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Forward to the past: Zombie forms

ACTIVIST groups marched along Kalaw Ave., Manila on June 12, 2025. — PHILIPPINE STAR/RYAN BALDEMOR

(Second of two parts)

Part 1 described the hard Right, in its many appearances in different countries today, as populist backward projection. This Right longs for the past. Its nostalgia is steeped in an old, imperial, white supremacism.

So much grievance. Power was wrested — unfairly, they think — by hordes of colored people taking up white space for domination; notably, in Europe’s version as fear of being overwhelmed by migrants. And although a slightly different story, Britain’s Brexit also pivoted on anxiety over new waves of desperate foreigners, mostly non-white.

US President Donald Trump’s version also idealizes return to an economic order built on manufacturing, which is to say, a 19th Century Industrial Revolution idea. An idea whose time is gone. As gone, supposedly, as racism. Which, as it turns out, is by no means in the dustbin of history. Yet.

The Trumpian coup d’etat against democracy takes energy from a racism palpable, as well, in the turns-to-the-Right in Italy, Finland, Slovakia, Hungary, Croatia, and the Czech Republic. Racism is less discernible in Erdoğan’s Turkey and Modi’s India in their respective turns to conservative Islam and conservative Hinduism. But the democracy-corrosive bias deserves scrutiny.

Fundamentalism is by definition uncongenial to diversity — the obvious example being the racist and fundamentalist Southern Baptist Christians (“Born Again”) denominations in the US, that are the backbone of MAGA. These folks inherit a history of upholding slavery as divine fiat.

While the Philippines’ swing to President Rodrigo Duterte’s version of a hard Right does not seem powered by race-bound suprematicism, its anti-poor thrust barely hides the racial shadow of class politics in this country. And now, Ferdinand Marcos, Jr.’s rewriting of his father’s dictatorship as a golden age, a mestizaje wonderworld, vintage Imelda, the fair-skinned embodiment of autocracy.

In any case, the point has been made (notably by Maria Ressa on US television) that what’s happening in Trump’s US has already happened in the Philippines, the latter ahead by just a few months.

The erosion of democracy can happen quickly — this is the cautionary tale from the Philippines. Contests for truth are won by untruths endlessly repeated. Democracy is to the left of the hard Right, and worthy ideas such as human equality, human rights, and meritocracy erode with shocking abruptness.

That speed, that abruptness, is fueled by hardy constellations of ideas thought dead and gone. Indeed these ideas are undead and resurrect, zombie-like, and seemingly similar everywhere.

DIFFERENCES INSIDE SIMILARITIES
So, yes, the similarities are self-evident. On the other hand, the differences are more obscure and need unearthing tracking. Even the two Philippine presidents who swung so far right the experiences constituted national traumas, were vastly different.

Marcosian governance was ideological, embedded in the 1960s Cold War universal dualism. The Duterte years also resurrected a 1960s past. But rather than aligned along a cosmopolitan East/West divide, Duterte’s trajectory was a throwback to the souped-up warlordism of the mid-20th Century Mindanao; and even further back in time, to violent datu-hood.

Marcosian governance made internal sense within a mindset that assumed the prior right of the power center to “raw materials” in areas designated as marginal, and the use of armed force to prosecute this extractive economy. It reproduced the colonial presumption of previous centuries.

Dutertean governance made internal sense within the cultural history of a Mindanao that, in the mid-20th Century, experienced systematic terror campaigns — including massacres, macabre murders, and some cannibalism — as methodology for social order. It reproduced, if partially, the animistic cults of many centuries in rural and highland Philippines.

It is ironic that the word “right” was used for such horrific wrong.

Irony is a good handle for a second set of differences that might offer insight into global affairs. At least for Filipinos. These are the differences between and among various politics of grievance.

In the study after study, it is grievance that feeds cognitive decline everywhere and grinds down shared reality.

It does in fact work ironically. Data and analyses that in the democratizing latter half of the 20th Century were shared across class, gender, location, culture, and ideology so that a common destiny can be charted in peace — call it truth — are precisely what’s bludgeoned by systematic, anti-democratic campaigns. Supposedly in the interest of common destiny within a new, “disciplined” social order. Say, Dutertean peace.

Reassembled, also with grievance as glue, the bits and pieces come together as Frankensteinian forms of typically autocratic but democratic; typically, to reiterate, mutations of socio-economic and cultural ideas of previous centuries. Trump, for instance, wants desperately to lead a monarchy in a super-economy with an Industrial Revolution-era economic base.

It is instructive to therefore look into grievance, because it can’t possibly be the same all over the world.

GRIEVANCE IS PLURAL
White MAGA hordes resent the eclipse of their vintage prewar America caste system. Their revolutionary models are Hitler and Mussolini. Filipino grievance — whether of Marcos loyalists, Duterte diehards, Quiboloy adherents, El Shaddai faithful — concerns never having had a chance at wealth creation.

A fate-driven Filipino concept of lot-in-life, held by millions, means that only god-like leaders are viable instruments of salvation on earth. Their past — the mythical, quasi-divine aspects of Marcos, Duterte, populist religious leaders, and even major healers who, in the past, led dramatic rebellions against Spanish colonization.

Currently, there does not seem to be a similar myth-shrouded, far Right leader anywhere else. Not the same kind of tribal mythic operations. But, about the European Union, an analyst writes: “Our politics is no longer a battle between left and right. It is a battle between myths, and our institutions are the battleground. On one side, those who believe that the institutions of liberal democracy can meet the chaos of the times. On the other, people who see these same institutions as the cause of our fragmentation.”

And then there is grievance still oozing from festering historical injustice. The Muslim liberation fronts and myriad lost commands that fought wars of seccession from the Philippine Republic through the last 50 years, made recognition of grievance an overt and non-negotiable political project, fought for through war.

For an analogous situation, the current Palestinian experience of horror is close — except for the unspeakably huge scale of the current genocide in Gaza.

The continuing fidelity of a remarkable number of Filipino Muslims to President Duterte, beyond the fact of his incarceration by the International Criminal Court, partially accounts for the tenacity of the Philippines’ swing to the rabid right.

The continuing fidelity of a remarkable number of Americans to President Trump, beyond his cognitive decline, corruption, and idiocy, partially accounts for the tenacity of white supremacy beyond very real possibilities of democratic restoration, soon in the US.

Untangling differences and similarities is maddening. But figuring out the double whammy of far-Right politics and the back-to-the past imaginaries at a time when this is happening everywhere is urgent. Because — with the world careening into crypto economies building up from scraping and processing information — dragging 19th and 20th Century worldviews into problem solving and institution building today, could very be a literal zombie apocalypse.

 

Marian Pastor Roces is an independent curator and critic of institutions. Her body of work addresses the intersection of culture and politics.

Trump promises immigration order soon on farm and leisure workers

REUTERS/EVELYN HOCKSTEIN

WASHINGTON — US President Donald Trump said he would issue an order soon to address the effects of his immigration crackdown on the country’s farm and hotel industries, which rely heavily on migrant labor.

“Our farmers are being hurt badly and we’re going to have to do something about that… We’re going to have an order on that pretty soon, I think,” Mr. Trump said at a White House event, adding that the order would address the hotels sector, too.

He did not say what changes the order would implement or when it would take effect. Representatives for the White House and Department of Homeland Security (DHS) had no specific comment about the order, while representatives at the Department of Agriculture could not be immediately reached.

“We will follow the president’s direction and continue to work to get the worst of the worst criminal illegal aliens off of America’s streets,” DHS Assistant Secretary Tricia McLaughlin said.

US farm industry groups have long wanted Mr. Trump to spare their sector from mass deportations, which could upend a food supply chain dependent on immigrants.

Nearly half of the nation’s approximately 2 million farm workers, and many dairy and meatpacking workers lack legal status, according to the departments of Labor and Agriculture.

US Agriculture Secretary Brooke Rollins told CNBC that Mr. Trump was reviewing all possible steps, but that Congress would have to act.

Zippy Duvall, president of the American Farm Bureau Federation, a leading farm lobby, said on Thursday that farm workers were key to the nation’s food supply.

“If these workers are not present in fields and barns, there is a risk of supply-chain disruptions similar to those experienced during the pandemic,” Mr. Duvall said in a statement.

The COVID-19 pandemic resulted in labor shortages and supply-chain snarls, with meat plants forced to idle and dairy farms to dump milk, and consumers encountering emptier shelves at grocery stores.

In recent days, demonstrations have been taking place in major US cities to protest immigration raids.

Mr. Trump is carrying out his campaign promise to deport immigrants in the country illegally. But protesters and some Trump supporters have questioned the targeting of those who are not convicted criminals, including in places of employment such as those that sparked last week’s protests in Los Angeles.

On Thursday, Mr. Trump acknowledged the impact of the crackdown on sectors such as the hotel industry, which includes his company. The Trump Organization has said Mr. Trump’s adult sons are running his business.

“Our great farmers and people in the Hotel and Leisure business have been stating that our very aggressive policy on immigration is taking very good, long time workers away from them, with those jobs being almost impossible to replace,” he wrote on his social media platform. “Changes are coming!”

Farmers have a legal option for hiring temporary or seasonal labor with the H-2A visa program, which allows employers to bring in seasonal workers if they can show there are not enough US workers willing, qualified and available to do the job.

Ms. Rollins said Mr. Trump was “looking at every potential tool in the toolkit” and pointed to the length of the temporary H-2A visas.

“The president understands that we can’t feed our nation or the world without that labor force, and he’s listening to the farmers on that,” she told CNBC. — Reuters

Labubu-maker Pop Mart diversifies into jewelry with new concept store

THE MONSTERS - I FOUND YOU VINYL FACE DOLL — POPMART.COM

SHANGHAI — “Blind box” toymaker Pop Mart, which has seen frenzied sales worldwide for products related to its ugly-cute Labubu character, opened its first jewelry store in Shanghai on Friday.

The jewelry concept store, called Popop, sells accessories adorned with Pop Mart’s top-selling characters, including Labubu, Molly, and Skullpanda.

While Chinese consumption remains subdued in the face of a prolonged property downturn and sluggish economy, Pop Mart’s affordable and adorable toys have remained in high demand both at home and abroad, driving its share price up more than 200% so far this year.

Investor Zhang Zhanming, 34, who owns Pop Mart stocks worth 100 million yuan ($13.92 million), flew from his base in the southwestern Chinese city of Chongqing for the opening to check out the new store type and decide whether to increase his shareholding in the company.

“I believe that the pricing and target audience for this brand are particularly well-suited, and I am confident that Pop Mart could potentially become China’s version of Disney,” Mr. Zhang said, predicting that the company’s market cap could double from its current $45.65-billion valuation.

Along with some Disney characters and others related to anime, comics, and popular video games, Pop Mart’s characters are seen as fulfilling what has been called “emotional consumption,” which sees young consumers spend on affordable luxuries that bring joy into their lives.

Fang Ke, 35, who has a birthday coming up this month decided to treat herself to a 699 yuan Labubu bracelet at the opening.

“I’ve loved Pop Mart for a long time; it’s good-looking, brightly colored, and also has a visual impact,” she said. “My daughter likes it, too.”

At Popop, prices start at around 350 yuan for charms or a simple silver ring, and go as high as 2,699 yuan for necklaces adorned with metallic models of the characters. Most pieces are priced at under 1,000 yuan.

At a traditional Pop Mart store, the “blind box” toys that the chain is best known for generally sell for 69 yuan and up, but consumers have shown a willingness to shell out much more for limited editions.

Early last week, a Beijing auction house sold a human-sized Labubu figure for 1.08 million yuan, setting a new record and marking the toy’s switch from craze to collectible. — Reuters

Bosch batteries now more easily available in Mindanao

From left are HE& Sons Corp. Operations Manager Lloyd Monteroyo; Karrjackson Operations Manager PJ Antonio; HE & Sons Corp. GM Ronald Remoto; HE & Sons Corp. VP for Admin and Finance Henrik Kelly Yu; Jammy Jabola, Yudj Astani, and Toto Antonio of Bosch; and Anthony Toldo of HE & Sons. — PHOTO FROM BOSCH PHILIPPINES

BOSCH RECENTLY solidified a strategic partnership with three distributors — Global Synergy Trade and Distribution, HE & Sons Corp., and Philippine Reachwell Distribution Corp. — to enhance the availability of its high-quality automotive, motorcycle, and commercial vehicle batteries in the Mindanao region. These distributors, recognized as battery specialists, are said to “bring expert knowledge in battery handling, storage, maintenance, and sales.” They have also received specialized product and technical training on Bosch products.

The official partnership signing was attended by key representatives, including Bosch Battery Powerhouse Head for ASEAN Grace Mok, Bosch Battery Technical Trainer for ASEAN Yudj Astani, and Bosch Philippines Battery Product Manager Abraham Jabola. “This milestone strengthens our presence in Mindanao. We’re making sure more drivers have access to Bosch battery tech — through trained, trusted local partners,” said Bosch Philippines Managing Director Paulo Duarte. “That’s the kind of commitment that comes with over 100 years of battery leadership.”

Known for their durability, high cranking power, and long lifespan, Bosch batteries are engineered to ensure reliable engine starts in all weather conditions. Bosch’s advanced technologies, such as AGM (Absorbent Glass Mat) and EFB (Enhanced Flooded Battery) designs, are key to their performance and longevity.

“This is only the beginning of expanding the Battery Specialists Program across the Philippines. In the coming months, we are committed to increasing the number of certified Battery Specialists nationwide,” added Bosch Philippines Battery Product Manager Abraham Jabola.

HE & Sons Corp. covers the areas of Bukidnon, Camiguin, Lanao Del Norte, Misamis Occidental, Misamis Oriental, Cagayan De Oro, Butuan, Agusan Del Sur, Agusan Del Norte, and Dinagat Island. Contact 0917-597-5145. Global Synergy Trade and Distribution covers Davao De Oro, Davao Del Norte, Davao Del Sur, Davao Occidental, Davao Oriental, Cotabato, Saranggani, South Cotabato, Sultan Kudarat, Isulan, General Santos, Surigao Del Sur, and Surigao Del Norte. Contact 0919-069-5266 or glenn.mantilla@gstd.ph. Philippine Reachwell Distribution Corp. serves Zamboanga Del Norte, Zamboanga Del Sur, and Zamboanga Sibugay with contact numbers (062) 955-2933, 0917-723-6433, 0917-107-7975, and 0917-701-0055.

Yields on BSP bills move sideways

BW FILE PHOTO

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) short-term securities ended mixed on Friday, even with both tenors oversubscribed despite fetching lower tenders.

The BSP bills fetched bids amounting to P144.219 billion on Friday, higher than the P130-billion offer but lower than the P160.207 billion in tenders for the P140-billion auctioned off on June 9. The central bank fully awarded its offering of securities.

Broken down, tenders for the 28-day BSP bills reached P60.602 billion, above the P50-billion placed on the auction block but lower than the P63.802 billion in bids seen for the P60-billion offer in the previous auction. The BSP made a full P50-billion award of the one-month papers.

Accepted rates ranged from 5.53% to 5.6%, a tad narrower than the 5.52% to 5.62% band seen a week earlier. This caused the average rate of the one-month securities to inch down by 0.53 basis point (bp) to 5.5799% from 5.5852% previously.

Meanwhile, bids for the 56-day bills amounted to P83.617 billion on Friday, slightly higher than the P80-billion offering but below the P96.405 billion in tenders for the same volume offered by the BSP on June 9. The central bank fully awarded P80 billion in two-month securities.

Banks asked for yields ranging from 5.545% to 5.597%, slimmer than the 5.5375% to 5.61% margin seen a week prior. With this, the average rate of the 56-day securities edged up by 0.12 bp to 5.5835% from 5.5823% logged in the previous auction.

The central bank fully awarded its offer of short-term BSP bills (BSPB) as rates were “broadly stable,” it said in a statement.

“Weighted average interest rates were largely unchanged,” it said.

“The BSP reduced the total offer volume to P130 billion from P140 billion previously, lowering the 28-day offering to P50 billion from P60 billion and maintaining the 56-day offering at P80 billion. Total tenders declined to P144.219 billion from P160.207 billion in the week prior. Nonetheless, both tenors were oversubscribed, with bid-to-cover ratios of 1.21 times for the 28-day tenor and 1.05 times for the 56-day tenor,” the central bank added.

The central bank uses the BSP securities and its term deposit facility to mop up excess liquidity in the financial system and to better guide short-term market rates towards its policy rate.

The BSP bills also contribute to improved price discovery for debt instruments while supporting monetary policy transmission, the central bank said.

The central bank securities were calibrated to not overlap with the Treasury bill and term deposit tenors also being offered weekly.

Data from the central bank showed that around 50% of its market operations are done through its short-term securities.

The BSP bills are considered high-quality liquid assets for the computation of banks’ liquidity coverage ratio, net stable funding ratio, and minimum liquidity ratio.

They can also be traded on the secondary market. — A.M.C. Sy

NEA directed to facilitate joint procurement of RE supply

EVENING_TAO-FREEPIK

THE Department of Energy (DoE) has directed the National Electrification Administration (NEA) to facilitate joint bidding to help electric cooperatives (ECs) comply with the requirements of the renewable portfolio standards (RPS) program.

“The joint conduct of a CSP to meet the RPS requirements of ECs serves the purpose of matching available and potential RE supply with demand and providing ample leverage to ECs in terms of price by consolidating EC demand and securing a uniform rate,” the DoE said in a department order dated June 11.

The RPS, a key component of the Renewable Energy Act of 2008, aims to encourage increased use of renewable energy sources.

Under the program, electric power industry participants — including ECs, distribution utilities, and retail electricity suppliers — are required to source a portion of their energy supply from eligible renewable energy resources.

Starting 2023, on-grid power suppliers were directed to increase the share of renewables in their energy mix to 2.52% from 1% previously.

NEA, which is mandated to supervise the management and operations of all ECs, has been tasked with issuing the rules, guidelines, and terms and conditions for conducting a joint competitive selection process (CSP).

The CSP mechanism requires power distributors to procure the least-cost electricity supply through competitive bidding.

“The NEA shall facilitate the timely execution of the power supply contracts between the concerned ECs and the generation companies operating RPS-eligible facilities,” the DoE said.

The agency also instructed NEA to require all relevant ECs to update their power supply procurement plans based on their RPS requirements and compliance plans to determine shortfall volumes.

In addition to the guidelines, NEA must also draft the terms of reference and other bidding documents aligned with the RPS compliance plans of ECs.

“The NEA shall monitor and supervise the compliance of the ECs with their responsibilities and obligations under the joint CSP,” the department said. — Sheldeen Joy Talavera

3,200 jobs created at San Fernando port in 1st half

BCDA

AROUND 3,200 jobs were created at the San Fernando International Seaport in the first half under the interim operation and management of Poro Point Management Corp. (PPMC), the Bases Conversion and Development Authority (BCDA) said.

“The PPMC has earned P50 million in revenue between December 2024 and May 2025 during its interim operation and management of the San Fernando International Seaport in the Poro Point Freeport Zone, La Union,” the BCDA said in a statement over the weekend.

“The port’s growing viability as a key logistics node in Northern Luzon has also created around 3,200 jobs within the first half of 2025,” it added.

According to the BCDA, the port’s earnings came from leases, vessel and cargo fees, and the government share of port services.

“This performance affirms the potential of San Fernando International Seaport as a vital logistics and investment hub,” BCDA President and Chief Executive Officer Joshua M. Bingcang said.

“As we continue to modernize our ports, we are opening more doors for trade, employment, and inclusive growth in the region,” he added.

To support this growth, the BCDA said that the PPMC has been carrying out major repairs and upgrades at the port.

These include refurbishment of port offices and facilities, replacement of rubber fenders and concrete curbs, upgrading of electrical lines, establishment of a systematic waste disposal mechanism, and technical assessment and benchmarking.

“The rehabilitation and expansion of the San Fernando International Seaport will help drive opportunities for Northern Luzon,” PPMC President and Chief Executive Officer Felix Racadio said.

“It will create jobs for local residents, bring in new businesses, and gain traction in the tourism sector,” he added.

Meanwhile, the PPMC said that a new tariff structure for cargo handling and port service fees was approved and took effect on June 5.

This will enable “more stable and sustainable revenue streams moving forward,” the BCDA said.

“With its solid interim performance, upgraded facilities, and local workforce engagement, the BCDA and the PPMC are optimistic that the San Fernando International Seaport is poised to play a leading role in Northern Luzon’s economic transformation,” it added. —  Justine Irish D. Tabile

Analysts’ Expectations on Policy Rates (June 2025)

THE BANGKO SENTRAL ng Pilipinas (BSP) is expected to cut rates by 25 basis points (bps) this week amid easing price pressures and slowing economic growth. Read the full story.

Analysts’ Expectations on Policy Rates (June 2025)

How PSEi member stocks performed — June 13, 2025

Here’s a quick glance at how PSEi stocks fared on Friday, June 13, 2025.


Mideast conflict, BSP review to drive sentiment

REUTERS

PHILIPPINE SHARES may move sideways this week as the market monitors developments in the Middle East and ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy meeting on Thursday.

On Friday, the benchmark Philippine Stock Exchange Index (PSEi) inched up by 0.22% or 14.27 points to close at 6,395.59, while the broader all shares index rose by 0.24% or 9.12 points to 3,785.31.

Week on week, the PSEi climbed by 0.29% or 18.8 points from the 6,376.79 finish on June 5.

“US-China tariff negotiations and trade drift kept market sentiment on edge [last] week amid fading global growth momentum,” online brokerage 2TradeAsia.com said in a market note.

“The local market managed to extend its climb last week backed by optimism on US-China trade relations prospects and expectations of a BSP rate cut in their meeting [this] week. However, the market was not able to close above the 6,400 resistance line, reflecting lingering concerns over prevailing and new risks,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

Last week, US President Donald J. Trump said US tariffs will be set at 55% while China’s will be at 10% under a deal that restored a tariff truce between the two countries following two days of negotiations in London. The two countries also agreed to eliminate Chinese export restrictions on rare earth minerals and allow Chinese students access to US universities.

Mr. Tantiangco said the BSP’s policy meeting on June 19 (Thursday), where it is widely expected to deliver a second straight 25-basis-point cut amid easing inflation, will be a key driver for the stock market this week.

“More than the interest rate decision, investors are expected to watch out for clues on the BSP’s policy direction. Hints of more policy easing in the latter part of this year from the BSP may give sentiment a boost,” he said.

“Sentiment this week is expected to be challenged, however, by ongoing Middle East tensions following Israel’s attack on Iran. A further escalation of such is expected to drive oil prices higher. This, in turn, may derail our country’s efforts against inflation. Pricing this in would be negative for the market.”

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an email that the PSEi’s minor support is at 6,290-6,300, while immediate resistance is at 6,500, adding that the conflict in the Middle East could lead to some risk aversion.

2TradeAsia.com placed the PSEi’s immediate support at 6,300 and resistance at 6,500-6,550.

“The market remains tactically fragile, with price action seemingly dictated by event risk over macro trend conviction. Until greater clarity emerges on the trajectory of US-China trade negotiations and the Federal Reserve’s response function, positioning should be built around optionality, balance sheet strength, and liquidity,” it said.

“In the near term, recalibrate risk as volatility presents entry asymmetry and not trend resumption,” it added. — Revin Mikhael D. Ochave

Peso may drop further against dollar on escalating Iran-Israel conflict

BW FILE PHOTO

THE PESO could weaken further against the dollar this week amid heightened geopolitical risks as Israel and Iran exchanged attacks.

The local unit closed at P56.21 per dollar on Friday, sinking by 32.5 centavos from its P55.885 finish on Wednesday, Bankers Association of the Philippines data showed.

This was the peso’s weakest finish in almost seven weeks or since its P56.42 close on April 28. This also marked the first time that the local unit ended at the P56 level since April 29’s P56.145-a-dollar close.

Week on week, the peso plummeted by 59 centavos from its P55.62 finish on June 5.

The peso depreciated against the dollar on Friday due to the fresh escalation in the conflict between Israel and Iran, a trader said in a phone interview.

The local unit dropped on Friday as global oil prices surged to near four-year highs after Israel’s attack, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The worsening of the situation in the Middle East could keep the peso at the P56 level this week, the trader said.

The trader sees the peso moving between P55.90 and P56.30 per dollar this week, while Mr. Ricafort expects it to range from P55.90 to P56.40.

The US dollar advanced against major currencies, including the euro and yen, on Friday as markets grabbed safe-haven assets as geopolitical tensions in the Middle East following an Israeli attack on Iran, Reuters reported.

In afternoon trading, the dollar gained 0.3% to 143.88 against the Japanese yen and rose 0.1% to 0.8110 franc against the Swiss currency, with the greenback on track to snap two straight sessions of losses against safe-haven currencies.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, climbed 0.5% to 98.2, snapping two straight sessions of losses. It was still set for a second consecutive week of losses.

Israel and Iran launched fresh attacks on each other overnight into Sunday, stoking fears of a wider conflict after Israel expanded its surprise campaign against its main rival with a strike on the world’s biggest gas field.

Tehran called off nuclear talks that Washington had said were the only way to halt Israel’s bombing, while Israeli Prime Minister Benjamin Netanyahu said the attacks were nothing compared with what Iran would see in the coming days.

The latest wave of Iranian attacks began shortly after 11:00 p.m. on Saturday (2000 GMT), when air raid sirens blared in Jerusalem and Haifa, sending around a million people into bomb shelters.

Around 2:30 a.m. local time (2330 GMT Saturday), the Israeli military warned of another incoming missile barrage and urged residents to seek shelter. Explosions echoed through Tel Aviv and Jerusalem as missiles streaked across the skies as interceptor rockets were launched in response. The military lifted its shelter-in-place advisory nearly an hour after issuing the warning.

US President Donald J. Trump had warned Iran of worse to come, but said it was not too late to halt the Israeli campaign if Tehran accepted a sharp downgrading of its nuclear program. — A.M.C. Sy with Reuters

GOCC subsidies decline 48% in April

SUBSIDIES extended to government-owned and -controlled corporations (GOCCs) declined 47.53% to P14.54 billion in April, the Bureau of the Treasury (BTr) reported.

The BTr reported that month on month, GOCC subsidies rose 36.82% compared to March.

In April, the Power Sector Assets and Liabilities Management Corp. (PSALM) received the most subsidies of P8 billion, accounting for 55% of the total.

This was also the first time PSALM received subsidies during the year.

The National Irrigation Administration (NIA) received P3.76 billion, followed by the National Food Authority with P750 million and the Philippine Rice Research Institute P561 million.

GOCCs that were provided at least P200 million in subsidies were the Small Business Corp. (P313 million), the National Power Corp. (P207 million), the Philippine Heart Center (P184 million), the Philippine Children’s Medical Center (P134 million), the National Kidney Transplant Institute (P124 million), and the Philippine Coconut Authority (P111 million).

Receiving P74 million was the Light Rail Transit Authority. Additionally, P60 million went to the National Dairy Authority, P59 million to the Lung Center of the Philippines, P40 million to the Tourism Promotions Board, P35 million to the Cultural Center of the Philippines, P24 million to the Philippine Institute for Development Studies, and P20 million to the Center for International Trade Expositions and Missions.

The rest of the recipients were the People’s Television Network, Inc. (P18 million), the Metropolitan Waterworks and Sewerage System (P14 million), the Philippine Institute of Traditional and Alternative Health Care (P12 million), the  Subic Bay Metropolitan Authority (P9 million), the Philippine National Railways (P9 million), the Land Bank of the Philippines and the Southern Philippines Development Authority (P7 million).

GOCCs that received no subsidies were the National Housing Authority, the Bases Conversion Development Authority, the Development Academy of the Philippines, the Intercontinental Broadcasting Corp.-13, the Philippine Center for Economic Development, the Philippine Crop Insurance Corp. (PCIC), the Philippine Fisheries Development Authority, the Philippine Tax Academy, the Sugar Regulatory Administration the Zamboanga City Special Economic Zone Authority, and the Aurora Pacific Economic Zone and Freeport Authority.

In the first four months of 2025, subsidies to state-run firms fell 21.51% year on year to P37.13 billion.

PSALM was the top recipient during the quarter with P8 billion in subsidies, followed by the NIA with P11.80 billion and the NFA with P3 billion.

State-owned firms receive monthly subsidies from the National Government to support their daily operations if their revenue is insufficient. — Aubrey Rose A. Inosante