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EXO Celestial Skin Care uses exosomes

EXO Celestial Skin Care was recently launched in the country, using exosomes and nicotinamide mononucleotide that offers non-invasive treatment with microsurgical effect. The latest innovation for skin cell regeneration, exosomes are like ‘avatars’ that facilitate intracellular communication by merging with other cells. The process allows old cells to regenerate, improve and rejuvenate. Exosomes contain growth factors, like anti-inflammatory cytokines and genetic materials that aid tissue repair and immune modulation. The skin care line combines this with nicotinamide mononucleotide (NMN). NMN is a molecule that boosts the skin’s energy making it healthy and youthful. It supports the natural repair process that reduce the signs of aging. EXO Celestial says it can be used for problems like acne, dryness, dark pigmentation, large pores, dullness, saggy, sensitive, and chronically stressed skin. The line follows a four-step process. It begins with the Anti-pollution Amino Acid Cleansing Cream, followed by Advanced Nano Exosome Repairing Essence and the Nano Exosome Peptide Revival Cream to activate skin healing and repair. The final step involves protection via UV Expert Sunscreen SPF30 PA++. EXO Celestial is distributed by GFOXX International.


Rustan’s releases summer travel essentials

Rustan Marketing Corporation (RMK) has a selection of summer essentials.

Kicking off the list is the Jack Nicklaus Broken Stripe Polo in Classic Navy. Crafted from 100% polyester with StayDri® Moisture Wicking technology and UV Protectant properties, this polo ensures comfort and style in any climate, making them the perfect choice for long days under the sun. Next is the High Sierra Access 3.0 Eco Backpack. This adventure-ready backpack is designed to withstand the rigors of the outdoors with secure compartments to accommodate water bottles, snacks, and even a 16” laptop. For radiant complexion anytime, anywhere, the Nuxe Huile Prodigieuse X Nuxe Huile Prodigieuse Or Roll & Glow works is infused with seven precious botanical oils and 98% natural ingredients, deeply nourishing skin. Nuxe Huile Prodigieuse Or Roll & Glow offers a practical and convenient way to illuminate areas of the face and décolleté with subtle golden shimmer. When it comes to hair care on-the-go, the VS Sassoon Rechargeable Cordless Mini Hot Brush, Curler, Straightener, and Auto Hair Curler come to the rescue. Compact and portable, these rechargeable hair tools ensure convenient style maintenance no matter where. Rounding off the list is the BaByliss Travel Pro Hair Dryer, with a lightweight design and dual voltage capability. For more luxe selections, think perfume with Bond No. 9 New York Flowers Eau de Parfum, featuring an enticing blend of Anjou Pear, Clementine, Kir Royale Accord, Rose de Grasse, Jasmine, Amber, and Iris. Meanwhile, Irresistible Givenchy Eau de Toilette Fraîche offers the scent of Damascena rose, Virginia cedarwood, pink peppercorn and sweet orange.

Pack all of these in The Samsonite Lite-Box Alu Trunk 74/27 Aluminum, with robust anodized aluminum shells, corner reinforcements, and silent double wheels.

All brands are exclusively distributed by Rustan Marketing Corporation.

No to health misinformation

RAWPIXEL.COM-FREEPIK

The COVID-19 pandemic spawned an “infodemic,” in which too much information — including false or misleading information — spread rapidly in digital and physical environments. An infodemic causes confusion and risk-taking behaviors that can harm health. In the first three months of 2020 alone, nearly 6,000 people around the globe were hospitalized because of coronavirus misinformation. At the same time, the World Health Organization indicated that at least 800 people may have died due to misinformation related to COVID-19.

An infodemic also leads to mistrust in health authorities and undermines the public health response. “The same kinds of conspiracy theories that helped to fuel vaccine hesitancy during the COVID-19 pandemic are now undermining trust in vaccines against other diseases, including measles, as more people have lost confidence in public health experts and institutions,” warns a recent New York Times article.

Knowing how to determine if a source is credible is a practical skill everyone can learn, said the US Centers for Disease Control and Prevention (CDC). The CDC recommends a practical set of guides from the University of California San Francisco (UCSF) to help assess the credibility and accuracy of online health information.

Examine the credentials of the source to determine whether the author or organization has the required expertise and training to provide the information. Credibility is generally enhanced if the health information is provided by a medical institution, an entity that brings together medically knowledgeable professionals, or a government health agency.

Look for publications that have undergone peer review by a panel of professionals in the field; this adds to the credibility of the information. The availability of the publisher’s or author’s contact information in the form of a mailing address or phone number can also bolster the legitimacy of the information.

When assessing accuracy, determine whether the information is supported by evidence from scientific studies, other data or expert opinion. If you receive information from a medical journal, note the size and category of the study. Is the information based on a large or small sample (number of subjects/participants)? Studies with large sample sizes generally yield more robust evidence. Read the article carefully to see if the authors discuss any limitations or weaknesses of the study.

The most reliable evidence comes from randomized controlled studies (RCTs), which are often published in respected peer-reviewed scientific journals. However, other types of studies or the opinions of respected authorities in the field also can lend validity to the information. If you receive information from a secondary source such as an Internet site or a newspaper article, keep in mind that this is another person’s interpretation of the data. Is the information based on evidence from a study, on expert opinion, or is it merely the opinion of the writer?

Watch out for red flags that may indicate health misinformation. Information that has no identifiable publisher or author should not be relied on, unless it is backed up by information from other sources that meet the criteria for credibility. If the purpose of the information is primarily to sell a product, there may be a conflict of interest since the manufacturer may not want to present findings that would discourage you from purchasing the product. If you suspect that the intent is to sell you a product, consider getting additional information from a more neutral and objective source.

At other times, the source may not disclose all of the information or may have a bias that is more subtle and difficult to detect. Even well-respected medical journals or websites may have a slight bias, depending on their experience. For example, a journal targeting a specific medical specialty may not discuss other valid treatment options in other medical specialties. Although the information may be accurate, it may have a slight bias because of this particular perspective.

Note the date of publication. Given that health information is constantly changing as new discoveries are made, it is important to make sure that the information is current. If the information is based on a study done several years ago, you should look for more recent information to ensure that the information is still valid. For example, a website that has not been updated recently or an article that is several years old may not include information on new promising treatments.

Be skeptical of sensationalist claims of a “secret cure” or a “miraculous result” that no one else has heard about and that is not backed by evidence. Also, look for bad grammar or spelling errors that indicate poor quality control and may suggest cause for caution. Social media platforms are teeming with these types of health misinformation.

Take information from forums such as internet chat rooms and bulletin boards with a grain of salt. Keep in mind that the experience of one individual does not necessarily apply to you. Although such forums can provide valuable information, there are very few safeguards in place to ensure the credibility or accuracy of the information. Any individual, regardless of expertise or experience, can dispense advice. Information from such forums should be substantiated by more reliable sources of information.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP). PHAP represents the biopharmaceutical medicines and vaccines industry in the country. Its members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

More investment urged in climate-resistant crops

RENZO D SOUZA—UNSPLASH

THE DEPARTMENT of Agriculture (DA) needs to consider developing more climate-resistant crops to mitigate the impact of El Niño on agriculture, a legislator said Sunday.

Party-list Rep. Wilbert T. Lee said in a statement that making climate-resilient crops available to farmers would help achieve food security amid the threat of food shocks due to dry conditions brought about by El Niño.

“We need to utilize and maximize all available agricultural technologies so as to make our farmers more resilient to climate change,” Mr. Lee said in a statement. “Climate-resilient crop varieties are important in achieving food security,” he added.

The DA reported last week that damage to agriculture has been valued at P1.75 billion due to intensifying El Niño conditions, displacing at least 29,437 farmers across 32,231 hectares of affected farmland.

Rice and corn crops sustained most of the damage, valued at P1.1 billion and P317 million, respectively.

“We should now consider developing climate-resilient rice and corn crops to mitigate the effects of El Niño,” Mr. Lee said in Filipino.

While he noted the International Rice Research Institute (IRRI) has conducted initial studies on climate-resilient staple crops, the government should further “build on this technology” to help farmers reduce their losses.

The IRRI has developed drought-tolerant rice crops such as the Sahod Ulan rice variety released throughout the country. Approved for release last year, Sahod Ulan 39 was the latest drought-resilient rice variety developed by IRRI, which features a fast maturity period and resistance against pests and disease.

“The United States Department of Agriculture has also studied drought-tolerant corn,” Mr. Lee said. “I suggest we proposed a knowledge exchange (program)… so that we could learn their technologies on corn.”

“Farmers will have higher production output, allowing them to rake in profit, should they be provided with climate-resilient crop products,” Mr. Lee said. — Kenneth Christiane L. Basilio

Yields on government debt inch down after Fed review

YIELDS on government securities (GS) traded in the secondary inched lower on average last week after the US Federal Reserve affirmed that it remains on track to cut rates within the year.

Bond yields, which move opposite to prices, fell by 1.38 basis points (bps) on average week on week, based on PHP Bloomberg Valuation Service Reference Rates data as of March 22 published on the Philippine Dealing System’s website.

Rates were mostly mixed last week. Yields on the 91- and 364-day Treasury bills (T-bills) rose by 0.16 bp and 4.50 bps to 5.7745% and 6.0645%, respectively. Meanwhile, the 182-day T-bills fell by 3.91 bps to yield 5.9187%.

At the belly of the curve, yields on the two-, three-, and four-year Treasury bonds (T-bonds) rose by 2.59 bps (to 6.0516%), 1.74 bps (6.0906%), 0.81 bp (6.1308%), respectively. On the other hand, the rates of the five- and seven-year T-bonds went down by 0.01 bp to fetch 6.1659% and 1.06 bps to 6.2017%, respectively.

Meanwhile, at the long end, the 10-, 20- and 25-year debt papers saw their rates fall by 1.97 bps (to 6.1992%), 8.81 bps (6.2120%), 9.19 bps (6.2029%), respectively.

GS volume traded declined to P10.12 billion on Friday from P19.01 billion a week earlier.

A bond trader said GS yields mostly moved lower as investors were cautious ahead of the Fed’s March 19-20 policy meeting.

The downward pressure persisted after Fed Chair Jerome H. Powell said they continue to see three rate cuts within this year, the trader said in an e-mail.

The market was trading range-bound for most of last week as investors awaited the Fed meeting and the Bureau of the Treasury’s (BTr) auctions, Noel S. Reyes, chief investment officer for Trust and Asset Management Group at Security Bank Corp., said in an e-mail.

More money was deployed towards the T-bond auction last week, he noted.

“Some buying came out from the dovish statements of the US Fed last week, easing yields a bit,” Mr. Reyes added.

Mr. Powell said on Wednesday recent high inflation readings had not changed the underlying “story” of slowly easing price pressures in the US as the central bank stayed on track for three interest rate cuts this year and affirmed that solid economic growth will continue, Reuters reported.

Speaking after a policy meeting at which officials left the benchmark overnight interest rate in the 5.25%-5.50% range and held onto their outlook for three cuts in borrowing costs this year, Mr. Powell said the timing of those reductions still depends on officials becoming more secure that inflation will continue to decline towards the Fed’s 2% target even as the economy continues to outperform expectations.

Inflation reports at the beginning of the year showed price pressures remained “elevated,” in the Fed’s view, but “haven’t really changed the overall story, which is that of inflation moving down gradually on a sometimes bumpy road to 2%,” Mr. Powell said in a press conference.

But “I also don’t think that those readings added to anyone’s confidence” of a continued decline in inflation, Mr. Powell said, comments that put weight on upcoming inflation reports to confirm that price pressures continue to ease.

If they don’t, Mr. Powell said the Fed would maintain high interest rates as long as needed. Asked explicitly about recent comments to Congress that the Fed was “not far” from gaining the confidence it needs to cut rates, he sidestepped repeating those words and instead said his “main message” was that the US central bank still needed more data to change policy.

“It’s appropriate for us to be careful,” the Fed chief said, reiterating a go-slow approach to rate cuts that has been buttressed by the economy’s ongoing strength, with officials saying they are in no rush to ease monetary policy while the economy and the job market continue to grow.

Meanwhile, the BTr made a full award of the reissued 20-year T-bonds it auctioned off last week.

The BTr raised P30 billion as planned as total bids amounted to P60.946 billion, more than twice the amount on the auction block. The bonds, which have a remaining life of 19 years and 11 months, were quoted at an average rate of 6.189%, with accepted yields ranging from 6.17% to 6.25%.

For this week, yields may move higher due to strong US employment data and before the release of the February US personal consumption expenditures price index report on March 29, the bond trader said.

Meanwhile, Mr. Reyes expects the market to continue monitoring external developments amid a shortened trading week at home in observance of Holy Week. — Abigail Marie P. Yraola with Reuters

SM Investments Corp. to hold 2024 Annual Stockholders’ Meeting on April 24

 


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Manila inches up in Financial Centers Index

The Philippine capital inched up a notch to 101st out of 121 financial centers in the 35th edition of the biannual Global Financial Centers Index (GFCI). The GFCI provides evaluation of future competitiveness of financial centers around the world and serves as a valuable reference for policy and investment decision makers. Manila’s GFCI score rose by 17 points to 631. Meanwhile, in a separate assessment of financial technology (fintech), the capital fell four places to 97th out of 116 financial centers.

 

Manila inches up in Financial Centers Index

How PSEi member stocks performed — March 22, 2024

Here’s a quick glance at how PSEi stocks fared on Friday, March 22, 2024.


Shares to move sideways amid lack of catalysts

PHILIPPINE SHARES could move sideways this shortened trading week amid cautious sentiment and a lack of catalysts.

On Friday, the benchmark Philippine Stock Exchange index (PSEi) fell by 1.16% or 81.25 points to end at 6,881.97, while the broader all shares index declined by 0.75% or 27.34 points to close at 3,587.90.

Still, week on week, the PSEi improved by 0.87% or 59.65 points from its 6,822.32 close on March 15.

“The US Federal Reserve’s status quo move boosted another round of global buying this week, but supply pressure capped local gains,” online brokerage firm 2TradeAsia.com said in a market note.

Fed Chair Jerome H. Powell said on Wednesday recent high inflation readings had not changed the underlying “story” of slowly easing price pressures in the US as the central bank stayed on track for three interest rate cuts this year and affirmed that solid economic growth will continue, Reuters reported.

Speaking after a policy meeting at which officials left the benchmark overnight interest rate in the 5.25%-5.5% range and held onto their outlook for three cuts in borrowing costs this year, Mr. Powell said the timing of those reductions still depends on officials becoming more secure that inflation will continue to decline towards the Fed’s 2% target even as the economy continues to outperform expectations.

For this week, the PSEi may move sideways due to “cautious market sentiment,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“At 6,881.97, the local market is still at attractive levels with a price earnings ratio of 14.1 times, lower compared to its 2019-2023 average of 18.2 times. This shows that there is still room for bargain hunting. However, the market is not seen to have a strong positive catalyst,” he said.

“Looking at other markets, Wall Street’s rally, if sustained, may give positive spillovers to the local bourse which could help it move with an upward bias. Meanwhile, the peso’s depreciation against the dollar, if it continues, may weigh on market sentiment,” Mr. Tantiangco added.

He placed the PSEi’s support at 6,700 and resistance at 7,000.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort put the PSEi’s immediate minor support at 6,600-6,760.

“One of the upcoming Philippine economic data is the next local policy rate-setting meeting on April 8, which could match the Fed rate pause on March 20 in order to maintain healthy interest rate differentials to help support the peso exchange rate, import prices, and overall inflation,” Mr. Ricafort said in a Viber message.

2TradeAsia.com placed the main index’s immediate support at 6,800 and resistance at 7,000.

“Brace for month- and quarter-end window dressing in the upcoming shortened trading week, whilst anticipating potentially lower volumes ahead of Lent,” it said.

Philippine financial markets will be closed on March 28-29 in observance of Maundy Thursday and Good Friday. — R.M.D. Ochave with Reuters

Peso may be range-bound before PCE, Powell speech

BW FILE PHOTO

THE PESO could trade sideways against the dollar this week ahead of the release of February US personal consumption expenditures (PCE) price index data and a speech by US Federal Reserve Chair Jerome H. Powell.

The local unit closed at P56.27 per dollar on Friday, weakening by 24 centavos from its P56.03 finish on Thursday, Bankers Association of the Philippines data showed.

This was the peso’s weakest close in more than one month or since its P56.29-per-dollar finish on Feb. 5.

Week on week, the peso sank by 74 centavos from its P55.53 close on March 15.

The peso dropped on Friday as the dollar was generally stronger, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The dollar was headed toward a second week of gains on Friday, after a slight rate hike in Japan gave the yen a slight reprieve and a surprise cut in Switzerland highlighted the gap in interest rate policy between the Federal Reserve and other central banks, Reuters reported.

The week marked a shift in global monetary policy as the Swiss National Bank and central banks in developing countries cut rates or indicated their intention to do so, with June the likely moment for the European Central Bank to move.

The Fed left its overnight rate on hold between 5.25-5.5% and stuck with projections for three cuts by year’s end. But it also said it would not cut until it was confident that inflation was sustainably declining toward its 2% target.

About 84 basis points of cuts are priced in for this year — much lower than the 160 or so at the start of the year — but higher than earlier in the week as rate cut bets gained steam.

The dollar index, a measure of the US currency against six major trading partners, rose 0.45% while the dollar weakened 0.12% against the Japanese yen at 151.44 per dollar.

The dollar was up about 1.5% last week versus the yen after approaching levels that prompted Japanese intervention in 2022.

The peso was also dragged down by a possible revision in the country’s gross domestic product (GDP) growth target for the year, Mr. Ricafort said.

The Development Budget Coordination Committee (DBCC) met on Friday to review their medium-term economic assumptions, Finance Secretary Ralph G. Recto said to reporters on Thursday.

Mr. Recto said the GDP growth target for this year may be revised downward from the current 6.5-7.5%.

The DBCC did not release a statement on Friday.

For this week, Mr. Ricafort said the peso could remain range-bound as the market looks ahead to Mr. Powell’s speech and the release of February PCE price index data on March 29.

He sees the peso moving between P55.95 and P56.45 per dollar this week. — A.M.C. Sy with Reuters

EU, US tech tie-ups eyed for lab-sized wafer fab

REUTERS

THE Department of Trade and Industry (DTI) said that it is looking for international technical partners for its plan to build a lab-sized wafer fabrication hub to upgrade the Philippines’ capacity for prototyping chips.

On the sidelines of the Induction Ceremonies and Oath-taking of the Council of Engineering Consultants of the Philippines (CECOPHIL), Trade Secretary Alfredo E. Pascual said that the department has started talking to potential partners.

“We are already talking to some that we are inviting. Of course, they are those that have experience in wafer fabrication,” Mr. Pascual told reporters. “Some are from Europe, some are from the US.”

“We are yet to (come up with firm plans). Our plant visits may help in organizing our thoughts on how to go about it,” he said.

According to Mr. Pascual, the DTI has visited a plant in Leuven, Belgium after meeting with the European Commission (EC) early this week to get a deeper understanding on how wafer fabrication plants work.

“It is better to see for myself how they do it,” he said.

On Monday, Mr. Pascual and EC Executive Vice-President Valdis Dombrovskis made a joint announcement that the Philippines and the European Union (EU) will be resuming negotiations for a free trade agreement (FTA).

Mr. Pascual said talks have started at lower levels before Undersecretary of International Trade Allan B. Gepty meets with EU officials by May.

“The formal or the face-to-face negotiation will start early in the second half of the year or third quarter because there is a lot of preparatory work to be done,” he said.

“But the work has started… we already did a scoping study from September to December to see if the ambitions of the two sides match because if not, we would not have continued to negotiate,” he added.

During his keynote speech at the event, Mr. Pascual said that FTAs include market access for services, including professional services.

“By committing market access, this means that a trading partner country guarantees the entry of these service providers and professionals,” he said.

This, he said, may also be a part of the business proposals for the EU-Philippine FTA to allow Filipino professionals to set up firms in the host country and be paid at the host country’s salary scale.

He said that at present, many foreign firms operate in the Philippines hiring Filipinos at domestic rates while charging based on their international rates which creates disparity.

Meanwhile, Mr. Pascual also called for CECOPHIL’s participation in the ongoing public consultations of DTI’s Philippine Contractors Accreditation Board (PCAB).

He said that the PCAB is conducting consultations on the needed revisions to the implementing rules and regulations (IRR) governing contractor licensing.

“The Supreme Court made a decision (in 2020) that foreign firms could be licensed in the Philippines. It affirmed this decision in 2022 and so that would require amendments to the IRR,” he said.

“This is not in effect yet because there is a need to amend the IRR first. What we want is to update the IRR to be able to implement the SC’s decision,” he added. — Justine Irish D. Tabile

‘Buy local’ procurement questioned by industry

BW FILE PHOTO

BUSINESS GROUPS at the weekend asked Congress to revisit the domestic-supplier preference rules in the proposed New Government Procurement Act, saying the practice could weaken competition and discourage participation in government bidding.

In a joint statement on Friday, the business groups said the provision in Senate Bill No. 2593 “may inadvertently weaken the administration’s goal of fostering competition among potential suppliers.”

“This limits the diversity of the pool of competitors from which the government can even select the best value-for-money option — one that balances quality, performance, sustainability, and cost,” the groups said.

Legislators are seeking to modernize procurement to rid the system of corruption and unwarranted delays.

The proposed New Government Procurement Act aims to streamline the procurement process from 120 days to 27 days.

It also seeks to give preference to bids that feature locally manufactured and environment-friendly goods, articles, and materials.

Citing the complexity of supply chains, business groups said it would be difficult to classify products or services as simply “local” or “domestic.”

“If a Filipino supplier forms part of a foreign provider’s supply chain but is not necessarily the dominant player in that relationship, the domestic preference rule works against the Filipino supplier in such a case,” according to the groups.

They added that “if the bid of a domestic bidder is higher than the lowest foreign bidder but within a 25% margin, the domestic bidder wins.”

The bill could also hamper the development of other industries, like defense and state-owned enterprises, which “will be forced to purchase from Filipino-owned firms with higher prices.”

Preferential treatment would also limit the government’s options for digitalization amid President Ferdinand R. Marcos, Jr.’s earlier directive to digitalize vital services in government agencies.

“The administration’s goal of whole-of-government digitalization means accessing innovative and secure solutions from technology-forward companies that can provide solutions at scale,” the groups said.

The bill is still being debated in the Senate plenary. The House of Representatives passed its version of the measure on third and final reading last year.

House Senior Deputy Speaker and Pampanga Rep. Aurelio D. Gonzales, Jr. told reporters last week that the new procurement law will be passed in time for the President’s State of the Nation Address in July.

The measure, which is also backed by the Budget department, is included in the Legislative Executive Development Advisory Council’s (LEDAC) priority measures for approval this year.

Signatories to the statement include the Makati Business Club (MBC), American Chamber of Commerce of the Philippines (AmCham), European Chamber of Commerce of the Philippines (ECCP), Japanese Chamber of Commerce and Industry of the Philippines (JCCIP), Korean Chamber of Commerce Philippines (KCCP), and the Foundation for Economic Freedom (FEF). — Beatriz Marie D. Cruz

SC rules dam water excluded from tax on national wealth

PHILSTAR FILE PHOTO

THE Supreme Court (SC) has ruled that dam water no longer fits the definition of natural resources and cannot be subject to the tax on national wealth.

In a 28-page decision, the SC sitting en banc reversed a decision of the Court of Appeals (CA), which had found the Metropolitan Waterworks and Sewerage System (MWSS) liable to pay the Bulacan provincial government a share in the use of water from Angat Dam.

“All told, the Court finds that the CA erred in affirming the RTC Decision which found petitioner liable to pay respondent a share in the utilization and development of national wealth,” according to the decision, written by Associate Justice Henri Jean Paul B. Inting.

The Supreme Court said water impounded in a dam ceases to a natural resource, and thus cannot be subject to the tax on national wealth.

“Being already appropriated, dam water is no longer subject to national wealth tax because appropriate tax is to be determined and imposed upon the extraction of water from a natural resource and accordingly, prior to the impounding and appropriation of water,” according to the decision.

The Bulacan provincial government, through Governor Josefina M. Dela Cruz, had claimed that the MWSS profited from the water resources of Angat Dam, located in Bulacan.

They argued that MWSS is liable to pay the local government a share from its utilization and development of national wealth.

The tribunal decided otherwise, noting that the MWSS does not generate income or derive profit from the use and development of dam water. the MWSS was created for regulatory purposes, it added.

The MWSS had argued that water in Angat Dam doesn’t necessarily come from Bulacan, but was stored in the catchment area.

“A dam is a man-made structure; it does not fall within the purview of national wealth that would entitle a local government unit to an equitable share in the proceeds derived from its utilization and development,” the MWSS said. — Chloe Mari A. Hufana