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Do you want to live strong to 100?

ONE OF GAIA’S private villas with pool — PHOTO BY VICTORIA FRITZ AND HOUSE OF GAIA

By Victoria Fritz

MIKE CHAN, a licensed fitness coach, got married at the age of 46. He became a first-time father at 47. Knowing the serious and lengthy responsibilities of fatherhood, his wife encouraged him to have a check-up.

Being a fitness coach and following a generally healthy diet (including lean meat and brown rice), Mr. Chan expected outstanding results from his comprehensive check-up.

He was shocked to find out he was diabetic, with borderline high cholesterol.

That was seven years ago.

After exhaustive consultations with doctors, nutritionists, and other health experts, he adopted a program tailormade for his specific body type and composition. Sharing that program’s details here is not useful because it is not designed for anyone else. Suffice it to say, the regimen is holistic. Beyond the usual diet and exercise program, it also included life coaching for mental wellbeing.

After two years, Mr. Chan had another checkup.

This time, he achieved the excellent numbers he was looking for – all on the low end of normal parameters. His body’ physical age was 20 years younger than he really was.

FIRST OF ITS KIND
This inspired him to spread the message and help more people achieve sustainable good health. With several partners of like mind, he established the first Longevity Medicine Center in the country and is now its chief executive officer.

Situated in Sto. Toribio, Lipa, Batangas, House of GAIA is really “a hospital masquerading as a luxury resort,” in the words of its CEO and founder.

Accommodations are limited to villas with their own private pools. There aren’t even hotel room options.

The Canopy House, at P25,000 a night, is good for a maximum of four people. The most expensive villa, at P65,000 a night, can house a maximum of six people. 

Keep in mind the place is a serious holistic wellness center, designed to lower your stress levels and provide a good night’s sleep. There is no internet in the villas.

The amounts are quite steep. But even if you can afford it, The House of GAIA is not easily accessible.

LONG-TERM COMMITMENT
Mr. Chan carefully screens his clients. “This is not a weekend detox program,” he emphasized. That is why the offering comes in the form of a membership program. He has had to decline potential clients in the past who failed to show a commitment to long-term wellness.   

According to its website, the “Gaia Longevity Program offers customized plans ranging from one year to lifetime commitments. There are currently three membership programs: Gold, P350,000; Gold Premium P350,000 + RMB 50,000; and, Platinum, P3.5 million.
It isn’t clearly stated what those membership plans include. That depends on your diagnosis. But they do include free stays at the villas.

STATE OF THE ART TECHNOLOGY
Among the technology that guests can use, according to the information sheet, is the “hyperoxic-hypoxic” chamber. This “is a controlled environment that alternates between high-oxygen (hyperoxic) and low oxygen (hypoxic) conditions. It is designed to enhance oxygen delivery and utilization in the body, stimulating various physiological responses.” The chamber cycles between hyperoxic and hypoxic levels to help optimize the body’s adaptation to different oxygen environments.

It claims to improve brain function, enhance athletic performance, and stimulate internal stem cell production.  In the area of therapy and rehabilitation, it is said to help stroke patients and those with brain injuries recover, slow down aging-related cognitive decline, and address other health issues where oxygen therapy is beneficial.

In Israel, stroke patients use the chamber for hour a day, five days a week for up to three months (depending on the severity of their condition).

The facility also has a photo biomodulation cocoon.

YOU ARE WHAT YOU EAT
Food is the single most important determining factor of your state of health.

I had a meal at Gaia’s in-house restaurant, Cibus, and will give an honest assessment of the dishes I tried. The Smoked Tomato Soup had a clean yet flavorful taste.  The problem was with my main, the Seafood Marinara. The whole-wheat pasta and the seafood tomato sauce had good texture that gave a pleasant feeling in the mouth. However, the dish lacked taste. Not wanting to live to 100 myself, I salted it generously (thankfully, the kitchen still had a supply of salt). The chef of the day, the legendary Gene Gonzales, explained that due to the health requirements, he had a very limited range of ingredients to use.

I’ve heard that if you want to live long, go for tasteless food. It does make sense. Too much salt causes so many ailments.

Let me add though, my companions had chicken satay and a beef wrap, and they swore by those dishes. These were no holds barred veteran lifestyle writers, so I know it was true. Flavor can come from healthier ingredients. There are several delectable main dishes here. Just ask for the diners’ favorites.

The dessert was also divine — toasted rice milk panna cotta.  My drink, a mango and dragon fruit slush, was very refreshing with just the right amount of sweetness.

What I can assure you of is that I felt great after the meal. Light and energetic. None of those lethargic aftereffects of lechon or blueberry cheesecake.

THE ROAD TO LONGEVITY
The road to longevity isn’t a one-lane road. Many factors are involved. Some may surprise you.

Diet is key of course. (Throw away that saltshaker!) Regular exercise and a good night’s sleep are part of it. Being able to recall your dream is a sign of restful sleep. Those factors are common knowledge. The others may be new to some people.

A mindfulness or spiritual practice that allows us to let go of stress and clear our minds is growing in reputation. But people who practice mindfulness remain few. At House of GAIA, a life coach will guide you to a practice that suits you. He or she will also serve as a guide in the areas mentioned previously. Group meditation and yoga are on offer at the GAIA grounds. For those with more serious mental health issues, the coach will refer you to an expert in the field.

Finally, a life’s purpose ties it all together. Why are you here? What gets you up in the morning? Though it may not be clear at first, it can emerge along the way.

So, the question to ask yourself is – do you want to live strong to 100?

Upper Middle-Income Status: On a wing and a prayer?

PHILIPPINE STAR/ MIGUEL DE GUZMAN

For 2025, I wish my friend and erstwhile colleague at the University of the Philippines Diliman School of Economics (UPSE) and currently at National Academy of Science and Technology, Philippines (NAST Phil.), the Secretary Arsenio Balisacan, a realization, a most cherished hope: the attainment of the upper middle-income status for the Philippines. Reaching the $4,516/capita GDP to cap the year just passed 2024, is a cherished wish of the Planning Secretary and of the whole nation. The upper middle-income standard ranges from $4,516 to $14,005 per capita. For us seniors where I belong, the middle-income range starts at $10,000 and ends at $15,000/capita, but that is now old school.

A table on the Asean nominal GDP per capita for select Asean countries in 2023 accompanies this piece for context.

The Philippines’ GDP/capita remains below $4,000/capita and below upper middle-income country standard in this list. We used to have Indonesia and Vietnam in our rear-view mirror.

Our per capita income in 2023 being $3,905/capita by IMF reckoning is a standout for the wrong reason. The Philippine Statistics Authority (PSA) estimate is higher at $4,230/capita. By PSA reckoning, the Philippine economy needs to grow only 6.7% for all of 2024 to reach $4,516 per capita at the start of 2025. A cakewalk you say? But by the IMF estimate, the GDP growth rate required to graduate from the lower middle-income level is 15.6%, and will take two or three years to attain. But, even the growth rate of 6.7% seems an already difficult attainment.

The GDP growth rate was only 5.6% in 2023 after the disappearance of the pandemic-related low base effect; this was down from the post-pandemic low base effect growth bubble of 7.6% in 2022. This low base effect may still figure in 2024 and may result in growth in the vicinity of 5%, especially after the climate disturbances and floods in H1 2024 are accounted for. Portent of this is the growth in Q3 2024 being only 5.2% and below the 6% growth in Q3 2023.

By the IMF reckoning, we may need to wait to 2025 or 2026 for the Rubicon to be crossed. We have, however, a long history of turning great growth prospects into muck. This happened in 1986-1990 and in 1997-2000. And now in early 2025, political storm clouds are stealthily gathering once more with the bad (nay, vicious) blood in the wake of the breakup of the dominant political coalition and the decidedly subversive language being hurled from the Southern faction. The military’s highest leadership has had to reaffirm its loyalty to the constitution on Jan. 4 in the wake of the restructuring of the National Security Council. This is a sign that there is potential trouble to be quelled. The economic team, and the nation with them, hope and pray that the military remains true to the constitutional authority. Otherwise, all bets are off.

If the graduation miraculously comes to pass in 2024-2025, it will do so with the Philippine economy hobbling with the same age-old problems: food insecurity will still threaten food inflation (tomatoes as of January are selling at P200/kilo); malnutrition and stunting among our young remains largely unaddressed; food importation remains the order on the policy front; we will still go begging in the international credit market to fill our import and other spending needs. Our investment rate (GDCF/GDPx100) will still be lowest in the ASEAN region, and our Government Capital Outlay still remains south of 8% of GDP standard among our fast-growing ASEAN neighbors. The Manufacturing sector still plays second fiddle to the buoyant Non-traded Goods sector. Our share in FDI relocating from Mainland China has budged little if at all while the whole global investment community is flocking to the new darling, Vietnam. None of these problems will resolve with our graduation to the upper middle-income country level.

I was in Jagna, Bohol, a port town, for a short traditional family Christmas reunion. The conversation is clearly about politics: the hearings in Congress are stirring new alliances, although local politics still leaning in favor of the southern faction dominates. Jagna Mayor Joseph Rañola declined to pursue his last term — a pity because while he succeeded in finding resources to backstop many worthwhile economic projects, rumor has that his disciplined governance has not endeared him to the voters who favor traditional back-slapping politicians who recall everyone’s name and who show up at every funeral. An instance perhaps of our thesis that in the Philippines, good politics trumps good economics!

Meanwhile, new cars and SUVs increasingly clog the narrow Jagna streets. SM Corp. finally broke ground on its mall in Tagbilaran City after being kept at bay by local politics and their local business alliance, led by the owners and operators of the sole Bohol Island City Mall. Jagna now has three formal banking branches: LANDBANK, Banco de Oro, and Metrobank. A 24-hour convenience shop has opened. But traditional retail (mercado) business in Jagna and small urban areas are barely surviving the competition from the digital outfits — Shopee and Lazada are taking over the market of upper income households with command of the 4G gadgets.

Whence is the local economic buoyancy? The upgrade of public school teacher wages and that of other government employees, thanks to the tail end of the salary standardization law, is contributive. The proceeds of the Mandanas-Garcia law are also contributive to the LGU’s project financing, though the LGUs are complaining that only 31% of their proper share of indirect taxes is being handed over. Another source of artificial prosperity is the ayuda (assistance) fund called AKAP or Ayuda sa Kapos ang Kita Program, sold as pro-poor but in reality, political payola amounting to P731 billion in 2023. All of these are, however, only reallocations of current resources and not the harvest of new investment.

The upward adjustment of public school teacher salaries has a worrying negative effect on private education in the country: many private secondary education establishments in the country are closing down because of their inability to match the salaries of teachers in public schools. This is true also of Bohol. The possible effect is the lowering of education standards, since private education institutions generally have higher standards having to compete with other schools for tuition-paying students. Despite the salary upgrade, the Department of Education is still unable or unwilling to release the results of national secondary school aptitude exams to ferret out the wheat from the chaff in secondary education.

The private education support of junior and senior high school students is what’s keeping the Central Visayas Institute Foundation (CVIF) viable by enabling it to compensate its teachers with salaries comparable to that of public teachers. CVIF is a very highly motivated secondary high school and is the pride of Jagna town, which has attracted many visitors from all over the country eager to learn its novel learning-by-doing pedagogy called the Dynamic Learning Program (DLP). Here is a solution to our learning poverty which was long-ignored by the national educational authorities saddled by business-as-usual practices. Other private institutions are unable to match the salaries of public school teachers and thus have had to close down.

To keep private secondary schools viable, the voucher system to support private enrollment must be expanded. But where to get the money? The government fiscal position seems precarious. A fiscal crisis may even be looming: the government debt has passed P15 trillion and the government is looking to borrow more. The government is scrambling to replenish the unprogrammed budget; the latter is easy to redirect for political purposes (such as the 50% reduction in the Philippine Deposit Insurance Corp. or PDIC reserve fund and the shortchanging in the share of LGUs in the Mandanas-Garcia fund). The government has allowed the siphoning off of P117 billion (50%) from the reserve of the PDIC, which is required to support the deposits in our banking system. The use of unprogrammed funds (P731 billion for ayuda in 2023) for political ends has been exposed as fraudulent.

Remarkable in its non-pursuit is one potential bright spot. The reform in the military pension which, by a Government Service Insurance System (GSIS) study, would reduce the unfunded liabilities to P2 trillion from P9 trillion per year for 20 years is one potential bright spot provided indexation is replaced by a 1.5% increase in retired military and uniformed personnel (MUP) pensions, a 21% increase in mandatory contributions by regular MUP, and compulsory retirement at 60 years old. This would reduce the fiscal burn from P848.4 billion to P208 billion annually for 20 years, but is still being kicked down the road. It will continue to disembowel our long-term fiscal stability. This is no longer viable as legislation with the military being asked by ex-president DU30 (Duterte) to save the nation from PBBM (President Ferdinand “Bongbong” Marcos, Jr.).

So, shall the upbeat New Year’s prognostication of Secretary Arsenio Balisacan of the country finally entering the ranks of the upper middle-income come to pass in 2025? I hope and pray that it does. But the signs are not auspicious. Agriculture met a “perfect storm” in 2024 — droughts, pests and floods — according to the Agriculture Secretary. The investment rate remains below the 25% of GDP standard. The government capital outlay remains less than the 8% standard.

In other words, if we do cross the threshold, it will be on the strength of a wing and a prayer. But as an old song goes, “Miracles do come true, it can happen to you.”

 

Raul V. Fabella is a retired professor at the UP School of Economics, a member of the National Academy of Science and Technology, and an honorary professor at the Asian Institute of Management. He gets his dopamine fix from bicycling, assiduously if with little success courting the guitar, and tending lowers with his wife Teena.

Media companies set for rebound this year — analysts

PHILIPPINE STAR/MICHAEL VARCAS

LISTED local media companies are expected to rebound this year, fueled by investments in digital assets and anticipated revenue growth ahead of the 2025 midterm elections.

“The continued growth in online platforms and content consumption allows media companies to reach younger, tech-savvy audiences; investments in digital assets could drive long-term growth,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a Viber message.

Media companies are projected to see a surge in political advertising ahead of the May elections, he noted.

“Political coverage and election-related programming often lead to higher viewership and engagement,” he added.

“Midterm elections in May 2025 would lead to election-related spending on advertisements for various candidates, in all forms of media,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For the first nine months of 2024, ABS-CBN Corp. trimmed its attributable net loss to P2.41 billion from a loss of P3.15 billion in the same period a year earlier.

ABS-CBN recorded a 10.4% drop in consolidated revenue for the period to P12.12 billion due to lower cable TV and broadband revenues.

Meanwhile, GMA Network, Inc.’s attributable net income for the January-to-September period in 2024 declined to P1.41 billion, marking a decrease of 42.9% from the P2.47 billion previously.

The company saw its gross revenue fall by 9.5% to P12.46 billion for the first nine months of 2024 from P13.77 billion in the comparable period a year ago.

Just last week, shares of ABS-CBN surged after a bill seeking to grant the media company a franchise was filed in the House of Representatives.

On Friday, shares in the company closed 2.23% higher at P5.97 each. The company’s shares traded as high as P6.15 apiece intraday. According to BDO Capital and Investment Corp. President Eduardo V. Francisco, the filing of the bill to grant ABS-CBN a franchise would be good for the company’s stock price.

“But I defer to regulators on requirements for renewal and if ABS-CBN still meets it as they are now much smaller in viewership and offerings,” Mr. Francisco added.

However, Mr. Arce noted that the shifting consumer preference toward digital and streaming platforms could pose a significant challenge to media companies’ growth.

“Companies that adapt to digital ad platforms may thrive, while those relying on traditional TV ads could face challenges. The need for high-quality, localized, and engaging content will grow, requiring significant investments,” he said. — Ashley Erika O. Jose

Taycan forward

PHOTO BY KAP MACEDA AGUILA

Porsche PHL brings in the luxe BEV sports sedan with massive updates

THE PORSCHE TAYCAN undoubtedly had its share of doubters when word of its development first broke prior to the model’s official unveiling as a concept vehicle — simply called Mission E — at the 2015 Frankfurt Motor Show. Purists were understandably vexed by the idea of a fully electric Porsche, perhaps in the same way when the iconic sports car brand first foisted the idea of a, gasp, SUV product.

But in much the same way, Porsche brass has been proven right again; it would have been foolish not to venture into the Cayenne’s production as it is to ignore the growing electrification of mobility. So the Taycan, derived from two Turkish words which mean “soul of a spirited young horse,” was officially launched in 2019 at the same German auto show.

That certainly helps to describe the performance of Porsche’s first BEV. It gallops from a standstill to speed in no time flat, with drivers feeling a hefty torque punch from its electric motors. The Stuttgart-headquartered brand also went all in and future-proofed the Taycan with all-digital instrumentation. All told, the Taycan was seen to be no less a Porsche than its internal combustion engine-motivated brethren. Some 20,000 new owners in 2020 would probably agree. As of last year, Porsche had cumulatively delivered around 150,000 units.

But there were some gripes as well — perhaps a part of the Stuttgart sports car brand’s EV learning curve. Well, the brand had been listening — intently.

One of the concerns about the Taycan had to do with comparatively limited range. Last year, I talked exclusively with Porsche’s spokesperson for the Panamera and Taycan lines, Mayk Wienkötter. “Velocity” had been invited to be part of the new Porsche Taycan International Media Drive in Sevilla, Spain where we had dibs on the massively upgraded model prior to its global rollout.

“First of all, we have a bigger battery,” began Mr. Wienkötter. “We really retouched and reworked every part of the car. Everything has been made more efficient. We have a new rear motor, we have new pulse inverter. We even have tires and wheels that are more aerodynamic, and therefore more efficient. And this all adds up. It’s a lot of the little things that we implemented into the new Taycan, and these help to increase the range by up to 35%.” Aside from the range, the Porsche model now gets even sprightlier acceleration and shorter battery charging times, while promising a more comfortable ride.

It’s interesting to note where the company spent its developmental budget on in the Taycan. Porsche Electric Powertrain Director Klaus Rechberger, in his presentation, gave us the area share of cost: efficiency (29%), performance (25%), design and charging (16% each), infotainment (11%), and comfort (3%). It should be no surprise that massive gains were realized in the major areas of spending.

Now in the country, the highest Taycan variant available is the Turbo S — an all-wheel-drive (AWD) version with an incredible 952hp and 1,110Nm on tap. Of course, the “turbo” appellation is technically a misnomer, given the BEV nature of the model. But the name serves as the differentiator in ability. It can muster a zero-to-100kph rate of 2.4 seconds — 0.4 second faster versus the previous model. Press the push-to-pass button to realize even more accelerative boost; full power is accessed for up to 10 seconds — truly a high upon a high. The rear-wheel-drive (RWD) Taycan reports a standstill-to-100kph time of 4.8 seconds — 0.6 second faster than its outgoing version. Also available here is the Taycan 4 Cross Turismo.

In Spain, members of the international media were able to execute launch control on the apex Taycan of the bunch — the Porsche Turbo GT with Weissach Package — which punches in an incredible 2.1-second time from zero to 100kph. The maximum power on this is downright beastly: 760kW or 1,019hp, making it the most power series-production Porsche of all time. The silent powertrain and tight chassis lulls you into thinking you are not speeding, and the aforementioned launch control is one for the books and bucket list.

While still technically a part of the first generation, the new Taycan nonetheless boasts a lot of improvements and enhancements to entice even present owners to upgrade. Even the look of the car itself has been mildly recast into a simpler, more elegant take on the model’s countenance, profile, and rear. These aren’t purely whimsical; elements like fenders, air venting, and a flattening of the headlights (featuring high-resolution HD matrix tech and the signature four-point graphics) serve to highlight a sportier stance. In the back, the Porsche typography just below the rear light strip is now three-dimensional, with optional lighting available.

“We ushered in electromobility in the Philippines with the introduction of the Porsche Taycan Turbo S at the end of 2020. The fully electric sports car immediately set the benchmark in performance and luxury that is yet to be matched in the electric vehicle segment. We are continuing this spearheading success story with the new Taycan Turbo S,” said Porsche Philippines President and CEO Roberto Coyiuto III in a company release.

The Taycan’s crisp-resolution and legible instrument cluster, central display and passenger display now also get “improved user interface and offer additional functions.” The driver can choose from six view settings on the instrumentation, and a configurable display gives vital information on electric powertrain, including battery charge level and temperature, and charging status.

Mobile devices are even more easily integrated into the Taycan’s infotainment system, with “numerous displays and functions” available through Apple CarPlay and Android Auto. The RWD gets a Bose sound system, while the Turbo S boasts Burmester speakers.

Porsche Philippines Brand Ambassador Bryan Ellamil, in a recent walkaround of the new Taycan at PGA Cars Studio, told members of the media that the model offers nine different wheel designs for this Porsche’s mixed tires, and a two-chamber, two-valve air suspension system first seen on the new Cayenne. “It gives more comfort and better driving dynamics,” he maintained.

Meanwhile, PGA Cars EV Manager and Training Manager for Porsche Philippines Alex Pamplona said that the Taycan’s charging capability accepts up to 320kW. This means the battery charge level can get from 10% to 80% in just 10 minutes using a high-capacity DC charger. “Way better than the previous one,” Mr. Pamplona underscored. The vehicle’s DC charging port is located in front passenger side, while more conventional AC charging is accommodated there as well plus the port on the driver’s side.

The Taycan’s Performance Battery Plus now has a gross capacity of 105kWh, up from 93.4kWh. Even energy recuperation has been rendered more effective, with “maximum recuperation capacity during deceleration from high speeds increased by more than 30%, or from 290kW to up to 400kW,” per Porsche Philippines.

As for the range? The Taycan is now ready for longer journeys and fewer charging stops. Per WLTP, the Turbo S can attain up to 630 kilometers on a full charge, while the Taycan rear-wheel-drive variant can travel up to 678 kilometers.

Asserted Mr. Wienkötter to this writer, “The Taycan is a true Porsche. It looks like a Porsche, drives like a Porsche, handles like a Porsche. It even smells like a Porsche. If you look at the seating position, for instance, it’s very similar to the 911, although it’s a four-seater and a four-door version. Everything feels very much Porsche, and that was really crucial for us to create — despite the drivetrain — a car that really resonates with the existing Porsche customers, that they feel at home when they get into the car. The steering feel will be the same, the way the car turns, and the acceleration feel, it should be very similar, and that’s what we achieved with the Taycan, and that’s why it’s such a great success.”

Yields on Treasury bills, bonds may go down

BW FILE PHOTO

RATES of the Treasury bills (T-bills) and Treasury bonds (T-bonds) to be auctioned off this week may continue to track secondary market yields as markets continue to calibrate their bets on the path of monetary policy here and in the United States, especially with US President-elect Donald J. Trump set to take office later this month.

The Bureau of the Treasury (BTr) will auction off P22 billion in T-bills on Monday, or P7 billion each in 91- and 182-day papers and P8 billion in 364-day papers.

On Tuesday, the government will offer P30 billion in reissued 10-year T-bonds with a remaining life of seven years and eight months.

Yields on government debt could track secondary market movements as investors remain watchful of data and developments that could affect the path of benchmark interest rates here and in the US, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

At the secondary market on Friday, the 91-, 182-, and 364-day T-bills went down by 7.75 basis points (bps), 15.31 bps, and 19.29 bps to end at 5.7511%, 5.8199%, and 5.8562%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data as of Jan. 10 published on the Philippine Dealing System’s website.

Meanwhile, the 10-year bond’s yield inched down by 0.82 bp to close at 6.1485% on Friday, while the seven-year paper, the tenor closest to the remaining life of the T-bonds to be offered this week, decreased by 3.25 bps to end at 6.1093%.

Mr. Ricafort said yields on short-term papers have continued to go down due to cautious signals from Fed officials and expectations of more rate cuts from the Bangko Sentral ng Pilipinas (BSP).

A trader added in an e-mail that the T-bonds on offer on Tuesday could fetch rates ranging from 6.08% to 6.14% amid healthy demand.

The US job market again defied an anticipated slowdown, with firms adding more than a quarter of a million jobs in the final month of 2024 and leaving Federal Reserve policy makers to puzzle over the need for more interest rate cuts in a strong economy, Reuters reported.

The gain of 256,000 jobs in December went well beyond the 160,000 expected by economists in a Reuters poll. The unemployment rate, as reported in the Labor department’s monthly jobs report, ticked down to 4.1% from 4.2%.

Stickier-than-expected inflation and uncertainty over the effects of Mr. Trump’s new economic policies when he takes power on Jan. 20 had already put US central bankers on a path for slower interest rate cuts this year. Last month many started to pencil in faster growth and more inflation to take into account Mr. Trump’s plans for broader tariffs, tax cuts and limits on immigration.

The renewed strength in the job market poses a fresh dilemma, adding to arguments that inflationary pressures may not be fully quenched and setting up a potential conflict with Mr. Trump, who has already said he thinks interest rates are too high and the economy is in need of more support.

Meanwhile, BSP Governor Eli M. Remolona, Jr. last week said the Philippine central bank still has room to continue cutting interest rates as inflation is well within its annual goal, adding that current benchmark borrowing costs remain “restrictive.”

The Monetary Board has slashed benchmark borrowing costs by a total of 75 bps since it began its easing cycle in August, bringing its policy rate to 5.75%.

Mr. Remolona previously said that while the BSP remains in an easing cycle, 100 bps worth of cuts this year may be “too much” amid inflation concerns. He added that they will continue to bring down benchmark interest rates in “baby steps.”

The BTr plans to raise P213 billion from the domestic market this month, or P88 billion via T-bills and P125 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy with Reuters

How minimum wages compared across regions in December

(After accounting for inflation)

In December, inflation-adjusted wages were 18.5% to 25.3% lower than the current daily minimum wages across the regions in the country. Meanwhile, in peso terms, real wages were lower by around P74.95 to P128.17 from the current daily minimum wages set by the Regional Tripartite Wages and Productivity Board.

How minimum wages compared across regions in December

Stealing our dignity: Possible solutions

BW FILE PHOTO

(Part 2)

The bloating unprogrammed appropriations and cash sweeps are a symptom of a much deeper crisis of governance of our government corporations.

So where do we go from here?

This massive and unconscionable pork barrel scandal could have been prevented if the budget system were more transparent and accountable.

Here are five ideas to improve the budget process in each of its phases: preparation, legislation, execution, and accountability.

Solution # 1: File cases before the Supreme Court for the 2025 budget’s Constitutional violations.

Concerned citizen groups may raise with the Supreme Court issues about the horrendous treatment of the national budget:

1. This 2025 budget law violates the Constitution because it effectively amended specific laws. Budget laws cannot amend general law previously passed by Congress. In particular, the sin tax laws and universal healthcare laws require a certain percentage of revenues from sin products, PAGCOR (Philippine Amusement and Gaming Corp.), and PCSO (Philippine Charity Sweepstakes Office), be allocated for PhilHealth (Philippine Health Insurance Corp.) subsidies, but Congress gave zero for PhilHealth.

2. This 2025 budget law violates the Constitution because the education budget is smaller than the Department of Public Works and Highways (DPWH) budget, and education is not afforded the highest budgetary priority.

3. This 2025 budget law violates the Constitution because Congress exceeded the budget ceiling set by the President, by bloating the unprogrammed appropriations and excluding this from the computation.

4. Specific programs requiring guarantee letters, such as AKAP (Ayuda sa Kapos ang Kita Program) and Medical Assistance to Indigent and Financially Incapacitated Patients (MAIFIP) Program, violate separation of powers and the Constitutional doctrine of non-delegability of legislative power, because legislators effectively have authority over budget execution. This is so because legislators approve the list of beneficiaries of programs, like in the case of guarantee letters. AKAP payouts are also known to be used for political rallies.

Solution # 2. During budget preparation: Open up the technical budget hearings and Development Budget Coordination Committee to citizen participation.

Call on the President and economic managers to open up the Development Budget Coordination Committee (DBCC) to citizen participation. The DBCC is a powerful committee consisting of the Department of Budget and Management (DBM), the National Economic and Development Authority  (NEDA), the Department of Finance (DoF), the Office of the President (OP), and the Bangko Sentral ng Pilipinas, in charge of deciding the key macroeconomic assumptions of the budget that eventually get into the President’s budget proposal that gets sent to Congress. Many key priorities are decided at this stage, but there is no citizen participation in this process. The DBCC is where the broad “strategy” of budget allocation is laid out, and discussions are in the tens and hundreds of billions of pesos or percentages of GDP.

Call on the DBM to open up Technical Budget Hearings with agencies to citizen participation. It is important for citizen groups to work with their respective agencies to understand their submissions to the DBM, so that critical programs get consistent funding.

Solution # 3. During budget legislation: Open up the bicameral conference committee and make public the list of congressional insertions.

Call on Congress to open up the bicameral conference committee: make these hearings public. Invite concerned groups to attend and monitor.

Call on Congress to put under public record which officials inserted items in the budget.

Call on Congress to open up a machine readable format of the list of congressional insertions while deliberations are ongoing. The technology for this is already present in open parliaments all over the world, such as wikis and githubs.

Solution # 4. During budget execution: Put on “For Later Release” all the pork barrel projects inserted by Congress until after the elections, and open up the contracts of these projects for public scrutiny.

Call on the President to open up the contracts of DPWH projects, especially the congressional insertions.

Call on the President and DBM Secretary to put on “For Later Release” all pork projects in ayuda (assistance), health, and public works so they cannot be used for elections: as suggested by former Senate President Franklin Drilon, effectively blocking the implementation of projects without the proper studies and planning, for example, for flood control, or road construction, widening, and maintenance.

Call on the President and Department of Social Welfare and Development (DSWD) Secretary to open up the AKAP list per barangay, so people can see who really are in the list and to ensure there aren’t any new cases of Mary Grace Piattos.

Solution # 5. For budget accountability, call on special audits of the Department of Health’s Medical Assistance to Indigent and Financially Incapacitated Patients (DoH, MAIFIP) and DSWD’s AKAP programs, call on the Commission on Elections (Comelec) to ensure the programs are not used for electioneering, and call on citizens to form a procurement integrity movement.

Call on the Commission on Audit to make special audits of the DoH MAIFIP and DSWD AKAP programs, to make sure these aren’t used for corruption or for elections.

Call on the Comelec to ensure these programs are not used for electioneering, and to file cases swiftly.

Call on civic groups and social movements to join forces and agree to monitor the most important government contracts and projects, inspired by how open contracting monitors and election integrity movements have done this in the past. The implementing rules of the New Government Procurement Act are a good avenue to make this practice of monitoring more system-wide as opposed to individual-bid based: imagine election transparency servers accessible to all, also being used for billions of pesos of government contracts.

Amid this massive pork barrel scandal, we the people have the right to know how our government uses our hard-earned taxpayer money.

The problems in the budget process are clear as day, but the steps to solve them are clear, too.

Let us call on our elected officials, attend protests on the streets, make our voices heard in the halls of Congress and in our public debates, and make our votes count in the midterm elections in 2025.

We cannot let politicians steal our money or our dignity.

We the people must claim our power under the Constitution to hold power to account.

 

Kenneth Isaiah Ibasco Abante coordinates the Citizens’ Budget Tracker, a community of volunteers tracking the budget since the COVID-19 pandemic. He served in various leadership roles in the Department of Finance from 2012 to 2016, including chief-of-staff to senior officials and lead technical staff for national budget hearings. He has taught quantitative methods at mid-career master in public administration summer programs at the Harvard Kennedy School since 2022. He was named one of The Outstanding Young Men of the Philippines in 2023 for socio-civic and voluntary leadership.

Shodding celebrity feet

VIVAIA pop-up in Power Plant Mall, Makati

THE LIST of celebrities wearing Vivaia (graciously provided on the company’s website) reads like a Hollywood Who’s Who. Oprah Winfrey. Scarlett Johansson. Lindsay Lohan. Jenna Ortega. Aubrey Plaza. The list goes on, and Filipino shoppers can now be in on it too, thanks to a pop-up in Rockwell’s Power Plant Mall in Makati.

During a visit on Jan. 4, we saw mostly young women trying out the styles. These include its best-sellers like the square-toed Margot Mary Jane Flats, almond-toe Tamia Ballet Flats, and pointed-toe Addison Slingback heels. There were also comfy sandals and lightweight bags on display.

The appeal for the shoe rests on two things (not counting its Hollywood darling status): comfort and sustainability. The soles are refined through customer feedback, while uppers feature a lightweight knit material that has elastic to ensure custom fits. Furthermore, the shoes are machine-washable and “can fully withstand a cleaning cycle in the washer or a quick hand washing,” according to the website. As for sustainability, a partnership with REPREVE ensures that the shoes are made with fabric made from discarded PET bottles. Other sustainable materials used are rice husks, natural rubber, and sugarcane.

The shoes cost upwards of P5,000.

Founded in the US in 2020, the brand is now in more than 60 countries including Japan, Australia, and Singapore. Vivaia in the Philippines is planning to open pop-ups in a few more locations, including the country’s first permanent Vivaia store this year.

The Vivaia Pop-up Store is located in Level R2 Bridgeway, Power Plant Mall, Rockwell Center, Makati City, and is open until March 31. For more information on the latest styles and store openings, follow @vivaia.philippines on Instagram and Facebook. — JL Garcia

Globe gains on int’l partnership, private 5G launch

BW FILE PHOTO

GLOBE Telecom, Inc.’s shares rose last week following an international partnership and the launch of its private fifth-generation (5G) network for enterprises.

The telecommunications company was the 13th most actively traded stock last week, with 206,520 shares amassing P469.52 billion, data from the Philippine Stock Exchange showed.

Globe stock closed at P2,300 apiece on Friday, up 6.3% from the P2,164 finish on Jan. 3. To date, the stock climbed by 5.3% since its P2,184 close on Dec. 27, 2024.

Jasper Timoteo A. Ondap, equity analyst at Regina Capital Development Corp., said in a Viber message that Globe’s heavy trading activity can be attributed to its business-to-business (B2B) 5G network rollout.

The Ayala-led company deployed the first private 5G network in the Philippines last week to accommodate secure connectivity among businesses.

“This milestone demonstrates our drive to provide cutting-edge connectivity solutions that cater to the varying needs of our clients,” said Gerhard Tan, senior director and head of technology strategy and innovations at Globe.

The network was deployed at a Globe facility in Makati City, offering tailored, high-speed, and secure connectivity solutions for specific enterprise operations.

Jash Matthew M. Baylon, an analyst at First Resources Management and Securities, said that Globe’s private B2B 5G network will be available to its clients at ports, mining, and manufacturing sectors, which could boost their operations and business flow.

“Investors were also optimistic about the company as it continued to improve its services to cope with the rapid evolution of digitalization,” Mr. Baylon said in a separate Viber message.

Mr. Ondap also said that Globe’s partnership with Ria Money Transfer bolstered its performance on the local bourse.

Electronic wallet platform GCash partnered with Euronet Worldwide, Inc. subsidiary Ria Money Transfer to serve Filipino remittance needs overseas.

Ria Money Transfer is a global cross-border money transfer platform, serving 160 countries.

The partnership enables customers using the Ria Money Transfer platform to send remittances directly to GCash wallets from users in the US, Australia, Europe, and Singapore, without the need for GCash overseas accounts.

“We’re continuing to strengthen partnerships around key corridors so we can help Filipinos wherever they may be. We are also strengthening our presence in Ria money transfer stores all over the world as a sign of our commitment to grow with Ria,” said GCash International General Manager Paul Albano in a media release on Tuesday.

Mr. Baylon said that GCash’s initiative to strengthen its partnership may increase its presence globally and introduce its services to new users.

“The continued expansion globally by GCash may serve the rising number of overseas Filipino workers in terms of their remittances which may translate to higher earnings moving forward.”

GCash services are currently available in 16 markets, including the US, United Kingdom, United Arab Emirates, Australia, Canada, Germany, Hong Kong, Italy, Japan, Saudi Arabia, Kuwait, Qatar, Singapore, South Korea, Spain, and Taiwan.

Globe owns 36% ownership interest in Mynt, the parent company of GCash.

“Mynt’s increasing contribution to earnings and strong double-triple digit growth in its subscriber base across product offerings would ramp up GLO performance,” said Mr. Ondap.

Mr. Baylon said that Globe’s revenues will increase by 3-4%, mainly driven by its expansion plans and continued rollout of its 5G and LTE services, which may attract new users.

Additionally, Mr. Ondap said that simultaneous developments in the company have had a combined effect on Globe’s performance.

“Valuation wise, when these announcements pan out and are executed, GLO is expected to ramp up its profitability and the market perceives it positively, hence, the increase of GLO’s stock price of about more than 6% this week.”

In the July-to-September quarter, Globe’s consolidated revenues rose by 1.9% to P45.12 billion, from P44.27 billion.

Meanwhile, net income attributable to the owners of the parent company was up by 21.3% to P6.02 billion, from P5 billion a year ago.

Mr. Baylon pegged his support for the stock at P2,160 and resistance at P2,400.

Mr. Ondap pegged his support level between P2,180 and 2,100 a share, and resistance at P2,390 to high P2,400. — Pierce Oel A. Montalvo

Suzuki Jimny Rhino Edition now available

The Suzuki Jimny Five-Door Rhino Edition is priced at P1.739 million for the Monotone variant (left) and P1.749 million for the Two-Tone. — IMAGE FROM SUZUKI PHILIPPINES

SUZUKI PHILIPPINES recently announced the arrival and availability of the Jimny Five-Door Rhino Edition. The company said in a release that the model’s new variant “brings ruggedness, style, and adventure-ready performance like never before.”

The enhancements that distinguish the Rhino Edition include a front bumper under garnish, side under garnish, black mud flaps for the front, black mud flaps with the Suzuki logo for the rear, a soft Rhino spare tire cover, a Rhino emblem sticker on the rear door, and Rhino Edition body decals. It comes in two colorways: Chiffon Ivory Metallic + Bluish Black Pearl (Two-Tone) priced at P1.749 million and Arctic White Pearl (Monotone) for P1.739 million.

Under the hood, the Jimny Five-Door Rhino Edition still has the popular off-roader’s familiar 1.5-liter engine — delivering a “perfect balance of power and efficiency for both urban driving and off-road adventures.” It also features Suzuki’s AllGrip Pro technology for “exceptional traction and control,” enabling drivers to negotiate challenging terrains with ease. The Jimny’s vaunted compact body, robust ladder frame, and advanced 4WD system make it an alluring package for many car enthusiasts.

Said to be inspired by the rhinoceros, this edition “reflects Suzuki’s commitment to crafting vehicles that thrive in the wild while exuding confidence and sophistication in every detail.” The Rhino Edition receives LED headlamps with washers for enhanced visibility, a nine-inch infotainment system screen with smartphone connectivity, and ample cargo space.

Interested parties may visit the nearest Suzuki dealership to inquire about the Jimny Five-Door Rhino Edition or submit a request for quotation via the official Suzuki Automobile website (http://suzuki.com.ph/auto/). Stocks are limited.

For daily updates on Suzuki, like Suzuki Auto PH’s Facebook page at https://www.facebook.com/SuzukiAutoPH, follow on X at https://x.com/suzukiautoph and Instagram at @suzukiautoph.

JuanHand and Security Bank partner to drive financial inclusion

In the photo from left to right: Ollygar Von A. Palay (Finance Manager, WeFund Lending Corp.), Francisco “Coco” D.C. Mauricio (President and CEO, WeFund Lending Corp.), John Cary L. Ong (Executive Vice President, Security Bank), Alexis Xu (Chief Financial Officer, Finvolution Group), Earvin O. Lucido (Assistant Vice President and Relationship Manager, Security Bank)

Security Bank, one of the country’s leading financial institutions, has partnered with WeFund Lending Corp., the operator of JuanHand, a leading pure fintech cash lending app in the Philippines, to expand access to financial services for Filipinos.

The landmark collaboration was formalized through a credit facility agreement to promote financial inclusion and empower individuals, families, and businesses by offering quick and accessible financial solutions. The signing event brought together key executives from both organizations, including Security Bank Executive Vice President John Cary L. Ong, Assistant Vice-President and Relationship Manager Earvin Lucido. Representing Finvolution Group and WeFund Lending Corp. were Chief Financial Officer Alexis Xu and Chief Executive Officer Francisco “Coco” Mauricio.

“We are grateful for the opportunity to be part of the JuanHand family. We resonate with JuanHand’s vision of one family with one heart that gives Filipinos a helping hand with their financial needs,” said John Cary L. Ong, Executive Vice-President of Security Bank.

The credit facility that Security Bank granted will create a more financially inclusive environment, given the ease of access using the JuanHand app and requiring only basic information and one valid ID. Using Finvolution’s proprietary AI, borrowers can receive their loans in less than 5 minutes, and without the need for collateral nor uploading any proof of income or billing address.

“We are thrilled that Security Bank chose JuanHand as their first fintech lending company partner. By giving us their trust and confidence, this truly exemplifies Security Bank’s commitment to rapidly expand financial inclusion for all underserved Pinoys.  Security Bank’s support helps fulfill our mission of being a helping hand for every Juan,” said Francisco “Coco” Mauricio, President and CEO of WeFund Lending Corp.

JuanHand, operated by WeFund Lending Corp., has disbursed over Php40 billion in loans and has more than 12 million registered users. With fast approvals, fair rates, regulatory compliance, professional customer service and a user-friendly interface, the brand remains a trusted choice for tech-driven financial solutions.

Download the JuanHand app at Google Playstore or iOS Appstore. For more information, visit www.juanhand.com.

 

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PDIC to increase deposit insurance coverage ceiling

THE PHILIPPINE DEPOSIT Insurance Corp. (PDIC) is looking to raise the maximum insurance coverage amount from the current P500,000 to account for inflation, its top official said.

“We’ll probably announce it within the first half. The implementation, that will have to be studied in detail,” PDIC President and Chief Executive Officer Roberto B. Tan told reporters on the sidelines of the Bangko Sentral ng Pilipinas’ (BSP) annual reception for the banking community held on Friday.

“The study is done. The board is now in discussions on the results of the study. The recommendation is to increase it,” he added, noting that they have yet to decide on the new amount.

Mr. Tan said higher deposit coverage is needed as the current value of P500,000 “has been eroded by inflation.”

The PDIC provides a maximum insurance coverage of P500,000 per depositor per bank. This amount was increased from the P250,000 ceiling in April 2009.

Under the amended PDIC charter passed in 2022, the agency may adjust the deposit insurance ceiling based on inflation and other economic indicators without legislation. The PDIC board must review the maximum deposit insurance coverage every three years.

Bankers Association of the Philippines President Jose Teodoro K. Limcaoco likewise said there is a need to adjust the deposit insurance coverage as the current amount is outdated.

“I think you have to calibrate your deposit coverage. It must grow with inflation as well… because the value of P500,000 whenever it was first set is clearly much lower than what P500,000 is today. So, it’s just appropriate to adjust with the real value,” Mr. Limcaoco told reporters on the sidelines of the same BSP event on Friday.

Meanwhile, Mr. Tan assured that the PDIC still has adequate funds even as it remitted P107.23 billion to the Bureau of the Treasury.

The PDIC’s Deposit Insurance Fund (DIF) is at around P250 billion, which Mr. Tan said is “more than enough.”

“The DIF continues to be maintained within the target level set by its Board of Directors based on international best practices,” he said.

“The banking system right now is very healthy based on financial indicators. So, I don’t think there’s anything to worry about,” Mr. Tan added.

The Department of Finance (DoF) said in a statement on Sunday that the remittance was made “in compliance with the Congressional mandate under the General Appropriations Act of 2024 and strictly in accordance with the Opinion rendered by the Office of the Government Corporate Counsel.”

The funds were used to finance various government infrastructure and social programs, it said.

“These projects are envisioned to drive economic growth by generating employment, boosting incomes, and reducing poverty, creating a positive multiplier for society,” the DoF said.

“The National Government assures the depositors and other stakeholders of the PDIC that this remittance does not compromise the soundness of the DIF which the corporation prudently manages,” it added. “The PDIC remains steadfast in its commitment to safeguarding the trust and confidence of the depositing public.” — A.M.C. Sy

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