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How one California man tried saving his block from wildfire

FLAMES rise from a beachfront home along the road to Malibu, as powerful winds fueling devastating wildfires in the Los Angeles area force people to evacuate, California, U.S. Jan. 8, 2025. — REUTERS

ALTADENA, California – Flames were licking his fence, he was choking on smoke, and bullets were whizzing by his leg. Despite it all, Tristin Perez never left his Altadena home during the deadly Eaton fire.

The 34-year-old carpenter felt he had no choice but to stay despite the life-threatening conditions. A police officer told him and his neighbors to evacuate early on Wednesday morning as the fire raced down the hillside above them.

Instead, Perez insisted on trying to save his property and his neighbors’ homes along El Molino Avenue. But he didn’t even have a garden hose. He ripped the filters from two water pitchers and doused the ground, his wooden fence and every ember he could reach.

“Your front yard is on fire, palm trees lit up – it looked like something out of a movie,” Perez told Reuters in an interview in his driveway. “I did everything I could to stop the line and save my house, help save their houses.”

His one-story yellow duplex survived. So did two more homes next door. Across the street, entire houses burned to the ground. A single brick chimney stood alone in the wreckage.

“When you look across the street… If I wasn’t here, that is what would have happened,” he said. “I felt so bad for them. It’s absolutely awful.”

Perez mourned the losses here. He moved to Altadena three years ago and rented his two-bedroom unit. He fell in love with the tranquil and tight-knit community of about 40,000 people north of Los Angeles, where neighbors are friendly and look out for each other.

As of late Saturday, officials said the Eaton fire was 15% contained, and that the fire threat remains high across the Los Angeles area. Overall, six simultaneous blazes that have ripped across Los Angeles County neighborhoods since Tuesday have killed at least 16 people and damaged or destroyed 12,000 structures.

Eleven of them were killed in the Eaton fire here. The death toll is expected to grow when firefighters are able to conduct house-to-house searches.

In Altadena, fire crews were walking house to house with shovels, looking for hot spots that were still burning. Sheriff’s deputies patrolled the streets and blocked residents from returning to their homes at checkpoints.

FAST-MOVING FLAMES
Perez provided a harrowing account of how the Eaton fire rapidly intensified early on Wednesday. The first indication something was wrong came on Tuesday evening. His neighbors were outside staring at a faint glow far in the distance.

“To be honest, I didn’t really consider it too much of a threat just because it was way out there,” he said.

Then the winds began to howl and blow toward them. The fire was coming right at them at alarming speed. “It looked like it was sprinting down a football field. It was flying,” Perez said.
Then he and his neighbors lost sight of the flames. Perez said that was the most nerve-wracking part of the night.

That soon changed. Looking up his street 200 yards away, entire homes and businesses were engulfed in flames. Perez told his neighbors to leave. “I was willing to go to the end. I saw the firefighters, everybody was already shorthanded, so I wanted to do my part,” he said.

Fire and law enforcement officials discourage people from staying at their homes during wildfires because it can put residents and first responders in danger.

But Perez felt he had a shot to fight off the flames because there was an empty, mostly dirt lot between him and the advancing fire. The downside was that his neighbors on the north side also stored boxes of ammunition on their property.

Soon explosions began erupting. Breathing became unbearable. Perez felt something whiz past his leg while standing in his yard. The fire had ignited the bullets stored next door, posing fresh danger.

“Bullets flying, gas tanks exploding, embers raining down, you can’t see anything,” Perez said.

He kept dousing his property for hours through the night. His home is still standing. Many others weren’t as fortunate as thousands of structures were destroyed around him.

‘HOW TO REBUILD’
Around the corner, Pablo Scarpellini stared at the burned ruins of his wife’s Spanish immersion preschool, Rayuela. The entire building had collapsed, and a small playground slide sat half-melted in the back.

“It’s devastating,” Scarpellini told Reuters. “But I’ve cried so much the last few days, now my vision is more of hope and trying to visualize how to rebuild it.”

He said his wife, Liliana Martinez, the preschool’s founder and director, was scrambling to find an alternative for her 15 students. “We’re doing as much as we can to relocate the kids,” he said.

Perez, wearing a black tank top and shorts, swept tree limbs and brush out of his driveway on Saturday while the front corner of his yard smoldered. His white picket fence had melted in several spots. Two palm trees in his front yard bore black scars at the top.

Perez has no power or running water. Firefighters stationed at a nearby hardware store let him use their equipment to charge his phone so he could tell a few family members and friends that he had survived. A downed power line was draped across his street as utility workers surveyed the widespread damage.

While firefighters made progress containing the Eaton fire through the weekend, Perez said he is preparing for the threat to return if the winds shift.

“Lord forbid anything happens, I will be ready,” he said. Perez also plans to volunteer for the community cleanup in the months ahead to help local restaurants and businesses reopen.
“This isn’t the end of Altadena. This is just turning the next chapter.” — Reuters

US, Japan, Philippines vow to deepen cooperation, Manila says

PRESIDENT Ferdinand R. Marcos, Jr. and US President Joseph R. Biden hold a bilateral meeting on September 22, 2022 in New York, USA. — OFFICE OF THE PRESS SECRETARY

MANILA (UPDATE) – Japan, the Philippines and the United States vowed to further deepen cooperation under a trilateral arrangement in the face of rising tensions in Asia’s waters, the three countries said following a call among their leaders.

Japanese Prime Minister Shigeru Ishiba, Philippine President Ferdinand Marcos Jr. and outgoing U.S. President Joe Biden met virtually on Monday morning Asian time. Marcos’ communications office said the leaders “agreed to enhance and deepen economic, maritime and technology cooperation”.

The call followed a first-of-its-kind summit meeting of Marcos, Biden and then Japanese Prime Minister Fumio Kishida in Washington last April to uphold international law and regional stability.

Biden, who will step down next Monday, was quoted as saying in Manila’s readout he is “optimistic” his successor, U.S. President-elect Donald Trump, would see the value of continuing the partnership.

“Simply put, our countries have an interest in continuing this partnership and institutionalizing our cooperation across our governments so that it is built to last,” Biden said.

Marcos said he is “confident” the three countries will sustain the gains in deepening their diplomatic ties.

The White House said in a statement the three leaders discussed China’s “dangerous and unlawful behaviour in the South China Sea” and agreed on the importance of continued coordination in the Indo-Pacific region.

Japan’s foreign ministry separately said in a statement the three leaders have opposed “unilateral attempts to change the status quo by force” in the East and South China Seas, without mentioning Beijing.

Japan and the Philippines – bound by bilateral defence treaties with the U.S. -are also both involved in separate territorial disputes with China in the East and South China Seas, respectively.

Marcos’ office said Biden also commended the Philippine leader for his diplomatic response “to China’s aggressive and coercive activities in the South China Sea”.

The Philippines last year ratified a military agreement with Japan that would ease the entry of soldiers into each other’s country for joint military exercises. The three countries’ coast guards also staged joint exercises in 2023.

A 2016 ruling of an international arbitral tribunal voided Beijing’s sweeping claims for the South China Sea, saying they had no basis under international law, a decision China rejects.

Tensions between China and the Philippines have escalated in the past two years over run-ins between their coast guards in the South China Sea. — Reuters

PHL growth seen above 6% until 2026

Balloon vendors walk through a street in Quezon City, Jan. 1, 2025. — MIGUEL DE GUZMAN, THE PHILIPPINE STAR

By Luisa Maria Jacinta C. Jocson, Reporter

THE PHILIPPINES’ gross domestic product (GDP) is expected to accelerate this year and in 2026 amid strong domestic demand, the United Nations (UN) said.

In its latest World Economic Situation and Prospects report, the UN said it expects the Philippine economy to expand by 6.1% in 2025 and 6.2% in 2026.

“The Philippines is one of the strongest growth performers among East Asian economies,” UN Department of Economic and Social Affairs Economic Affairs Officer Zhenqian Huang said in a follow-up e-mail.

“The anticipated sustained growth reflects robust domestic demand, ongoing public investments, and the positive effects of recent investment policy reforms, along with a vibrant labor market and a growing services sector.”

The UN’s forecasts are both within the government’s 6-8% growth target for this year and the next.

It noted that GDP growth likely averaged 5.6% in 2024, below the government’s 6-6.5% target.

For 2025, the Philippines is projected to be the second-fastest growing economy in the region, just after Vietnam (6.5%) and ahead of Cambodia (6%), Malaysia (4.6%), Thailand (3.1%) and Singapore (2.6%).

“In 2025 and 2026, economic growth in the Philippines is expected to be fueled by strong investment activity and robust private consumption,” Ms. Huang said.

“Monetary easing amid lower inflation will support domestic demand in the near term,” she added.

The Bangko Sentral ng Pilipinas (BSP) began its easing cycle in August, cutting interest rates by a total of 75 basis points (bps) last year. This brought the target reverse repurchase rate to 5.75%.

BSP Governor Eli M. Remolona, Jr. has signaled further cuts this year, citing that there is “still room to ease.”

Full-year inflation settled at 3.2% in 2024, in line with the BSP’s own forecast.

It also marked the first time that annual inflation fell within the central bank’s 2-4% target since 2021, when inflation averaged 3.9%.

Ms. Huang also noted “robust” remittance flows, which will help boost household spending.

Latest data from the central bank showed that cash remittances grew by 3% year on year to $28.3 billion in the January-October period.

“Despite ongoing fiscal consolidation, improved government revenue collection over the past decade has enabled sustained public spending on essential infrastructure to unlock long-term potential,” she said.

Latest data from the Bureau of the Treasury (BTr) showed the National Government’s (NG) budget deficit stood at P1.18 trillion in the 11-month period. Revenues jumped by 15.16% year on year to P4.11 trillion.

“Additionally, the global demand for AI (artificial intelligence)-related electronic products is expected to boost merchandise trade, while services trade will benefit from the ongoing recovery in international tourism.”

On the other hand, Ms. Huang flagged downside risks to the growth outlook.

“Increasing trade tensions, including the possibility of higher tariffs, could undermine merchandise trade performance,” she said.

US President-elect Donald J. Trump, who is set to take office next week, has pledged to impose a 10% universal tariff as well as a 60% tariff on Chinese goods.

“Current account deficits since the end of the pandemic make the economy susceptible to exchange rate volatility, especially if there are unexpected monetary policy shifts by major developed country central banks.”

She also noted how the country is vulnerable to climate shocks and natural disasters, which could lead to “significant economic and social losses.”

A recent study by the Asian Development Bank (ADB) showed the Philippines could potentially lose 18.1% of its GDP by 2070 due to climate change under a high emissions scenario.

Meanwhile, the UN expects headline inflation to remain steady at 3% this year until 2026.

“Inflation in the Philippines has been relatively benign and is projected to remain within the central bank’s target range in the near term,” Ms. Huang said.

This year, the BSP expects inflation to average 3.3%. Its risk-adjusted forecast is at 3.4%.

The downtrend in inflation will be mainly driven by easing price pressures on food, she said.

“While inflation is not a major policy concern at the moment, inflationary pressures are unlikely to dissipate entirely… Potential higher tariffs from trading partners, disruptions to supply chains and trade routes, and climate-related disasters could reignite upward pressure on prices,” Ms. Huang said.

Debt service bill surges in Nov.

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THE NATIONAL Government’s (NG) debt service bill surged year on year in November as both interest and amortization payments rose, data from the Bureau of the Treasury (BTr) showed.

The NG’s debt service bill soared by 65.3% to P93.704 billion in November from P56.674 billion in the same month a year ago.

Month on month, debt servicing fell by 56.8% from P216.85 billion in October.

The debt service refers to payments made by the National Government on its domestic and foreign debt.

Interest payments accounted for the bulk or 71% of debt payments in November.

Data from the BTr showed interest payments jumped by 37.3% to P66.653 billion in November from P48.548 billion in the previous year.

Interest paid on local debt spiked by 38.8% to P48.929 billion in November from P35.257 billion in the same month in 2023.

Domestic interest payments were composed of P29.512 billion in fixed-rate Treasury bonds, P16.872 billion in retail Treasury bonds and P2.017 billion in Treasury bills (T-bills).

Interest paid to foreign creditors rose by 33.4% year on year to P17.724 billion in November from P13.291 billion.

Treasury data showed amortization payments more than tripled (232.9%) to P27.051 billion in November from P8.126 billion in the same month last year.

Principal payments on domestic debt skyrocketed to P18.297 billion from P96 million in the year prior.

On the other hand, principal payments on external debt increased by 9% to P8.754 billion from P8.03 billion in 2023.

11-MONTH DEBT SERVICE
In the January-November period, the NG debt service bill jumped by 27.3% to P1.95 trillion from P1.53 trillion in the same period last year.

Amortization payments climbed by 29.2% to P1.25 trillion as of end-November from P967.09 billion a year ago. It accounted for 63.9% of the overall debt service bill.

Broken down, principal payments on domestic debt stood at P1.02 trillion, while external payments were recorded at P230.973 billion.

Meanwhile, interest payments rose by 24.3% to P705.334 billion in the 11-month period from P567.655 billion a year ago.

Interest payments on domestic debt amounted to P502.389 billion, while those on external debt stood at P202.945 billion.

“The sharp year-on-year increase in the NG’s debt servicing bill could be attributed to higher debt maturities,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

He also cited relatively elevated interest rates and a weaker peso that drove up foreign debt payments.

The peso closed at P58.62 against the greenback at the end of November, depreciating by 52 centavos from its P58.1 finish as of end-October.

The local unit also fell to the record low P59-a-dollar level twice during the month, on Nov. 21 and 26.

“This also reflected the wider NG budget deficit for the period that required more NG borrowings, especially some short-term borrowings such as Treasury bills,” he added.

Separate BTr data showed the budget gap more than doubled to P213 billion in November from P93.3 billion a year ago.

This brought the 11-month fiscal deficit to P1.18 trillion, wider than the P1.11-billion shortfall last year. It also represented 79.29% of the P1.5-trillion deficit ceiling for 2024.

“NG debt increased sharply since the COVID-19 (coronavirus disease 2019) pandemic since 2020 and some of which already started to mature, thereby leading to higher debt servicing costs,” Mr. Ricafort added.

Latest data from the BTr showed the NG’s outstanding debt rose to a fresh high of P16.09 trillion as of end-November.

The debt stock is expected to have reached P16.06 trillion at the end of 2024 and to P17.35 trillion for this year. — Luisa Maria Jacinta C. Jocson

DBP says it will seek regulatory relief this year

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THE DEVELOPMENT Bank of the Philippines (DBP) will again request for regulatory relief this year as it seeks to boost its capital position.

“Just for comfort, we will seek regulatory relief. The same regulatory relief we sought last year,” DBP President and Chief Executive Officer Michael O. de Jesus told reporters late on Friday.

“Even though I said we will meet all the capital ratios, we still would seek comfort.”

The DBP is currently working with the Bangko Sentral ng Pilipinas (BSP) on this request, he added.

The DBP and Land Bank of the Philippines (LANDBANK) had sought regulatory relief from the central bank following their contributions to the Maharlika Investment Corp. (MIC).

DBP and LANDBANK were mandated to contribute P25 billion and P50 billion, respectively, as the initial seed capital for the MIC. The state lenders remitted their contributions in September 2023.

“It’s annual. Some ratios are for four years, some are every year. There are like three, so the annual, we will seek relief for that, the capital adequacy ratio (CAR), I think,” Mr. De Jesus said.

In a recent report, the International Monetary Fund (IMF) called for the restoration of capital for the two state banks after their contributions to the Maharlika fund.

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

However, Mr. De Jesus assured that the bank will meet its capital requirements and book a higher net income for 2024 compared to the year prior.

“This year, you will see, we will meet all the minimum capital ratios based on the results of 2024. Having said that, we need to increase our capital. There’s no question.”

“That’s why we’re working with the Congress now on the amendment to the DBP charter,” he added.

The Senate bill seeking to amend the DBP’s charter was approved on final reading in September, while the House version is still up for second reading approval. Under the measure, the bank’s authorized capital stock will be raised to P300 billion from P35 billion.

“We will meet the minimum, but of course we don’t just want to meet the minimum, we want to exceed it, so we need to increase our capital. I’m not saying it has to be done this year, but over time,” he added.

“Increasing the authorized capital is good. The charter hasn’t been amended in more than 30 years. This would be very good for the institution, so we can fulfill our mandate of developmental banking.”

The new charter would also allow the state bank to conduct an initial public offering (IPO). However, Mr. De Jesus said DBP is unlikely to go for an IPO this year. 

“Definitely not this year. Before you tap the markets, you want to increase the value, make sure it’s run well.”

The DBP will also be requesting for dividend relief this year, Mr. De Jesus said.

“We’ll also seek that for this year. Every year. We’ve been doing that dividend relief for the past, I think six, seven years so we can build our capital. We seek that from Malacañang.”

In 2023, President Ferdinand R. Marcos, Jr. signed an executive order exempting both banks from their dividend obligations as compensation for providing seed capital to the MIC.

LANDBANK: NO NEED FOR EXTENSION
Meanwhile, LANDBANK said it is not planning to request for an extension of regulatory relief.

“We have had a discussion before that the regulatory relief was actually good for two or three years and that was really viewed from our perspective as a buffer,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz told reporters on Friday.

She said there is “no need” for the relief extension amid the bank’s sound financials.

“We have no need for that, and this is despite the P32 billion of dividends that we remitted to the government just last year. All of that was taken into consideration — P50 billion of Maharlika, P30 billion of dividends. And if you see the financials, of course, you still meet our Common Equity Tier 1 and CAR.”

She also noted that the state bank made “decent” income this year.

“This year, we’ve also done a lot of assessments around risks, risk management. Our balance sheet is very prudent and so we’ve had to ensure that our risks, our provisions, are done well and sufficient.” 

“The numbers relative to the year before are slightly lower. But if you look at it line by line, our loans, our investments, remain very strong.”

The bank is also looking to tap into the debt markets this year, with a special focus on sustainability.

“What we’d like actually is to really further grow our green portfolio, our sustainability portfolio, and we want to match it with bonds that are either green, blue, or sustainable,” she added. — Luisa Maria Jacinta C. Jocson

Philippine-US ties likely to steady as Trump ups ante on China

Donald J. Trump is set to assume the US presidency on Jan. 20. This file photo shows Mr. Trump wearing a traditional Barong Tagalog during his visit to Manila, Philippines on Nov. 12, 2017. — REUTERS

PHILIPPINE PRESIDENT Ferdinand R. Marcos, Jr. might need to persuade US President-elect Donald J. Trump about the wisdom of continuing to deepen trade ties between the two nations amid the threat of higher US tariffs, according to analysts. 

“President Marcos, who seems to have a good relationship with President Trump, will want to develop a clear narrative about how trade with the Philippines benefits the US,” Raymond M. Powell, a fellow at Stanford University’s Gordian Knot Center for National Security Innovation, said in an X message. “Donald Trump is known to listen to compelling arguments from friends he trusts.” 

He noted that Mr. Trump was elected in part due to dissatisfaction with recent inflation trends, “so some of his advisors will likely counsel caution in making tariffs so broad-based that they drive up prices for average US consumers.”

Mr. Trump broached the idea of a “free and open” Indo-Pacific region when he first became president in 2017 at the Asia-Pacific Economic Forum in Manila. 

His successor, Joseph R. Biden, also supported the concept, launching the Indo-Pacific Economic Framework for Prosperity in 2022 with Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam. 

“I am cautiously optimistic that the Trump administration policy toward the Philippines on both security and economics will be consistent with the Biden administration’s,” said Gregory B. Poling, a fellow of the Southeast Asia program at the Center for Strategic and International Studies. 

He noted that the first Trump government deepened the alliance and US commitment to a free South China Sea, and that a number of Republican members of Congress close to Mr. Trump had helped push major funding commitments to the Philippines in 2024. 

“Trump’s pledge to impose universal tariffs on other countries will of course raise costs for US imports from the Philippines, but if those tariffs are imposed on every country, then it won’t harm the Philippines’ competitive advantage,” he added.

Mr. Poling said the US would likely remain committed to key priorities of a proposed Luzon Economic Corridor that include developing the Subic Freeport zone in Zambales province north of the Philippine capital. He added that it was the Trump government that had helped rescue the Hanjin Shipyard at the former site of a US military base when it went bankrupt.

The shipyard, owned by Hanjin Heavy Industries and Construction Philippines, was acquired by US private equity firm Cerberus Capital Management for $300 million in March 2022 after exclusive talks launched by a consortium of US and Australian companies in 2019 amid China’s interest in the shipyard.

“President-elect Trump is also clearly interested in reducing US vulnerability to Chinese market manipulations that he considers cheating,” Mr. Powell said.

“President Marcos will want to develop recommendations on how the Philippines, as a staunch friend of America, is a place that can help replace China as a trustworthy source of materials and components that can help reinvigorate the US manufacturing sector,” he added.

‘NOT JUST A TAKER’
The stability of the South China Sea and the wider Indo-Pacific region amid China’s growing assertiveness at sea has been a cornerstone of Philippine-US relations.

Washington, which has a Mutual Defense Treaty with Manila, has always condemned the Chinese Coast Guard’s frequent use of water cannons to block Philippine resupply missions to Second Thomas Shoal where it has a handful of soldiers, and to Filipino fishermen near Scarborough Shoal.

Mr. Marcos, speaking before the Australian Parliament earlier in 2024, said his country was on the frontline of a battle for regional peace.

“Of course, President Marcos can also explain how the Philippines stands alone among the Southeast Asian nations in resisting China’s aggression in the region, and is therefore not just a ‘taker,’ but is actually a bold and determined ally in holding back Beijing’s plan to push the US out of Asia,” Mr. Powell said.

The Philippines under Mr. Marcos has pursued closer economic and defense ties with the US amid growing tensions with China.

The return to power of Mr. Trump, who has announced protectionist policies including higher tariffs after his presidential win, has raised questions for America’s Indo-Pacific allies including the Philippines, which has been a major beneficiary of Washington’s pivot to the region.

During the campaign, the populist leader said he wanted to impose 60% or higher tariffs on all Chinese goods and a 10% universal tariff.

The White House under Mr. Biden announced key economic projects for its former colony, including a commitment from its Department of Commerce and private sector to double the number of Philippine semiconductor plants as part of efforts to diversify American supply chains.

After a trilateral meeting among Mr. Marcos, Mr. Biden and former Japanese Prime Minister Fumio Kishida, the US bared a plan to put up an economic corridor on the main Philippine island of Luzon.

The so-called Luzon Economic Corridor seeks to boost connectivity between the capital Manila, Batangas province and Subic, Zambales and Clark, Pampanga — the site of two former US military bases.

The economic corridor, which is under the Indo-Pacific Economic Framework for Prosperity, also aims for other “high-impact” infrastructure projects such as ports and strategic investments in semiconductors, clean energy and supply chains. 

Frederick D. Go, Mr. Marcos’ investment and economic adviser, in November said the Asian Development Bank was finalizing the terms of the project’s feasibility study. “It’s all systems go. Right now, it’s for the Subic-Clark-Manila-Batangas Rail,” he said.

He added that trilateral partners that include the US and Japan had promised to pursue the Luzon Economic Corridor even under Mr. Trump. Other countries want to join the corridor, and the Philippines was in talks to make it “more inclusive to the other countries.”

‘STABLE AND GROWING’
Manila was set to submit proposed trade agreements to the US, Mr. Go said. “We certainly want to bring forward to the new Trump administration our various requests,” he said. “We have of course a few trade agreement requests that the Philippines would like to push that will enhance trade between the Philippines and the US.”

The US is the biggest destination of Philippine-made goods in November, with exports valued at $969.09 million or 17% of the total export sales. It was followed by Japan with $916.12 million (16.1% share) and China with $786.35 million (13.8%).

“US investments in the Philippines continue to be stable and growing,” Tereso O. Panga, director-general at the Philippine Economic Zone Authority (PEZA), said in a Viber message. “At the onset of the current administration, the Philippines made sure to renew and reinvigorate ties with the US.”

The early years of ex-President Rodrigo R. Duterte were marked by his anti-American rhetoric as he started a pivot to China away from the Philippines’ traditional western allies in 2016.

The tough-talking leader threatened on several occasions to terminate a US-Philippines visiting forces agreement as he accused Washington of failing to deliver on its military aid commitments.

Mr. Panga said the Marcos government is “consistently engaging” with the US International Trade Administration, an agency under the US Department of Commerce, to “further the presence of US businesses in the Philippines.”

He said many PEZA-registered US companies are long-term investors and are continually expanding in the Philippines. “A second Trump administration will continue with their policy as part of their thrust in ally-shoring.”

There are more than 300 US companies in the Philippines, 247 of which are in the information technology and business process outsourcing sectors and 70 in manufacturing, Mr. Panga said.

“PEZA remains the home of premier US locators and foresees this to continue onwards under President-elect Donald Trump.”

In his congratulatory message for Mr. Trump, Mr. Marcos cited “unshakable” Philippine-US ties that have been “tested in war and peace.”

“It is clear from his past actions and statements that Donald Trump favors protectionist tariffs as a key element in his program to restore the American industry and reduce trade imbalances,” Mr. Powell said. “There will be discussion about the imposition of tariffs on US trading partners, especially those which, like the Philippines, have a trade surplus with America.” — Kyle Aristophere T. Atienza

Wadhwani Foundation launches AI-powered skilling platform to bridge education-employment gap

At the Wadhwani Foundation Welcome Reception held at Yuchengco Museum, Makati City, President & CEO Dr. Ajay Kela shared that their free AI-powered platform equips Filipino learners with in-demand job skills and trains educators in AI-driven career counseling.

Wadhwani Foundation, a private philanthropic institution, offers a 24/7 mobile-first AI-powered skilling platform called Wadhwani GenieAI that includes multiple AI Co-Pilots to bridge critical gaps between education and employment in the Philippines.

The platform provides free career counseling tools and teacher training. The Foundation also offers grants of up to $1 million annually to organizations, supporting sustainable job creation and workforce upskilling.

A survey recently conducted by the Foundation revealed that only 10% of K-12 graduates immediately enter the job market. While 83% pursue university education, only 25% of these university enrollees graduate from higher education institutions.

The survey further showed that the remaining 75% who leave university without completing their degrees eventually join the workforce. Meanwhile, 1.5% of the graduates venture into entrepreneurship, while 5.5% fall into the category of “Not in Education, Employment, or Training.” These factors contribute to job instability and low wages.

“Our free AI-powered platform provides access to in-demand job skills that address the gaps in the school-to-work journey of K-12 students in the Philippines,” said Dr. Ajay Kela, president & CEO of Wadhwani Foundation. “We are excited to collaborate in the Philippines to leverage AI-driven solutions that empower students, improve public services, and generate jobs.”

The Foundation currently collaborates with over 60 partners across the Philippines, reaching 22,000 students through AI Co-Pilots. It helps students build in-demand job skills and make informed career choices, while also providing training for educators to deliver AI-driven career counseling.

Boosting Job Creation in PHL

To boost job creation in the Philippines, the Wadhwani Foundation, through its grant-making arm, Wadhwani Charitable Foundation (WCF), also offers grants up to $1 million annually to high-impact organizations.

“We are looking for nonprofit organizations, enterprises, and academic institutions that share our vision to boost job creation for the 21st-century workforce,” said Angela Chen-Delantar, vice-president for Skilling of Wadhwani Foundation.

“Our funding will help them expand impact, enabling us to reach 1 million lives by 2030 and providing more Filipinos with job opportunities for a better future.”

WCF seeks organizations in the country focused on job fulfillment or creation, with a proven track record of scaling impact. Ideal partners operate within a $1-million to $5-million budget, demonstrating strong leadership in their sector.

Aside from the annual funding, WCF provides comprehensive support to partner organizations including access to the GenieAI platform for job creation, skilling and placement, and opportunities to collaborate with the Foundation’s global network, leveraging expertise in program management and impact measurement.

The funding initiative is also offered in other emerging economies with large and growing youth populations such as Mexico, Brazil, and Indonesia.

The Wadhwani Foundation, a nonprofit tech organization founded in 2001 by Silicon Valley entrepreneur Dr. Romesh Wadhwani, is dedicated to accelerating job growth and improving lives across Asia, Africa, and Latin America.

Organizations can learn more about Wadhwani GenieAI at web.opportunity.wfglobal.org and apply for the grant via the Foundation’s website at www.wadhwanifoundation.org.

UP students board Holcim’s Circular Explorer for sustainable design fieldwork

Students of the Institute of Civil Engineering of the University of the Philippines Diliman experience what it’s like on-board the Circular Explorer and attend a further discussion about circular economy.

Engineering students from the University of the Philippines (UP) recently boarded the Circular Explorer, the solar-powered research and recycling vessel by Holcim currently making its rounds along coastal areas in the Philippines.

Held in partnership with One Earth-One Ocean and Asia Society for Social Improvement and Sustainable Transformation (ASSIST), the field activity is part of the elective course on Sustainable Design and Construction offered by the UP Diliman College of Engineering, in partnership with Holcim Philippines, Inc.

The course teaches aspiring engineers about sustainable practices in design and construction that balances economic, environmental, and social interests — the goal of Circular Economy, a primary advocacy of Holcim Philippines.

Louis Vincent Lee, a student from the Institute of Civil Engineering of the University of the Philippines Diliman, shared about his experience on the Circular Explorer, saying, “It was an eye-opening and eye-catching experience to see all these sustainable technologies being incorporated in solving a big problem like plastic pollution in an area as infamous as Manila Bay. I hope to incorporate these things in my own field in the construction of sustainable homes and sustainable infrastructure.”

Meanwhile, Assistant Professor John Christian Quero of the University of the Philippines Institute of Engineering shared his gratitude to Holcim Philippines and One Earth-One Ocean for giving the opportunity to experience its revolutionary facility, saying, “the Circular Explorer gave us an idea that science can be used to solve these problems and help elevate the lifestyle and the state of living of our fellow Filipinos.”

A true testament to Holcim Philippines’ commitment to circular economy is the Circular Explorer, the first-of-its-kind 100% solar-powered catamaran that recovers up to four tons of plastic waste per day to preserve vital marine ecosystems in a sustainable way. Using data collected through built-in sensors, Holcim also provides vital ocean data to support research programs of the UP Marine Science Institute (UPMSI), the Department of Science and Technology, and their global counterparts.

Aside from the field trip to the Circular Explorer, students of the course have also recently completed presenting their respective final projects on sustainable infrastructure using Holcim’s Sustainable Construction pillars — Healthy Planet, Thriving Communities, Viable Economics, and Uplifting Places.

Bitget Builders reaches over 5,000 members, plans expansion in the Philippines

Vugar Usi Zade, COO at Bitget, shares how they plan to bring crypto and Web3 to Filipinos.

Bitget, a cryptocurrency exchange platform and Web3 company, is taking its ‘Bitget Builders Program’ to soaring heights as it celebrates reaching 5,000 connections and aims to expand its global recruitment initiative to more places like the Philippines.

Launched in June 2023, the Bitget Builders Program fosters a network of individuals passionate about the drive of cryptocurrency adoption and has already amassed a network of over 5,000 participants from 55 countries, with 1,300 actively contributing to Bitget’s success.

With the expansion, the program aims to engage with Filipino crypto enthusiasts, influencers, and community leaders to lead the charge in spreading blockchain innovation.

The program offers participants tailored incentives, exclusive rewards, and access to tools that enable them to grow professionally while contributing to Bitget’s global expansion. Outstanding participants will also have opportunities to engage in global and regional events, having a platform for local crypto enthusiasts to showcase their knowledge and represent the country on the world stage.

“The awareness for crypto and blockchain is increasing daily. We’re growing at a fast pace to keep up with the market’s demands,” Vugar Usi Zade, COO at Bitget, said. “We see this as an opportunity to leverage our platform to accelerate mainstream adoption and support people who want to do the same. By engaging with our communities, we aim to create an army of supporters that share the same vision as Bitget — bringing crypto to all.”

This initiative is spearheaded by Bitget’s Blockchain4Youth, an initiative that aims to empower young talents and foster innovation within the crypto space. Launched in May 2023, this initiative aligns with Bitget’s vision of nurturing a new generation of leaders who can drive global adoption of blockchain technology to anchor young talents onto the crypto space.

In its next phase, the program plans to include offline meetups and regional tours, bringing both global and local advocates together. These initiatives will allow Filipino builders more opportunities to collaborate, share ideas, and deepen their understanding of blockchain technology in a more personal and impactful way. Bitget hopes to promote community-building and empower builders to contribute to the program’s growth and innovation.

Filipinos who want to join the program can visit https://www.bitget.com/incubation-program.

Benilde introduces new course to encourage technology in business

Business Solutions and Applications Program Chairperson Henry DV. Castro, Ph.D., along with the students

De La Salle-College of Saint Benilde (DLS-CSB) has launched a new degree program, the Bachelor of Science in Business Administration Major in Business Solutions and Applications (BSBA-BSAA), aimed at equipping students with advanced technology skills to address operational challenges in the digital age.

The program merges business management with technology solutions and educational discipline to prepare graduates to become adept in organization-specific IT systems to streamline business operations and improve productivity.

This low-code or no-code business course is ideal for aspiring professionals without going through the complexities of software development.

The roster of faculty members of BSBA-BSAA, composed of seasoned practitioners and academicians, mentor students to evaluate business requirements and implement tech management solutions, as well as enhance their business management skills for different industries.

The core courses cover managerial accounting, business economics strategic, business laws, business finance, applied statistics, business and income taxation, management and business policy professional, and quality and business process improvement. Computer applications final project, international business agreement, and social entrepreneurship, responsibility and sustainability are also essential subjects.

Major courses are also retained in the curriculum, which consists of advanced office applications, business accounting, introduction to business processes, and enterprise inventory management. It will likewise include enterprise logistics and distribution, fundamentals of business analytics, lean sigma, business case development — business process, and project management.

Another milestone of BSAA is the addition of the FinTech elective, which involves the use of newly developed technology to digitize and automate traditional financial services and products.

Other new offerings include leadership, blue ocean strategy, business continuity planning, scrum project management framework, and operations.

The students are also expected to go on academic immersions with co-curricular activities in collaboration with local and international institutions.

The nine-trimester course under the School of Management and Information Technology allows its graduates to tread various professions, such as entrepreneur, business growth analyst, systems analyst, report author or developer, project manager, IT consultant, IT manager, and solutions architect.

New mining reporting rules in effect

Companies are directed to provide technical reports on exploration results, exploration targets, mineral resources, mineral reserves, and metallurgical assessment and design. — PHILSTAR FILE PHOTO

NEW mineral reporting rules take effect today, Jan. 13, requiring mining companies to submit exploration results both quarterly and annually, according to the Philippine Stock Exchange (PSE).

The PSE said in a notice dated Jan. 8 that the Securities and Exchange Commission (SEC) had approved the implementing rules and regulations (IRR) of the Philippine Mineral Reporting Code 2020 (PMRC 2020).

The IRR, which takes effect on Jan. 13, states that annual reports from mining companies must include exploration results, exploration targets, mineral resources, and mineral reserves.

The rules also say that quarterly reports must include any exploration results from that period.

“Only public reports that comply with the reporting standards under the PMRC 2020 and the guidelines under the PMRC 2020 IRR shall be accepted by the exchange for listing and/or disclosure purposes,” the PSE notice said.

The IRR also mandates the disclosure of environmental, social, and governance considerations, which may be voluntarily included in the companies’ technical reports until they are required to report using a reporting framework in accordance with international financial reporting standards (IFRS) S1, IFRS S2, and any future sustainability standards to be adopted by the SEC.

Meanwhile, the PSE said all public reports of covered entities submitted on or after Jan. 13 should comply with PMRC 2020 and its IRR.

The market operator added that there is a two-year transitory period for the submission of technical reports of all covered entities.

Companies are directed to provide technical reports on exploration results, exploration targets, mineral resources, mineral reserves, and metallurgical assessment and design to the PSE relevant to their mineral property within two years from the date of the IRR’s effectivity.

However, the PSE said the two-year transitory period is not applicable to companies with capital-raising activities through the bourse.

“For these companies, technical reports that are fully compliant with the provisions of the PMRC 2020 IRR must be submitted to the exchange upon filing of the relevant listing application,” the PSE said.

The value of the country’s metallic mineral production for the first nine months of 2024 climbed by 3.17% to P195.92 billion, data from Mines and Geosciences Bureau showed.

“We fully support the PSE’s mandate to uphold transparency and accountability among listed mining companies,” Global Ferronickel Holdings, Inc. (FNI) President Dante R. Bravo said in a Viber message.

“Since FNI became public in 2014, we have ensured timely and comprehensive disclosure of exploration results, exploration targets, mineral resources, and mineral reserves as it aligns with our commitment to good governance, investor confidence, and responsible mining,” he added. — Revin Mikhael D. Ochave

D&L sees growth with easing inflation, election spending

PHILSTAR FILE PHOTO

D&L INDUSTRIES, Inc., a listed producer of specialty food ingredients and oleochemicals, sees a positive financial performance this year, citing easing inflation and increased spending due to the midterm elections.

“Looking forward, it’s making us more optimistic this year with inflation much lower. Costs are much lower. There is more breathing room now for consumers. Hopefully, it means more money to spend and a better economy,” D&L President Alvin D. Lao told reporters last week.

“Spending in the economy during a presidential election is much higher compared to a midterm election, but there is still an increase. As long as the economy is doing well, then we are a beneficiary,” he added.

Full-year inflation averaged 3.2% in 2024, slower than the 6% in 2023. This marked the first time that full-year inflation fell within the central bank’s 2-4% target since 2021.

In December, Philippine inflation accelerated to 2.9% from 2.5% in November. The Philippines will have its midterm elections on May 12.

Mr. Lao said D&L’s profitability has been challenged by high inflation, which tempered consumer spending.

“If you look at how prices went up so much, especially during the pandemic, everything was very expensive. For consumers, their pockets were hurt. Rice prices really went up in the last two years,” he said.

Mr. Lao said D&L could also benefit from the expected recovery of the country’s tourism sector.

Department of Tourism (DoT) data showed that the country logged 5.9 million foreign arrivals in 2024, missing the government’s target of 7.7 million, but higher than the 5.45 million in 2023.

Despite the lower foreign arrivals, the DoT reached a new high of P760.5 billion in tourism receipts last year.

Mr. Lao also said D&L is looking at the possibility of converting some of its other operations to meet the surging demand for biodiesel.

“The demand is quite strong,” he said.

In October last year, the biodiesel fuel blend was raised to 3% on order of the Department of Energy. The blend will further increase to 4% by Oct. this year and to 5% a year after.

With the scheduled blend increase in October, Mr. Lao said orders from oil companies are expected to start increasing around two months before implementation.

D&L shares were last traded on Jan. 10 at P6 apiece. — Revin Mikhael D. Ochave