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Philippine cinema icon Gloria Romero, 91

RENOWNED movie and TV actress Gloria Anne Galla-Gutierrez, better known by her stage name Gloria Romero, passed away on Jan. 25, her daughter Maritess Gutierrez announced.

In a post on social media, Ms. Gutierrez said, “It is with great sadness that we announce the passing of my beloved Mother, Gloria Galla Gutierrez, a.k.a. Gloria Romero, who peacefully joined our Creator earlier today, Jan. 25.”

“In this time of loss, our family deeply appreciates the support, prayers, sympathy, all the lovely messages and heartfelt condolences that we’ve received. She will surely be missed dearly,” she said.

Film Development Council of the Philippines’ chair Jose Javier Reyes, who directed Ms. Romero in various films, paid tribute to the screen legend on Facebook: “Rest eternal in the embrace of Our Father. You shall always be the Queen of Philippine Movies. Thank you for making our silver screen sparkle.”

The land development Eastwood City revealed in a Facebook post that candles, a black-and-white photo, and a bouquet of flowers have been placed on Ms. Romero’s star on its Walk of Fame to honor her life and legacy.

Her wake is being held at the Arlington Memorial Chapel, Araneta Ave., Quezon City. Public viewing is scheduled for Jan. 27 and 28.

Born in Denver, Colorado, USA, on Dec. 16, 1933, Ms. Romero got her start as an extra in the 1949 film Ang Bahay sa Lumang Gulod. She would eventually earn acclaim for her performances in Kasintahan sa Pangarap (1951) and Palasig and Monghita (1952). She also found critical recognition for her role in Dalagang Ilocana (1954), for which she received a FAMAS Best Actress nomination and actually won.

Ms. Romero’s career spans seven decades, with over 250 movie and TV productions. Some of her memorable projects are Hong Kong Holiday (1957), Nagbabagang Luha (1988), Tanging Yaman (2000), and Magnifico (2003).

In what turned out to be her final film, she starred alongside veteran movie and theater icons Eddie Garcia and Tony Mabesa in Rainbow’s Sunset, which won Best Picture at the 2018 Metro Manila Film Festival.

In ABS-CBN’s long running sitcom, Palibhasa Lalake (1987-1998), she played a heartwarming auntie Minerva, a role that further cemented her status as a movie and TV legend. Her onscreen daughter in the show was played by Amy Perez, who posted a tribute on her Instagram page.

“Mommy, I will miss you. Thank you for everything. Rest now in the loving arms of our Lord Jesus Christ. Love you forever,” Ms. Perez said in the post, along with a clip of the two of them in one of their shared scenes in the sitcom.

“Watching her movies felt like entering a world of magic, where she brought every character to life with such authenticity, elegance and grace,” said actress and ABS-CBN executive Charo Santos-Concio in a post on Instagram. “Never in my wildest dreams did I imagine that one day, I would have the honor of working with her.”

They worked together on the 1990 film Kapag Langit Ang Humatol, which Ms. Santos-Concio produced. “Tita Glo had this remarkable way of making everyone around her feel valued and respected. She treated every role with the same reverence,” she continued.

“She showed us how to carry success with humility, how to navigate challenges with grace, and how to leave a legacy that transcends time.”

Ms. Romero is survived by her only child Maritess Gutierrez (with actor Juancho Gutierrez who passed away in 2005). — Brontë H. Lacsamana

EPI subsidiary seeks ERC nod for P1.19-B transmission facility

PHILIPPINE STAR/ANTHONY ABAD

NORTHERN Palawan Power Generation Corp. (NPPGC), a subsidiary of Emerging Power, Inc. (EPI), is eyeing to link its 145-megawatt-peak (MWp) Cawag Solar Power Project in Subic, Zambales, to the Luzon grid via a transmission facility.

The company is seeking the approval of the Energy Regulatory Commission (ERC) to develop, own, operate, and maintain a dedicated point-to-point limited facility with an estimated cost of P1.19 billion, based on its filing with the ERC.

NPPGC plans to develop a solar power plant in Subic, Zambales. The initial phase of 70.011 MWp is targeted for commercial operations by November 2025, while the second phase of 74.996 MWp is by February 2026.

“To help address the need for additional capacity in the Luzon grid, NPPGC will develop and own a dedicated point-to-point limited transmission facility pursuant to Section 9(f) of EPIRA (Electric Power Industry Reform Act),” the company said.

NPPGC is proposing to transmit the project’s generated power to the grid via its direct connection to the 230-kV Subic (Hanjin) Substation of the National Grid Corp. of the Philippines (NGCP), through a dedicated interconnection facility.

The entry of the project, however, will require the expansion of the substation, as indicated in the NGCP-approved system impact study, the company said.

It said that it is currently negotiating with the NGCP regarding the possibility of advancing costs for implementing the upgrade of the substation for reimbursement by the grid operator at approximately P395.81 million, subject to the agreement of the parties.

In line with the target energization of the solar power project, the completion of the transmission facility is eyed by June for Phase 1 and by October for Phase 2 this year.

“The proposed connection of the project is the most viable and reasonable interconnection scheme considered, recommended, and evaluated by NPPGC that will enable it to dispatch the capacity of the project when the need arises,” the company said.

Last year, NPPGC entered into a power supply agreement with Aboitiz Energy Solutions, Inc. and Advent Energy, Inc., the retail electricity supplier units of Aboitiz Power Corp., for the supply of renewable energy.

The power supply will be sourced from Phase 1 of the Cawag Solar Power Project.

NPPGC is a subsidiary of publicly listed mining firm Nickel Asia Corp. (NAC) through EPI and is primarily engaged in the renewable energy business and in producing and generating electricity and processing alternative fuels for power generation.

In August last year, NAC said that EPI is on track to hit its target of achieving 1,000 MW of capacity by 2028. — Sheldeen Joy Talavera

Entertainment News (01/28/25)

SM celebrates Chinese New Year with discount promo

CELEBRATE Chinese New Year with a visit to SM Store as it takes the hassle out of holiday shopping, plus there are special discounts for the occasion. Looking for red and gold decorations to bring good luck into the home? SM Store has a selection of lanterns, banners, and charms. Planning an out-of-town trip? Check out the new luggage collection. For gifts there are special collections of accessories, beauty products, home essentials, and even Chinese snacks like hopia, tikoy, and more. In addition, with no minimum spend required, shoppers can enjoy an extra 10% off everything when they use their SMAC from Jan. 29 to Feb. 2. Celebrate the Year of the Snake in style with lucky clothes, shoes, snacks, and festive décor to bring in good vibes and fortune. For more details about this promo, visit smstore.com/cny/2025.

Chinese New Year at Greenhills, Estancia

KICKING off the Chinese New Year festivities on Jan. 29 in the City of San Juan is the Dragon & Lion Dance at the Greenhills Mall’s East Wing Atrium at 10 a.m., followed by fortune telling at noon and a Drum War at 2:30 p.m. Tikoy, desserts, and other trinkets and delicacies will be available at the Chinese New Year Pop-up from Jan. 31 to Feb. 2. Meanwhile, at Estancia Mall in Mandaluyong City, another Dragon & Lion Dance will be held on Jan. 29, starting at 10 a.m. Certified master feng shui consultant Joyce Co will then give a talk titled “Welcome the Year of the Snake” at 3 p.m., followed by a Chinese Cultural Dance at 4 p.m., and a Chinese Puppet Show at 5 p.m. The mall’s Chinese New Year Pop-up will be up until Feb. 2.

Robinsons leans into urban legend for Chinese New Year

ROBINSONS Galleria has set up eye-catching installations at the Atrium to get mallgoers in the Chinese New Year mood. There are also several activities at the department store until Jan. 31. First off is the 2025 Horoscope forecast at the Atrium area and a Lunar Lucky Fair sale. Shoppers also have a chance to win gift certificates by snapping and sharing z in the Robinsons Galleria fitting rooms, a reference to the snake of local urban legend. There is also a free photo booth at the department store from Jan. 29 to 31.

Culture Wars visits Manila for the 2nd time

ALT-ROCK band Culture Wars returns to Manila on Jan. 29, this time as part of Maroon 5’s Asia Tour. The Texas-based band first visited the Philippines last October as LANY’s opening act at the Philippine Arena. In the meantime, their latest single, “It Hurts,” has been released on all digital music streaming platforms. It is part of the band’s upcoming debut album which was mostly recorded in Los Angeles, California.

Paddington in Peru showing in PHL cinemas

AS did the first two Paddington films, Paddington in Peru has been garnering praise from audiences and film critics for its unique story, animation, and humor. The movie will open in Philippine cinemas on Jan. 29. The film sees the iconic bear in a brand-new adventure as he tries to get back to his roots and solve a mystery involving his family in his birthplace of Peru. The third Paddington film stars Hugh Bonneville, Emily Mortimer, Julie Walters, Jim Broadbent, Imelda Staunton, Carla Tous, Madeleine Harris, Samuel Joslin, Olivia Colman, and Antonio Banderas, with Ben Whishaw returning as the voice of Paddington.

RuPaul’s Drag Race World Tour to come to Manila, Cebu

THIS April, fans of RuPaul’s Drag Race will be able to see the live show in Manila and Cebu. On April 29, the production will be staged at the Waterfront Hotel, Cebu City, while on April 30 the show goes to the Araneta Coliseum in Quezon City. Presented by Voss Events and Wilbros Live, in collaboration with World of Wonder and MTV, the 2025 tour has Sasha Velour as host, starring Derrick Barry, Jaida Essence Hall, Jorgeous, Roxxxy Andrews, and Vanessa Vanjie. There will also be a lineup featuring iconic Drag Race PH queens, to be announced soon. Tickets to the Manila show will be available at TicketNet.com.ph while tickets to the Cebu show will be available at SMTickets.com, both starting Jan. 31.

Valentine’s film screenings at MiraNila

THE MiraNila Heritage House and Library is hosting a unique Valentine’s celebration titled “Pelikula sa MiraNila,” with screenings of romantic films under the stars. On Feb. 4, the first of the two outdoor screenings will feature Gitling by Jopy Arnaldo and Past Lives by Celine Song, which explore “unlived lives, cultural differences, and our unknowable selves through the prism of failed romance.” On Feb. 12, the event continues with two acclaimed fantasy-romance short films: Martika Ramirez Escobar’s Living Things and Carla Pulido Ocampo’s Tokwifi. The evening culminates with Isa Pa With Feelings by Prime Cruz, starring Maine Mendoza and Carlo Aquino. On both days, MiraNila opens at 4:45 p.m. with a mini art fair on site. Screenings will start at 6 p.m. Tickets are priced at P700 for regular admission and P560 for students. Each ticket includes the film screenings, a Heritage House tour, and a bag of special popcorn. Garden mats will also be provided for the outdoor screening. Guests are encouraged to bring their own pillows. MiraNila is located at 26 Mariposa St., Brgy. Bagong Lipunan, Crame, Quezon City.

Dilaw releases single, launches fan nights

FILIPINO band Dilaw has kicked off the year with a new song, “Mahal,” which talks about how priceless true love and commitment are. It is the last song to be released from their Love Trilogy series, along with “Nilalang” and “YIEE.” These songs talk about the stages of love, with the goal to form a perfect soundtrack for Valentines Day. They also launched the first of their Lawdian Nights fan events at Lyf Malate, Manila. A night filled with fun activities and music, the band intends for this to be a regular event for them to meet, bond, and perform for their fans. Attendees may even hear new, unreleased songs at one of these events.

dwta and SB19’s justin reimagine nursery rhyme

SINGER-songwriter dwta has linked up with SB19’s justin for a new collaboration, “Sampung Mga Daliri,” a folk-pop lullaby that captures the degradation of a love that was once formidable and promising. Released under Sony Music Entertainment, the track reimagines the classic Filipino nursery rhyme as a poignant tale of doomed romance. “Sampung Mga Daliri” deals with the heartbreaking realization that love is no longer enough to make two people stay together. It is out now on all digital music streaming platforms.

QCinema 2025 calls for QCShorts submissions

THE QCinema International Film Festival is once again inviting aspiring and established filmmakers to submit their projects for QCShorts 2025. Now in its 13th year, QCinema offers a production grant of P500,000 for short films in the early stages of development. Selected films will premiere at the QCinema International Film Festival slated for November. This year, QCinema is looking for narrative fiction, animation, or experimental short films that demonstrate creative storytelling and artistic merit. Filipino citizens aged 18 and above, whether based in the Philippines or abroad, are eligible to apply. The final film output must have a total running time of no more than 20 minutes, including opening and closing credits. The submission deadline is Feb. 14, 11:59 p.m. For more details and to apply, visit qcinema.ph/submissions/qcshorts2025.

B Hotel stages Valentine’s Concert

B Hotel celebrates the “Love Month” with a concert titled Love Unplugged: Valentine’s Mini Concert. It will be held on Feb. 15, 6 p.m., at the B Hotel Alabang, Muntinlupa City. The event will feature Ella May Saison, with Elhmir and Kashli Saison. Tickets cost P2,499 per person, inclusive of a buffet dinner.

T-bill yields decline further on BSP easing bets

BW FILE PHOTO

THE GOVERNMENT on Monday increased the volume of Treasury bills (T-bills) it awarded for the third straight week as rates continued to decline across the board on the back of strong market demand for short-term papers amid heightened expectations of a rate cut by the Bangko Sentral ng Pilipinas (BSP) next month.

The Bureau of the Treasury (BTr) raised P27.6 billion from the T-bills it auctioned off on Monday, higher than the initial P22-billion plan, as total bids reached P91.06 billion, more than four times as much as the amount on offer but slightly lower than the P93.89 billion in tenders seen on Jan. 20.

The oversubscription led the Treasury to double the accepted non-competitive bids for the three- and six-month debt to P5.6 billion each for the third straight T-bill auction.

Broken down, the Treasury borrowed P9.8 billion via the 91-day T-bills, higher than the programmed P7 billion, as tenders for the tenor reached P32.25 billion. The three-month paper was quoted at an average rate of 5.113%, falling by 42.3 basis points (bps) from the 5.165% seen at the previous auction, with accepted rates ranging from 5.098% to 5.128%.

The government also made a P9.8-billion award of the 182-day securities, above the P7-billion program, as bids stood at P26.65 billion. The average rate of the six-month T-bill stood at 5.488%, dropping by 13.5 bps from the 5.503% fetched previously, with the BTr only accepting bids with this yield.

Lastly, the Treasury raised P8 billion as planned via the 364-day debt papers as demand for the tenor totaled P32.16 billion. The average rate of the one-year debt decreased by 5.1 bps to 5.724% from 5.84% last week, with bids accepted having rates of 5.69% to 5.728%.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.3122%, 5.5721%, and 5.8467%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

T-bill average auction yields dropped for the fourth straight week on expectations that the BSP will cut benchmark borrowing costs further in their policy meeting next month, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“Rates dropped because the market is convinced that BSP may be able to cut rates next month, especially as US President Donald J. Trump seems to be less aggressive when it comes to tariffs, helping tame inflation expectations,” the first trader said in a text message.

“Demand for short-term issuance remained strong amid fluctuating pronouncements by US President Trump on Chinese tariffs following his assumption last week, which accordingly drove yields lower. This rapid change of events continues to prompt investors to adopt a wait-and-see mode to seek returns on T-bills until greater clarity emerges regarding Trump’s policies on tariffs,” the second trader said in an e-mail.

BSP Governor Eli M. Remolona, Jr. earlier said the central bank still has room to continue cutting interest rates as 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%.

It will hold its first policy meeting for this year on Feb. 13.

Meanwhile, Mr. Trump suggested a softer stance on tariffs against China, adding to uncertainty about the trade policy that kept equity markets on edge, Reuters reported.

Mr. Trump told Fox News on Thursday his recent conversation with President Xi Jinping was friendly and he thought he could reach a trade deal with China.

Monday’s auction was the last T-bill offering for January. The Treasury raised P104.8 billion from the short-term papers it offered this month, above its P88-billion program, as it upsized its awards at three of its four auctions.

On Tuesday, the BTr will look to raise P35 billion via two Treasury bond (T-bond) tenors. Broken down, it will offer P15 billion in reissued seven-year T-bonds with a remaining life of three years and two months, and P20 billion in new 25-year papers. — A.M.C. Sy with Reuters

PDEx eyes P600B in bond issuances this year

PDS.COM.PH

THE PHILIPPINE Dealing and Exchange Corp. (PDEx) is eyeing to generate P600 billion in corporate bond issuances this year after missing its target for 2024, according to its president.

“We’ll be refocusing it again, but right now, the budget is for P600 billion,” PDEx President and Chief Executive Officer Antonino A. Nakpil told reporters on the sidelines of a Financial Executives Institute of the Philippines (FINEX) event on Monday.

This will exceed the record P508 billion raised in 2022 if the target is met.

However, Mr. Nakpil said the target may be adjusted based on company plans and the impact of geopolitical risks.

“We’re not sure of the P600 billion. We’ll be refocusing. We’ll see whether it’s reachable this year,” he said.

“Everybody’s looking at geopolitical stuff. No one wants to make any plans. But what we’re finding is that everybody talks about inflation, interest rates going here or there,” he added.

Mr. Nakpil said that refinancing initiatives are driving efforts to achieve the target.

“We think most of it is refinancing. The ones who were planning late last year, they’re coming into this first quarter of 2025. We’ll see them starting February,” he said.

“I think we have three or four to start. Still the same folks. Banks and real estate are coming in,” he added.

He also said PDEx is refocusing its efforts to cater to micro, small, and medium companies.

“We’re refocusing our efforts on that. We’ll try to digitalize the process, then we’ll aim for smaller amounts, which is what the micro, small, and medium scale like,” he said.

“Then we’ll try to bring them together with what we call qualified investors,” he added. — Revin Mikhael D. Ochave

Intangible assets are assets

FREEPIK

When you hear of the terms AOC, DOC, DOCG, what comes to mind? French and Italian wines, cheese, and other produce that are priced at a premium.

When you use the word “champagne” for any sparkling wine, be careful. “Champagne” can only be used for sparkling wines from the Champagne region, and which are made using the “method champenoise,” a special technique implemented in this region of France for many centuries now. This name is also protected by a Geographical Indication (GI) and is legally protected in the European Union and many other countries. Because of this GI and Intellectual Property (IP) registration, all other sparkling wines are not “champagne” but are called other names: Prosecco in Italy, Cava in Spain, and sparkling wine in other places. Now, that is protection for champagne! And this is why champagne, besides its meticulous method of production, is priced at a premium and keeps its value compared to other “bubblies.”

How about Kampot pepper from Cambodia? And Guimaras mangoes from Guimaras island in the Philippines? These products start out with having collective marks and then graduate to become GI assets, protecting the producers and the community in the region where they are produced. Thanks to the World Intellectual Property Organization or WIPO (www.wipo.int), these IPs are protected so creators, innovators, and communities can use them for economic and sustainable growth.

How is this used as a tourist draw to benefit a community? Tourists often want to see the place where the cheese is produced, where the balsamic vinegar is processed, and how you can make special pepper that sells for more than five times the price of its general commodity cousin. GI and other IP registrations provide more income to the producers, either by the export of the products or by drawing in tourists to its very origin, the place where the agricultural product is produced. We can name many examples, like Ha Giang tea of Vietnam, Son La coffee of Vietnam, and Preah Vihear rice of Cambodia. These may otherwise be ordinary commodities but with the addition of GI, they become specialty products with a premium.

In the Philippines, we can think of many products that can carry a GI, such as Sulu coffee, Benguet coffee, Batangas Liberica, Criollo cacao from Bohol, Bicol pili (now nearing GI status), Sukang Iloko, Malabon patis, Tultul salt, Miag-ao salt, and more.

The only work we need to do is educate the producers and the communities to be able to protect their ancestral traditions of food production. Thanks again to Director-General Rowel Barba of the Intellectual Property Office of the Philippines (IPOPHIL), we are now adding to the roster of our GI-registered products.

This is a good investment for the communities who otherwise just sell their produce as commodities. Think of heirloom rice from Kalinga and Ifugao which could have collective marks. Think of Carcar lechon in Cebu, pomelo from Davao, mangosteen, marang, and durian. Civic organizations who continue to help farming communities can also help them be sustainable through IP registration. And GI is a way to do it. They can add value to their produce once they have a GI — and consumers are assured they are getting the right, original, and authentic product as claimed. It sounds easy and IPOPHL can hold our hands in doing this.

The Department of Tourism (DoT) can also help transform areas into GI destinations for food lovers and enthusiasts, as the trend worldwide is to find the product at the source. Already, the DoT has started by joining Slow Food (www.slowfood.com) in using food as a hook for tourists looking for gastronomic destinations.

The Department of Trade and Industry (www.dti.org) can help products with GI be showcased in food fairs abroad or in our very own consular offices or Philippine Centers, like those in New York and San Francisco.

But first, we must educate the consumers to look for “the mark.”

In Slow Food events, we look for Presidia* products, like a special fish sauce called Colatura, or a special cheese produced only in a specific region. We look for Normandy oysters, as we can also look for Tayabas Bay oysters. But are they registered as GI?

The Europeans were way ahead in making their products special and protected with marks like France’s AOC (Appellation d’Origine Contrôlée or Controlled Designation of Origin), DOC (Denominazione di Origine Controllata, Italy’s version of AOC), and DOCG (Denominazione di Origine Controllata e Garantita, the highest Italian classification for wine). And the WIPO makes sure governments abide by updated rules on all these individual classifications of wines, cheese, and other agricultural products.

But wait, there are other IPs that can boost economies. These can be trademarks, like Café Amadeo in Cavite. It is a registered trademark, not a GI, and yet Batangas is jealous that Cavite has pulled the rug from under their feet as the original source of Barako coffee. I explained that Amadeo is known for Philippine coffee in general, not specifically Liberica or Barako which Batangas may still claim. Amadeo’s local executives, way back in 2002, had a vision of promoting Philippine coffee and tagged themselves as the “Coffee Capital of the Philippines” and no one questioned or challenged such a claim. If you have been using a tag like this with no opposition from anybody, you can claim and register it as your own.

That is what intellectual assets and IP protect. IP rewards creators, innovators, and visionaries. And translate simple origins or names of origins into prime assets — for as long as they have a plausible story of being the original source.

Do check the rules on IP marks.

*According to www.slowfood.com, these are “small-scale food productions that protect traditional and artisanal products that are at risk of disappearing.”

 

Chit U. Juan is the co-vice chair of the MAP Environment Committee. She is also the president of the Philippine Coffee Board, Inc. and Slow Food Manila (www.slowfood.com).

map@map.org.ph

pujuan29@gmail.com

Universal Music Group and Spotify strike new agreement

UNIVERSAL MUSIC GROUP (UMG), the world’s biggest music label, and Swedish streaming giant Spotify reached a new multi-year agreement for recorded music and music publishing, they said on Sunday.

The publishing agreement establishes a direct license between Spotify and UMG across Spotify’s current product portfolio in the US and several other countries, they said in a statement.

“Artists, songwriters and consumers will benefit from new and evolving offers, new paid subscription tiers, bundling of music and non-music content, and a richer audio and visual content catalog,” the companies said.

The partnership will ensure constant innovation, making music subscriptions even more attractive to a broader worldwide audience, Spotify founder and CEO Daniel Ek said.

Spotify has laid off employees, pulled back podcasts, and cut marketing spending over the past year to boost profitability. It has also raised prices of its US plans to capitalize on demand for its premium products. — Reuters

BoJ may revert to fuzzy communication on policy after Fed-style clarity on rates

REUTERS

TOKYO — The Bank of Japan (BoJ), after clearly signalling last week’s interest rate hike, may return to its accustomed fuzzy guidance about central bank policy to maintain flexibility when it eventually begins to consider how much tightening is enough.

The BoJ fumbled its communication in December, surprising investors when it left rates steady, but then telegraphed Friday’s increase so unambiguously that markets had 90% priced it in and took the move in stride.

That shift to clearer guidance, an approach the US Federal Reserve used in August to signal a policy shift, may prove temporary. Japanese policy makers fear being led by the markets and are unsure how far the BoJ can raise rates without cooling growth, say analysts and people familiar with the central bank’s thinking.

Policy makers are wary of feeling they must give clear signals before each meeting, given an uncertain economic outlook, and they lack conviction about the Goldilocks “neutral” interest rate that neither chills nor overheats the economy.

After the BoJ caught markets off guard with December’s decision, Governor Kazuo Ueda flagged uncertainty over US economic policy ahead of Donald J. Trump’s return as president as a key reason it had refrained from raising rates.

Considered dovish, Mr. Ueda’s comments pushed down market pricing of January action to 46% from 70%.

Keen to avoid startling markets again, the BoJ then laid the groundwork for the January hike, taking a page from Fed Chair Jerome H. Powell, who had explicitly signaled an imminent shift by pronouncing that “the time has come for policy to adjust.”

COSTS OF CLARITY
Mr. Ueda and his deputy Ryozo Himino each said during the week before Friday’s hike that the BoJ board would “debate whether to raise rates” — effectively pre-announcing its decision to double short-term rates to 0.5%.

“Without those comments, a January hike would have been a huge surprise,” said Naomi Muguruma, chief bond strategist at Mitsubishi UFJ Morgan Stanley Securities. “The BoJ probably had no other choice.”

Asked about the advance warnings, Mr. Ueda said after Friday’s decision they were simply a “reminder” that the board would discuss the feasibility of changing policy at every rate review.

But while the strategy let the BoJ smoothly raise its policy rate to the highest in 17 years, it is not without cost.

Markets may focus too much on BoJ commentary, rather than scrutinizing economic and price data, to gauge the bank’s next rate hike, analysts say.

Giving explicit advance signals, in addition to making the BoJ feel boxed in, could breach Japanese law stipulating the nine-member board must debate and sign off on rate decisions at each policy meeting.

“It raises some alarm bells,” a former policy maker said of the BoJ’s communication about Friday’s rate hike. “The market ought to be a guide for central banks on how the economy is doing. But if this practice continues, the BoJ will only see in the market a reflection of itself.”

‘GREATER VARIABILITY’
Another reason to revert to ambiguity is uncertainty over the end point for tightening.

BoJ staff estimates Japan’s nominal neutral rate between 1% and 2.5%. While that has not been a factor so far with the policy rate so low, two more hikes would bring it to the bottom of that range — a level many analysts consider the neutral rate.

Indeed, while signalling the bank’s resolve to keep raising interest rates, Mr. Ueda gave few clues on Friday of the pace or timing of further hikes and said it was hard to pin down Japan’s neutral rate in real time.

“Because the BoJ doesn’t know where exactly the neutral rate is, it would have to wait about six months after each hike to check the health of the economy,” said Izuru Kato, chief economist at Totan Research. “Only after judging that the neutral rate is still distant would it raise rates again.”

Other complications loom as the BoJ eyes further rate hikes, which could heighten challenges in trying to convince the public of the need to keep pushing up borrowing costs.

The bank justified Friday’s increase by citing prospects of sustained wage gains, but it is uncertain whether consumption can weather rising living costs.

Trump’s threats of higher tariffs could weigh on Japan’s export-reliant economy and business sentiment.

“The BoJ’s hands are looking increasingly tied with the complex task of managing price pressures, reflation efforts and market expectations all together,” said Frederic Neumann, chief Asia economist at HSBC Bank, adding that risks surrounding Mr. Trump’s policy cannot be dismissed.

“These all translate to greater variability as to the policy rate path going forward.” — Reuters

The INC rally — a protest against the impeachment of VP Sara

PHILIPPINE STAR/EDD GUMBAN

On Dec. 4, the Iglesia ni Cristo (INC) announced it would hold rallies in 13 different sites, including at the Quirino Grandstand, on Jan. 13 in support of the opinion of President Ferdinand “Bongbong” Marcos, Jr. regarding the impeachment efforts against Vice-President Sara Duterte.

Having learned that some members of the House of Representatives were planning to impeach VP Duterte, Mr. Marcos Jr. had said on Nov. 29: “What will happen if somebody files an impeachment? It will tie down the House, it will tie down the Senate. It will just take up all our time and for what? For nothing, for nothing. None of this will help improve a single Filipino life. As far as I’m concerned, it’s a storm in a teacup.”

For Mr. Marcos to say that filing an impeachment complaint will just take up all our time for nothing is like saying that Article XI of the Constitution is dysfunctional and therefore should not be invoked. It was arrogant and impertinent of him to trivialize a right bestowed by the Constitution on the members of the House of Representatives, a branch of government co-equal with the executive branch. The members of the House could have returned the offense by asking him if his 27 foreign trips, including two visits to Singapore to see the Grand Prix, has helped improve a single Filipino life. In contrast, they chose to be civil and deferential. I am mystified though why no constitutional lawyer has slammed him for those brazen remarks.

I tend to think Mr. Marcos made those contemptuous remarks to discourage Duterte loyalists in the House of Representatives who may be plotting to impeach him at some point during his incumbency. VP Duterte is accused of misusing confidential funds. Duterte loyalists in the House can easily turn the tables on the President by accusing him of misusing his own huge confidential funds.

Supreme Court Chief Justice Renato Corona was charged with betrayal of public trust for failing to disclose to the public his statement of assets, liabilities, and net worth as required under the Constitution, and for blatantly disregarding the principle of separation of powers by issuing a status quo ante order against the House of Representatives. Mr. Marcos has yet to disclose his statement of assets, liabilities, and net worth. He also blatantly disregarded the principle of separation of powers by dissuading congressmen from impeaching VP Duterte.

Anyway, on Dec. 2, 2024, an impeachment case against VP Duterte was filed with the Secretary General of the House of Representatives. She was accused of graft and corruption, bribery, betrayal of public trust, and other high crimes. On Dec. 4, a second impeachment complaint against her was lodged, citing betrayal of public trust over the illegal use and mishandling of confidential funds. On Dec. 5, a third complaint of betrayal of public trust was filed. All these initiatives are in accordance with the law.

The Iglesia ni Cristo publicized rallies took place on Jan. 13, culminating at the Quirino Grandstand, Rizal Park, Manila. The Philippine National Police estimated that 1.6 million people had gathered in front of the grandstand and in adjacent areas.

Rommel Topacio spoke first. He said, “There is a saying that ‘united we stand, divided we fall.’” That is why he called on government officials to not allow us to be divided. He asserted that this gathering of the INC was a concrete expression of support for the earlier statement of President Bongbong Marcos that he did not agree with the proposed impeachment of VP Duterte.

Next to speak was Edwil Zabala, spokesperson of INC. He expressed support for President Marcos’ opinion that impeachment proceedings against VP Duterte would just be a waste of time. He did emphasize that the true aim of the rally was for peace, and that peace can only be achieved if the law is respected and implemented.

If the rally was for peace, then it was a monumental waste of effort and time as there was no ongoing conflict. Any impeachment move against VP Duterte is in accordance with the basic law of the land — the Constitution. Article XI of the 1987 Constitution states that the president and vice-president, among other appointed officials, may be removed from their posts “on impeachment for, and conviction of the following”: culpable violation of the Constitution, treason, bribery.

The INC’s National Rally for Peace was patently and unashamedly a show of force to intimidate those congressmen running for re-election on May 12, Election Day, with repudiation if they push for the impeachment of VP Duterte.

Rodante Marcoleta, a prominent INC faithful and Party-List representative, opened his speech with the statement that the INC agrees with Mr. Marcos’ opinion that impeachment proceedings are a waste of time. He then lambasted the QuadCom for “summoning” former president Rodrigo Duterte to shed more light on his “war on drugs” and for the inquisitorial manner in which the QuadCom members questioned Mr. Duterte. Mr. Marcoleta’s polemic was certainly discordant in a supposed rally for peace.

Rep. Marcoleta was not entirely honest. He said the QuadCom summoned Mr. Duterte. The truth is the QuadCom invited Mr. Duterte, who declined at first but accepted when invited again. Mr. Marcoleta also said that the Chief of the PNP was not summoned to explain what the “war on drugs” was. Again, the truth is that former PNP chief Ronald Bato dela Rosa was invited but he declined, invoking inter-parliamentary courtesy as he is a senator. Mr. Marcoleta lamented the QuadCom’s rule that Mr. Duterte’s lawyers could not speak. But during the hearing on the renewal of ABS-CBN’s franchise in June 2020, he objected repeatedly and sternly whenever Gaby Lopez’ lawyer tried to speak.

Mr. Marcos’ legal adviser, Juan Ponce Enrile, a legal eagle and former Senate president and presiding justice in the impeachment trial of Chief Justice Renato Corona, noted there would be “a very detrimental precedent if we follow the logic implicit in the INC rally” (and explicit in the statement of President Marcos) which is that impeachment is more a matter of political expediency than a constitutional mechanism to remove an erring official.

According to the Philippine Statistics Authority (PSA), based on the 2020 census, there are 2,806,524 Iglesia ni Cristo members. With the annual rate of increase of the population at 1.5%, the number of INC members by 2024 would have grown to 2,978,742. The PNP’s estimate of the people who joined the INC rally on Jan. 13 was 1.6 million. That means more than half of the total INC members showed up around the Quirino Grandstand that day.

The PSA says those 18 years old and older constitute 63% of the population. That means there are 1,876,607 INC members of voting age. In the 2022 general elections, 56 million Filipinos voted. Therefore, INC voters constitute only 3% of the voting population. If the INC’s National Rally for Peace was a show of force to intimidate congressmen pushing for the impeachment of VP Duterte, it was a flop.

Besides, the Iglesia ni Cristo’s influence on the voting population has been proven to be a myth. It does not announce who its anointed candidates are until a week before Election Day, when the rankings of the candidates in the polls shall have stabilized. It endorses candidates not on the basis of any moral or political standard but on who the public opinion polls show to be the most likely winners.

That has been shown to be true in past electoral exercises. In 2004, it delayed its endorsement of Gloria Arroyo until the week before Election Day when she emerged as being ahead of Fernando Poe, Jr., the rumored preference of the sect, in the polls. In 2010, it switched from Senator Manuel Villar to Senator Noynoy Aquino five days before Election Day, when Aquino had dislodged Villar as topnotcher in the polls.

In 2019, it announced close to Election Day which 12 senatorial candidates it was endorsing. All were among those who occupied the top 12 spots in the last survey conducted by Pulse Asia that year.

In 2022, JV Ejercito unwittingly revealed the practice of the INC with regard to its endorsement of candidates. In an episode of the TV talk show Headstart, Ejercito said he was not endorsed by the INC in 2019 because the last survey done before the INC announced who it was endorsing for the Senate that year did not show him to be among the probable winners. But the survey conducted after the INC had announced who it was endorsing showed him to be among the probable winners. But it was too late for the INC to change its lineup as Election Day was nearing. To make it up to him, the INC endorsed him in 2022.

Various civil society organizations like the Makati Business Club and the Catholic lay group Couples for Christ may soon announce who among the senatorial candidates they will endorse. Observe that the Iglesia ni Cristo will announce who they will endorse a week before Election Day when the Social Weather Stations and Pulse Asia shall have made their final lists of most probable winners among the senatorial candidates.

 

Oscar P. Lagman, Jr. has been a keen observer of Philippine politics since the late 1950s.

MWSS seeks retained water allocation for February

PHILIPPINE STAR/KRIZ JOHN ROSALES

THE METROPOLITAN Waterworks and Sewerage System (MWSS) is seeking the approval of the National Water Resources Board (NWRB) to maintain an allocation of 52 cubic meters per second (cms) for February amid the high water level at Angat Reservoir.

“MWSS will continue to request maintaining the 52 cms allocation since the water level at Angat Reservoir remains high,” Patrick James B. Dizon, manager of the MWSS water and sewerage management division, said in a Viber message on Monday.

The MWSS is mandated to ensure an uninterrupted and adequate supply and distribution of potable water and maintenance of sewerage systems in its service area in Metro Manila and parts of Cavite and Rizal.

The NWRB, on the other hand, manages and regulates all water resources and services in the Philippines, based on its website. It determines and approves the monthly water allocation for MWSS based on the status of the Angat Reservoir, weather updates, and the request of MWSS.

Angat Dam is the main source of water for Metro Manila, accounting for about 90% of the capital’s potable water.

As of Monday morning, the Angat Dam water level was at 212.72 meters, lower than the 212.84 meters seen the previous day, according to the government weather service, known as PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration).

These readings were higher than the normal high-water level of 212 meters.

“Fortunately, due to the rains in the watershed, we were able to store additional water, giving us confidence that the water supply will be sufficient for this summer,” Mr. Dizon said.

The Philippines experienced the El Niño phenomenon, which began in June 2023 and triggered below-normal rainfall conditions, dry spells, and droughts that affected water supply, power generation, and crop production. The phenomenon ended in June last year.

Earlier this year, PAGASA said that La Niña is likely to continue at least from January to March, bringing higher chances of above-normal rainfall. — Sheldeen Joy Talavera

German film The Investigation aims to educate young viewers on Auschwitz horrors

Die Ermittlung (2024) — IMDB
Die Ermittlung (2024) — IMDB

BERLIN — Against a darkened TV sound stage, a woman testifies before judges on a bare black platform about how her boss at the Auschwitz Nazi death camp, Boger, killed a newly arrived boy.

“The boy stood there with his apple. Boger went to the child and picked him up by the feet and dashed his head against the barracks wall,” the woman recalls as the camera pans across Boger, sitting behind her, his face impassive.

“Since then, I have never wanted a child of my own.”

Her testimony is one of several by defendants and witnesses re-enacted in The Investigation, a new film by German director RP Kahl based on a play of the same name that dramatizes the trials of 22 Auschwitz personnel in Frankfurt from 1963-65.

Testimonies at those trials give just a small glimpse of the suffering experienced by the estimated 1.3 million people sent to Auschwitz in Nazi-occupied Poland as part of Adolf Hitler’s “Final Solution” to annihilate European Jews.

“What particularly intrigued me about the play was its ability to depict Auschwitz without the need for total immersion in its unimaginable reality,” Kahl told Reuters in Berlin.

Kahl said he had opted for a more contemporary cinematic style to appeal to younger viewers: “We filmed in a television studio with multiple cameras to create an immersive visual experience. We aimed to avoid creating a historical drama.”

With an eye to the 80th anniversary of Auschwitz’s liberation by Soviet troops on Jan. 27, Mr. Kahl said he hoped his movie would make it easier for a new generation to engage with the Holocaust as the number of survivors dwindles.

The Investigation is also a reminder of the importance of maintaining a liberal, democratic society, and the constant vigilance needed to prevent a recurrence of atrocities like Auschwitz, he said.

“The film conveys the message that we all have a role to play in shaping our society and preventing such horrors from recurring,” said the director.

Six months after its debut in Germany, the four-hour film will be shown to Israelis in Tel Aviv on Monday, the 80th anniversary, while its international premiere is set for Jan. 31 at the Rotterdam festival in the Netherlands. — Reuters

Smaller rate cuts to boost PHL banks’ margins, Fitch says

Buildings are seen from Mandaluyong City, Aug. 17, 2024. — PHILIPPINE STAR/MIGUEL DE GUZMAN

HIGHER-FOR-LONGER interest rates could benefit large Philippine banks as this would support their margins, Fitch Ratings said.

“We believe Philippine and Singapore banks will be key beneficiaries if rates are higher than we expected,” the credit rater said in a commentary dated Jan. 26. “Our rated banks in these markets have good funding profiles and are in liquid banking systems that can capitalize on yields staying buoyant while keeping deposit rates lean. This should position them to enjoy modestly higher net interest margins (NIM) than in our base case, under this scenario.”

Fitch said borrowing costs are expected to begin easing in most large economies in Southeast Asia this year.

“But we believe banks in some regional systems would benefit if the decline in rates is shallower than we expect,” it said. “Banks’ capacity to cut deposit rates and manage wholesale funding costs will be key in determining outcomes. This capacity tends, in turn, to reflect the strength of their deposit franchise and the diversity of their funding mix.”

Fitch flagged risks such as US President Donald J. Trump’s higher import tariffs and other protectionist policies, which could stoke inflation pressures and impact the US Federal Reserve’s rate-cutting cycle.

“This increases the risk that policy rate cutting cycles in Southeast Asia could be shallower than we had anticipated. There have already been some signs in Indonesia and Vietnam of local-currency liquidity tightening, raising wholesale funding costs for banks, which we believe is linked to official intervention in foreign-currency markets and associated sterilization efforts.”

Markets are on a wait-and-see mode on the US central bank’s next steps following Mr. Trump’s inauguration last week. Fed policy makers are largely expected to keep rates steady in their Jan. 28-29 meeting, marking the first pause in the rate-cutting cycle that began in September, Reuters reported.

Data since the Fed’s December meeting has kept intact the core view among Fed officials that inflation will continue to move steadily, if slowly, towards 2%, with a low unemployment rate and continued hiring and economic growth.

“Nevertheless, low rates of inflation in the region mean that policy makers have some headroom to accommodate weaker currencies without breaching inflation targets, supporting their rate-setting autonomy,” Fitch said.

The Bangko Sentral ng Pilipinas (BSP) began its easing cycle in August last year, slashing benchmark interest rates by a total of 75 basis points (bps) to bring its policy rate to 5.75%. Fitch expects the policy rate to be at 4.75% at end-2025 under its base case, which would mean 100 bps in reductions this year.

While less rate cuts from the BSP this year could support the margins of big banks in the Philippines, smaller lenders may not see the same windfall, the debt watcher said.

“However, smaller Philippine banks may benefit less than their larger peers, as their weaker competitive advantage in chasing deposits and lending opportunities tends to constrain their NIM,” Fitch said.

Latest data from the BSP showed the banking system’s net profit rose by 6.4% year on year to P290 billion in the first nine months of 2024, driven by a 14% jump in net interest income.

Of this, universal and commercial banks’ net income went up by 7% to P271.73 billion in the nine-month period.

“Banks in many regional markets have tended to preserve NIMs by shifting lending towards higher-yielding segments. However, this may affect their risk profiles unless loss-absorption buffers are also adjusted. We expect such dynamics to play out again in 2025 where NIMs come under pressure,” Fitch added.

The credit rater also noted that the impact of policy changes on Southeast Asian banks’ asset quality would likely be limited.

“Banks’ credit costs would be more vulnerable if there were external shocks to economic growth. Upside surprises to rates could aggravate existing asset-quality risks in vulnerable pockets of some banking systems, such as micro and small and medium-sized enterprise lending in Thailand. However, regional authorities could also deploy relief to cushion debt strains, as the Thai government has done recently,” Fitch said.

“The region’s bank capitalization levels are mostly ample, so the impact of higher-than-expected bond yields on valuations of securities is unlikely to be a significant rating consideration.” — Luisa Maria Jacinta C. Jocson with Reuters

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