Villagers displaced by hostilities between 2 Moro factions

April 25, 2024 | 9:26 pm

COTABATO CITY — A Moro gunman was killed while six others were reportedly hurt in a series of gunfights on Wednesday afternoon in Barangay Banucagon in Pigcawayan town, Cotabato that sent hundreds of villagers running for their lives.

Barangay officials and personnel of the Pigcawayan Municipal Disaster Risk Reduction and Management Office told reporters on Thursday morning that at least 600 villagers, among them children, were displaced by the hostilities.

Citing reports relayed by local executives and officials of Army units in the province, Col. Gilbert B. Tuzon, director of the Cotabato provincial police, told reporters that the protagonists in the gunfights are two enemy groups be-longing to the Moro Islamic Liberation Front (MILF).

Evacuees, among them three Muslim religious preachers, confirmed that one of the fighters had died in battle, while six others were wounded.

They said the gunfights are rooted in squabbles over the control of territories that were heightened by during the Oct. 30, 2023 synchronized Sangguniang Kabataan and barangay elections when they supported rival candidates.

Displaced residents are now temporarily housed at the public gymnasium in Barangay South Manuangan, Pigcawayan, while some have moved to houses of relatives in agricultural enclaves far from the areas where the two MILF groups have been fighting. — John Felix M. Unson

DoJ vouches for robust Philippine justice system

April 25, 2024 | 9:25 pm

THE DEPARTMENT of Justice (DoJ) on Thursday vouched for a robust Philippine justice system as it backed President Ferdinand R. Marcos, Jr.’s stance on not letting the International Criminal Court (ICC) meddle with the domestic investigation into excesses of the past administration’s anti-drugs war.

“The government’s stance has been consistent. The President has been very firm by saying we do not recognize the jurisdiction of the ICC because we have a well and robust justice system,” DoJ Assistant Secretary and Spokes-person Jose Dominic F. Clavano IV said in a Malacañang briefing.

“We’ve been consistent from the very start, we have a working justice system here in the Philippines, evidenced by a lot of different cases and reforms we’ve been undertaking,” he added.

These comments were made following an X post by former Senator Antonio F. Trillanes IV, who claimed he has credible evidence the ICC reached out to 50 active and retired police officers, investigating their connections with alleged extra judicial killings (EJKs) during the term of former president Rodrigo R. Duterte.

“Based on highly credible information, the ICC investigators have already directly communicated with more than 50 active and former PNP officials regarding their being implicated in the crimes against humanity case of Rodrigo Duterte at the ICC,” read Mr. Trillanes’s X post.

Meanwhile, Mr. Clavano said government officials were instructed not coordinate with the ICC investigation.

“When a government official is coordinating with the ICC against the directions or orders of the government, there may be accountability involved,” he said. — Chloe Mari A. Hufana

BI asked for proof of student-spies

April 25, 2024 | 9:24 pm

BI-Bureau-of-Immigration — PHILSTAR FILE PHOTO

A PHILIPPINE senator called on the Bureau of Immigration (BI) on Thursday to come up with hard proof to support allegations that spies have been embedded themselves among Chinese students enrolled in the Cagayan region.

“If the only basis for these (allegations) is because China has a base in the West Philippine Sea, that we have an issue with them right now which is why there are Chinese spies in Cagayan, it probably shouldn’t be like that,” Senator Francis Joseph “Chiz” G. Escudero, said in a statement in Filipino.

Senators have sought probes into the uptick of Chinese students in the region, some of whom supposedly hold fake credentials and are potential risks to national security.

Senator Sherwin T. Gatchalian also said he would file a resolution on Thursday that seeks an inquiry on foreign students’ paying as much as P2 million to get college degrees in Cagayan.

Immigration Commissioner Norman G. Tansingco has said 1,516 Chinese nationals in Cagayan had been given student visas.

More than 400 Chinese nationals are physically attending schools in the province, while others are enrolled in distance learning.

“If there is really doubt that there are spies, why won’t the Bureau of Immigration do their job?” Mr. Escudero said. — John Victor D. Ordoñez

Solon decries red-tagging ‘policy’

April 25, 2024 | 9:22 pm

Redtagging-rally-PHILSTAR-MICHAEL-VARCAS — PHILIPPINE STAR/ MICHAEL VARCAS

THE ACT of red-tagging vocal citizens — including opposition lawmakers who are portrayed as terrorists — remains a “policy” the government has not abolished, Party-list Representative France L. Castro said on Thursday.

Reporting the political situation faced by lawmakers in the country, Ms. Castro accused the administration of President Ferdinand R. Marcos, Jr. of carrying on with the government’s supposed policy of vilifying critical voices in Congress.

“Red-tagging and terrorist labeling remain tools of the Philippine government against progressive voices,” she said in her presentation.

Red-tagging is the act of accusing an individual or organization of sympathizing with communism.

It is a strategy used by the government against those perceived as “enemies of the state,” according to a dissenting opinion of Supreme Court Senior Associate Justice Marvic Mario Victor F. Leonen.

“The administration of Philippine President Rodrigo R. Duterte ended last June 2022, but the policy of labeling individuals as ‘members’ and ‘recruiters’ for the New People’s Army… and are thus enemy of the state is still being implemented by his successor,” Ms. Castro said.

She said the National Task Force to End Local Communist Armed Conflict (NTF-ELCAC) continues to be “funded with billions” annually, attesting the current government’s support for the agency.

Mr. Duterte signed Executive Order No. 70 six years ago, activating the NTF-ELCAC. “The same presidential edict led to extrajudicial killings during Duterte’s term under the veil of a so-called “whole-of-nation approach” to armed conflict,” Ms. Castro said.

“Far from abrogating the notorious Executive Order 70… President Marcos and the country’s defense and security agencies still implement it,” she added. — Kenneth Christiane L. Basilio

Quiboloy cases may be transferred

April 25, 2024 | 9:17 pm

Pastor Apollo Quiboloy — PHILSTAR FILE PHOTO

THE DEPARTMENT of Justice (DoJ) announced on Thursday that it has asked the Supreme Court (SC) to transfer the criminal cases lodged against wanted televangelist Apollo C. Quiboloy in Davao City to Pasig City, where courts are also trying other cases against him.

“We [filed to] transfer the cases from Davao to Pasig City, so that the same team of prosecutors may be able to prosecute both cases together,” DoJ Assistant Secretary and Spokesperson Jose Dominic F. Clavano IV said in a Malacañang briefing.

Later in a Viber message to reporters, Mr. Clavano said the DoJ received word that “due to the heavy case load” of the courts in Pasig City, Mr. Quiboloy’s cases in Davao might be transferred to Quezon City instead.

But SC Spokesperson Camille Sue Mae L. Ting clarified that the High Court is yet to make a decision on the matter.

In a Viber group chat with reporters, she said: “The Chief Justice has not yet received the recommendation of the Office of the Court Administrator (OCA) on this matter. He earlier referred the letter of DoJ Sec. Remulla to the OCA for evaluation, report, and recommendation.”

Mr. Clavano also confirmed that Mr. Quiboloy is still in the Philippines.

Mr. Quiboloy, a spiritual adviser of former president Rodrigo R. Duterte, is the subject of separate arrest warrants issued by the Pasig City and Davao City courts before which he faces child and sexual abuse, and qualified human trafficking charges. — Chloe Mari A. Hufana

Cacdac appointed DMW secretary

April 25, 2024 | 9:13 pm

PRESIDENT Ferdinand R. Marcos, Jr. has appoint Department of Migrant Workers (DMW) officer-in-charge Hans Leo J. Cacdac as secretary of the agency, according to a statement by the Presidential Communications Office (PCO).

Mr. Cacdac had been appointed as officer-in-charge of the agency after the death of former Migrant Workers Secretary Maria Susana “Toots” V. Ople in August last year.

He had served as a DMW undersecretary and the executive director of the Overseas Workers Welfare Administration (OWWA) and the Philippine Overseas Workers Welfare Employment Administration (POEA). — John Victor D. Ordoñez

Employers warned vs heat’s effects

April 25, 2024 | 9:11 pm

Heat1 — PEDESTRIANS in Quezon City try to cover themselves from the scorching sun. Thirty-eight areas in the Philippines were expected to experience a heat index of up to 47°C on Thursday, according to the state weather bureau. -- PHILIPPINE STAR/MIGUEL DE GUZMAN

EXTREME heat has sent a number of workers to the hospital for dizziness, headache, and hypertension, according to labor leader Jose Sonny G. Matula who issued a reminder to employers this week that the labor force is protected by Occupational Safety and Health Standards (OSH).

In an interview with BusinessWorld on Tuesday, the Federation of Free Workers (FFW) president said his organization has been collecting reports on the effects of high temperatures and a heat index consistently above 40 degrees Celsius the past two weeks.

Mr. Matula warned employers that a recent study by the International Labor Organization (ILO) found exposure to extreme weather events and climate-related disasters can lead to or worsen mental health issues such as stress, anxiety, depression, substance abuse, post-traumatic stress disorder (PTSD), and suicide.

“Labor Advisory No. 03 (2016) states that PPE (personal protective equipment) for the head, body, and extremities must be provided, including hats, goggles or UV protective eyewear and comfortable, light long-sleeve t-shirts, to mitigate the effects of extreme heat at work,” the ILO study cited.

Mr. Matula called for coordination among groups and policymakers to protect Filipino workers bearing the heat.

“It is imperative that the tripartite parties — government, employers, and workers — collaborate promptly and effectively to combat the daily challenges posed by escalating heat waves and other consequences of climate change,” he said.

“Convening the NTIPC (National Tripartite Industrial Peace Councils) and cascading its policy directions and best practices to workplace OSH committees would be highly beneficial,” he added.

Under the Department of Labor and Employment (DoLE) Advisory No. 17-2022, an employee may skip work due to extreme heat but won’t receive pay for the day. — Chloe Mari A. Hufana

InstaPay, PESONet transactions increase by 32.8% at end-March

April 25, 2024 | 9:05 pm

THE VALUE of transactions done via InstaPay and PESONet climbed to P3.81 trillion as of March, central bank data showed.

TRANSACTIONS COURSED through InstaPay and PESONet hit P3.81 trillion as of end-March, data from the Bangko Sentral ng Pilipinas (BSP) showed.

The combined value of transactions done via automated clearing houses InstaPay and PESONet jumped by 32.8% from the P2.87 trillion in the same period a year ago.

In terms of volume, transactions coursed through the clearing houses soared by 69.5% year on year to 309.3 million as of March from 182.5 million.

Broken down, the value of PESONet transactions climbed by 26% to P2.27 trillion as of end-March from P1.8 trillion in 2023.

The volume of transactions that went through the payment gateway stood at 23.56 million as of March, up by 4.8% from 22.48 million a year prior.

Meanwhile, the value of transactions done through InstaPay increased by 44.3% to P1.54 trillion at end-March from P1.07 trillion in the year-ago period.

The volume of InstaPay transactions also surged by 78.6% year on year to 285.7 million from 159.98 million.

The rise in online transactions can be attributed to the increase in demand for digital banking amid the reopening of the economy, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“The continued increased adoption of electronic fund transfers, as further accelerated since COVID-19, sustained the double-digit growth as more people discover that using InstaPay and PESONet through online banking apps is more convenient, faster, safer, and cheaper than using checks, cash and over-the-counter banking transactions,” Mr. Ricafort said in a Viber message.

The increase in the use of digital wallets also drove transaction growth, he said.

The central bank wanted to have 50% of the total volume and value of retail transactions done online by the end of 2023.

The BSP earlier said they are confident they met the target amid growing use of e-wallets and online banking platforms.

In 2022, the share of online payments in the total volume of retail transactions rose to 42.1% from 30.3% a year earlier. — Luisa Maria Jacinta C. Jocson

BillEase gets $5-million investment to expand credit facility to $40 million

April 25, 2024 | 9:04 pm

CONSUMER FINANCE and buy now, pay later (BNPL) application BillEase has received a $5-million investment from Saison Investment Management Private Ltd. (SIMPL) to expand its credit facility that funds its operations, it said on Thursday.

“This latest funding round expands BillEase’s existing Helicap-led credit facility from $20 million to $40 million, which had already included participation from various investors such as the Helicap Income Opportunities Fund, several institutional credit investors, and high-net-worth individuals,” BillEase said in a statement.

BillEase offers personal loans, e-wallet top-ups, prepaid load, gaming credits, bills payment, and BNPL solutions on its app.

SIMPL is the offshore lending arm of Saison International Pte. Ltd., the parent of Japan-based lending conglomerate Credit Saison, it added.

“This investment from SIMPL is a tremendous vote of confidence in BillEase’s mission and future growth potential. Coming off a year where we achieved profitability and doubled our revenues, we are extremely well-positioned to scale our consumer loan offerings and expand access to affordable financial services across the Philippines,” BillEase Chief Financial Officer Garret Go said.

BillEase said it served over 800,000 customers last year, with its return on equity standing at 47%.

The company added that the new investment will allow BillEase to grow its loan portfolio and roll out new credit products to service the needs of its users, which have reached over one million.

“Our investment in BillEase represents our only exposure to the growth in the Philippines’ credit sector at this moment, and aligns with our commitment of providing financial solutions for the underserved segments of markets globally.

The Philippines is emerging as one of the fastest-growing countries in Asia post-COVID, with a huge population that is rapidly digitizing. With this as a backdrop, we hope to build our presence in the market, and play a catalytic role in enlarging Philippine’s digital financing ecosystem, to unlock greater economic opportunities for individuals and households,” said Kosuke Mori, chief executive officer of Saison International.

“We are impressed by the growth trajectory that BillEase is experiencing, and its innovative approach to going beyond a pure BNPL platform into a comprehensive mobile lifestyle app. With 65% of the population unbanked and more than 80% of the country’s transactions still paid with cash, our partnership with BillEase through Helicap is driving financial inclusion by building a credit history for a large share of their customers, and creating meaningful impact for a broader segment of the population in the Philippines,” Claudia Rojas, head of SIMPL, added.

Helicap Co-Founder David Z. Wang likewise said SIMPL’s investment in BillEase will accelerate the company’s growth and serve more customers.

“We are thrilled to have SIMPL as an investor in BillEase. Their investment underscores the immense potential of BillEase to drive financial inclusion and uplift underserved communities in the Philippines. With this additional capital, BillEase can accelerate its growth and bring affordable financial services to even more customers across the country. This partnership exemplifies our shared vision of leveraging technology to create economic opportuni-ties,” Mr. Wang said.

The central bank wanted 50% of the total volume and value of retail transactions done online by the end of 2023. Officials earlier said they are confident they met this target, driven by the increased use of e-wallets and online banking platforms in the country.

In 2022, the share of online payments in the total volume of retail transactions rose to 42.1% from 30.3% a year earlier, latest central bank data showed. — AMCS

Peso sinks to new 17-month low

April 25, 2024 | 9:03 pm

THE PESO sank to a fresh 17-month low against the dollar on Thursday, even moving closer to the P58 level intraday, due to stronger-than-expected US durable goods data.

The local unit closed at P57.78 per dollar on Thursday, weakening by 23 centavos from its P57.55 finish on Wednesday, data from the Bankers Association of the Philippines showed.

This was the peso’s weakest close in more than 17 months or since its P58.19-per-dollar close on Nov. 10, 2022.

The peso opened Thursday’s session weaker at P57.75 against the dollar, which was already its intraday best. Its worst showing was at P57.96 versus the greenback.

Dollars exchanged went up to $1.43 billion on Thursday from $1.38 billion on Wednesday.

The peso declined against the dollar due to stronger-than-expected US durable goods data, Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

“US durable goods data surprised to the upside, pushing the greenback higher across the board,” Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion likewise said in a Viber message.

New orders for key US-manufactured capital goods increased moderately in March and data for the prior month was revised lower, suggesting that business spending on equipment likely remained weak in the first quarter, Reuters reported.

The report from the Commerce department on Wednesday was published ahead of the release on Thursday of the government’s advance estimate of gross domestic product (GDP) for the January-March quarter. The economy is expected to have delivered another quarter of strong performance, thanks to a resilient labor market that is driving consumer spending.

Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rose 0.2% last month, the Commerce department’s Census Bureau said. Data for February was revised lower to show these so-called core capital goods orders advancing 0.4% instead of 0.7% as previously reported.

March’s increase was in line with economists’ expectations. Core capital goods orders gained 0.6% year on year in March.

But manufacturing, which accounts for 10.4% of the economy, is stabilizing. Orders for durable goods, items ranging from toasters to aircraft meant to last three years or more, rose 2.6% in March after a downwardly revised 0.7% advance in February.

An Institute for Supply Management survey this month showed manufacturing grew for the first time in 1-1/2 years in March.

The peso was also dragged down by the yen’s movement on Thursday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The yen hit fresh 34-year low versus the dollar and a 16-year low against the euro on Thursday as investors expect a Bank of Japan policy meeting that ends on Friday to not be hawkish enough to support the Japanese currency, Reuters reported.

A day earlier, the buoyant dollar broke above the 155 yen level for the first time since 1990 after having traded in a tight range over several days.

On Thursday, the greenback rose to a 34-year high of 155.74 yen and was last 0.2% higher at 155.62. The euro hit a 16-year high of 166.98 and was last up 0.35% at 166.77.

The 155 yen level has been seen by some market participants as a line in the sand that will prompt Tokyo authorities to take action.

The rate hike by the Bank of Indonesia on Wednesday also caused a knee-jerk reaction, Mr. Roces added.

Indonesia’s central bank delivered a surprise rate hike on Wednesday, stepping up efforts to support the rupiah currency which has fallen to four-year lows on rising risk aversion and a delay in the expected timing of any US pol-icy easing, Reuters reported.

Bank Indonesia (BI) raised the 7-day reverse repurchase rate by 25 basis points to 6.25%, its highest since the bank made the instrument its main policy rate in 2016.

BI also increased the overnight deposit facility and lending facility rates by the same amount to 5.5% and 7%, respectively.

For Friday, Mr. Asuncion sees the peso moving between P57.30 and P58 per dollar, while Mr. Ricafort expects it to range from P57.70 to P57.90. — AMCS with Reuters

Global insurance coalition on climate set to relaunch after member exodus

April 25, 2024 | 9:02 pm

aviva — A GLOBAL insurance coalition is relaunching with 46 organizations including British insurer Aviva, Italy’s Generali, Singapore Life and Canadian company Co-operators.

LONDON — A global insurance coalition intended to help curb the sector’s greenhouse gas emissions has relaunched with a new name and weaker membership requirements in response to companies fleeing over allegations of collusion by Republican politicians in the United States.

The insurance group, called the Net Zero Insurance Alliance (NZIA), will be disbanded and replaced by the Forum for Insurance Transition to Net Zero (FIT), the United Nations Environment Programme, which convened the NZIA, said on Thursday.

The move is the latest example of Republican-led attacks on environmental, social, and corporate governance (ESG) initiatives, diluting efforts to tackle climate change.

Among several climate coalitions of financial firms, the NZIA has been the most vulnerable. This is because rather than being federally regulated in the United States, insurers are overseen at the state level, where Republican of-ficials hostile to the transition away from fossil fuels have more sway.

The Forum for Insurance Transition to Net Zero “is a new initiative altogether,” said Butch Bacani, the head of the insurance team at UNEP. “It’s not simply a Version 2.0. It’s really a clean cut and a new structure.”

Members will not need to set targets to reduce their emissions and report on them annually, as was the case with NZIA. Instead, they will be expected to adopt four “Principles for Sustainable Insurance,” which focus on pro-cesses.

These relate to creating frameworks to measure emissions and setting targets for the members that want to do so; developing energy transition plans; engaging with companies in different sectors; and tackling barriers to de-veloping climate solutions.

The reboot comes after NZIA lost more than half its members, including AXA, Lloyd’s of London and Tokio Marine, after attorneys general from 23 Republican-run US states sent a letter in May 2023 seeking information about insurers’ membership and threatening legal action.

In response, the NZIA eased its membership rules last year, including removing a six-month deadline for members to publish greenhouse gas emissions targets. But some insurers still found membership prescriptive and fretted over some US state regulators cracking down on them.

The FIT is launching with 46 organizations including British insurer Aviva, Italy’s Generali, Singapore Life and Canadian company Co-operators.

It will also have two separate, independent consultative groups to inform its work — one for regulators and supervisors and the other for academic institutions and civil society organizations.

The new structure will also be backed up by a legal team including experts on antitrust law from Freshfields Bruckhaus Deringer, Cleary Gottlieb Steen & Hamilton, and Norton Rose Fulbright.

“We’re now moving into the direction of soft regulation and hard regulation, hence the diversity of stakeholders involved, that we believe are important in terms of embedding net-zero into day-to-day insurance deci-sion-making and practice,” Bacani said.

Regulators involved include Britain’s Prudential Regulation Authority and the California Department of Insurance as well as those from Australia, Brazil, Colombia, the European Union, Singapore and the US states of Illinois and Washington.

Other United Nations-backed coalitions of financial firms are also scrambling to stem members fleeing. Reuters reported last month that the Net-Zero Banking Alliance (NZBA), whose 143 members oversee $74 trillion in capital, is proposing its members disclose more information on their commitments to tackle climate change without requiring them to coordinate action, in a compromise it hopes will prevent departures. — Reuters

The implications of geopolitical tensions

April 25, 2024 | 9:01 pm

In the past months, we have seen the events unfolding in the West Philippine Sea getting more intense, with Chinese ships hosing and damaging small Philippine ships. As the interface between geopolitics and geo-economics is real, it was timely that the Financial Executives Institute of the Philippines (FINEX) held its general membership meeting on April 17 with Dr. Ronald Mendoza, senior economist of the Ateneo Policy Center, on the topic “Navi-gating the US-China Geopolitical Tensions: Implications for the Philippine Economy.”

Dr. Mendoza said foreign policy analysts point to a new cold war between the United States and China, with the US describing China as an “adversary,” “rival,” and “strategic competitor.” Like other countries, especially in Asia, the Philippines must seek to prosper amid the recalibration of national security and economic policies due to the escalating clash between the two giants. In connection with this, Dr. Mendoza asked the following questions: “Just in case China embargoes our exports, can we find alternative markets? Which products will be hit the hardest?” He added, “just in case China cuts our imports, can we find alternative supply sources? Which sectors will be hit the hardest?” These questions are of utmost importance since China accounted for the 23% of our total imports (#1) and 15% of total exports (#2) in 2023, according to the Philippine Statistics Authority. Meanwhile, the US ac-counted for 7% of our imports (#5) and 16% of exports (#1).

As the Philippines is the second most archipelagic country in the world, with the richest area in terms of biodiversity, he advocates for a blue economy and the extraction of resources to boost Philippine development. Mining is potentially a rich source of national resources. The problem is, how do you extract in the middle of these tensions?

On the sources of equity and debt, Philippine National Bank (PNB) Economist and First Vice-President Alvin Arogo said in 2023, the net foreign direct investment flows to the Philippines amounted to $8.864 billion, broken down into $1.291 billion in equity, $1.239 billion in reinvested earnings, and $6.334 billion in debt.

Meanwhile, the total external debt of the Philippines as of December 2023 amounted to $125.4 billion, of which $77.8 billion is from the public sector and $47.6 billion from the private sector. Of the $77.8-billion public sector external debt, 10% came from Japan and only 0.5% from China, while for the $47.6-billion private sector external debt, 10% came from Japan and 6% from China, only counting bilateral loans.

To navigate the new cold war, Dr. Mendoza said: “Where possible, countries can and should explore the development of international economic cooperation and regional trade and investment groupings in ways that create mutual value and avoid being forced to choose between the United States and China. If such a choice may have been inevitable under the first cold war, this may not be the case today given the emergence of middle powers that create more options for different layers of economic, technological and national security partnerships, and what some call “strategic autonomy.”

“A network of diverse economic partners may be much more resilient in a multipolar setting when compared to the kind of polarization that a China-US trade and tech war would imply. Arguably, a network of partners may also lessen the vulnerability of countries to pressure from either of the superpowers, notably by providing more options for economic alignment,” he added.

As we live in the era of Cold War 2.0, Filipinos should strive for peace but also prepare for the worst. Businesses should start evaluating the level of their dependence on imports and exports from China and the US. If significant exposure is found, there is an urgency to start looking for alternatives in order to help the country achieve strategic autonomy, which is the capability to make decisions independent from external pressure, especially from great powers.

Post-pandemic, there are so many challenges facing us, and this is a major one. Another pressing challenge is the current heat index. The current 40-degree level is already unbearable — how much more the forecasted 50 level in May?

As in everything else, we need to plan, prepare and always pray for the best, seeking God’s favor.

Meanwhile, a sincere congratulations to PNB, number one in Forbes’ list of the world’s best banks!

The views expressed herein are her own and do not necessarily reflect the opinion of her office as well as FINEX.

Flor G. Tarriela was former PNB chairman and now serves as board advisor. A former undersecretary of Finance, she is lead independent director of Nickel Asia Corp., director of LTG Inc. and FINEX. A gardener and an environmentalist, she founded Flor’s Garden in Antipolo, now an events destination.