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Of disadvantageous treaties, sedition, and espionage

FREEPIK

The past weeks saw a flurry of activities by Filipinos irresponsible enough to seek to undermine current government policy in relation to the defense of the West Philippine Sea. Quite expectedly, various measures have been proposed from various quarters (from the filing of slander or libel cases to the holding of congressional investigations) to address such doings or goings on.

Nevertheless, it is also true that we already have an array of legal measures that can be readily employed to directly deal with such circumstances, corresponding ultimately to the defense of the national territory and sovereignty.

OF DISADVANTAGEOUS ‘GENTLEMEN’S AGREEMENTS’
To start, in evaluating any supposed “gentleman’s agreement” entered into by the previous administration, one should immediately consider the “Anti-Graft and Corrupt Practices Act” (RA 3019), which penalizes any individual that persuades or influences “another public officer to perform an act constituting a violation of rules and regulations duly promulgated by competent authority or an offense in connection with the official duties of the latter, or allowing himself to be persuaded, induced, or influenced to commit such violation or offense.”

Related to the foregoing, it is also a crime to “enter, on behalf of the Government, into any contract or transaction manifestly and grossly disadvantageous to the same, whether or not the public officer profited or will profit thereby.” This is regardless of the intentions of the public officer concerned; in other words, what is of significance is the effect such an agreement has on the country.

Thus, for “manifestly and grossly disadvantageous” contracts (and a treaty, such as a verbal international agreement, is essentially a contract), a punishment of imprisonment of up to 15 years, perpetual disqualification from public office, and confiscation in favor of the Government of any unexplained wealth manifestly out of proportion to his lawful income, awaits those officials that entered into such contracts.

OF SEDITION AND REBELLION
There have also been calls for the military to disobey or otherwise withdraw support from the President, the Commander-in-Chief. Add to these calls for certain islands or territory to break away from the Republic. In this regard, the provisions of the Revised Penal Code (Arts. 134-142) are relevant:

“The penalty of up to 12 years imprisonment can be imposed upon any person who, without taking arms or being in open hostility against the Government, shall incite others to the crime of coup d’état, the latter defined as a swift attack accompanied by violence, intimidation, threat, strategy or stealth, directed against duly constituted authorities of the Republic of the Philippines or for the purpose of seizing or diminishing state power.

“The penalty of up to six years imprisonment can be imposed upon any person who, without taking any direct part in the crime of sedition, should incite others to the accomplishment of any of the acts which constitute sedition, by means of speeches, proclamations, writings, emblems, cartoons, banners, or other representations tending to the same end, or upon any person or persons who shall utter seditious words or speeches, write, publish, or circulate scurrilous libels against the Government (of the United States or the Government of the Commonwealth) of the Philippines, or any of the duly constituted authorities thereof, or which tend to disturb or obstruct any lawful officer in executing the functions of his office, or which tend to instigate others to cabal and meet together for unlawful purposes, or which suggest or incite rebellious conspiracies or riots, or which lead or tend to stir up the people against the lawful authorities or to disturb the peace of the community, the safety and order of the Government, or who shall knowingly conceal such evil practices.”

To argue that such seditious or rebellious statements are protected by the constitutional provisions on free speech is ridiculous. The Supreme Court has long been consistently clear that certain speech can and should be regulated. Child pornography is one, falsely shouting “fire” in a crowded theater is another. There have been various standards laid down by the Supreme Court to determine if certain speech should be silenced: clear and present danger, and the balancing of interests test. There are, made relatively recently, laws against joking about bombs at airports or spreading disinformation about the coronavirus.

We thus need to recognize confidently that, whether it be Philippine or international law, the right to free speech is not absolute. There are inherent limitations to it, of which blasphemy, libel, threats, sedition, and — quite definitely — treason are the obvious examples.

In a similar vein, therefore, that those propagandizing in favor of a foreign hostile country to the detriment or damage of the national security of the Philippines, BP 39 or the “Act Regulating the Activities and Requiring the Registration of Foreign Agents in the Philippines” can be utilized.

“Thus, any person who acts or agrees to act as political consultant, public relations counsel, publicity agent, information representative, or as agent, servant, representative, or attorney for a foreign principal or for any domestic organization subsidized directly or indirectly in whole or in part by a foreign principal shall be considered a ‘foreign agent,’ and is thus is required to file with the Department of Justice a true and a complete registration statement, under oath, including details on address, name of the foreign principal, copy of the contract/s of employment, details of compensation to be paid, if any, and the form and manner of such compensation, a detailed statement of every activity which the registrant is performing or is assuming or purporting or has agreed to perform for himself or any other person than a foreign principal and which requires his registration, and if the registrant be a partnership, association, or corporation, a true and complete copy of its charter, articles of incorporation, association, constitution, and by-laws and any other instruments relating to its organizations, powers and purposes.

“It shall be illegal for any foreign agent to transmit, convey, or otherwise furnish to any agency or official of the government for or in the interest of a foreign principal any political propaganda, or to request from any agency or official for or in the interest of such foreign principal any information or advice pertaining to any political or public interests, policies or relations of foreign country or of a political party or pertaining to the foreign or domestic policies of the Philippines, unless the propaganda being issued or the request being made is prefaced or accompanied by a true and accurate statement to the effect that such person is registered as a foreign agent.

“In this regard, ‘political activity’ refers to political propaganda or any other activity which seeks in any reasonable degree to prevail upon, indoctrinate, convert, induce, persuade, or in any other way influence any agency or official of the Philippine Government, or any section of the public within the Philippines with respect to the domestic or foreign policies of the Philippines, or with respect to the political or public interests, policies, or relations of a foreign government or a foreign political party.”

DOMESTIC ESPIONAGE
Then there is Commonwealth Act No. 616, “An Act to Punish Espionage and Other Offenses Against the National Security.” This covers instances of a person sharing confidential information that could negatively affect the security of the country, either by sharing it with foreign countries, unduly sharing it with the public in a manner that undermines the national security policy of the government, or otherwise expressing or doing something with the goal of causing demoralization within the military.

Thus, it is illegal for anyone “lawfully or unlawfully having possession of, access to, control over, or being entrusted with any document, writing, code book, signal book, sketch, photograph, photographic negative, blue print, plan, map, model, instrument, appliance, or note relating to the national defense, willfully communicates or transmits or attempts to communicate or transmit the same to any person not entitled to receive it.”

Furthermore, anyone “entrusted with or having lawful possession or control of any document, writing, code book, signal book, sketch, photograph, photographic negative, blue print, plan, map, model, note or information, relating to the national defense, through gross negligence permits the same to be removed from its proper place of custody or delivered to anyone in violation of this trust or to be lost, stolen, abstracted, or destroyed, shall be punished by imprisonment for not more than 10 years.”

More importantly, “anyone with the intent or reason to believe that it is to be used to the injury of the Philippines or of the United States or to the advantage of a foreign nation, communicates, delivers, or transmits, or attempts to, or aids or induces another to, communicate, deliver, or transmit to any foreign government, or any faction or party or military or naval force within a foreign country, whether recognized or unrecognized by the Philippines or by the United States, or to any representative, officer, agent, employee, subject, or citizen thereof, either directly or indirectly, any document, writing, code book, signal book, sketch, photograph, photographic negative, blue print, plan, map, model, instrument, appliance, or information relating to the national defense, shall be punished by imprisonment for not more than 20 years, if the offense is committed in time of peace, or by death or imprisonment for not more than 30 years, if it is in time of war.”

It shall also be “unlawful for any person, with intent to interfere with, impair, or influence the loyalty, morale, or discipline of the military, naval, or air forces of the Philippines: (a) to advise, counsel, urge, or in any manner cause insubordination, disloyalty, mutiny, or refusal of duty by any member of the military, naval, or air forces of the Philippines; or (b) to distribute any written or printed matter which advises, counsels, or urges insubordination, disloyalty, mutiny, or refusal of duty by any member of the military, naval, or air forces of the Philippines. The violation of this section shall be punished by imprisonment for not more than 10 years.”

Those undermining Philippine national security by harboring or concealing violators of CA 616 shall be punished by imprisonment of up to 10 years.

NOT ALL SPEECH IS FREE
As stated here previously, the issue is not the expression of mere differing opinions regarding territorial claims or foreign policy. That is rightly covered by free speech protection.

But when a citizen or local organization declares (impliedly or expressly) allegiance or support to a foreign country or receives funding, endowments, or substantial gifts (e.g., travel, education, promises of employment) from a foreign government (or its agent), with the express or implied purpose of exerting efforts or engaging in speech or activities against the Constitution, Philippine democratic values and principles, and declared State security policy (e.g., upholding the Arbitral Ruling on the West Philippine Sea), then such clearly should be punished by law.

 

Jemy Gatdula read international law at the University of Cambridge. He is the dean of the Institute of Law of the University of Asia and the Pacific, and is a Philippine Judicial Academy lecturer for constitutional philosophy and jurisprudence.

https://www.facebook.com/jigatdula/

Twitter  @jemygatdula

Manila tops Prime Global Cities Index

The Philippine capital’s prime residential prices grew by 26.3% year on year in the last quarter of 2023 based on the latest edition of the Prime Global Cities Index by real estate consultancy firm Knight Frank. Manila topped the list of 45 residential markets.

 

Manila tops Prime Global Cities Index

How PSEi member stocks performed — April 18, 2024

Here’s a quick glance at how PSEi stocks fared on Thursday, April 18, 2024.


Peso inches lower vs dollar on Fed officials’ comments

BW FILE PHOTO

THE PESO inched lower against the dollar on Thursday amid hawkish signals from US Federal Reserve officials.

The local unit closed at P57.19 per dollar on Thursday, weakening by a centavo from its P57.18 finish on Wednesday, Bankers Association of the Philippines data showed.

This was the peso’s worst finish in almost 17 months or since its P57.375-a-dollar close on Nov. 22, 2022.

The peso opened Thursday’s session slightly stronger at P57.15 against the dollar. Its intraday best was at P57.01, while its weakest showing was at P57.24 versus the greenback.

Dollars exchanged went down to $1.799 billion on Thursday from $1.92 billion on Wednesday.

“What we saw was the start of choppy consolidation in the short term as the pair has begun to show signs of being overbought from a technical perspective,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

Mr. Roces said this was due to Fed Chair Jerome H. Powell’s comments the previous day.

The peso was also dragged down by cautious comments from Cleveland Fed Bank President Loretta Mester and Fed Governor Michelle Bowman, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

Top US central bank officials including Mr. Powell backed away on Tuesday from providing any guidance on when interest rates may be cut, saying instead that monetary policy needs to be restrictive for longer and further dashing investors’ hopes for meaningful reductions in borrowing costs this year, Reuters reported.

Fed policy makers have said since the start of the year that rate cuts are contingent on gaining “greater confidence” that inflation is moving towards the central bank’s 2% goal, but readings over the past few months show price pressures may even be moving in the opposite direction.

“The recent data have clearly not given us greater confidence and instead indicate that it’s likely to take longer than expected to achieve that confidence,” Mr. Powell told a forum in Washington, in what is likely to be his last public appearance before the April 30-May 1 policy meeting.

Meanwhile, Ms. Mester said on Wednesday she expects price pressures to ease further this year, allowing the Fed to reduce borrowing costs, but only when it is “pretty confident” inflation is heading sustainably to its 2% goal.

Progress on lowering US inflation may have stalled, and it remains an open question whether interest rates are high enough to ensure that it returns to the Fed’s 2% target, Ms. Bowman also said on Wednesday.

For Friday, Mr. Roces said the peso could continue to trade sideways versus the dollar. Mr. Ricafort expects the local unit to range from P57.05 to P57.25 against the greenback. — A.M.C. Sy with Reuters

Shares rise further as BSP chief hints at Q4 cut

PHILIPPINE STOCKS rose for the second straight session on Thursday on continued bargain hunting and expectations of rate cuts in the fourth quarter (Q4).

The Philippine Stock Exchange index (PSEi) rose by 1.13% or 73.15 points to close at 6,523.19 on Thursday, while the broader all shares index climbed by 0.76% or 26.30 points to finish at 3,456.32.

“Fueling the positive sentiment was the resurfacing of rate cut hopes as Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. stated the possibility of monetary easing starting in the fourth quarter of this year,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

“The local market rose by 73.15 points (1.13%) to 6,523.19 due to sustained bargain hunting. Investors continued to take opportunities from the market’s recent steep decline,” Mr. Plopenio said.

The BSP could cut its key rate as early as the fourth quarter despite the peso’s recent weakness, Mr. Remolona said on Wednesday.

The Monetary Board may still cut policy rates in the fourth quarter, he told a news briefing on Wednesday.

“If things are worse than we think, that might be postponed to the first quarter of 2025.”

The peso and other regional currencies have weakened in recent days as markets bet against the odds of early rate cuts around the world.    

The local unit closed at the P57-per-dollar level on Tuesday for the first time since November 2022, ending at P57 flat, due to expectations that the US Federal Reserve would delay cutting interest rates.

It dropped further on Thursday, closing at P57.19 against the greenback.

The BSP this month kept its policy rate steady at a near 17-year high of 6.5% for a fourth straight meeting.

“Local investors continued to bargain hunt… as the index closed above 6,500, with a 1.13% improvement. Meanwhile, US technology shares continued to soften as the artificial intelligence play continued to lose steam,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan added in a Viber message.

Almost all sectoral indices closed higher except for mining and oil, which dropped by 1.62% or 134.32 points to end at 8,129.43.

Meanwhile, services climbed by 2.6% or 46.59 points to 1,833.87; financials rose by 1.74% or 35.08 points to 2,049.42; property went up by 0.92% or 22.81 points to 2,481.56; holding firms increased by 0.47% or 28.19 points to 6,005.47; and industrials inched up by 0.21% or 18.13 points to 8,507.76.

Value turnover went up to P6.56 billion on Thursday with 634.82 million issues switching hands from the P5.89 billion with 595.37 million issues traded on Wednesday.

Advancers beat decliners, 107 against 76, while 43 names closed unchanged.

Net foreign selling increased to P619.45 million on Thursday from P521.52 million on Wednesday. — R.M.D. Ochave

DA to propose P513.81-billion infra-heavy budget for 2025

PHILSTAR FILE PHOTO

THE Department of Agriculture (DA) said Thursday that its significantly expanded budget proposal for 2025 will help address shortcomings in farm infrastructure.

In a statement, the DA said that it will propose a P513.81 billion budget for 2025. If approved, this would be more than double the DA budget of P208.58 billion in 2023.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. said that the funds will support the construction of irrigation and postharvest facilities.

“(The budget) is still a work in progress but clearly shows the direction we are headed,” he added.

Under its proposed budget plan, the bulk of expenditures will go to the National Irrigation Administration, National Food Authority, Philippine Coconut Authority, Philippine Fisheries Development Authority, and the National Dairy Authority.

“The proposed combined budget for the eight DA attached corporations is P287.98 billion, more than triple their total budget of P94.3 billion for this year,” the DA said.

Mr. Laurel has said that P93 billion is needed for postharvest facilities to reduce rice and corn waste.

He added that about P1.2 trillion will be required to irrigate an additional 1.2 million hectares to boost rice production and reduce imports.

“For the DA itself, the envisioned budget for 2025 is nearly double at P225.83 billion… to allow various bureaus to cope with the need to modernize the fisheries and farm sectors as well as address food safety and anti-smuggling efforts,” the agency said.

The DA said that 57% or P294.21 billion of the proposed budget will be dedicated to rice.

Fisheries will get P50.6 billion, while locally funded projects will be allotted P45.48 billion.

It added that cross-cutting programs will be allocate P34.5 billion, high value crops P32 billion, livestock P28.56 billion, foreign-assisted projects P13.77 billion, corn P11.3 billion, and credit programs P3.38 billion. — Adrian H. Halili

John Hay’s potential to be unlocked by SC ruling — investment secretary

CAMP JOHN HAY — BW FILE PHOTO

FREDERICK D. GO, Special Assistant to the President for Investment and Economic Affairs said a Supreme Court (SC) decision resolving a dispute between the Bases Conversion and Development Authority (BCDA) and lessee, CJH Development Corp. holds the potential to open up the John Hay Special Economic Zone (SEZ) to investors.

“This development will enable the government to unleash the full potential of the John Hay SEZ and spur inclusive economic opportunities for northern Luzon,” Mr. Go said in a statement Thursday.

“We invite private sector partners to look into John Hay as an ideal investment hub in the northern region for commerce, eco-tourism, and leisure,” he added.

He said that this development will help in realizing the Marcos administration’s goal of promoting investment “by utilizing and fully supporting ecozones, consequently bringing in strategic industries and promoting growth outside Metro Manila.”

The SC said on April 10 that it had upheld an arbitral ruling ordering CJH Development to vacate John Hay.

The SC, through Justice Japar B. Dimaampao, upheld the decision of the Philippine Dispute Resolution Center, Inc. (PDRCI), which found that CJH Development and BCDA breached their obligations under their agreement.

The decision ordered both parties to revert to their original positions prior to the execution of the agreement, as far as practicable.

In particular, CJH Development was ordered to return the leased property with the improvements to BCDA, with the BCDA to refund the rent paid by CJH Development worth P1.42 billion.

On Monday, Executive Secretary Lucas P. Bersamin also welcomed the decision and said: “The BCDA will meet with stakeholders to map out the next plan of action following the ruling of the High Court.”

In a previous statement, the BCDA said that the decision will allow it to recover the 247-hectare property in the former Camp John Hay, a former rest and recreation center for US forces based in the Philippines. — Justine Irish D. Tabile

DTI, Plug and Play accelerator program expected to help 40 startups each year

PLUG AND PLAY TECH CENTER FB PAGE

AT LEAST 40 startups annually are expected to obtain funding and training from an accelerator program launched by the Department of Trade and Industry (DTI) and US venture capital firm Plug and Play Tech Center.

 On the sidelines of the program launch late Wednesday, Plug and Play Co-Founder Jose Avelino Flores said in partnership with the DTI, Plug and Play will act as the facilitator in identifying the problems faced by startups and market them to sources of capital worldwide.

 “Normally, with startups, and we see about 20,000 a year globally; these startups will not have 100% of the solutions,” he said.

 “So they will have to go through that acceleration program where, on that platform, they will work with the industry to build the products that will work,” he added.

Plug & Play can help the startups tap the $10 billion pool of the firm’s network globally, said Mr. Flores.

“You know, I invest about $25 million a year in startups. But… it’s just one fund. I am relatively small, and I have access to at least $10 billion worth of funding from our network globally,” he said.

The project will not only be open to Filipino startups but also international ones as well, and will cycle every six months with at least 20 participants in each batch.

“The idea is that these startups will now also attract foreign direct investment from venture capitalists in the Philippines, attract other companies that also want to look at their solutions and build those solutions,” he said.

“Because these solutions will be built anyway in other parts of the world, so why are we waiting and buying these solutions made outside of the country when we can build them here? So that is the idea, so we will have the intellectual property,” he added.

He said that the long-term goal of the program is for the startups to sell their solutions to the global market after being deployed in the Philippines.

Called the National Startup Accelerator Platform, the program will initially run for two years and is expected to be extended to five years.

Under the partnership, the DTI will be providing the office and coworking space to house the startups at the National Innovation Gateway.

“And of course, we’ll introduce them to existing startups that we’re working with already out of our other programs,” Trade Secretary Alfredo E. Pascual said.

In terms of priorities, Mr. Pascual said these include artificial intelligence, cybersecurity, software development, animation, agritech, and foodtech.

During the launch, Plug and Play also signed a memorandum of understanding with its first corporate partner under the accelerator program, DFNN, Inc.

Under the partnership, DFNN Executive Chairman Ramon C. Garcia, Jr., said that the company will provide the incubating companies with access to markets for their products.

“Second, we ourselves are also contributing cash for the next five years to seed these startups, and what the DFNN Group hopes to get in return is an external way to look at innovative processes that we ourselves may tap and use within our own operations,” he said. 

“Remember, when you talk about seed funding, you’re talking about $10,000–$20,000 per investee. So it really doesn’t take a lot, but we’re hoping to get a big return over the next number of years,” he added.

In particular, the DFNN is interested in innovations involving cybersecurity, defense technology, and space technology. — Justine Irish D. Tabile

NEDA Board to approve revised PGH cancer center plan next week

PHILIPPINE GENERAL HOSPITAL FACEBOOK PAGE

THE National Economic and Development Authority (NEDA) board is set to approve a revised plan for the Philippine General Hospital (PGH) cancer center next week, addressing changes in project cost and parameters, the Public-Private Partnership (PPP) Center said Thursday.

 “The thing with cancer center is since it was the first approved (PPP project) under the Marcos administration, some of the assumptions were set in the pre-pandemic (period)” PPP Executive Director Ma. Cynthia C. Hernandez told reporters on the sidelines of a luncheon organized by the European Chamber of Commerce of the Philippines.

 The NEDA Board, which is chaired by President Ferdinand R. Marcos, Jr., initially greenlit the project on Feb. 2, 2023.

However, the cost for the 300-bed cancer center was raised to P9.4 billion from P6 billion. This includes the financing, design, engineering, construction, operation, and maintenance of the hospital.

“When they were drafting the detailed terms and conditions, I think PGH realized that they need to substantially upgrade the standards, especially they want it to be world class. So there were adjustments to the project cost which necessitated another round of NEDA (Board) approvals,” Ms. Hernandez said. — Beatriz Marie D. Cruz

Well-milled rice prices average P57.03 per kilo in early April

PHILIPPINE STAR/WALTER BOLLOZOS

THE national average retail price of well-milled rice in early April was P57.03 per kilogram (kg), the Philippine Statistics Authority (PSA) said in a report.

The average price was up from the P56.95 recorded between March 15 and 17, which the PSA refers to as the second phase of the month.

The highest retail price in the first phase was reported in Central Luzon, averaging P59.18 per kg during the period.

At the low end during the period was Ilocos Region with rice prices averaging P50.37 per kg.

The PSA reported that regular-milled rice averaged P51.39 per kg, up from P51.21 per kg during the first phase.

The highest price for regular-milled rice was recorded in the Bangsamoro Autonomous Region in Muslim Mindanao, with an average of P54.70 per kg.

Cagayan Valley posted the lowest price for well-milled rice at P46.69 per kg.

The Department of Agriculture has said that the retail price of rice is expected to remain elevated until midyear due to the impact of El Niño.

Meanwhile, the PSA said that brown sugar averaged P76.37 per kg, a 0.4% increase from the previous period.

The PSA reported that brown sugar prices were highest in Calabarzon at P88.3 per kg during the first phase of April.

The lowest average price was reported in the Caraga Region at P69.47 per kg.

The PSA reported that the national average retail price for refined sugar was P87.29 per kg.

For the first phase of April, prices in Calabarzon were the highest with sugar averaging P96.56 per kg.

Prices for refined sugar were also lowest in Zamboanga Peninsula, where they averaged P81.43 per kg. — Adrian H. Halili

Recto invites investment in infrastructure, energy projects

FINANCE SECRETARY RALPH G. RECTO — DEPARTMENT OF FINANCE FACEBOOK PAGE

FINANCE Secretary Ralph G. Recto invited US investors to look into Philippine infrastructure and energy projects, as well as collaborate with the Maharlika sovereign wealth fund.

“We eagerly look forward to the US becoming a key player in realizing our development goals by strengthening our long-standing alliance with more forward-looking business partnerships,” he said in his speech at the Philippine Dialogue in Washington.

The dialogue was held on the sidelines of the World Bank Group-International Monetary Fund (WB-IMF) Spring Meetings.

Mr. Recto cited bright spots such as the Philippines’ resilient economic growth driven by domestic demand, the young labor force, the tourism recovery, pro-business policies and continued fiscal consolidation.

“The Philippines is now open to full foreign ownership of renewable energy projects. This will help unlock the vast potential of the country’s mineral sector, valued at $6 trillion,” Mr. Recto said.

“We also now allow full foreign ownership in public services like telecommunications, airports, and shipping. And we have lowered the minimum paid-up capital requirement for foreign corporations,” he added.

National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan, in a statement, said that the government has worked to improve ease of doing business in the Philippines.

“These reforms and initiatives clarify ambiguities in the rules, expand markets for our industries, streamline government processes, and promote more competition. Through the President’s policy issuances, we have underscored the government’s strong commitment to promote the ease of doing business,” he said.

Mr. Recto also invited investors to look into infrastructure projects. The government currently has 185 flagship infrastructure projects worth P9.14 trillion.

“The Maharlika Investment Fund, our first sovereign wealth fund, also presents an ideal platform for private-sector engagement in financing our flagship infrastructure projects,” he added.

Meanwhile, Mr. Recto urged multilateral lenders to ramp up assistance to developing economies.

“I urge the World Bank, the International Monetary Fund, and other partners to intensify their efforts in assisting developing countries to mitigate and reverse the factors threatening our growth prospects,” he said in his Intergovernmental Group of Twenty-Four (G24) speech.

“The primary concern for emerging markets and developing economies is securing immediate access to short-term liquidity and affordable long-term financing to navigate the turbulent waters ahead,” he added.

Mr. Rectocalled for more “ambitious” lending targets to ensure that development goals are met.

“Without improvements to financing conditions in the short term, decades of individual and global efforts to eradicate poverty and inequality, combat climate change, and invest in growth-enhancing infrastructure projects will be put to a halt, if not reversed,” he said.

In its communique, the G24 called on policymakers to “be mindful of the heightened trade‑offs in policy choices.”

“External risks are likely to remain as disinflation policies prevail. Risks from persistent core inflation could trigger additional monetary policy tightening, further compounding already high levels of debt, fiscal and current account imbalances, with negative effects on economic prospects,” it said.

“This means that the goal of achieving sustainable and inclusive development by 2030 is more challenging than before. We ask all parties of the international community, especially multilateral organizations, to work together and make their best efforts to accelerate progress,” it added.

The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, or G24, was established in 1971.

The governing body of the G24 meets twice a year to discuss key global issues, preceding the Spring and Fall meetings of the WB-IMF. The communique emerging from the meetings reflects the consensus views of member countries. — Luisa Maria Jacinta C. Jocson

Axelum signs multi-year coconut water supply deal with US brand Vita Coco

AXELUM Resources Corp. signed a 10-year coconut water supply deal Thursday with US customer The Vita Coco Company., Inc.

Axelum Chairman and Chief Executive Officer Romeo I. Chan said that the deal runs until 2033, with an additional option for extension by another five years.

Asked about the value of the deal, Mr. Chan declined to answer.

He added that the supply deal will bolster the company’s “fastest-growing segments,” adding that the company is focused on meeting growing demand from Vita Coco.

Axelum recently constructed a new facility to bolster production and meet the long-term volume requirements of Vita Coco.

“We are buying coconuts up to a 200-kilometer radius all over Mindanao, and we’ve augmented the income of farmers by buying 187 million coconuts every year, that’s valued at P1.12 billion,” Mr. Chan said.

Axelum has business interests in manufacturing coconut water and other such products for the domestic and international markets.

It ships its products to the US, Canada, Australia, New Zealand, Europe, the Middle East, Japan, and elsewhere in Asia.

Mr. Chan said that the company has supplied about 260 million liters of coconut water since 2009, when Axelum became the first non-Brazilian supplier to Vita Coco.

Citing a report by SkyQuest Technology, Mr. Chan said that the global coconut water market is set to expand to $25.18 billion by 2031, with a compounded annual growth rate of 16.1%.

“As far as supply, we strive for the highest number. But our goal is to double and then redouble the business. We want to grow,“ Jonathan Burth, Vita Coco chief operating officer said.

Mr. Burth added that Axelum supplies around 40% of the company’s coconut water requirements.

Vita Coco’s products include Original Coconut Water, Farmers Organic and Pressed Coconut Water. — Adrian H. Halili