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Apores Group aims to elevate Mati City with premier hotel offering

MAYA M. PADILLO

MATI CITY — Adelina Hotel and Suites, the first premier hotel in Mati City and the entire province of Davao Oriental, is strategically positioned to enhance the city’s status as a MICE (meetings, incentives, conferences, and exhibitions) destination, a hotel official said.

Owned by the Apores Group, the hotel features 94 guestrooms, a ballroom, an outdoor garden, two meeting rooms, and a rooftop party bar adjacent to the poolside.

“The hotel has addressed the need of the city to showcase a more decent accommodation that can house national and international guests. The hotel also compliments the city’s famous cultural heritage and beautiful scenery, both land and sea,” said Girlie Alagano, marketing and sales manager of Adelina Hotel and Suites, told BusinessWorld.

Adelina Hotel  and Suites is expected to support Mati City, a renowned beach destination, in attracting the MICE market, she noted.

The city has also become a prime destination for surfers and skimboarders.

Additionally, Mati City is celebrated among environmentalists, ecologists, and nature lovers for being home to renowned protected areas such as the Mount Hamiguitan Range Wildlife Sanctuary and Pujada Bay.

“Adelina Hotel and Suites is built to be a home-away-from-home for these travelers. It is also a perfect place for local government units and agencies’ stay-in seminars, live-out meetings, corporate and non-government agencies gatherings, and team-building activities, including consortiums, those who wish to conduct their activities outside Davao City. And of course, families and ‘barkadas’ who want comfortable accommodation when in Mati City,” Ms. Alagano said.

The hotel targets visitors not only from Davao Oriental and other provinces within the Davao Region but also from international markets.

Adelina Hotel and Suites, established on Aug. 8, 2023, was founded with the owners’ aim to contribute to the development of Mati City, Ms. Alagano said.

“It has been our family’s fondest dream to build something for our beloved Mati. Thus, when Mati became a city, we believed that the time was ripe to give back to her the love and kindness she has shown to us,” said Francisco “King” Mijares III, chief executive officer and president of Apores Group.

Mr. Mijares said that when they decided to build the hotel, the country was then reeling from the COVID-19 pandemic, and work had to be put on hold.

“Nevertheless, there was a fire that continued to burn within us, a fire that could not be extinguished. Even during those difficult times, we felt the heartbeat of Mati City. We heard the whisper of the wind telling us that the time had come for Mati City to have a luxury of its own,” he said. — Maya M. Padillo

The UN is betraying Afghan women

UN WOMEN-FLICKR

IT IS THE ULTIMATE ACT of bad faith. The United Nations (UN) has decided to exclude women from its upcoming global conference on Afghanistan. Why? The Taliban, it seems, insisted on it.

The Islamic fundamentalist group wasn’t invited to the first meeting in May 2023, and refused to attend the next one in February because the UN wouldn’t accept the list of preconditions for its participation. “These conditions first of all denied us the right to talk to other representatives of the Afghan society and demanded a treatment that would, I would say, to a large extent be similar to recognition” of the Taliban as the governing authority, Secretary-General António Guterres said at the time. So what has changed?

It’s unclear what led the UN to agree to the Taliban’s demands for the talks in Doha that begin on June 30, though the global body insists “this sort of engagement is not legitimization or normalization.” I’d call it something else. An egregious breach of trust — one that places security and counterterrorism concerns above the rights of women, girls, and minorities.

As important as the Taliban’s presence at the meeting is — the US and its allies see the Taliban’s battle against the Islamic State-Khorasan group as vital to controlling the threat of terrorism emanating from Central Asia — there were other options beyond surrendering human rights to extremists.

In November, the UN laid out a road map for engagement with the Taliban that required improvements in women’s rights before the UN would consider officially recognizing it as the country’s governing entity. A month later, the Security Council called for Afghan women to be involved in the political process and for the establishment of a special envoy for Afghanistan to coordinate international engagement. It is also considering recommendations to recognize “gender apartheid” as a crime against humanity.

On every aspect, the UN is dragging its feet. There is no special envoy, and no sign of movement on gender apartheid.

Its own Special Rapporteur on the situation of human rights in Afghanistan, Richard Bennett, last week presented a comprehensive set of recommendations for dismantling the Taliban’s institutionalized system of gender oppression. They involve tackling the culture of impunity that has long existed in Afghanistan by punishing crimes committed by the Taliban, its agents and supporters. This can be done via “universal jurisdiction” which enables a state to prosecute perpetrators of the most serious international offenses regardless of where they were committed or the nationality of the perpetrators and the victims.

Bennett’s report makes for grim reading. It documents discrimination, segregation, disrespect for human dignity, and exclusion, motivated by the Taliban’s profound rejection of women and girls’ humanity. They now have increasingly narrow roles: as bearers and rearers of children, and as objects available for exploitation, including debt bondage, domestic servitude, and sexual exploitation. Women and girls are banned from education beyond sixth grade. In March, the Taliban issued an order that women be stoned to death for so-called “moral crimes.”

There are efforts underway to initiate a case at the International Court of Justice, and it is here that the global community could make a difference. It takes just one country that is a signatory to the Convention on the Elimination of All Forms of Discrimination Against Women to step up. Bennett also calls for better funding for a separate investigation by the International Criminal Court into crimes against humanity and war crimes committed in Afghanistan since May 2003. He notes Afghans’ frustration with the lengthy preliminary examination and investigation. (ICJ decisions are subject to enforcement by the Security Council, but each of the five permanent members can veto any decision, while the ICC doesn’t have its own enforcement body. It relies on countries to make arrests, freeze suspects’ assets, and enforce sentences.)

Importantly, Bennett says that nations should “avoid normalization or legitimization of the de facto authorities” until the human-rights situation improves, especially for women and girls. It is hard to understand why another arm of this global body meant to defend and protect human rights would do the opposite of what its own expert is recommending.

It is, as Heather Barr of Human Rights Watch notes, “enraging” that the UN has done this. “There are certain lines they shouldn’t cross,” she told me. “This is one of them.”

Not surprisingly, Afghan women and human-rights defenders are calling for nations to boycott this meeting. That will present a dilemma for many countries, particularly those committed to gender justice and concerned about the rise in terrorist activities that originate in Afghanistan.

Since its inception in 2015, Islamic State-Khorasan — named for the historic region encompassing parts of Afghanistan, Iran, and Central Asia — has expanded its international reach. The attack on a Moscow concert in March that killed more than 140 people, as well as suicide bombings in Iran that claimed 95 lives in January, were both linked to IS-K. Earlier this month, eight people from Tajikistan, some with suspected ties to the Islamic State, were arrested in the US.

But while the Taliban may be attempting to shut down IS-K, it is still uncomfortably close to al-Qaeda — indeed the UN reported in June last year that several al-Qaeda leaders have been given key posts within the regime.

The world cannot afford to offer the Taliban some kind of clemency over its human-rights abuses simply because it is resisting another terrorist group. That is the worst kind of foreign policy. We must abandon the idea, once and for all, that the rights of women and girls are there to be traded off at will. They’re not.

BLOOMBERG OPINION

PSEi member stocks performed — June 24, 2024

Here’s a quick glance at how PSEi stocks fared on Monday, June 24, 2024.


Philippines further improves in 2024 Fragile States Index

The Philippines improved* three spots to 64th out of 179 countries in the 2024 Fragile States Index (FSI) released by the American nonprofit organization The Fund for Peace. A higher FSI rank and score indicate greater instability. The country scored 75.1 (the worst is 120), one of the worst performing in the region. However, it was the Philippines’ best placement in 18 years.

Philippines further improves in 2024 Fragile States Index

Peso stays at 20-month low vs dollar as market awaits BSP policy meeting

THE PESO stayed at a 20-month low on Monday as market players were cautious before the Bangko Sentral ng Pilipinas’ (BSP) policy meeting this week.

The local unit closed unchanged at P58.80 per dollar on Monday, Bankers Association of the Philippines data showed.

This was the peso’s worst finish since its P58.87-a-dollar close on Oct. 24, 2022.

Year to date, the local currency is down by P3.43 from its end-2023 finish of P55.37 against the greenback.

The peso opened Monday’s session weaker at P58.85 versus the greenback, which was also its intraday trough. Its best showing for the session was at P58.78 per dollar.

Dollars traded dropped to $559.25 million on Monday from $807.95 million on Friday.

“Market participants remained on the sidelines ahead of the Bangko Sentral ng Pilipinas policy decision this week,” a trader said in an e-mail.

A second trader said the market was “relatively quiet” and saw some profit taking before the session’s close.

The BSP is widely expected to maintain its policy stance for a sixth straight meeting on Thursday amid persistent risks to the inflation outlook and a weak peso, analysts said.

All 15 analysts in a BusinessWorld poll conducted last week expect the Monetary Board to maintain its target reverse repurchase rate at a 17-year high of 6.5% at its policy meeting this week.

Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message that the market is awaiting forward guidance from the Monetary Board’s meeting, as well as the release of key US data this week, which could affect the Federal Reserve’s policy path.

The dollar was slightly weaker on Monday but remained close to an almost eight-week high, Reuters reported.

The spotlight this week will be on the US personal consumption expenditures price index — the Federal Reserve’s favored gauge of inflation — due on Friday.

The dollar index, which measures the US unit against six peers, was last at 105.66, edging back from a nearly eight-week high of 105.91 it touched last week.

For Tuesday, the first trader said the peso could remain weak against the dollar ahead of likely cautious remarks from Fed officials.

The first trader and Reyes Tacandong & Co. Senior Adviser Jonathan L. Ravelas said the peso could range from P58.70 to P58.90 per dollar on Tuesday.

Meanwhile, the second trader said the peso could move between P58.60 and P58.80 against the greenback. — AMCS with Reuters

PSEi rises to 6,200 level to end eight-day slide

REUTERS

PHILIPPINE STOCKS rebounded on Monday to ending their eight-day losing streak as investors bought cheap issues and amid data showing that government spending on infrastructure improved as of April.

The Philippine Stock Exchange index (PSEi) rose by 1.85% or 113.98 points to finish at 6,272.46 on Monday, while the broader all shares index gained by 0.96% or 32.57 points to close at 3,407.77.

However, this is still 2.75% or 177.58 points lower than the PSEi’s end-2023 close of 6,450.04.

“The local bourse had a strong rebound following eight consecutive days of decline. Many investors have decided to buy stocks at bargain levels after the market’s steep decline last week,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

“Philippine shares made a furious rebound to start the week after the dramatic selldown last Friday as investors went bargain hunting across the board ahead of the window dressing to end the semester,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message.

The PSEi on Friday logged its worst close for the year thus far at 6,158.48. This was the lowest level seen in over seven months or since its 6,110.88 finish on Nov. 14, 2023.

“Moreover, the increase in infrastructure spending for the first four months of the year helped lift the sentiment. However, the rebound was driven mostly by the local investors, as foreigners remained net sellers,” Ms. Alviar added.

Net foreign selling went down to P403.22 million on Monday from the P1.34 billion recorded on Friday.

Infrastructure and other capital outlays rose by 36.2% to P118.9 billion in April from P87.3 billion in the same month a year ago, according to the latest National Government disbursement report.

For the first four months of the year, infrastructure spending increased by 18.2% to P335.7 billion from P284 billion in the year-ago period.

Almost all sectoral indices closed higher on Monday. Property rose by 3.52% or 83.05 points to 2,440.61; services went up by 2.46% or 46.12 points to 1,918.10; holding firms climbed by 0.84% or 46.58 points to 5,558.22; financials gained 0.78% or 14.63 points to end at 1,879.46; and industrials increased by 0.76% or 67.52 points to 8,842.87.

Mining and oil was the sole decliner, dropping by 0.16% or 13.85 points to close at 8,530.51.

“Among the index members, Century Pacific Food, Inc. achieved the highest gain, increasing by 5.62%, while Alliance Global Group, Inc. was at the bottom, losing 2.3%,” Ms. Alviar said.

Value turnover went down to P6.17 billion on Monday with 356.23 million shares changing hands from the P8.26 billion with 632.74 million issues traded on Friday.

Market breadth was negative as decliners outnumbered advancers, 105 versus 80, while 46 issues closed unchanged. — R.M.D. Ochave

Marcos travels produce $19B in active projects

PCO.GOV.PH

THE Department of Trade and Industry (DTI) said on Monday that around 65 projects worth around $19 billion have been initiated as a result of deals secured during the President’s overseas trips.

In a briefing, Trade Secretary Alfredo E. Pascual said the tally of projects is as of June, and that they are in various stages of the investment process. 

“There are $19 billion (in investments) already cleared and registered with investment promotion agencies (IPAs). These investments are under categories four, five, and six,” he said, referring to the classification system for progress made on investment projects.

Of the projects that have been set in motion, 12 are in category 6, meaning they are operating and are registered with an investment promotion agency. These are valued at $328 million. 

Investments in category 5, covering projects that have registered with IPAs but not yet operating, were estimated at $1.6 billion.

The 32 projects under category 4, which are in the process of registering, are worth $17 billion.

The 65 projects accounted for 30% of the $61.3 billion worth of investment leads gathered during the President’s trips. The leads cover 201 projects and exclude 30 public-private partnerships.

Separately, the DTI said that it is confident that the Board of Investments (BoI) will hit its approvals target of P1.5 trillion this year.

“We hit P1.2 trillion (last year). This target is meant to motivate the people from BoI to solicit more projects,” Mr. Pascual said.

In May, the BoI approved P27.41 billion worth of investment proposals, down 23% from a year earlier. This brought the five-month approved investments total to P640.22 billion.

“That’s the highest first five months’ registration in our 57-year history,” Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said. “I think we are on track.”

He said foreign travels will play a major role in encouraging more investment.

Last year, the BoI approved P1.26 trillion worth of investments, missing its P1.5 trillion internal target, which had been stretched from the initial P1 trillion goal set by the DTI in early 2023. — Justine Irish D. Tabile

MinebeaMitsumi, Yokohama Rubber indicate interest in PHL expansion

YOKOHAMA TIRE PHILIPPINES, INC. FACEBOOK PAGE

THE Department of Trade and Industry (DTI) said two Japanese companies have expressed interest in investing over P7 billion to expand their operations in the Philippines.

In a briefing on Monday, Trade Secretary Alfredo E. Pascual identified the potential investors as electronics company MinebeaMitsumi, Inc. and tire and auto parts maker Yokohama Rubber Co. Ltd.

“Although it was not an investment mission, we anticipate, because they pitched it, an additional P7.4 billion of new investments,” Mr. Pascual said. “They expressed their intention to invest additional funds.”

MinebeaMitsumi operates in Batangas, Bataan, and Cebu, while Yokohama Rubber runs a tire plant in Clark Freeport.

Mr. Pascual was in Japan last week to attend the Philippine Economic Briefing in Tokyo, on the sidelines of which he, together with other cabinet secretaries, met with executives of eight Japanese firms.

The companies included Sojitz Corp., Mitsubishi Corp., Murata Manufacturing Co., Ltd., Sumitomo Corp., MinebeaMitsumi, Yokohama Rubber, Taiheiyo Cement Corp., and Marubeni Corp.

According to Mr. Pascual, three of these companies have produced around P22.3 billion in investments stemming from commitments made during President Ferdinand R. Marcos, Jr.’s visits to Japan.

In particular, he said Taiheiyo Cement has invested over P16 billion of its P21-billion investment pledge made during the President’s visit.

This includes a P11.7-billion manufacturing plant in Cebu, which Taiheiyo hopes to inaugurate next month.

Murata has also invested P7 billion of a P47 billion commitment in expanding a ceramic capacitor line in Batangas.

“Murata’s investment is important as they are expanding the production of multi-layer ceramic capacitors, which are very important to electronic products,” said Mr. Pascual.

“We also hope that with their expansion, they will also bring with them some of their Tier 1 and Tier 2 suppliers so that they can complete their supply chain ecosystem here,” he added.

On the other hand, Sojitz has invested P3.6 billion, exceeding its P2.6 billion commitment. The investment, which was coursed through LBS Digital Infrastructure Corp., also created 700 direct jobs.

Meanwhile, Mitsubishi, Sumitomo, and Marubeni also reaffirmed their investment pledges to the Philippines, Mr. Pascual said.

The President visited Japan twice last year, in February and December. During his visits, he was able to book P771.6 billion in investment commitments from Japanese firms, which are expected to create more than 40,000 jobs. — Justine Irish D. Tabile

DA to press for budget of over P500B in 2025

PHILSTAR

THE Department of Agriculture (DA) said it will seek to upgrade its funding allocation for 2025 to P513.81 billion, nearly double the initial amount approved by the Department of Budget and Management (DBM).

“For the entire department, it’s almost like (this year’s amount). They’re saying, may increase lang yata kami ng less than P10 billion from this year (we have an increase of less than P10 billion from this year’s budget),” Undersecretary for Policy, Planning and Regulations Asis G. Perez said on Monday at a food security forum.

He added the DA hoping to lobby for more funding before the DBM submits its proposed budget to Congress.

The DA had proposed a budget of P513.81 billion for 2025. If approved, this would be more than double the DA allocation of P208.58 billion in 2024.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. has said the extra funds will support the construction of irrigation and postharvest facilities.

Additionally, due to the lack of funding and private sector investment, the DA estimates that it would take about a century to complete major infrastructure items for agriculture like farm to market roads (FMR).

“For FMR alone it will take us practically, based on the initial estimates of the Bureau of Agriculture and Fisheries Engineering, 100 years to complete all the necessary road systems,” Agriculture Assistant Secretary and Spokesman Arnel V. de Mesa said.

He added that aside from FMRs the country needs to increase investment in post-harvest facilities, logistics, and irrigation.

Improvements in logistics and supply chains “will help our smallhold farmers and fisherfolk,” Mr. De Mesa said.

The DA estimates that about P1.2 trillion is required to irrigate an additional 1.2 million hectares in order to boost rice production and reduce imports. It also projects a requirement of P93 billion for postharvest facilities to reduce rice and corn waste.

“There are limited resources available to finish these requirements for infrastructure,” he added.

The government constructed around 67,328.92 kilometers (km) of farm-to-market roads in 2023, more than half of its goal of building 131,410.66 km in six years, according to President Ferdinand R. Marcos, Jr. — Adrian H. Halili

Solar irrigation project to be pitched to ADB for financing

PHILIPPINE INFORMATION AGENCY

THE Department of Agriculture (DA) said on Monday that it will seek a 350-million-euro loan from the Asian Development Bank (ADB) to support its solar-powered irrigation projects.

“We have a proposal with the ADB, that’s about 350 million euros to develop solar irrigation. This is a very inexpensive way of irrigating,” Agriculture Assistant Secretary and Spokesperson Arnel V. de Mesa said in a forum.

He added that the proposed loan, once approved, will be disbursed over three years.

The Philippine Solar Irrigation Project aims to add about 180,000 hectares of irrigable farmland.

The DA estimates that there are about 1.02 million hectares of land that can be irrigated but are still relying on rainwater. 

President Ferdinand R. Marcos, Jr. has said that he was seeking to set up 152 solar-powered irrigation pumps this year, through the National Irrigation Administration (NIA).

As of 2023, the NIA has completed 68% of its national irrigation development commitments, servicing an estimated 2.11 million hectares.

“Aside from being inexpensive, solar systems are very reliable,” he added.

He said that small-scale projects typically take eight to 10 days to construct, to irrigate about eight to 10 hectares, while large-scale projects typically take a few years.

He added that the loan proposal has been approved at the technical level by the Investment Coordination Committee. It requires approval by the ICC Cabinet Committee before being endorsed to the National Economic and Development Authority Board.

Mr. De Mesa said that the DA is seeking P22 billion from the Department of Budget and Management this year to fund the construction of solar infrastructure.

He added that the P11 billion will fund solar irrigation pumps, while the remainder will go to solar-powered cold storage facilities.

“It will be distributed to areas where we have production, especially for fruits, vegetables, the fishing sector and other coastal communities. It can also be used for livestock,” he said, referring to the cold storage facilities. — Adrian H. Halili

US envoy says cyber resilience best achieved via partnerships

PHILSTAR FILE PHOTO/US EMBASSY IN BUENOS AIRES VIA JANVIC MATEO

THE PHILIPPINES needs to work with partners who share its “core values” to bolster its defenses against cyberattack, the US ambassador said.

 “Digital solidarity is a valuable principle for centering international technology efforts because it aligns our national interests with those of partners who share our core values in key diplomatic areas, governance, combating transnational crime and building resilience,” US Ambassador to the Philippines MaryKay L. Carlson said.

She was speaking at the Center for a New American Security and Stratbase ADR Institute event on Monday, billed as “Safeguarding the Indo-Pacific: Strengthening Partnerships to Meet Emerging Cybersecurity Threats.”

Ms. Carlson noted that the Philippines recently joined the Counter Ransomware Initiative, a platform of over 50 countries that share information to counter emerging threats in real time.

According to Information and Communications Technology Secretary Ivan John E. Uy, the Philippines was once reckoned as among the most cyberattacked nations in Southeast Asia and tenth globally.

Mr. Uy’s department responded to 3,210 of 3,9025 reported cyber incidents as of May 2024, mitigating and closing 82% of these cases with an average resolution time of 30 days.

“The Philippines and the US can and must find greater opportunities to collaborate and cooperate in cyber related exercises, training and education, in talent development, in technology transfer, and in joint cyber defense,” John Allen, former commander of the NATO International Security Assistance Force in Afghanistan, said.

Mr. Allen was formerly the principal director of Asia and Pacific Affairs at the US Defense department.

Ms. Carlson noted that last year’s Balikatan joint military exercise included a cyber defense component for the first time.

She added that in a few weeks, the US will host the first US-Philippines Cyber and Digital Dialogue. — Aubrey Rose A. Inosante

Reserve market operations could resume in July — ERC

BW FILE PHOTO

THE Energy Regulatory Commission (ERC) said it is expecting the reserve market to return to full operations next month.

“Most likely by next month or sooner we can resume commercial operations,” ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta said on the sidelines of a forum last week.

Last month, the ERC approved the partial settlement of 30% of the amounts due for payment covering transactions on the reserve market for the billing month of March, valued at around P1.7 billion.

The remaining 70% or around P4.02 billion will be collected once the reserve market fully resumes operations.

In its suspension order in March, the regulator said that “significant price increases” were reported in reserve costs for March compared to February.

Ms. Dimalanta said that the cost to consumers needs to be considered by the ERC in order to minimize the impact on power rates.

“That will be resolved once we finalize the approval for the pending case,” she said via Viber.

She was referring to the application of the Independent Electricity Market Operator of the Philippines to approve the market’s price determination methodology.

The reserve market allows the system operator to procure power reserves from the spot market to meet the reserve requirements of the energy system.

On electricity rates, Ms. Dimalanta said that she is hoping for the rates at the Wholesale Electricity Spot Market to fall during the cooler months.

“I hope there will be more breathing space for rates, unlike what happened during the dry months,” she said. — Sheldeen Joy Talavera