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Babae Ako: A future built by women

Babae Ako Partylist is dedicated to empowering women and ensuring that their voices are heard in the political and social landscape. In a world where gender equality is still a work in progress, Babae Ako stands strong in advocating for women’s rights, better healthcare, equal opportunities, and safer communities. The partylist is committed to addressing issues that directly affect women, from education and employment to reproductive rights and protection from violence. By fighting for policies that promote gender equality, Babae Ako ensures that every woman has the chance to live a life of dignity and opportunity.

At the heart of Babae Ako is the belief that women play an important role in building a better country. It’s not just about having women in politics. It’s about making sure the needs of women are heard and addressed. From the cities to the provinces, Babae Ako makes sure that no woman is left behind. The partylist listens to women’s experiences and ideas, making sure their voices help shape the decisions that affect their lives.

Babae Ako works hard to break the traditional barriers that limit women’s potential, pushing for equal opportunities in education, employment, and leadership roles. The partylist believes that every woman, no matter her background, should have access to the same opportunities to succeed. Whether it’s empowering young women to pursue their dreams, supporting mothers who need better childcare options, or advocating for the elderly who deserve better healthcare and support, Babae Ako stands beside women in every stage of their journey.

Another key focus of Babae Ako is addressing violence against women. The partylist works on raising awareness about the need for better protection and support systems for women who face abuse. Whether it’s advocating for stronger laws or creating safe spaces for women to speak out, Babae Ako is committed to creating a society where women live free from harm and have the safety and security they deserve.

What makes Babae Ako truly inspiring and empowering is its understanding of the real challenges women face every day. It’s about more than just laws. It’s about building a society where women can confidently stand up for themselves, break barriers, and succeed. By supporting Babae Ako you’re not just supporting a political party. You’re supporting a movement that believes in the power of women to shape the future. When women are empowered, they inspire those around them to rise as well. Babae Ako is not just fighting for women. It’s fighting for a better, stronger, and more inclusive future for everyone.

 


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DA to declare food security emergency

Government officials inspect prices of rice at a market in Cubao, Quezon City, Jan. 10. The Agriculture department will implement a maximum suggested retail price for imported rice at P58 per kilo starting Jan. 20, 2025. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Adrian H. Halili, Reporter

THE Department of Agriculture (DA) on Thursday said it will likely declare a food security emergency for rice as prices of the staple grain remain stubbornly high.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. said he expects the release of buffer stocks of local rice from the National Food Authority (NFA) by the first week of February, as it awaits the transmittal of a National Price Coordinating Council (NPCC) recommendation calling for the declaration of a food security emergency.

“I don’t have the official recommendation from the NPCC yet, the details are still with the working group. But once it comes to my table, the chances are we will declare, so that we can release the stocks of the NFA,” he told reporters during a market visit in Pasig City.

“Once I receive it, I will also consult the President for his comments,” he added.

The NPCC has approved a resolution urging the DA to declare a food security emergency for rice, which would pave the way for the NFA to release buffer stock to stabilize prices.

Under Republic Act (RA) No. 12708 or the Agricultural Tariffication Act, the Agriculture secretary can declare a food security emergency in case of rice supply shortages or extraordinary price spikes.

Prices of rice have remained stubbornly high despite lower tariffs for imports.

According to the DA’s price monitoring of Metro Manila markets as of Jan. 15, a kilogram of imported special rice was priced between P53 and P65 compared with the P58 and P65 per kilo a year ago.

The price of imported premium rice stood at P50-P60 per kilo as of Jan. 15 from P54-P62 per kilo last year.

On the other hand, imported well-milled rice is currently between P44 and P52, while imported regular milled rice is at P40 to P48 per kilo.

Trade Secretary Maria Cristina Aldeguer-Roque, who chairs the NPCC, said the resolution was made in response to the extraordinary increase in rice prices observed since 2023.

“All the markets must follow the directives of the DA to bring down imported rice prices for the consumers and, at the same time, also protect the wholesaler, the trader, and also the retailer,” she told reporters.

Mr. Tiu Laurel said the DA needs to release the buffer stock from NFA warehouses, which have reached 300,000 metric tons, ahead of the harvest season.

“Harvest season is coming. So, if our warehouses are full, we won’t be able to buy from farmers at a good price. We need to sell it immediately,” Mr. Tiu Laurel said.

Once the NFA’s buffer stocks are released, Mr. Tiu Laurel said the rice will be sold to local government units (LGU), Kadiwa, the Armed Forces of the Philippines, the Philippine National Police, and other government agencies.

The DA said last week that it is looking to sell some of the NFA’s old rice stock to LGUs to free up warehouse space ahead of the rice harvest season.

The NFA would have a buying price for palay, or unmilled rice, ranging from P21 to P23 per kilo for clean and dry, according to the Agriculture department chief.

The NFA would set a selling price of P36 per kilo to LGUs by February and would be further lowered to P33 per kilo by March.

MAXIMUM PRICE
Meanwhile, Mr. Tiu Laurel said that the maximum suggested retail price (SRP) on imported rice, which will be implemented in Metro Manila starting Jan. 20, would also address elevated rice prices.

The DA is set to impose a maximum SRP of P58 per kilogram on imported rice with a 5% broken grain content, a move it says will further lower the retail price of imported rice.

“Every two to three weeks the (maximum SRP) may be adjusted until March,” Mr. Tiu Laurel told reporters.

“After two to three weeks we can adjust it to P55 per kilo, after another two weeks maybe at P52 per kilo. If world price goes down further, it could be just P50 per kilo soon,” he added.

Mr. Tiu Laurel said that importers and retailers had earlier agreed to a profit margin of P10 per kilo.

“I actually also consulted the private sector on this, and we had a meeting with retailers, importers, DTI (Department of Trade and Industry), PCC (Philippine Competition Commission), BIR (Bureau of Internal Revenue), and everybody,” he said. “This decision to peg it at P58 was a decision not made arbitrarily. It’s made through consultation.”

Asked to comment, Federation of Free Farmers National Manager Raul Q. Montemayor said that there is no need to declare a food security emergency on rice due to ample domestic supply.

“I don’t think there is a national food security emergency on rice. There is no shortage in supply, there is no calamity, harvests will start again in March, and prices, while still high, are actually slowly going down,” Mr. Montemayor said in a Viber message.

He added that the government had failed to go after profiteering importers, wholesalers, and retailers.

“Instead of running after them, the government has instead opted to manipulate the law (RA 12708), so it gives them the legal basis for releasing NFA stocks to LGUs in an attempt to lower prices,” he said.

In a Viber message, former Agriculture Undersecretary Fermin D. Adriano said that the limited stock of the NFA may not be enough to influence rice prices.

“Very limited stock compared to the hands of the rice cartel, which controls around 70% of total supply,” Mr. Adriano added. — with inputs from Kyle Aristophere T. Atienza

UAE’s Masdar to invest $15B in RE projects in PHL

The Department of Energy (DoE) signed an implementation agreement with Masdar during Abu Dhabi Sustainability Week on Jan. 15. In the photo are Energy Undersecretary Rowena Cristina L. Guevara and Masdar Chief Executive Officer (CEO) Mohamed Jameel Al Ramahi. In the background are Energy Secretary Raphael P.M. Lotilla and United Arab Emirates Minister of Industry and Advanced Technology and Chairman of Masdar Sultan Al Jaber.

By Sheldeen Joy Talavera, Reporter

MASDAR, a state-owned renewable energy firm in the United Arab Emirates (UAE), is planning to invest around $15 billion (approximately P878 billion) in renewable energy (RE) projects in the Philippines.

The Department of Energy (DoE) on Wednesday signed an implementation agreement with Masdar to develop up to one gigawatt (GW) of solar, wind, and battery energy storage systems (BESS) in the country by 2030, with the goal of scaling this up to 10 GW within a decade.

The agreement was signed by Energy Undersecretary Rowena Cristina L. Guevara and Masdar Chief Executive Officer Mohamed Jameel Al Ramahi during Abu Dhabi Sustainability Week.

Also present were Energy Secretary Raphael P.M. Lotilla and UAE Minister of Industry and Advanced Technology and Masdar Chairman Sultan Al Jaber.

The deal operationalizes the memorandum of understanding (MoU) on energy transition cooperation signed between the Philippines and the UAE last November.

“Beyond enhancing energy security and reducing reliance on fossil fuels, this collaboration will deliver significant economic benefits to the country, creating opportunities for job generation, drive technology transfer, and empowering the local workforce with advanced skills in clean energy development,” Mr. Lotilla said in a statement on Thursday.

“Together, we are positioning the Philippines as a regional leader in sustainable energy,” he added.

Under the agreement, the DoE said it will assist Masdar in conducting pre-development activities, technical studies, securing the necessary rights, gathering project information, and obtaining all required approvals and permits. The agency will also facilitate Masdar’s applications for investment incentives and tax exemptions.

Masdar, on the other hand, will spearhead project development, overseeing commercial, technical, financial, and environmental workstreams.

“By leveraging UAE’s world-class expertise in renewable energy and the Philippines’ abundant natural resources, this agreement will create jobs, drive low-carbon socioeconomic progress and expand global renewable energy capacity in line with the UAE Consensus,” Mr. Al Jaber said.

UAE, known as a major exporter of oil and gas, plans to generate most of its electricity from renewable energy by 2050, according to the UAE Ministry of Economy.

Meanwhile, Masdar boasts a combined capacity of more than 31.5 GW from developed projects in more than 40 countries, based on its website.

The company has developed Southeast Asia’s largest floating solar facility in Indonesia which has a capacity of 145 megawatts (MW), powering 50,000 homes, the DoE said. It also made an investment in Pertamina Geothermal Energy in February 2023.

Additionally, it inked a landmark agreement with the Malaysian Investment Development Authority in 2023 for the development of 10 GW of clean energy projects across the country.

Mr. Al Ramahi said that the company’s entry in the Philippine renewable energy market marks its significant expansion in Southeast Asia.

“With our proven success in implementing large-scale renewable energy projects in the region and worldwide, we look forward to utilizing our expertise and experience to support the Philippines in meeting its ambitious energy goals,” he said.

The Philippines aims to increase the share of renewable energy in the power generation mix to 35% by 2030 and 50% by 2040.

The DoE is set to hold the third round of green energy auction in February. It is set to offer 300 MW of impounding hydro, 4,250 MW of pumped storage hydro and 100 MW of geothermal energy.

A new round of green energy auctions, which will combine renewable energy technologies with energy storage systems, as well as offshore wind projects, will be launched in the latter part of 2025.

Asked to comment, Juan Paolo E. Colet, managing director at China Bank Capital Corp., said that Masdar’s entry “signals high confidence in our country’s economic prospects and renewable energy future.”

“They are a well-known name in the global renewable energy industry, so having them here boosts the profile of the Philippines as an investment destination. Their aim to scale up to 10 GW will be a massive boost to domestic clean energy supply and has the potential to lower electricity costs,” Mr. Colet said in a Viber message.

Terry L. Ridon, a public investment analyst and convenor of think tank InfraWatch PH, said that the company is expected to follow regulatory processes in the Philippines.

“This is just an MoU at best, and we expect Masdar to deliver on this general commitment by undertaking further regulatory processes, such as joining competitive selection processes with various distribution utilities and electric cooperatives around the country,” he said in a Viber message.

Philippine financial system resources up 8.8% at end-November

REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

THE TOTAL RESOURCES of the Philippine financial system rose by 8.8% year on year as of end-November, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

BSP data showed the resources of banks and nonbank financial institutions (NBFIs) jumped to P33.08 trillion as of end-November from P30.39 trillion in the same period in 2023.

Month on month, total resources inched up by 0.9% from P32.8 trillion at end-October.

Financial system resources include funds and assets such as deposits, capital, as well as bonds or debt securities.

Data from the BSP showed banks’ resources stood at P27.55 trillion at end-November, higher by 9.6% from P25.15 trillion in the previous year.

Resources of universal and commercial banks increased by 9.4% to P25.79 trillion at end-November from P23.56 trillion in the year prior. Big banks accounted for the bulk or 78% of total resources during the period.

Thrift banks’ resources amounted to P1.15 trillion as of November, up by 7.1% from P1.07 trillion in the previous year.

Total resources held by digital banks stood at P119.5 billion as of end-November, jumping by 40% from P85.4 billion in the previous year. The BSP began consolidating data from digital banks starting March 2023.

Rural and cooperative banks’ resources climbed by 17% to P498.3 billion at end-November from P425.8 billion from the prior year.

Meanwhile, latest data showed that nonbanks’ resources went up by 5.3% to P5.52 trillion as of end-June from P5.25 trillion in the year-ago period. There were no data as of end-November.

Nonbanks include investment houses, finance companies, security dealers, pawnshops and lending companies.

Institutions such as nonstock savings and loan associations, credit card companies, private insurance firms, the Social Security System and the Government Service Insurance System are also considered nonbank financial institutions.

John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies said the growth in total resources reflects the “overall resilience and expansion of both banks and NBFIs.”

“The robust economic activity across key sectors fueled higher financial transactions and demand for credit,” he said in a Viber message.

“Banks and NBFIs also benefited from increased loan demand, particularly for housing, consumer, and corporate sectors,” he added.

Separate data from the BSP showed outstanding loans of universal and commercial banks rose by 11.1% year on year to P12.68 trillion in November.

This was the fastest loan growth in nearly two years or since the 13.7% logged in December 2022.

Oikonomia Advisory & Research, Inc. economist Reinielle Matt Erece said the rise in total resources was also due to the inflows of short-term foreign investments.

In the January-to-November period, BSP-registered foreign investments yielded a net inflow of $2.59 billion, a turnaround from the $43.66-million net outflow in the same period a year ago.

“Increased business activity supports deposit growth, lending, and investments, which are reflected in the financial system’s resources,” Mr. Rivera said.

The reduction in interest rates also encouraged borrowing and led to an expansion in assets, Mr. Rivera said.

“Further, the improvement of the financial resources is also a realization of the effects of lower key interest rates and expectations of further rate cuts, which also increases the demand for money, prompting banks to raise capital to accommodate this demand,” Mr. Erece added.

The BSP has lowered borrowing costs by a total of 75 basis points (bps) since it began its easing cycle in August, bringing the benchmark rate to 5.75%.

“Elevated liquidity in the financial system, driven by accommodative monetary policy (RRR reductions and rate cuts in 2024), allowed financial institutions to grow their asset base,” Mr. Rivera said.

The BSP slashed big lenders’ reserve requirement ratio (RRR) by 250 bps to 7% from 9.5%, effective in October.

Mr. Rivera said the rise in digital banking services also led to increased resources in the financial system.

“The acceleration of digital banking and financial services expanded access to previously underserved segments, bringing in new depositors and borrowers. This growth likely contributed to the rise in total financial resources.”

The Monetary Board lifted the moratorium on new digital banking licenses starting Jan. 1, 2025.

PHL-EU free trade deal seen to bring economic ties to new level

A European Union flag is seen in Stockholm, Sweden, July 17, 2023. — REUTERS

TRADE AND INVESTMENTS between the Philippines and the European Union (EU) are still lower than the level of mutual ambitions and could be improved through a free trade agreement (FTA), the EU ambassador to the Philippines said.

“Trade and investment figures for the whole of 2024 have not yet been published, but we can already say that our bilateral exchanges are not at the level of our mutual ambitions. They are good, but they are not yet at the right level,” European Union Ambassador to the Philippines Massimo Santoro said at the 9th Joint Economic Briefing on Wednesday.

“While the EU remains, and it is good, the fourth-largest trading partner of the Philippines with a share of 11% of Philippine exports and 6% of imports, the Philippines is only the sixth economic partner of the EU amongst the ASEAN (Association of Southeast Asian Nations) countries,” he added.

Mr. Santoro said there is potential for bilateral trade and investments to grow further and that can be achieved through an FTA, citing that the target is to see a yearly increase.

“We can do more, considering the potential and the size of the Philippine market and the resources of the country. Thus, the objective of our FTA is to bring our bilateral economic ties to a new level,” he said.

“Through the FTA, we aim to facilitate not only merchandise trade but also trade in services and to create more incentives for investment. We believe that an FTA can serve as a catalyst for economic growth, benefiting businesses, workers, and consumers on both sides,” he added.

Last year, the EU and the Philippines formally resumed FTA negotiations seven years after talks were stalled due to the trade bloc’s concern over human rights violations under the previous administration.

The first round of negotiations took place in October in Brussels, Belgium, while the second round will be from Feb. 10 to Feb. 14 in Manila.

“These discussions started with a very positive momentum, and I am confident this very positive momentum will be kept in order for us, for both sides — the EU and the Philippines — to deliver well and deliver fast,” said Mr. Santoro.

He said the FTA is a priority since it will boost trade and economic bilateral ties between the EU and the Philippines.

For the second round of FTA talks, Mr. Santoro said both sides will continue working on the chapter that has been discussed in the previous round, as well as discuss other chapters. He declined to give other details.

“I am completely confident that the second round will be as productive as the first one, which means a lot,” he added.

President Ferdinand R. Marcos, Jr. is aiming to conclude the negotiations for the EU-Philippines FTA by 2027.  Philippine negotiators have set an internal target of concluding the negotiations by 2026.

DTI Undersecretary Allan B. Gepty earlier said that there is a need to conclude the FTA negotiations as early as 2026, as the Philippines is set to lose its preferential market access to the trade bloc once it hits upper middle-income status.

The Philippines participates in the EU’s Generalised Scheme of Preferences Plus (GSP+), a special incentive arrangement for low- and lower-middle-income countries. It grants the country zero duties on 6,274 locally made products.

Meanwhile, the Philippines is aiming to become an upper-middle-income economy this year and a predominantly middle-class society by 2040. — Justine Irish D. Tabile

DoubleDragon eyes P10-B retail bond offering in Q1

BW FILE PHOTO

SIA AND CAKTIONG-LED DoubleDragon Corp. (DD) said it plans to issue up to P10 billion worth of retail bonds in the first quarter to bolster the company’s cash position and balance sheet.

The issuance will comprise a P5-billion base offer and a P5-billion oversubscription option, DoubleDragon said in a regulatory filing on Thursday.

DoubleDragon said the issuance will be the company’s sole peso retail bond offering for the year. It will be priced at 7.77% per annum and will have a seven-year tenor.

The planned P10-billion bond issuance will be the second tranche of DoubleDragon’s P30-billion shelf-registered retail bonds program, with the third and final tranche planned for issuance by next year.

DD said the proposed issuance received the highest PRS Aaa rating with a stable outlook from the Philippine Rating Services Corp.

The PRS Aaa rating is given to issuances with marginal credit risk, while a stable outlook means that the rating is likely to be retained or remain unchanged in the next twelve months.

“The pipeline capital-raising issuances at this stage of DD’s growth are intended to further increase its cash position and further strengthen its balance sheet — all in line with DD’s goal to become a Tier-1 mature company by this year, 2025,” DD said.

“The DD New Year Triple-7 retail bond offering carries the number 7 in triplet, as in 777, which is believed by many to signify the multiplication of good luck,” it added.

In addition to the proposed bond issuance, DoubleDragon said the upcoming Nasdaq listing of its subsidiary Hotel101 Global Pte. Ltd. and the planned industrial real estate investment trust (REIT) public listing of its subsidiary CentralHub are expected to boost the company’s balance sheet.

DD previously said the planned initial public offering of industrial warehouse unit CentralHub could push through by the latter half of 2025 amid easing interest rates.

In November, DD said it ended the offer period for its P10-billion fixed-rate peso retail bond issuance two days earlier than planned due to high investor demand.

It was priced at 8% per annum and was the first tranche of the company’s P30-billion multi-year retail bond issuance.

DD shares rose by 1.21% or 12 centavos to P10 apiece on Thursday. — Revin Mikhael D. Ochave

Alternergy secures P1-B loan for Bataan solar project

ALTERNERGY Holdings Corp., through its unit Solana Solar Alpha, Inc., has secured a P1-billion loan from Rizal Commercial Banking Corp. (RCBC) to fund the construction of its 28-megawatt-peak (MWp) Balsik Solar Power Project in Hermosa, Bataan.

“We have signed the omnibus loan and security agreement for our Balsik Solar Power Project,” Alternergy President Gerry P. Magbanua said in a statement on Thursday.

“The financing from RCBC further advances the ongoing construction of the Balsik Solar Power Project as we aim to complete it by early in the second half of this year,” he added.

The company said that the solar project’s total cost is P1.374 billion.

RCBC Capital Corp. acted as the lead arranger for the transaction. Picazo Buyco Tan Fider and Santos (Picazo Law) were tapped as the lender’s counsel, while Tantoco Villanueva & De Guzman Law Offices (Tavidell) acted as the borrower’s counsel. AFRY Philippines, Inc. served as the lender’s technical advisor, and Marsh Philippines, Inc. served as the lender’s insurance advisor.

Over the past ten years, RCBC has provided a total of P3.65 billion in financing to Alternergy.

Last year, the two companies entered into another financing agreement for P5.33 billion for Alternergy’s 64-MW Alabat Wind Power Project, which is subject to financial close.

RCBC provided project financing to Alternergy’s 54-MW Pililla Wind Power Project in 2014, the 12-MWp Kirahon Solar Power Project in 2015, and its portfolio of commercial rooftop solar projects in 2018.

Alternergy is targeting to develop up to 500 MW of additional wind, solar, and run-of-river hydro projects.

At the local bourse on Thursday, shares in the company climbed by 8.18% to close at P1.19 apiece. — Sheldeen Joy Talavera

DMCI Power says 2024 energy sales volume up 9%

PHILSTAR FILE PHOTO

OFFGRID energy generator DMCI Power Corp. (DPC) reported energy sales of 491.2 gigawatt-hours (GWh) for 2024, a 9% increase from the previous year, driven by higher demand.

The growth was also driven by the full operations of its 15-megawatt (MW) Palawan thermal power plant, which began supplying power to the province in August 2023, the company said in a statement on Thursday.

“2024 was a breakthrough year for DMCI Power as we achieved record-high energy sales and ensured reliable operations across all our plants,” said DPC President Antonino E. Gatdula, Jr.

The company said that it aims to expand its installed capacity by 27% with 43 MW of projects under development. Within this pipeline is the 12 MW Semirara Wind Project, the company’s first renewable energy venture.

Scheduled to start commercial operations in early 2025, the P600-million project is expected to generate 32 million kilowatt-hours per year, according to Christopher Thomas C. Gotianun, chief business development officer of Semirara Mining and Power Corp., a sister company of DPC.

The wind project is intended to provide renewable energy to support mining operations on Semirara Island.

“DMCI Power will be the one owning the asset and supplying power to Semirara,” Mr. Gotianun said. “That should do two things: DMCI Power will get revenue, and Semirara will save on diesel costs.”

Among the company’s additional projects are an 8-MW bunker power plant in Aborlan, Palawan, scheduled for completion in the first quarter of 2025, and another 8-MW bunker power plant in Masbate, set to be operational by the second quarter.

“DMCI Power remains committed to meeting the growing energy needs of off-grid areas. We were recently awarded contracts to supply 2 MW in Antique and an additional 15 MW in Palawan,” Mr. Gatdula said.

“Our ongoing and upcoming projects aim to deliver reliable and efficient energy solutions that support national progress.”

Established in 2006, DMCI Power primarily focuses on providing energy to off-grid small and remote islands.

The company has 159.8 MW of installed capacity and operates thermal, bunker, and diesel power plants in Masbate, Oriental Mindoro, and Palawan. — Sheldeen Joy Talavera

ABS-CBN, Meralco’s MPower renew retail supply deal

PHILIPPINE STAR/ MIGUEL DE GUZMAN

MPOWER, the local retail electricity supplier of Manila Electric Co. (Meralco), has entered into a retail supply agreement with ABS-CBN Corp. to support the power needs of the media company’s operations.

“Our renewed partnership with ABS-CBN reflects our constant dedication to delivering retail excellence and driving growth across diverse business industries,” Redel M. Domingo, Meralco’s first vice-president and MPower’s head, said in a statement on Thursday.

Under the Competitive Retail Electricity Market (CREM), qualified power customers consuming at least 500 kilowatts are allowed to choose their energy supplier based on their specific requirements.

ABS-CBN has been part of MPower’s customer base since the retail electricity supplier started its services in June 2013.

“Working with MPower ensures that ABS-CBN has stable power to support its mission of delivering quality public service and entertainment content across various media platforms in the service of the Filipino,” said Grant Orbeta, head of ABS-CBN’s Real Estate and Development Group.

MPower serves contestable customers, including top corporations within Meralco’s franchise area. The company has more than a 25% share of the CREM within Meralco’s franchise area.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

DBP raises P11 billion from dual-tenor bond offer

THE DEVELOPMENT Bank of the Philippines (DBP) has raised P11 billion from its offering of dual-tenor fixed rate notes.

The bank’s offering of fixed rate Series 6A and 6B bonds was oversubscribed by five-and-a-half times compared to the initial P2-billion program, it said in a statement on Thursday.

The Series 6A bonds, which have a tenor of 1.5 years, were priced at 6.0503% per annum, while the Series 6B papers, which mature in three years, carry an annual interest rate of 6.1294%.

This marked the first time that the state-run bank issued dual-tenor bonds, DBP said

The issuance forms part of DBP’s efforts to diversify its funding sources to boost lending, it added.

“This latest bond issuance is a testament to the trust and confidence of the market in DBP as a government financial institution and allows the bank to expand its funding sources even as it ramps up its lending activities in support of the Marcos administration’s economic agenda,” DBP President and Chief Executive Officer Michael O. de Jesus said.

“The bank is committed to offer tailored solutions to meet the diverse needs of its investors while also supporting its critical development goals,”  Mr. De Jesus said.

The bond issuance represents the sixth tranche of DBP’s P150-billion bond program, which is meant to finance loans to clients and support its operating activities.

The papers were enrolled and traded through the Philippine Dealing & Exchange Corp.

DBP’s net income declined by 8.95% year on year to P4.68 billion in the first nine months of 2024 amid lower foreign exchange gains.

The Finance department is pushing for amendments to the charter of DBP to increase its capitalization, allow for its public listing and streamline the bond issuance process.

The Senate bill seeking to amend the DBP’s charter was approved on final reading in September, while the House version is currently up for second reading.

Under the measure, the bank’s authorized capital stock will be raised to P300 billion from P35 billion.

The capital hike will allow DBP to increase its assistance to its priority sectors, including social infrastructure and micro, small, and medium enterprises.

Mr. De Jesus last week said DBP will seek regulatory relief this year as it looks to boost its capital position.

DBP and Land Bank of the Philippines (LANDBANK) earlier asked for regulatory relief from the central bank following their contributions to the Maharlika Investment Corp. (MIC).

DBP and LANDBANK were mandated to contribute P25 billion and P50 billion, respectively, as the initial seed capital for the MIC. The state lenders remitted their contributions in September 2023.

In a recent report, the International Monetary Fund (IMF) called for the restoration of capital for the two state banks after their contributions to the Maharlika fund.

The IMF noted the importance of capital restoration and exiting regulatory relief “as soon as possible.” — A.M.C. Sy

Waterfront Manila set for full reopening by Q1 2027

FACEBOOK.COM/WATERFRONTMANILA

THE WATERFRONT MANILA Hotel & Casino complex in Manila is expected to be fully reopened by the first quarter of 2027 after facing construction delays, its listed operator Acesite (Phils.) Hotel Corp. said.

The property’s reopening will happen in three phases, Acesite said in a regulatory filing on Thursday.

“The final phase, targeted for the first quarter of 2027, will complete the remaining hotel rooms and general amenities, marking the full reopening of the property,” Acesite said.

According to Acesite, the first phase is slated for the first quarter of 2026. This phase consists of the soft opening and completion of the podium, which includes public areas such as the lobby, select food and beverage outlets, and the casino.

The second phase of the opening will occur by the late third quarter of 2026. It comprises the introduction of additional guest amenities and facilities.

In March 2018, a fire occurred at the hotel-casino complex, resulting in five fatalities and injuring 20 others.

Acesite said the hotel reopening faced construction delays due to issues during redevelopment and reconstruction.

“These challenges include technical difficulties, adjustments to the project scope to enhance facilities, and logistical hurdles such as sourcing specialized materials and equipment,” Acesite said.

“Many of these issues surfaced during the construction process due to the decision to retain the original structure and shell of the building, which is over 50 years old, as a cost-saving measure,” it added.

Acesite said it also needed to address structural reinforcements and adapt to the existing foundation’s condition.

“During construction, damaged tendons were discovered, requiring replacement and additional reinforcement. Concerns over slab vibrations also led to the replacement of certain slabs,” Acesite said.

“Controlled demolition was meticulously executed to prevent any impact on adjacent structural elements, highlighting the complexity and precision required for the reconstruction,” it added.

Acesite is engaged in the hotel operations business. In 2004, Waterfront Philippines, Inc. established its ownership and majority control over Acesite.

Waterfront Manila is part of the Waterfront chain of hotel facilities, which has a presence in Cebu City, Mactan Island, and Davao City.

Acesite shares fell by 0.6% or one centavo to P1.65 per share on Thursday. — Revin Mikhael D. Ochave

Toward a sustainable future: Public-private collaboration for a circular economy

REUTERS

The Philippines faces a growing plastic waste crisis, underscoring the urgent need for massive systemic change. Latest data shows that the country is estimated to produce 60 billion plastic sachets a year, thereby exacerbating environmental degradation and economic losses with reliance on single-use plastics.

However, amidst this bleak scenario and reality, there lies an opportunity worthy of everyone’s support — that of a circular economy where waste is turned into value and different sectors and industries implement collaborative efforts towards charting a more sustainable future — one that helps solve the waste problem in the country. Any initiative to arrest the waste problem involves recognizing that the plastic waste problem is one that cannot be addressed by a single entity alone. There must be an integrated effort among public institutions, private companies, and community stakeholders.

A shining example of a collaborative initiative is what was highlighted during the Philippine National Recycling Conference, co-organized by the Department of Environment and Natural Resources (DENR) and Nestlé Philippines. This landmark event brought to the fore the importance of a robust recycling value chain that manages existing gaps and integrates novel solutions.

THE CASE FOR PPPS
More and more stakeholders are realizing and recognizing that Public-Private Partnerships (PPPs) are not just a convenience, they have become “a must” — in addressing and managing plastic wastes of the country. Kudos to the DENR for pushing for and championing the Extended Producer Responsibility (EPR) Act of 2022, which requires producers to look after their plastic packaging beyond the consumer stage. But the success of this law relies heavily on the private sector, which will have to play more significant and aggressive roles in achieving the gargantuan task of managing the worsening level of garbage in the Philippines.

Commendably, companies such as Nestlé Philippines have started to take the lead by launching recovery and recycling programs and pushing for the EPR law. Their efforts in introducing circular solutions, such as piloting food-grade recycled packaging, show the potential of private enterprise in driving innovation. Nestlé’s initiatives, including multi-sectoral collaborations, highlight how industry leadership can spearhead systemic change.

These contributions, however, should be viewed as a starting point rather than the end. More businesses should join the efforts in helping effect systemic change. We cannot also overemphasize that equally important in solving this problem is the involvement and proactive participation of local government units and civil society. Shared collaboration can cover gaps in terms of implementation of policies, infrastructure, and public information dissemination.

BUILDING A CIRCULAR ECONOMY
Building a circular economy ensures lower waste volumes but some of the major challenges in achieving this include the inadequate recycling infrastructure, limited consumer awareness, and the fragmentation of waste collection systems.

Hence, there is a need for key investments in waste management infrastructure: Material Recovery Facilities (MRFs) and recycling plants must be modernized for flexibility in plastics processing towards the production of food-grade material. Data show that current facilities serve less than 40% of towns, which leave millions of Filipinos without access to effective recycling systems. Experts have argued that the inclusion of waste infrastructure in the government’s flagship projects can help bridge this gap. They said the Philippines can ensure sustained progress in addressing plastic waste by giving priority to circular infrastructure under national economic strategies. This is a challenge for government planners and national budget executives.

EMPOWERING THE INFORMAL SECTOR
A critical component in managing the waste problem in the country is the integration of the so-called informal waste sector into the formal economy. For one, waste pickers, who contribute significantly to recycling rates, often lack stable incomes and protections. When we transition these workers into wage-earning roles, they can enhance their livelihoods while at the same time bolster waste recovery efforts. Crucial in this endeavor are public-private initiatives to ensure fair wages, legal protections, and improved working conditions.

When we institutionalize the role of waste pickers, the Philippines will be able to address two major problems simultaneously: the inefficiency of the current systems of collecting waste and the socio-economic problems of informal workers. Local government units, in collaboration and partnership with private companies and businesses, can create structured waste management programs that encourage flexible packaging recovery. This not only empowers the marginalized but also strengthens the recycling value chain.

POLICY AND INNOVATION AS CATALYSTS
There is also a need for policy interventions that go hand-in-hand with infrastructure development. For example, simplifying bureaucratic processes and providing tax incentives can attract investments in recycling and other waste management technologies. Moreover, encouraging research into sustainable packaging alternatives, such as mono-material or biodegradable options, is becoming more essential in reducing reliance on sachets and other flexible plastics.

Based on provisions of the EPR Act, companies must recover a huge percentage of their plastic footprint. However, due to a lack of awareness and some logistical hurdles, the compliance rate has been quite uneven. To accelerate the move towards a circular future, there is a need to streamline regulatory frameworks, improve data on waste generation, and enforce transparency.

Consequently, any effort to arrest the growing waste problem in the country needs serious consumer engagement. For instance, a public awareness campaign can educate the households, including on segregation and circular economy principles. “No segregation, no collection” community-led actions can be brought about within every household, developing recycling skills at the grassroots level. All these can be complemented and supplement by educational programs at schools aimed at developing environmental responsibility among the young, ensuring that future generation of consumers understand the ill-effects of waste in their daily lives and therefore value the importance of circular economy and sustainability.

INNOVATION AND TECHNOLOGY
Technological innovation is important in attaining circularity. In that respect, investment in chemical recycling facilities can sort the challenge of processing flexible plastics, which are so difficult to recycle currently. These plants will be able to deliver food-grade recycled materials, meaning safety and quality standards will not be compromised.

On the other hand, digital tools can optimize waste collection and processing systems. Some of the technologies include the use of Radio Frequency Identification (RFID) tracking waste flows and AI-powered sorting machines that improve the efficiency of MRFs. The technology will not only increase the ability to operate but also reduce costs in the long term.

SHARED RESPONSIBILITY
All sectors must commit to the journey toward a circular economy. Public institutions must create enabling environments through policy support and funding. The private sector must step up with innovation and investment. Communities must actively participate in recycling and waste management initiatives.

It speaks volumes of the power of private sector leadership that Nestlé Philippines is co-organizing the recycling conference and continuing its efforts on circular solutions. However, this should also be scaled up in terms of industry and regions. This needs to be across all stakeholders: from local governments and NGOs to consumers and multinational corporations.

This shared responsibility extends beyond borders. The Philippines can draw inspiration from global best practices, such as Australia’s initiative to create soft plastic packaging from recycled materials. The country can adapt these models to its local contexts to accelerate the transition to circularity.

THE ROAD AHEAD
Challenges abound, but so do opportunities. Moving towards a circular economy could unlock billions in economic value and significantly reduce the country’s environmental footprint. More importantly, it presents an opportunity to redefine our relationship with resources: sustainability and long-term resilience should be the new norm.

The public-private partnerships will be the bedrock of progress for the country as it begins this process. Trust will be generated, resources shared, and goals harmonized to produce a homogeneous ecosystem that is focused on innovativeness and inclusiveness.

The transformation will not happen overnight, but the foundation is already in place. The Philippine National Recycling Conference has set the stage for meaningful action, providing a roadmap for future initiatives. In moving forward, momentum needs to be maintained with successful programs scaled up and persistent gaps addressed.

This is through the creation of public-private partnerships, infrastructure investment, and community empowerment. Thus, the Philippines can set itself up as a leader in circular solutions. This shared endeavor is not merely for waste management; it is creating a future where economic growth and environmental stewardship walk hand in hand.

A CALL TO ACTION
The time to act is now. As we look forward, let us remember that sustainability is not a solitary effort but a shared responsibility. Together, we can build a waste-free Philippines — one that serves as a beacon of innovation and collaboration for the rest of the world.

Through embracing circular principles and decisive action, the Philippines can turn a crisis over waste management into an opportunity for growth, resilience, and sustainability. The journey ahead will be arduous; yet, with unity and determination, it is worth it.

 

Dr. Ron F. Jabal, APR, is the CEO of PAGEONE Group (www.pageonegroup.ph) and founder of Advocacy Partners Asia (www.advocacy.ph).

ron.jabal@pageone.ph

rfjabal@gmail.com

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