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ACMF eyes capital markets improvements with new 5-year strategy

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THE ASEAN Capital Markets Forum (ACMF) is looking to release a five-year roadmap by October this year aimed at improving the region’s capital markets.

The roadmap, called the ACMF Action Plan 2026-2030 (AP2026), will replace the current ACMF Action Plan 2021-2025 (AP2021).

“The new AP2026 will build on the successes of the AP2021 and will be developed in collaboration with member states, seeking feedback and views from a range of stakeholders, and leveraging subject-matter resources. This will ensure that the action plan is comprehensive and keeps pace with capital market trends,” ACMF said in a statement.

AP2021 sought to foster growth and recovery with sustainability, promote and sustain inclusiveness, and strengthen and maintain orderliness and resilience.

The ACMF held its 42nd Chairs’ Meeting on Feb. 13 in Penang, Malaysia, which saw the endorsement of the strategic thrusts and a set of key principles for the upcoming AP2026.

The ACMF Chairs also forged a technical assistance collaboration with the Economic Research Institute for ASEAN and East Asia to craft a carbon market ecosystem roadmap.

To boost the ASEAN region’s climate adaptation finance measures, the ACMF is also considering a technical assistance collaboration to establish a mitigation, adaptation, resilience, and sustainable finance framework.

Meanwhile, the ACMF said the meeting also saw the approval of planned technical training and initiatives to widen the understanding of how to measure and disclose greenhouse gas emissions, as well as the implementation of disclosure requirements in the International Sustainability Standards Board Standards.

The ACMF is a group of capital market regulators from all ASEAN jurisdictions, including the Philippine Securities and Exchange Commission. It is currently chaired by the Securities Commission Malaysia.

Established in 2004, the ACMF seeks to develop a deep, liquid, and integrated regional capital market. — Revin Mikhael D. Ochave

2024 cash remittances hit record high

CASH REMITTANCES from overseas Filipino workers (OFWs) hit an all-time high of $34.49 billion in 2024, data from the Bangko Sentral ng Pilipinas (BSP) showed. Read the full story.

2024 Cash Remittances Hit Record High

How PSEi member stocks performed — February 17, 2025

Here’s a quick glance at how PSEi stocks fared on Monday, February 17, 2025.


House think tank seeks oversight over PHL Armed Forces defense spending

REUTERS

By Kenneth Christiane L. Basilio, Reporter

PHILIPPINE lawmakers should allot enough defense budget and legislate reforms within security agencies to advance the military’s modernization program amid worsening tensions with China, according to a congressional think-tank.

Lawmakers should also exercise their oversight powers over the Armed Forces of the Philippines’ (AFP) upgrades by checking if their planned purchases are in line with the country’s “strategic needs” to prevent wasteful spending, the Congressional Policy and Budget Research Department (CPBRD) said in a February paper.

“Increasing funding is not enough to ensure the success of the AFP’s modernization program,” CPBRD authors Byron M. Bicencio, Arsenia S. Gonzales, Prince Louie B. Mamhot and Noel H. Sempio said in the 23-page discussion paper.

“What are simultaneously necessary are the pursuit and enactment of internal reforms by the AFP to be… responsive to the challenges of the times and to ensure that they spend on and acquire the right equipment,” they added.

Manila and Beijing have been at loggerheads over disputed features in the South China Sea, which Beijing claims almost in its entirety. A United Nations-backed tribunal based in The Hague in 2016 voided China’s claim for being illegal.

The Philippines is at the tail-end of its military modernization program called “Horizon,” which began in 2012 when tensions with China flared after a naval stand-off at Scarborough Shoal in the South China Sea. Manila has earmarked about $35 billion for military upgrades in the next decade.

The Philippine government has incurred a P2.1-trillion funding shortfall for the modernization effort as of August 2024, according to the House of Representatives think-tank. About P348 billion has been spent on military hardware upgrades since 2002, it added.

“It is imperative that the AFP modernization program receive adequate funding to enable the AFP to acquire the necessary capabilities to defend the country from both internal and external threats,” it said.

But lawmakers should ensure that public funds are “spent wisely” on military hardware, the think-tank added, urging them not to take proposed upgrades at face value.

“It must be ensured that vital budgetary resources are spent wisely on the right arms, equipment and hardware in the first place,” the think tank said. “The AFP’s modernization should not be hinged on a mere ‘wish list of equipment,’ but on a proper decision-making process… that would identify their strategic needs.”

“Reforms of the defense establishment must lean towards effective communications between high military staff command and political leaders across the board,” Joshua Bernard B. Espeña, an international relations lecturer at the Polytechnic University of the Philippines, said in a Facebook Messenger chat.

“Congress must review how each section of the bureaucracy delivers its mandate with efficiency and coordination, especially in safeguarding against corruption and red tape on spending concerns such as acquisitions, logistical management, intelligence operations, training and international engagements,” he added.

“This is crucial given how defense missions require a delicate balance between swiftness and caution in the avenue of decision-making.”

AFP Chief of Staff Romeo S. Brawner, Jr. last week said the military is eyeing additional BrahMos anti-ship missiles from India and at least two submarines.

Congress should also amend the 1935 National Defense Act, which laid the foundation for the Philippines’ military structure and defense policies, the CPBRD said.

“Faced with a maritime issue, the Philippines would have to move from being essentially ‘army-centric’ and urgently improve the capabilities of both its navy and air force in order to defend its seas,” it added.

There’s also a need to craft a law that would harmonize and streamline the Defense department’s policymaking authority for a more coordinated defense posture, the CPBRD said.

“New defense policies, principles and concepts have also been introduced and adopted over the years… substantially changing the structure, powers and functions, operations, and accountability of the various defense institutions,” it added.

The think-tank also said the government should spur the development of domestic defense industries by supporting them under a law mandating a self-reliant defense posture.

“This may entail the establishment of special defense economic zones and the further development of the shipbuilding industry, key measures which may be pursued by Congress,” it added.

CIDG chief files inciting to sedition complain at DoJ vs ex-President Duterte

SCREENSHOT FROM HOUSE OF REPRESENTATIVES FACEBOOK

By John Victor D. Ordoñez, Reporter

THE CHIEF of the Philippine police’s investigation arm has filed a complaint for inciting to sedition against former President Rodrigo R. Duterte over his kill remarks against sitting senators.

Brigadier General Nicolas D. Torre III, head of the police’s Criminal Investigation and Detection Group (CIDG), said he filed the case against the tough-talking leader at the Department of Justice (DoJ) as CIDG chief and as a citizen “to make sure that we protect the citizenry from criminal activities like this.”

At the Partido Demokratiko Pilipino Laban (PDP-Laban) proclamation rally in Manila last week, Mr. Duterte suggested killing incumbent senators in a bomb blast to make room for his preferred candidates.

Former presidential legal counsel Salvador S. Panelo called the complaint “foolish,” saying Mr. Duterte was just joking.

“Unlike Torre, the senators have the common sense and the humor to see the Duterte joke as an amusing and laughable remark,” he told reporters in a Viber group message.

But Mr. Torre said the ex-President’s remarks are inexcusable.

“This is a new Philippines,” he told reporters in mixed English and Filipino, based on a voice recording sent to reporters via Viber. “These kinds of statements that are passed off as jokes the next morning are no longer allowed.”

He said the complaint would be used to build a criminal case against the Mr. Duterte.

Under a 2023 DoJ circular, government prosecutors must only file cases that would lead to a “reasonable certainty of conviction” instead of a previous requirement of finding “probable cause.”

Lawmakers have called on the National Bureau of Investigation (NBI) to probe his remarks.

Last week, the NBI filed a complaint for inciting to sedition and grave threats against the former President’s daughter, Vice-President Sara Duterte-Carpio, over her statement last year threatening to have Philippine President Ferdinand R. Marcos, Jr., his wife and cousin Speaker Martin G. Romualdez assassinated.

“The challenge to our institutions is to clearly respond to whether they abet this, or whether they should finally be made liable for it on political and constitutional law standards,” Hansley A. Juliano, who teaches political science at the Ateneo de Manila University, said in a Facebook Messenger chat.

“This happened before already, right?” Mr. Torre said. “He said that some people — addicts — should be killed. And it happened. There was a lot of killing,” he added, referring to the ex-President’s deadly drug war.

The government estimates that at least 6,117 people died in Mr. Duterte’s anti-illegal drug campaign between July 1, 2016 and May 31, 2022, but human rights groups say the death toll could be as high as 30,000.

“There is a basis to investigate Rodrigo Duterte,” Ephraim B. Cortez, president of the National Union of Peoples’ Lawyers, said in a Viber message. “In this case, he proposed to kill the senatorial candidates through the use of a bomb.”

“Killing or inflicting bodily harm on a group of persons is an element of sedition, and using a bomb indicates the tumultuous nature of what he planned to do. It’s time to hold him accountable for this kind of remark,” he added.

Philippine Health department flags worrisome uptick in dengue cases in Luzon

PUBLIC HEALTH IMAGE LIBRARY/US CENTERS DISEASE FOR CONTROL AND PREVENTION

PHILIPPINE health authorities on Monday flagged a “concerning rise” in dengue cases in Luzon, with eight more local governments there likely to declare an outbreak after Quezon City.

In a statement, the Department of Health (DoH) cited an uptick in dengue cases in nine local government units across  Metro Manila, Calabarzon and Central Luzon. It did not disclose the names of the cities and the number of infections.

This comes after Quezon City Mayor Maria Josefina “Joy” Tanya G. Belmonte declared a dengue outbreak in the country’s largest city, where at least 10 people have died from the disease spread by mosquitoes and more than 1,700 cases have been posted this year.

The Health department has reported 28,384 dengue cases as of Feb. 1, a 40% increase from a year earlier.

The agency said regional epidemiology and surveillance units have been advising their local government counterparts about the cases, adding that the declaration of a local dengue outbreak may only be done by a local government official.

The Philippine Health department last declared a national dengue epidemic in 2019.

The eight localities other than Quezon City are likely to declare a dengue outbreak due to an uptick in cases, DoH spokesman Albert Francis E. Domingo told DZBB radio.

Dengue is the most common mosquito-borne disease worldwide, typically found in tropical and sub-tropical climates.

Common symptoms include high fever, severe headaches, nausea, vomiting, rashes and muscle pain, according to the World Health Organization’s website.

If left untreated, dengue can progress to a severe stage, which may involve intense stomach pain, vomiting, bleeding of the gums or nose, blood in urine or stools, difficulty breathing and bleeding under the skin. — John Victor D. Ordoñez

About 80% of crimes in Southeast Asia linked to drugs, says BuCor chief

PHILIPPINE STAR/ MIGUEL DE GUZMAN

AROUND 70-80% of crimes in Southeast Asia are linked to drugs, Bureau of Corrections (BuCor) Director General Gregorio Pio P. Catapang, Jr. said on Monday, following the conclusion of the Association of Southeast Asian Nations (ASEAN) Regional Correctional Conference (ARCC).

Drugs emerged as the common problem during high-level discussions among correctional leaders, he told reporters on the sidelines of the ARCC in Puerto Princesa City, Palawan.

“Seventy to eighty percent of crimes committed were under the influence of drugs,” Mr. Catapang said in mixed English and Filipino. “That’s the similarity among ASEAN countries; drugs were always highlighted as a problem.”

Mr. Catapang said that to address prison overcrowding over drug-related cases, he aims to revitalize the underused Mega Drug Abuse Treatment and Rehabilitation Center in Palayan City in Nueva Ecija, built during former President Rodrigo R. Duterte’s administration.

“If possible, with the help of the Department of Health (DoH), since this is a whole-of-government approach involving DoH, Department of Social Welfare and Development, Technical Education and Skills Development Authority and others—the individual can first be confined [in the rehabilitation center],” he said in Filipino.

This aligns with the home imprisonment mechanism for minor crimes, which was shared during ARCC discussions. This mechanism will also cover smaller drug-related crimes after undergoing rehabilitation.

“Once it is proven that they are no longer addicted and have overcome their addiction, they can be reintegrated with their family,” he added. “Their family, along with the community and the village, will then monitor and support them.”

The event also concluded with an emphasis on aligning ASEAN correctional policies with global trends, including the potential establishment of a regional prisoner transfer agreement after the transfer of Mary Jane F. Veloso to Manila from Jakarta in December 2024.

Once approved at the executive level, this agreement would enable countries to repatriate inmates to their home nations to serve their sentences, improving rehabilitation outcomes and reducing the burden on host countries.

Mr. Catapang, however, emphasized that this agreement should reach the treaty level, which would take years to accomplish.

Moving forward, ASEAN leaders agreed to hold the ARCC every two years, with Thailand set to host the next conference in 2026 and two years moving forward.

To ensure meaningful discussions, ASEAN officials plan to strengthen the ARCC Secretariat to maintain continuity and clear objectives for future conferences. — Chloe Mari A. Hufana

Disclose election deal, Comelec told

PHILIPPINE STAR/WALTER BOLLOZOS

THE Commission on Elections (Comelec) should release documents connected to the election contract it awarded to a South Korean company for this year’s midterm poll to spur public confidence in the electoral system, a watchdog group said on Monday.

In a statement, Democracy Watch Philippines pushed the poll body to disclose all documents regarding the procurement contract of automated election equipment it awarded to Miru Systems Co., Ltd. last year, following the withdrawal of a Filipino counterpart.

“We call on Comelec to proactively disclose key documents, including financial records, ownership agreements, and contract details, to assure the public that election integrity will not be compromised,” the group said.

“Any attempt to withhold such information will only deepen public mistrust and fuel suspicions about the integrity of the election process,” it added.

Miru Systems Co., Ltd. did not immediately respond to an e-mail seeking comment.

“We already provided everything to the Right to Know, Right Now coalition. We have the records to prove it,” Comelec chairman George Erwin M. Garcia told BusinessWorld, referring to a group that filed a Supreme Court petition seeking to compel the poll body to disclose all contract details.

A joint venture composed of Miru Systems Co. Ltd. and two Filipino companies were awarded the P18-billion contract by Comelec to run the country’s electronic poll system after the previous contractor was disqualified from further facilitating automated elections in the country. 

The abrupt withdrawal of one of the South Korean technology company’s partners has raised concerns regarding the financial capabilities and legal compliance of the joint venture to carry out the elections, according to the watchdog group.

“With its withdrawal, there are legitimate questions as to whether the joint venture retains the financial and operational capacity to fulfill its contractual obligations to Comelec,” Democracy Watch Philippines said.

Comelec should also clarify whether the consortium is still compliant with a constitutional provision stating that businesses must be at least 60% Filipino-owned and if there were efforts to abide by the foreign ownership limitations, it added.

“As we approach the 2025 elections, we urge Comelec to demonstrate its commitment to safeguarding democracy by prioritizing transparency, fiscal responsibility, and adherence to legal standards,” the group said.

Filipinos will pick a new set of congressmen, 12 of the 24-member Senate and other local government officials on May 12.

In a separate statement, Bukidnon Rep. Jonathan Keith T. Flores said moving the Bangsamoro Autonomous Region in Muslim Mindanao’s (BARMM) elections to October 2025 would help the government better deploy its security resources in Mindanao to ease election-related violence.

Having an “unsynchronized” election schedule would prevent the police, military and poll body personnel from being stretched too thin, allowing them to better police areas susceptible to election violence, he said.

Elections in the southern Philippines are traditionally marred by violence due to the presence of local political families in the region that are grappling for influence during poll campaigns in an effort to remain in power.

“Keeping the peace and averting violence would be very difficult if the BARMM polls happen in May,” he said.

The Philippine Congress deferred the autonomous region’s first-ever parliamentary elections to Oct. 13 from a year earlier after the Supreme Court ruled to exclude Sulu province from being part of it. — Kenneth Christiane L. Basilio

PHL, Malaysia explore labor collab

Women work at the assembly line of an electronics factory in Malvar, Batangas, Aug. 10, 2018. — REUTERS

THE Philippines and Malaysia are exploring collaboration in skills training and workforce development as part of efforts to enhance regional labor capabilities, the Labor department said on Monday.

In a courtesy call at the Labor department in Feb. 12, Malaysian representatives from Malaysia’s Human Resource Development Corporation discussed potential joint initiatives with Filipino labor officials, including participation in the upcoming ASEAN Year of Skills 2025.

Discussions also included Malaysia’s National Training Week (NTW) in June and the National Human Capital Conference and Exhibition (NHCCE) in October, both focused on upskilling workers and enhancing talent mobility across the region.

The NTW is an annual initiative offering free training programs across multiple sectors, while NHCCE aims to address challenges in human capital development and evolving industry needs.

Potential collaboration areas include technical and vocational education and training, digital skills, and technology-driven upskilling programs, the department said. — Chloe Mari A. Hufana

BIR files P8.5-B tax evasion case 

THE Bureau of Internal Revenue (BIR) has filed a tax evasion case against operators nabbed in a large-scale raid against illicit cigarettes with a total of P8.54-billion tax liability. 

“The BIR has filed an 8.5-B[illion] Tax Evasion case against the criminals behind an illicit cigarette factory and 3 warehouses in Bulacan and Valenzuela. It was the largest operation of the BIR against illicit cigarettes last 2024,” Commissioner Romeo D. Lumagui, Jr. said in a statement.

The criminal cases were filed last Nov. 14, 2024, and Feb. 7, 2025, it said.

All four locations were suspected to be part of one criminal enterprise, where the BIR seized raw materials, cigarette-making machines, and cigarette-packing machines, the agency said. The BIR also reported that six Chinese nationals were also arrested by law enforcement officers.

“The BIR will not stop filing criminal cases against large-scale illicit cigarette manufacturers and distributors.  Big or small, all operations of illicit cigarettes in the Philippines are criminal in nature,” Mr. Lumagui said.

In January, the BIR said the country’s revenue from tobacco is projected to reach $7.3 billion in 2024. — Aubrey Rose A. Inosante

PAL gets P3.47-M in tax refund

BW FILE PHOTO

THE Court of Tax Appeals (CTA) has partially granted Philippine Airlines, Inc.’s (PAL) refund claim ordering the internal revenue commission pay the flag-carrier P3.47 million for its wrongly paid excise taxes on imported liquor and wine from July 2018 to April 2019.

In a 17-page decision dated Feb. 11, the tribunal said PAL proved that most of the alcohol products it imported during the period were not locally available in reasonable number, quality, or price. The company had sought a total refund claim of P4.33 million for the imported liquor products.

“Carving out those liquor and alcohol whose importation costs are lower than purchasing them locally, the excise taxes paid by petitioner thereon, to the extent of P3,472,366.86, should be refunded or credited in favor of the latter,” according to the ruling penned by Associate Justice Marian Ivy F. Reyes-Fajardo.

Under the Tax Code, an entity is entitled to a refund or a tax credit certificate on excise taxes if the cost of the imported alcohol products is lower than buying them locally.

“This requires us to determine the cost of importation thereof, followed by comparison of said cost, with the cost of such alcohol products’ local purchase,” the CTA said in the ruling.

Presidential Decree No. 1590 exempts PAL from the payment of excise tax on its tobacco and alcohol if they are not locally available in a reasonable quantity, quality, or price, and if the supplies are important for the use of the franchisee in its transport and other incidental operations.

The case stemmed from the Bureau of Customs in 2020 billing the flag-carrier P4.33 million in excise taxes, which the company protested two years later. — John Victor D. Ordoñez

Avail estate tax amnesty — Gatchalian

PHILIPPINE STAR/RUSSELL PALMA

A Senator urged taxpayers to avail the government’s estate tax amnesty program, which has been extended until June 14.

“Now is the perfect opportunity for heirs and beneficiaries to prepare for their payment, which should be made on or before the extended deadline, while they are already budgeting for their expenses in the first half of the year,” Senator Sherwin T. Gatchalian said in a statement on Monday.

Republic Act 11956, which lapsed into law in August 2023, extended the period for availing estate tax amnesty for another two years or until June 14, 2025 from the previous deadline of June 15, 2023.

Availing the amnesty program would enable taxpayers to formalize ownership of their inherited assets.

“Taxpayers will now be given the opportunity to formalize their ownership of any property and they will be able to secure their rights as legitimate owners,” he added.

The extension aims to give beneficiaries, transferees, or legal heirs enough time to pay the excise taxes owed on assets inherited from dead relatives.

Under the law, heirs will not be subject to fines or interest for late payments, as amnesty allows for payment at lower rates.

“We need to promote and enhance tax education so that we can properly equip taxpayers in fulfilling their obligations in the hope of increasing tax compliance and generating much-needed revenues that would finance government programs and much-needed infrastructure,” he added. — Adrian H. Halili