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‘Hell and back’: mass rape survivor Gisele Pelicot recounts her ordeal in memoir

MIKA BAUMEISTER-UNSPLASH

GISELE PELICOT, the French woman whose husband was convicted of inviting dozens of men to rape her unconscious body, has released her memoir, recounting the horrors she endured and why she chose to go public in a trial that shocked the world.

“A Hymn to Life”, published on Tuesday, retraces the 2024 mass-rape case that turned Ms. Pelicot, 73, into a global symbol in the fight against sexual violence – and which spurred France to revamp its rape law.

Explaining her decision to waive her right to anonymity, she wrote: “No one would ever know what they had done to me… No one beyond those involved in the trial would see their faces, look them up and down and wonder how to pick out the rapists among their neighbors and colleagues.”

‘HELL AND BACK’
Describing the moment she learned her husband had drugged and raped her for years, she wrote that police had initially asked if she and her then-husband were swingers. When she had replied that they weren’t, she was shown images of herself, unconscious in bed with unknown men.

“The officer says a number. He tells me fifty-three men had come to my house to rape me,” the memoir reads.

She then recounts how she went home and hung out her husband’s washing. “I was like a dog waiting by the garden gate for its master,” she wrote.

She also describes the difficult task of telling friends and, especially, her children, and how she was aware that her daughter Caroline was about to “go through hell and back.”

In addition to her now ex-husband Dominique Pelicot, 50 men were convicted of raping Gisele Pelicot.

‘FAITH IN PEOPLE … IS MY REVENGE’
During the trial, Gisele Pelicot never directly addressed Dominique Pelicot but she wrote that she planned to visit him in prison to seek answers.

“Did you ever think, ‘I must stop’? Did you abuse our daughter? Did you commit the most abject crime of all? Do you have any idea of the hell we’re living in? … Did you kill? … I’ll ask him all these questions. I need answers; he owes me that much.”

Ms. Pelicot says she has drawn strength from the thousands of letters she has received from women around the world and from the women waiting outside the courtroom.

“Not long after the trial began, I started to be presented with a bundle of correspondence at the end of each day … I preferred to read their letters rather than the newspapers; they gave me the chance to listen to women’s voices,” she wrote.

“How could I tell the women … that their presence outside the courtroom eased for me what was happening inside.”

In her book, Ms. Pelicot also describes how she found love again with a man she met through mutual friends.

The evening she met him, she recalled in the book she “was light-headed with happiness.”

“I needed to love again. I wasn’t afraid. … I still have faith in people. Once, that was my greatest weakness. Now it is my strength. My revenge.” — Reuters

UK jobless rate hits highest in over a decade outside pandemic

REUTERS/TOBY MELVILLE/FILE PHOTO

LONDON — Britain’s jobless rate edged up late last year to its highest in over a decade outside the pandemic period and wage growth slowed further, data showed on Tuesday, adding to investor bets on a UK interest rate cut next month.

The unemployment rate rose to 5.2% in the last three months of 2025, the highest since 2015 not including the pandemic, according to the data from the Office for National Statistics. It hit 5.3% in late 2020 and stood at 5.1% in the three months to November last year.

The jobless rate is calculated from a survey that the ONS is in the process of overhauling after response rates dipped too low during the pandemic. However, analysts say the quality of the data has improved in recent months.

Sterling fell by more than half a cent against the dollar after the figures were published.

“Today’s data raises the prospect of the Bank of England resuming cutting interest rates in March,” Yael  Selfin, chief economist at KPMG UK, said.

Investors priced a roughly 73% chance of a quarter-point rate cut on March 19 at the BoE’s next meeting, up from 65% on Monday.

The data from the ONS showed weaker inflationary heat from growth in workers’ earnings.

Annual wage growth, excluding bonuses, slowed to 4.2% in the last three months of 2025 compared with the same period a year earlier, matching forecasts by most economists in a Reuters poll and down from 4.4% in the three months to November.

The BoE is watching pay as a gauge of how long Britain’s above-target inflation is likely to last.

Earlier this month, the central bank said previously strong wage growth in the private sector was starting to reflect the weakening of the jobs market.

Private sector annual wage growth excluding bonuses slowed to 3.4% in the three months to December, down from 3.6% in the three months to November.

Last week ONS data showed weaker-than-expected growth in the overall economy in the October-to-December period, hurt in part by speculation about tax increases in finance minister Rachel Reeves’ budget at the end of November.

There were some signs in the most recent figures included in Tuesday’s data release that the labor market might be stabilizing after taking a hit on Ms. Reeves’ increase last April in a tax paid by employers.

The number of people in payrolled employment fell by 11,000 people in January from December.

In December, payrolls fell by a revised 6,000, the smallest drop since August last year and a much softer fall than a provisional estimate of a plunge of 43,000. — Reuters

Australia rules out helping families of IS militants leave Syrian camp

STOCK PHOTO | Image by Rebecca Lintz from Pixabay

SYDNEY — Australian Prime Minister Anthony Albanese said on Tuesday his government would not help Australians in a Syrian camp holding families of suspected Islamic State militants return home, with the government open to prosecutions if they make it back.

“We have a very firm view that we won’t be providing assistance or repatriation,” Mr. Albanese told ABC News.

Thirty-four Australians released on Monday from a camp in northern Syria were returned to the detention center due to “technical reasons,” two sources told Reuters on Monday.

Dubbed “IS brides” by local media – though the cohort also includes children – they are expected to travel to Damascus before eventually returning to Australia, despite objection from ruling and opposition lawmakers.

A spokesperson for Home Affairs Minister Tony Burke said Australia’s security agencies had been monitoring the situation in Syria, and said those who had broken the law would be prosecuted.

“People in this cohort need to know that if they have committed a crime and if they return to Australia they will be met with the full force of the law,” he said.

Islamic State is a listed terror organization in Australia, with membership of the group punishable by up to 25 years in prison. Australia also has the power to strip dual nationals of citizenship if they are an Islamic State member.

SURGE IN RIGHT-WING POPULISM
The return of relatives of suspected IS militants is a political issue in Australia, that has seen a surge in popularity of the right wing, anti-immigration One Nation party led by Pauline Hanson.

“They hate Westerners, and that’s what it’s all about. You say there’s great Muslims out there, well I’m sorry, how can you tell me there are good Muslims?” Hanson said in an interview on Sky News on Monday, following news of the suspected Islamic State family members return.

The comments were criticized by members of Ms. Hanson’s party.

A poll this week found One Nation’s share of the popular vote at a record high of 26%, above the combined support for the traditional center-right coalition currently in opposition.

Sarah Henderson, a senator in the Liberal party that has seen its vote eroded by One Nation, said on Tuesday that Australians with sympathies towards Islamic State should be barred from reentering the country.

“If these are people who subscribed to ISIS ideology, who subscribe to this extremist ideology, then they should not be returning to Australia,” she told ABC.

Australian citizens have a legal right to enter the country under both local and international law. — Reuters

EU ill-prepared for worsening climate change, advisers say

STOCK PHOTO | Image by Jcomp from Freepik

BRUSSELS — The European Union is not prepared for worsening climate change and should urgently step up its investments to protect people and infrastructure from mounting floods, wildfires, and severe heatwaves, its independent advisers said on Tuesday.

Climate change has made Europe the world’s fastest-warming continent, according to the World Meteorological Organization, driving more frequent and intense heatwaves, flooding, coastal destruction and storms.

The economic damage to European infrastructure and buildings from weather and climate extremes is now 45 billion euros ($53.34 billion) per year, five times higher than in the 1980s, EU data show.

While the EU has ambitious targets to cut greenhouse gases – the main cause of climate change – its efforts have fallen short on adapting to the extreme weather climate change is already fueling, according to the EU’s advisers, the European Scientific Advisory Board on Climate Change.

“It is a lack of coherence, a lack of coordination, and also a lack of budget,” said the advisory board’s chair, Ottmar Edenhofer.

Without stronger preparations, extreme weather will further harm the EU’s competitiveness, straining public budgets and increasing security risks, the advisers said.

They recommended the EU agree to prepare, across all member states, for risks associated with 2.8 to 3.3°C of warming by 2100.

This should be used to develop policies to help people and businesses adapt, the advisers said – for example, ensuring housing is not built in flood-exposed areas, planning support for drought-hit farmers, or designing cities to help people stay cool when temperatures spike.

The average global temperature is now 1.4C higher than in pre-industrial times. Countries’ latest national climate pledges, if achieved, would still lead to 2.3 – 2.5°C of global warming this century, according to the UN.

The EU advisers said another key area is investing in public early warning systems and increasing insurance coverage, for example, by considering EU-level reinsurance. Only a quarter of climate-related economic losses in the EU are currently insured.

The European Commission will propose a new strategy on “climate resilience” later this year, following weather disasters including 2023 floods in Slovenia whose reconstruction costs equaled 11% of the country’s GDP, and Europe’s worst wildfire season on record last year. — Reuters

Heavy rain batters New Zealand’s South Island, triggers flood warnings

STOCK PHOTO | Image by Hermann Traub from Pixabay

SYDNEY — Heavy rain pummeled New Zealand’s South Island on Tuesday, triggering flooding and forcing the closure of roads and bridges, as a powerful storm that caused widespread destruction in the capital Wellington since the weekend moved south.

New Zealand’s weather bureau said a low-pressure system off the east coast could bring further bursts of heavy rain through Tuesday, warning that rivers and streams could rise rapidly and that landslips were possible.

Large waves and dangerous sea conditions are also expected, MetService New Zealand said in its latest update.

A local state of emergency was declared on the Banks Peninsula near Christchurch, New Zealand’s second largest city, after flooding, fallen trees and landslides disrupted communities, and cut communication and power in some areas.

“We anticipated the weather easing off, but unfortunately that hasn’t happened, and isn’t forecast to begin easing until 6:00 p.m. (0500 GMT),” Christchurch Mayor Phil Mauger said.

Mauger urged residents to conserve water as the wild weather continued, while some households were told to boil water for drinking after flooding damaged a water treatment facility.

The tourist town of Akaroa, about 90 kilometers (56 miles) northwest of Christchurch, was cut off.

Local cafe owner Cameron Gordon said the water had reached the walls of his business. “Worst I’ve seen in my 20 years by quite some margin,” he told NZME media group.

Online images showed collapsed sections of road, flooded streets and fast-rising streams across the region.

The storm earlier caused widespread disruption across large parts of the country’s North Island, where flights were cancelled, major highways closed and power cut to tens of thousands of residents. Several people in Wellington on the North Island remained without electricity on Tuesday, New Zealand media reported. — Reuters

Philippines says takes exception to China embassy comment on job losses 

Job seekers line up at a job fair in Manila. — PHILIPPINE STAR/EDD GUMBAN

MANILA — The Philippines takes “strong exception” to a statement by the Chinese Embassy in Manila that the simmering diplomatic spat between the two countries could result in millions of jobs being lost, the foreign ministry said, adding such comments could be seen as coercive.

The Philippines and China have had repeated maritime confrontations in the contested South China Sea, and there have been sharp exchanges recently between the Chinese Embassy and Philippine officials.

Some senators have said China’s ambassador should be recalled, remarks that prompted the embassy to warn last week that any serious damage to bilateral ties would “cost millions of jobs.”

“We take strong exception to the embassy’s tone, which appears to imply that such cooperation could be withheld as a form of leverage or retaliation,” the Department of Foreign Affairs said in a statement issued late Monday.

“In the current atmosphere, this framing risks being perceived as coercive and undermines constructive bilateral dialogue,” it added, and called on Chinese diplomats to “adopt a responsible and measured tone in public exchanges.”

The Chinese Embassy did not immediately respond to a request for comment. Tuesday is a holiday in China and the Philippines for the Lunar New Year.

The Philippines has accused China of aggressive actions inside its exclusive economic zones in the South China Sea, including dangerous maneuvers, water-cannoning, and disrupting resupply missions.

China, in turn, has accused the Philippines of intruding into what it claims as its territory. — Reuters

OFW remittances hit record $35.6B

A money changer counts dollar bills at an establishment in Quezon City, Jan. 15, 2026. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Katherine K. Chan, Reporter

MONEY SENT HOME by Filipinos abroad jumped to a record high of $35.634 billion in 2025, with the weak peso boosting gains from dollar conversion, the Bangko Sentral ng Pilipinas (BSP) reported on Monday.

BSP data showed total cash remittances rose by 3.3% year on year to $35.634 billion in 2025 from $34.493 billion in 2024.   

The growth in cash remittances last year was well above the 3% growth projection of the BSP for 2025.

In December alone, cash remittances increased by 4.2% to $3.522 billion from $3.38 billion in the same month in 2024, as overseas Filipino workers (OFWs) sent more money home for the holiday season.

This was the highest monthly level of OFW remittances recorded in history.

Month on month, money sent home by OFWs surged by 21.03% from $2.91 billion in November.

The bulk or 39.7% of cash remittances in 2025 came from Filipinos in the United States, followed by Singapore (7.3%), Saudi Arabia (6.6%), Japan (5%), the United Kingdom (4.6%), the United Arab Emirates (4.6%), Canada (3.5%), Qatar (2.9%), Taiwan (2.8%) and Hong Kong (2.5%). 

Full-year cash remittances from land-based workers stood at $28.495 billion, rising by an annual 3.4% from $27.552 billion.

In December, land-based Filipino workers remained the largest senders with $2.831 billion, up 4.5% from $2.712 billion in the same month in 2024.

In terms of sources, inflows from the US made up the bulk or 41.6% of the total land-based remittances. The rest were from Saudi Arabia (8.2%), Singapore (6.5%), the United Arab Emirates (5.7%) and Japan (4.5%).

On the other hand, remittances from sea-based OFWs rose by 2.9% to $7.139 billion in 2025 from $6.941 billion in 2024, driven by a 3.3% annual increase in December remittances to $691.037 million in December.

The US was still the top source of sea-based remittances with 32.2% of the total, followed by Singapore (10.3%), Japan (7.1%), the United Kingdom (5.4%) and Germany (5.4%).

WEAK PESO
Meanwhile, personal remittances, which include inflows in kind, climbed by 3.3% to a new high of $39.619 billion in 2025 from $38.341 billion in 2024.

In December, personal remittances went up by 4.2% to $3.892 billion from $3.733 billion in the same month in 2024.

BSP data showed that these were also the highest personal remittance levels on record.

“The record-high remittances in December and for full-year 2025 were driven by steady overseas employment, particularly in healthcare, maritime, and professional services, alongside seasonal year‑end transfers for household spending, tuition, and debt payments,” Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said in a Viber message.

He also attributed the remittance growth to the peso’s weak performance in the latter part of last year.

“In addition, the weaker peso for much of 2025 likely encouraged higher dollar conversions, boosting peso-equivalent inflows and supporting headline growth,” Mr. Asuncion added.

Late last year, the peso touched the P58- to P59-per-dollar level several times. It averaged P58.8488 against the greenback in December, based on BSP data.

The peso ended 2025 weak after closing at P58.79 against the greenback on Dec. 29, down by 94.5 centavos or 1.61% from its P57.845-per-dollar finish on Dec. 27, 2024.

Meanwhile, Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said the remittances surge in December signaled resilience of OFWs amid global uncertainties.

“This matters for growth: remittances likely added around half a percentage point to GDP (gross domestic product) by supporting consumption, housing, and services,” he said in a Viber message.

According to the central bank, cash remittances accounted for 7.3% of the Philippine GDP and 6.4% of the gross national income in 2025.

Mr. Asuncion said remittances are expected to remain resilient this year, driven by sustained labor demand abroad, steady deployment rates and OFWs’ modest income gains.

“However, upside may be tempered by slower global growth and normalization of post-pandemic labor demand, keeping remittances more of a stable income anchor rather than a strong cyclical growth driver this year,” he added.

Meanwhile, Mr. Ravelas noted that the US’ 1% remittance tax on cash payments, money orders and cashier’s checks for US-based senders could dampen inflows.

“The main risk ahead is the proposed US remittance tax — it won’t derail flows overnight, but higher costs could slow formal transfers and weigh on momentum over time,” he said.

A 1% tax means OFWs in the US are now being charged a dollar for every $100 they send to the Philippines.

“Bottom line: remittances remain a strong tailwind, but we can’t take them for granted,” Mr. Ravelas said.

For this year, the central bank expects cash remittances to grow 3% year on year to $36.6 billion.

February cut may mark end of BSP’s easing cycle

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) is widely expected to deliver another 25-basis-point (bp) reduction to its key policy rate at its first meeting this year, which analysts said could mark the end of its current easing cycle.

“We expect the BSP Monetary Board to deliver a 25-bp rate cut at its Feb. 19 meeting, consistent with recent guidance that some limited policy space for easing remains,” Maybank Investment Banking Group economist Azril Rosli said in an e-mail. “However, the scope for larger moves may no longer be the case.”

Mr. Rosli said a 50-bp cut will likely be off the table considering the inflation uptick in January even after the Philippine economy slumped in the final quarter of last year.

“On one hand, the inflation trajectory is becoming less benign, with both headline and core measures moving higher, narrowing the room for further easing and making aggressive cuts hard to justify, especially as firmer core inflation points to underlying price pressures,” he said.

In January, headline inflation heated up to its fastest in nearly a year at 2% from 1.8% in December but cooled from 2.9% a year ago.

This marked the first time in about a year that inflation hit the central bank’s 2%-4% target.

Meanwhile, core inflation, which excludes volatile prices of food and fuel, likewise quickened to 2.8% last month, from 2.4% in December and 2.6% in the previous year.

Mr. Rosli noted that this would bring the Monetary Board closer to the end of its easing path.

“(T)here’s a higher chance that February’s move could be a final or near-final calibration, rather than the start of a renewed easing phase,” he said.

A BusinessWorld poll conducted last week showed all 16 analysts surveyed expect the Monetary Board to reduce the target reverse repurchase rate anew by 25 bps to 4.25% on Feb. 19.

DBS Chief Economist Taimur Baig and Senior Economist Radhika Rao said the recent dismal growth will cement a sixth straight rate cut on Thursday.

“The dovish stance for February is likely to be further cemented by disappointing growth numbers for (the fourth quarter of 2025), where headline slowed to 3% year on year, at a five-year low,” they said in a report.

Philippine gross domestic product (GDP) expanded by 3% in the fourth quarter, dragging full-year growth to a post-pandemic low of 4.4% in 2025, as governance concerns amid the flood control controversy dampened investments and spending.

Metropolitan Bank & Trust Co. Chief Economist Nicholas Antonio T. Mapa said a rate cut on Thursday would give the economy its much needed boost sooner, considering the delayed impact of monetary policy easing.

“A tired consumer alongside the lack of private sector investment have been weighing on growth ever since the (COVID-19) reopening,” Mr. Mapa said in a Viber message. “Both could use the shot in the arm provided by the air cover of a BSP cut.”

“A reignited private sector investment push remains the missing link to unlocking new sources of growth, outside mainstay household spending,” he added.

Household consumption growth slowed to 3.8% in the fourth quarter from 4.7% a year ago and 4.1% in the third quarter.

Meanwhile, investments fell by 10.9%, a reversal from the 5.5% rise in the same period in 2024 and steeper than the -2.8% posted in the third quarter.

Hannah Liu, research analyst at Nomura Global Markets Research, also expects a quarter point cut on Thursday, although she sees a 35% chance for the BSP to hold steady.

The Monetary Board will also likely maintain its less dovish stance after it delivers a 25-bp cut on Thursday, she noted, adding that upcoming economic data will guide the BSP’s policy path going forward.

“We expect the BSP’s monetary board meeting to be similar to the one in December, when it turned less dovish and emphasized that the end of its easing cycle is near, after the substantial rate cuts delivered so far,” Ms. Liu said in a report.

“Still, BSP will, in our view, continue to indicate data dependence, given the high uncertainty of the extent of the drag on the economy from the corruption scandal and spillover effects,” she added.

Since August 2024, the central bank has so far lowered borrowing costs by a cumulative 200 bps, which brought the benchmark rate down to 4.5% from 6.5%.

BSP Governor Eli M. Remolona, Jr. earlier left the door open for further easing to help spur domestic demand.

However, he noted that current economic data may have narrowed their easing space, with business confidence starting to recover.

For Mr. Rosli, another rate cut after February will only be possible if inflation eases and growth remains sluggish.

“Beyond February, additional cuts are conditional rather than assured,” he said. “A final 25-bp cut later in 2026 remains possible only if inflation momentum clearly eases and growth continues to underperform.”

The Monetary Board will have six policy meetings this year, with the first one to be held on Feb. 19. The rest are scheduled for April 23, June 18, Aug. 27, Oct. 22 and Dec. 17. — Katherine K. Chan

Analysts warn removing VAT exemptions for senior citizens will be ‘socially harmful’

INDIGENT senior citizens receive cash handouts from the welfare office in Quezon City, July 31, 2025. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Aubrey Rose A. Inosante, Reporter

REMOVING value-added tax (VAT) exemptions for senior citizens as well as private education and healthcare may boost government revenue collections, but analysts warned this move is “socially harmful” and will drive up expenses for most Filipinos.

Bureau of Internal Revenue (BIR) Commissioner Charlito Martin R. Mendoza said the agency will leave it up to Congress if it will heed the suggestion of the Organisation for Economic Co-operation and Development (OECD) to phase out tax exemptions for senior citizens, private schools and private hospitals.

“If you reduce the exemptions, the collection will increase. That’s the effect… It depends on the wisdom of Congress. We leave that up to them,” he told reporters on Feb. 13.

The OECD in a report last week said the Philippines should consider phasing out VAT for private healthcare, education, and senior citizens, so the government can optimize taxes and revenue collections.

The Philippines charges a 12% VAT on sales, leases, barter, and imports of goods and services, the highest in Southeast Asia.

Senior citizens currently enjoy a 12% VAT exemption under the Expanded Senior Citizens Act, while private education and healthcare providers also benefit from tax breaks.

IBON Foundation Executive Director Jose Enrique “Sonny” A. Africa said removing these VAT exemptions will raise costs for families reliant on these tax perks amid weak public health services.

“Removing VAT exemptions for healthcare, education, and senior citizens is regressive and will disproportionately burden lower- and middle-income households. It is socially harmful in raising the cost of living for lower- and middle-class households relying on private schools, for families driven to private healthcare due to weak public health system, and for elderly households with fixed incomes,” he told BusinessWorld in a Viber message last week.

Mr. Africa said this would also dampen household spending at a time when consumers are already grappling with high prices.

“Fiscal consolidation that relies on more regressive consumption taxes undermines inclusive growth rather than supporting it,” he said.

Mr. Africa called for progressive taxation on billionaires, high-income families, and large corporations.

He also noted that the BIR should improve VAT administration and reduce leakages, in order to avoid putting undue burdens on lower-income and middle-class families.

Eleanor L. Roque, a tax principal at P&A Grant Thornton, said ending these tax perks could drive up healthcare and education costs.

She noted VAT exemptions for senior citizens allow them to make ends meet.

“For the seniors, we need to support them as much as we can as they do not have regular work anymore. In other countries, they would have gotten a sufficient pension during their retirement. They don’t get that here,” Ms. Roque said in a Viber message on Feb. 13.

BMI Pharmaceuticals & Healthcare Analyst Ben Yau said removing VAT exemptions for private healthcare would boost government revenues but risk driving up costs for Filipinos.

“While the introduction of VAT would increase costs and could affect the country’s competitiveness as a medical tourism destination, domestic demand for private healthcare is likely to remain robust,” he said in an e-mailed statement on Feb. 15.

Private healthcare in the country is largely accessed by middle‑ to upper‑income households, expatriates, and foreign patients, Mr. Yau said.

Many residents continue to rely on private providers given gaps in the public system, he said, noting that demand will persist even as prices climb, with higher‑income patients absorbing the added costs.

“Lower income private users will be more sensitive to price changes and may shift to the public sector for some services or adjust use patterns, such as reducing frequency or opting for lower cost providers,” he said.

BMI projects that Philippine private health expenditure will expand at a 7.7% compounded annual growth rate between P823 billion in 2025 and P1.19 trillion in 2030.

However, OECD economist Cyrille Schwellnus defended the Paris-based body’s suggestions, arguing that the tax breaks benefit higher-income individuals rather than intended poor beneficiaries.

“If you think of specifically the tax exemption for senior citizens, the senior citizens who consume most benefit the most because you get a discount at the shop on VAT,” he told BusinessWorld on the sidelines of the launch event last week.

Mr. Schwellnus said the Philippine government should shift to targeted cash transfers for indigent senior citizens, which will address fiscal consolidation and reduce inequality at the same time. 

“We think these cash transfers need to be based on a social registry. They need to be predictable,” he said.

At the same time, BMI Country Risk Analyst Brandon Ong said the Philippine government will likely retain some VAT exemptions, which will slow fiscal consolidation efforts.

“Our view is that the government will not fully phase out VAT exemptions and expect fiscal consolidation to remain slow,” he said in an e-mailed statement on Monday.

Mr. Ong also said the phasing out the VAT exemptions will be unpopular but is timely amid limited tax reform in the Philippines.

The administration pledged there will be no new taxes until the end of President Ferdinand R. Marcos, Jr.’ term in mid-2028.

Philippines, US seal $4.2-M deals to expand civil nuclear cooperation

Technical Education and Skills Development Authority Secretary Jose Francisco B. Benitez, Philippine American-Educational Foundation Executive Director Julio Amador III, Manila Electric Co. Chairman Manuel V. Pangilinan, United States Trade and Development Agency Deputy Director Thomas Hardy, Aboitiz Power Corp. Chief Corporate Services Officer Carlos C. Aboitiz. Also in photo (top row): Principal Deputy Assistant Secretary of State Ann Ganzer, Energy Secretary Sharon S. Garin, Philippine Ambassador to the US Jose Manuel G. Romualdez, Department of Foreign Affairs Undersecretary for Policy Leo Herrera-Lim.

THE PHILIPPINES is gaining more support from the United States in its goal of integrating nuclear power into the national energy mix in the next six years as it sealed $4.2 million worth of deals with US companies.

Government agencies and private companies from the Philippines and the US on Monday entered into memoranda of understanding which are aimed at exploring deployment of nuclear technology and supporting nuclear workforce development in the country.

“The Philippine Energy Plan sets clear direction for an energy future — 1,200 megawatts (MW)by 2032. And that is not moving until somebody tells us that it’s impossible,” Energy Secretary Sharon S. Garin said in her speech during the signing ceremony in Makati City on Monday.

“These targets demand preparation, anchored in discipline, safety, and capacity. As we pursue energy security and a responsible transition, we must invest in our people as deliberately as we invest in infrastructure,” she added.

Under the Philippine Energy Plan, the country aims to integrate nuclear energy into the power mix with at least 1,200 MW of capacity by 2032, rising to 2,400 MW by 2045 and to 4,800 MW by 2050.

“We want to work together to get the Philippines to the finish line on nuclear energy,” Ann K. Ganzer, principal deputy assistant secretary at the US Department of State’s Bureau of Arms Control and Nonproliferation, said.

“Beyond acquiring the technology and establishing robust regulations, to achieve that 2032 goal, the most vital elements will be assessing sites for commercial reactor and developing the skilled workforce needed to design, construct, operate, regulate and sustain advanced nuclear plants for generations to come,” she added.

Manila Electric Co. (Meralco), the country’s largest private electric distribution utility, secured a $2.7-million grant from the United States Trade and Development Agency to help the company assess and deploy US-designed small modular reactors (SMRs) in the Philippines.

Meralco will pursue a feasibility study which involves an evaluation of leading US technologies, identification of viable sites, and delivery of a high-level implementation roadmap.

SMRs, each capable of generating up to 300 MW, can be constructed more quickly than traditional nuclear power plants.

Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan described the grant as “the beginning of a long but necessary journey.”

“Meralco is also looking actually at not only SMRs. It depends on the horizon by which we are able to deploy, but also, perhaps a bit sooner, conventional nuclear plants for this country,” Mr. Pangilinan said.

“It simply is right for the country and for Meralco to take nuclear, and we are prepared to act as thought leaders in this regard,” he added.

The US State Department’s Foundational Infrastructure for Responsible Use of Small Reactor Technology Program involves the installation of a $1.5-million nuclear reactor control room simulator at a technical institution within the planned Luzon Economic Corridor.

The simulator will provide hands-on realistic training for future reactor operators, which is aimed at positioning the Philippines as an SMR regional training hub.

Meanwhile, several private companies and government agencies also contributed $2.5 million to bring US nuclear experts to the Philippines to develop specialized vocational and higher education curricula focused on the civil nuclear industry.

The partnership includes Aboitiz Power Corp., US-based integrated energy solutions firm EoS Organization, Technical Education and Skills Development Authority, and the US Department of State led by Fulbright Philippines.

In 2024, the Philippines and the US inked an agreement for cooperation in the peaceful uses of nuclear energy, commonly known as a “123 Agreement.” — Sheldeen Joy Talavera

Jollibee Q4 sales up 12% at P122.3B; Compose Coffee to launch in PHL

PHILSTAR FILE PHOTO/COMPOSE COFFEE, HANDOUT

JOLLIBEE FOODS CORP. (JFC) on Monday reported preliminary fourth-quarter (Q4) systemwide sales of P122.3 billion, up 12% from the same period in 2024, and said its subsidiary will launch Compose Coffee in the Philippines.

JFC’s subsidiary Fresh N’ Famous Foods, Inc. (FNF) has signed a master franchise agreement to launch Compose Coffee in the Philippines.

“In every market where it operates, we’ve seen a disciplined operating model and deep focus on product quality that creates a repeatable formula for growth,” Jollibee Group Chief Financial and Risk Officer and Jollibee Group International Chief Executive Officer (CEO) Richard Shin said in a statement on Monday.

“Compose Coffee’s entry into the Philippines reflects the Jollibee Group’s commitment to scaling brands with strong global potential,” he added.

Compose Coffee, which started in South Korea in 2014, is aimed at making coffee widely available. It is expected to integrate into Jollibee Group Philippines’ portfolio, expanding the company’s beverage operations using its operational processes, scale, and local consumer data, according to the group.

“We are extremely excited to launch Compose Coffee in the Philippines this 2026, aligned with its mission of making high-quality coffee more accessible to consumers,” Jollibee Group Philippines CEO Joseph Tanbuntiong said.

“This planned launch strengthens one of our key strategic growth pillars — the coffee and tea segment — and positions the Jollibee Group to play a more meaningful role in our customers’ daily routines.”

In January, Compose Coffee opened more than 1,000 stores in the past 18 months, bringing its total gross network to over 3,000 locations. In the same month, Compose Coffee received the highest customer satisfaction rating among low-cost coffee franchises in a survey conducted by the Korea Consumer Agency (KCA).

In a separate disclosure, Jollibee’s 70%-owned subsidiary, Jolli-K Co., Ltd., signed agreements to fully acquire All Day Fresh Co., Ltd., operator of the Shabu All Day hot pot and all-you-can-eat restaurant brand.

All Day Fresh, founded in 2014 and based in Seoul, runs 169 Shabu All Day stores in South Korea as of January 2025. The brand reports systemwide sales of $285 million annually, with per-store revenue of $2.4 million.

After the acquisition closes, Shabu All Day will be consolidated into JFC’s financials, adding about 1% to store count.

This is projected to increase revenues by 2%, raising international business to 46% of global revenues, and increase global earnings before interest and taxes (EBIT) by 8% in 2026.

“The inclusion of Shabu All Day in the portfolio is expected to materially increase Korea’s EBITDA and EBIT contribution to Global JFC,” the company noted.

Elevation Equity Partners Korea Ltd. (Elevation) and JFC began their strategic partnership in August 2024 by acquiring Compose Coffee, which Korean media and research groups named the top M&A deal of 2024. Elevation holds a 30% effective stake in Jolli-K and continues as JFC’s strategic partner.

“With Compose Coffee and now Shabu All Day, JFC continues to demonstrate its strengthened ability to acquire high‑quality, profitable businesses that align squarely with our strategic pillars and deliver meaningful long-term value to our shareholders,” JFC Chairman Tony Tan Caktiong said.

“These investments reflect JFC’s disciplined approach to capital allocation, prioritizing opportunities that are both financially accretive and operationally scalable.”

PRELIMINARY Q4 RESULTS
Philippine operations boosted systemwide sales by 9.7% during the quarter, driven by Jollibee at 9.8%, Mang Inasal at 20.5%, and Chowking at 5.4%.

International operations increased 15.4%, led by Europe, the Middle East, Asia, and Australia (EMEAA) Philippine brands at 27.7%, Compose Coffee at 24.2%, Highlands Coffee at 23.1%, and Jollibee North America at 18.7%.

JFC’s store network expanded 5.9% to 10,341 outlets by end-2025, with 3,504 in the Philippines and 6,837 abroad.

International locations included 576 in China, 348 in North America, 437 in EMEAA, 985 Highlands Coffee outlets (mostly Vietnam), 1,079 Coffee Bean & Tea Leaf stores, 357 Milksha outlets, 2,972 Compose Coffee stores, and 83 Tim Ho Wan branches.

For full-year 2025, systemwide sales rose 16.6% year on year.

Last month, JFC announced plans to spin off its international business into a standalone company, Jollibee Foods Corp. International (JFCI), which it will list on a US stock exchange by late 2027. Domestic operations will remain listed locally.

Shares of JFC rose 0.58% to P209 apiece at the local bourse on Monday. — Alexandria Grace C. Magno

Hot air balloon fiesta fills New Clark City with love

LIGHTER THAN AIR CHARACTERS: Finley the Turtle from the UK, Boo from the USA, Master Zaba from the UK, the Walrus from Brazil, and the Gnome from Macedonia. — CRECENCIO CRUZ

THE 26th edition of the Philippine International Hot Air Balloon Fiesta (PIHABF) filled the air in New Clark City with love, as 22 special-shaped balloons covered the sky with nothing but color and fun over the Valentine’s weekend.

There were sunrise balloon ascents, night glows, paragliding exhibitions, and paper plane competitions, among others.

“When we first started the fiesta in Clark, Clark was known for being the US base, but now, when you take a look at the advertisements, they use a hot air balloon as their logo,” PIHABF Foundation Inc. Founder and Event Director Joy Roa told reporters in a briefing. “It has been the attraction that they use to invite people to come over, and we hope we can help continue that and develop that into another New Clark City,” he added.

Founded in 1994, the balloon festival was a landmark attraction in Clark, Pampanga, for about 20 years.

In 2024, PIHABF found a new home in New Clark City, opening new opportunities for the airborne attraction.

“Of course, it’s a challenge. The staging [area] was made for running, soccer, and other sports,” Mr. Roa said. “What’s interesting and what’s challenging is that all of us made an effort to study how we can put things together and make the activity not only exciting but also safe,” he said. “It’s a learning process, I think we’ve refined from the first activity to this activity. We’ve refined a lot of aspects of the event,” he added.

The 22 balloons were flown by pilots from seven countries around the globe, including Macedonia, Brazil, and Switzerland.

“This is the first time that we are having 22 special-shaped balloons… So it’s really exciting,” BCDA Vice-President for Investment Promotions and Marketing Erwin Kenneth R. Peralta said in a briefing. “Other countries offer [hot air balloons], like Cappadocia in Turkey, but you still have to fly all the way there, which is very expensive… You have it here in Clark,” he added.

About 30,000 visitors, families, friends, and lovers gathered in Tarlac for the three-day event which ran from Feb. 13 to 15 to celebrate love while watching the vibrant balloons float in the air.

“Beyond the figures, what we witnessed was families spending a day of love and joy together. We saw balikbayans returning home, foreign visitors discovering New Clark City for the first time, and local communities proudly welcoming them. That is the kind of place we set out to build, one where infrastructure serves people and brings communities together,” BCDA President and Chief Executive Officer Joshua M. Bingcang was quoted as saying in a statement. — Almira Louise S. Martinez