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DFA urged to file UN resolution vs China

COURTESY OF BFAR

By John Victor D. Ordonez, Reporter

A PHILIPPINE senator has called on the Department Foreign Affairs (DFA) to file a resolution before the United Nations (UN) General Assembly condemning China’s aggression in the South China Sea.

In a statement, Senator Ana Theresia N. Hontiveros-Baraquel said the resolution should call on China to stop “blatant violence” in Philippine waters.

“I also hope the DFA can gather our neighbors in Southeast Asia, particularly Vietnam and Malaysia, to stand with the Philippines as we face common security threats and assaults by China,” she added.

A Chinese coast guard vessel at the weekend fired a water cannon at a Philippine boat trying to bring food and other supplies to a grounded World War II-era ship at Second Thomas Shoal.

A Chinese People’s Liberation Army Navy helicopter also harassed a team of Filipino scientists at Thitu Island by hovering at a close distance to one of its sand bars, the Philippines said on Tuesday.

Manila later lodged a protest and said the boat was heavily damaged and some crew injured. It then summoned China’s envoy in Manila to protest “aggressive actions” in the South China Sea.

The Philippines will make a significant move on China’s continued aggression at sea, National Security Council (NSC) Assistant Director General Jonathan Malaya told the ABS-CBN news Channel on Wednesday.

President Ferdinand R. Marcos, Jr. is weighing the recommendations of the council at a high-level meeting at the presidential palace, he added.

Mr. Malaya also warned of a possible foreign interference during the 2025 midterm elections in the Philippines in the form of cyber-attacks.

Beijing has warned Manila to act cautiously and seek dialogue, reiterating that the resupply vessels had trespassed into Chinese territory.

“Let us show our troops that we are also taking concrete steps to fight for them in all diplomatic and political avenues available to us,” Ms. Hontiveros said.

In a separate statement, Senate Majority Floor Leader Emmanuel Joel J. Villanueva said he would sponsor a resolution before the Senate floor calling on the DFA to update the chamber on state efforts to deter Chinese aggression in the waterway.

“This latest incident, as well as all other aggressions of China towards our countrymen, is totally inhumane, illegal and barbaric,” he said. “We will file and sponsor a resolution calling on the DFA to take all necessary actions to stop these incidents.”

Tensions between the Philippines and China have worsened in the past year as China’s coast guard continues to block Philippine resupply missions to Second Thomas Shoal.

The 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.

At the Inter-Parliamentary Union General Debate on March 24, Senate President Juan Miguel F. Zubiri called on the international community to stand with the Philippines in ensuring that international law and freedom of navigation are upheld in the South China Sea.

‘GENTLEMAN’S AGREEMENT’
“Let me emphasize that the Philippines has consistently adhered to the international rules-based order, ensured freedom of navigation in the area and practiced restraint in dealing with the harassment and provocations of our neighbor in the north,” he said in a speech, a copy of which was sent to reporters on Thursday via Viber.

The Philippine Senate has approved a bill that seeks to set up maritime zones and territories in the South China Sea and another that aims to attract investments in local defense equipment manufacturing.

Also on Thursday, former presidential spokesman Herminio “Harry” L. Roque, Jr. said the government of ex-President Rodrigo R. Duterte had entered into a “gentleman’s agreement” with China not to bring construction and repair materials to BRP Sierra Madre, the dilapidated ship at Second Thomas Shoal.

In a Viber message to BusinessWorld, he said the deal involved keeping the “status quo” at the shoal, but did not entail the BRP Sierra Madre’s removal.

The Philippines intentionally grounded the ship in 1999 to assert its sovereignty.

“Since it’s not in writing and not a treaty, it may not bind the administration of President Marcos,” Mr. Roque said.

In a statement on March 23, Chinese Coast Guard spokesman Gan Yu accused the Philippines of transporting construction materials to the grounded ship.

The DFA did not immediately reply to a WhatsApp question whether resupply missions involve bringing building materials to the shoal.

A five-member United Nations-backed arbitral court in 2016 ruled China had violated Philippine sovereign rights in its exclusive economic zone by building artificial islands and failing to prevent its citizens from fishing in the zone.

“It takes a community of nations to preserve and nurture peace, thus, we appeal to the international community to support and stand firm with us in promoting freedom of navigation and adherence to an international rules-based order in the West Philippine Sea,” Mr. Zubiri said.

Seven of 10 Filipinos against ‘Cha-cha’

By Kenneth Christiane L. Basilio

Seven of 10 Filipinos are against a proposal to change the 1987 Constitution, according to the results of Pulse Asia Research, Inc.’s poll this month.

In a statement, the pollster said 74% of Filipinos did not see the need for Charter change (Cha-cha) regardless of timing.

“This opinion is echoed by small to big majorities in the various areas and classes (69% to 82% and 58% to 80%, respectively),” Pulse Asia said.

It added that 8% of Filipinos thought the Charter should be amended now, while another 8% were open to it under the next government.

Pulse Asia said 6% of Filipinos opposed constitutional amendments now but support at some other time under the present government, while 4% were undecided.

Opposition to Charter change increased by 43% from last year.

“This survey is a true eye opener, that’s why we are carefully studying this and not rushing it,” Senate President Juan Miguel F. Zubiri told reporters via Viber. “The Senate will still conduct hearings in Luzon, Visayas and Mindanao to truly see the pulse of the people.”

In the Pulse Asia poll, Filipinos were against measures lifting foreign ownership limits in the Constitution (78%), combining both chambers of Congress (74%), extending the term limits of local and national officials (73%) and shifting to a federal government system (71%).

They were also against measures allowing foreign participation in mass media (71%) and foreign ownership of schools (68%).

The pollster interviewed 1,200 adults on March 6 to 10 for the poll, which had an error margin of ±2.8 points.

The House of Representatives last week approved on final reading a proposal to lift foreign ownership limits in the 1987 Philippine Constitution to boost foreign direct investments.

With 288 congressmen voting in favor, the House agreed to liberalize the country’s public utilities, education and advertising sectors, saying these would benefit from increased foreign capital.

A similar Charter change proposal is pending at the Senate committee level.

The Pulse Asia results disagree with the results of a similar poll released last week by Tangere, which said half of Filipinos support the Charter change push.

“It is possible that others might be using different questions that may be prompting their respondents to say the expected response,” Arjan P. Aguirre, an assistant professor of political science at the Ateneo de Manila University, said in a Facebook Messenger chat.

Surveys are powerful tools that could be used to sway public opinion on a certain issue, he said. “Surveys can be politicized too.”

Hansley A. Juliano, who teaches political science at the Ateneo, said of Tangere: “Their methods are already different and likely uncritically sampled.”

“Tangere is a market research firm whose products are for sale and are part of an ecosystem of corporate marketers and public relations dipping into social science discourse,” he told BusinessWorld via Messenger chat.

Mr. Aguirre said Pulse Asia is “deemed credible by social scientists and academics” because their polls are open to public scrutiny. — with John Victor D. Ordonez

Philippine, US, Japan diplomats gearing up for April summit

PHOTO FROM PHILIPPINE COAST GUARD

Diplomats from the Philippines, United States and Japan have agreed to do advance work on potential cooperation in defense, cyber-security, critical minerals and economic security ahead of a summit at the White House in April, the Philippine Embassy in Tokyo said on Tuesday.

“The three parties agreed to lay the foundation for a successful and productive inaugural trilateral summit in Washington, DC in April 2024, which (Philippine Foreign Affairs) Undersecretary Maria Theresa P. Lazaro said would be a historic meeting,” the embassy said, citing the foreign ministers’ meeting on March 21.

US President Joseph R. Biden is set to host Japanese Prime Minister Fumio Kishida and Philippine President Ferdinand R. Marcos, Jr. at a summit in Washington on April 11 to discuss economic ties and issues in the Indo-Pacific region.

Ms. Lazaro told her foreign counterparts that their countries should have “the peace, stability and prosperity of the Indo-Pacific at the forefront.”

She had met with Japanese Senior Deputy Minister Funakoshi Takehiro and US Deputy Secretary of State Kurt Campbell in Tokyo to discuss strengthening trade and geopolitical issues as well as the safety of seafarers in the Red Sea amid attacks by Houthi rebels.

In his visit to Manila last week, US Secretary of State Antony Blinken said the three-way summit is a very important platform for peace. “(It) is not designed against anyone, but in service of realizing a common vision for the future to the benefit of people in all of our countries,” he told a news briefing on March 19.

Ties between the Philippines and China have soured amid repeated spats over disputed features within the Philippines’ exclusive economic zone, and Manila has accused China’s coast guard of a policy of aggression. — John Victor D. Ordonez

Philippines, India partner to protect Pinoy seamen in Red Sea

REUTERS

The Philippines and India have agreed to bolster cooperation to protect Filipino seamen amid recent attacks by Houthi rebels in the Red Sea, according to the presidential palace.

In a statement, the Presidential Communications Office said President Ferdinand R. Marcos, Jr. told Indian Minister of External Affairs Subrahmanyam Jaishankar during a courtesy call on Tuesday that security concerns in the Red Sea and Gulf of Aden showed the need for both countries to bolster cooperation in maritime security.

“Maybe we can find something that we can do together to ease the situation at least a little bit until… the conflict becomes less heated,” he told the Indian minister, according to the palace.

At the same meeting, Mr. Jaishankar said Indian Prime Minister Narendra D. Modi has invited Mr. Marcos to visit India.

Mr. Marcos said he wants the visit to take place this year, coinciding with the 75th anniversary of diplomatic ties between the two countries.

The Philippine Migrant Workers Department has required commercial vessels to register a “significant event” when they sail through the Red Sea and Gulf of Aden to protect Filipino seamen following the attacks by Houthi rebels.

Two Filipino seamen aboard the civilian bulk carrier True Confidence were killed during a Houthi missile attack on March 6. Three Filipinos were hurt in the attack.

Last week, the International Bargaining Forum designated the Red Sea and Gulf of Aden as “warlike zones,” urging shipowners to avoid passing through them.

In November, Houthi rebels from Yemen seized an Israel-linked cargo ship in the Red Sea and took 17 Filipino seamen hostage.

Houthi military spokesman Yahya Saree had said the seizure was in response to “heinous acts” against Palestinians in Gaza and the West Bank.

Mr. Marcos thanked the Indian Navy officers aboard the INS Kolkata that rescued the Filipino seafarers caught in the attack.

Meanwhile, the Department of Foreign Affairs said 18 Filipino seafarers aboard an oil tanker that Tehran seized in the Gulf of Oman in January have all returned to the Philippines.

“They were repatriated in batches, including the final group of six seafarers who arrived in Manila last week,” it said in a statement. — John Victor D. Ordonez

DoJ files terrorism charges against 2 suspected NPA financiers

DOJ.GOV.PH

THE DEPARTMENT of Justice (DoJ) announced on Wednesday the filing of extortion and terrorism charges against two alleged finance officers of the Communist Party of the Philippines – New People’s Army (CPP-NPA).

Based on information from the Philippine National Police – Criminal Investigation and Detection Group (PNP-CIDG), Leonor T. Dumlao and Valentin C. Tolentino will be charged with violating the Terrorism Financing Prevention and Suppression Act, the DOJ said in a press statement.

“We will never let even an inch of terrorism’s tyranny sow fear among our citizens, much more let the cowards behind this menace run free. This is a time when we Filipinos should fortify our resolve and show our resilience in fighting this evil,” Justice Secretary Jesus Crispin C. Remulla said.

The accused are being charged as alleged members of the National Finance Commission of the CPP-NPA which extorts money from construction, telecommunications, bus, and mining companies.

Data shared by the National Bureau of Investigation (NBI) and the Intelligence Service of the Armed Forces of the Philippines (ISAFP) showed that the accused possessed a significant amount of money without a definite source of income or purpose.

Backed by search warrants, authorities were allegedly able to discover firearms, ammunition and improvised explosive devices (IEDs) in their possession.

Later, it was also discovered that they were allegedly responsible for creating the National Economic Striking Force of the CPP-NPA which serves as security of the Rebolusyonaryong Buwis sa Kaaway na Uri (RBKU), the DoJ said.

The case will be brought before the Regional Trial Court of Batangas City. – Chloe Mari A. Hufana

SC absolves PhilHealth officials from returning salaries for unlawful position

PHILSTAR FILE PHOTO

THE Supreme Court (SC) has upheld a Commission on Audit (COA) decision disallowing a position created and funded by the Philippine Health Insurance Corporation (PHIC) board, but absolved the concerned officials of liability in returning salaries paid for that new position amounting to over P1.4 million.

In the 19-page SC en banc decision penned by Associate Justice Antonio T. Kho, Jr., the PHIC petitioners were found to have “failed to comply with the requirements of creating a new position” when lawyer Valentin C. Guanio was appointed as “corporate secretary” in 2009.

It upheld COA’s ruling that the PHIC had erred in assuming that it had the autonomy and authority to create the position by virtue of the approval by its board of directors and the PhilHealth president.

“Moreover, the Court has previously held that the PHIC’s fiscal autonomy under RA 7875 is limited in nature,” the SC ruled.

“PHIC cannot find solace in the alleged approval or confirmation by then President Gloria Macapagal-Arroyo of the approval of the creation of the position of corporate secretary and the salaries and allowance for the said position,” it added.

While the SC found that COA “did not commit grave abuse of discretion in disallowing the grant of salaries, allowances, and benefits to Mr. Guanio,” it ruled that he did not have to return the amounts he received for assuming and performing the job of corporate secretary from Sept. 1, 2009 to Dec. 31, 2010 amounting to P1,445,793.69.

Also absolved from returning the amount were PhilHealth officials Lynie S. Arcenas, Willie M. Bumacod, Lilia R. Garrido, and Bibiana T. Cruz whose roles that led to the approval and certification of the amounts as payment for Mr. Guanio’s services were found by the SC to have been done in “good faith.”

To compel the return of the amount, the SC said that under the Madera Rules on Return there must be the process of “first proving bad faith, malice, or gross negligence before holding a public officer civilly liable.”

“The COA Proper has already absolved Atty. Guanio from returning the disallowed amounts that he received as a passive recipient on the basis of good faith,” it pointed out.

“Considering that PHIC no longer raised the matter of Atty. Guanio’s liability in its Petition, the COA Proper’s ruling on this matter is now considered final and immutable,” it added.

Meanwhile, the High Court stated that while the other approving and certifying officers of the PHIC are excused from returning the disallowed amount, this is without prejudice “to the finding of any administrative and/or criminal liability that any of them may have incurred under existing laws and jurisprudence.”

The SC noted that gross negligence for not complying with the requirements under the Salary Standardization Law is a ground for compelling members of the board of directors, along with other officers, to return the disallowed amount. – Chloe Mari A. Hufana

CHR investigating abduction of 2 activists in Pangasinan

THE COMMISSION on Human Rights (CHR) expressed alarm on Wednesday over the disappearance of two environmental rights defenders in San Carlos City, Pangasinan since last weekend, noting that they were previous subjects of red-tagging by state authorities.

In a statement, the CHR said it is investigating the apparent abduction of Francisco Dangla III, 39, and Axielle Tiong, 29, both founders of the Pangasinan People’s Strike for the Environment group which opposes mining and energy projects.

At the same time, it called on concerned government agencies to more strictly implement Republic Act No. 10535, the Anti-Enforced or Involuntary Disappearance Act, “to address these cases and ensure that solutions on the level of policy-making can be utilized.”

Citing reports gathered by independent human rights groups, the CHR said unidentified individuals confronted Mr. Dangla and Mr. Tiong in Barangay Polo, San Carlos City, in the evening of March 24 and then beat them up before forcing them into a vehicle.

“Alongside the need to search for the whereabouts of missing human rights defenders is the identification of the perpetrators to hold them accountable under the eyes of the law,” the CHR said.

Human rights groups had told the CHR that the two activists had been subject to intimidation and other forms of harassment prior to their disappearance.

The commission said the government should approve the International Convention for the Protection of All Persons from Enforced Disappearance by the United Nations General Assembly.

“We all hold the responsibility to foster a country that is conducive to the promotion and protection of the rights of all, and a large proportion of this lies on the need to put an end to the culture of impunity and to reinforce the wheels of justice,” the CHR said.

Independent groups said this latest incident brings to 23 the number of enforced disappearances among activists in the administration of President Ferdinand “Bongbong” R. Marcos, Jr. – Chloe Mari A. Hufana

Ninja Van riders slam slow pace of mass termination case

THE patience of complainant-riders of a logistics company is wearing thin, with a number of them resorting to protests to pressure the National Conciliation and Mediation Board (NCMB) to settle their illegal termination claims.

Earlier this week, members of the Ninja Van Riders’ Union-Federation of Free Workers picketed the Department of Labor and Employment (DOLE) office in Intramuros, Manila to protest the slow pace at which negotiations with the logistics firm serving Lazada and Zalora are moving.

“This is the worst case of union-busting and a shameless attempt to circumvent labor laws to undermine the union, and disrespect workers,” said Dick P. Pacioles, president of the Ninja Van Riders’ Union–FFW.

In a Viber message to BusinessWorld, Ninja Van Philippines communications head Ralph Angelo V. Ty said the company is doing its part cooperate with the NCMB.

“We are still working closely with the NCMB regarding this. We uphold and trust the mediation process to take its course, as we remain committed to a resolution for all parties concerned,” he said.

But the riders’ lawyer Jose Sonny G. Matula told BusinessWorld via Viber that the company is failing to offer them concrete actions in between the conciliation and mediation sessions with the NCMB.

As a result, more than 100 riders launched the mass action last Monday.

Mr. Matula said on Tuesday that they had a 15-day “cooling period” from the date of the filing of the unfair labor practices case against the company.

“This period is meant to serve as a final opportunity for both parties to negotiate and reach an agreement without resorting to a strike,” he explained, noting that time had lapsed last March 1.

The notice of strike was filed on Feb. 14, 2024, but Mr. Matula said there was an appeal for more time on the part of the firm at least until the next meeting on April 2. – Chloe Mari A. Hufana

Bill seeks to build nursing homes for elderly

FREEPIK

A bill seeking to establish a nursing home for abandoned and neglected senior citizens throughout the country has been filed in the House of Representatives.

House Bill No. 10193, the Regional Nursing Home for Neglected and Abandoned Senior Citizens Act, is a measure seen to provide integral care for the aged especially when their families are unable to support them, according to Bulacan Rep. Lorna C. Silverio.

“Some of our senior citizens were neglected by their family members mainly attributed to financial constraints,” Ms. Silverio said in the bill’s introductory note. “This unfortunate situation has urged this representation to file this measure that will seek to establish a nursing home-like environment in every province that will take good care of them.”

The lawmaker explained that government could step in to provide housing and care for senior citizens unable to be accommodated by their families due to household problems, fulfilling the state’s constitutional mandate to provide a “comprehensive approach” for elderly care.

Nursing homes under the proposed measure should provide living accommodations, food and clothing, medical care, and recreational activities for senior citizens.

Senior citizens in nursing homes would also be provided with work opportunities, education, and counseling, based on the bill’s initial institutional care program.

The costs for constructing the nursing homes will be shouldered by respective local government units (LGUs) but will be primarily operated and maintained by the Department of Social Welfare and Development, supported only by LGUs. – Kenneth Christiane L. Basilio

Okada Manila unveils a blissful Easter by the Bay

Okada Manila, Entertainment City’s premier luxury resort and casino, is thrilled to announce an array of splendid Easter celebrations. As a time of renewal and joy, Okada Manila is set to transform the holiday experience with its opulent offerings, tailor-made for families and friends seeking an extraordinary Easter adventure.

Cove Manila’s Easter Daycation: A Celebration of Joy and Discovery

On March 31, Cove Manila transforms into a festive wonderland for a one-day extravaganza. With session timings from 9 AM to 2 PM and 3 PM to 8 PM, guests of all ages are invited to enjoy a variety of activities. The lineup includes a family-friendly program, an Egg Hunt Adventure set within the vibrant Dance Club, arts and crafts for creative expression, and a Photo Booth Station to capture the day’s memories. Additionally, guests can take advantage of swimming in Cove Manila’s luxurious indoor pools, adding to the day’s excitement. Ticket options are available with the Child Pass priced at PHP 2,288 nett, providing children a 5-hour pass filled with delightful surprises, including an Easter loot bag, a meal, beverage, and exclusive activities. The Adult Pass is set at PHP 1,600 nett, offering adults a 5-hour experience complete with Easter-themed snacks and beverages, allowing for a day of memorable family bonding.

PLAY’s Easter Carnival: A Festive Adventure for the Young

The young and young-at-heart are welcomed to PLAY, Okada Manila’s dedicated family zone, for an Easter carnival brimming with fun and excitement. From the whimsical “Pin The Tail” activity to a host of games and creative stations, PLAY is set to be the epicenter of joy and laughter this Easter.

Culinary Celebrations: A Journey of Flavors

This Easter, Okada Manila invites guests to a culinary journey at Medley Buffet and The Lobby Lounge, featuring special dining experiences that promise to delight the senses and create lasting memories. On March 31st, Medley Buffet will serve a Delightful Easter Feast for lunch and dinner, with adult tickets at PHP 4,300 nett and children’s tickets at PHP 2,150 nett. The feast boasts a wide array of lavish dishes, from seafood like Boston Lobster and King Prawn, to meats such as Roasted Prime Rib and Crispy Pata, and ending with Easter-themed desserts for a sweet conclusion. The Lobby Lounge also offers a cozy retreat from March 22to April 10, where guests can indulge in Easter specialties starting at PHP 400 nett, providing an elegant setting for those wishing to enjoy the festive flavors in a more relaxed atmosphere.

A Fusion of Celebration, Luxury, and Wonder

Okada Manila’s comprehensive Easter celebration also blends retail therapy with a serene staycation offer and the mesmerizing Fountain experience, promising a memorable holiday. For those seeking a retreat, Okada Manila’s luxurious accommodations provide a serene oasis, while its retail spaces offer a prelude to summer with an array of shopping choices. The festivities culminate with The Fountain show, a captivating display of water, light, and music, creating a perfect atmosphere for Easter memories.

This season, Okada Manila curates an unparalleled blend of entertainment, dining, and relaxation, crafting an extraordinary Easter experience. For a more detailed look at what’s in store and for reservations, visit the Easter Bliss by the Bay landing page at https://www.okadamanila.com/deals/easter-bliss-by-the-bay.

 

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Rice variety resistant to heat, drought to be launched in 2026, IRRI says

PHILSTAR FILE PHOTO

A new variety of rice that can withstand hotter climates, survive weeks without water, and cut growing costs may be released by 2026, the International Rice Research Institute (IRRI) said.

“We started in 2022. We already have selections for stage 2, and we are yet to select the one that we will be nominating to the National Cooperative Test (NCT) once we harvest those that we have in stage 2,” according to Mary Jean Du, IRRI regional breeding lead for Southeast Asia, said Monday.

“This year, we have four (breeding) pipelines, from which we will select what we will nominate to NCT. So in two more years, a new variety may come out,” she added.

The four pipelines are: direct seeded, early, long, soft, rainfed (DELS-R), direct seeded, early, long, soft, irrigated (DELS-I), transplanted, early, long, soft, rainfed (TELS-R), and transplanted, early, long, soft, irrigated (TELS-I).

Under the OneRice PH program, IRRI, the University of the Philippines Los Baños, and the Philippine Rice Research Institute will each nominate 100 entries for the NCT.

“So we have a total of 300 entries that we test across our phenotyping sites, and then we cull and select at least 20% that will proceed to stage 2,” she said.

“After which, we will screen them again for another two seasons and select the very promising ones for nomination,” she added.

Maria Cristina Heredia, IRRI Field Phenotyping and Analysis assistant scientist, said that the drought-resistant varieties can survive two to three weeks without water.

“During that span, they are still able to yield, and then we lightly water them, and then we leave it for another two weeks without water,” Ms. Heredia said.

She said that directly seeded non-drought-resistant rice usually only lasts two to three days without water.

“The advantage of being drought-tolerant is that even if the area is always subjected to water stress, it will still survive and yield,” she added.

In terms of savings, Ms. Du said that the direct seeded breeding pipeline will help farmers reduce costs. Conventional farming, which involves transplanting, usually costs farmers P60,000–P70,000 per hectare.

“With transplanting, they will need to hire many people, unlike with direct-seeded, where they can use machines. I think the Philippine Center for Postharvest Development and Mechanization has started distributing the seeders,” she added.

Meanwhile, Ms. Du said that a facility for speed breeding in IRRI is set to be finished within the month, which can reduce the breeding cycle to two to four years.

“The conventional time frame takes 10–12 years. And this is advantageous for the Philippines since both IRRI and the facility are here,” she said.

“The facility may be finished within this month and may open or start operations next month,” she added.

In a statement late Tuesday, IRRI announced the establishment of the University of the Philippines Los Baños (UPLB) Agricultural Genomics Research Center (AGRC) Project Steering Committee.

The committee will guide the construction of a $5-million AGRC, which is part of a $14.97-million six-year project funded by the Korea International Cooperation Agency (KOICA).

The AGRC is meant to provide capacity building opportunities for scientists from UPLB, IRRI, and Korea. The project is KOICA Philippines’ first research and development project on agriculture with the Philippines’ national university. — Justine Irish DP Tabile

Term deposit rates slip on BSP rate cut hopes

YIELDS on the term deposits auctioned off by the Bangko Sentral ng Pilipinas (BSP) dropped on Wednesday amid rate cut signals from the Finance chief.

Demand for the central bank’s term deposit facility (TDF) reached P253.468 billion on Wednesday, below the P250 billion on the auction block as well as the P275.772 billion in bids last week for a P310-billion offer.

Broken down, tenders for the one-week term deposits hit P141.985 billion, below the P150-billion offer and the P164.612 billion in bids seen last week for P170 billion on the auction block.

Banks asked for yields ranging from 6.5% to 6.57%, a wider band than the 6.52% to 6.57% seen at the March 20 auction. This brought the average rate of the seven-day debt to 6.5422%, down by 1.65 basis points (bp) from 6.5587% previously.

Meanwhile, the 14-day deposits attracted P111.483 billion in bids, higher than the P100 billion on offer and the P111.16 billion in tenders seen the previous week for a P140-billion offering.

Accepted rates for the two-week debt were from 6.57% to 6.605%, lower than the 6.58% to 6.61% margin seen last week. With this, the average rate of the 14-day deposits slipped by 0.11 bp to 6.5903% from 6.5914% a week ago.

The BSP has not auctioned off 28-day term deposits for more than three years to give way to its weekly sale of securities with the same tenor.

The TDF and 28-day BSP bills are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates.

Term deposit yields went down amid rate cut signals from the BSP chief, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

BSP Governor Eli M. Remolona, Jr. last week said the Monetary Board may begin cutting rates later this year.

The Monetary Board will next meet to discuss policy on April 8.

The BSP has kept its policy rate steady at a near 17-year high of 6.5% for three straight meetings after it hiked borrowing costs by 450 bps from May 2022 to October 2023 to help bring down elevated inflation. — L.M.J.C. Jocson

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