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PHL exhibitors book $29 million in food exports at Paris trade show

THE Center for International Trade Expositions and Missions (CITEM) said Philippine participants at the Salon International de l’Alimentation (SIAL) Paris 2024 booked $29 million worth of sales.

“This year’s Philippine participation generated total sales that increased by more than 11% from  2022,” CITEM said in a statement Thursday.

“In addition, trade inquiries and buyer attendance more than doubled from previous turnout — registering 751 and 768, respectively,” it added.

SIAL, which was held between Oct. 19 and 23 at Parc des Expositions de Villepinte in Paris, was attended by Philippine exhibitors of banana, calamansi, coconut, mango, and ube products, among others.

Among the top-selling products at the Philippine Pavilion at SIAL were seafood items, which CITEM said accounted for nearly $12 million in orders from the fair.

In a separate statement, the Department of Trade and Industry (DTI) said Bicol-based pili nut companies performed well at SIAL.

The four pili nut companies — Pili Crush Enterprises; C.O.P. Pili Sweets and Pastries; Phenomenon Group, Inc., and The Rains Delicacies — generated $653,970 in sales during the event.

“Given the rising trend towards health-conscious products and organic foods, pili nuts, being high in essential nutrients, fit well within this trend,” the DTI said. — Justine Irish D. Tabile

ADB announces appointment of Kanda as next president

BW FILE PHOTO

THE Asian Development Bank (ADB) announced Thursday that it elected Masato Kanda as president of the bank, completing the remaining term of predecessor Masatsugu Asakawa.

Elected as the 11th president of the ADB, Mr. Kanda, 59, will assume office on Feb. 23  after a unanimous vote from the ADB Board of Governors. He will complete the double term of Mr. Asakawa, which runs until Nov. 26, 2026.

“Mr. Kanda’s extensive experience in international finance and proven leadership in multilateral settings will serve ADB well in navigating complex global economic challenges and fostering international cooperation,” according to ADB Board of Governors chairman Fabio Panetta, who is also governor of the Bank of Italy.

Prior to joining ADB, Mr. Kanada served in the Japanese Ministry of Finance, having been Vice-Minister for International Affairs.

He was also the Deputy Commissioner at the Financial Services Agency, Deputy Director-General of the Budget Bureau, and Deputy Vice-Minister for Policy Planning and Coordination, where Mr. Kanada acquired “extensive experience in financial sector policy and macro-fiscal policy.”

Mr. Kanada is also a leading expert in education and science policy as well as university reform. — Aubrey Rose A. Inosante

Shares slide to two-week low on Fed easing bets

The lobby of the Philippine Stock Exchange in Taguig City, Sept. 30, 2020. — REUTERS

PHILIPPINE SHARES extended their slide on Thursday, sinking to the 6,600 level, amid uncertainty over the US Federal Reserve’s policy easing cycle due to mixed economic data and the incoming Trump administration.

The bellwether Philippine Stock Exchange index (PSEi) dropped by 0.95% or 64.05 points to end at 6,638.54 on Thursday, while the broader all shares index lost 0.66% or 25.14 points to close at 3,734.94.

This was a two-week low for the PSEi as this was its worst finish since it ended at 6,557.09 on Nov. 14.

“The local market continued with its decline as investors remain concerned regarding president-elect Donald Trump’s tariff threats,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. “Adding to the worries is the uncertainty on the Fed’s policy easing pace amid uncertainties over the US economy.”

“The exit of foreign funds also weighed on the local bourse,” Mr. Tantiangco said.

Net foreign selling increased to P1.17 billion on Thursday from P539.05 million on Wednesday.

US consumer spending increased slightly more than expected in October, suggesting the economy retained much of its solid growth momentum early in the fourth quarter, but progress on lowering inflation appears to have stalled in recent months, Reuters reported.

The lack of success in bringing inflation back to the Federal Reserve’s 2% target, together with the prospect of higher tariffs on imported goods from the incoming Trump administration, could narrow the scope for interest rate cuts from the US central bank next year.

Minutes of the Fed’s Nov. 6-7 policy meeting published on Tuesday also showed officials appeared divided over how much farther they may need to cut rates.

The US central bank reduced rates by 25 basis points (bps) earlier this month, lowering its benchmark overnight interest rate to the 4.5%-4.75% range. It initiated its policy easing cycle in September, which marked its first reduction in borrowing costs since 2020, after hiking rates by 525 bps in 2022 and 2023 to quell inflation.

“Philippine shares continued to slide, retesting the 6,600 level once again in light value turnover as the US enters the Thanksgiving holiday,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan added in a Viber message.

All sectoral indices went down on Thursday. Industrials sank by 2.1% or 197.32 points to 9,185.15; property dropped by 1.48% or 37.56 points to 2,493.59; financials went down by 0.7% or 16.07 points to 2,253.85; holding firms retreated by 0.68% or 38.50 points to 5,598.43; mining and oil inched down by 0.02% or 1.62 points to 7,555.59; and services slipped by 0.02% or 0.58 point to 2,060.50.

Value turnover rose to P4.92 billion on Thursday with 974.65 million shares traded from P4.27 billion with 375.48 million issues exchanged on Wednesday.

Decliners outnumbered advancers, 120 versus 69, while 53 names were unchanged. — Revin Mikhael D. Ochave with Reuters

Peso climbs after US PCE data

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THE PESO rose to an over two-week high against the dollar on Thursday after US inflation quickened slightly last month, fanning worries over the Federal Reserve’s rate cut path.

The local unit closed at P58.671 per dollar on Thursday, strengthening by 3.9 centavos from its P58.71 finish on Wednesday, Bankers Association of the Philippines data showed.

This was the peso’s best close since it finished at P58.595 versus the greenback on Nov. 11.

The peso opened Thursday’s session a tad stronger at P58.70 against the dollar. Its intraday best was at P58.61, while its worst showing was at P58.78 versus the greenback.

Dollars exchanged increased to $1.46 billion on Thursday from $1.38 billion on Wednesday.

The peso rose following the release of data showing that the US personal consumption expenditures (PCE) price index, the Fed’s preferred inflation gauge, rose slightly last month, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Friday, Mr. Ricafort expects the peso to range from P58.55 to P58.75.

The personal consumption expenditures price index climbed 0.2% in October, matching September’s unrevised gain, Reuters reported. In the 12 months through October, the PCE price index increased 2.3% after advancing 2.1% in September.

Excluding the volatile food and energy components, the PCE price index rose 0.3%, matching the increase in September. The so-called core inflation was lifted by services, mainly housing and utilities, transportation, as well as financial services and insurance. Goods prices fell. Core inflation increased 2.8% year on year in October after climbing 2.7% in September. The central bank tracks the PCE price measures for monetary policy.

The lack of success in bringing inflation back to the Federal Reserve’s 2% target, together with the prospect of higher tariffs on imported goods from the incoming Trump administration, could narrow the scope for interest rate cuts from the US central bank next year.

President-elect Donald J. Trump said on Monday he would impose a 25% tariff on all products from Mexico and Canada, and an additional 10% tariff on goods from China, on his first day in office. Economists at Goldman Sachs estimated the tariffs, if implemented, would increase core PCE inflation by 0.9%.

The Fed is still widely expected to deliver a third rate cut in December, with other data on Wednesday showing more unemployed people were experiencing long bouts of joblessness in mid-November. Minutes of the Fed’s Nov. 6-7 policy meeting published on Tuesday showed officials appeared divided over how much farther they may need to cut rates.

The central bank reduced rates by 25 basis points earlier this month, lowering its benchmark overnight interest rate to the 4.5%-4.75% range. It initiated its policy easing cycle in September, which marked its first reduction in borrowing costs since 2020, after hiking rates by 525 basis points in 2022 and 2023 to quell inflation. — AMCS with Reuters

Bicam panel forms working groups to reconcile budget bills by Dec. 9

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PHILIPPINE lawmakers on Thursday formed working groups composed of technical staff from the Senate Finance and House Appropriations Committees to reconcile a “few” differences their versions of the 2025 national budget by Dec. 9.

During the first day of the Bicameral Conference Committee hearings on House Bill No. 10800, the General Appropriations Act of 2025, in Pasay City, Senator Emmanuel Joel J. Villanueva moved to create the technical working groups (TWGs), which was seconded by Senate Majority Floor Leader Francis N. Tolentino.

Senator and Finance Committee Chairperson Mary Grace Poe-Llamanzares told reporters on the sidelines of the hearing that there were only “a few major differences” between the budget bills of both chambers, such as funding the Ayuda Para sa Kapos ang Kita Program (AKAP).

AKAP is the Department of Social Welfare and Development’s (DSWD) financial assistance program to workers whose income falls below the poverty threshold.

“We (House and Senate) have similar initiatives so for now, let’s wait and see what the differences will be because, of course, the two will clash,” she said in mixed English and Filipino.

The Senate earlier deleted the AKAP as a line item in DSWD’s proposed budget, opting instead to merge it with another DSWD aid program.

Ms. Poe told a news briefing on Wednesday that senators infused funds meant for AKAP to the senior citizens retirement pension, additional funding for college student assistance, childcare assistance and to livelihood programs.

The Senate approved budget earmarked P245.84 billion for the DSWD, slightly higher than the P226.67 billion proposed by the Budget department and the Executive. The House had approved an allocation of P313.26 billion for the agency.

Speaker Ferdinand Martin G. Romualdez earlier said the House of Representatives will fight to keep funding for AKAP, which is seen as a “stop-gap” measure for working Filipinos with limited income.

Social Welfare Secretary Rexlon T. Gatchalian has bucked the Senate’s move to cut AKAP, telling senators that “millions could fall back into poverty” if they decide to remove it.

The assistance program has aided about four million indigent Filipinos, according to Mr. Gatchalian, with the DSWD already disbursing about P20.7 billion of the total P26.7 billion allotted under the 2024 General Appropriations Act.

Ms. Poe said the working group sessions are likely to start in two days as lawmakers aim to finish reconciling disagreeing provisions in the spending plan by Dec. 9.

She earlier said President Ferdinand R. Marcos, Jr. is aiming to sign the budget by Dec. 19.

Senators approved its version of the national budget on Tuesday with no amendments raised during plenary. The House approved its budget bill in September.

“Hopefully we would be able to perform our job within the prescribed time, within this year so when we start come Jan. 1, 2025, we would have already the approved budget that the Filipino people can rely on…” Senate President Francis G. Escudero said at the hearing.

The Senate’s final version of the national budget had also restored a previously slashed P10-billion funding from the P50-billion allocation for the Revised Armed Forces of the Philippines Modernization Plan in 2025.

The Department of National Defense will also get a P266.28-billion budget amid Manila’s rising tensions with China in the South China Sea.

“It’s up to us in the bicam to bridge the gaps, not just between the House and the Senate but, more important, between what our people need and what we can deliver,” Mr. Romualdez said at the same hearing.

“We’re not just crunching numbers; we’re crafting solutions to real problems faced by real people every single day.” — John Victor D. Ordoñez

PHL renews call for int’l cooperation vs nuclear weapons

FREEPIK

THE PHILIPPINES has called on the international community to boost efforts in strengthening legal mechanisms against the spread of nuclear weapons amid the nuclear conflict in the Korean Peninsula and the Middle East, according to the Philippine embassy in Vienna.

At the Board of Governors Meeting of the International Atomic Energy Agency (IAEA) on Nov. 20 to 22, Manila’s Permanent Representative to the United Nations (UN) and Vienna Evangelina Lourdes A. Bernas reiterated the Philippines’ position calling for global denuclearization, especially in the North Korea.

“We stress the importance of full compliance of Member States with their respective Non-Proliferation Treaties and safeguards obligations, as well as the provision of cooperation to the Agency in fulfilling its verification and monitoring functions,” she said.

The IAEA is an autonomous agency under the UN system engaged in promoting safe-secure and peaceful use of nuclear science and technology, according to the agency’s website.

The Philippine Senate in 2021 ratified the UN Treaty on the Prohibition of Nuclear Weapons, making the Philippines the 53rd nation to adopt the treaty. The treaty, signed by 86 countries, took effect after it was ratified by at least 50 states.

The treaty bars nations from developing, testing, producing, manufacturing, transferring, possessing, stockpiling, using or threatening to use nuclear weapons.

The Philippines has denounced North Korean ballistic missile launches over the past year, citing threats to regional peace.

Washington and Manila’s Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy, also known as the 123 Agreement, entered into force on July 2, the US State Department said in a statement on July 9. Both countries signed the deal in November 2023.

In October, Philippine President Ferdinand R. Marcos, Jr. and South Korean President Yoon Suk Yeol signed a deal to conduct a feasibility study on the rehabilitation of the mothballed Bataan Nuclear Power Plant. The Department of Energy (DoE) and Korea Hydro & Nuclear Power Co., Ltd. agreed to hold a comprehensive technical and economic feasibly study on the plant.

The Philippines is hard-pressed to find other sources of indigenous energy as the Malampaya gas field, which supplies a fifth of its power requirements, nears depletion. The gas field is expected to run out of easily recoverable gas by 2027.

The DoE expects nuclear power to start feeding into the country’s grids by 2032, Energy Director Michael O. Sinocruz earlier told congressmen.

“Ambassador Bernas likewise called on all the relevant countries to ensure that their nuclear programs comply with their respective safeguards’ agreements with IAEA, and that such programs are used exclusively for peaceful purposes,” according to the embassy. — John Victor D. Ordoñez

Canada looks to fill healthcare gaps with Filipino workers

STOCK PHOTO | FREEPIK

DUE TO its increasingly aging population, the Canadian government on Thursday said it is looking to fill in gaps in its healthcare industry with Filipino workers, urging laborers to consider cities outside major ones.

Christopher Bott, First Secretary, Migration at the Canadian Embassy in Manila, said healthcare workers, specifically caregivers, are in demand in the Northern American country driven in part by its aging population.

Despite tougher immigration policies amid Canada’s bid to reduce temporary residents to 5%, Mr. Bott said overseas Filipino workers (OFWs) are still welcome in the country.

“There is still a great demand for workers in what I would say are critical sectors in Canada, things like in the construction industry, especially in healthcare still. Canada is also an aging country. We have a great demand for healthcare workers across the spectrum, not just nurses, but care workers as well and all sorts of healthcare opportunities,” he said during the Overseas Labor Market Forum in Quezon City.

“There’s still a lot of opportunity [available] for Filipino workers.”

The Department of Migrant Workers (DMW) undersecretary for Policy and International Cooperation Patricia Yvonne M. Caunan said the Philippines posted over 6,000 OFWs in Canada this year so far, on track for equaling or overtaking last year’s data of 8,553 OFW deployment.

In terms of illegal recruitment, Mr. Bott reminded that Canada uses an employer-paid policy, which means employers shoulder the costs attributed with hiring foreign workers.

“The employer should be paying for everything and also in terms of ethical recruitment we encourage the employers to all follow the regulations of the country they’re recruiting from, in this case the Philippines and DMW,” he said.

In Canada, an agreement allows for the hiring of Filipino nurses under the Alberta initiative, providing financial and educational support to facilitate their transition, DMW said in a statement.

Ms. Caunan noted that there are on-going talks on signing memorandums of understanding with five Canadian provinces, with Nova Scotia up for first.

Apart from Canada, DMW is expanding agreements with European nations Slovenia, Finland and Hungary.

“We at the DMW are deeply committed to strengthening partnerships with international stakeholders. Our unwavering focus is on promoting ethical orderly, transparent, and sustainable recruitment, ensuring worker protection, and advancing initiatives that prioritize the rights and welfare of OFWs and their families,” Secretary Hans Leo J. Cacdac said at the event. — Chloe Mari A. Hufana

Bill mandating ‘solidarity contribution’ from wealthy Filipinos filed in House

PHILIPPINE STAR/EDD GUMBAN

A MEASURE exacting tax contribution from the wealthy has been filed at the House of Representatives in a bid to provide additional funding source for the country’s Universal Health Care (UHC) program and climate change resiliency projects.

House Bill (HB) No. 11127, “Solidarity Contribution Act of 2024,” introduced a provision, creating a “solidarity contribution” system, where Filipinos with a net worth of over P300 million, but not more than P500 million would be levied with a 1.5% base contribution rate. It increases by increments of 0.25% up until 3% for individuals with a net worth of more than P2.5 billion.

The bill also provided a base fee rate for rich Filipinos, starting with individuals worth more than P500 million. They would be charged P3 million on top of the bracket’s contribution rate; while persons with a net worth of more than P2.5 billion shall pay a contribution fee of P51 million to the Bureau of Internal Revenue (BIR).

The proposed law will help plug an “asymmetry in tax contributions among socioeconomic classes,” Party-list Rep. Percival V. Cendaña and Basilan Rep. Mujiv S. Hataman said in the bill’s explanatory note, citing that rich Filipinos “pay little” in taxes relative to their net worth.

“[The bill] proposes that the State should exact contributions from individuals who could very well afford to contribute towards the welfare of ordinary Filipinos,” they said in the bill, which was filed on Nov. 20.

The revenues from the measure will be used to fund health care services under the UHC Act as well as funding other health-related projects, such as the construction of new public hospitals.

The bill, which was filed after the Philippines was battered by a series of strong typhoons in a span of two weeks, also proposed to earmark revenues generated for the state’s calamity response. It will particularly allocate a portion of the revenues to the People’s Survival Fund, the Calamity Fund, and the Quick response Fund.

Climate change poses a major developmental risk for the Philippines, according to a 2022 World Bank report, saying it could shrink the country’s gross domestic product by 13.6% by 2040 if left unmitigated.

The Philippines, which faces an average of 20 typhoons yearly, also remained as the most disaster-prone country for the 16th consecutive year, according to the latest World Risk Index.

Typhoons have racked up about P673 billion worth of damage from 2011 to 2021, according to HB No. 11127. The authors said expenses from climate disaster have drained the country’s coffers.

“The marginalized sectors deserve all the support they need, especially during the aftermath of the pandemic, and the onslaught of climate change disasters,” the authors said.

“This will allow them to live a life of dignity, thus placing them in a position to contribute even more to economic growth and the welfare of the entire country.”

Finance Secretary Ralph G. Recto had said in October that he is not in favor of a “wealth tax,” saying the government already imposes wealth taxes to a certain degree. — Kenneth Christiane L. Basilio

House panel cancels hearing to let VP Sara face NBI subpoena

VICE-PRESIDENT SARA DUTERTE-CARPIO FACEBOOK PAGE PHOTO

A HOUSE of Representatives committee investigating Vice-President Sara Z. Duterte-Carpio’s secret fund spending has canceled its Friday hearing to let her face authorities looking into her alleged threats against President Ferdinand R. Marcos, Jr.

The National Bureau of Investigation (NBI) on Tuesday subpoenaed Ms. Carpio for her assassination remarks against Mr. Marcos, his wife, and the House Speaker in the event she herself was killed.

On Wednesday, she asked the NBI to reschedule their hearing so she could attend the House good government and public accountability’s inquiry into her alleged misuse of P612.5 million worth of confidential and intelligence funds under her office in 2022 and the Education department in 2023, when she sat as its secretary.

“There were many members who called me regarding this matter, which is why we decided earlier to postpone the committee hearing scheduled for tomorrow to give way to the NBI’s investigation,” Manila Rep. Joel R. Chua, who heads the House good government panel, said in a media briefing in Filipino.

“This is so that we would not be used as an excuse to avoid addressing the complaint,” he added. — Kenneth Christiane L. Basilio

Act on annulment bill, House told

JEONGIM KWON-UNSPLASH

A CONGRESSMAN on Thursday urged the House of Representatives to start discussing a bill seeking to expand the grounds for marriage separation, making the case for lawmakers to consider improvements to annulment instead of enacting a divorce law.

Filed by lawmakers led by Party-list Rep. Jude A. Acidre, House Bill No. 10970 seeks to “modernize” the grounds for annulment by expanding its legal justifications for separation, including psychological incapacity and deceitful marriages.

“By recognizing additional causes such as psychological incapacity, lack of due discretion of judgment, and simulation of consent, the bill seeks to ensure that the legal framework reflects the realities faced by many Filipino couples,” Mr. Acidre said in a statement.

“This initiative is not about introducing divorce but about safeguarding the sanctity of marriage by addressing unions built on fraud, coercion, or deceit,” he added.

The House, in May, approved on final reading a proposed law seeking to reinstitute divorce as another mode for terminating marriage.

The Philippines is the only country in the world besides the Vatican City prohibiting divorce.

Mr. Acidre said the measure aims to simplify the procedures for annulment by placing such petitions under summary procedure, reducing the time and cost involved with the process. — Kenneth Christiane L. Basilio

LANDBANK launches new loan program

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LAND BANK of the Philippines (LANDBANK) has launched a loan facility for pensioners and government employees.

“We are committed to expanding our accessible services for our diverse clientele, including extending financial relief during critical circumstances. The new PeER (Pension and Emergency Relief) Loan Facility provides timely financial assistance tailored to help them in times of urgent need,” LANDBANK President and Chief Executive Office Lynette V. Ortiz said in a statement on Thursday.

Eligible borrowers can secure loans between P20,000 to P100,000 at an interest rate of 10% per annum.

The PeER Loan Facility aims to offer accessible financial assistance to pensioners and government employees as the bank looks to promote financial security for its clients.

Funds from the loan can be used for emergency expenses, medical needs, and other urgent financial requirements.

“The LANDBANK PeER Loan Facility offers two loan options: the Pension Loan, offered to qualified clients with LANDBANK pension accounts, and the Emergency Relief Loan, available to regular government employees with LANDBANK payroll accounts and at least one year of service,” the state-run lender said. — Aaron Michael C. Sy

Explore space S&T careers — PhilSA

FILIPINO students are encouraged to explore careers related to science, technology, engineering, and mathematics (STEM), more specifically in space science and technology (S&T), the Philippine Space Agency (PhilSA) said in a statement on Thursday.

According to PhilSA, it hopes to elevate the interest and learning standards in space science through its annual Space Science Camp.

“The various topics and lessons during the camp served as a foundation for students to generate insights for research proposals focused on space science and technology applications (SSTA),” it stated.

The space agency also noted that educators who joined also prepared a work plan with integrated space science activities into their instructional and teaching-related materials.

By educating more students about the opportunities in the space industry, PhilSA hopes to generate future generations of space scientists, engineers, and communicators who will “drive the country’s space programs and contribute to nation-building.”

Some of the activities during the 4-day camp include learning space technology applications, missions and payloads of Philippine satellites, space systems engineering, the basics of space law and diplomacy, and rocketry.

Students also learned more about the Asian Beneficial Collaboration through the Kibo Utilization program established by the Space Frontier Working Group of the Asia-Pacific Regional Space Agency Forum aimed to promote utilizing the Kibo, a Japanese experiment module.

“(PhilSA has) equipped us, not only with tools and strategies, but also with a renewed sense of purpose,” William Jefferson Tayamora of the City of San Jose del Monte National Science High School said.

In line with its commitment to the Space Education and Awareness Program, which intends to raise more public awareness about SSTA, the agency aspires to expand its space camp to other parts of the country in the following years. — Almira Louise S. Martinez

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