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G7 seeks unity as Trump’s tariffs, Ukraine stance weighs on ties

FLICKR

 – Diplomats from the G7 nations were set to negotiate late into the night over a joint statement to show a united front in Canada on Thursday after weeks of tension between U.S. allies and President Donald Trump over his upending of Western trade and security policy.

The Group of Seven ministers from Britain, Canada, France, Germany, Italy, Japan and the United States, along with the European Union, convened in the remote tourist town of La Malbaie, nestled in the Quebec hills, for meetings on Thursday and Friday that in the past have been broadly consensual.

U.S. Secretary of State Marco Rubio briefed his colleagues on talks on Tuesday with Ukraine in Jeddah, Saudi Arabia, where Kyiv said it was ready to support a 30-day ceasefire deal.

But officials said ambiguous comments by Russian President Vladimir Putin left delegates unclear where things stood.

In the run-up to the first G7 meeting of Canada’s presidency, the crafting of an agreed all-encompassing final statement had been tough, but diplomats said the atmosphere since had been positive and candid.

There was hope for an accord, something they said was vital to show unity.

“If we can’t reach agreement on the communique, then it shows the division. It’s not in the interest of any of the members of the G7,” EU foreign policy chief Kaja Kallas told Reuters on the sidelines of the G7 foreign ministers’ meeting.

Mr. Kallas said she was optimistic and that there was good wording on Ukraine so far that she hoped remained.

A Japanese official echoed Mr. Kallas, saying failure to reach an agreement would only benefit China and Russia.

A U.S. decision to impose 25% tariffs on all steel and aluminum imports immediately drew reciprocal measures from Canada and the EU, underscoring the tensions.

“Under @POTUS’s leadership, we are going to use forums like the G7 to counter our adversaries and stand by our allies. America First!” Rubio said on X.

Washington had sought to impose red lines on language around Ukraine and opposed a separate declaration on curbing Russia’s so-called shadow fleet, a murky shipping network that eludes sanctions, while demanding more robust language on China.

A draft communique seen by Reuters made no mention of possible new sanctions on Russia.

However, it emphasized the need for robust and credible security guarantees so that a ceasefire would be respected and that Ukraine would be able to deter and defend itself against future aggression.

The draft, substantially shorter than a statement in November that took aim at Russia, welcomed U.S. efforts in Jeddah and Ukraine’s commitment to an immediate ceasefire. It urged Russia to follow “unconditionally.”

It also includes tougher language on China, as requested by Washington, and language on Taiwan that will likely be encouraging to Taipei.

Since Mr. Trump’s return to office on January 20 the United States has taken a less friendly stance with Ukraine and moved closer to Moscow, pushing for a quick deal to end the war and demanding European partners take on more of the burden without openly endorsing their role in future talks.

Two diplomats said there was also wrangling over language regarding Gaza and the Middle East, notably the notion of a two-state solution for the Israeli-Palestinian conflict, something the U.S. was resisting, and could ultimately stop an agreement.

A G7 statement on the sidelines of the Munich Security Conference in February made no mention of a two-state solution. Mr. Kallas said there could be a similar compromise.

The draft also warned Syrian’s transitional authorities that targeted measures could be taken if what it called “massacres” against civilians in the coastal areas did not end.

 

TARIFFS TO 51ST STATE

Mr. Trump has suggested the G8 might be revived with the return of Moscow 11 years after its membership in the group was suspended over its claimed annexation of Crimea.

Even Japan, heavily reliant on American security guarantees, has found itself in Mr. Trump’s firing line.

“It’s very difficult. Maybe we should wait for the G8,” said one European diplomat ironically.

Nowhere have the difficulties for U.S. allies been more apparent than in Canada.

Relations between the United States and Canada are at an all-time low, thanks to Trump’s threats to impose tariffs on all imports from Canada and his frequent musing about annexing the country to make it the 51st U.S. state.

Mr. Trump issued a new tariff threat on Thursday, warning Europe that he could slap 200% tariffs on wine imports if it did not back down on measures against American whiskey.

Canadian Foreign Minister Melanie Joly said on Wednesday she would be on the offensive at the G7 and coordinate a response with the Europeans to put pressure on the U.S. – Reuters

UN Security Council to condemn Syria violence, say diplomats

REUTERS

 – The United Nations Security Council has agreed to a statement condemning widespread violence in Syria’s coastal region and calling on Syria’s interim authorities to protect all Syrians, regardless of ethnicity or religion, diplomats said on Thursday.

The Russian and U.S.-drafted presidential statement is due to be formally adopted on Friday, the diplomats said. Such statements are agreed by consensus. It comes after the 15-member council met behind closed doors on Syria on Monday.

Several days of violent clashes in Syria’s coastal region pitted loyalists of deposed President Bashar al-Assad against the country’s new Islamist rulers. A war monitoring group said more than 1,000 people had been killed.

Entire families including women and children were killed in Tartus and Latakia – where members of Assad’s minority Alawite sect lived – as part of a series of sectarian killings by rival groups, the U.N human rights office said on Tuesday.

“The Security Council calls on the interim authorities to protect all Syrians, regardless of ethnicity or religion,” reads the statement, seen by Reuters. “Syria’s interim authorities must hold the perpetrators of these mass killings accountable.”

Syria’s interim President Ahmed Sharaa said mass killings of members of Assad’s minority sect were a threat to his mission to unite the country, and promised to punish those responsible, including his own allies if necessary.

“The Security Council welcomes the Syrian interim authorities’ public condemnation of instances of violence and calls for further measures to prevent its recurrence,” reads the council statement.

It also “reaffirms its strong commitment to the sovereignty, independence, unity and territorial integrity of Syria and calls on all States to respect these principles and to refrain from any action or interference that may further destabilize Syria.”

The statement did not identify any countries. However since Assad was ousted in December, Israel has carried out extensive airstrikes on Syrian military bases and moved forces into a U.N.-monitored demilitarized zone within Syria, in what it has said was a defensive and indefinite measure.

The Security Council statement also stresses the importance of countering terrorism in Syria and expresses “grave concern over the acute threat posed by foreign terrorist fighters,” urging Syria to take “decisive measures to address the threat.” – Reuters

The largest Filipiniana book section in the Philippines

No bookstore could match Solidaridad Bookshop’s Filipiniana section, said its current owner Antonio J. Jose.

Interview by Patricia Mirasol
Video editing by Arjale Queral

Vietnam reviewing duties to boost import of US LNG, high-tech goods, PM says

REUTERS

 – Vietnam is reviewing its duties on U.S. goods, including on liquefied natural gas, agriculture and high-tech products, Prime Minister Pham Minh Chinh told the U.S. ambassador to the country, a report on the government’s website said.

The Southeast Asian industrial hub, which is heavily reliant on exports to the United States and has a large trade surplus with Washington exceeding $123 billion in 2024, is scrambling to avoid reciprocal tariffs that the Trump administration has threatened globally to reduce America’s trade deficit.

Chinh said “relevant ministries, sectors and agencies are actively reviewing import tariffs on goods from the United States, encouraging increased imports of key U.S. products that Vietnam needs, especially agricultural products, liquefied gas and high-tech products,” the report on the government portal said.

Chinh met U.S. ambassador Marc Knapper on Thursday.

A delegation led by Vietnam’s trade minister Nguyen Hong Dien is currently in the United States and plans meetings with top trade and energy officials with the aim of reaching deals, according to a Vietnam’s government document seen by Reuters.

Vietnamese officials have repeatedly indicated their will to meet U.S. requests on reducing trade imbalances and facilitate U.S. business in the country, including by pledging a quick licensing process for Elon Musk’s Starlink satellite services.

Vietnamese imports of U.S. LNG have often been mentioned by Vietnamese and U.S. officials as a means to reduce the large trade gap, but no concrete steps have been taken yet.

The Vietnamese fledgling LNG industry currently relies on short-term deals for small shipments, rather than multi-year contracts preferred by U.S. exporters.

In February, the trade minister said Vietnam was ready to import more farm products from the United States.

More than one-fourth of U.S. exports to Vietnam last year were agricultural products, mostly cotton, soybeans and tree nuts, for a total value of $3.4 billion, according to U.S. government data.

Vietnam is also keen to import more U.S. high-tech products, including AI-grade chips, but faces restrictions on accessing the most advanced semiconductors under rules adopted by the Biden administration.

DigiPlus wins gold for excellence in corporate reporting

DigiPlus Interactive Corp. (DigiPlus), the pioneer in digital entertainment in the Philippines and the company behind leading brands BingoPlus, ArenaPlus, SpinPlus, and GameZone, has been awarded Gold for Asia’s Best Integrated Report: First-time Category at the 10th Asia Integrated Reporting Awards (AIRA).

DigiPlus’ 2023 Integrated Report, titled “Ushering a New Era of Digital Entertainment,” chronicles its strategic transformation, reinforcing its commitment to sustainability, innovation, and responsible business growth. The report is aligned with international reporting standards, ensuring a comprehensive and transparent disclosure of the company’s strategy, governance, and performance.

“We are honored to be recognized among the best in Asia for our first-ever Integrated Report. This award reaffirms our commitment to transparency, responsible business practices, and sustainable growth,” said Celeste Jovenir, Vice President of Investor Relations, Corporate Communications, and Sustainability at DigiPlus. “At DigiPlus, we always aim to build a resilient enterprise that will create lasting value for our stakeholders.” 

Raising the bar for integrated reporting

As a globally recognized benchmark for excellence, AIRA honours reports that exemplify transparency, integrated thinking, and value creation. The 2024 AIRA Awards received entries from leading companies across seven countries. Winning reports undergo a rigorous, multi-layered evaluation by an independent panel, ensuring only the most outstanding integrated reports receive recognition.

“At the Asia Integrated Reporting Awards, we celebrate organizations that drive excellence in corporate reporting. DigiPlus stands out for its commitment to high-quality integrated reporting, exemplifying best practices in integrated thinking and multi-capital management for value creation,” said Rajesh Chhabara, Founder of AIRA and Managing Director of CSRWorks.

By clinching a gold award in its debut year, DigiPlus solidifies its position as a corporate leader dedicated to accountability and responsible business growth, ushering a new era of digital entertainment, with sustainability at its core.

 


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Changes to SIM registration opposed

Mobile phone users try to register their SIM cards in this file photo. — PHILIPPINE STAR/EDD GUMBAN

By Ashley Erika O. Jose, Reporter

TELECOMMUNICATIONS companies are opposing the National Telecommunications Commission’s (NTC) proposal to require personal appearance for the registration of subscriber identity module (SIM) cards.

“Requiring mandatory appearance for SIM registration runs contrary to the principle of universal access. People from the countryside cannot and will not be able to do face-to-face registration because of the distance and challenges to travel,” Globe Telecom, Inc. General Counsel Froilan M. Castelo said in an e-mail to BusinessWorld on Thursday.

Smart Communications, Inc. Head of Regulatory Affairs Roy D. Ibay said mandatory appearance of mobile phone users as part of the registration process was discussed when the SIM Registration Act was being crafted.

However, Mr. Ibay said this was only considered as an option and not entirely part of the registration process.

“The challenge is for the government to be able to validly verify any or all government IDs that the SIM Registration law allows,” Mr. Ibay said in a Viber message to BusinessWorld.

Earlier this week, the NTC said it is considering requiring a person to be present when registering the SIM card.

This is part of its planned comprehensive review of the current online registration process, which has “faced criticism as a contributing factor to the surge in text scams where unscrupulous individuals exploit the system to sell their identities to others.”

Republic Act No. 11934 or SIM Registration Act, which was enacted in 2022, requires mobile phone users to register their SIMs under their names or risk deactivation.

Mr. Ibay said personal appearance should only be required if there are discrepancies in validation like unverifiable identification (ID) cards or other technical issues.

“The option for mandatory appearance of users may happen if there will be a need for manual validation on unverifiable IDs submitted or other technical errors during the normal SIM registration process online by new subscribers,” Mr. Ibay said.

BusinessWorld also sought comments from DITO Telecommunity Corp. but had yet to receive a response as of the deadline.

Globe’s Mr. Castelo said if NTC is considering tapping local government units (LGUs) to oversee the registration process, some LGUs in remote areas may not be able to do the SIM registration process.

“The very essence of universal access is to provide connectivity to all Filipinos at the lowest possible price and the easiest way to get it. Requiring face-to-face registration will defeat this principle,” Mr. Castelo said.

Samuel V. Jacoba, founding president of the National Association of Data Protection Officers, said that the NTC’s proposal might be helpful in fighting fraud but the implementation of the proposal may not be feasible.

“There are millions of Filipinos with mobile phones, some using multiple SIMs. Plus, they may collect facial or other biometrics for authentication. How will they protect those sensitive personal information?” he said in a Viber message.

The NTC should come up with a more thorough operational plan that will optimize the agency’s use of public funds, Mr. Jacoba said.

Sought for comments, Cybercrime Investigation and Coordinating Center (CICC)  Executive Director Alexander K. Ramos said the SIM Registration Act also stems from the government’s ambition of digitalization.

“The whole idea of digitalization is you want it to be fully automated,” he told reporters in a cybersecurity conference. “But if it is the regulator saying it, then you have to comply.”

For now, Mr. Ramos said the National Privacy Commission is studying how to properly share data without jeopardizing or disclosing personal information.

“Right now, the whole process of authentication is critical. It is faster when it is automatic, but it should not be on level one only. There must be multiple authentication processes,” he said.

Currently, SIM card registration only requires individuals to take a photo, submit a government-issued ID card, and provide personal information.   

This process has been exploited by scammers, with some individuals selling their identities despite the existing penalties of imprisonment for two to six years and fines of up to P300,000, NTC said.

In 2024, NTC proposed amendments to the SIM Registration Act to Congress. The commission sought provisions granting NTC the authority to regulate the number of SIMs an individual can own and the possibility of limiting valid government-issued ID cards.   

Additionally, NTC is recommending a provision mandating agencies responsible for issuing government-issued IDs to develop a validation platform accessible to public telecommunications entities (PTEs).   

Last year, PTEs blocked 3.34 million scam messages and deactivated 3.12 million SIM cards, contributing to the overall reduction of text scams and SIM fraud.   

Smart is the wireless unit of PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

Manila Water rate hike to take effect in April

A man fills up a container with water in Manila, April 23, 2024. Customers of Manila Water Co. should expect higher water bills in April. — PHILIPPINE STAR/EDD GUMBAN

CUSTOMERS of Manila Water Co., Inc. will see higher water bills starting in April as the east zone concessionaire seeks to recover losses incurred from foreign exchange movements, according to the Metropolitan Waterworks and Sewerage System Regulatory Office (MWSS RO).

At the same time, west zone concessionaire Maynilad Water Services, Inc. deferred the implementation of its rate adjustment to the third quarter.

At a briefing on Thursday, MWSS RO Chief Regulator Patrick Lester N. Ty said that the agency approved the tariff increase of P0.04 per cubic meter for Manila Water as part of its foreign currency differential adjustment (FCDA) for the second quarter.

“Because of the FCDA, there is going to be an increase from P0.61 to P0.65 or a P0.04 increase, resulting in an all-in tariff of P61.08 compared to P61.04 [in the first quarter],” Mr. Ty said.

The FCDA is a quarterly reviewed tariff mechanism used by the MWSS. Water concessionaires are allowed to adjust their rates based on fluctuations in foreign exchange rates to manage the impact on their foreign currency-denominated loans. These loans were used to finance the concessionaires’ projects to expand and improve water and sewerage services.

According to Manila Water, the FCDA is based on the peso-dollar exchange rate as of December 2024 versus September 2024.

“There was a 4.24% increase in the USD exchange rate, which a bigger percentage of our loans are denominated in,” it said.

The peso weakened against the US dollar in the fourth quarter of 2024, closing at its record low of P59 thrice (on Nov. 21, Nov. 26, and Dec. 19.).

The peso traded at the P57-P59 per dollar range in the fourth quarter of 2024, and at the P55-P58 per dollar range in the third quarter of 2024.

For the second quarter, Manila Water customers who consume 10 cubic meters or less will see their bills increase by P0.21 to P255.04 from P254.83 in the first quarter.

Those consuming 20 cubic meters will see their monthly bills go up by P0.45 to P563.92, while those consuming 30 cubic meters will see their bills increase by P0.90 to P1,149.65.

Enhanced lifeline customers and low-income customers will not see any bill adjustments.

Meanwhile, the MWSS said Maynilad deferred the implementation of the upward tariff adjustment of P0.09 per cubic meter to the third quarter.

“Maynilad has opted to defer its scheduled adjustment to mitigate the immediate financial pressure to consumers. This deferment, which will see the adjustment applied in the next quarter, is a business decision and it’s not a waiver,” Mr. Ty said.

In a statement, Maynilad confirmed it deferred the FCDA, which was driven by peso depreciation against the dollar. It noted the concession fees or the MWSS loans it “inherited” are largely denominated in US dollar.

“Maynilad regularly evaluates various factors when implementing FCDA adjustments, including foreign exchange movements and their impact on our loan obligations,” it said.

“While the mechanism allows for quarterly adjustments, we considered it prudent to maintain rate stability for this period. Moving forward, FCDA adjustments will continue to be applied as needed, based on prevailing conditions.”

Last year, the MWSS Board of Trustees issued a resolution approving the FCDA guidelines prepared by MWSS RO, which became effective on Aug. 21, 2024.

“Please take note that the two concessionaires will not earn any income for the FCDA. This adjustment, based on the foreign currency exchange fluctuations, is purely pass-on amount and this will not result in any income on the part of Manila Water or Maynilad,” Mr. Ty said.

Beginning January this year, the two concessionaires implemented water rate hikes following the approval of the regulator as part of the third tranche of approved tariffs for the 2023-2027 rate rebasing period.

Rate rebasing is done every five years, accompanied by a performance review and validation of the two concessionaires’ projected cash flows. It also sets the water rates in a manner that allows the water suppliers to recover their expenditures.

Manila Water serves the east zone network of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province.

Maynilad serves parts of Manila, Quezon City, and Makati, as well as Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. It also supplies water to the cities of Cavite, Bacoor, Imus, and the towns of Kawit, Noveleta, and Rosario in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Banking system assets up 9.3% as of end-Jan.

BW FILE PHOTO

By Luisa Maria Jacinta C. Jocson, Reporter

THE PHILIPPINE BANKING industry’s total assets jumped by 9.3% year on year as of end-January, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

Banks’ combined assets rose to P27.11 trillion as of end-January from P24.81 trillion in the same period a year ago.

Month on month, total assets slid by 1.2% from P27.43 trillion as of end-December.

Banks’ assets are mainly supported by deposits, loans, and investments. These include cash and due from banks as well as interbank loans receivable (IBL) and reverse repurchase (RRP), net of allowances for credit losses.

The banking sector’s total loan portfolio inclusive of IBL and RRP climbed by 13.7% to P14.69 trillion as of end-January from P12.92 trillion in the same period a year ago.

Net investments, or financial assets and equity investments in subsidiaries, went up by 5.8% to P7.68 trillion as of end-January from P7.25 trillion a year prior.

Net real and other properties acquired increased by 9.3% year on year to P117.14 billion from P107.13 billion in the same period in 2024.

On the other hand, cash and due from banks amounted to P2.65 trillion as of end-January, down by 1.4% from P2.69 trillion a year earlier.

Banks’ other assets jumped by 7.4% to P1.98 trillion from P1.84 trillion in the previous year.

Meanwhile, the total liabilities of the banking system rose by 9.2% to P23.71 trillion from P21.71 trillion in the year-ago period.

“Philippine banks’ total asset growth is consistent with the fact that they are among the most profitable industries in the country, with earnings growth much faster than GDP growth for the country’s largest banks,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“As a result, relatively large earnings partly add to the capital of banks, on top of banks’ various fund-raising activities through capital markets or strategic investors.”

Latest data from the BSP showed the net profit of the country’s banking industry rose by 9.76% year on year to P391.28 billion in 2024.

The growth in total assets is also consistent with strong lending activity, Mr. Ricafort said.

Bank lending jumped by 12.8% to P13.02 trillion in January, its fastest pace in over two years, separate central bank data showed.

Mr. Ricafort also noted the manageable bad loan ratio which could “partly improve banks’ asset quality, profitability, and overall total resources.”

The banking industry’s nonperforming loan ratio rose to 3.38% in January from 3.27% in December. However, this was lower than 3.44% in the same month in 2024.

“The Philippines remains one of the fastest-growing economies in Asia, so the banking industry would be one of the biggest beneficiaries in terms of faster growth in loans, deposits, spreads, fee income, and overall revenues,” Mr. Ricafort added.

Duterte arrest unlikely to hurt Philippine economic outlook

FORMER PRESIDENT RODRIGO R. DUTERTE — REUTERS

THE ARREST of former President Rodrigo R. Duterte could shake the sentiment of foreign investors, analysts said, though this is unlikely to make a significant dent on the Philippine economy.

“From an economic point of view, I guess this will undoubtedly affect the so-called political risk premium that investors compute and look at when they have to make decisions about their portfolio and direct investments,” ISEAS-Yusof Ishak Institute Senior Fellow Jayant Menon said on Money Talks with Cathy Yang on One News.

Mr. Duterte arrived in the Netherlands on Wednesday evening, after he was “surrendered to the custody of the International Criminal Court (ICC).” He faces allegations of crimes against humanity linked to his war on drugs that has killed thousands.

Mr. Duterte, who led the country from 2016 to 2022, could become the first Asian former head of state to be tried at the ICC.

Mr. Menon said it was still too early to price in the impact of the arrest on Philippine markets and the economy.

“We’ll have to wait and see what kind of domestic response evolves with the midterm elections and so on. But I think at this stage, it’s safe to say economically, it’s unlikely to be a big factor,” he added.

In terms of political risk, Mr. Menon said the country has “endured a lot of political instability in the past.”

“It’s not anything new… I think in the Philippines there is some built-in resilience because of ongoing uncertainties on the political front and the economic front.”

While he expects a small negative impact from the arrest, Mr. Menon noted the Philippines faces other bigger challenges on the investment front.

“You’ve got a lot of mega-trends taking place. There’s climate change effects, technological disruptions, rising protectionism. All of these things, you know, are weighty and much bigger than the type of political changes we’ve just seen.”

GlobalSource Country Analyst Diwa C. Guinigundo said the economic impact from the political turmoil stemming from the arrest “could be insignificant.”

“It will depend on how mass actions in opposition to this arrest and detention of the former President,” he said on the same program.

“In other words, it looks like, yes, there were developments that could upset the financial markets, but not too significant. In other words, we have seen this before.”

He said the market could “simply build this into their political risk premium and over time, the market can recover.”

On the other hand, analysts also noted the potential benefits from the recent development.

“This can sometimes be a plus. You know, investors have already built that in. It’ll be a slight deviation from what they’re usually expecting. And so, the impacts are likely to be muted as a result,” Mr. Menon added.

He noted the country should leverage opportunities that could come from these kinds of disruptions.

“There’s been a lot of reconfiguration of supply chains taking place with the US-China trade war and now rising global uncertainties on protection. So far, the Philippines hasn’t taken too much advantage of this.”

“But I think with the increased investments in infrastructure taking place, reducing costs, that can change. Hopefully, this little political blip won’t cut into that positive scenario. But the economic changes taking place with investments in infrastructure especially, I think, bode well for the immediate future for the Philippines.”

Mr. Guinigundo said the Philippine government’s compliance with the ICC arrest warrant “reflects adherence to accountability.”

“Foreign investors in the Philippines have raised the issue of adherence to law, rule of law, consistency of public policy,” he said,

“The recent development shows that the government is also capable of providing or demonstrating its adherence to the rule of law, accountability, and of course, to conclude that culture of impunity in the Philippines,” he said.

“The Philippines has more to show other than this political issue,” he added.

Mr. Guinigundo also called for a “critical civil society” that has the capacity to “screen out and discern between actual political noise and the noise that can disturb markets and upset economic growth.” — Luisa Maria Jacinta C. Jocson

An ongoing quest for diversity and gender equity

pikisuperstar | Freepik

Women are actively transforming the world in various ways. For one, any of them are taking the lead in pushing their businesses further towards greater success. Beyond such pursuits, however, they are also spearheading and accelerating the attainment of more inclusive workspaces and society.

According to PwC’s Women in Work report, increased female workforce participation has contributed $4.5 billion annually to the GDP of the average member country of the Organization for Economic Co-operation and Development since 2011. If this progress continues, that figure could reach $15.1 billion per year by 2030. PwC also mentioned that the percentage of women chief executive officers (CEOs) in the Fortune 500 has more than doubled over the last ten years, rising from 4.6% in 2014 to 10.4% in 2024.

Similarly, McKinsey & Company’s Women in the Workplace 2024 report found that women now hold 29% of C-suite positions, up from 17% in 2015. The share of women in managerial positions rose from 37% in 2015 to 39% in 2024, while the proportion of senior managers and directors increased from 32% to 37% over the same period.

Despite such progress, however, there still lies significant challenges, such as gender gap and unequal access of leadership opportunities in the workforce.

The S&P Global Corporate Sustainability Assessment (CSA) reports that a major obstacle for women in corporate leadership is their limited presence in revenue-generating management roles. These positions, often in sales and other departments directly tied to profitability, serve as stepping stones to the C-suite. Women hold just 29% of these roles, up from 27.6% in 2022 and 27% in 2021.

Boardroom representation follows a similar pattern with women holding 24.9% of board seats, up from 23.3% in 2022 and 21% in 2021. Despite regulatory mandates and shareholder advocacy for diverse boards, progress remains slow. In fact, PwC reported that women hold only one in five C-suite positions globally.

McKinsey, meanwhile, emphasized that while there is progress, some workplaces have not been better for women. According to the report, women continue to confront microaggressions as often today as in 2018. Microaggressions have been the key source of these concerns with women experiencing competence-based aggressions, area of expertise judgments, mistaken for someone at a lower level, and being interrupted more than others.

Furthermore, a 2024 report from the World Economic Forum (WEF) indicated that achieving full gender equality is unattainable by 2030. As of last year, the global gender gap score is closed at 68.5%, with no country having fully achieved gender parity. Among regions, the Eastern Asia and Pacific ranked fourth at the overall gender parity with a score of 69.2%. Since 2006, the region has seen an increase in percentage points by 3.1%, and New Zealand and the Philippines are the only countries in the region included in the global top 10.

The report projected that achieving gender equality will be attainable in the next 134 years. In economic participation and opportunity measured by labor force participation, wage equality, and representation in high-skilled jobs, the timeline extends to 152 years.

Over the past decade, the projected time to achieve gender parity has increased by 81 years. Economic disruptions, including the COVID-19 pandemic, have disproportionately affected women, deepening existing inequalities. Persistent wage gaps, occupational segregation, and inadequate parental leave and childcare policies continue to slow progress.

Amid the progress and the challenges, the value of diversity and gender equity in driving meaningful change remains upheld.

“The reality is clear: diversity drives better decisions, stronger businesses, and more resilient economies,” Verena Siow, president and managing director of SAP Southeast Asia, said in a statement released in line with the celebration of International Women’s Day this year, which is themed “Accelerating Action.”

Likewise, there is an urgent call to accelerate gender equality efforts to ensure equitable and sustainable growth, as WEF’s report highlighted.

“The reticence to embrace gender parity as a condition for equitable and sustainable growth is impacting global capacity to meet current and future challenges, and costing women and girls their futures. This raises a key opportunity for government and business leaders to contribute to macro level solutions for gender equality, and with it, a different kind of growth,” the report said.

For Ms. Siow, now is the opportune time to act and push boundaries of equity, opportunity, and leadership.

“Change is often perceived as a gradual process. But while it is true that change does not take place overnight, every little step we take in accelerating action unlocks new possibilities. In Southeast Asia, I’ve seen firsthand how equipping women with the right skills, access, and support can create extraordinary outcomes,” she said.

Critical actions

Ms. Siow highlighted three critical actions. First, she noted that a way to truly accelerate progress is through mentorships and, more importantly, sponsorships. While these two are important to bring guidance, support, and access to opportunities, sponsorships should further empower women leaders.

“Women need not just mentorship but advocates — leaders who actively open doors, champion careers, and create opportunities,” she explained.

Ensuring equal access to high-impact projects and decision-making roles for women at all levels in the workforce is also crucial. This approach will not only lead to effective leadership but also attract and retain top talents within organizations.

Ms. Siow also noted the importance of redefining leadership to achieve gender diversity. Today, success in leaderships transcends traditional qualities like aggressiveness; it now focuses on having diverse perspectives, emotional intelligence, and inclusivity.

“Innovation does not happen by waiting. It happens by taking action, challenging norms, and accelerating change. Just as we push the boundaries of technology, we must do the same for equity, opportunity, and leadership,” Ms. Siow added.

In addition, McKinsey’s study suggests that companies take bolder and more comprehensive actions that can lead to meaningful change in workplace equity. The recommendations by McKinsey include debiasing hiring and promotions processes, inspiring and equipping employees to curb bias and practice allyship, and unlocking the power of managers to influence careers and team culture. — Angela Kiara S. Brillantes, Mhicole A. Moral, and Jomarc Angelo M. Corpuz

‘External factors’ force pullout of WPS documentary from film fest

FOOD DELIVERY: Fresh from the West Philippine Sea, a documentary about the struggle of Filipino fishermen and the navy in getting food to and from the distant isles in the highly contested West Philippine Sea (WPS), has been dropped at the last minute by the CinePanalo Film Festival due to “external factors.”

On Wednesday, festival director Chris Cahilig released a joint statement co-signed by the documentary’s director Baby Ruth Villarama, about her film being pulled from the lineup.

“We regret to confirm that Food Delivery, Fresh from the West Philippine Sea, has been pulled out from the CinePanalo Festival,” the statement read. “While the decision was made jointly by the festival organizers and film creators, it is clear that external factors played a role in this outcome.”What the “external factors” were was not explained.

The film was supposed to have had its world premiere on March 14, 4 p.m., at Gateway Mall in Quezon City, for the second iteration of CinePanalo.

“We appreciate the continued support from those who believe in the film’s importance and will announce alternative screenings soon,” the statement concluded.

Ms. Villarama, who was hard at work on post-production of the film just a few days prior, commented on a Facebook post mistakenly claiming that the documentary was “withdrawn” from the film fest.

“We did not withdraw. We were pulled out!” she clarified under the post, shortly after the news broke.

Neither Mr. Cahilig nor Ms. Villarama have divulged further details on the situation.

The CinePanalo Film Festival is organized by the supermarket chain Puregold, owned by Lucio Co.

The film’s last-minute cancellation echoes a similar case from August last year, when the controversial film Lost Sabungeros by Bryan Brazil was dropped by the Cinemalaya Independent Film Festival “due to safety reasons.” It was picked up by the QCinema International Film Festival three months later.

Food Delivery, produced by Voyage Studios, is upfront about telling overlooked stories of the Philippines’ fight for national sovereignty opposite China which has been pushing its claims over the South China Sea waterway.

The goal of the film is “to offer a deeper perspective of this hot topic largely seen on the news,” Ms. Villarama told BusinessWorld days before it was pulled out from CinePanalo. (See the story here: https://tinyurl.com/28v4dsgo) Their pitch was approved by the festival late last year, with filming commencing in October and concluding in January.

The 2025 Puregold CinePanalo Film Festival will run from March 14 to 25 at Quezon City’s Gateway Mall in Cubao. — Brontë H. Lacsamana

Hidden Mickey

ROBERT PATTINSON and Robert Pattinson in a scene from Mickey 17.

Movie Review
Mickey 17
Directed by Bong Joon-ho

BONG JOON-HO’s latest film Mickey 17 is out and disappointing some folks — in part because it isn’t making the box office they’re hoping from the director of Parasite ($262 million worldwide from an $11 million budget), in part because it doesn’t have the sharp edge of Parasite with its literal upstairs-downstairs allegory or bloody melancholic finale. Basically the complaint I’m hearing is that it isn’t Parasite, which won a gold-plated Oscar doorstop for Best Picture, and that he should just do more of the same only better for the rest of his career.

And for the rest of us? Well lemme tell you…

When you mention Bong Joon-ho the key question isn’t really “which film?” as it is “which Bong?” He’s dabbled not just in different genres but different combinations of genres, from police-procedural noir (Memories of a Murder) to family drama turned noir (Mother) to indie comedies (Barking Dogs Never Bite) to creature feature turned family drama (The Host) to girl and pet pig turned dystopian adventure (Okja) to an adaptation of an action-adventure anime (Snowpiercer) to, yes, allegorical family comedies turned thrillers (Parasite).

Bong is what you might call a moving target, never satisfied with making the same picture twice, and I’m betting if anyone asked him what his most perfect work was he’d frown and ask you to repeat the question. Perfection implies practicing the same skills over and over till you’ve mastered them, and I doubt if he’s applied the same set of skills twice in any two productions; I don’t think he’s even interested in making anything perfect — he’s just too interested in moving on and doing something else.

So this: an English-language adaptation of Mickey 7 by Edward Ashton about Mickey Barnes, crew member on an expedition to the ice planet Niflheim — “7” because Mickey is an Expendable, assigned to take on the most dangerous assignments; every time he dies a new clone can be decanted with most if not all of his previous memories downloaded to his latest body (this is the seventh Mickey to be revived to date). The film’s title is Mickey 17 because, as Bong put it in an interview “I wanted to kill him 10 more times.”

You can see Bong’s point. I have not read the novel but have heard it called farcical, with plenty of long agonizing deaths described involving the various Mickeys. The original Barnes was lassoed into the role by the promise of immortality; the recruiter didn’t lie — you do get immortality of sorts, but the downsides are: 1.) all the various painful and often protracted ways in which you can get killed, and, 2.) your unofficial (though often vocally declared) status as the bottom rung on the expeditionary ship’s social ladder. Stretching Mickey’s career by an additional 10 deaths, Bong emphasizes the sense that Mickey has: 1.) gone through a lot more suffering, and, 2.) has had his ego battered down to the point where he’s actually disappointed when he doesn’t die in some horrific manner (“What’s the matter, my meat ain’t good enough for you?!”). This is the kind of pathos Chaplin might have achieved in his great silent comedies with his resourceful sad sack Tramp, if the Tramp ever adventured in science fiction (well, he did a bit in the first half of Modern Times, and did put his flesh literally on the line in The Gold Rush); Bong lunges at the same goals as Chaplin, helped by lively editing and voice over narration and a far bigger special-effects budget — he doesn’t succeed on the same level (of course) but does get there, more or less.

It helps that Bong has Robert Pattinson. Pattinson’s been trying to rehabilitate his image since his twinkly vampire days and the effort has largely worked, with his bearded explorer in James Gray’s The Lost City of Z, his hard-pressed smalltime crook in the Safdie brothers’ Good Time, his gritty greasy turn as lonely keeper in Robert Eggers’ The Lighthouse (he’s also had a turn as The Batman but I’m still trying to forget the experience). Pattinson comes off as versatile and courageous, able and willing to try something, anything, as long as he can take it somewhere extreme; Bong must have seen this in him, had a long discussion with the actor, and confided his vision: “here in this my latest film, you must play someone sweet.”

And by golly Pattinson does. Mickey is perhaps the sweetest most likable character I’ve ever encountered in a Bong film, and the fact that he gets pummeled, frozen, incinerated, amputated by passing meteoroids, and exposed to various deadly gases, chemicals, microorganisms only serves to make his sweetness seem more heroic. A backstory I’m assuming Bong added to the film shows why he’s so motivated to flee the Earth and accept such a thankless job (it’s either this or a chainsaw) and also serves to show how this basically guileless man has been exploited by the less scrupulous all his life.

And Pattinson pulls it off with his softly mumbled cracked voice and constantly stricken eyes. He plays an almost purely good character and sells it, a difficult feat to pull off, and Bong as writer-director incidentally shows an understanding of goodness that even Dostoevsky doesn’t quite achieve.

Don’t get me wrong, I’m not meaning to rank Bong above Dostoevsky. When it comes to flawed antiheroes and malevolent degenerates and vain buffoons and other underworld types the writer has no peer; when it comes to pure folk without a trace of malice in their bodies, his writing can be embarrassing, even (worse) dull. Dostoevsky’s sainted characters are one-note and unconvincing, possibly because he’s such a self-loathing heel he can’t bring himself to sully their angelic blankness; he hasn’t learned the lesson Bong practices, to sell a good person by adding the one grounding detail that makes him believable, in this case Mickey’s intelligence. He’s not the sharpest knife on the ship, he knows it, he accepts it, and folks around him — and in the audience — want to throw their arms around him and protect him just because.

The film isn’t a one-man show; Bong surrounds Pattinson’s Mickey with a range of comic foils, from Mark Ruffalo’s Trumpish Kenneth Marshall — a failed politician turned expedition leader — to Toni Collette’s Ylfa Marshall – the manipulative politician’s wife and culinary snob — to Steven Yeun’s slippery Timo — Mickey’s best friend and most relentless exploiter — to Mickey himself, or rather Mickey 18, who was reprinted by accident and now hopes to replace 17 in the scheme of things. The scenes of 17 and 18 arguing are some of the funniest in the film; unfortunately, 18 may also be the film’s most serious flaw — he’s meant to be a darker more aggressive version of 17, only his role is so woefully underwritten we don’t quite buy the eventual trajectory of his character arc.

Gotta mention Naomie Ackie as Nasha, security agent and one of the few crewmembers to notice and stand by Mickey through his 18 various incarnations. Nasha stays mainly in the background (except for the moments when she’s suddenly spectacularly physical — security agent, remember?) and manages to be the exception to the rule: the purely good character who manages to make you believe in her because, well, she just is.

The film has a consistently grungy textured look; even the digital effects — mainly the alien creatures found on Niflheim, deftly mixed with animatronic models — convey the solidity and unified feel of a film with a definite mood, of exhausted blue-collar slobs trying to earn their paychecks without getting killed by either their machinery or the harsh environments they work in. That look, mainly by legendary cinematographer Darius Khondji, adds a dimension to the picture, arguably the handsomest Bong has done to date; also contrasts nicely with the frozen inferno of Neflheim, all vast tundras and perilous deadfalls and endless howling wind; the creatures (designed by Bong and longtime collaborator Jan Hee-chul) manage to look both moistly disgusting and unaccountably cute at the same time.

Is this Bong’s best work to date? I don’t know; I’ve said it isn’t perfect, that Bong doesn’t even try for perfection. I do think it’s overstuffed, ambitious, flings various things at the wall in the hope some of it sticks, and that a surprising amount does; the film does this trick of skittering across various genres and emotional tones throughout the entire running time, even within certain scenes, keeping its balance with more dexterity than you might expect — but then Bong has apparently been doing this sort of thing for some time, years even. You might even say he’s had practice.