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Thrift banks’ loans rise by 16.3% in 2023

BW FILE PHOTO

LOANS disbursed by thrift banks grew by 16.3% to P677 billion in 2023 from P582.9 billion in the previous year, an industry official said.

“The thrift banking industry maintains its stability and showed encouraging growth, with key indicators such as sustained growth in resources, supported by increased deposit mobilization and adequate capitalization,” Chamber of Thrift Banks (CTB) President Cecilio D. San Pedro said in a speech at an event on Friday.

The sector’s nonperforming loan ratio stood at 6.46% as of end-2023, he said.

On the funding side, total deposits rose by 6.5% to P789.3 billion from P740.8 billion.

“As of Dec. 31, 2023, total assets stood at P1.04 trillion, higher by 7.3% vs. P986.20 billion in 2022,” Mr. San Pedro said.

Total capital increased by 10% to P157 billion from P142.8 billion, while the industry’s capital adequacy ratio stood at 16.98%, well above the Bangko Sentral ng Pilipinas’ (BSP) minimum 10% requirement, he noted.

Mr. San Pedro said the CTB will be hosting training programs for its member banks this year on sustainable finance, environmental social risk management and risk management compliance frameworks, as well as the BSP’s initiatives on digital transformation and cybersecurity.

The CTB is also urging its members to submit their data to the Credit Information Corp. to avoid penalties and ensure a robust data ecosystem, he said.

Mr. San Pedro also reiterated the CTB’s opposition to a bill proposing to cap interest rates imposed by financial institutions, noting this could result in slower credit growth and that rates should be market determined to allow for flexibility. — A.M.C. Sy

Putin forgot that Islamic State thinks he’s part of the West

VALERY TENEVOY-UNSPLASH

THREE FACTS stand out as clear amid the lack of hard information about the perpetrators of Friday’s appalling terrorist attack on Russia, and all three shine a light on dangers inherent in the new multipolar world we now inhabit.

The first is that, before the attack, Vladimir Putin dismissed a US warning that it was coming, both in public and to his top security officers. He called the American intelligence that Islamists were planning an assault on a large Russian venue blackmail, aimed at destabilizing his country — a vague goal he did nothing to explain. There was a time not so long ago when Putin understood that Washington considered Islamist radicalism a shared threat, taken so seriously that it was ring-fenced from other disputes. He would have used the warning, even if he couldn’t prevent the attack.

Yet so shredded has trust become between Moscow and Washington since Putin’s 2022 invasion of Ukraine, if not since his 2014 annexation of Crimea, that he fell victim to paranoia. Had he been able to think rationally, Russia’s president would have known this was a game the US wouldn’t play, because it could only lose. Toward the end of the short address to the nation after Friday night’s attack, Putin said he would work with all “genuinely” concerned nations to fight international terrorism — so perhaps he has recognized his mistake. I very much doubt it.

The second piece of clarity is that while Putin has, remarkably, managed to persuade much of the Global South that his invasion of a former imperial possession somehow makes him a fellow victim of Western colonialism, Islamists are having none of it. They don’t care a hoot about Ukraine, but they also make no distinction between Russian and Western colonialism.

As far as Islamic State (IS) or al-Qaeda is concerned, Putin’s military interventions in Syria and Chechnya are no different from America’s in Iraq or Libya. Nor is the presence of a large Russian military base in predominantly Sunni Muslim Tajikistan — the ex-Soviet country that the arrested suspects may have been from — any less offensive to Islamist ideas than the presence of US military bases in the Gulf. Russia is for them a part of the Christian West. It doesn’t belong anywhere on the territory of their imagined Islamic caliphate.

Finally, Putin could confidently hint at Ukrainian responsibility, thus absolving his own lapse of vigilance, because no matter what evidence emerges to the contrary, he knows he will be able to sell whatever story he likes at home — such is the totality of his control over the media, and eradication of organized opposition. Putin has demonstrated this ability repeatedly throughout his war in Ukraine, and it’s deeply worrying. He can now generate domestic popular support for virtually any decision or aggression. Worse, the creeping spread of what one might call populist “authoritocracies” makes that true for a growing number of leaders.

We can’t yet know for sure that Ukraine didn’t facilitate the Moscow attack, because it’s very hard to prove a negative. The only verifiable evidence of Ukrainian involvement that Putin has cited — namely that the killers were arrested while driving in Ukraine’s direction — is weak. It also would imply a near-suicidal stupidity in Kyiv. There was a roughly 100% chance that Putin would blame Ukraine for the attack, and the US, implicated by association, wouldn’t forgive being pulled into something that jeopardizes so core a security interest as counterterrorism.

Islamic State has claimed responsibility for the atrocity at Moscow’s Crocus City Hall concert venue, and that’s likely true. IS has put out footage of the killers that was taken before the attack, and it matches with the images Russian television showed of the men afterward. The four arrested men were identified as Tajiks, and the US believes the IS branch responsible to be Islamic State-Khorasan (IS-K), a province of Islamic State’s nonexistent caliphate that would include much of Afghanistan, the northern part of which is ethnic Tajik, as well as Pakistan and Central Asia, including Tajikistan. The Russian security services said they foiled another IS-K attack in Moscow just a month ago.

That doesn’t, of course, prove that the IS operation didn’t get an assist from Ukraine, but so far that has the smell of a conspiracy theory. The confession by a captive to his Russian guards that an anonymous caller offered him 1 million rubles ($10,850) to conduct the attack would certainly be inconsistent with an IS-directed operation, but was also offered under the definition of duress: on camera, on his knees and at the mercy of armed security officers. There’s no recording of what came before, and so we don’t know what he may have been told to say if he wanted to stay alive.

The eradication of trust breeds conspiracy theories and also makes them all but impossible to shoot down. So it’s likely Putin will stick with his Ukraine story no matter what. That wasn’t always as attractive or as easy to pull off as it is now. Yes, the US-dominated, globalized world that followed the Soviet collapse of 1991 was hardly safe; it was also deeply flawed and unequal. Yet the trade and economic integration that it relied on placed some basic boundaries — and required a minimum of mutual acceptance among governments that made space for the kind of warning the US gave to Moscow to be believed, even when relations in other areas were poor. That minimal level of confidence also allowed for organizations such as the United Nations and G-20 to function as more than gladiatorial arenas for performative diplomacy. But no more.

BLOOMBERG OPINION

MPTC unit sees 10% traffic volume surge this week

PHILSTAR

METRO Pacific Tollways South (MPT South), a unit of Metro Pacific Tollways Corp. (MPTC), is expecting traffic volume within its network to rise by up to 10% this week.

With the expected traffic influx, the toll road operator will reactivate its motorist assistance program and will deploy additional manpower like traffic management, toll collection officers as well as emergency and incident response teams.

The surge of about 8% to 10% in traffic volume is expected from Monday until Sunday, MPTC said in a media release.

Typically, around 43,000 motorists daily traverse along Cavite-Laguna Expressway (CALAX), about 170,000 motorists on Manila-Cavite Expressway (CAVITEX), and 12,300 motorists travel along MPTC’s C5 Link segment. 

Raul L. Ignacio, president and general manager of MPT South, said motorists should utilize RFID or radio frequency identification system for seamless toll transactions during this time. 

“Utilizing Easytrip RFID at MPTC Toll Plazas significantly reduces travel time compared to waiting in long cash lanes,” he said. 

Easytrip is used on MPTC’s North Luzon Expressway, Subic-Clark-Tarlac Expressway, CAVITEX, and CALAX.

The toll road developer and operator will also suspend the construction and lane closures along its roadway during this time unless repairs are necessary, it said.

MPTC is the tollways unit of Metro Pacific Investments Corp., which is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Sydney Sweeney takes on double duty for horror Immaculate

SYDNEY SWEENEY in a scene from Immaculate. — IMDB

LOS ANGELES — Sydney Sweeney takes on two roles for her latest film Immaculate, starring and producing the horror movie set in an Italian convent.

The movie is currently on view in Philippines theaters.

The Euphoria and The White Lotus actress plays young American nun, Sister Cecilia, who enrolls in a convent in rural Italy. While she struggles to understand what seems off about the establishment, she suddenly finds herself pregnant.

“I saw this movie in my head and I really wanted to make it for a really, really long time and I think that I trusted and believed in myself to surround myself with the right team that would help me learn how to do the job to the best of my ability,” Ms. Sweeney told Reuters.

“I had a voice and I was a part of all the creative decisions and the process and the business and I loved it so much,” she added of producing the movie.

The 26-year-old said she transformed into character as soon as she put on her costume.

“Whenever I put Cecilia’s habit on or her outfits, I always felt like I walked a little different, held myself a little different, my shoulders are back, my hands are held differently,” she said.

Sweeney is in nearly every frame of the film and endures a lot, from being covered in blood and getting slapped to being submerged in a bath by a vengeful nun.

“It was all so fun to me … I truly felt like I was (in) my own playground playing and getting to dream up this crazy world and there were no limits or boundaries. It was a blast,” she said, adding she was keen to produce more films.

“I hope in the next five years I get to continue to find characters and stories that challenge me in new ways.” — Reuters

Philippine Savings Bank (PSBank) to hold 2024 Annual Meeting of Stockholders on April 25

 


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Cebu office space vacancy seen to stay high — Colliers

JOSE LOSADA-UNSPLASH

CEBU’s office space vacancy rate is forecasted to persist at elevated levels this year,  property consultancy firm Colliers Philippines said.

“Despite a strong net take-up, vacancies remain elevated due to new supply which is expected to persist in 2024,” Colliers said in its 2024 annual report.

The property consultancy firm projects vacancy to reach 21.3% from 20% in 2023 due to the expected delivery of 107,900 square meters (sq.m.) of new office space.

This is an improvement from the 27% vacancy rate in 2022.

“Colliers Philippines observed that outside of Metro Manila, Cebu remained the top choice for outsourcing firms and multinational companies,” Colliers said.

It projects net take-up to rise 9.42% to 72,000 sq.m. Cebu recorded the highest provincial office space take-up with 65,800 sq.m. in 2023.

However, these are all lower than the net absorption of 109,200 sq.m. in 2022.

“We expect greater absorption of office space from third-party outsourcing and shared services firms looking to set up and expand their operations,” the report said.

In 2023, Cebu accounted for 54% to 112,900 sq.m. of deals outside Metro Manila, the highest office deals outside the Philippine capital.

This was buoyed by the business process outsourcing firms, covering nearly 75% of total deals.

Concentrix, OfficePartners 360, Avant, TOA Global, and Optum, mostly situated in Cebu IT Park, were attributed to the mentioned deals.

Colliers said it also recorded 60,200 sq.m. of new office space in Cebu due to the completion of Faustina Center in CBP Fringe, Johndorf Tower in Cebu Business Park, and Skyrise 3B in Cebu IT Park.

The developments in the province’s pipeline are Filinvest Cyberzone Tower 3 in IT Park, Astra Corporate Center, Excelsior Corporate Tower in Banawa Cebu, Filinvest Cyberzone Tower 3, Grand Tower Cebu Condo Office, Il Corso, Mahi Center, Patria de Cebu, and Northwing Tower 1.

Colliers sees a marginal rise in rent and expects it to be “flattish” due to the completion of new offices built before the pandemic but only launched now.

The average rent in Metro Cebu rose 0.4% to P651 per sq.m. in 2023.

“Colliers believes that shared services, healthcare companies, and other multinational firms are likely to occupy more office spaces in this location,” it said.

The firm said despite the positive performance of the province, rationalization of office real estate is still happening.

Colliers still expects a tenant-leaning market for the province, and tenants should seize the opportunity to access better quality office buildings, a skilled labor pool, and improved infrastructure.

Recently, the Philippine Statistics Authority reported Cebu as the sixth richest city in the country outside Metro Manila in 2022, with a per capita gross domestic product of P293,426. — Aubrey Rose A. Inosante

Manila records fastest logistics rental growth in Asia-Pacific

Manila’s logistics rental growth was the fastest across 17 cities in the region for the second half of 2023, according to Knight Frank’s Asia-Pacific H2 Logistics Highlights. The country’s warehouse space rental grew by 39.3% year on year to P383 per square meter per month, more than six times higher than the Asia-Pacific average growth rate of 6.2%.

 

Manila records fastest logistics rental growth in Asia-Pacific

How PSEi member stocks performed — March 25, 2024

Here’s a quick glance at how PSEi stocks fared on Monday, March 25, 2024.


Peso drops vs dollar

BW FILE PHOTO

THE PESO depreciated to a near two-month low against the dollar on Monday amid signals from a US Federal Reserve official that they may cut rates later than expected.

The local unit closed at P56.39 per dollar on Monday, weakening by 12 centavos from its P56.27 finish on Friday, Bankers Association of the Philippines data showed.

This was the peso’s weakest finish in almost two months or since its P56.401 per dollar finish on Jan. 30.

The peso opened Monday’s session at weaker P56.37 against the dollar. Its worst showing was at P56.40, while its intraday best was at P56.24 versus the greenback.

Dollars exchanged dropped to $1.65 billion on Monday from $2.1 billion on Friday.

The peso was dragged down by the dollar strengthening to new highs and increasing global crude prices amid signals from Fed officials that the US central bank could cut rates later than expected, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Atlanta Federal Reserve bank President Raphael Bostic said on Friday he now expects just a single quarter-point interest rate cut this year versus two cuts that he had projected previously, a change in his outlook driven by persistent inflation and stronger-than-anticipated economic data, Reuters reported.

“I’m definitely less confident than I was in December” that inflation will continue to fall towards the Fed’s 2% target, Mr. Bostic said in comments to reporters.

“The peso weakened anew amid expectations of a potentially strong US retail sales report,” a trader said in an e-mail.

For Tuesday, the trader said the peso could rebound against the dollar amid increased liquidity before the long weekend.

The trader sees the peso moving between P56.25 and P56.50 per dollar on Tuesday, while Mr. Ricafort expects it to range from P56.25 to P56.45. — A.M.C. Sy with Reuters

Stocks drop on expectations of faster March CPI

REUTERS

PHILIPPINE SHARES ended lower on Monday as investor sentiment was hampered by expectations of quicker inflation this month, which could delay the central bank’s interest rate cuts.

The benchmark Philippine Stock Exchange index (PSEi) fell by 0.42% or 28.87 points to end at 6,853.10 on Monday, while the broader all shares index dropped by 0.27% or 9.69 points to close at 3,578.21

“The market is down on jitters ahead of the expected inflation uptick for March and the Bangko Sentral ng Pilipinas’ (BSP) policy reaction come April 8 Monetary Board meet,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

BSP Governor Eli M. Remolona, Jr. last week said headline inflation may have accelerated further to 3.9% this month from 3.4% in February.

This is in line with the central bank’s projection that the consumer price index (CPI) could quicken anew in the coming months amid a low base and the expected impact of El Niño on food prices.

Analysts said faster CPI could prompt the BSP to delay its easing cycle.

The Monetary Board kept its policy rate at a near 17-year high of 6.5% for a third straight meeting in February after it raised borrowing costs by a cumulative 450 basis points from May 2022 to October 2023.

AB Capital Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message that stocks ended lower on Monday due to the shortened trading week, as the market will be closed on Thursday and Friday in observance of Holy Week.

“Liquidity might not be present for the meantime, which could lead to a minor correction up to 6,800. But this is a chance to buy before we soar to a new high, breaking the hard 7,000 resistance level by April,” Mr. Vistan said.

Meanwhile, Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message that the local bourse fell due to the peso’s recent depreciation against the dollar.

“The local bourse declined… as both local and overseas investors monitored the inflation rate in the region,” she added.

Almost all of the market’s sectoral indices closed lower, with holding firms being the lone gainer, rising by 0.1% or 6.74 points to 6,437.50.

Meanwhile, financials dropped by 0.87% or 17.86 points to 2,033.28; industrials declined by 0.71% or 64.37 points to 8,958.11; mining and oil retreated by 0.67% or 55.79 points to 8,182.31; services went down by 0.34% or 6.32 points to 1,832.68; and property decreased by 0.29% or 8.33 points to 2,781.76.

Value turnover fell to P5.49 billion on Monday with 553.24 million issues changing hands from the P5.86 billion with 540.43 million shares traded on Friday.

Decliners beat advancers, 113 against 82, while 48 issues were unchanged.

Net foreign selling went down to P246.47 million on Monday from the P570.66 million recorded on Friday. — R.M.D. Ochave

Philippines summons China envoy over deadlock

SCREENGRAB FROM THE ARMED FORCES OF THE PHILIPPINES VIDEO

THE PHILIPPINES on Monday summoned China’s envoy in Manila to protest “aggressive actions” in the South China Sea at the weekend, when its coast guard fired a water cannon at a resupply mission to Second Thomas Shoal.

In a statement, the Department of Foreign Affairs (DFA) also said it had ordered the Philippine Embassy in Beijing to lodge the same protest with the Chinese Ministry of Foreign Affairs.

“China’s continued interference with the Philippines’ routine and lawful activities in its own exclusive economic zone (EEZ) is unacceptable,” it said in a statement. “It infringes upon the Philippines’ sovereign rights and jurisdiction.”

Tensions between the two countries have worsened in the past year as China’s coast guard continues to block Philippine resupply missions to Second Thomas Shoal, where a handful of soldiers live in a dilapidated World War II-era ship that Manila grounded there in 1999 to assert its sovereignty.

In a separate statement, the DFA said Foreign Affairs Undersecretary Ma. Theresa P. Lazaro had spoken with Chinese Vice Foreign Minister Chen Xiaodong to protest the Chinese Coast Guard’s use of water cannons.

The Philippines has filed 147 diplomatic protests under the Marcos administration, 14 in all this year, over China’s incursions in the South China Sea, Foreign Affairs spokesperson Ma. Teresita C. Daza told reporters in a WhatsApp message.

The Chinese Embassy in Manila said it had lodged its side on the incident with its Philippine counterpart, saying the resupply vessels had trespassed into Chinese territory.

“China urges the Philippines to immediately stop infringement and provocation and return to the right track of dialogue and consultation in real earnest to find a proper way to manage the situation so as to jointly preserve the peace and stability in the South China Sea,” it said in a statement.

Philippine security officials met on Monday to discuss Saturday’s sea incident and prepare recommendations to President Ferdinand R. Marcos, Jr.

China claims the South China almost in its entirety. Second Thomas Shoal is about 200 kilometers from the Philippine island of Palawan and more than 1,000 kilometers from China’s nearest major landmass, Hainan Island.

Its coast guard on Saturday again fired a water cannon at a wooden boat used by the Philippines to deliver food and other supplies to BRP Sierra Madre, the grounded ship.

The United States condemned China’s “dangerous actions,” with US Department of State spokesman Matthew Miller saying these are destabilizing to the region and show clear disregard for international law.

‘UNLAWFUL MARITIME CLAIMS’
On Monday, the Japanese Embassy in Manila said it was concerned about repeated actions that obstruct freedom of navigation and increase regional tensions at sea.

“Japan believes that the issue concerning the South China Sea is directly related to the peace and stability of the region and is a legitimate concern of the international community,” it said.

“The government of Japan opposes unlawful maritime claims, militarization, coercive activities and threat or use of force in the South China Sea,” it added.

Japan would continue to cooperate with the international community including member-states of the Association of Southeast Asian Nations and the United States “to protect the free and open international order based on the rule of law.”

The envoys of Canada, Australia, Germany and the European Union had also expressed concern over the Chinese ships’ actions that they said were dangerous.

China’s coast guard accused the Philippines of transporting construction materials to the “illegally grounded” warship.

The Philippines has made sincere efforts to implement the instruction of President Marcos and Chinese President Xi Jinping to lower tensions, the DFA said.

“China’s aggressive actions call into question its sincerity in lowering the tensions and promoting peace,” it added.

It urged China to “take the correct track of abiding by international law and respecting the legitimate rights of other states like the Philippines, and to cease and desist from its continued violation of international law.”

Philippine Defense Secretary Gilberto C. Teodoro, Jr. dared China to state its sea claims through another arbitration. 

“If China is not afraid to state its claims to the world, then why don’t we arbitrate under international law?” he told a news briefing.  “No country believes (their claims) and they see this as their way to use force, intimidate and bend the Philippines to their ambitions.”

The water cannon incident came days after US Secretary of State Antony Blinken said during his visit to Manila that the US stands by its “ironclad” commitments to defend the Philippines against an armed attack in the South China Sea.

“These waterways are critical to the Philippines, to its security, to its economy, but they’re also critical to the interests of the region, the United States and the world,” he said at a joint press conference in Manila with his Philippine counterpart.

A United Nations-backed tribunal based in the Hague in 2016 voided China’s claim to more than 80% of the South China Sea for being illegal. — Norman P. Aquino and John Victor D. Ordoñez

TIMELINE: Rift deepens between Manila, Beijing

FISHERMEN from Masinloc, Zambales province in northern Philippines released on Monday an 18-foot-tall buoy on which it is written: “Atin ang Pinas” (The Philippines is ours). Fisherfolk in Zambales, whose coast faces the South China Sea, are protesting China’s “continued harassment” of Filipino fishermen at the Scarborough Shoal. — PHILIPPINE STAR/MICHAEL VARCAS

RELATIONS between Manila and Beijing have soured under Philippine President Ferdinand R. Marcos, Jr., with Manila pivoting back towards the United States which supports the Southeast Asian nation in its maritime disputes with China.

Here is a timeline of key events since 2023 that have escalated tensions between the Philippines and China:

JAN. 3-5 — Marcos goes on three-day visit to Beijing where he and Chinese President Xi Jinping agree to set up direct communications between their foreign ministries on the South China Sea.

FEB. 2 — The Philippines grants the United States greater access to four more military bases under the 2014 Enhanced Defense Cooperation Agreement (EDCA).

FEB. 13-14 — The Philippines accuses China’s coastguard of directing a “military-grade laser” at its troops living aboard an aging warship that Manila deliberately grounded on the disputed Second Thomas Shoal in 1999. Marcos summons China’s ambassador.

APRIL 3 — The Philippines reveals the locations of the four additional bases that Washington can use under EDCA. Three face north towards Taiwan and one is near the disputed Spratly Islands.

APRIL 11 — More than 17,000 Filipino and US soldiers begin their largest ever joint military drills in the Philippines.

APRIL 22 — Marcos and his foreign secretary meet China’s then-foreign minister Qin Gang in Manila, pledging to work together to resolve maritime differences.

MAY 1 — US President Joseph R. Biden welcomes Marcos at the White House, the first visit by a Philippine leader in 10 years. They express “unwavering commitment to freedom of navigation and overflight in the South China Sea.”

MAY 3 — The United States and the Philippines agree on new guidelines for their 1951 Mutual Defense Treaty, which specifically mention that mutual defense commitments would be invoked in an armed attack on either country “anywhere in the South China Sea.”

JUNE 6 — The coast guards of the United States, Japan and the Philippines hold trilateral exercises in the South China Sea, the first such manoeuvres.

AUG. 5 — The Philippines accuses China’s coast guard of blocking and firing a water cannon against a supply boat transporting food for troops on the Second Thomas Shoal, known in China as Renai Reef and in Manila as Ayungin Shoal.

AUG. 7 — China’s coast guard urges the Philippines to remove the grounded warship from the Second Thomas Shoal.

OCT. 22-24 — The Philippines accuses Chinese coastguard vessels of intentionally colliding with its vessels routinely supplying forces stationed at the Second Thomas Shoal. No one was harmed.

NOV. 16 — The Philippines calls on China to remove all “illegal structures” built within its exclusive economic zone (EEZ), cease reclamation in those areas and be accountable for the damage the activities caused.

NOV. 21 — The militaries of the Philippines and the United States launch joint patrols from waters near Taiwan to the South China Sea.

NOV. 25 — The Philippines and Australia begin their first joint sea and air patrols in the South China Sea.

DEC. 9-10 — The Philippines accuses China of firing water cannon at its boats, including one carrying its military chief, and ramming others, causing serious engine damage. China’s coast guard says the Philippine vessel intentionally rammed its ship.

DEC. 19 — Marcos says a “paradigm shift” is needed in how his country approaches the South China Sea, as diplomatic efforts with Beijing were headed in a “poor direction.”

DEC. 21 — China says bilateral relations are at a crossroads and warns the Philippines against “misjudging” the maritime situation.

JAN. 3 — The Philippines and the United States carry out their second joint patrol in the South China Sea as China conducts a similar activity with its naval and air forces in the disputed waterway.

FEB. 9 — The Philippines and the United States conduct joint maritime exercises in the South China Sea for a third time as China carries out “routine patrols” in the area.

FEB. 10 — The Philippine Coast Guard accuses China of “dangerous and blocking” maneuvers while its vessel patrolled near Scarborough Shoal in the South China Sea this month.

MARCH 5 — The Philippines calls out China for its coast guard’s “reckless” and “illegal” actions that led to a collision between a Chinese and Philippine ship, damaging the latter and injuring some of its crew, during a resupply mission for troops at the Second Thomas Shoal. China says the Philippine vessels illegally intruded into waters adjacent to the shoal.

MARCH 6 — The Philippines summons China’s deputy chief of mission in Manila to protest “aggressive actions” by Chinese naval forces against the resupply mission.

MARCH 20 — China says the United States must refrain from “stirring up trouble” or taking sides on the South China Sea issue, after US Secretary of State Antony Blinken said, while on a visit to Manila, a security deal with the Philippines extended to attacks on the Philippine coast guard.

MARCH 24 — China’s coastguard says it had taken measures against Philippine vessels carrying out a resupply mission for troops at the Second Thomas Shoal, while the Philippines decried the moves, including the use of water cannon that damaged its ship and injured its crew, as “irresponsible and provocative.”

MARCH 25 — Philippines summons China’s envoy to protest “aggressive actions” in the South China Sea, as Manila’s Defense minister dared Beijing to bolster its vast sovereignty claims by taking them to international arbitration. — Reuters