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AyalaLand Logistics targets to finish cold storage facilities in Batangas, Pampanga by first half

AYALALAND Logistics Holdings Corp. (ALLHC) is expecting to complete its cold storage facilities in Batangas and Pampanga by the first half while three more are set to be unveiled within the year, the listed company announced on Thursday.

In a statement, ALLHC said that ALogis Artico Santo Tomas in Batangas will be completed within the first quarter while ALogis Artico Mabalacat in Pampanga will be finished by the second quarter. Both will cater to various sectors such as frozen meat, seafood, and chemical industries.

ALogis Artico Santo Tomas will feature 5,000 pallet positions and 16 cold rooms. It is located within the Light Industry & Science Park III in Sto. Tomas, Batangas.

ALogis Artico Mabalacat will have 5,000 pallet positions and 19 cold rooms. It is situated within the 290-hectare Pampanga Technopark industrial township.

“Both facilities will add 10,000 pallet positions to ALLHC’s cold storage portfolio. By full development, ALogis Artico will have over 20,000 pallet positions in its portfolio collectively,” the company said.

The two facilities are set to undergo registration with various regulatory bodies such as the Board of Investments, National Meat Inspection Service, Bureau of Fisheries and Aquatic Resources, and Bureau of Plant Industry.

Aside from this, ALLHC disclosed that it will launch another cold storage facility in Luzon as well as two facilities in Visayas-Mindanao within the year. However, the company did not provide further details on the other projects.

ALLHC President and Chief Executive Officer Robert S. Lao said the cold storage facilities in Batangas and Pampanga are expected to help address issues on food safety and security.

“Over the years, we noticed a growing demand for more temperature-controlled facilities in the Southern and Central Luzon regions… Our overarching goal is to actively support the country’s promising cold chain sector and advance its supply chain logistics,” Mr. Lao said.

“In light of this, we envision ALogis Artico Santo Tomas and Mabalacat, along with the facilities in our existing portfolio and those in our current planning, as integral components within the supply chains of future tenants,” he added.

ALLHC shares improved by six centavos or 3.45% to P1.80 apiece on Thursday. — Revin Mikhael D. Ochave

Uncovering Chinese zodiac’s sign for strength

Photo by BRGFX on Freepik

The celebration of the Lunar New Year, more known as Chinese New Year, holds great significance among Asian cultures. From the captivating performances and vibrant red lantern decorations to witnessing dazzling fireworks and indulging in delicious food, the air is filled with excitement as communities welcome the new year.

Each year is symbolized by the Chinese zodiac, which connects each year with the 12 animals, namely the rat, ox, rabbit, tiger, dragon, snake, horse, goat, monkey, rooster, dog, and pig. These animals are based on stories and folklore that shape distinct personality traits associated with each animal sign, which is highly valued in Chinese cultures.

2024 is considered the Year of the Wood Dragon. In Chinese mythology, dragons are said to be mythical and auspicious creatures that can control the wind and rain and can fly through the sky and turn over the rivers and the seas. They are believed to bring prosperity and good luck to the world by communicating between heaven, earth, and humans.

At present times, according to a Chinese tour company China Highlights, dragon signs are born with courage, strength, and intelligence. Often, they are described as risk takers, enthusiastic, and confident individuals.

In the past, emperors were seen as true dragons and the sons of heaven, and many believed that Chinese people were descended from dragons. And to honor the dignity and deity of dragons, it has then been included in the Chinese zodiac. Since then, the dragon has become one of the most loved animal zodiacs in China.

In Chinese element theory, each zodiac sign connects with one of the five elements (fire, earth, gold, water, and wood). Thus, there are five kinds of dragons, and each one has its unique characteristics. Fire dragons (born 1916, 1976) they are seen as smart, progressive, and flexible; while earth dragons (1928, 1988) are ambitious, generous, and hardworking. Gold dragons (1940, 2000) are considered talented, natural, and straightforward; while water dragons (1952, 2012) are characterized as vigorous, persistent, and persevering. Lastly, wood dragons (1964, 2024) are identified as introverted, skilled, and having strong reasoning skills.

In 2024, the colors red and purple are believed to bring good luck and prevent bad luck for dragon signs. Also, the horoscope says that dragon signs should wear red or purple clothing, bags, and other apparel for good luck, and decorations of the same color to promote financial success.

According to online astrology platform AstroSage, the Year of the Wood Dragon will bring new beginnings, growth, prosperity, and success. People born under the dragon zodiac are predicted to see more opportunities for growth and success in their career. As dragons embody powerful energy, such individuals are encouraged to take risks to achieve remarkable accomplishments. The dragon’s immense energy and aura are said to help individuals grow professionally, for instance, embarking on new ventures, embracing challenges, and exploring new areas for investment and growth. Some of the popular people with dragon signs include Charles Darwin (Earth dragon), Bruce Lee, and John Lennon (both gold dragon).

The Year of the Wood Dragon is also considered the year for invest-ing in new industries and finding new sources of income. The horoscope shares that those who want to make a career out of their hobbies and passions are more likely to succeed and prosper, as the fiery energy and positive outlook of the wood dragon will help them grow.

Moreover, AstroSage shared that people with dragon signs are expected to see a lot of money coming their way through investments and trading in various sectors, such as technology, renewable energy, insurance, etc. However, before investing, it is crucial to research the market they are investing in thoroughly.

For dragon-born people, 2024 will bring good luck to love and relationships. According to the horoscope, dragons are renowned for their loyalty and strong emotional connections with loved ones. Thus, this year is all about fostering deeper bonds with families and starting new relationships because the Year of the Wood Dragon will be filled with support and positivity for love and family growth.

However, the dragon’s energy poses challenges that dragon-born people must overcome to maintain harmony and long-lasting relationships. It is essential to have good communication, while also fostering a strong sense of humbleness and humility with their loved ones.

For those looking for new relationships, then they are in luck in terms of finding a new partner. This year, people with dragon signs are expected to be compatible with rat, monkey, or rooster zodiac signs.

While the Year of the Wood Dragon is full of financial and love opportunities, they need to take extra care of their health, physically and mentally. The dragon’s fiery energy and ambitious nature will push them to work longer hours, but they should also relax and sleep for seven to eight hours on average to stay healthy and fresh. According to the horoscope, dragon-born people need to exercise daily, such as walking, swimming, yoga, etc., to achieve near perfect health.

Nonetheless, the Year of the Wood Dragon is said to bring growth, happiness, prosperity, and success.

“The Year of the Wood Dragon 2024 will bring new excitement, growth and bunch of opportunities to grab, but the natives should stay humble, show humility,” AstroSage said on its website.

“The Dragon natives must stay healthy and humble and utilize this year to achieve great success, happiness, prosperity, and health that will last long. They should also help others in these times to elevate them from difficulties. This is what Dragon teaches us and Chinese tradition is based upon unity and determination,” it added.

To welcome good fortune, wealth, and health this year, the feng shui advises, first, to clean up and declutter. Unnecessary things hold one’s energy back and create negative space, so cleaning up space will help bring good fortune and health into the year. Second, adding the wood element, whether in planting, furniture, or green-colored interiors, will encourage growth, innovation, and new beginnings. Lastly, displaying dragon symbols to statues and paintings is recommended to promote positivity, prosperity, and good luck. — Angela Kiara S. Brillantes

Entertainment News (02/09/24)

Side A holds pre-Valentine concert

IN celebration of love in all its stages, Filipino band Side A will be performing serenades of their signature hits as an early Valentine’s gift for fans. Live & Love: A Valentine Concert will take place at the Newport Performing Arts Theater on Feb. 10 at 8 p.m. Tickets, priced from P800 to P6,500, are available via TicketWorld.

Alliance Française hosts Valentine’s dinner-dance

THOSE who want to treat their loved one to a fancy dinner can reserve a table at Alliance Française de Manille (AFM) on Feb. 13, 6 p.m., where Le Coude Rouge and Maison Bukana Wines are preparing a four-course menu costing P4,000 for two. Afterwards, Rendez-vous amoureux: A Valentine’s Soiree will commence at 8 p.m., offering live music, short films, and a dance floor, all costing P1,500 per person. Only guests with prepaid reservations will be granted entry to the event at AFM, 209 Nicanor Garcia St. in Makati City.

Solaire holds star-studded Valentine concert

THIS Valentine’s Day at The Theatre at Solaire in Entertainment City, Our Time: A Solaire Valentine Concert will be held on Feb. 14 at 7:30 p.m. There will be performances by Marco Sison, Hajji Alejandro, Nonoy Zuñiga, Nanette Inventor, and Mitch Valdez. Tickets are available via TicketWorld and at the Solaire Box Office, with the promo code OURTIME30 granting a 30% discount.

Comedy I Am Not Big Bird on Valentine’s Day

FOR fun Valentine watching, the comedy film I Am Not Big Bird will have a block screening on Feb. 14 at 1 p.m. and 6:30 p.m. in Fisher Mall, Quezon Ave. Quezon City. Directed by Victor Villanueva (known for Patay Na Si Hesus), the film is led by Enrique Gil who goes on a comedic adventure in Thailand. The Valentine’s Day block screening is organized by E-group.

Odette Quesada and Ogie Alcasid live in concert

OPM legends Odette Quesada and Ogie Alcasid, who sang and penned some of the greatest Filipino love songs, will be performing their timeless hits in a Valentine’s celebration presented by Newport World Resorts. Love, Q&A will be held on Feb. 14 and 15 at the Newport Performing Arts Theater. The two performers’ tandem will draw from their respective repertoires and take a trip down memory lane. Tickets, priced from P2,300 to P9,200, are now available via TicketWorld and SM Tickets outlets.

Sony-Marvel movie Madame Web to release

ANOTHER adventure coming on Feb. 14 is Madame Web, brought to the Philippines by Columbia Pictures. It tells the standalone origin story of one of Marvel publishing’s most enigmatic heroines. The suspense-driven thriller stars Dakota Johnson as Cassandra Webb, a paramedic in Manhattan who develops the power to see the future and forges a relationship with three young women bound for powerful destinies.

Julia Fordham celebrates love in concert

MUSICIAN Julia Fordham will be serenading Filipinos with her soulful music this Valentine season. Classics like “Moves in Mysterious Ways,” “Happy Ever After,” and more will be performed on stage. Balladeer Christian Bautista will be her guest. Julia Fordham: A Valentine Concert will take place on Feb. 16, 8 p.m., at The Theatre at Solaire. Tickets, ranging from P1,880 to P7,880, are available via TicketWorld.

Araneta City to ignite romance through pop-up events

THERE will be Hearts’ Day celebrations across Araneta City in Quezon City. On Feb. 13, couples can pose for a hand-drawn sketch courtesy of the Couple Portrait Sketching Session at the Gateway Gallery. On Feb. 14, all malls in Araneta City will have freedom walls for lovers to write their hearts out, and cupids will be distributing free flowers, chocolates, and hugs at the Lagoon and the Coliseum Plaza at New Gateway Mall 2 and The Oasis at Gateway Mall. Finally, shoppers can pass by the Quantum Skyview of the New Gateway Mall 2 for a romantic concert with surprise special guests.

Rivermaya revisits greatest hits at reunion concert

TO REVISIT timeless ’90s pop-rock anthems that cut across generational lines, Filipino band Rivermaya’s former members Bamboo Mañalac, Mark Escueta, Nathan Azarcon, and Rico Blanco will be headlining a reunion concert on Feb. 17 at the SMDC Festival Grounds in Pasay City. Tickets are available via Live Nation Philippines and SM Tickets outlets.

Bonifacio High Street offers Valentine’s activities

FROM Feb. 5 to 29, Bonifacio Global City in Taguig is putting up P.S. I Love You, a 10-foot mailbox installation at One Bonifacio High Street, where all are invited to pen creative love notes, with the most artistic ones standing chances to win various prizes. On Feb. 10, shoppers must be aware that the XOXO Love Cam will be stationed over at 5th Avenue, where heartfelt moments with couples and friends alike will be captured on BGC’s 3D, naked-eye LED billboard in real-time. There will also be a Love in a Box promo from Feb. 12 to 16, at Marks & Spencer, Hendricks Gin, Jo Malone London, Twenty Four Bake Shop, Auro, and Lush. Finally, Bonifacio High Street East collaborates with the Bonifacio Art Foundation, Inc., on Feb. 17 for the second edition of the Candlelight in the City concert at 7:30 p.m. with the Manila Philharmonic Orchestra.

UP Concert Chorus returns live

THE UNIVERSITY of the Philippines (UP) Concert Chorus returns to the UP Theater on Feb. 17 for Sama-Sama Together Again, a repeat of their sold-out 60th anniversary show. This year’s show will have past and present chorale members singing together to raise funds for various worthy causes. Tickets may be purchased at https://upconcertchorusalumni.helixpay.ph/.

 Too early to claim victory

STORYSET-FREEPIK

Judging from the 16 analysts that BusinessWorld surveyed for their forecasts of January’s inflation, we get a sense that inflation expectations continue to skew closer to the Bangko Sentral ng Pilipinas’ (BSP) own forecast of 2.8-3.7%. A dozen of them placed their forecasts higher than the low end of the BSP’s estimate. But if it is a measure of their whole year view, the median forecast at 3.1% was much lower than the BSP’s 3.7% projection for 2024. Aside from their own reasons for their respective forecasts, the analysts must have been influenced by the potential base effects, given that the January 2023 inflation was the peak of the year-on-year monthly inflation for 2023 at 8.7%.

The market then must have rejoiced a day after the announcement by the Philippine Statistics Authority (PSA) that the actual January 2024 inflation rate stood at 2.8%. This is low by historical standard, the lowest January reading in the last six years.

The disinflation process has barely begun.

If we go by the month-on-month change, the price index for January rose by 0.6% so if we annualize this, that could translate into a high 7.2%. Trimmed of seasonal factors, the month-on-month growth declined to 0.1% or an annual drop of 1.2%, something too difficult to imagine happening at this time.

While showing some easing, January’s inflation is only the fourth month that inflation has begun to ease and only the second month that it has returned to the target path of 2-4%. This will certainly not qualify for the BSP’s condition for easing monetary policy rate — that inflation should be firmly within the 2-4% target. Inflation has 11 months more to prove it is capable of cruising within the target, even as the BSP itself had already announced last December that its risk-adjusted forecast for 2024 is 4.2%.

Risks to disinflation continue to be on the upside.

True, domestic inflation moderated last month due to the slowdown in food and non-alcoholic beverages prices, but what is more foreboding in the near future is the sustained huge increase in prices of both regular and well-milled rice. Rice inflation alone further accelerated in January to 22.6% from 19.6% in December.

With a weight of nearly 9% in the consumer basket, the rice supply has been affected by the prolonged El Niño dry spell, and even if supported by more imports, the higher global prices of rice have more than outweighed their mitigating influence. El Niño is not unique to the Philippines.

Structural and governance issues prevent a more decisive resolution of the rice problem in the Philippines, even with rice tariffication. We have not felt whatever stopgap measures have come out of the Inter-Agency Committee on Inflation and Market Outlook. It seems limited to monitoring prices and providing recommendations like higher import volume. More imports of rice would not be effective today because global rice prices have also risen on account of El Niño, with some major sources of supply like India curtailing their exports to other countries including the Philippines. It would be foolish for them to export when their rice supply is also likely to show some shortfall, or to charge the same price for exports.

As the BSP declared the other day, the risks are not singular. “Key upside risks are associated with potential pressures emanating from higher transport charges, increased electricity rates, higher oil prices and higher food prices due to strong El Niño conditions.”

In addition, we have yet to see demand pressures getting entrenched on the downside. Core inflation, while easing, remains higher than headline inflation. In fact, at 3.8% in January, it’s close to the upper end of the government target.

And if we must go back to our 16 analysts, it looks like inflation expectations are more firmly revolving around the BSP baseline forecasts. Whether this is more adaptive may be an issue, but adhering closely to the BSP’s view means inflation expectations may be guided by the periodic pronouncements of the monetary authorities on the prospects of Philippine inflation. It is crucial, however, for the BSP to remain circumspect about any policy reversal lest their credibility as an inflation buster is dented.

As to consumers and businesses, we have the BSP’s 4th quarter 2023 consumer and business expectations surveys, both of which reflect their respondents’ view that inflation could remain high. This could affect the disinflationary path, especially when economic agents modify their buying and selling decisions, or their saving and investment behavior. More frequent increases in the selling price of goods and services, for example, could trigger negative buying decisions. If consumers are not exactly price sensitive, that could encourage more price changes and prevent further disinflation.

Finally, there is a cautionary tale against premature celebration of an economy’s victory against inflation.

In the December 2023 issue of the International Monetary Fund’s (IMF) Finance & Development Magazine, IMF economists Anil Ari and Lev Ratnovski published an article that drew on an IMF Working Paper, “One Hundred Inflation Shocks: Seven Stylized Facts.” Written by the two of them with Carlos Mulas-Granados, Victor Mylonas, and Wei Zhao, the paper studied 100 inflation shocks since the 1970s and offered important lessons to policymakers.

First, their account of history demonstrates that inflation is persistent. Being persistent, it would take years before inflation is decisively vanquished and restored to the rate before the initial shocks. Ari and Ratnovski claimed that 40% of countries covered in their study “failed to resolve inflation shocks even after five years.” For the rest, an average of three years was what it took to slide back to pre-shock rates.

Second, and this is for all of us, countries that celebrated a premature victory against inflation also quickly unhinged their policy rates from elevated levels. The IMF economists pointed out that this was wrong because inflation came back with a vengeance. They cited Denmark, France, Greece, and the United States as among those 30 countries in the sample that claimed an early victory and launched an early pivot to a loose monetary policy. This was right after the 1973 oil-price shock. What is more significant lesson here is that “almost all countries in our analysis (90%) that failed to resolve inflation saw price growth slow sharply in the first few years after an initial shock, only to accelerate again or become struck at a faster pace.”

We agree with the IMF economists that central banks are right when they don’t buy populist views to start loosening monetary policy when only one or two months show some initial easing of price pressures, or shocks are more supply than demand.

The right examples of how to respond to persistent inflation, according to the IMF economists, would be Japan and Italy which implemented tighter-for-longer policies after the 1979 oil-price shock. These two economies focused their monetary guns on the inflation shocks and kept their policies tight through several years, ensuring a firm hold on inflation.

Successful inflation control is also anchored on good management of inflation expectations as much as on the central banks’ track record in keeping stable prices. The BSP’s carefully crafted press statement after each monetary policy meeting, as well as its forward guidance, are instrumental in keeping the markets closer to the BSP’s own assessment of where inflation is going. Inasmuch as its pronouncements are close to reality, or consistent with what it will do next, and the outcome is positive, the BSP gains more credibility. It will continue to have a better batting average putting down inflation, as in the past.

We can also take to heart what the Fund stressed, and this is the possibility that resolving inflation could have short-term costs in terms of lower economic growth. Over the medium term, however, economic growth and employment would begin to rise to more sustainable levels. But failure to keep inflation down leads to macroeconomic instability and inefficiency.

The last word may be prescient: “If history is a guide, inflation’s recent decline could be transitory.” Let’s not claim an early victory against inflation.

 

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

FFCCCII honors four Icons of Excellence

By Rose Servidad and Melanie Gornez Purigay

In a series of distinctive tributes hosted by the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII), four outstanding Filipinos with Chinese heritage were celebrated for their profound contributions to Philippine social and cultural progress.

The events honored Michelle Dee, Ricky Lee, Jose Mari Chan, and EJ Uy Obiena—remarkable individuals, each a luminous figure in their respective fields, exemplifying excellence and positive impact.

Michelle Dee: Beauty, Grace, and Advocacy

Michelle Dee stands 5 feet, 10 inches tall during her speech at FFCCCII Bldg. in Manila

The spotlight illuminated Michelle Dee for her stellar achievements as the 2023 Miss Universe Top 10 Finalist, GMA 7 actress, and dedicated advocate for autism awareness. Gracefully accepting the FFCCCII recognition, Ms. Dee’s family legacy resonated within the FFCCCII building. Her ties to the organization run deep, with her grandfather, the late China Bank Chairman and philanthropist Dee K. Chiong, having served as FFCCCII Vice-President, and her granduncle the late lumber tycoon and community stalwart Dee Hong Lue also serving as FFCCCII Vice-President.

Surrounded by a lineage of trailblazers, including her granduncle, pre-war “Lumber King” 1920 China Bank founder, pre-war Philippine Chinese Chamber President and philanthropist Dee C. Chuan, and her great-great-granduncle, 19th-century Philippine lumber industry pioneer and philanthropist Dy Han Kia, Ms. Dee’s celebration was not just a recognition of her beauty and indivisual accomplishments, but also a tribute to her family’s rich heritage of Confucian philanthropy.

Ricky Lee: A Literary Journey of Excellence and Social Idealism

National Artist Ricky Lee was honored with FFCCCII Lifetime Achievement Award for contributions to Philippine culture and for uplifting positive image of the Filipino Chinese community.

National Artist Ricardo “Ricky” Lee, a renowned film screenwriter, novelist, and journalist, received a heartfelt homage from the FFCCCII for his outstanding contributions to Philippine cinema and literature.

Mr. Lee’s father, the late scholar Lee Hian Chin, served with distinction for 26 years as the secretary-general of the Camarines Norte Filipino Chinese Chamber of Commerce and Industry, an FFCCCII member organization.

Mr. Lee’s honor was a recognition not only of his individual achievements but also of his profound impact on shaping the cultural landscape of the Philippines, marked by his commitment to social idealism.

Jose Mari Chan: Melodies that Transcend Time

Singer and songwriter Jose Mari Lim Chan has been honored with FFCCCII Lifetime Achievement Award for contributions to Philippine culture and for uplifting positive image of Filipino Chinese community.

The melodic tunes of Jose Mari Chan filled the air as FFCCCII celebrated the multi-awarded singer-songwriter and businessman. The son of the respected “rags-to-riches” business leader Antonio Chan, Mr. Chan’s timeless music has become an integral part of Philippine culture.

As a household name nationwide, particularly during the Christmas season for his beloved Yuletide songs, Jose Mari Chan’s FFCCCII recognition was a testament to his role in fostering unity and joy across generations.

EJ Uy Obiena: Soaring to New Heights & PHL’s hope for Paris Olympics

EJ Obiena broke Asiad record twice and won gold at Hangzhou Asian Games to cheers by 80,000 Chinese fans despite his rival a Chinese athlete ending up with silver.

The FFCCCII paid tribute to and gave generous support for EJ Uy Obiena, the high jump gold medalist at the 2023 Hangzhou Asian Games. Mr. Obiena’s journey from the heights of world-class sports excellence to being the Philippines’ hopeful for a 2024 Paris Olympics gold medal resonated with triumph and dedication.

Expressing gratitude for the P5 million support for his training from the FFCCCII, Mr. Obiena also recalled childhood memories of accompanying his mother to the same FFCCCII building to collect scholarship grants. His honor was not just a recognition of his athletic achievements but also a celebration of his humble beginnings and the vital role of FFCCCII in supporting his Olympian aspirations.

Inspirations and Role Models for the Youth

FFCCCII President Dr. Cecilio Pedro

In honoring these four exceptional individuals, the FFCCCII has crafted an inspiring narrative of success, diversity, and cultural richness. Michelle Dee, Ricky Lee, Jose Mari Chan, and EJ Uy Obiena are not merely contributors to Philippine progress; they stand as inspirations and positive role models for the youth, embodying the ethos of excellence and resilience that defines the Filipino-Chinese community.

These celebrations were not just recognitions; they were declarations of FFCCCII’s  enduring spirit of unity, resilience, public service and progress.

Clark airport operator expects revenues to rise by 17%

LUZON International Premiere Airport Development (LIPAD) Corp. is projecting its revenues to rise by 17% this year as a result of an increase in passengers, its president said.

“The continuous upward trajectory of travel demand gives us a positive outlook for 2024,” LIPAD President and Chief Executive Officer Noel F. Manankil said in an e-mail to BusinessWorld.

LIPAD, the company that manages and operates the Clark International Airport, is anticipating a 42.9% increase in domestic passengers in 2024 to 915,168 from 640,381 in 2023.

International passengers will rise by 14% to 1.55 million from 1.36 million in 2023, Mr. Manankil said.

Overall number of passengers will increase by 23% to 2.47 million from the previous two million passengers.

This projected growth will propel LIPAD’s revenue to climb by 17%, Mr. Manankil said.

“Promoting (Clark International Airport) is based on a two-pronged approach — strengthening relationships with airlines and developing destination marketing initiatives to address the demand,” he said.

The Department of Tourism expects to attract almost eight million international arrivals for 2024. In 2023 alone, the Tourism department reported 5.45 million international visitors, surpassing the year’s target of 4.8 million.

This year, LIPAD is also expecting to facilitate about 18,883 domestic and international flights, up by 27% from the 14,867 flights recorded in 2023.

Broken down, 10,909 international flights are expected in 2024 while 7,974 flights will be domestic.

Clark International Airport was privatized in 2019 under a 25-year consortium agreement between the Bases Conversion and Development Authority and the private consortium Luzon International Premier Airport Development Corp.

Separately, Clark International Airport Corp.’s (CIAC) President and Chief Executive Officer Arrey A. Perez said 13 more new routes will be launched in 2024.

These new routes are Taipei, Bangkok, Hong Kong, Cheongju, Macau, and Narita for international flights, while the target for domestic flights are Coron, Bacolod, Iloilo, Davao, General Santos, Cagayan de Oro, and Puerto Princesa.

CIAC supervises and oversees the activities within the Clark Civil Aviation Complex including the Clark International Airport. — Ashley Erika O. Jose

Dining Out on Valetines Day

The Peninsula Manila

IN ONE of the city’s most romantic hotels, fall in love again and again. Start with the five-course menu at Old Manila, created by Chef de Cuisine Gaël Kubler. This set includes Toro Tuna Carpaccio with spring onion, wasabi-ponzu vinaigrette, cucumber, and dalandan; Seared Foie Gras Baklava with filo, charred shallots, hazelnut, and port reduction; Calamansi Mint Sorbet; a main course of either Black Angus Beef Tenderloin with Arabica crust, potato fondant, horseradish cream, peas, and red wine jus or Seabass Papillote with leeks, confit of banana heart, bok choy, cherry tomato, and lemongrass beurre blanc; and a dessert of Raspberry and White Chocolate with compote, gel, and sorbet (music from the grand piano showered with rose petals won’t hurt either). Before dinner, Old Manila guests will be invited to the 11th floor helipad for a celebratory photo shoot where they can take in the sweeping views of the Makati skyline. This is available at P6,990 per guest, inclusive of taxes. At the Lobby, savor the many facets of love with a sumptuous four-course dinner featuring a Valentine’s-themed menu selection, highlighted by a main course of either Grilled Angus Beef Tenderloin with mashed potato, green asparagus, peppercorn sauce or Maine Lobster Linguine with Parmesan and bisque sauce. The pièce de resistance is a dessert of White Chocolate and Strawberry with crunchy coconut feuilletine and berry confit. Throughout the evening, guests will be serenaded by the sweet sounds of Martin Avila on the grand piano accompanied by a guest vocalist. This is available at P4,990 per guest, inclusive of taxes. At Escolta, the lunch buffet is priced at P2,990 (adult) and P1,500 (children below 12) while the dinner buffet may be enjoyed at P3,490 (adult) and P1,750 (children below 12). All prices are inclusive of taxes. Give the gift of luxury this Valentine’s Day and visit the Valentine’s Pop-Up Boutique in The Lobby. Choose from several thoughtful options including framed chocolate hearts handmade by The Peninsula’s pastry team and the option to build a floral bouquet with fresh blooms. Those looking to experience more time spent together can gift their loved ones with Peninsula gift cards. The Valentine’s Pop-Up Boutique is now open until Feb. 14, from 10 a.m. to 6 p.m. Finally, couples can calm their mind, body, and soul by relaxing side-by-side with a couple’s massage where, following their treatment, they will be indulged with a chilled flute of Champagne and Peninsula handmade chocolates as well as Peninsula Fitness Center and Spa gift cards. For Valentine’s inquiries or reservations, call The Pen at 8887-2888 (ext. 6694 for Restaurant Reservations, 6769 and 6771 for The Peninsula Boutique, and 6871 for The Peninsula Fitness Center and Spa), or visit peninsula.com/manila.

City of Dreams

LOVE is just around the corner in the City of Dreams. Start at Crystal Dragon with a set menu for two priced at P4,500++ per person, available on Feb. 13 and 14 for lunch and dinner. The menu highlights include Five-spice Pork Belly with radish pickles, Deep-fried Sea Scallop in mango pomelo salsa, and Crispy Five-spice Marinated Pigeon with spiced salt and Worcestershire. To add romance to the meal, a complimentary glass of France Chateau d’Esclans Rosé sets the mood. Nobu Manila offers a five-course tasting menu dinner exclusively offered on Feb. 14. Available for P6,000 net per person, the menu comes with a complimentary welcome drink and chef’s selection of zensai and starts with a Canape Selection followed by Nobu’s seasonal assortment of sushi, Hokkaido Scallop and Lobster duo, then Braised Wagyu Beef Short Ribs. It ends with the dessert of Vanilla Plum Wine Rose with raspberry plum wine sauce and fresh berries. Haliya allures couples with a four-course Valentine’s Day dinner menu priced at P9,000 for two persons. The highlight is Beef Tenderloin (sous vide black angus beef tenderloin, caramelized saba banana, potato and chickpea puree, baby carrots, white onion emulsion, green oil, and red wine jus). For inquiries and reservations, call 8800-8080 or e-mail guestservices@cod-manila.com. For more information, visit www.cityofdreamsmanila.com.

Discovery Primea

DISCOVERY Primea celebrates Valentine’s with culinary specials and spa serenity for an unforgettable occasion. There is the Elements of Flavor: Flame X Idalia Dinner Tasting Menu on Feb. 14 and 15, an exclusive collaboration dinner at Flame Restaurant. At the helm are the hotel’s Executive Chef Luis Chikiamco and chef Kevin David of Idalia. The dinner tasting menu, priced at P3,500++ per person, includes the kombu-cured Black Grouper with nori crust, Pan-Seared Foie Gras, and the Josper-grilled US Beef Short Ribs. There is an optional wine pairing at P1,500++ per person. As part of the hotel’s offerings, Terazi Spa extends a special package throughout February. Couples can enjoy the Intimate Spa Retreat treatment, including a 30-minute Rose Bath, followed by a 60-minute Signature Massage, and a complimentary mini bottle of Prosecco with chocolate-dipped strawberries, all for P8,500 net. Terazi Spa is open Tuesday to Sunday from 12:30 p.m. to 9 p.m. For inquiries and reservations, call +63 2 7955 8888 or e-mail dp.rsvn@discovery.com.ph.

Marco Polo Ortigas Manila

FOR 2024, Marco Polo Ortigas Manila planned a month-long celebration of love. Café Pronto sets the tone with its Sweetheart Chocolate Naked Cake (moist chocolate cake infused with strawberry compote, covered with white chocolate chantilly, and topped with berries) for P2,430 net per cake. Other sweet treats are also available, including White, Dark, and Milk Chocolate Heart Bars, Ruby Chocolate Teddy Bears, Heart Pralines, and many more. Connect Lounge offers afternoon tea for the whole month, serving both savory and sweet items with a choice of coffee or tea between 2:30 to 5:30 p.m. daily at P1,950++ per set. Vu’s Sky Bar and Lounge will host a party on Feb. 14. Valentines Aperitivo will be served at the 45th floor bar, with the city skyline serving as a backdrop to a grazing table and a glass of wine, accompanied by jazzy live entertainment, from 6 to 9 p.m., for P1,799 net per person. Cantonese restaurant Lung Hin serves Forever Love, a six-course lunch and dinner set on Feb. 12 to 18, at P5,998++ for two persons. It can be paired with a bottle of Duet Rose Sec for P2,158++. There will be a special buffet dinner at Cucina from Feb. 14 to 17 forP3,400 net per person with one glass of Sangria. Finally, enjoy a romantic stay until Feb. 28, with a welcome bottle of house wine in the room, a round of cocktails at the bar, chocolate turn down amenity for each night of the stay, and 25% discounts at Cucina and Lung Hin for dates. For more information and reservations, contact 7720-7777 or e-mail  manila@marcopolohotels.com.

Newport World Resorts’ hotels

LOVE is in the air at Marriott Manila, thanks to the P988 Afternoon High Tea available from Feb. 11 to 17 (good for two). On Valentine’s Day, Cru offers a four-course menu for two at P9,020 net. From Feb. 13 to 15, the Sweet Indulgence promo at Hotel Manila offers a Pool View Executive Room, a bottle of sparkling wine, a dozen roses, a six-course dinner on the balcony with in-room butler service and a live string serenade for P30,000++. At Holiday Inn Express Manila-Newport City, get a room for two with an option for early check-in or late check-out, two buffet breakfasts and signature welcome drinks, two cinema credits at Newport Cinemas worth P500 with free popcorn, all for P4,900 net. At the Sheraton Manila Hotel, the Romantic Rendezvous promo, available from Feb. 14 to 18, has in-house guests meeting under the stars on a balcony overlooking the Vega Pool for a five-course dinner and sparkling red wine for P5,000 net for two persons. Yamazato, Hotel Okura Manila’s fine dining restaurant, captures the essence of love with chef Kato’s Teppan Kaiseki, on Feb. 14 and 15. The diner has a choice of entree between Lobster or Wagyu beef for P7,500++. From Feb. 14 to 15, experience love in every dish of Casa Buenas’ Valentine’s dinner, La Serenata. The seven-course meal. Options include the couple’s table at P13,000 net. La Cupula gazebo for P52,000 net for up to three couples, or the Pamilya Table that sits four couples for P65,000 net. Side A also performs at Newport on Feb. 10, and on Feb. 14 and 15, Odette Quesada and Ogie Alcasid are bringing a special Valentine’s collaboration. By month’s end, Ice Seguerra, Joey G, and Noel Cabangon present live acoustic performances at Strings and Voices: A Threelogy Series. Tickets are now available at all TicketWorld and SM Tickets outlets. For more information, visit www.newportworldresorts.com.

Shangri-La at The Fort

THE CULINARY team of Shangri-La The Fort, Manila offers an array of options for the Season of Love. These include treats from the Bake House, the P1,950 (lunch) and P3,800 (dinner) buffet at High Street Cafe, and the Afternoon Tea at High Street Lounge (sweet and savory bites, coffee or tea, cocktail or mocktail and a special gift set from L’Oréal; at P2,500 net, available until Feb. 14). At Raging Bull Chophouse, there’s a Wine, Dine Valentine Dinner at P4,950 net per person on Feb. 14, with a 150 gm Josper-Grilled Black Onyx Tenderloin as the highlight of the evening. One can also book a session at the Spa at Kerry Sports Manila, where massages come with an extra 30 minutes from Feb. 12 to 16, from 11 a.m. to 5 p.m. For more information visit www.shangri-la.com/manila/shangrilaatthefort.

Pizza Hut

Have a heart-shaped treat with Pizza Hut’s Bacon Ensaymada Heart Pan Pizza, available for a limited time only. The pizza treat is made with cream cheese frosting, mozzarella, bacon bits, with a cream cheese frosted crust and sprinkled with shredded parmesan and queso de bola all resting on a heart-shaped pizza crust, available in regular size for P439. Combos are also available (P699 with the pizza, spaghetti Bolognese, spaghetti carbonara, and two glasses of Pepsi). Guests can also upgrade both drinks to milkshakes, a new offer available in Chocolate and Strawberry, for an additional P230. There’s also the Foursome Delight set, priced at P1,199 which serves up to four diners. It comes with a regular Bacon Ensaymada Heart Pan Pizza, regular Hawaiian Supreme Heart Pan Pizza, a Family Spaghetti Bolognese, Kitkat Pops, and a pitcher of Pepsi for dine-in or a 1.5-liter bottle of Pepsi for takeout and delivery. Rounding off the combos is the Triple Heart Pizza Delight set, priced at P999. It comes with a regular Bacon Ensaymada Heart Pan Pizza, a regular Hawaiian Supreme Heart Pan Pizza, and a Regular BBQ Chicken Supreme Heart Pan Pizza. The new Bacon Ensaymada Heart Pan Pizza is available for dine-in and takeout orders in all Pizza Hut stores nationwide. Order for delivery by calling the 8911-1111 hotline, by logging on to www.pizzahut.com.ph, using the Pizza Hut mobile app available for Android and iOS, or through Pizza Hut’s official delivery partners GrabFood and foodpanda (prices may vary).

Kenny Rogers Roasters

DINING solo on Valentine’s Day? Kenny Rogers Roasters is redecorating their restaurants just for you with self-love affirmations as you feast on their solo plates (options include quarter roasted chicken, grilled plates, served with side dishes, a corn muffin, and a cup of rice). To complete the dining experience, a QR code and music barcodes will also be shared, which will lead to the brand’s website and Spotify playlist and podcast, recommending self-love songs and podcast episodes. In Kenny Rogers restaurants nationwide, guests will get to hear a special in-store Valentine’s playlist for the full solo love experience. For more information, visit www.kennyrogersdelivery.com.ph.

M&M’s

M&M’S is making this year’s Valentine’s Day sweeter with the launch of the Love For All mobile photo studio this month. The pop-up studio will visit hotspots in Metro Manila. Visitors can have a complimentary photo session at the professional self-shoot studio with backdrops, lighting, and props. Visitors and fans can have multiple takes and receive digital and print copies right after. Guests may also join the one-minute challenges, where they can take home giveaways and prizes. Additionally, they may request a song from the M&M’S acoustic group and dedicate it to their loved ones. From 11 a.m to 8 p.m. the M&M’S Love For All mobile studio will visit Robinsons Manila on Feb. 9, Bonifacio High Street 9th Avenue on Feb. 10, and Ayala Malls Manila Bay on Feb. 11.

7-Eleven

THIS year, 7-Eleven is introducing a Korean fest in their stores, thanks to a partnership with Romantic Baboy. These include the Beef Bulgogi Set (P159), complete with fish cake, egg roll, kimchi, rice, and ssamjang, and the Jeyuk Rice Bowl (P99), spicy marinated pork with kimchi, fish cake, and rice. Korean dishes introduced previously include the Cheesy Samgyupsal Set, Japchae, and Bibimbap. The 7-Eleven Chef Creations x Romantic Baboy collaboration is available in select 7-Eleven Luzon stores.

Falling unemployment masks lack of quality jobs — think tank

@ISKOMORENO TWITTER ACCOUNT

HIGH-QUALITY JOBS remain thin on the ground even with unemployment falling, with many workers forced by economic hardship to accept irregular and informal work, a think tank said.

Jobs that are considered informal have increased, with the number of self-employed growing by 157,000 to 13.1 million in 2023, IBON Foundation said, adding that the number of unpaid family workers also grew by 154,000 to 3.8 million last year.

“IBON estimates that the number of those in informal work increased by 483,000… to 20.4 million or 42.2% of total employed in 2023,” it said, noting an increasing number of domestic workers, self-employed, and unpaid family workers in family-operated farms or businesses.

If irregular workers in private establishments are taken into account, the number of people in informal work would increase to as much as 34.7 million or 72% of total employment, it noted.

IBON also noted job creation in sectors deemed “notorious” for temporary, irregular and low-paying work: “The number of employed in agriculture, foresting and fishing grew… from 10.8 million to 11.2 million and in construction… from 4.4 million to 4.5 million.”

Jose Enrique Africa, the think tank’s executive director, said agri-fishery and forestry jobs tend to be informal and irregular because of the seasonal nature of production.

“The backwardness of operations is also a factor with predominantly small-scale family-based operations that don’t have formal employment arrangements and have disproportionately casual labor that’s always looking for better earnings elsewhere,” he said when asked to clarify why jobs involving agriculture, fishing, and forestry are considered informal.

The Philippine Statistics Authority (PSA) on Wednesday said the number of unemployed aged 15 and above fell to 1.60 million in December from 1.83 million in November.

“The increase in the number of self-employed individuals alongside a rise in unpaid family workers further emphasize the probable  expansion of the informal sector,” the Federation of Free Workers (FFW) said.

While self-employment can be a pathway to entrepreneurship and economic independence, it also points to a lack of formal job opportunities, FFW National President Jose G. Matula said in a Viber message.

“Most likely, pushing individuals to create their own work without the protections and stability of formal employment.”

An OCTA Research survey conducted last month showed that involuntary hunger rose to 14% or 3.7 million families from 10% or 2.6 million families recorded in September 2023.

In a Social Weather Stations poll conducted between Sept. 28 and Oct. 1 last year, the number of families who rated themselves poor increased by 700,000 to 13.2 million.

IBON said the government should also be concerned about the decline in employed persons in the wholesale and retail trades in December, saying the holiday season usually means more active selling and spending.

The number of wholesale and retail trade workers fell to 10.3 million in December from 10.9 million a month earlier, with the government attributing the trend mainly to job losses in the food sector.

“This may be a result of weaker demand, which is concerning, since the month of December is usually marked by more spending due to the holidays,” IBON said.

“This could mean that more Filipinos are having a hard time because of weaker purchasing power from low income and high prices,” it added. They are thus forced to curb their expenses, particularly on food.”

President Ferdinand R. Marcos, Jr. said on Thursday that his government will pursue more upskilling and reskilling programs to boost quality job opportunities.

Workers must be exposed to innovation and become adaptive to allow them to “thrive in many high-quality employment opportunities,’’ he said in a statement.

Mr. Marcos attributed the fall in unemployment to growth across industry groups, “with construction, agriculture, and services leading the way.”

Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila, said it is “alarming” that the government considers technology as the pathway to transitioning workers towards more decent jobs.

“The truth of the matter is that technology has eliminated the formal and decent jobs that low-skilled workers previously had access to,” he said via Messenger chat. “The issues that we have discussed are the reasons for low-quality jobs.

“Technology offers opportunities but also presents challenges.”

The 4.3% unemployment rate last year — equivalent to 2.19 million jobless, against  the 2.67 million in 2022 — was the lowest in almost two decades since the PSA revised the definition of unemployed in 2005 to refer to Filipinos aged 15 years and older without jobs but are available for work and actively seeking one.

In December, the unemployment rate fell to 3.1% from 3.6% a month earlier and from 4.3% a year earlier 2022.

The employment rate in December also hit a record 96.9%, above the 96.4% in November and the 95.7% in December 2022.

Mr. Matula of FFW also flagged an increase in contractual employment, noting that a number of workers in Central Luzon, Metro Manila and Calabarzon regions are classified as performing regular jobs but are considered contractuals who have been “supplied by cooperatives or manpower agencies.”

Contractual employment often means that jobs are temporary, with workers not having long-term security and benefits such as health insurance and paid leave, he noted.

“This can leave workers vulnerable, especially in times of economic downturn or personal emergency.”

Mr. Matula, meanwhile, said the Philippines has yet to see significant efforts from the government to boost green jobs — which was promised by Mr. Marcos before and after assuming the presidency in June 2022. — Kyle Aristophere T. Atienza

Ditch the ‘rules-based international order’

STORYSET-FREEPIK

PEOPLE have laid down their lives for love, freedom, justice, the fatherland, and more. But nobody has ever died clutching the banner of the Rules-Based International Order (RBIO). It’s time to junk that cliche and replace it with something more fitting.

That’s not only because the term is an Orwellian linguistic atrocity with all the emotive oomph of a PowerPoint slide. It’s also a shibboleth that, when used by American diplomats in particular, makes US foreign policy look hypocritical, from the Middle East to Africa, Asia and beyond.

As a catchphrase, the RBIO has in recent years replaced the older and slightly different (but also woolly) notion of a “liberal international order.” It surged once the administration of President Joe Biden took over, intent on signaling a return to a more principled foreign policy than that of Donald Trump. Biden and his diplomats talk up the rules-based international order so much that Stephen Walt at the Harvard Kennedy School, a scholar in the hard-nosed “realist” tradition, has mocked the turn of phrase as a “job requirement.”

The world is skeptical about this American shtick, especially in Africa, Asia, and South America, where countries are feeling — and often resisting — pressure by Washington to align with the West against Russia and China. Beijing and Moscow, meanwhile, have an easy time skewering America’s double standards. Russian President Vladimir Putin tells audiences in the Global South that the RBIO is just a veneer for American exceptionalism, so that the US can arbitrarily make the “rules” it wants and then “order” everybody else around.

That’s rich, of course, coming from the man who invaded the sovereign nation of Ukraine and ordered the slaughter of its civilians and the abduction of thousands of its children, prompting the International Criminal Court (ICC) in The Hague to issue an arrest warrant to have him tried for war crimes. And yet the accusation of American hypocrisy resonates in many capitals.

Washington all too often invokes the RBIO only against foes, such as Russia, while exempting itself and its friends, notably Israel. At the International Court of Justice (ICJ) in The Hague (an organ of the United Nations unrelated to the ICC), South Africa has brought a case accusing Israel of genocide in its war against Hamas in the Gaza Strip. The judges have deemed the charges plausible enough to issue the equivalent of an injunction while they reach their verdict.

The Biden White House, by contrast, sees no need to await the judgment of a tribunal that, one would think, embodies the RBIO as much as any institution on earth. South Africa’s case is “meritless, counterproductive, and completely without any basis in fact whatsoever,” said a spokesman for the president’s National Security Council.

This points to the underlying problem. John Dugard, a South African professor at Leiden University in the Netherlands and a former judge on the ICJ, argues that the US pushes its RBIO so hard precisely because it wants to avoid unreservedly endorsing, and obeying, an older, simpler and clearer idea: that of international law.

That standard, which is universal rather than subjective like the RBIO, would be awkward for Washington. International law is based in part on multilateral treaties, many of which the US helped write. And yet America refuses to sign on to quite a number of them, including the Conventions on Cluster Munitions, on the Rights of the Child, and on the Rights of Persons with Disabilities, as well as the 1977 Protocols to the Geneva Conventions, the Rome Statute that created the ICC, and more.

So, Washington can’t exactly make a legal case when scolding China, say, for bullying the Philippines in the South China Sea, since the US isn’t itself a signatory to the UN Convention on the Law of the Sea. It can’t credibly join the ICC in accusing Putin of war crimes because it doesn’t recognize that court — and in fact sanctioned the ICC’s prosecutors when they looked into allegations of crimes by American soldiers in Afghanistan.

That’s why the Biden administration prefers the RBIO to international law, Dugard thinks. The RBIO doesn’t actually define rules as lawyers would. It has no tribunals or procedures for dispute settlement. Nor does it care whether countries opt in or out. Instead, the rules-based international order is malleable enough to hint at the existence of standards while allowing the US to assert its own national interests.

Defining national interests is a legitimate goal of foreign policy, and the US shouldn’t feel shy about using its prodigious (if declining) might to pursue them. That’s called realism in international relations. But as the tragedies of the previous century’s world wars and holocausts showed, it also behooves nations to temper power — their own and that of others — with norms and law. That’s called idealism. In the past eight decades, the US has been at its best whenever it spliced these two strands in its foreign policy, for its own good and that of the world.

My advice to Biden and other Western leaders is to send out a staff memo: Drop the rules-based international order in all speechifying, and instead pledge fealty to international law. Then hold Russia, China, and Iran accountable to that standard — but also Israel and, yes, even the US when necessary.

This shift won’t always be convenient for Washington, but it will improve its relations with the world, which will be better off as a result — more prosperous, free, and peaceful. Compared to that yucky-sounding rules-based international order, the new pitch could also have a catchier and more authentic ring. After all, what could be more American than law and order?

BLOOMBERG OPINION

DoubleDragon’s hotel unit secures ticker symbol for planned Nasdaq SPAC listing

SIA-led real estate firm DoubleDragon Corp. (DD) said its hotel subsidiary has reserved the ticker symbol “HBNB,” bringing the company close to its planned listing on the United States Nasdaq Stock Exchange via the special purpose acquisition company (SPAC) route.

DD said in a regulatory filing on Thursday that Hotel101 Global Pte. Ltd. has secured “HBNB” as its ticker symbol. The hotel firm will be the first Filipino company to list via SPAC in Nasdaq.

With this, DD said that Hotel101 Global expects to sign the definitive SPAC business combination merger agreement with its chosen SPAC sponsor by March, to be followed by the official listing of its prospectus, subject to US regulatory approvals.

A SPAC raises capital via an initial public offering for the purpose of acquiring an existing operating company.

“The SPAC listing will enable DD’s hotel subsidiary to not only increase its equity capital base but will also make Hotel101 become more relevant overseas and the step would at the same time further strengthen DD’s consolidated balance sheet,” the listed real estate company said.

Hotel101 is expected to derive over 95% of its revenues outside of the Philippines to be consolidated back to DD.

“The opportunity that we see globally in the hospitality space is that of standardization because we believe it brings unbeatable efficiency, especially for the mid-end segment. Take for example the budget airline industry — essentially all budget airlines sell one product across the whole industry and that product is the economy seat,” DD Chairman Edgar “Injap” J. Sia II said.

Hotel101’s first three overseas projects will be in locations such as Niseko Hokkaido, Japan, Madrid, Spain and Los Angeles, California, USA. The company’s hotels have an average of 500 rooms per site. A typical room has prefabricated toilets, standardized flat pack furniture, as well as a single type of bulb within the whole building.

The company is seeking to have presence in 25 countries by 2026. These include the Philippines, Japan, Spain, USA, United Kingdom, United Arab Emirates, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and China.

“Eventually we see Hotel101 rooms to be just like that one iconic hamburger in a global fast-food chain, it is the same no matter where you go — yes, the price changes as costs vary from country to country, but the burger doesn’t change,” Hotel101 Chief Executive Officer Hannah Yulo-Luccini said.

Hotel101 is seeking to have a portfolio of one million rooms in 101 countries before 2050.

On Thursday, DD stocks rose by 45 centavos or 5.84% to P8.15 apiece. — Revin Mikhael D. Ochave

PHL’s Dec. loan growth steady amid high rates

CONSUMER LOANS to residents went up by 23.6% to P1.27 trillion from a year ago -- UNSPLASH

By Keisha B. Ta-asan, Reporter

BANK LENDING GROWTH was steady in December amid elevated borrowing costs, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Outstanding loans issued by universal and commercial banks rose by 7% to P11.701 trillion from P10.931 trillion a year ago. The December growth rate was unchanged from November, the slowest in three months.

Big banks’ outstanding loans increased by 2.6% month on month.

“While the 7% growth in bank lending for December 2023 suggests stability, the slowdown compared with previous months hints at potential influences like elevated interest rates and seasonality,” Robert Dan J. Roces, chief economist at Security Bank Corp., said in a Viber message.

Credit growth slowed for the most part last year amid the central bank’s aggressive rate hikes.

The BSP kept its benchmark interest rate unchanged at a 16-year high of 6.5% at its December meeting. This was after it hiked borrowing costs by 450 basis points from May 2022 to October 2023 to tame inflation.

BSP data showed outstanding loans to residents expanded by 7.3% to P11.389 trillion from a year earlier, slower than 7.4% in November.

Borrowings for productive activities rose by 5.5% to P10.12 trillion, fueled by a 10.8% rise in loans for real estate activities to P2.42 trillion. Loans to the manufacturing sector increased by 1.2% to P1.27 trillion.

Meanwhile, consumer loans to residents went up by 23.6% to P1.27 trillion from a year ago, driven by increases in credit card loans (30%), motor vehicle loans (16.6%) and salary loans for general consumption (9.4%). Outstanding loans to nonresidents grew by 2.9% to P312.106 billion.

“Looking ahead of 2024, a rebound is likely if sentiment improves on the back of policy rate cuts, but cautious lending and targeted approaches are also likely,” Mr. Roces said.

In January, BSP Governor Eli M. Remolona, Jr. said they might cut borrowing costs this year, but this is unlikely to happen in the first half due to lingering risks to inflation.

Inflation slowed to 2.8% in January from 3.9% in December and 8.7% a year ago, the slowest in more than three years. It was also the second straight month that inflation was within the BSP’s 2-4% target.

The central bank expects inflation to ease to 3.7% this year and to 3.2% in 2025.

Next stop for Taylor Swift’s Eras Tour film: Disney+

LOS ANGELES — Taylor Swift’s Eras Tour concert film will start streaming next month on Disney+ with the addition of five songs that were not shown in theaters, Walt Disney said on Wednesday.

Taylor Swift: The Eras Tour will debut exclusively on Disney+ on March 15, Disney said. Acoustic performances of “Cardigan” and four other songs will be added to the version that played in cinemas last year.

The Eras Tour movie has collected $261.7 million at movie box offices, making it the highest-grossing concert film in history.

The tour itself, which resumed this week in Tokyo, is the world’s highest-grossing concert tour with more than $1 billion in ticket sales. The show features songs from throughout the 34-year-old singer’s career. Ms. Swift just made history at the Grammys, winning an unprecedented fourth album of the year honor on Sunday. — Reuters

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