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Global central banks’ green push hits hurdle as Federal Reserve drops out

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FRANKFURT — A global effort by central banks to join the fight against climate change has hit a major hurdle with the US Federal Reserve’s decision to leave a club devoted to policing environmental risk in finance.

The Fed said on Friday it would quit the Network for Greening the Financial System (NGFS) because it had “broadened in scope, covering a wider range of issues that are outside of the (Fed’s) statutory mandate.”

Launched in 2017, the global body of central banks and regulators has mostly produced reports, including climate scenarios that supervisors use when estimating the effects of climate change on the economy and financial sector.

Coming just before Donald J. Trump’s inauguration as US President and amid a backlash against climate action on Wall Street, the Fed’s move was widely interpreted as a sign the political climate has become less friendly to environmentalism.

“The financial consequences of climate change are growing — and the most important central bank gives in to changing political wind,” said Guntram Wolff, professor of economics at Solvay Brussels School, part of Brussels University.

The NGFS remains “more resolved, committed and enthusiastic than ever”, it said in a statement, adding that the Fed had not been a member of its steering committee.

Without the Fed, the biggest and most influential of the 143 members of the Paris-based NGFS is the European Central Bank (ECB).

Under President Christine Lagarde, it has incorporated climate change both in its monetary policy, via a short-lived tweak to its bond purchases, and in its work as supervisor of the 20-country euro zone’s top banks.

CRITICS
But the ECB’s activist stance on climate has been criticized by some European politicians and even a central banker.

Such skeptical voices might now be emboldened by the Fed’s decision to leave the NGFS, said Stanislas Jourdan of the Sustainable Finance Lab think tank.

“This news about the Fed should wake up political forces in favor of the green transition in Europe to support the ECB’s climate endeavor,” Jourdan said. “With more political support, we could double down with more proactive policies such as a green interest rate.”

Such an initiative would see commercial lenders that finance environmental projects charged less to borrow from the ECB.

The ECB’s actions so far have had only a minimal impact on borrowing costs. A study by its own staff found that between 2018 and 2022, the euro zone’s most polluting firms paid on average just 14 basis points (0.14 of a percentage point) more to borrow than their cleanest peers.

An academic paper published in 2023 and commissioned by the European Parliament found the ECB had only “a limited role” to play in the fight against climate change and that supporting the green transition might clash with its duty to control inflation.

And a draft report approved last week by the Parliament’s economic affairs committee, which oversees the ECB, welcomed its climate-focused stress tests of banks but said it should remain “as apolitical as possible” when conducting monetary policy.

But James Vaccaro, head of the Climate Safe Lending Network and CEO of sustainable business consultancy Re:Pattern, said the ECB should continue to lead on green issues.

“There is no logical reason for it (the ECB) to row back. (Managing climate risk) is critical for the European economy and for financial stability,” Mr. Vaccaro said. — Reuters

Ancient Pompeii excavation uncovers lavish private bath complex

PERISTILIO FRIGIDARIUM REGIO IX — POMPEIISITES.ORG

ROME — Archaeologists have unearthed a lavish private bath complex in Pompeii, highlighting the wealth and grandeur of the ancient Roman city before it was destroyed by Mount Vesuvius in AD 79, the site said on Friday.

The baths, featuring hot, warm, and cold rooms, could host up to 30 guests, allowing them to relax before heading into an adjacent, black-walled banquet hall, decorated with scenes from Greek mythology.

The pleasure complex lies inside a grand residence that has been uncovered over the last two years during excavations that have revealed the opulent city’s multifaceted social life before Vesuvius buried it under a thick, suffocating blanket of ash.

A central courtyard with a large basin adds to the splendor of the house, which is believed to have been owned by a member of Pompeii’s elite in its final years.

“This discovery underscores how Roman houses were more than private residences, they were stages for public life and self-promotion,” said Gabriel Zuchtriegel, director of the Pompeii Archaeological Park.

Mr. Zuchtriegel said the layout recalled scenes from the Roman novel The Satyricon, where banquets and baths were central to displays of wealth and status.

Decorated with frescoes, the complex draws inspiration from Greek culture, emphasizing themes of leisure and erudition.

“The homeowner sought to create a spectacle, transforming their home into a Greek-style palace and gymnasium,” Mr. Zuchtriegel said.

The remains of more than 1,000 victims have been found during excavations in Pompeii, including two bodies inside the private residence with the bathhouse — a woman, aged between 35-50, who was clutching jewelry and coins, and a younger man.

The discovery of their bodies was announced last year. — Reuters

F1’s Rosberg backs AI startup making ‘stupid’ robots smart

STOCK PHOTO | Image by Rawpixel.Com from Freepik

SEREACT, a German startup that makes artificial intelligence (AI) software for robots, has raised €25 million ($25.7 million) to find ways to apply its technology to areas beyond logistics and manufacturing.

The round was led by early Spotify-backer Creandum AB, and includes angel investment from former Formula 1 World Champion Nico Rosberg and ex-DeepMind Technologies Ltd.’s Mehdi Ghissassi. Investors Point Nine Capital, Air Street Capital LLP and Helsing GmbH’s Torsten Reil also participated.

The Stuttgart, Germany-based company, whose name derives from “sense, reason, act,” develops software that allows industrial robots to perform tasks they haven’t been explicitly trained on. Traditionally, robots are hard-coded, allowing them to repeat specific tasks but not adapt to new activities, objects and environments.

“We want to make these stupid pieces of metal an intelligent tool,” Ralf Gulde, chief executive officer and co-founder of Sereact said in an interview.

Robotics startups have been gaining investor traction. German humanoid robot maker Neura Robotics raised €120 million last week, and Sequoia-backed RobCo raised €39 million last year. While many robotics companies are focusing on capital-intensive hardware development, Sereact is targeting the robotics software-as-a-service market.

Sereact’s software already powers machines that pick and deliver components for automakers like BMW AG and Daimler Truck Holding AG.

The company says its technology can be applied on any off-the-shelf robot, making them functional within hours. One application could be sorting through returned packages, which often go to landfill because it’s costly for retailers to process and resell them.

Mr. Rosberg, who counts SpaceX and Lyft among his previous investments, said in an interview that he wrote cold messages to the team on LinkedIn and had to fight for a spot in the fundraise. “I had to ask my friends at Creandum and Point Nine to give me references,” he said. — Bloomberg News

AMLC’s new guidelines on transaction reporting, compliance submissions for covered entities

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Under the Anti-Money Laundering Act (AMLA), those classified as covered persons are mandated to report to the Anti-Money Laundering Council (AMLC) all covered transactions and suspicious transactions within five working days from occurrence thereof, unless a different period not exceeding 15 working days is prescribed.

On Dec. 11, 2024, pursuant to its function to require covered or suspicious transactions reports from covered persons, the AMLC issued Regulatory Issuance No. 2, Series of 2024 or the Guidelines on Transaction Reporting and Compliance Submissions (GoTRACS).

Intended to provide covered persons under the AMLA with a set of guidelines to carry out their duties on transaction reporting, GoTRACS establishes standardized rules on submissions of electronic Covered Transaction Reports and Suspicious Transaction Reports.

COVERED TRANSACTION REPORTS
A covered transaction refers to: 1.) a transaction in cash or other equivalent monetary instrument exceeding P500,000; 2.) a transaction with or involving jewelry dealers, dealers in precious metals, and dealers in precious stones in cash or other equivalent monetary instrument exceeding P1 million; 3.) a cash transaction with or involving real estate developers or brokers exceeding P7.5 million or its equivalent in any other currency; and, 4.) a casino cash transaction exceeding P5 million or its equivalent in any other currency.

The covered persons shall ensure the completeness and accuracy of the Covered Transaction Report which shall be submitted in electronic form and filed through the AMLC’s File Transfer and Reporting Facility (FTRF) within five working days from the occurrence.

Covered persons, other than casinos and real estate brokers/developers, shall report to the AMLC all covered transactions regardless of the mode of transaction used in the settlement, including checks, fund transfers, and/or debiting or crediting of accounts, except those transactions that are deferred for reporting to the AMLC and covered under low-risk transactions. Casinos and real estate brokers/developers shall report covered cash transactions only.

SUSPICIOUS TRANSACTION REPORTS
Where a transaction is inconsistent in amount, origin, destination, or type with a customer’s known/legitimate business or activities, etc., the transaction should be considered unusual and the covered person should have internal controls in establishing whether this warrants the filing of a Suspicious Transaction Report.

Under GoTRACS, covered persons shall formulate a reporting chain under which a suspicious transaction or circumstance will be reviewed, processed, validated, and escalated.

The reporting chain shall refer to the procedures and processes to be undertaken by the covered person, beginning from the occurrence of the triggering event to the actual filing of the Suspicious Transaction Report or documentation of not filing one.

Covered persons shall establish a Money Laundering/Terrorism Financing Prevention Program which shall, among others: 1.) provide details of procedures and processes to be undertaken during the determination period, beginning from the determination of the triggering event to the actual filing of the Suspicious Transaction Report to the AMLC or documentation of not filing one; 2.) identify the responsible department/group/unit/personnel in performing specific procedures or processes in the reporting chain; 3.) clearly indicate the number of days or the period required to perform every procedure or process in the reporting chain to ensure the timely reporting of transactions; 4.) specify the controls and mechanisms to monitor the review, performance of due diligence, validation, and escalation procedures on suspicious transactions; and, 5.) formulate decision-making policy, including the designation of a Compliance Officer and/or review committee, who may also be authorized to decide with finality to file a Suspicious Transaction Report with the AMLC or otherwise to document the non-filing thereof. Covered persons should also ensure that proper controls are in place to guarantee confidentiality and that no “tipping-off” of customers will happen.

Covered persons shall ensure the completeness, accuracy, and timeliness of promptly filing Suspicious Transaction Reports, including attempts, in an electronic form through the AMLC’s FTRF within the next working day from occurrence. For purposes of the guidelines, “occurrence” refers to the establishment of suspicion or determination of the suspicious nature of the transaction.

Submissions beyond the prescribed periods provided in the GoTRACS shall be considered as non-compliant with submission requirements under the guidelines, in accordance with the standard set by the AMLA and may result in administrative sanctions.

The GoTRACS shall take effect immediately after publication while strict implementation for the different requirements and reports shall be implemented in phases as follows: 1.) May 1, 2025 — Chapter II, Part 1, Sections 1.18 and 1.19; 2.) One year from the effectivity date — Chapter 1 Provisions on: Low Risk Transactions, and Non-Working and Non-Reporting Days; and, 3.) Starting from one up to three years from the effectivity date: New Reporting Format and its Guidelines, and Uploading of KYC Documents and Beneficial Owner Excel Template for Suspicious Transaction Reports on Juridical Persons.

The issuance by AMLC of GoTRACS represents a significant step towards enhancing the integrity and efficiency of transaction reporting and compliance submissions. By establishing clear guidelines and standardized procedures, the AMLC aims to ensure that covered persons can effectively fulfill their reporting obligations, thereby strengthening the overall framework for combating money laundering and terrorism financing in the Philippines. The phased implementation of these guidelines will allow covered persons to adapt to the new requirements. This will ultimately contribute to a more robust and transparent financial system.

The views and opinions expressed in this article are those of the author. This article is for general informational and educational purposes only and not offered as and does not constitute legal advice or legal opinion.

 

Luke Morgan B. Codilla is an associate of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW), Davao Branch.

(6382) 224-0996

lbcodilla@accralaw.com

Arts & Culture (01/22/25)

Year of the Snake stamps on view at Robinsons Malls

The Philippine Philatelic Federation, Inc. will open a stamp exhibition, showcasing the interesting Chinese Zodiac stamps, in collaboration with the Robinsons Malls. This will be showcased on Jan. 23 in Robinsons Manila to coincide with the launch of the Postal Corp.’s (PHLPost) special “2025 Year of the Wood Snake” postage stamp at Robinsons Manila. The stamp exhibit is part of Robinsons Mall’s Prosperity Trail to celebrate the coming Chinese New Year. The exhibition will move to Robinsons Magnolia on Jan. 24-26, then to Robinsons Galleria on Jan. 28-30, and will return to Robinsons Manila on Jan. 31-Feb. 2. Stamps will be available on sale during the Prosperity Trail.

Feminist readings take center stage at MCAD

“BODIES in Flux” offers feminist readings of time, labor, and becoming in artistic practice at the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde (DLS-CSB) on Jan. 23. The talk is part of the public programs for the ongoing exhibition, Maria Taniguchi: body of work. It is the first survey show of the internationally acclaimed visual artist which brings together some of her largest canvasses, key videos, objects, and site-specific commissions. Dr. Rosallia Domingo, the vice-chair of the Department of Philosophy at De La Salle University (DLSU), will spearhead the session. She will discuss Taniguchi’s artworks through a feminist angle, based on French thinker Gilles Deleuze’s concept of becoming which emphasizes transformative processes, and feminist theoretician Rosi Braidotti’s nomadic subjectivity which explores embodied labor in artistic practice. “Bodies in Flux” is free and open to the public. It will be held on Jan. 23, 3 p.m., at the Learning Commons of the Benilde Design + Arts Campus, 950 Pablo Ocampo St., Malate, Manila. Interested participants may register through tinyurl.com/MCADBodiesinFlux.

CCP spotlights power of women in National Theatre Live

TWO powerful one-woman plays exploring life’s complexities — Prima Facie and Fleabag – open the 2025 offerings of the Cultural Center of the Philippines’ (CCP) National Theatre Live screenings. The Philippine cinema premiere of Prima Facie is set for Jan. 28, 6 p.m., at Ayala Malls Cinemas in Glorietta, Makati, while Fleabag returns at Vertis North in Quezon City and Central Bloc in Cebu on the same day. The former is a Suzie Miller masterpiece that stars Olivier and Tony Award winner Jodie Comer as a lawyer grappling with morality, directed by Justin Martin, and filmed live at the intimate Harold Pinter Theatre in London’s West End. The latter is the perennial crowd-favorite dark comedy written and performed by Phoebe Waller-Bridge and directed by Vicky Jones. It is centered on an oversexed, emotionally unfiltered, and self-obsessed woman whose family and friendships are under strain. The regular ticket price is P300 in Makati and Cebu, and P350 in Vertis North, with a special ticket price for students of P150.

ArtistSpace features solo exhibit by Dr. Renato Cheng

LANDSCAPE Memories is a solo exhibition of Filipino visual artist, Dr. Renato Cheng. Currently on view until Feb. 4, it chronicles the artist’s journey as an impressionist/expressionist painter. The exhibit dwells on the intense colors and contrasts that he applies almost solidly on the canvas. Mr. Cheng has honed his oil painting technique for half a century while pursuing a path in medicine. ArtistSpace is at the ground level of Ayala Museum Annex, Makati Ave. corner De La Rosa St., Greenbelt Park, Makati City.

Lea Salonga, Arielle Jacobs join the cast of Into the Woods

THEATRE Group Asia (TGA) has announced that Olivier and Tony Award-winning actress Lea Salonga will be stepping into the iconic role of The Witch while New York-based Fil-Am Broadway star Arielle Jacobs will take on the role of Cinderella, in an upcoming production of Stephen Sondheim’s Into the Woods. Set for August this year at the Samsung Performing Arts Theater (SPAT) in Circuit Makati, this will be Ms. Jacobs’ first full-length musical in the Philippines. More details about the production will be announced soon.

Vargas Museum presents Korean two-man exhibit

The exhibit Unfolding ( ), featuring works by South Korean visual artists Inhwan Oh and Kyungmook Kim, is on view until Feb. 22 at the University of the Philippines’ Vargas Museum in Diliman, Quezon City. Together with the Ministry of Culture, Sports, and Tourism of the Republic of Korea, the Korea Arts Management Service, and the Fund for Korean Art Abroad, the museum spotlights the experiences of two artists who embody othered identities in a society largely devoted to masculine ideals. The two artists unpack vignettes of life in South Korea as members of the LGBTQIA+ community in film and video works, and through art that engages labor and marks processes. The UP Vargas Museum in UP Diliman, Quezon City, is open from Tuesdays to Saturdays except holidays, 9 a.m. to 5 p.m.

PETA presents Control + Shift: Changing Narratives fest

PETA kicks off the year with a line-up of fresh and bold works in the Control + Shift: Changing Narratives Festival, which brings new reimaginings of Filipino stories to the theater stage. J-mee Katanyag, festival director and PETA’s newly appointed artistic director, has brought together a collection of provocative original works that highlight the exploration of diverse performative and theater forms, including puppetry, movement, interactivity, and digital theater. These elements come together to reimagine traditional Filipino folklore, values, and contemporary issues, crafting narratives that traverse the past, engage with the present, and envision futures. The festival’s centerpiece is a remounting of Melvin Lee’s critically acclaimed trilogy Kumprontasyon, as well as new and experimental works, improv performances, live music jams, and more. The festival will take place from Feb. 6 to 23 at the PETA Theater Center in New Manila, Quezon City. Festival tickets, priced at P700 for Studio Theater performances and P1,000 for Main Theater performances, are now on sale via bit.ly/PETACS2025Tickets.

Chinese New Year exhibit in Tagaytay

AN exhibition titled Coiled in Creativity and Transformation will open at The Gallery @ Summit in Summit Ridge Hotel, Tagaytay, on Jan. 25. Running for a month, it showcases a diverse array of artworks inspired by the Year of the Snake, reflecting the theme of metamorphosis, growth, and artistic evolution. The works are by 21 different artists who come from various walks of life — from fields like dentistry, pole dancing, business, and more — all of whom have channeled their personal stories, cultural narratives, and creative journeys into their art.

REP unveils 2025 calendar of theater

AT the REP Eastwood Theater in Quezon City, Repertory Philippines is set to open its 88th Season at its new home, starting with the hit romcom musical I Love You, You’re Perfect, Now Change. Following a successful run last year, it returns with the same cast of Gian Magdangal, Gabby Padilla, Krystal Kane, and Marvin Ong playing over 40 characters who explore the highs and lows of modern love. The play, helmed by Menchu Lauchengco-Yulo, will run from Feb. 20 to March 9. This will be followed by a staging of ART, the Tony Award-winning play by French playwright and actor Yasmina Reza, a comedy that explores the meaning of art and friendship when three long-time friends are discombobulated when one of them buys a large, expensive, completely white painting. UK-based Filipino actors James Bradwell and Martin Sarreal  are part of the cast. The play is directed by Victor Lirio. Finally, REP Theater for Young Audiences will stage a production of the classic Alice in Wonderland in August, to be co-directed by Joy Virata and Cara Barredo.

2025 Metrobank Art & Design competition now open

WITH the theme “Boundless: What Art Can Be,” the Metrobank Art & Design Excellence Competition (MADE) has officially opened for this year. It has added a category on this its 41st year to encourage emerging Filipino artists to push creative boundaries and advance the growth of Philippine Art. The Mixed Media category is in addition to the Painting and Sculpture categories of the competition. The featured medium category may change over the years to highlight varying art forms and reach more creatives across the country. Entrants can now register for an account and upload photos of their artwork through the portal at https://metrobankartanddesign.awardsplatform.com/. Complete mechanics and competition guidelines are also available via this platform. Entries will be accepted until March 31.

Delia D. musical to feature songs of Jonathan Manalo

NEWPORT World Resorts has revealed more details about the upcoming theater production, Delia D.: A Musical Featuring the Songs of Jonathan Manalo. Leading the cast is Phi Palmos in the titular role, with Shaira Opsimar and Floyd Tena taking on secondary roles. The creatives behind Ang Huling El Bimbo The Musical and Buruguduystunstugudunstuy: Ang Parokya ni Edgar Musical are returning for this production: director Dexter Santos, associate director Menchu Lauchengco-Yulo, assistant director Michael Williams, scriptwriter Dolly Dulu, dramaturg Rody Vera, and musical director Vince Lim. Delia D.: A Musical Featuring the Songs of Jonathan Manalo opens on April 25 and runs until June 8 at the Newport Performing Arts Theater. General public ticket sale starts on Feb. 17 via TicketWorld, HelixPay, and the Newport World Resorts Box Office. Tickets range from P1,000 to P3,500.

DMCI Homes says over 1,000 workers needed for Kalea Heights in Cebu

KALEA HEIGHTS is DMCI Homes’ first venture into Cebu’s real estate market.

CONSUNJI-LED developer DMCI Homes, Inc. said it is looking to hire over 1,000 skilled workers to build Kalea Heights, its first and largest residential condominium project in Cebu City.

The developer said it needs construction workers, engineers, architects, accountants, sales agents, and office staff to build the P24-billion development, which is slated for completion by 2029.

“We are committed to serving Cebu’s property market for the long term. This includes creating jobs and building a strong team of Cebuanos,” said DMCI Homes President Alfredo R. Austria said in a statement on Tuesday.

Located along Good Shepherd Road in Barangay Guadalupe, Kalea Heights spans 4.6 hectares (ha). It is set to be the largest residential condominium in Cebu and in DMCI Homes’ entire portfolio.

The project is divided into four districts: Dawn, Dusk, Summit, and Azure. It also has 3.6 ha of open space, said to be nearly three times the size of Cebu’s future Osmeña Circle.

The first phase of the project includes the 41-story Leia Building, designed with modern tropical aesthetics. Turnover of units in the project will start around December 2029.

“We’ve been preparing for this project for years, even hiring engineers from Cebu to train in our Metro Manila project sites. Now, they’ll bring their skills back to Cebu,” Mr. Austria said. — Beatriz Marie D. Cruz

Recto says no need to certify bills on LANDBANK, DBP charters as urgent

MEASURES seeking to amend the charters of Land Bank of the Philippines (LANDBANK) and the Development Bank of the Philippines (DBP) do not need to be certified as urgent as both state-run lenders remain well-capitalized, Finance Secretary Ralph G. Recto said.

“It’s a priority, but I don’t know if you need to have it urgent,” Mr. Recto told reporters at a briefing on Jan. 16.

He said the bills will likely be passed by Congress in the coming months.

This comes as the International Monetary Fund (IMF), in a report last month, called for the restoration of capital for the two state-run banks after they contributed to the seed funding of the Maharlika Investment Corp. (MIC).

The IMF noted the importance of capital restoration and exiting regulatory relief “as soon as possible.”

LANDBANK and DBP contributed P50 billion and P25 billion, respectively, to the sovereign wealth fund.

“LANDBANK is well-capitalized. They have no issues. The DBP has retained earnings… To me, that’s a non-issue,” Mr. Recto said.

The Finance department is pushing for Congressional approval of bills seeking to replace the current charters of LANDBANK and DBP to strengthen the state-run lenders’ financial position.

These measures seek to increase the capitalization of both state-run banks, allow for their public listing, and streamline the bond issuance process, among others.

The LANDBANK bills, which are pending at the committee level at both the House of Representatives and the Senate, propose to increase its capitalization to P1 trillion from the current P200 billion.

Meanwhile, the measure that seeks to replace the DBP’s charter will raise the bank’s authorized capital stock to P300 billion from P35 billion.

Legislation on DBP’s new charter hurdled the Senate in September, while its counterpart House Bill No. 11230 was approved on second reading on Monday. — ARAI

Entries for Filipinnovation Awards open until March

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The National Economic and Development Authority (NEDA) has started accepting entries for the Filipinnovation Awards, with the application period open until March 20.

Launched in 2024, the competition will highlight solutions to issues concerning education, health, food and agribusiness.

“Five winners will be selected to receive grants, mentorship, national recognition, participation in international events and access to investment opportunities to scale their innovations,” NEDA said in a statement on Jan. 21.

To qualify, the participants must be Filipino citizens or Filipino-owned enterprises in the early stages of commercialization. They also must be registered with the Department of Trade and Industry or the Securities and Exchange Commission.

Competitors must also have a certificate of intellectual property (IP) registration or proof of an ongoing IP application.

The Filipinnovation Awards will conduct a two-stage competition to ensure regional representation.

For the sub-national level, the competition divides participants into four clusters from the National Capital Region, Luzon, Visayas and Mindanao. From these clusters, the top 15 finalists will be picked to compete at the national level.

“This initiative aligns with the government’s drive to foster innovation-driven economic growth and ensure that promising Filipino talent produces meaningful and impactful innovations for the country and society more broadly,” NEDA Secretary and National Innovation Council Vice Chairman Arsenio M. Balisacan said in the statement.

NEDA seeks to double the budget for innovation grants to P200 million this year, supporting the government’s push to upskill innovators under Republic Act No. 11293 or the Philippine Innovation Act. — Aubrey Rose A. Inosante

How PSEi member stocks performed — January 21, 2025

Here’s a quick glance at how PSEi stocks fared on Tuesday, January 21, 2025.

Philippines: Balance of Payments (BoP) Position

THE PHILIPPINES’ balance of payment (BoP) surplus sharply narrowed in 2024, falling short of the central bank’s full-year projection. Read the full story.

Philippines: Balance of Payments (BoP) Position

TUCP seeks state strategy for illegal Filipinos under US President Trump

By Chloe Mari A. Hufana, Reporter

THE Trade Union Congress of the Philippines (TUCP) on Tuesday sought a unified approach to address the challenges faced by undocumented Filipinos in the US as fears of mass deportations loom under President Donald J. Trump.

“We strongly advocate for a unified coherent response, ranging from legal assistance to reintegration services, not only to enable the government to effectively oversee these initiatives but also to empower our countrymen with a one-stop shop for accessible and comprehensive services,” TUCP Vice-President Luis C. Corral said in a statement.

The group sought the creation of an inter-agency body to coordinate efforts among government agencies, civil society and Filipino organizations in the US to support about 370,000 undocumented Filipinos at risk of deportation.

The Department of Migrant Workers, Overseas Workers Welfare Administration, Department of Foreign Affairs, Department of Labor and Employment, Department of Trade and Industry and Technical Education and Skills Development Authority are among the government agencies tasked with overseeing the matter.

“The Philippine government will always be ready to assist our countrymen if ever the speculation of mass deportation will indeed be done by the new US administration,” Labor secretary Bienvenido E. Laguesma told BusinessWorld in a Viber message.

Mr. Corral said it would help returning overseas Filipino workers to reintegrate not just through employment facilitation but also through public employment programs.

Josue Raphael J. Cortez, a lecturer at De La Salle-College of St. Benilde’s School of Diplomacy and Governance, said the strategy should involve the government, private sector and civil society.

Philippine Ambassador to the US Jose Manuel G. Romualdez and embassy staff should coordinate efforts to help Filipinos in the US, he added.

Grassroot groups may have a better chance to get in touch with the families of these undocumented Filipinos and could provide inputs on how to best facilitate their return to the Philippines, Mr. Cortez said.

“In this regard, given that the primary issue for them to move abroad is to gain better job opportunities, then public-private collaborations and dialogue may be undertaken as soon as possible,” he added.

Filipinos in the US considering repatriation may be encouraged to return sooner if livelihood opportunities are available when they come home, he pointed out.

Benjamin B. Velasco, an assistant professor at the University of the Philippines Diliman School of Labor and Industrial Relations, said the potential mass deportation is contrary to Manila’s national interest as a labor-sending nation.

“Deportation only leads to family separation and human suffering,” he said in a Facebook Messenger chat. “Many undocumented Filipinos belong to mix-status families.”

“To face the consequences of Trump 2.0, we need to ramp up public employment and develop an industrial policy,” he said, adding that the first should be an immediate response, while the second is a strategic policy.

Mr. Velasco said start with the Philippine government taking a more active role in economic planning and development.

“We’ve let the private sector lead the economy and the result is persistent unemployment, underemployment and labor migration,” he said. “Public sector-led industrialization is what is needed to address the root causes of underdevelopment.”

He said American unions, migrant organizations and civil society allies have resisted Mr. Trump’s mass deportation policy.

“Definitely, we are not facing the prospect of hundreds of thousands of undocumented Filipinos forcibly deported back here,” he said. “Nonetheless, we should embark on a path of a public sector-led development that provides decent jobs and protects the environment, with or without Trump and others like him.”

Mr. Trump was sworn in as the 47th US president on Jan. 20. One of his key campaign promises was to intensify border security and deport undocumented immigrants.

He kicked off his White House return with a sweeping immigration crackdown, tasking the American military with aiding border security, issuing a broad ban on asylum and taking steps to restrict citizenship for children born on US soil, Reuters reported on Tuesday.

The first American president to be convicted of a felony, he declared illegal immigration a national emergency. He ordered the Pentagon, the headquarters building of the United States Department of Defense, to support border wall construction, detention space and migrant transportation, and empowered his Defense secretary to send troops to the border if needed.

NSC urges Congress to pass stricter measures vs foreign espionage

WIKIMEDIA.ORG

By Kenneth Christiane L. Basilio, Reporter

THE PHILIPPINES’ National Security Council (NSC) on Tuesday urged lawmakers to pass stricter measures against foreign espionage after authorities nabbed suspected spies last week.

Senators and congressmen should immediately pass changes to the Anti-Espionage Act and approve a proposal countering foreign interference amid “evolving security threats,” National Security Adviser Eduardo M. Año said in a statement.

“We urge Congress to prioritize the passage of amendments to the Anti-Espionage Act, as well as the Countering Foreign Interference and Malign Influence bill,” he said.

“Strengthening our legal framework is essential to effectively address evolving security threats and to ensure that those who seek to compromise our national security will face the full force of the law,” he added

Philippine authorities on Jan. 17 arrested a Chinese national accused of spying on joint Philippine-US military sites. They also nabbed two alleged Filipino accomplices.

They were accused of traveling to Enhanced Defense Cooperation Agreement sites on the main Philippine island of Luzon using equipment that can create 3D images of structures and a global navigation satellite system, which provides global positioning, navigation and timing services.

“The recent apprehensions highlight the need for continuous vigilance, strengthened coordination among government agencies and proactive measures to fortify our national security framework,” Mr. Año said.

Defense Secretary Gilberto Eduardo C. Teodoro, Jr. last year urged Congress to amend the country’s Anti-Espionage law even if the country is not at war after a documentary alleged that a dismissed Philippine municipal mayor was a Chinese spy.

Bills seeking to amend the 83-year-old Anti-Espionage Act remain pending at the Senate and House of Representatives national security committees. The proposals seek to expand acts that constitute espionage.

Congressmen have also filed a measure against foreign interference.

“The proposed legislation aims to penalize the various methods through which foreign agents and entities may interfere in the Philippine political and governmental process,” according to House Bill No. 11040, which was filed in November.

Mr. Año’s call to fast-track the approval of the national security bills comes as the 19th Congress is set to take a four-month-long break to give way for the 2025 midterm elections.

“Security legislation should also account for foreign transactions and financial ties [with political candidates], more so if they are affiliated with new and untested foreign investors that involve suspicious personnel,” Hansley A. Juliano, who teaches political science at the Ateneo de Manila University, said in a Facebook Messenger chat.

Lawmakers should ensure that the bill would not be used against “opposition actors,” he said. “It is an understandable piece of legislation as long as it is applied and implemented by the right people and not levied against activists and opposition actors.”

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