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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

Do you want to live strong to 100?

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

By Victoria Fritz

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

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

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

That was seven years ago.

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

After two years, Mr. Chan had another checkup.

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

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

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

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

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

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

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

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

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

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

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

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

The facility also has a photo biomodulation cocoon.

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

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

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

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

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

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

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

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

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

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

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

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

PHILIPPINE STAR/ MIGUEL DE GUZMAN

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

Media companies set for rebound this year — analysts

PHILIPPINE STAR/MICHAEL VARCAS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Taycan forward

PHOTO BY KAP MACEDA AGUILA

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Yields on Treasury bills, bonds may go down

BW FILE PHOTO

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

How minimum wages compared across regions in December

(After accounting for inflation)

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

How minimum wages compared across regions in December

Stealing our dignity: Possible solutions

BW FILE PHOTO

(Part 2)

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

So where do we go from here?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

We cannot let politicians steal our money or our dignity.

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

 

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

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