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Trump seeks to deny prosecutors’ gag-order motion in documents case

Lawyers for Donald Trump on Monday asked a federal judge to reject prosecutors’ request for a gag order limiting what the former US president can say about law enforcement officers involved in the case accusing him of mishandling sensitive documents.

Mr. Trump’s team also asked US District Judge Aileen Cannon in Fort Pierce, Florida, to impose sanctions and pursue civil contempt findings against “all government attorneys who participated in the decision to file the motion.”

In the documents case, one of four criminal prosecutions of Mr. Trump, prosecutors have brought 40 counts of illegally retaining sensitive national security documents after leaving office. Trump has asserted his right to retain them.

On Friday, prosecutors asked Ms. Cannon to review Mr. Trump’s bail conditions and issue an order to prevent him from making statements that pose a danger to law enforcement.

Special Counsel Jack Smith said the request was necessary because of several “intentionally false and inflammatory statements” that Mr. Trump made recently about the FBI search of his Mar-a-Lago golf resort in Florida in August 2022.

Mr. Trump, the Republican challenger to Democratic President Joe Biden in the Nov. 5 election, has falsely claimed in fundraising messages sent by his campaign that the FBI was authorized to attempt an assassination.

Mr. Smith argued that Mr. Trump’s mischaracterizations have endangered law enforcement officers and that limiting such comments does not restrict legitimate speech.

In Monday’s filing asking the judge to reject the gag order, Trump lawyers Todd Blanche and Christopher Kise accused prosecutors of “bad-faith behavior” by rushing to file the request on a Friday night before a holiday weekend and of failing to give the defense team sufficient time to discuss it before filing, violating local court rules.

The defense team said that violation should merit sanctions against prosecutors, including possible payment to cover expenses incurred as a result.

The defense also argued that prosecutors’ request for a gag order itself unfairly limits Trump’s free speech rights in the election campaign.

There was no indication from the court file when Cannon would rule on the motions from each side.

Mr. Trump’s criminal trial in New York, on charges that he falsified business records to cover up a hush-money payment to porn star Stormy Daniels before the 2016 election, is scheduled to resume on Tuesday with closing arguments.

Mr. Trump also faces charges in Washington and Georgia over attempts to overturn his 2020 election loss to Mr. Biden. – Reuters

UK’s Sunak proposes tax cuts for pensioners in new election pledge

British Prime Minister Rishi Sunak — REUTERS

British Prime Minister Rishi Sunak on Monday proposed tax cuts for millions of pensioners in his latest campaign pledge, highlighting the importance of older voters in the upcoming July election.

Sunak’s Conservative Party said it would introduce a new age-related allowance and deliver a tax cut of around 100 pounds ($128) for each of 8 million pensioners in 2025, rising to almost 300 pounds a year by the end of the next parliament.

“This bold action demonstrates we are on the side of pensioners. The alternative is Labour dragging everyone in receipt of the full state pension into income tax for the first time in history,” Mr. Sunak, who last week called a general election for July 4, said in the statement.

The number of pensioners in Britain rose by 140,000 to 12.6 million in the year to February 2023. Close to 50 million Britons will be eligible to vote in the election, which opinion polls predict is likely to end 14 years of Conservative rule in the country.

The Conservative Party said the proposal comes alongside the its commitment to the so-called triple lock, which guarantees increases to publicly funded pensions by the level of earnings, inflation or 2.5%, whichever is highest.

Labour has also committed to retain the policy, which was introduced by a Conservative government in 2011 to prevent pensioners from falling into poverty.

However, costs associated with it have come under increased scrutiny in recent years after British inflation soared, pushing up the government bill for state pensions by an additional 11 billion pounds last year.

The new proposal, which the party termed “triple lock plus,” will cost 2.4 billion pounds a year by 2029/30 and be funded through the government’s previously announced plan to raise an extra 6 billion pounds a year by clamping down on tax avoidance and evasion, the party said.

“This is just another desperate move from a chaotic Tory party torching any remaining facade of its claims to economic credibility,” Labour shadow paymaster general Jonathan Ashworth said in a statement on the plans.

The paymaster general falls under the Treasury and acts as a banker for most government departments. – Reuters

Philippine authorities say 7 dead after storm

STOCK PHOTO | Image by StockSnap from Pixabay

MANILA – Philippine authorities said at least seven people had been killed by tropical storm Ewiniar, which hit the country on the weekend, and President Ferdinand Marcos Jr said on Tuesday that search and rescue efforts would continue.

Ewiniar brought strong winds and heavy rain in provinces south of the capital, shutting down airports and seaports and disrupting power supply.

The storm was heading towards east coast of Japan on Tuesday, with sustained winds of up to 130 kilometers per hour (80 mph) and gustiness of up to 160 kph (100 mph).

A 14-year-old girl was confirmed dead in southern Misamis Oriental province after a tree fell on a parked vehicle she was boarding. Another student was injured, the national disaster agency said in a report.

In Quezon province, east of the capital, six people were reported dead, police major Elizabeth Capistrano told DWPM radio station. Among the deceased were two men, aged 56 and 22, who drowned, and a 39-year-old man who was hit by a falling tree.

Marcos, speaking ahead of a state visit to Brunei, said the storm affected nearly 27,000 people, and disrupted operations of three airports and nine seaports over the weekend.

Ewiniar was the first tropical storm to hit the Philippines this year. The Southeast Asian nation sees an average of 20 storms annually, often resulting in heavy rains, strong winds, and deadly landslides. – Reuters

BSP to maintain ‘restrictive’ policy

Customers buy food items in Malate, Manila, May 16, 2024. — PHILIPPINE STAR/EDD GUMBAN

By Luisa Maria Jacinta C. Jocson, Reporter

THE Bangko Sentral ng Pilipinas (BSP) will keep monetary policy settings “restrictive” as upside risks to inflation remain.

“Given upside risks, the BSP has decided to sufficiently maintain a restrictive policy stance in order to ensure that we anchor inflation expectations, so that it will not result in further second-round effects,” BSP Senior Assistant Governor Iluminada T. Sicat said at the Philippine Economic Briefing on Monday.

The central bank is anticipating faster inflation from May to July, but expects it to return to within the 2-4% target after.

“At the end of the year, the average inflation rate, based on our risk-adjusted outlook [will be] within the target, but on the upper end of the target range,” Ms. Sicat said.

The BSP’s baseline forecast for inflation this year is 3.5% while its risk-adjusted forecast is 3.8%.

“That is precisely the reason why the BSP must be very careful not to bring down interest rates too early or else we may not be able to address some of the upside risks that we are seeing in the future,” she added.

The Monetary Board stood pat for a fifth straight meeting in May, keeping its benchmark rate at a 17-year high of 6.5%.

BSP Governor Eli M. Remolona, Jr. earlier said the central bank could begin policy easing as early as August.

International Monetary Fund (IMF) Representative to the Philippines Ragnar Gudmundsson said the BSP should maintain a “sufficiently restrictive” monetary policy stance until inflation settles firmly within target.

He also said domestic data should be the primary consideration when it comes to monetary policy.

“The suggestion not to follow the Fed too closely needs to be understood in the context of efforts to tame domestic inflationary pressures,” he said. “When considering the path of monitoring policy and policy interest rate decisions…  the BSP’s decisions in this case should first and foremost be data-dependent and driven by domestic price considerations.”

However, he noted that the US Federal Reserve actions should be considered as well since they also affect capital outflows.

150 BPS OF RATE CUTS
Meanwhile, Finance Secretary Ralph G. Recto said the Monetary Board could reduce the policy rate by as much as 150 basis points (bps) in the next two years.

“It’s possible that you may have a rate cut this year and possibly more rate cuts next year,” he said at the Philippine Economic Briefing. “Surely, I don’t expect interest rates to go any higher. If not, if there is time, they will start to go down, maybe 150 bps in the next two years.”

Mr. Recto, who sits on the Monetary Board, said the BSP has room to reduce rates by the third quarter.

“That’s very much possible. It all depends on the inflation outlook, and I suppose what the Fed does. Those spreads should not be too different between the US and the Philippines or else you might have flight to safety. But yes, it seems like inflation is going down,” he said.

The Finance chief also expects May inflation to stay within the target. May inflation data will be released on June 5.

Headline inflation picked up to 3.8% in April from 3.7% in March, its third straight month of acceleration. However, it was the fifth straight month that inflation settled within the 2-4% target range.

Mr. Recto said it is easier to reduce rates if inflation can settle firmly within the target.

“But we’re also mindful not only of domestic data but of what the Fed will do,” he said. “It all depends on what our inflation data [are]. So that’s the first thing that we look at… Then you look at what the Fed will do.”

PESO WEAKNESS
Meanwhile, BSP’s Ms. Sicat noted that while the central bank is monitoring the peso’s recent weakness, it prefers to allow the markets to determine the exchange rate.

“I would like to reiterate the FX (foreign exchange) policy of the BSP. We do not target any specific exchange rate level. We just let the market determine the level of exchange rate,” she said.

The peso closed at P58.11 a dollar on Monday, strengthening by eight centavos from its P58.19 finish on Friday. Last week, the peso closed at the P58-per-dollar level for the first time in over 18 months.

“We look at whether there is presence of market stress. Because if we let the market stress to be left unattended, it would affect inflation expectations. And that’s something that we are avoiding,” Ms. Sicat said.

“Given the fact that all of us are being affected by the current position of the Federal Reserve, I think this is only temporary. And eventually, once things clear up, it will be the fundamentals that will determine the level of exchange rate.”

National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said inflation expectations would not be affected as long as the peso does not remain weak for a prolonged period.

“It depends if it stays at that level for a long time, but if it’s just temporary, I don’t think it will have much effect on the overall future, but if it stays there a longer time, of course it will affect expectations and then prices, output and so on,” he said.

Meanwhile, Mr. Gudmundsson said that as long as there is no “sharp or prolonged” depreciation, its impact on inflation remains manageable.

“If you’re talking about the current account deficit, we also need to think about the fact that some depreciation can also support the exports of the Philippines, which in turn has a positive impact on the current account deficit,” he added.

Exchange rate flexibility is also a country’s “first line of defense against external shocks,” Mr. Gudmundsson said.

DBCC won’t revise target ‘for now,’ says Balisacan

The Philippine economy is expected to expand by 6-7% this year. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Beatriz Marie D. Cruz, Reporter

THE Development Budget Coordination Committee (DBCC) is not planning to revise next year’s growth target “for now,” National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said.

“Until we see the numbers for this year, we won’t revise the numbers for next year,” he told reporters on the sidelines of the Philippine Economic Briefing on Monday.

The DBCC earlier tweaked its 2025 growth target to 6.5-7.5% from 6.5-8%.

Mr. Balisacan said the Philippine central bank’s “less hawkish” tone would affect consumption in the near term, but it would take longer to affect future investments.

Private spending accounts for nearly a quarter of gross domestic product (GDP) growth.

“[Rate cuts] could have immediate effects especially for those who are planning or have been planning to buy durable consumer goods,” he said.

“But for investments, that could have longer-term effects because if interest rates are expected to be lower in the coming months, investors may wait until (the cut) will materialize, and then it will take time before that actual investment will take place.”

Last week, the Monetary Board stood pat for the fifth straight meeting, keeping its key policy rate at a 17-year high of 6.5%. However, the BSP signaled a possible monetary easing by August. 

Mr. Balisacan said a rate cut would also improve consumer expectations.

“If people expect that the interest rate will be lower in the coming months, then that makes people… prepare for that investment so that they will be ready to go to their banks.”

At the economic briefing, Finance Secretary Ralph G. Recto said the government must ramp up spending in infrastructure and human capital development programs to drive growth.

“These two investment areas will provide the highest multiplier effect in the short term and in the long term,” he said.

The Philippine economy grew by 5.7% in the first quarter despite weak consumption, inflation and high interest rates. The DBCC is targeting 6-7% growth this year.

Mr. Recto also cited the need to increase investments in education and social services.

“We aim to fully equip Filipinos with new technological know-how so we can position ourselves as the hub for technology-driven industries,” he added.

Stronger consumer spending fueled by remittance inflows and the expanding labor market would also bolster growth, Mr. Recto said.

The increasing number of Filipinos engaged in formal and stable jobs “reinforces the Philippines’ path towards becoming an upper middle-income country next year,” he added.

The Finance chief cited projections by multilateral lenders that the Philippine economy would outperform its Southeast Asian neighbors.

“By 2033, our economy will nearly triple in size, placing us in the league of economic giants like China, Japan, India and South Korea, and we are expected to continue outpacing the growth of Asia’s economic powerhouses in the years to come,” he said.

Meanwhile, Mr. Balisacan said sustained and inclusive growth would help reduce poverty incidence to 9% by 2028.

“We must also strengthen our social protection system [for] those who are unable to join the labor market because of their personal circumstances, or because they suffer certain shocks, like victims of typhoons or disasters,” he said.

“We should have a system that prevents them from going down the poverty line.”

Data from the Philippine Statistics Authority showed that the Philippines’ poverty incidence, or the proportion of poor Filipinos whose per capita income is not sufficient to meet their basic food and nonfood needs, fell to 22.4% in the first half of 2023 from 23.7% two years earlier.

This was equivalent to 25.242 million poor Filipinos, lower than 26.137 million in the first half of 2021.

Central bank to cut rates by up to 150 bps — survey

The main office of the Bangko Sentral ng Pilipinas in Manila. — BW FILE PHOTO

THE Bangko Sentral ng Pilipinas (BSP) could reduce rates by up to 150 basis points (bps) this year, its survey of private sector analysts showed, as inflation is likely to fall within the 2-4% target range.

In the Monetary Policy Report for May 2024, the results of the BSP’s survey showed analysts expect the policy rate to be reduced by 25 bps to 150 bps by yearend.

“The results of the survey showed that most of the analysts anticipate current monetary policy settings to remain unchanged in Q2 2024,” it said.

The Monetary Board earlier this month kept its benchmark rate at a 17-year high of 6.5% for a fifth straight meeting. Its next policy review is on June 27.

For the second quarter, most analysts anticipate monetary policy settings to remain unchanged.

“For the third quarter of 2024, the majority of the analysts foresee policy settings to remain unchanged, although about the same number of respondents expect a 25-bp cut in the policy rate during the period,” the BSP said.

BSP Governor Eli M. Remolona, Jr. earlier said the Monetary Board’s first rate cut could be delivered in August, with possibly another cut before the end of the year.

The central bank could cut by up to 25 to 50 bps this year, he added.

“For 2025, BSP is seen to further loosen its policy stance by a range of 25 to 250 bps. For 2026, analysts expect an additional reduction of about 50 to 150 bps in the policy rate,” the central bank said in the report.

Meanwhile, the survey showed that inflation expectations were “well-anchored.”

“Relative to the February 2024 [report], the shape of the May 2024 BSP survey of external forecasters (BSEF) probability distribution for analysts’ inflation forecasts for 2024 and 2025 has narrowed, implying an increased probability that inflation will settle within the 2-4% target band,” it said.

“This could indicate a further anchoring of inflation expectation.”

Analysts’ mean inflation forecast for this year was at 3.7%, lower than their previous 3.8% estimate. This was higher than the BSP’s 3.5% baseline forecast for 2024 but within the 2-4% target.

Inflation quickened for a third straight month to 3.8% in April. For the first four months, headline inflation averaged 3.4%.

“Analysts expect within-target inflation over the policy horizon, although settling at the upper end of the target range as uncertainty lingers. Upside risks continue to dominate due mainly to supply chain disruptions,” the BSP said.

The survey showed that upside risks to inflation include high food and oil prices, the effect of the El Niño dry spell and the possible impacts of La Niña.

On the other hand, downside risks cited include easing food and nonfood inflation and waning inflationary pressures.

“Based on the probability distribution of the forecasts provided by 15 out of 20 respondents, there is a 77.2% chance (from 71.5%) that inflation will settle within the 2-4% target range in 2024,” the BSP said.

Meanwhile, the survey showed that there is a 22.8% chance (from 28.3%) that inflation could breach the upper end of the target.

The central bank earlier said inflation could temporarily accelerate above the target from May until July due to positive base effects.

“Meanwhile, expectations for 2025 and 2026 remain slightly above the midpoint of the inflation target range,” it added.

The BSP expects inflation to average 3.3% in 2025. — Luisa Maria Jacinta C. Jocson

Energy dep’t warns Luzon grid may experience red alerts until next week

In an advisory on Monday afternoon, the National Grid Corp. of the Philippines (NGCP) said the Luzon grid was placed under red alert status from 1-5 p.m. and 6-10 p.m. — PHILIPPINE STAR/EDD GUMBAN

By Sheldeen Joy Talavera, Reporter

THE LUZON GRID could face red alerts until next week if the power plants that experienced forced outage or derated capacities fail to resume operations, the Department of Energy (DoE) said on Monday.

“If the situation does not improve, if the plants that went offline because of the typhoon do not come back by next week, probably we’ll have a red alert also next week,” Energy Undersecretary Rowena Cristina L. Guevara said at a media briefing on Monday.

However, she said the DoE expects a total of 4,000 megawatts (MW) to come online this year, including 2,000 MW from conventional plants and 2,000 MW from renewables.

“This week, we expect to have some improvements but still we are dependent on having all of them back working under more normal conditions as the weather improves,” Energy Secretary Raphael P.M. Lotilla said.

In an advisory, the National Grid Corp. of the Philippines (NGCP) said the Luzon grid was placed under red alert status from 1-5 p.m. and 6-10 p.m.

A yellow alert was also raised in the Luzon grid from 12-1 p.m., 5-6 p.m., and 10 p.m. to 12 a.m.

The grid had 11,810 MW in available capacity, while the peak demand hit 11,785 MW.

“[Typhoon Aghon] has caused a substantial decrease in available power supply in the grid at a time when the hydropower plants have not yet recovered from their low water supply,” Mr. Lotilla said.

Thirty-four power plants were either on forced outage or at derated capacities as of Monday morning, which resulted in 4,497.3 MW being unavailable to the grid.

Aghon (international name: Ewiniar), the first storm of the year, intensified into a typhoon over the coastal waters of Burdeos, Quezon on Sunday evening.

In an 11 a.m. bulletin, the Philippine Atmospheric, Geophysical and Astronomical Services Administration said Typhoon Aghon maintained its strength while moving northeastward over the Philippine sea.

One of the power plants on shutdown was the 1,200-MW Ilijan power plant after its floating storage unit had to be disconnected and relocated for safety reasons since Aghon entered the Philippine area of responsibility.

Pagbilao Units 1 and 2 with a total capacity of 764 MW and Unit 3 with a capacity of 420 MW were also shut down, the DoE said.

Operations were also halted at the following plants: Masinloc coal-fired thermal power plant 3 with a capacity of 335 MW, San Buenaventura Power Limited coal power plant with 455 MW, and Botocan hydroelectric power plant with 20.8 MW.

“Several hydropower plants are derated as you know and despite the typhoon, they have not yet recovered their normal levels,” Mr. Lotilla said.

He urged consumers to conserve energy “to minimize the dispatch of the more expensive oil-based power plants.”

“The oil-based power plants, however, have been useful in so far as providing power to the grid particularly in the absence of the hydropower plants,” he said.

He also encouraged commercial and industrial consumers to continue to participate in the Interruptible Load Program (ILP) of distribution utilities.

Under the program, large power consumers are asked to use their generation sets or shift their operations instead of getting power from the grid.

This is to spare households from power interruptions during instances of red alert or when supply is insufficient to meet the demand.

The Energy Regulatory Commission (ERC) said it had suspended the Wholesale Electricity Spot Market (WESM) for the Luzon region due to the red alert.

“The operations of the WESM shall remain suspended until issuance of a notice of market resumption by the ERC,” the regulator said in a statement.

WESM is the trading floor for electricity where energy companies buy power when their long-term contracted power supply is insufficient to meet customer needs.

Earlier this month, the ERC suspended WESM trading during red alerts to prevent a spike in electricity prices.

As of the 2 p.m. update, the NGCP said transmission lines and facilities were under normal operations.

Web attacks on PHL companies more than triple

TOWFIQU BARBHUIYA-UNSPLASH

ONLINE attacks targeting Philippine companies more than tripled last year from 2022, Kaspersky said on Monday, highlighting the urgency of boosting cyber defenses against web threats that can reverse the benefits of digitalization.

In a statement, the global cybersecurity company said the number of web threats on local companies jumped to 1.69 million in 2023 from almost 500,000 a year earlier.

Web threats detected and blocked among Southeast Asian companies only increased by 0.03% to 13.34 million.

These numbers were calculated using Kaspersky’s business-to-business products installed in companies of various sizes, it said.

Cybercriminals launched an average of 36,552 daily online attacks targeting businesses in the region last year, Kaspersky said, adding that the growth in the region’s digital economies has opened opportunities for both people and companies.

“As most governments in the region build and boost their policies to foster their digital economy and infrastructure, it is urgent for local businesses to prioritize strengthening their cyber defenses against threats lurking online which can hamper their efforts to harness the benefits digitalization brings about,” Yeo Siang Tiong, general manager for Southeast Asia at Kaspersky, said in the statement.

Web-based or online threats are a category of cybersecurity risks that may cause an undesirable event or action via the internet.

Web threats occur through end-user vulnerabilities, web service operators and web services themselves.

“Regardless of intent or cause, the consequences of a web threat may damage both individuals and organizations,” Kaspersky said.

Singaporean companies faced 86% more web threats last year at 1.65 million, while Thai companies had a 24% jump to 1.53 million, it said.

On the other hand, web threats on Indonesian companies fell by 23% to 4.97 million, while Malaysian businesses had 15% fewer attacks at 1.54 million. Vietnamese companies had 21% fewer attacks at 1.96 million.

Mr. Yeo expects companies to take their cybersecurity a step forward beyond installing basic firewalls and endpoint solutions this year

“With the massive data all types of organizations are handling now and the immense reputational and financial damages an attack can result in, an adaptive and intelligence-led security solutions and service portfolio is the need of the hour,” he said.

Kaspersky cited a 2023 PwC study that found that 28% of businesses in the region confirmed that they were more exposed to cyberattacks because of their digitalization efforts.

“The external pressure to disclose cyber-incidents and comply with cybersecurity practices is also higher now for 16% of the respondents surveyed,” Kaspersky said. — Aubrey Rose A. Inosante

Meralco eyes bids for 500MW of RE capacity

PHILSTAR FILE PHOTO

MANILA Electric Co. (Meralco) on Monday said it has started seeking bids for 500 megawatts (MW) of renewable energy (RE) capacity to comply with a state requirement.

In a statement on Monday, the power distributor said the competitive selection process is pursuant to the Energy department’s policy on renewable portfolio standards.

It also “forms part of Meralco’s commitment to source an increasing portion of its supply requirements from RE sources,” it added.

The renewable portfolio standards mandate distribution utilities, generation companies and retail electricity suppliers to get a portion of their energy supply from eligible renewable energy sources.

In 2022, the Department of Energy raised the share requirement of on-grid power suppliers to 2.52% from 1%.

The 10-year power supply agreement resulting from the competitive selection process will cover Meralco’s 350-MW mid-merit requirement starting February 2025, which will increase by 150 MW a year later.

The government requires distribution utilities to choose the cheapest electricity supply via a competitive bid. Bidders have until June 7 to express interest.

A pre-bid conference will be held on June 17, while the deadline to submit bids was set for July 17.

“As part of its long-term sustainability strategy, Meralco has already contracted 1,880 MW of RE capacity from various suppliers, exceeding its initial target of 1,500 MW,” the company said.

Renewable energy is expected to account for 22% of Meralco’s supply portfolio by 2030.

Meralco has failed to secure bids for its 260-MW peak requirement in the absence of interest for the second round of the competitive selection process.

Based on the rules of the Energy Regulatory Commission, the company may engage in negotiated procurement after two failed bids, Meralco said.

Meralco negotiated with San Roque Hydropower, Inc., one of the bidders in the first round, for the supply.

But Meralco said San Roque Hydropower withdrew because “will not be able to generate the required portion of the target 260-MW peaking capacity due to El Niño.”

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by 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

Philippine companies told to ‘bake’ ESG into their operations

JC GELLIDON-UNSPLASH

By Revin Mikhael D. Ochave, Reporter

PHILIPPINE companies should start adopting environmental, social, and governance (ESG) practices to thrive, according to an IBM Consulting official.

ESG is “no longer a choice but a necessity for Philippine businesses to thrive in today’s environment,” Arun Biswas, IBM Consulting managing partner for Asia-Pacific strategic sales and sustainability consulting, said in an e-mailed reply to questions.

“Prioritizing ESG helps organizations operate in accordance with regulations, identify potential opportunities and risks and act in the best interest of their stakeholders,” he added.

Three-quarters of executives agree that sustainability drives better business results, while 72% view ESG as a revenue enabler, he said, citing an IBM Institute for Business Value study published on Feb. 27.

The study, co-authored by Mr. Biswas, was based on a survey done in the second half of 2023 covering 5,000 C-suite executives across 22 industries and 22 countries, including the Philippines.

Mr. Biswas said IBM Consulting has seen growing interest from Philippine clients on how to use technology to address sustainability issues.

“Though the market data show that more businesses are incorporating sustainability across their organizations, the key is to embed it throughout the business — truly bake it into operations — rather than treat it as an add-on,” he said.

“Sustainability must become a business transformation accelerant versus what it is in so many organizations — a reporting or accounting exercise,” he added.

He said Philippine companies should prioritize ESG because it promotes transparency and trust amid increased scrutiny from stakeholders.

He added that being transparent about business operations could help an organization’s bottom line by promoting a positive company reputation.

“Consumers are paying more attention to sustainability issues and have become more intentional with spending money on products or services that are aligned with their values,” he said.

“Additionally, investors are also demanding for more ESG information to ensure that the companies they invest in are not only sound, but also act responsibly towards pressing issues such as climate change, social development, transparency in business practices, etc.,” he added.

Mr. Biswas said focusing on ESG gives Philippine businesses a better value. It also allows them to comply with regulations and other international standards.

“By having a comprehensive ESG strategy, businesses can demonstrate their commitment to sustainability,” he said. “Reporting the impact of their strategy enables companies to be more transparent to stakeholders about how they are meeting targets, which could better enhance their reputation, attract investment and gain the support of more consumers.”

Mallari wins big at 72nd FAMAS Awards

DIRECTOR DERICK CABRIDO and the cast and crew accept the Best Picture award for Mallari.

A HORROR film with intersecting timelines loosely based on Philippine mythology was the big winner at the 72nd Filipino Academy of Movie Arts and Sciences (FAMAS) Awards ceremony on May 26 at the Manila Hotel.

The time-warped thriller directed by Roderick “Derick” Cabrido won seven awards of its 14 nominations including Best Screenplay, Best Actor, and Best Picture.

Mallari is a horror film centered on the Philippines’ first documented serial killer, 19th-century priest Severino Mallari. Written by Enrico C. Santos, the story follows this famed Mallari as well as his family’s lineage of time travelers: 1940s documentarist Johnrey Mallari and the present-day main character, Jonathan Mallari de Dios (all of whom were played by Piolo Pascual). The film will start streaming on Netflix on June 21.

Mr. Pascual shares his Best Actor award with Alfred Vargas, who garnered acclaim for his performance in Pieta. Meanwhile, Kathryn Bernardo bagged the Best Actress award for her role in A Very Good Girl.

The oldest existing film industry award-giving body in the Philippines, having been established in 1952, the FAMAS Awards are also among the oldest in Asia. The annual honor. The members of FAMAS are writers and movie columnists. — Brontë H. Lacsamana

 

Below is the complete list of winners:

Best Picture — Mallari

Best Director — Louie Ignacio for Papa Mascot

Best Actress — Kathryn Bernardo for A Very Good Girl

Best Actor — Piolo Pascual for Mallari and Alfred Vargas for Pieta

Best Supporting Actor — LA Santos for In His Mother’s Eyes

Best Supporting Actress — Gloria Diaz for Mallari

Best Screenplay — Enrico Santos for Mallari

Best Cinematography — Carlo Mendoza for GomBurZa

Best Production Design — Marielle Hizon for Mallari

Best Editing — Benjamin Gonzales Tolentino for Iti Mapukpukaw

Best Musical Score — Teresa Barrozo for Iti Mapukpukaw

Best Original Song — “Finggah Lickin’” from Becky and Badette

Best Sound — Rewind

Best Visual Effects — Mallari

Best Child Actor — Euwenn Mikael Aleta for Firefly

Best Child Actress — Elia Ilano for Ghost Tales

Best Short Film — Huling Sayaw ni Erlinda

Best Documentary — Maria

AllHome Corp. to hold online annual meeting of stockholders on June 28

 

 

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