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Stocks end lower on tariff threats, Fed minutes

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PHILIPPINE SHARES closed lower on Thursday due to concerns over US President Donald J. Trump’s latest round of tariff threats and the Federal Reserve’s policy easing path.

The Philippine Stock Exchange index declined by 0.87% or 53.25 points to close at 6,066.63 on Thursday, while the broader all shares index inched down by 0.09% or 3.38 points to 3,671.62.

“The local market joined its regional peers in their decline as investors dealt with US President Donald Trump’s latest tariff threats on auto, semiconductor, and pharmaceutical imports,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. “Investors also digested the Fed’s latest minutes of the meeting wherein they expressed concerns over the new US government’s trade and immigration policies and their effect on US inflation.”

“Philippines shares fell below 6,100 once again as the market took cues from a cautious Federal Reserve and President Trump’s threat of a 25% tariff on imported autos, semiconductors, and pharmaceuticals,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message.

Global stocks treaded with caution on Thursday, with Asian shares feeling the heat as Mr. Trump’s tariff plans, geopolitical worries and a cautious stance from Federal Reserve policymakers hurt risk sentiment, Reuters reported.

Mr. Trump through the week has vowed tariffs on wide-ranging imports including pharmaceutical products, semiconductor chips and lumber. He intends to impose tariffs on autos as soon as April 2.

In Asia, Japan’s Nikkei slid 1.5% on the strong yen, while a blistering rally in Chinese technology shares took a breather. Hong Kong’s Hang Seng Index slipped 1.3%, having touched a four-month high earlier this week.

Mr. Trump’s initial policy proposals raised concern at the Fed about higher inflation, with firms telling the US central bank they generally expected to raise prices to pass along the cost of import tariffs, according to the Fed’s January meeting minutes released on Wednesday.

Traders are pricing in 39 basis points of cuts this year from the Fed with the next move fully priced in for September, LSEG data showed.

Back home, almost all sectoral indices ended lower on Thursday. Property declined by 2.56% or 57.83 points to 2,199.49; holding firms went down by 1.25% or 64.18 points to 5,062.47; industrials decreased by 0.78% or 69.48 points to 8,785.45; mining and oil shed 0.52% or 43.54 points to close at 8,272.33; and services retreated by 0.44% or 8.91 points to 1,974.56.

Meanwhile, financials rose by 0.57% or 13.07 points to 2,272.93.

Value turnover went up to P5.72 billion on Thursday with 1.2 billion shares exchanged from the P5.18 billion with 1.41 billion issues traded on Wednesday.

Decliners outnumbered advancers, 113 versus 74, while 58 names were unchanged.

Net foreign selling went up to P601.30 million on Thursday from P515.39 million on Wednesday. — R.M.D. Ochave with Reuters

Bangsamoro violence worst in 7 years, raises worries about midterm elections

HASAN ALMASI-UNSPLASH

By Chloe Mari A. Hufana and John Victor D. Ordoñez, Reporters

CONFLICTS in the Bangsamoro Autonomous Region in Muslim Mindanao rose 24% to 2,570 incidents in 2024 — the worst in seven years — from a year earlier, highlighting a growing pattern of instability ahead of elections, according to a civic group.

Violence in the region has been steadily rising since 2021 and is showing no sign of slowing down, the Council for Climate and Conflict Action Asia (CCAA) told a news briefing in Manila on Thursday.

“The upward trajectory is expected to continue with no significant action taken to address illicit weapons and strengthen governance,” Phoebe Dominique M. Adorable, CCAA program manager, said. “The year 2024 marks the biggest increase in violent conflict since the 2017 Marawi siege.”

The Marawi siege was fought between government troops and the Maute-ISIS group, an alliance of militants linked to the Islamic State from May 2017 to the end of the year. It is said to be the longest urban battle in the Philippines’ modern history.

Ms. Adorable said the uptick in violence raises “serious concerns” about the 2025 midterm elections and the first-ever Bangsamoro parliamentary elections. “With elections approaching, the risk of an even greater surge in violence is high.”

The council and Early Response Network (ERN) recorded 28 active clan feuds — the biggest source of conflict — across the Bangsamoro region.

Last year, the most violent clashes happened in Maguindanao del Sur and Special Geographic Areas — 63 villages in Cotabato province. The most critical hotspots at the municipal level were in Mamasapano, Datu Hoffer Ampatuan, Buluan, Shariff Saydona Mustapha, Rajah Buayan and Sultan sa Barongis in Maguindanao del Sur.

Kadayangan and Nabalawag in the Special Geographical Areas, Datu Odin Sinsuat in Maguindanao del Norte, Cotabato City, Malabang, Butig and Marawi City in Lanao del Sur and Lantawan, Maluso and Hadji Mohammad Ajil in Basilan were also identified as critical hotspots.

Liezl P. Bugtay, senior program manager for conflict monitoring at the council, said a major concern now is the postponement of the parliamentary elections because it would prolong and potentially worsen the conflicts especially in election hotspots in Cotabato City, Datu Odin Sinsuat and Marawi City.

“When you postpone the election, you prolong the time for warring groups to square off with each other,” Francisco J. Lara, Jr., council executive director, told the same briefing.

Last month, President Ferdinand R. Marcos, Jr., certified as urgent a bill postponing the Bangsamoro election. The Senate and House of Representatives have approved separate bills that seek to reschedule the elections to October from May.

Calls for the postponement of the first parliamentary elections in one of the Philippines’ poorest regions were made after the Supreme Court last year excluded Sulu from the autonomous region. The elections were originally set for May 2022 but was postponed amid a coronavirus pandemic and failure to come up with an electoral code.

CCAA cited the need for conflict resolution, security sector reforms and state intervention to attain lasting peace in Mindanao.

Mr. Lara sought an independent, autonomous and redundant election monitoring system before, during and after the elections.

“Historically, violence and displacement often escalate in the post-election period,” he said. “Monitoring is not just about ensuring the credibility of the electoral process; it is also crucial in securing public trust in the results.”

The group urged the Commission on Elections (Comelec) to take proactive measures to prevent violent incidents from recurring in former hotspots including Cotabato City, Datu Odin Sinsuat, Mamasapano, Marawi City and Malabang.

Mr. Lara, a retired sociology professor from the University of the Philippines Diliman, said the police and military must enforce the gun ban with full impartiality, noting that it should not only apply to local politicians but also armed groups.

“No groups should have the power to obstruct security forces in implementing the law,” he said. “The government must ensure that any violations, whether by political figures or armed factions, are met with immediate accountability, including arrests and disarming if necessary.”

Mr. Lara also said the National Government should facilitate mediation and settlement at the earliest opportunity to prevent the escalation of clan feuds. These clan wars would probably be worsened by political rivalries, he pointed out.

If negotiations start now, alliances and agreements may be reached before the local elections and the upcoming parliamentary elections.

“Local mechanisms such as the Early Response Network should be strengthened to facilitate coordination, mediation and rapid response,” he said, adding that empowering community-based networks to monitor tensions, engaging key actors and supporting the local peace process are crucial in preventing conflicts from escalating.

Mr. Lara also said the Comelec should address the growing public distrust in its impartiality. He noted that in past elections, critics had raised doubts about the credibility of the electoral process.

“Comelec must take concrete steps to uphold its neutrality, including preventing last-minute reshuffling of municipal election officers and strictly enforcing its own rules and regulations,” he said.

To combat the resurgence of violence, the government should stay vigilant and ensure that declaring areas as violence-free does not lead to complacency, he added.

Mr. Lara also sought a strict audit of election spending to ensure that campaigns are not financed by illegal activities.

“The root causes of extremism, such as discrimination, unfulfilled reintegration promises and the lack of opportunities for young people must be addressed,” he said. “The lessons of restorative justice must guide efforts to reduce the appeal of extremist recruitment.”

‘CRITICAL JUNCTURE’
Also on Thursday, Mr. Marcos ordered the military to ensure the midterm elections on May 12 are peaceful and safe amid high-stakes political pressure.

“Once again, we find ourselves at a critical juncture where we have to preserve not only the integrity of our election, but the very ethos of our democracy,” he said at the oath-taking ceremony of newly promoted military generals and flag officers at the presidential palace, based on a transcript sent by his office.

“As a nation that deeply values and honors our right to vote, we are counting on the armed forces to ensure a peaceful, credible and orderly conduct of the electoral process that Filipinos expect from us. We cannot fail them,” he added.

Filipinos will pick 12 of the 24-member Senate, a new set of congressmen and other local officials on May 12.

The Armed Forces of the Philippines on Feb. 11 deployed at least 18,000 troops to oversee security on the first day of the national campaign period. Local bets will start their campaigns on March 28.

The political pressure ahead of elections is heightened by a high-profile row among warring elites that culminated in the impeachment of Vice-President Sara Duterte-Carpio.

Senatorial candidates endorsed by the President continue to dominate polls, according to Pulse Asia Research, Inc. and Social Weather Stations.

“Be assured that this administration stands with you side by side in upholding peace, democracy and the rule of law,” Mr. Marcos said.

Philippines urged to craft national narrative on South China Sea claim

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By Kenneth Christiane L. Basilio, Reporter

THE PHILIPPINES should develop a clear national narrative on its sea dispute with China to boost its claim, a former Supreme Court justice said on Thursday.

Having a clear historical and legal narrative would let Filipinos and the international community define when the country started claiming some of the disputed maritime features in the South China Sea, former Supreme Court Justice Antonio T. Carpio told a news briefing.

“We don’t have a common narrative on why we are claiming sovereignty over Scarborough Shoal and the Spratly Islands,” he said in Filipino. “We have different stories. We don’t have a common historical, legal and factual narrative.”

China claims sovereignty over almost the entire South China Sea, a vital waterway for more than $3 trillion of annual ship-borne commerce, including parts claimed by the Philippines, Brunei, Malaysia, Taiwan and Vietnam.

Mr. Carpio said the Philippine government should start crafting a national narrative so it could challenge Beijing’s historical account on the South China Sea. “China has its own historical narrative, and they are consistent with it.”

The Chinese Embassy in Manila did not immediately respond to a Viber message seeking comment.

“The Department of Foreign Affairs, National Historical Commission, Department of Education (DepEd) and national security adviser should sit down and settle our narrative, when we began claiming it,” Mr. Carpio said.

“I’m recommending we start with the 1734 Pedro Murillo Velarde map… showing that we have claimed Scarborough Shoal and Spratly Islands since 1734,” he added.

The centuries-old map served as the Spanish government’s official Philippine chart when Manila was a colony of Madrid, according to a presentation uploaded on the Philippine Institute for Development Studies website.

The Philippines used it as evidence during arbitration proceedings against China before a United Nations-backed tribunal in the Hague. The arbitration court in 2016 voided China’s claim based on the 1940s nine-dash line map for being illegal.

“We have differing narratives, leading foreign legal scholars to say that we have the weakest stake as they can’t pin our basis for the claim,” Mr. Carpio said.

“A compelling national narrative is one that is not just crafted by policymakers but embraced by the people,” Karl Patrick R. Mendoza, an associate professor at the Polytechnic University of the Philippines’ Department of Communication Research, said in a Facebook Messenger chat.

“It should be rooted in historical truth, communicated effectively across platforms and championed consistently across administrations,” he added.

He said the Philippines should communicate its narrative in a way that resonates globally, emphasizing not just legal rights but also broader principles such as upholding international law, freedom of navigation and regional stability.

“Strategic storytelling, amplified through media, diplomacy and cultural exchanges can reinforce the legitimacy of our claims and counter disinformation,” he added.

Also on Thursday, party-list group Akbayan, which is vying for a congressional seat in the May 12 elections, urged Philippine President Ferdinand R. Marcos, Jr. to issue an executive order requiring the country’s education agencies to develop a school curriculum showcasing the country’s claim in the South China Sea.

“The executive order should require… educational institutions to collaborate with legal experts, historians, geographers and maritime scholars to develop a curriculum that comprehensively covers the… Philippines’ claim to the West Philippine Sea,” Rafaela David, president of Akbayan, said in the same media briefing, referring to areas of the waterway within Manila’s exclusive economic zone.

Congress should also craft a law establishing a West Philippine Sea Institute that would serve as the country’s think tank and research hub for matters concerning the South China Sea, she added.

Senator seeks caucus on Duterte’s impeachment trial

VICE-PRESIDENT SARA DUTERTE-CARPIO — PHILIPINE STAR/ RYAN BALDEMOR

By Adrian H. Halili, Reporter

SENATE Minority Leader Aquilino L. Pimentel III on Thursday urged the Senate president to call for a caucus where they could explain their stance on the impeachment trial of Vice-President Sara Duterte-Carpio.

“I will request a caucus so that he (Senate President Francis “Chiz” G. Escudero) can explain his position to the senators and so that he can also give me time to explain my position,” he told a news briefing.

The House of Representatives on Feb. 5 impeached Ms. Duterte on charges of violating the Constitution, betrayal of public trust, graft and corruption and other high crimes.

More than 200 congressmen filed and signed the impeachment complaint against Ms. Duterte, more than the one-third vote required by the Constitution for her to be charged.

The ouster charges consisted of seven articles of impeachment, including allegations of plotting the assassination of the President, misusing secret funds, amassing unexplained wealth and committing acts of destabilization.

Mr. Pimentel said he would also send a letter to the Senate president urging the Senate to act on the impeachment trial.

“The content of my second letter will show the constitutional provisions and the rules of impeachment, and our conclusion that the Senate as a legislative body does not need to be in session to act,” he added.

Mr. Escudero earlier said the Senate could not convene as an impeachment court while it is on recess, adding that they might hold the trial by July.

Mr. Pimentel earlier wrote the Senate President a letter asking him to start the impeachment proceedings immediately, saying the 1987 Constitution mandates the Senate to promptly start the proceedings.

He said the trial should “hopefully” start by March.

“The Senate president has already prepared and has already ordered the review of the impeachment rules,” he said. “When the court goes in session, we will take the oath. We will affirm the existing rules so that there will be no issue on whether or not these are valid.”

Congress went on a four-month break starting Feb. 5 for the 2025 midterm elections. It reconvenes for a two-week session on June 2.

Meanwhile, Howard M. Calleja, a lawyer and co-convenor of multisectoral group 1Sambayan, accused Mr. Escudero of delaying the impeachment trial of Ms. Duterte.

“We were fooled by (Mr. Escudero),” he said in a statement. “Here he is trying to foist on us a scenario calculated to kill the impeachment of Duterte. Chiz would not do this without benefiting himself.”

He accused the Senate chief of ending the session two days early to delay the impeachment trial.

“Why that unconstitutional rush? Who benefited from (Mr. Escudero’s) premature adjournment?” he asked. “Definitely, (the Vice-President) because there would be a lot of legal questions that could potentially kill the impeachment complaint under the 20th Congress.”

Mr. Calleja implied that Mr. Escudero was eyeing the presidency in 2028.

The Senate president’s office did not immediately reply to a Viber message seeking comment.

Comelec sets stricter rules for firms conducting election-related polls

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THE Commission on Elections (Comelec) said on Thursday that public opinion firms conducting election-related surveys will be required to register in its bid to properly determine campaigners’ expenses ahead of the 2025 midterm elections.

In a copy of an en banc resolution sent by Chairman George Erwin M. Garcia in a Viber chat to reporters, the Commission said only pre-registered firms will be authorized to conduct and publicly disseminate election surveys.

It noted that survey firms that have been conducting and disseminating election surveys before the en banc resolution will have 15 days from the date of effectivity, to complete their registration with the Comelec.

The Commission said survey firms may continue their operations within the grace period but warned that failure to register within the prescribed timeframe will result in suspension from conducting and publishing election surveys.

“Poll companies or any entity conducting election surveys shall submit a comprehensive report to the Commission on Elections…This report must include details on where the results were published and all other information required,” it noted in a 9-page resolution, signed on Feb. 19.

The mandatory details include the name of the person, candidate, party, or organization that commissioned or paid for the survey, survey period, methodology, respondent count, sampling areas, specific questions asked, and margin of error.

Comelec said the total amount spent by candidates on commissioned surveys must also be disclosed, if applicable. It will use this data to verify candidates’ reported expenses in the Statement of Contributions and Expenditures.

The resolution noted that poll companies must submit reports within five days of publishing their findings.

The Commission will be setting up a verification system for surveys through its Education and Information Department. It will also form a task force to develop a dedicated public advisory system that swiftly alerts voters about potential fake surveys.

Moreover, the resolution mandated that broadcast media providers publish election surveys only if they disclose the name of the entity that conducted the survey, along with the individuals, candidates, parties, or organizations that commissioned or funded it.

This requirement also extends to survey firms sharing their materials online or on social media platforms.

Survey firms and media organizations will face “strict penalties” for non-compliance, which may include fines, suspension of accreditation, or legal action for deliberate misrepresentation of survey data.

The resolution explicitly said that publishing pre-election surveys without the required disclosures constitutes an election offense under Republic Act 9006, the Fair Elections Act. — Chloe Mari A. Hufana

Closer Czech Republic ties eyed

PRESIDENT Ferdinand R. Marcos, Jr. told Czech Defense Minister Jana Černochová the Philippines is keen on pursuing closer ties with the Czech Republic during a courtesy call in Malacañan Palace on Thursday. — NOEL B. PABALATE/PPA POOL

PHILIPPINE President Ferdinand R. Marcos, Jr. on Thursday told the Czech Republic’s defense minister that Manila is keen on pursuing deeper defense, economic, and diplomatic ties with the Central European nation.

“I am very optimistic for the future in terms of our relationship with each other,” he told Czech Defense Minister Jana Černochová at Malacañang, based on a transcript provided by the Presidential Communications Office.

“In all things, on the people-to-people side, on the economic side, the defense and security, the diplomatic and the problem with the government.”

The European Union in December said it is keen on bolstering ties with the Philippines in diplomatic efforts on free and open waters in the Indo-Pacific region as it reaffirmed commitment to international law amid its maritime dispute with China.

“So, I think that really there is much that we can do together and there are many areas that we still need to explore,” the Philippine President told the Czech minister. — John Victor D. Ordoñez

Acting PCO chief Chavez resigns

PCO.GOV.PH

ACTING PRESIDENTIAL Communications Office (PCO) Secretary Cesar B. Chavez has stepped down, citing failure to meet expectations in overseeing the agency.

He told reporters in a Viber message that former ABS-CBN reporter Jay Ruiz will be replacing him, starting March 1 after he officially resigned on Feb. 5

“I will not be signing out as a believer in this administration, whose vision I will continue to support as I pursue endeavor outside of government but still within the realm of public service,” Mr. Chavez said.

“Although there is much for which I am grateful and a long list of people to thank, I leave with only one regret: In my estimation, I have fallen short of what was expected of me.”

Philippine President Ferdinand R. Marcos, Jr. appointed Mr. Chavez, who was also a senior undersecretary at the time, as acting PCO chief in September.

The official earlier took a leave from the agency from Feb. 17 to 21 and appointed PCO Senior Undersecretary Emerald Anne R. Ridao as officer-in-charge. — John Victor D. Ordoñez

SC wants original 2025 GAA copies

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THE SUPREME COURT (SC) ordered the Malacañan Palace and both chambers of Congress to send original copies of the 2025 General Appropriations Bill by Feb. 24, following a lawsuit questioning its legality.

In an advisory dated Feb. 18, the High Court ordered respondents Executive Secretary Lucas P. Bersamin, Senate President Francis Joseph G. Escudero, and House Speaker Ferdinand Martin G. Romualdez to “submit by personal service” original copies of the 2025 General Appropriations Bill and the 2025 General Appropriations Enrolled Bill.

It requires all respondents to submit the documents no later than Feb. 24 at 12 p.m.

This comes after a lawsuit filed by former Presidential Spokesman Victor D. Rodriguez and others, questioning the legality of Republic Act No. 12116, the General Appropriations Act (GAA) of 2025.

The High Court also scheduled the oral arguments for the case on April 1 in Baguio City, while the preliminary conference will be on Feb. 28 in Manila City. — Chloe Mari A. Hufana

Tax drive targets 200,000 firms

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THE Bureau of Internal Revenue (BIR) has reached more than 200,000 establishments nationwide with its Tax Compliance Verification Drive (TCVD).

The TCVD, which ran from Feb. 10-14, however, uncovered that 12% of businesses were found unregistered.

“This nationwide taxpayer education campaign marks the BIR’s shift towards a taxpayer-centric agency, instead of the traditional goal-oriented government office,” Commissioner Romeo D. Lumagui, Jr. said.

In addition, the Bureau found that 12% of the business establishments visited were unregistered, and most of them had no limited idea of their obligation.

“The BIR is using these findings as a baseline for tracking business registration compliance, ensuring that more businesses formalize their operations,” it said.

Among the common compliance issues were operating without proper registration, failure to keep books of accounts at the place of business and to display a certificate of registration.

As the tax drive, the agency reminds all taxpayers to file their 2024 Annual Income Tax Return and pay the exact tax due on or before April 15. — Chloe Mari A. Hufana

12 OFWs from Myanmar return

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TWELVE FILIPINOS, who were victims of illegal recruitment and human trafficking in Myanmar, were repatriated on Feb. 19, the Department of Migrant Workers (DMW) confirmed on Thursday.   

In a statement, it said the group arrived safely at the Ninoy Aquino International Airport (NAIA) Terminal 3 late on Wednesday aboard a Cebu Pacific Flight.

“The victims were recruited through Facebook by a Filipino who offered jobs as customer sales representatives in Myanmar, only to be exploited to work as online scammers without pay or rest days,” the DMW said.

“They were physically abused, beaten with PVC (polyvinyl chloride) sticks, and subjected to electric shocks. Sometimes, they were forced to do the duck walk, frog walk, jump, and squat for hours,” it added. 

Facing an exploitative situation, the workers attempted to secure permission to leave, but their employer demanded a $15,000 payment for their release.

Unable to meet the demand, they fled and sought assistance from Myanmar’s military.

The twelve Filipinos were among the 250 individuals rescued from a scam center and later released in Phop Phra, Tak Province, Thailand, near the Myanmar border.

Upon their arrival at NAIA, a whole-of-government team, comprising the DMW, Bureau of Immigration, Department of Social Welfare and Development, National Bureau of Investigation, Department of Justice, and NAIA Task Force Against Trafficking, immediately extended assistance to the group.

This support included psychosocial services, legal aid, and financial assistance.

The DMW strongly urged overseas Filipino workers (OFWs) and job seekers to exercise extreme caution when considering job offers, particularly those advertised on social media. — Chloe Mari A. Hufana

Catholic schools to push through with People Power commemoration

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AN ORGANIZATION of Philippine Catholic schools on Thursday said it will mark the 39th anniversary of the EDSA People Power Revolution by suspending classes and holding commemorations of the historic event.

The Palace declared February 25 a special working holiday for this year, diverging from past administrations’ practice of observing it as a special non-working holiday to commemorate the popular street uprising that toppled late former President Ferdinand E. Marcos, father and namesake of the current Philippine president.

“The 1986 EDSA People Power revolution shall always be a constitutive dimension of learning of our students. Philippine and Catholic education shall never be without it,” the Catholic Educational Association of the Philippines (CEAP) said in a statement.

“CEAP shall push back all attempts to deny, distort, downgrade, and devalue it in our schools, in our communities, and in our life as a nation,” it added.

They would likely hold alternative class setups to perform community outreach events and eucharistic celebrations of the holiday.

CEAP also urged Filipinos to revive the “spirit” of the People Power Revolution for the upcoming midterm elections in May.

“We urgently need to re-ignite this spirit today, especially in the upcoming May elections, and in our daily exercise of our rights, freedoms, and responsibilities,” it said. — Kenneth Christiane L. Basilio

Customs seizes P1.37-M high-grade marijuana

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THE Bureau of Customs (BoC) on Thursday said it seized P1.37 million worth of illegal drugs in a concealed package from Thailand.

In a statement, the BoC said it foiled 914 grams of marijuana concealed within assorted items from Bangkok declared, as “food spices, condiments, and groceries.”

“The shipment contained 26 packages with a powdery substance and four packages with dried leaves and fruiting tops,” it said.

The BoC attributed the operation to the Port of Clark – Customs Anti-Illegal Drug Task Force, the Philippine National Police – Aviation Security Group, the National Bureau of Investigation-Pampanga District Office, the Department of Justice, and local officials of Brgy. Dau, City of Mabalacat. — Aubrey Rose A. Inosante

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