opportunities, and we look forward to introducing our unique brand of Thai-inspired gracious hospitality to these dynamic and promising desti-nations, delivering lasting value for all stakeholders,” he added.

Expected to open by the last quarter of 2029, the 1.5-hectare Dusit Princess Moena is a mixed-use development that will have an eight-storey green building as well as a grouping of luxury villas.

The property is located at a hilltop site within IDC’s Moena Mountain Estate in Manolo Fortich town and will complement attractions such as Dahilayan Adventure Park and the Del Monte Pineapple plantations.

Also set to open by the last quarter of 2029, the 14-storey Dusit Princess Firenze mixed-use green building will be located within IDC’s Firenze Green Tower project in the Limketkai area.

The property will have commercial, residential, and hotel areas, as well as first-class amenities and parking.

IDC Prime said that both Firenze Green Tower and Moena Mountain Estate are pre-existing joint ventures between IDC as the property developer and the Go family as the original owners of the two sites.

“IDC was founded on our belief in the Philippines’ growth story, particularly in areas such as these, which are already full of energy and have great potential for game-changing growth. Apart from being recognized for their ar-chitecture and sustainability, our projects have all been located in places where they are ahead of the curve and deliver a ‘level-up’ in elegance and quality of experience,” IDC Chief Executive Officer and Chairman Romolo V. Nati said.

“To us, partnering with Dusit for new hotels in Cagayan de Oro and Bukidnon is an extension of this, and we look forward to having these world-class hotel experiences in our new locations,” he added.

Dusit has 301 properties across 18 countries. Dusit-branded hotels in the Philippines include Dusit Thani Manila, Dusit Thani Mactan Cebu Resort, Dusit Thani Residence Davao, dusitD2 Davao, and Dusit Thani Lubi Plantation Re-sort.

On Monday, IDC shares were unchanged at P1.35 per share. — Revin Mikhael D. Ochave

Peso slips vs dollar before US labor reports

FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken February 8, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

THE PESO slightly depreciated against the dollar on Monday ahead of the release of US labor data, and after US President-elect Donald J. Trump threatened to impose tariffs against BRICS countries.

The local unit closed at P58.655 per dollar on Monday, weakening by 3.5 centavos from its P58.62 finish on Friday, Bankers Association of the Philippines data showed.

The peso opened the session weaker at P58.68 against the dollar. Its intraday best was at P58.62, while its weakest showing was at P58.82 versus the greenback.

Dollars exchanged decreased to $1.36 billion on Monday from $1.73 billion on Friday.

“The peso-dollar traded with an upward bias on market caution ahead of US nonfarm payrolls and ADP employment data this week, and on risk sentiment from Trump’s tariff threats on BRICS countries if they veer away from the dollar,” a trader said by phone.

BRICS is made up of Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.

The dollar was supported by expectations of strong US jobs data, which would support future Federal Reserve rate cuts, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Tuesday, the trader sees the peso moving between P58.50 and P58.90 per dollar, while Mr. Ricafort expects the peso to range from P58.55 to P58.75.

The dollar pushed higher again on Monday in what is shaping up to be a critical week for the prospect of US rate cuts, while drawing verbal support from Mr. Trump.

In a surprise change of tone, Mr. Trump on Saturday demanded that BRICS member countries commit to not creating a new currency or supporting another currency that could replace the dollar or face 100% tariffs.

That marked a shift from his prior advocacy of a weaker dollar to fight trade wars and the Chinese yuan quickly slipped to a three-month trough at 7.2662 per dollar, while the Indian rupee hit record lows.

“Given the continued resilience of the US economy and a worsening outlook elsewhere, we don’t think this is the start of a deeper setback for the dollar,” said Jonas Goltermann, deputy chief markets economist at Capital Eco-nomics.

“But the bar for a further shift in expected interest rates in favor of the US in the near term is quite high,” he added. “A period of consolidation into yearend looks to us like the most likely scenario, although the risks remain skewed in favor of the dollar over the course of 2025.”

Key to the outlook for rates will be the November payrolls report due Friday where median forecasts favor a rise of 195,000 following October’s weather and strike-hit report, which could also be revised given a low response rate for that survey.

The jobless rate is seen edging up to 4.2% from 4.1%, which should keep the Federal Reserve on course to cut by 25 basis points on Dec. 18.

Markets imply a 65% chance of such an easing, though they also only have two more cuts priced in for all of 2025.

A host of Fed officials are due to speak this week, including Fed Chair Jerome H. Powell on Wednesday, while other data include surveys of manufacturing and services.

The dollar regained 0.4% on the yen to 150.71, having shed 3.3% last week in its worst run since July. Support lies around 149.47 with resistance at 151.53.

Over the weekend, Bank of Japan Governor Kazuo Ueda said the next interest rate hikes are “nearing in the sense that economic data are on track,” following figures showing Tokyo inflation picked up in October. — A.M.C. Sy with Reuters

Knorr credits PHL market for part of €5-B global turnover

FOOD BRAND Knorr has reported €5 billion (about P308 billion) in global turnover as it looks to further expand its global and domestic presence.

Knorr, a brand of British fast-moving consumer goods company Unilever PLC, said the achievement could be traced to its growth over the past years.

“We’re a global brand, anchored in regional top dishes,” Knorr Global Vice-President Frank Haresnape said in a statement on Monday.

“This deep local knowledge allows us to design products that meet the needs of people all around the world,” he added.

Knorr claimed that around 600 cubes are sold globally every minute, led by the brand’s “glocal” approach that has allowed it to become known for being an ingredient in dishes across 90 countries.

“The Philippines is a vital part of Knorr’s global success and Unilever intends to keep driving the growth of Knorr in the market through relentless focus on flavor, quality, and innovations, from everyday dishes to top food trends,” it said. — Revin Mikhael D. Ochave

Members of K-pop group NewJeans say they are leaving agency after dispute

SEOUL — Members of NewJeans, one of the most popular K-pop groups, said on Thursday that they were leaving their agency, a subsidiary of powerhouse label HYBE.

ADOR said however the agreement between it and the band members “remains in full effect.”

“Therefore, we respectfully request that the group continue its collaboration with ADOR on upcoming activities, as has been the practice to date,” the firm said in a statement.

NewJeans has been caught up in infighting between executives of the parent HYBE and ADOR’s former chief executive who is the band’s creative director. The latest controversy in the K-pop scene has gripped South Korea this year, with accusations, audits, and an emotional press conference making headlines.

The five NewJeans members held a late-night press conference to announce their departure from the agency and said they would like to work with Min Hee-jin, ADOR’s former chief who left the agency this month.

“Once we leave ADOR, we’ll aim to proceed freely with the activities that we really desire,” said Danielle, one of the band members.

“We really wish to be able to release new music for Bunnies, next year, as soon as possible, whenever,” she said, referring to their fans. “We really hope that we have the opportunity to meet you guys from all around the world.”

The members said they might not be able to use the band’s name once they terminated the contract with ADOR. — Reuters

My Baguio retreat

FREEPIK

I am writing this article in my room at Chalet Baguio while enjoying the cool weather, the scent of pine trees, and the beautiful mountain view. This morning, I took a short cab ride to the revitalized Baguio Botanical Garden for my daily 30-minute morning walk. Tomorrow morning, I will go for a walk at Burnham Park or Camp John Hay, have breakfast at a nearby café, and start reading Raymond Chandler’s The Long Goodbye.

Ordinarily, I would not be able to take a vacation towards the end of the school trimester, during which time the academic and administrative workload is reaching its peak. Over the past few days, I took care of the final set of interviews of applicants to our DBA Program, handled various inquiries about our MBA Program, sat on a doctoral dissertation panel, attended a budget proposal meeting to defend several items we need for our new EMBA Program, and checked some of the final papers of my graduate students. On top of these, I have been working on several manuscripts that my doctoral mentees and I intend to submit to academic journals for publication. In other words, I had been doing work off-campus, five hours away from Manila.

I am fortunate because MBA and DBA classes at De La Salle University (DLSU) are predominantly online, which means that I do not have to be physically present on class days. And because we are operating under a hybrid work ar-rangement, we have a lot of flexibility in terms of whether to do our work at home, in school, or wherever we choose as long as we have a strong internet connection. This does not mean that I am working less. In fact, I had spent more hours on work-related stuff in the past few weeks and had not been able to allocate enough time to learning the Korean language, reading fiction, and upgrading my guitar-playing skills.

What inspired me to write this article is the dissertation of one of my doctoral mentees, Jessica Jaye Ranieses, who earned her doctorate last year. In her dissertation, entitled “Navigating the Work-Nonwork Interface: A Critical Realist Case Study on Female Employee Wellbeing,” she talked about the blurring of boundaries between work and non-work domains in the post-pandemic era.

In particular, Ranieses called for a broader understanding of the dynamics emerging from the interconnection and gendered nature of work and non-work responsibilities. Early research was conducted on the premise that the work and family domains have clear boundaries, and that simultaneous demands from these domains could lead to conflict and stress, especially among women professionals. However, our understanding of the interplay between work and non-work domains has since expanded to include potential complementarities between the two domains. For example, emotional support from the family, especially the spouse, allows women professionals to deal with work-related demands more effectively. Thus, the benefits in one domain can positively influence the other.

One of Ranieses’ findings is that workplace flexibility emerged as a crucial mechanism for ensuring well-being, especially if it is supported by a culture of trust and respect. Flexible work arrangements allow individuals to balance work demands and non-work demands, thus reducing stress and enhancing job satisfaction. One of Ranieses’ respondents, “Jennifer,” highlighted how the flexibility provided by her company encouraged loyalty and deterred misuse: “It’s the care for the people, the flexibility [that I appreciate]. I don’t think I’d find another company as flexible. But because I care for the company, I don’t abuse it. Flexibility is the number one factor why I stay.”

In her dissertation, Ranieses came up with the Multidimensional Work-Non-Work Well-Being Model, which extended the classical Job Demands-Resources Model. In this model, she identified six primary mechanisms that influence the in-terplay of entities and structures in both the work and non-work domains, namely: (a) workplace dynamics; (b) workplace flexibility; (c) role complexity; (d) family dynamics; (e) spiritual faith; and (f) individual reflexivity. All of these play a role in shaping well-being outcomes.

I’d like to end this article by highlighting individual reflexivity, which Ranieses defined as the internal dialogue through which individuals interpret and act upon their circumstances. This mechanism allows individuals to appraise and manage demands and resources, and to align their life plans with their actions. In my case, going to Baguio for a “work retreat” is my way of decompressing. Somehow, the pleasant weather and the tranquil atmosphere allow me to release stress, to re-flect upon what truly matters, and to enjoy life’s simple pleasures while I fulfill my professional responsibilities remotely.?

 

Raymund B. Habaradas is a full professor and the Graduate Program coordinator of the Department of Management and Organization at the Ramon V. del Rosario College of Business of De La Salle University.

raymund.habaradas@dlsu.edu.ph

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