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Peso may drop further against dollar on escalating Iran-Israel conflict

BW FILE PHOTO

THE PESO could weaken further against the dollar this week amid heightened geopolitical risks as Israel and Iran exchanged attacks.

The local unit closed at P56.21 per dollar on Friday, sinking by 32.5 centavos from its P55.885 finish on Wednesday, Bankers Association of the Philippines data showed.

This was the peso’s weakest finish in almost seven weeks or since its P56.42 close on April 28. This also marked the first time that the local unit ended at the P56 level since April 29’s P56.145-a-dollar close.

Week on week, the peso plummeted by 59 centavos from its P55.62 finish on June 5.

The peso depreciated against the dollar on Friday due to the fresh escalation in the conflict between Israel and Iran, a trader said in a phone interview.

The local unit dropped on Friday as global oil prices surged to near four-year highs after Israel’s attack, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The worsening of the situation in the Middle East could keep the peso at the P56 level this week, the trader said.

The trader sees the peso moving between P55.90 and P56.30 per dollar this week, while Mr. Ricafort expects it to range from P55.90 to P56.40.

The US dollar advanced against major currencies, including the euro and yen, on Friday as markets grabbed safe-haven assets as geopolitical tensions in the Middle East following an Israeli attack on Iran, Reuters reported.

In afternoon trading, the dollar gained 0.3% to 143.88 against the Japanese yen and rose 0.1% to 0.8110 franc against the Swiss currency, with the greenback on track to snap two straight sessions of losses against safe-haven currencies.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, climbed 0.5% to 98.2, snapping two straight sessions of losses. It was still set for a second consecutive week of losses.

Israel and Iran launched fresh attacks on each other overnight into Sunday, stoking fears of a wider conflict after Israel expanded its surprise campaign against its main rival with a strike on the world’s biggest gas field.

Tehran called off nuclear talks that Washington had said were the only way to halt Israel’s bombing, while Israeli Prime Minister Benjamin Netanyahu said the attacks were nothing compared with what Iran would see in the coming days.

The latest wave of Iranian attacks began shortly after 11:00 p.m. on Saturday (2000 GMT), when air raid sirens blared in Jerusalem and Haifa, sending around a million people into bomb shelters.

Around 2:30 a.m. local time (2330 GMT Saturday), the Israeli military warned of another incoming missile barrage and urged residents to seek shelter. Explosions echoed through Tel Aviv and Jerusalem as missiles streaked across the skies as interceptor rockets were launched in response. The military lifted its shelter-in-place advisory nearly an hour after issuing the warning.

US President Donald J. Trump had warned Iran of worse to come, but said it was not too late to halt the Israeli campaign if Tehran accepted a sharp downgrading of its nuclear program. — A.M.C. Sy with Reuters

GOCC subsidies decline 48% in April

SUBSIDIES extended to government-owned and -controlled corporations (GOCCs) declined 47.53% to P14.54 billion in April, the Bureau of the Treasury (BTr) reported.

The BTr reported that month on month, GOCC subsidies rose 36.82% compared to March.

In April, the Power Sector Assets and Liabilities Management Corp. (PSALM) received the most subsidies of P8 billion, accounting for 55% of the total.

This was also the first time PSALM received subsidies during the year.

The National Irrigation Administration (NIA) received P3.76 billion, followed by the National Food Authority with P750 million and the Philippine Rice Research Institute P561 million.

GOCCs that were provided at least P200 million in subsidies were the Small Business Corp. (P313 million), the National Power Corp. (P207 million), the Philippine Heart Center (P184 million), the Philippine Children’s Medical Center (P134 million), the National Kidney Transplant Institute (P124 million), and the Philippine Coconut Authority (P111 million).

Receiving P74 million was the Light Rail Transit Authority. Additionally, P60 million went to the National Dairy Authority, P59 million to the Lung Center of the Philippines, P40 million to the Tourism Promotions Board, P35 million to the Cultural Center of the Philippines, P24 million to the Philippine Institute for Development Studies, and P20 million to the Center for International Trade Expositions and Missions.

The rest of the recipients were the People’s Television Network, Inc. (P18 million), the Metropolitan Waterworks and Sewerage System (P14 million), the Philippine Institute of Traditional and Alternative Health Care (P12 million), the  Subic Bay Metropolitan Authority (P9 million), the Philippine National Railways (P9 million), the Land Bank of the Philippines and the Southern Philippines Development Authority (P7 million).

GOCCs that received no subsidies were the National Housing Authority, the Bases Conversion Development Authority, the Development Academy of the Philippines, the Intercontinental Broadcasting Corp.-13, the Philippine Center for Economic Development, the Philippine Crop Insurance Corp. (PCIC), the Philippine Fisheries Development Authority, the Philippine Tax Academy, the Sugar Regulatory Administration the Zamboanga City Special Economic Zone Authority, and the Aurora Pacific Economic Zone and Freeport Authority.

In the first four months of 2025, subsidies to state-run firms fell 21.51% year on year to P37.13 billion.

PSALM was the top recipient during the quarter with P8 billion in subsidies, followed by the NIA with P11.80 billion and the NFA with P3 billion.

State-owned firms receive monthly subsidies from the National Government to support their daily operations if their revenue is insufficient. — Aubrey Rose A. Inosante

The current state of the global IPO market

IN BRIEF:

• Major global markets are seeing a rise in profitable IPOs, but overall investor enthusiasm remains subdued.

• Privately-owned companies that are used to their ‘old ways’ may need to ‘reinvent’ how they use technology in their business and generate real-time operating and financial information for more agile decision-making in relation to governance, operations and finance.

•Companies are increasingly integrating artificial intelligence (AI) into their strategies to attract investor interest and drive growth.

According to the EY Global IPO Trends Q1 2025, the global IPO landscape experienced a notable 20% increase in value year on year in the first quarter of 2025, despite significant geopolitical uncertainties. This period has been characterized by considerable market disruptions and complex factors affecting investor sentiment. The new US administration’s extensive policy agenda hints at potential shifts in geopolitical and regulatory landscapes, trade and tax policies, and immigration strategies, presenting both opportunities and risks on a global scale. Concurrently, the emergence of more affordable artificial intelligence (AI) models has heightened competition, leading to increased investor apprehension.

As geopolitical tensions rise and economic conditions fluctuate, businesses are increasingly looking to public markets to secure funding and drive growth. This environment has prompted firms to refine their strategies, focusing on demonstrating financial stability and innovation to attract discerning investors. The integration of advanced technologies, particularly artificial intelligence, is becoming a focal point for many companies as they seek to differentiate themselves and capitalize on emerging market trends.

Despite these challenges, the global IPO market demonstrated resilience in Q1 2025, achieving year-on-year gains in both volume and value.

PROFITABLE IPOS AND MARKET ENTHUSIASM
In Q1 2025, the proportion of new IPOs that were profitable surged across most regions compared to the previous year, except for ASEAN and Japan. While the Chinese mainland has implemented strict regulatory measures to improve IPO quality, the overall increase in profitable debutants across various markets indicates a sustained investor interest in financially sound companies. Notably, the percentage of profitable listings in the US and India saw significant growth this quarter, driven by strong demand, enhanced pricing power, and effective cost management.

However, despite the rise in profitable IPOs, investor enthusiasm remains muted. Heightened market uncertainty, influenced by trade tensions and the new economic policies under US President Donald Trump, regulatory changes in most countries, and the disruptive rise of AI competitors, have led investors to adopt a more selective approach, seeking secure and predictable returns. Companies are now required to demonstrate robust financial performance and potential for value creation to attract investment.

Among the IPO cohort, only the US and Chinese mainland experienced an increase in median first-day IPO returns, while other markets saw declines. This reflects a selective resilience rather than widespread positive performance in the IPO space.

AI’S TRANSFORMATIVE IMPACT ON IPOS
AI is reshaping the business landscape, significantly affecting the growth trajectories of companies preparing for IPOs. Its integration into business models is redefining how firms approach public offerings. Retail investors are particularly interested in stocks poised to leverage AI for growth, especially in sectors like media, FinTech, and healthcare.

Recent filings indicate that a substantial percentage of IPO candidates across various sectors are highlighting AI in their disclosures, emphasizing its role in driving innovation and operational efficiency. This trend underscores AI’s growing importance in corporate strategies and investor narratives.

FILLING THE IPO PIPELINE
While the global IPO pipelines across all sectors have surged YOY in Q1 2025, completed listings have only increased in half of the sectors compared to the previous year. The Industrials and Real Estate, Hospitality, and Construction sectors are leading in terms of confidence and growth in IPO pipelines.

Despite the mixed performance, the Health and Life Sciences sector has shown strength, with a significant increase in new candidates and completed IPOs. The Technology, Media, and Telecommunications sectors also rebounded, driven by strong growth in the US and larger deals in India and South Korea.

WHAT ABOUT THE PHILIPPINE CAPITAL MARKETS?
According to the BusinessWorld Insights: Stock Market 2025 forum, analysts believe it will be challenging for the Philippines to meet its target of six IPOs this year, as issuers await better market conditions and higher valuations. Despite ongoing interest from companies, market performance is crucial for larger IPOs, with smaller ones potentially faring better if conditions do not improve. The Philippine Stock Exchange (PSE) missed its IPO target in 2024, achieving only three listings. Looking ahead to 2025, despite the influence and impact of the global headwinds, the local capital market is expected to recover, with projections indicating a bullish outlook and a potential rise in the PSE index.

More recently, there have been positive developments that can encourage local listings. On May 30, President Ferdinand Marcos, Jr. signed Republic Act No. 12214, or the Capital Markets Efficiency Promotion Act (CMEPA), which will bring long-awaited reforms to the Philippine capital markets by modernizing the tax system on passive income, making it more competitive, regionally aligned, and investor-friendly.

CMEPA is expected to help strengthen liquidity, increase trading activities and accelerate capital formation in the local capital market. Furthermore, the appointment of a new chairman of the Securities and Exchange Commission, Francis Ed Lim, the former president of the PSE, is expected to usher in more reforms that will make the capital market more accessible.

NAVIGATING UNCERTAINTY
As inflation expectations rise and geopolitical tensions persist, companies planning to go public this year must be well-prepared and adopt agile strategies to navigate the volatile market conditions. Those looking to list will need to demonstrate readiness to capitalize on the opportunities that arise when market volatility decreases.

The global IPO market is witnessing a significant increase in profitable listings, yet investor enthusiasm remains cautious. The Aerospace and Defense sector is experiencing growth due to heightened defense spending amid geopolitical tensions. Additionally, AI is becoming a crucial element in the strategies of companies preparing for IPOs, influencing investor interest and market dynamics. As market participants navigate these complexities, preparedness and adaptability will be key to successfully capitalizing on emerging opportunities.

Looking ahead, the ability of companies to effectively communicate their value propositions and growth potential will be critical in attracting investors in this competitive landscape. Companies that leverage data-driven insights and innovative technologies will likely stand out, fostering confidence among potential stakeholders. Privately owned companies that are used to their ‘old ways’ may need to ‘reinvent’ how they use technology in their business and generate real-time operating and financial information for more agile decision-making in relation to governance, operations and finance.

Moreover, as regulatory environments evolve and new market trends emerge, staying informed will be essential for companies aiming to thrive in the IPO space. By prioritizing transparency and strategic planning, businesses can position themselves favorably to weather the current economic, socio- and geopolitical uncertainties and seize the opportunities that lie ahead in the dynamic IPO market.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the author and do not necessarily represent the views of SGV & Co.

 

Kristopher S. Catalan is the Philippine EY private leader and an assurance partner of SGV & Co.

Unknown Heart Padilla rules National Juniors Girls chessfest

WGM Janelle Frayna (left), Heart Padilla (center) and NCFP CEO Jayson Gonzales

UNHERALDED Heart Padilla capped her fairy tale run by ruling the National Juniors Girls Chess Championship ahead of the big guns at the GMall in Cebu over the weekend.

Ms. Padilla, a 19-year-old native of Iba, Zambales, scored 7.5 points in nine rounds including a final-round victory over LJ Getubig of Tagoloan, Misamis Oriental to rule the weeklong event and claim a slot to the Asian Juniors Championships set July 18 to 27 in Colombo, Sri Lanka.

It was a stunning effort for Ms. Padilla, who finished ahead of pre-tournament favorites Mhage Gerriahlou Sebastian, a former winner here, and Woman FIDE Master Ruelle Canino, the reigning national women’s titlist.

Ms. Sebastian wound up second with seven points while Ms. Canino third with seven in this event organized by the National Chess Federation of the Philippines and backed by the Philippine Sports Commission.

Alekhin Nouri, for his part, reigned supreme in the open section to claim his second national juniors crown after winning it all four years ago.

The 19-year-old Mr. Nouri downed Oscar Joseph Cantela in the ninth round, finished tied for first with fellow FIDE Master Mark Jay Bacojo and Jerish John Velarde with 7.5 points apiece before emerging with the best tiebreak score over the latter two to snatch the gold.

Mr. Bacojo ended up second while Mr. Velarde third.

Meanwhile, 13-year-old Al Basher Buto likewise pulled off a shocker after winning the Under-20 open blitz section by scoring eight points out of nine and finishing ahead of older, fancied rivals. — Joey Villar

Alas team setter Julia de Guzman: Losses, failures are necessary parts of the process of becoming a better team

JULIA DE GUZMAN — FACEBOOK.COM/VOLLEYBALL.PHI

SUCCESS takes time.

This was the reminder of Alas Pilipinas team captain Julia “Jia” de Guzman after the team settled for the silver medal after absorbing a painful 25-15, 25-17, 25-14 beating at the hands of the menacing Vietnam in Saturday’s AVC Nations Cup finals at the Dong Anh Arena in Hanoi.

“It takes time and loads of patience to build a culture that focuses more on the journey and growth over immediate results,” said the Nationals’ star setter. “Where other people only see wins or losses, achievements or failures, perfection or mistakes, we see all of it as necessary parts of the process of becoming a better team.”

“This is why we try to keep the same players, and also add more to the pool,” she added.

The stinging lopsided finals defeat didn’t actually tell the whole story.

In fact, just being in the finals and snaring that silver, was a feat in itself as it was the country’s best finish in the sport in the Asian level, eclipsing the bronze the country copped in last year’s edition of this same meet at the Rizal Memorial Coliseum.

And for Ms. De Guzman and the Filipinas, that silver shone as bright as Vietnam’s gold.

“When we make the mistake of putting all the weight on a ‘game win’ or ‘historic feat’ to count a day or tournament as successful, it’s easy to be blind to the progress, small wins and experience that was actually achieved,” she said.

“But when we truly live in the moment and give full respect to the process, we learn the most and the results will eventually follow.”

After the Hanoi tilt, there will be no rest for the weary Alas side as it shifts its focus on its next tournament ahead — the VTV Cup slated June 28 to July 5 in Vinh Phuc also in Vietnam.

There, the Nationals will have a chance to learn and settle an old score with their recent tormentors, the Vietnamese as they are bracketed together in Pool A alongside China’s Sichuan Wuliangchun and Australia.

“Step by step, Philippines. On to the next,” said Ms. De Guzman. — Joey Villar

Eala beats Gracheva in Nottingham Open qualifiers

IT did not take long for Alexandra “Alex” Eala to bounce back in a bid to prepare best for her main draw debut in the 2025 Wimbledon on June 30 to July 11 in London.

Following a quarterfinal exit in the Ilkley Open, Ms. Eala hacked out a 6-3, 3-6, 6-3 win against France’s Varvara Gracheva in the Nottingham Open qualifiers over the weekend in Great Britain.

Ms. Eala, Women’s Tennis Association (WTA) No. 77, recovered from a second-set meltdown to beat Ms. Gracheva, WTA No. 104, in two hours and barge into the finale of the qualifying round.

Up next for the 20-year-old Ms. Eala is WTA No. 87 Aica Todoni of Romania for a seat in the main draw. Ms. Todoni beat home bet Jodie Burrage, 7-6(2), 6-1.

Ms. Eala last week scored two wins in the nearby Ilkley before running out of gas against defending champion Rebecca Marino of Canada, 6-1, 0-6, 6(4)-7, in the quarterfinals.

She previously beat Filipina-Australian Lizette Cabrera, 7-6(4), 6-3, and Swiss bet Valentina Ryser, 6-1, 6-2 for a good warm-up heading to Wimbledon.

The Wimbledon will be the second straight Grand Slam tourney for Ms. Eala this year after barging into WTA’s elite Top 100 rankings to become eligible in all major main draws. — John Bryan Ulanday

UP Fighting Maroons partner with Puma as outfitter for the UAAP Season 88

REIGNING champion University of the Philippines (UP) just gained a solid backing for its title retention bid in the upcoming UAAP Season 88.

The UP Fighting Maroons partnered with Puma that will serve as its official outfitter for next season and beyond after inking a multi-year deal over the weekend at the Puma Flagship Store at the SM North Edsa in Quezon City.

The UP-Puma partnership is part of the sneaker’s brand to reaffirm its presence in the local basketball scene.

And the Fighting Maroons could not be proud enough to be among the world sports’ biggest stars that should serve handy in their mission to defend the UAAP crown.

“We’re truly grateful to Puma and the No Where To Go But UP foundation for this exciting journey. We started also with a lot of adversity,” said UP Office For Athletics and Sports Development Director Bo Perasol.

“We want to thank Puma for believing in the team, believing in UP and especially believing in the UP brand,” added No Where To Go But UP president Aruba Flores-Opida.

The UP-Puma tie-up came in the nick of time for UP’s trip to Serbia in a rigid training camp starting this week until July as part of its early preparations for Season 88.

All of the Fighting Maroons players attended the signing ceremony led by team captain Gerry Abadiano while the UP coaching staff was represented by assistant Christian Luanzon as head coach Goldwin Monteverde already flew first to Novi Sad in Serbia. — John Bryan Ulanday

Sam Burns leads 2025 US Open; Scott and Spaun sit one shot back

SAM BURNS — REUTERS/CHARLES LECLAIRE-IMAGN IMAGES

OAKMONT, Pennsylvania — Sam Burns moved closer to a major breakthrough as he held a one-shot lead over Australian Adam Scott, who turned back the clock to enter the mix, and J.J. Spaun after the third round of the US Open on Saturday at Oakmont Country Club.

Burns and Spaun took turns trading or sharing the lead for much of the day but it was the former who finished in front with a one-under-par 69 that brought him to four under on the week at the major that is considered golf’s toughest test.

A five-time winner on the PGA Tour who lost in a playoff last week in Canada, Burns was inconsistent off the tee but managed to lean on other aspects of his game to move into the driver’s seat at Oakmont.

“When I got out of position I feel like I did a good job of getting myself back in the fairway, having a wedge or short iron in my hand and giving myself a chance for par,” said Burns.

“I was able to convert some of those and kind of kept the momentum going. So that was kind of key to the round today.”

Burns dropped into a three-way share of the lead with Spaun and Scott after missing a six-foot par putt at 16 but never wavered and delivered a bounce-back birdie at 17 after stuffing his approach seven inches from the hole for a tap-in birdie.

Not to be outdone, playing partner Spaun birdied the same hole from 13 feet to end his string of 12 consecutive pars and grab a share of the lead before an errant tee shot at the last led to a closing bogey for a 69.

“I’m just happy I’m still within shouting distance going into tomorrow,” said Spaun.

‘EXCLAMATION POINT’
Scott, the 2013 Masters champion who is playing his 96th consecutive major, missed several birdie putts but converted three on the back nine for 67, equalling the low round of the day and will play in Sunday’s final pairing with Burns.

For Scott, whose lone major came at the 2013 Masters, a win on Sunday would set the record for longest time between a player winning his first and second majors, something that is not lost on the 44-year-old Australian.

“Everyone out here has got their journey, you know. Putting ourselves in these positions doesn’t just happen by fluke. It’s not easy to do it,” said Scott.

“If I were to come away with it tomorrow, it would be a hell of a round of golf and an exclamation point on my career.”

World number 14 Viktor Hovland (70) was alone in fourth place and three shots off the pace.

LIV Golf’s Carlos Ortiz was enjoying a rather stress-free trip around the notoriously treacherous Oakmont layout until a closing bogey, but still signed for a 67 that left him at even par on the week and alone in fifth place.

Fellow LIV player Tyrell Hatton (68) was a further shot back in sixth place with South African Thriston Lawrence (70).

Pre-tournament favorite Scottie Scheffler was unable to make a big move as he mixed four bogeys with four birdies for an even-par 70 that left him at four over.

“I felt like I had a hard time getting momentum,” said Scheffler. “I made a few silly mistakes out there, a couple three-putts, which is just a killer.”

Rory McIlroy, trying to shake off a Masters hangover since completing the career Grand Slam at Augusta in April, started the day nine shots off the lead and carded a four-over-par 74 that left him at 10 over. — Reuters

Clark returns

Considering the highly touted Fever’s losing slate, even casual observers knew they needed a change — any change, really — to turn their season around. And, needless to say, the imperative was underscored all the more heading into their scheduled matchup yesterday; the league-leading Liberty were in town, and they needed to be at their level best if they aimed to stay competitive. Fortunately, there was one crucial turn of events in their favor: Starting point guard Caitlin Clark had been cleared to play without restriction following a lengthy absence due to a left quadriceps strain.

To say Clark’s return was a welcome development for the Fever would be to understate the obvious. In the 19 days she spent convalescing from her injury, the red, blue, and gold went a decidedly pedestrian two and three. And they were especially putrid in their last contest, scoring an anemic 58 points and posting fewer rebounds, assists, blocks, and steals than the host Dream. Clearly, they suffered from an identity crisis sans their roster’s foundational piece. Which was why all and sundry knew her mere presence would be a difference maker.

Creditably, Clark hit the ground running. She put up 14 markers in the first quarter, and then added 11 more in the second to eclipse her career high in a half. And when the adrenaline wore off and fresh legs gave way to rust, she went about directing traffic to get those around her involved as well. Her final tallies: 32 points on 55% shooting from the field, eight rebounds, and nine assists. She may have also had as many turnovers as three-point makes at seven, but it was evident that her vision and skill set transformed the Fever from mediocre to transcendent.

Up next for the Fever: a meeting with the lowly Sun in two days. Until then, there will be more time for the retooled lineup to get in sync. At stake is a spot in the Commissioner’s Cup Final, where the West’s best (either the Lynx or the Storm) will await. As head coach Stephanie White noted, “every single day, we take one step forward together. We’re building trust.” And, needless to say, Clark will be at the forefront of the campaign.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

NEA restores power in Siquijor

PHILIPPINE STAR/RYAN BALDEMOR

THE PHILIPPINE government has restored electricity across Siquijor province following days of rotating blackouts, meeting a deadline set by President Ferdinand R. Marcos, Jr., for resolving the island’s power crisis.

In a statement on Sunday, the Presidential Communications Office (PCO) said the National Electrification Administration (NEA) stabilized the electricity supply in the province by June 14, one day ahead of the June 15 deadline imposed by Mr. Marcos.

The outages, which began earlier this month, were linked to capacity shortfalls and technical problems involving the island’s independent power provider, Siquijor Island Power Corporation (SIPCOR).

In response, NEA worked with the local utility, Province of Siquijor Electric Cooperative, to repair existing generators and import additional units.

A generator from the Palawan Electric Cooperative was also shipped and installed on the island, while SIPCOR deployed rental generator sets to meet demand. The combined capacity now reaches 11 megawatts (MW), surpassing the island’s peak demand of 9 MW, with a buffer to prevent future interruptions.

The President last week guaranteed there would be a long-term solution to the power shortage in the island province in six months. — Chloe Mari A. Hufana

Bill for health workers to be refiled

PHILIPPINE STAR/ MICHAEL VARCAS

THE PROPOSED Magna Carta for village health workers will be refiled in the 20th Congress, a lawmaker said on Sunday, aiming to ease concerns among health workers who felt shortchanged after the bill was previously withdrawn.

The proposed measure for healthcare workers was rescinded by the House of Representatives over concerns about its funding sources, Party-list Rep. Angelica Natasha Co said.

“Prudence was the reason the House ratification of the Magna Carta of Barangay Health Workers was recalled,” she said in a statement. “The House recalled the ratified bill this time because there were lingering concerns about how and from which particular source the bill would get the funds for its implementation.”

“Rather than risk a veto later, the House exercised its discretion,” she added.

A labor leader last week said they felt cheated over the chamber’s decision to rescind the approval of the proposed measure, as village healthcare workers nationwide municipalities face stark wage disparities. Those in low-income areas earn as little as P50 per month, according to a UNI Global Union statement.

“I assure all the over 500,000 barangay healthcare workers nationwide and the over 202,000 who voted for the BHW (Barangay Health Wellness) Party-list on May 12 that the bill will not remain archived for long,” said Ms. Co.

“It will be refiled or resurrected, so to speak, and the version that will be refiled is the House-ratified Senate version, thereby preserving the time and effort invested in it,” she added. — Kenneth Christiane L. Basilio

Ecozones in Quirino province eyed

THE PHILIPPINE Economic Zone Authority (PEZA) is working with the Provincial Government of Quirino for the development of economic zones (ecozones) in the province.

In a statement, PEZA Director General Tereso O. Panga said that the agency’s partnership with local government units (LGUs) is part of its goal of bringing more economic opportunities to the countryside.

“This ensures that every region becomes a hub for innovation, industry, and inclusive growth, all within the vision of our president in uplifting the lives of Filipinos across the nation,” he added.

Mr. Panga’s statement came after officials from the Provincial Government of Quirino visited the agency to discuss proposed ecozone development projects and investment opportunities in the province.

In particular, Quirino Governor Dakila Carlo E. Cua said that his government is eyeing the establishment of an information technology park and agro-industrial and manufacturing ecozones.

“These proposed ecozones are part of a broader plan to boost local employment, improve logistics and connectivity, and attract both domestic and foreign investors,” said Mr. Cua.

Meanwhile, PEZA also received delegations from Catanduanes and Camarines Norte, which discussed the opportunities ecozones bring to provinces.

According to PEZA, most of the top-performing LGUs in terms of their share in the gross domestic product and investments generated in a recent Philippine Statistics Authority report are hosting ecozones.

“As such, we see a direct correlation between the level of socio-economic progress and the ecozones being hosted by LGUs,” it said.

“Those LGUs with a bigger number of ecozones and locator companies are far better with their growth and development compared to those that do not host or have fewer ecozones,” it added. — Justine Irish D. Tabile

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