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The EDSA problem

PHILIPPINE STAR/MIGUEL DE GUZMAN

Time was when Highway 54 was a two-lane road lined with acacia trees craning to see who was the rare interloper driving up or down the stretch from the Bonifacio Monument in Caloocan to Taft Avenue in Pasay City, exiting some places in between. That was in the 1950s, when greater Manila was rising from the destruction and setbacks of World War II and the Japanese occupation.

Construction of what was then called the North and South Circumferential Road began in 1939 under Commonwealth President Manuel L. Quezon, who had planned a new capital city, which became Quezon City. Highway 54 was C-4, meant to interconnect Quezon City, Manila, and Pasay. After World War II and the independence of the Philippines from the United States in 1946, it became known as Avenida 19 de Junio (June 19 Avenue), after the birth date of national hero José Rizal (bworldonline.com, May 25, 2018). In 1959, the formal name was changed to Epifanio de los Santos Ave., after the Rizal scholar, historian, and jurist.

Landscape architect, environmental planner, and urban designer Paulo Alcazaren related his own experience of the history of Epifanio de los Santos Avenue, still stubbornly called Highway 54 through the 1960s, and later to be called by its acronym “EDSA” by the 1970s in his column in The Philippine Star (Feb. 24, 2024):

“Highway 54 started as a two-lane asphalt road with large swathes of cogon field on either side of it. It widened to four lanes by the mid-1950s, but had no lighting and very little development along it except for the government’s housing ‘Projects,’ the private Philamlife Homes, as well as some commercial development at the highway’s two main “crossings” at Cubao in Quezon City and at Shaw Boulevard. The Shaw intersection was (and is still known) as “crossing”;

“…We crossed Highway 54 to get to school or to old Manila, where we would visit my grandfather or watch movies downtown. In the early 1960s, I remember the lonely stretch of the highway when I accompanied my father, a doctor, to a clinic for employees at the old ABS-CBN compound. It was a shack with one lone television tower;

“…In the 1970s and into the Martial Law years, traffic built up as suburban residential enclaves sprouted along EDSA and daily commutes to Makati and central Manila built up traffic rush hours. In 1978, when I started working in Makati, I was still able to get home to Barrio Kapitolyo in Pasig in 15 minutes, but every year the traffic got heavier and the government started building interchanges, flyovers, and underpasses along all the major intersections.

“…Post-People Power, Makati was joined by the Ortigas district and Cubao as CBDs (Central Business Districts) that serviced the larger metropolis. The old downtown of Binondo had relinquished its role to these satellites. These were threaded by EDSA like a string of pearls lit at dusk by headlamps of thousands of vehicles that plied its length.

“…The 1990s and the first two decades of the 21st century have both seen EDSA evolve to become the key corridor for motorized transport for the metropolis. A light rail system was built to improve mobility for a population that now surpassed 10 million (with another few million commuting from beyond the boundaries of Metro Manila). This should have come first as rails systems are more efficient in moving people and the infrastructure could have been much less complicated than today’s reality of multi-layered interchanges that blight the cityscape and take up so much space.”

Yes, that’s the EDSA problem. It has grown into an unavoidable angry monster, already constipated with traffic way beyond its capacity that multiplied and compounded as the growing population has been funneled and force-fed into its dilated bowels. An average of 437,873 vehicles pass through EDSA each day, exceeding its carrying capacity of 250,000, government records show. During the Christmas season, the “MMDA expected travel along EDSA to become slower, with speeds dropping from the (then-current) average of 21 kilometers per hour to as low as 15 kph in the next two weeks,” said the Philippine Daily Inquirer (May 27).

EDSA is indeed the longest and the most congested highway in the metropolis, stretching some 23.8 kilometers. And it can hardly be avoided as it passes through six of Metro Manila’s 17 cities and municipality, namely, from north to south, Caloocan, Quezon City, San Juan, Mandaluyong, Makati, and Pasay. Sufferers of the chronic heavy traffic on EDSA have empirically tested that it would take 1.5 to two hours going to or from the Cubao crossing to the Buendia crossing in the peak hours between 6 a.m. and 9 p.m., or up to three hours on a bad day, like when it is raining (and not so strongly at that). Good luck and pray each time you decide to turn into EDSA from wherever — you are “caught” once you enter. Turning back will only bring you into deeper traffic on those small feeder roads where masochistic drivers wait some more, still insisting on proceeding via EDSA.

THE BANE OF FLYOVERS
Sitting in standstill traffic on EDSA, one must be alert, because the lanes narrow into three, or even two, from four at certain lengths of the avenue. Undisciplined drivers lined up beside or behind may suddenly go for that little gap between waiting vehicles, and enter your lane, squeezing in front of you, to go first when the traffic inches up slowly at 5 kph. Why did the MMDA — the Metro Manila Development Authority —  construct flyovers (the Kalayaan Flyover, the EDSA-Kamuning Flyover, the Ortigas Interchange, and the Magallanes-EDSA Flyover) and the Metro Rail Transit (MRT) over EDSA? Their support structures — huge concrete foundation posts and four-lane ascent/descent ramps — ate up precious lanes of EDSA under them. That’s why EDSA traffic moves so slowly!

The Civil Engineering Magazine (civilengineermag.com, May 12) says that of course, flyovers help with traffic control and safety for pedestrians. However, “they are not usually suitable for built-up areas because they require a large area. (These are) extremely expensive to construct …and a lack of proper management during the flyover construction process can lead to several issues (like cracks and weak foundations).”

Even as far back as 2011, Cebu City’s concerned residents called to “Stop the Cebu Flyovers!” The reason, according to the Cebu Daily News (Sept. 25, 2011), “why opposition to the planned flyovers is more intense than ever today, is precisely because these are now intruding into the urban core — a very private space which residents consider sacred. A public image of the City is being maintained by large numbers of the City’s inhabitants which they treasure and protect. With these new flyovers, the traditional sentiments and feelings of Cebuanos are being violated.

“Furthermore, the flyovers pose potential risks to safety and security. These huge infrastructures create dark and dingy spaces at night which are difficult to police. Reduced visibility violates the concepts of defensible space and discourages natural surveillance in urban areas which need it most. Such conditions contribute much to the degradation of the urban setting usually commencing a series of reactions from the public.”

It is too late for Metro-Manilans to cry out against the flyovers on EDSA that have blighted the landscape and even worsened traffic. Yet the MMDA seems still enamored with flyovers as the quick-fix glamor solution to the hoary EDSA problem. “Talks are underway for the construction of new flyovers that would serve as ramps for the EDSA busway and U-turn slots underneath for private vehicles to solve traffic congestion, the Metropolitan Manila Development Authority said just before the COVID pandemic constrained movements,” said The Philippine Star (Nov. 27, 2020).

But now that COVID-19 is no longer the arbiter for movements and traffic, here the MMDA comes as gallant knight with brandished sword to tame the dragon EDSA. Until President Ferdinand “Bongbong” Marcos, Jr. called a sudden temporary halt to the project for further study, ground works maintenance and repair was to be done, section by section, on the length of EDSA, estimated to be completed in two years. An odd-even scheme was to be in effect starting June 16. About 50% of vehicles plying EDSA would have been grounded, to allow construction and repair on EDSA to be done more expeditiously. Protests from road users forced the MMDA to indefinitely postpone the odd-even traffic reduction scheme said the Manila Standard (June 5).

The propensity of every administration since Quezon to today’s Marcos Jr. to build, build, build in the short-term (for PR points) with little planning for the long-term (the I-will-not-be-there-anymore mentality) has been pathetically told by the history of EDSA’s problems which were foisted on the people. Yes, EDSA has to be repaired and refurbished at the ground level, but please no more flyovers, exit ramps, and fancy cloverleafs over the existing road network. There is no need to rush to spruce up EDSA before the presidential elections in 2028. Go slowly but surely.

There is still time to develop detailed long-term strategic planning, not only for EDSA, but for the other road systems of the country. The Build Better More infrastructure programs of President Marcos Jr. (costing P9 trillion) will be funded by the people’s taxes and government’s long-term borrowing which will be paid by coming generations.

To our leaders in government: be honest and true to your sworn duties to God, country, and the Filipino people.

 

Amelia H. C. Ylagan is a doctor of Business Administration from the University of the Philippines.

ahcylagan@yahoo.com

Hongqi launches two EVs at new showroom

The third Hongqi Philippines showroom is located at Four E-Com Center, Mall of Asia Complex in Pasay City. — PHOTO BY KAP MACEDA AGUILA

BEVs said to mark ‘bold new chapter’ for brand here

By Joyce Reyes-Aguila

IN WHAT it describes as an expansion of its local footprint, Hongqi Philippines opened its fourth location in the country — this one in Pasay City. EVOxTerra, Inc. President Rashid Delgado said at the inauguration of Hongqi Manila Bay, “In 2023… our journey began with a flagship showroom in BGC (Bonifacio Global City) as a statement that Hongqi is set to make a bold mark in the industry. In less than two years, (we) have expanded (our) footprint with a presence in Alabang, Quezon City, and this newly opened (location).”

The opening of the dealership at Four E-Com Center, Mall of Asia Complex coincided with the formal launch of two Hongqi battery electric vehicles (BEVs): the EH7 and EHS7. The BEVs “mark the beginning of a bold new chapter” for the brand, according to Mr. Delgado, as these demonstrate the brand’s “strong commitment to innovation and design and engineering. They continue to redefine luxury through comfort, sustainability, and forward-thinking technology.”

The EH7 sedan and EHS7 sport utility vehicle (SUV) feature the same dual-motor AWD setup, delivering an output of 455kW (610hp) and 756Nm. A 111-kWh next-generation battery pack charges from 10% to 80% in 20 minutes, yielding a driving range of 650km for the EH7 and 540km for the EHS7. Both models have a glass roof offering 99% UV protection, and “reimagined” exteriors.

“Hongqi is synonymous with uncompromising elegance, crafting vehicles that deliver the ultimate fusion of performance and sophistication,” the executive continued. “With a growing lineup of nine models, ranging from the HS3 that we launched last year at the Manila International Auto Show to the top-of-the-line EH9 and the H9, we at Hongqi firmly believe that modern luxury is defined by exceptional comfort.

“We are committed to crafting refined experiences. Hongqi’s statement ‘I decide what drives me’ is a challenge to all of us to be authentic, to be original, and to decide what truly drives us forward. (This) marks the beginning of a bold new chapter for Hongqi as we unveil two fully reimagined all-electric models.”

Hongqi Philippines is offering the first 30 customers who will pre-order the EH7 or EHS7 with an early-bird promo. Aside from a complimentary 3-kW portable charger and a 7-kW wall charger, customers will get six months of free charging equivalent to P50,000 worth of charging credits for EVOxCharge stations nationwide. EVOxCharge is EVOxTerra, Inc.’s charging platform that offers brand-agnostic charging infrastructure. In an interview with “Velocity” last April, Mr. Delgado shared the brand’s plan to build its own charging network in commercial establishments, condominiums, office buildings, and residences of Hongqi customers. Electric vehicle owners of any brand can visit the EVOxTerra EV Lifestyle and Service Center in Western Bicutan, Taguig to access its 10-slot EV charging service.

In his speech at the event, Manila Bay showroom owner Jimmy Jiang of Max888 Auto echoed Honqi’s commitment to its mission of offering luxury innovation. “More than just a space, (this location is) a statement. Hongqi is committed to delivering not only vehicles, but also unmatched service, luxury, and (a) deep understanding of the needs of the market.”

The EH7 and EHS7 come in Executive and Flagship variants. The EH7 is priced at P2.28 million (Executive) and P2.88 million (Flagship); the EHS7 Executive costs P2.58 million while the EHS7 Flagship is at P3.08 million. Flagship versions, said Hongqi Philippines, “add premium enhancements such as upgraded interior ambient lighting, a more advanced audio system, and exclusive design touches with added power and range.”

More information about Hongqi’s offerings can be found on its website, https://www.hongqi.ph, its Facebook page (hongqi.philippines), Instagram (@hongqi.ph), and LinkedIn at https://www.linkedin.com./company/hongqiphilippines/.

GCash now pilot testing GBonds 

ELECTRONIC WALLET giant GCash is now in the process of pilot testing its GBonds feature, which will allow users to buy and sell government securities via the platform.

“GBonds is currently in its pilot test phase,” it said in a social media post.

GCash last week hosted a learning session in preparation for the launch of GBonds in partnership with the Bureau of the Treasury and the Philippine Digital Asset Exchange, Inc.

“This marks a significant step in making investments simpler, safer, and more accessible for all Filipinos. Soon, secure, low-risk government bonds are directly accessible on your phone, empowering you to confidently build a better financial future,” it said.

National Treasurer Sharon P. Almanza last month said they plan to launch GBonds early in the second semester.

The GBonds feature will be available to more than 94 million registered users of GCash.

The minimum investment will be about P500 for Treasury bills, while retail Treasury bonds (RTB) can be bought for as low as P5,000 for GCash, Ms. Almanza said.

RTBs are peso-denominated, low-risk, fixed-income retail investment instruments that earn interest every quarter.

Ms. Almanza said GCash would waive the transaction fee during the primary issuance or in the first two weeks of the offer period.

G-Xchange, Inc. is the operator of GCash. The parent firm of GCash, Globe Fintech Innovations, Inc. or Mynt, is an affiliate of listed telecommunications company Globe Telecom, Inc.

The BTr has been finding ways to offer securities and other debt instruments to retail investors and overseas Filipino workers to help boost the country’s capital markets.

The government plans to borrow P2.545 trillion this year, with about 80% sourced from local lenders and the rest from overseas. — Luisa Maria Jacinta C. Jocson

First Lady promotes local crafts, indigenous art

INSTAGRAM.COM/LIZAMARCOS

FROM June 5 to 8, the Foro de Intramuros — a new community space built in the ruins of one of the buildings in the historical district — became host to Likha 4, a project of the Office of the First Lady, Marie Louise “Liza” Araneta Marcos.

Last year’s Likha had the presence of Gawad sa Manlilikha ng Bayan artisans. This year’s edition hosted around 70 enterprises from around the Philippines.

During the opening ceremonies on June 5, Mrs. Marcos pointed out one of her favored stalls, one selling goods from Sarangani in Mindanao, whose artisans walked eight hours down from the mountains and then continued their journey to Manila. New sellers, numbering about 30, were marked by sails made of local indigenous cloth.

Dina Arroyo Tantoco, the palace’s Deputy Social Secretary, said that more established brands (like Heartefino, which had a stall at the event), were there to help build the new businesses. “They’re not even brands yet,” she said in an interview. Heartefino, Artefino’s social enterprise arm, exhibited the winner of their grant for this year, Project Nova, which makes bags from decommissioned tourist kayaks in Bohol.

Ms. Arroyo Tantoco pointed out some stalls of interest: No. 13, for example, CaDiWa Nito Hats, sells woven hats and baskets made by ex-armed rebels from Negros.

BusinessWorld noted flower garlands made of shells from Iloilo Capiz Shell Flowers and Antiques, and Banwa Pens, which makes fountain pens inlaid with abalone shells, also from Iloilo. Carvers and papier-mâché crafts from Paete, Laguna, were also represented, while hand-smocked items from Good Luck, Humans, had a hint of luxury.

According to Ms. Arroyo Tantoco, some concessions were made, especially for the newer businesses from far-flung areas, such as not charging them for the booths and paying their expenses. “One hundred percent goes to (them),” she said. “We don’t make money [from the event]. The government doesn’t make money from this.

“There’s a heritage team that puts this together,” she added. “They have been working with artisans for decades.”

As established by these lifestyle fairs, Filipino aesthetics have suddenly become cool. Ms. Arroyo Tantoco tried to give an answer as to how native crafts have suddenly become all the rage. “After COVID, we were like ‘let’s build together’ and develop, and be proud of what we have,” she said.

Of course, cool does come at a price: almost everything we saw had a price tag of above P1,000. She said: “When you go and talk to the craftsmen, it’s generations of art being passed down. Hundreds of years of an art form. Don’t you pay high for that?

“We have to be proud of that.” — JLG

Big banks’ share prices rose in Q1 despite uncertainties

STOCK PHOTO | Image by Dragana_Gordic from Freepik

LISTED BANKS weathered the first quarter despite trade uncertainties and easing interest rates.

But these same sentiments will still linger in the succeeding quarters, analysts said.

The bellwether Philippine Stock Exchange index dropped by 10.5% year on year to 6,180.72 at the end of the first quarter.

However, the financial subindex, which the banks fall under, climbed by 16.7% annually to 2,374.49 during the period.

In the first three months of the year, 11 of the country’s 14 listed universal and commercial banks’ share prices posted growth year on year.

China Banking Corp. (ticker symbol: CBC) led the pack with a 154.8% annual surge in its share price at the end of the first quarter. It was followed by Philippine National Bank (PNB, 148.2%), Asia United Bank Corp. (AUB, 75%), Rizal Commercial Banking Corp. (RCB, 15.4%), and Philippine Trust Co. (PTC, 15.3%).

Meanwhile, Union Bank of the Philippines’ (UBP) stock declined by 26.7% annually as of end-March, while Philippine Bank of Communications (PBC) dropped by 2.7% drop and BDO Unibank, Inc. (BDO) slipped by 0.8%.

“The performance of listed banks in the first quarter was supported by favorable macroeconomic tailwinds — namely sustained GDP (gross domestic product) growth and a marked decline in inflation — alongside a stable regulatory environment. The BSP’s cautious stance on monetary easing preserved credit stability while allowing room for potential policy support,” said Arielle Anne D. Santos, an equity analyst at Regina Capital Development Corp.

“The weaker-than-expected first-quarter GDP growth (largely due to reduced exports and slower investments amid global trade uncertainties), and still high interest rates have likely contributed to the moderation in industry loan growth for the quarter,” said Abigail Kathryn L. Chiw, BDO Securities Corp. first vice-president and head of research.

She added that the lag effect of the central bank’s policy rate cuts has tempered lending margins for some banks, with the benefit of the reserve requirement ratio (RRR) cuts yet to reflect in the coming quarters.

Jarrod Leighton M. Tin, an equity research analyst at DragonFi Securities, Inc., said that the RRR cuts led to a decline a banks’ deposits with the BSP, effectively freeing up more liquidity used for lending.

“This easing measure has, to some extent, supported loan growth across the banking sector. With the BSP targeting a gradual reduction of the RRR to 0% by 2028, we expect this to contribute to more sustainable credit expansion and help keep NIMs (net interest margins) more manageable, especially as policy rates continue to ease,” he said.

The Philippine economy grew by 5.4% in the first three months of the year, missing the government’s 6-8% growth target.

Inflation eased further to almost five-year low of 1.8% in March, bringing the first quarter average to 2.2%, within the 2-4% target of the Bangko Sentral ng Pilipinas (BSP).

The central bank’s key rate was left untouched in the first three months of the year. But in April, BSP resumed its easing cycle by cutting 25 basis points (bps).

The central bank has so far slashed 100 bps to its key rate since it started its easing cycle in August last year.

Also in February, the central bank announced it will slash the RRR of big banks and nonbank financial institutions with quasi-banking functions by 200 bps to 5% from 7%, effective March 28.

It also trimmed the digital banks’ RRR by 150 bps to 2.5%, while the thrift lenders’ will be lowered by 100 bps to 0%.

Since October last year, rural and cooperative banks’ RRR has been zero.

RRR represents the share of deposits that banks are mandated to retain instead of deploying as loans. A reduction in the RRR effectively frees up liquidity within the banking system, enabling lenders to extend more credit to borrowers and stimulate economic activity.

The country’s largest banks posted an aggregate net income of P94.49 billion as of end-March, growing by 8.6% year on year from P87 billion, data from the BSP showed.

Similarly, the universal and commercial banks’ total assets rose by 7.6% to P25.91 trillion as of end-March, according to central bank data. The big banks’ gross total loan portfolio, which forms the bulk of the total assets, expanded by 13.8% to P14.47 trillion during the period.

The gross nonperforming loans ratio of these big banks improved to 3.02% as of end-March from 3.07% in the same period last year.

Their NIM — a ratio that measures banks’ efficiency in investing their funds by dividing annualized net interest income to average earning asset — likewise inched up to 4.11% as of end-March from 3.96% a year ago.

Big banks’ provision for credit losses, however, climbed by 41.2% to P29.46 billion as of end-March from P20.87 billion last year.

STANDOUTS
BPI and CBC stood out in the first quarter amid strong earnings and loan expansion during the period, analysts said.

“BPI delivered robust results, underpinned by broad-based loan expansion and improved net interest income, reflecting solid execution in a benign credit environment,” Regina Capital’s Ms. Santos said.

“Among the index banks, BPI and CBC stood out, on sustained double-digit earnings growth and RoE (return on equity) of over 15% for the quarter, on the back of: 1) robust loan growth (13% and 19%); 2) better NIMs (+30 bps and +7 bps y-y); and 3) solid asset quality (with NPLs still low at 2.26% and 1.5%),” BDO Securities’ Ms. Chiw said.

Meanwhile, UBP and Security Bank Corp. (SECB) were singled out as underperformers during the period.

“UnionBank’s net income for the first quarter of 2025 was P1.43 billion, a 28.5% decline from the same time the year before. The primary reasons for this decline were front-loaded nonrecurring expenses and one-time, tax-related write-offs from a subsidiary,” said Juan Alfonso G. Teodoro, an equity research analyst at Timson Securities, Inc.

“Security Bank surprisingly stood out negatively as Moody’s downgraded the bank’s outlook from stable to negative,” DragonFi’s Mr. Tin said.

“SECB earnings results came in behind consensus estimate likely due to higher-than-expected provisions in 1Q25. Investor sentiment was further dampened by Moody’s recent outlook revision from stable to negative, which outlined concerns over its capital ratios given the impact of its loan growth to risk-weighted assets, and the stake acquisition in Home Credit Philippines,” said Ralph Jonathan B. Fausto, research associate in Chinabank Securities Corp.

Last May, SECB completed its acquisition of 25% in HC Consumer Finance Philippines, Inc. (aka Home Credit) from MUFG Bank Ltd. for P10.365 billion.

THINGS TO WATCH OUT FOR
Moving forward, investors should continue to monitor the central bank’s policy stance and its current trajectory of rate cuts as well as RRR cuts and GDP growth, DragonFi’s Mr. Tin said.

“Banks may continue to target consumer loans to avoid steeper NIM compression amid lower rates. However, this can also lead to higher provisions for loans, weighing on earnings. Although, this is unlikely to have a serious impact as the banks remain very healthy due to their high NPL coverage,” he added.

“Investors should closely monitor asset quality as banks continue to expand their exposure to the high-yield segments in an effort to sustain lending margins amid expectations of further policy easing,” Chinabank Securities’ Mr. Fausto said.

“We believe market participants should closely monitor lingering global trade uncertainties, particularly the outcome of US President Trump’s tariff measures once the 90-day moratorium expires,” said Jash Matthew M. Baylon, an equity analyst at First Resources Management and Securities Corp.

He added that a renewed flare-up in trade tensions could pressure the Philippine peso and strain foreign exchange liquidity in the banking sector.

In addition, BDO Securities’ Ms. Chiw said: “Risks of reaccelerating inflation and interest rates remaining high and restrictive, could also have knock-on effects to the ability of borrowers to repay their debts. And such risks may require banks to incur more loan loss provisions to buffer against the potential rise in loan delinquencies.” — JPGV

Court affirms conviction of Calata officers in market manipulation case

THE Securities and Exchange Commission (SEC) said a Makati City trial court upheld the conviction of officers of delisted Calata Corp. for making statements the court found misleading, which allegedly caused a surge in the company’s share trading in 2016.

In a consolidated order dated May 19, Branch 148 of the Regional Trial Court of Makati City denied the motion for reconsideration filed by Calata Corp. officers seeking acquittal on two counts of violating Section 24(d) of Republic Act No. 8799, or the Securities Regulation Code (SRC), the SEC said in an e-mail statement over the weekend.

In May 2024, the court sentenced Calata Corp. Chairman, President, and Chief Executive Officer Joseph H. Calata, as well as Corporate Secretary, Compliance Officer, and Corporate Information Officer Jose Marie Fabella, to pay a P4-million fine each or serve prison time for market manipulation.

Section 24 prohibits false or misleading statements on any material fact that a person knew or had reasonable ground to believe was false or misleading to encourage investors to buy a security listed or traded on an exchange.

The court rejected the claim that the officers violated only Section 17 of the SRC, which relates to reportorial requirements and is administrative in nature without penal sanctions.

“The fact that [Calata and Fabella] may have also committed an administrative violation of Section 17 of the SRC is not a bar to prosecution under Section 24,” the order said.

The order also denied the claim that there was insufficient evidence to prove the officers’ guilt beyond reasonable doubt, despite the lack of actual injuries and witnesses testifying to losses from the alleged misleading disclosures.

“Actual loss or harm, much less actual public harm, is not an element of the offense. Thus, the Court reiterates that the evidence presented by the prosecution proves beyond a reasonable doubt the criminal liability of the accused,” the order said.

The trading volume of Calata Corp. shares surged following the company’s disclosure in August 2016 of its partnership with Sino-America Gaming and Macau Resources Group Ltd. for the development of the $1.4-billion Mactan Leisure City integrated resort and casino project.

The court previously found the disclosures contained “unfounded promises and exaggerations” and were made despite the absence of a license application with the Philippine Amusement and Gaming Corp. for the project.

Eight shareholders of Calata Corp. were also previously indicted for market manipulation for allegedly employing manipulative devices that induced the public to buy its shares. — Revin Mikhael D. Ochave

Brazil’s Lula bets on agriculture to drive higher growth in 2025

BRAZILIAN President Luiz Inacio Lula da Silva — REUTERS

BRAZILIAN President Luiz Inacio Lula da Silva said growth in the agriculture sector may allow Latin America’s largest economy to defy current projections and expand this year more than in 2024, when it notched growth of 3.4%.

Mr. Lula’s optimistic remarks diverge from his own government’s forecast. The Finance Ministry sees Brazil’s gross domestic product (GDP) growth slowing to 2.4% in 2025 amid tight monetary conditions.

The comments followed the publication of Brazil’s first-quarter GDP figures last week, which showed year-on-year growth of 2.9% fueled by a jump in agricultural activity thanks to a bumper harvest of soybeans, the country’s top farm export.

Brazil is the world’s largest exporter of soy, coffee, cotton, sugar, beef and chicken, as well as a top supplier of corn and pork.

“Our first-quarter growth demonstrates that we can once again surprise the world and grow above the global average,” Mr. Lula told an event in Paris, where the country was recognized as free of foot-and-mouth disease without vaccination.

“If last year we grew 3.4% with agriculture not expanding as much as we expected, I think agriculture growth this year can allow us to think about growing a bit more,” he added.

Private economists polled on a weekly basis by the central bank expect Brazil’s GDP to grow 2.13% this year. — Reuters

World food prices dip in May led by cereals, vegetable oils

REUTERS

PARIS — Global food commodity prices declined in May, driven by marked drops in cereal, sugar, and vegetable oil prices, the UN Food and Agriculture Organization (FAO) said.

The FAO Food Price Index, which tracks monthly changes in a basket of internationally traded food commodities, averaged 127.7 points in May, reflecting a 0.8% decrease from the April figure.

The May reading was up 6% from a year earlier but over 20% below a March 2022 peak following Russia’s full-scale invasion of Ukraine that started a devastating war between two of the world’s leading grains producers.

The FAO cereal price index fell 1.8% month on month, led by a sharp drop in global maize prices. Strong harvests and ample supplies in Argentina and Brazil, along with expectations of a record crop in the US, weighed on prices.

Wheat prices edged lower due to improved crop conditions in the northern hemisphere.

By contrast, rice prices rose 1.4%, supported by firm demand for fragrant varieties and currency movements.

Vegetable oil prices declined 3.7% from April, with declines across all major oils. Palm oil prices fell due to seasonal output increases in Southeast Asia. Soy oil prices dropped on higher South American supplies and weak demand for biofuel.

Rapeseed oil eased on improved European Union supply prospects, while sunflower oil declined amid weak global demand.

The FAO sugar price index decreased 2.6%, reflecting concerns over the global economic outlook, weaker demand from food and beverage industries, and expectations of a production recovery next season.

Meat prices rose 1.3% from April. Beef, pork and sheep meat prices increased, with beef reaching a record high. Poultry prices declined, pressured A surplus in Brazil following import restrictions linked to a bird flu outbreak.

The FAO dairy price index rose 0.8%, supported by strong demand from Asia. Butter prices remained at historic highs, while cheese and whole milk powder prices also increased.

In a separate report, the FAO forecast record global cereal production of 2.911 billion metric tons in 2025, up from 2.848 billion in its previous estimate and 2.1% above 2024.

With production expected to surpass consumption, global cereal stocks are anticipated to grow by 1.0%, partially recovering from last year’s contraction. — Reuters

Toward zero dengue deaths: A call to collective action

STOCK PHOTO | Image from Freepik

Dengue is surging once again in the Philippines — putting thousands at risk and placing renewed pressure on the country’s health system. As of November 2024, the Philippines had recorded 340,860 dengue cases, the highest number in the ASEAN region.

Just two months earlier, Health Secretary Teodoro Herbosa had already sounded the alarm over a looming outbreak. Between Jan. 1 and March 15, the Department of Health (DoH) reported 76,425 cases, a 78% increase compared to the same period in 2024 (42,822 cases).

The number of dengue-related deaths has also risen. From Jan. 1 to Feb. 15, the country recorded 166 fatalities, up from 117 during the same period the previous year — a 42% increase. In 2024 alone, PhilHealth disbursed P3.55 billion for dengue-related claims, making it the second-highest reimbursed illness after pneumonia.

Beyond national trends, Metro Manila has seen a dramatic spike. From Jan. 1 to April 5, the DoH recorded 16,708 dengue cases in the region, which is 242% higher than the same period last year. This alarming surge coincided with the start of Dengue Awareness Month.

Dengue is one of the world’s most common mosquito-borne viral infections. Its incidence has increased 30-fold over the past 50 years, driven by urbanization, travel, and climate change. The World Health Organization (WHO) estimates that dengue causes 390 million infections annually, with the majority of cases occurring in the Asia-Pacific region which accounts for 70% of the global burden.

In response to the growing threat, the DoH launched its “Alas-Kwatro Kontra Mosquito” campaign. Every Monday at 4 p.m., communities are encouraged to join a nationwide clean-up drive, targeting mosquito breeding grounds. This initiative underscores the Filipino spirit of bayanihan, or communal cooperation, as a vital element of disease prevention.

The DoH’s efforts are anchored on an enhanced 4S strategy. First is, “Search and destroy mosquito-breeding sites”; second is Practice Self-protection (e.g., use of repellents, long-sleeved shirts and long pants, insecticidal nets); third is “Seek early consultation”; and fourth, “Support fogging/spraying” in hotspot areas where cases rise for two consecutive weeks.

The health agency also promotes the “Taob, Taktak, Tuyo, at Takip” method which is turning over, emptying, drying, and covering water containers to remove mosquito breeding grounds. These include puddles, roof gutters, flowerpots, old tires, and even bottle caps.

Meanwhile, the WHO’s Global Strategic Preparedness, Readiness and Response Plan, launched in October 2024, calls for strengthened research and innovation to fight dengue and related Aedes-borne diseases like Zika and chikungunya. The goal is to reduce infections and deaths through a coordinated international effort.

According to the WHO, there is currently only one vaccine available for the prevention of dengue in children who have previously had dengue. It has been approved in 40 countries. The WHO recommends the use of the dengue vaccine in children aged six to 16 years in settings with high intensity of dengue transmission.

Another breakthrough is Olyset, the first long-lasting insecticidal net endorsed by the WHO. Woven with slow-release insecticide, Olyset nets are widely used to protect sleeping children and families. Through partnerships with UNICEF and global donors, the nets are now distributed in over 80 countries, including the Philippines.

Effective dengue control demands a multi-sectoral approach, combining the efforts of government agencies, the private sector, non-government organizations, and communities. Rapid mobilization during outbreaks, resource sharing, and sustained vector control can only be achieved through collective action.

In support of these goals, the Pharmaceutical and Healthcare Association of the Philippines (PHAP) launched the “IBA ang BAKUNADO” campaign to raise awareness about life-course immunization. Vaccines help reduce the burden of preventable diseases like dengue as well as protect families and unburden the healthcare system.

PHAP also backs the objectives of the upcoming 8th Asia Dengue Summit, which will convene health experts, policymakers, and researchers under the theme: “Towards Zero Dengue Deaths: Science, Strategy, and Solidarity. The summit aligns with the WHO’s Global Strategy for Dengue Prevention and Control 2021–2030, which targets zero preventable dengue deaths by 2030.

Topics to be tackled include: national and global dengue policy; disease burden and surveillance; innovations in vector control and diagnostics; clinical management and outbreak response; and the role of communication and community engagement.

As dengue continues to threaten lives and livelihoods, the path forward lies in solidarity, science, and sustained action. By combining evidence-based interventions, local leadership, and regional cooperation, the Philippines, and the broader region, can make strides toward a future free from preventable dengue deaths.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

Real-deal racing

Mr. Salapantan’s #11 Toyota Vios sits next to the car of Toyota Motor Philippines President Masando Hashimoto. — PHOTO BY PABLO SALAPANTAN

How Toyota allowed me to realize my track dreams

By Pablo Salapantan

I’VE BEEN a part of the Toyota Gazoo Racing family on and off for about seven years now. I was first an online contest winner who got a chance to participate in the 2019 Autocross Challenge, which was held at the MOA concert grounds in Pasay City.

That very same year, after joining the local motoring journalism beat, I participated again for the whole season of the Autocross Challenge, a role I reprised in 2022, where I won the Autocross overall championship.

Last year, Toyota Gazoo Racing (TGR) Philippines was keen to celebrate the 10th year of the Vios Cup with a bang, and decided to expand media participation in the Novice Class. I, along with former Autocross champions and winners in the beat, joined up and chased our dreams of becoming the racers we always wanted to be.

NOVICE NO MORE
I was lucky enough to be retained for the 2025 season of the TGR Philippine Cup. With one season of circuit racing under my belt, I was expected to carry over all that I’d learned from last year to hopefully further succeed this year.

The thing about racing is that no matter how hard you practice or how deliberate you are about your race craft, you can’t really say with 100% certainty that you’ll walk away the winner after every race.

What I have come to understand about racing is that the best thing a racer can do is to stay focused, be calm and aware. Skill is obviously a huge part of success, but I find that those who possess the aforementioned values are the ones who generally have the best results, and in my own racing journey, I have found that to be true as well.

These traits I mentioned are also things I now practice on the road during everyday driving conditions. I now seldom lose focus while driving in the city, which we of course know, can be very demanding in itself.

LEADERSHIP BY EXAMPLE
Another aspect I think that’s evolved for me is my ability to lead people or even be led in certain cases. Being part of a team of eight drivers who are surrounded by a multitude of coaches, mechanics, and brand people forced me to know how to deal with different people, demands, and situations.

Just because my teammates and I are duking it out on track doesn’t mean that we can’t have close friendships off it. The true camaraderie formed during off-track activities is what strengthens a team and pushes each driver to perform better.

It’s a matter of trust we have in each other as a team that enables us to race so hard on track. While that sounds like a contradictory statement, I have come to realize that because my teammates and I are so close, we know how to push each other for the better on track while minimizing risk and danger.

At the same time, putting our trust in our coaches, mechanics, and team managers allows us racers to focus on the race itself — letting people get on with their jobs as opposed to micromanaging every little detail. I have accepted that those who run the Novice Team are far more knowledgeable and qualified than myself when it comes to managing the team, setting up the car, and see to the needs the team requires.

Lastly, as a team member, I also recognize and give utmost importance to the sheer effort the people behind the scenes put in. Having this mindset humbles me to perform on track properly — not to put myself, the team, or the car in compromising situations. I want to give pride to my team with every result as a thank you for all the hard work.

OUTWARD EFFECTS
Racers are often seen as heroic and are even idolized. I consider that as more of an “occupational hazard” in a good way, but my own personal belief is not to chase wins for my own glory, but to show people what happens when you dream, have determination, and passion.

Growing up, I had opportunities to race, but I was never “on track” to become a pro — a sad reality owing to the fact that racing in the Philippines can prove too costly.

Instead, I found other ways to indulge my passion, to get into the automotive world, work my way up, and get myself the right opportunities. Here I am, a “seasoned” racer with multiple wins and podium finishes — a fact I never thought was possible.

All it took was taking my dream and working to make it a reality. If I can do it, why can’t you?

Yields on gov’t debt move sideways on renewed Trump tariff concerns

YIELDS on government securities (GS) traded at the secondary market ended mixed last week due to fresh trade jitters as the Trump administration’s higher import tariffs on metals took effect.

GS yields, which move opposite to prices, edged up by an average of 0.43 basis point (bp) week on week, according to PHP Bloomberg Valuation Service Rates data as of June 5 published on the Philippine Dealing System’s website.

Philippine financial markets were closed on Friday (June 6) for a holiday in observance of Eid al-Adha.

Movements at the short end of the curve were mixed as the 91- and 182-day Treasury bills (T-bills) inched up by 0.83 bp and 1.29 bps week on week to 5.4413% and 5.6097%, respectively, while the 364-day tenor dropped by 4.39 bps to 5.6814%.

The same trend was seen at the belly. The two-, five-, and seven-year Treasury bonds (T-bonds) inched up by 0.34 bp (to 5.7147%), 0.21 bp (5.9007%) and 1.88 bps (6.068%), respectively. On the other hand, the three- and four-year debt slipped by 0.26 bp (to 5.7673%) and 0.25 bp (5.8280%), respectively.

At the long end, yields on the 10-, 20-, 25-year T-bonds went up by 4.28 bps (to 6.2997%), 0.4 bp (6.6012%), and 0.36 bp (6.5989%), respectively.

GS volume traded amounted to P50.43 billion as of June 5 compared with the previous week’s P44.23 billion.

“The US tariff announcement dampened investor confidence, leading yields to rise on the same day,” a bond trader said in a text message on Thursday.

Canada prepared possible reprisals while the European Union (EU) reported progress in trade talks on Wednesday as new US metals tariffs triggered more disruption in the global economy and added urgency to negotiations with Washington, Reuters reported.

President Donald J. Trump’s doubling of tariffs on steel and aluminum imports kicked in on Wednesday, the same day his administration sought “best offers” from trading partners to avoid other punishing import levies from taking effect in July.

The move will hit the closest US trading partners — Canada and Mexico — especially hard. Canada is the top exporter of both steel and aluminum to the United States.

Prime Minister Mark Carney said Canada is prepared to strike back against the United States if talks with Washington to remove Mr. Trump’s tariffs did not succeed.

The US tariff hike on the two metals to 50% from the 25% rate introduced in March took effect at 12:01 a.m. (0401 GMT) on Wednesday. It applies to all trading partners except Britain, the only country so far to strike a preliminary trade agreement with the US during a 90-day pause on a wider array of Trump tariffs that ends on July 8.

The 27-nation EU’s trade negotiator, Maros Sefcovic, and US Trade Representative Jamieson Greer said their meeting in Paris was constructive.

About a quarter of all steel used in the US is imported.

The bond trader added that the slower Philippine May inflation print reported last week has been largely priced in by the market, along with expectations of a Bangko Sentral ng Pilipinas (BSP) cut as early as this month, which was why GS yields barely moved after the data.

“The market was pretty much steady with an upward bias ahead of the inflation data because of the Trump policy announcement,” the trader said.

“With a rate cut already expected, the market will likely be more concerned on hints as to when the next rate cut may be implemented.”

Headline inflation eased to 1.3% in May from 1.4% in April and 3.9% in the same month a year ago, the government reported on Thursday. The May print was the lowest in five-and-a-half years or since the 1.2% posted in November 2019.

For the first five months, inflation averaged 1.9%, a tad below the low end of the BSP’s annual target.

For this week, the trader said the market will likely continue to monitor external developments, particularly trade policy announcements from the Trump administration, as well as US economic data “to give clarity on the direction of yields.”

The trader said GS yields could move sideways with a downward bias.

“The downside may be limited for government securities given ongoing bond issuances of some banks and this week’s seven-year T-bond auction.”

The Bureau of the Treasury is offering P30 billion in reissued 10-year bonds on Tuesday, which have a remaining life of seven years and three months. — M.M.L. Castillo with Reuters

Father’s Day Style

You’ve got about a week to score Father’s Day Gifts before June 15, and we’ve compiled a guide: from luxury watches and perfumes to outdoor equipment.


Marks & Spencer

THIS Father’s Day, Marks & Spencer is celebrating every kind of father figure. Model and father Max Rogers alongside his three children highlight the menswear collection in an ad campaign, including crisp tailored shirts to versatile shorts. For those who love a novelty gift, look no further than a selection of fun and light-hearted gifts, from playful slogan pajamas and socks to smart accessories. Shop in-store through the M&S Philippines Viber Community at bit.ly/MSPH-VC, or shop selected lines online at www.marksandspencer.com.ph.


From pens to luggage at Montblanc

MONTBLANC honors fathers’ unwavering presence with a thoughtful selection of gifts. Each piece comes packaged in a white Montblanc gift box, serving as the ideal blank page on which to leave a special message. Give the gift of a timeless writing experience with the Meisterstück Gold-Coated 149 Fountain Pen, featuring a handcrafted Au 750/18k solid gold nib, a cap and barrel in black precious resin and the white Montblanc emblem inlaid in the cap top. A fitting gift for literary aficionados, the Montblanc Great Characters Homage to The Great Gatsby Limited Edition 1925 Fountain Pen finds inspiration in Jay Gatsby’s elegant world with a pinstriped cap and a clip reminiscent of one for money. Pair these writing instruments with a Montblanc ink in a royal blue color, a Soft Envelope notebook, and an Extreme 3.0 1-Pen Pouch crafted in black embossed leather. The medium-sized Meisterstück Sartorial Document Case is a smart companion with modular functionality. Inspired by the Maison’s writing heritage, its stitching, zip puller, and handles recall the recognizable shape of the Meisterstück fountain pen’s nib.

Montblanc is not all writing instruments and accessories – it offers items from luggage to headphones to watches. There is the #MY4810 Cabin Trolley which ensures smooth travel with its Extreme 3.0 maxi pattern and efficient packing design. Pair it with the Extreme 3.0 leather washbag in a burgundy-hued cassis color. The Montblanc MTB 03 In-Ear Headphones feature active noise cancellation, intuitive touch controls, and comfortable wearing thanks to a sleek, ergonomic design inspired by the Meisterstück. For a lighter look, the headphones are also available in an ivory color.

The Montblanc 1858 Geosphere 0 Oxygen The 8000 Watch pays tribute to the world’s highest peaks and the mountaineers who dare to climb them. The 42mm titanium timepiece features Montblanc’s 0 Oxygen technology, preventing fogging and oxidation inside the watch and thus allowing the movements to last longer. Powered by the MB 29.25 automatic movement, its caseback is adorned by a striking 3D laser engraving of the K2 mountain. The timepiece also comes with a Manufacture World time complication with luminescent 3D globes, dual time display, day and night indications, and a date. A black ceramic bezel, dark grey glacier-patterned dial and an adjustable titanium bracelet complete this watch.

For fragrance, there is the Montblanc Legend Blue Eau de Parfum which evokes memories with fresh spearmint, elegant cedarwood, and warm ambroxan. This balanced fragrance is designed for everyday wear. For the well-dressed man, elevate his look with the Meisterstück Cufflinks in stainless steel featuring a blue-hued glass inlay. Complete the ensemble with a pair of Squared Sunglasses in black acetate, with the temple enriched by carbon fiber and rubber for added lightness and flexibility.


Anko suggests camping gear and more

NO MATTER your budget, Australian home and lifestyle brand Anko offers functional, fun, and affordable picks, from high-tech gadgets to outdoor gear. For example, outdoorsy dads would appreciate a 24-liter cooler (P490), sleek, durable, and designed to keep drinks ice-cold all day. For quick outings, the Titan Expandable Cooler (P490) is the perfect grab-and-go essential. The 960ML drink bottle (P500), made with double-wall insulated stainless steel, keeps drinks colder for longer. The four-person dome tent (P990) fits four and folds away easily. For starry nights, the Trail hooded sleeping bag (P490) offers a snug cocoon, complete with machine-washable convenience. The LED light with fan (P290) is ideal for keeping the tent cool and illuminated, while the bulb tent light (P110) offers compact but powerful brightness.

At the end of the day, fathers can kick back in a low camp chair with arms (P290) for ultimate campsite relaxation. Outdoor and at-home cooking tools include a portable charcoal grill (P490), a three-piece pot set (P290), and an eight-piece cooking utensil set (P290). Pair these with a picnic mat (P290) for lounging and the rattan picnic set (P490), a full dinnerware collection tucked inside a woven basket.

For more sporty dads, a badminton set (P440) offers fast-paced fun while the dartboard cabinet set (P1,800) is complete with a sleek cabinet for stylish storage and a professional-grade game setup.  For organizing, the OXX Cosmetics travel bag (P530) keeps essentials in one place, while the 15-liter dry bag (P190) ensures valuables are safe from splashes and spills, perfect for beach trips or hikes. The seven-piece packing cube set (P660) takes the stress out of packing.

If Dad’s idea of a perfect weekend includes belting out classic OPM hits and power ballads, try the Karaoke party speaker (P2,600), complete with lights and booming sound. A portable option is the compact Karaoke speaker (P1,280).

For dads in tech, try the True wireless earphones (P660), the on-ear wired headphones (P440), the gaming headset (P600); designed with an omnidirectional mic and 50mm drivers), the portable charger with solar (P290), and/or the portable Bluetooth speaker (P660).

Anko’s Father’s Day collection is available at its Glorietta and Alabang Town Center stores, with camping items in this guide currently offered exclusively at the Glorietta branch.


Plenty of choice at Rustan’s

RUSTAN’S has a slew of possible gifts for Father’s Day, from perfumes to shoes, to shavers.

For a dad who enjoys making a bold statement, Givenchy Gentleman Society Ambrée Eau de Parfum combines a rich amber facet with notes of Tasuki Vanilla, resulting in a floral woody profile. Also in fragrance, Maison Margiela REPLICA By the Fireplace Eau de Toilette brings the warmth of a crackling fire through a blend of smoky gaiac wood, roasted chestnuts, and sweet vanilla.

For dads with a modern style, Guess Uomo Intenso Eau de Parfum delivers with top notes of Italian bergamot, mint leaf, and airy ozone and a base of tonka bean, Amber Xtreme, and sandalwood. Monotheme Cedar Wood Eau de Toilette is a vibrant and refreshing fragrance with notes of bergamot, pink pepper, cedarwood, patchouli, and tonka bean. Kenzo Homme Indigo Eau de Parfum offers a blend of creamy iris, musky marina accord, and smoky leather, with 95% natural ingredients and eco-friendly packaging. Bond No. 9 Beekman Place Eau de Parfum captures the essence of Manhattan’s exclusive Beekman Place with a mix of pineapple, blackcurrant, and bergamot. The fragrance deepens with notes of driftwood, musk, and patchouli.

For clothes, check out Jack Nicklaus Fracture Print Polo, with Topcool moisture-wicking and UV protection features. The Clarks Whiddon Step delivers a professional finish with its burnished apron toe and slip-on fit. Crafted in full-grain leather with flexible elastic gores, it features an OrthoLite footbed that cushions each step. Classic with a twist, the Dune Stanford Leather Lace Up Brogues stands out with a stacked heel, exposed stitching, and the brand’s signature blue sole, made of smooth leather with timeless brogue detailing.

As for grooming, the BaByliss Performance Endurance Power Clipper delivers pro-level results with ease. Its 45mm stainless steel blades cut through all hair types — including thick textures — while 26 adjustable lengths and eight guide combs offer total control. Corded for consistent power and ergonomically designed, it’s built with washable, self-lubricating blades and a sleek storage pouch to keep things tidy. Shaving becomes effortless with the VS Sassoon Fresh Clean Shaver, a cordless, water-resistant grooming tool featuring 3D smart-touch floating heads, a dual-ring cutter, and a pop-up trimmer, it tackles both beards and sideburns without hassle. Fully washable and USB-rechargeable, it offers up to 30 minutes of use on a single charge — plus a low-battery LED indicator.

Give Dad some skincare with the Nuxe Huile Prodigieuse Neroli, a multi-purpose dry oil for the face, body, and hair. Crafted from organic plum and sesame oils, it nourishes while leaving behind a subtle glow and a calming scent of neroli. Certified organic and antioxidant-rich, it helps protect against pollution, reduces the appearance of stretch marks, and leaves skin and hair soft, radiant, and revitalized.

For more information, visit https://rustanmarketingcorp.com.ph.