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US museum returns Ghana’s first batch of looted gold regalia

Unidentified member(s) of gold workers’ guild (Asante peoples, Kumasi, Ghana), Royal necklace (gorget) or stool ornament; Before 1874; gold; Fowler Museum at UCLA, X65.8525; Gift of the Wellcome Trust

ACCRA — A US museum has returned a batch of royal regalia to Ghana that was looted by British colonial soldiers 150 years ago, marking the first major return of stolen artefacts to the West African nation.

The Fowler Museum at the University of California, Los Angeles (UCLA) said the items, all royal objects from the Asante kingdom, were purchased by an American collector and donated to the museum after his death.

Representatives of the museum handed them over to the Asante king, Otumfuo Osei Tutu II, in the city of Kumasi on Thursday.

The move comes amid growing demand for the repatriation of priceless objects appropriated in colonial times. Nigeria and Ethiopia are among a number of countries seeking repatriation.

However, some museums say they are banned by law from permanently returning contested items in their collections.

London’s British Museum and Victoria & Albert Museum said last month that they would loan 32 objects taken during the Anglo-Asante wars to the Manhyia Palace Museum in Kumasi.

The items returned by the Fowler Museum include an elephant tail whisk, two royal stool ornaments, a royal necklace, two strands of beads, and an ornamental chair.

Four of them were taking during the 1874 sacking of Kumasi, and three were part of an indemnity payment later made by the Asante kingdom to the British, the museum said.

“These are objects that connect the present to the past… the very essence of a civilization,” Ivor Agyemang Duah, director of the Asante royal museum, told Reuters.

‘EQUITABLE RIGHTS’
The Fowler Museum said the return was permanent and voluntary, as it shifts toward the idea of museums as custodians “with ethical responsibility towards the communities of origin.”

A historian at the University of Ghana, Kwaku Darko Ankrah, said the return was important for Ghana but expressed hope that it would also trigger a conversation about how the Asantes came by the items.

“Looting was also one major trait of the Asantes at the height of their supremacy and there is historical evidence of things they looted from other tribes they fought (across Ghana),” he said.

Ankrah wants returned items to be identified and the original owners found.

“They (the original owners) also have equitable rights to those items. If they are not identifiable but the Asantes agree they are looted treasures, then the artefacts should become national treasures of Ghana,” he said. — Reuters

Startup seeks to drive innovation in corporations via venture building

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By Patricia B. Mirasol, Multimedia Producer

RECOGNIZING the need for structured support and guidance, venture studios have emerged as vital players in the startup ecosystem, according to an industry player.

This is particularly evident in the Philippines where venture builders are paving the way for innovation and growth, said Rolan Marco U. Garcia, Embiggen Group’s founding chief executive officer and managing partner.

Founded in 2020 with a bold proposition, Embiggen Group set out to revolutionize the traditional approach to startup incubation by embedding incubators within corporations.

This model aims to leverage the resources and infrastructure of established companies to fuel the growth of emerging startups, he said.

“We think that organizations that are resilient and sustainable grow their core businesses and build new ones,” Mr. Garcia said.

He mentioned Amazon as an example, illustrating how the company began with books, then broadened its offerings with the introduction of the e-reading device Kindle, and eventually expanded even further by venturing into cloud computing with Amazon Web Services.

He said this serves as an example of a company that strengthens its existing core business while simultaneously establishing ventures that are non-core.

“Those companies that are resilient and innovative are not prone to disruption,” added Mr. Garcia, noting the textbook examples of erstwhile industry leaders like Kodak and Nokia.

Corporations could also choose the mergers and acquisitions route to innovate, as KonsultaMD did with the home services app AIDE, and as the Robinson’s Group did with the health and beauty shop BeautyMNL, he said.

“If there’s no company to buy, you create your own.”

“For those CEOs who are entrepreneurial, they really look at venture building as the next horizon for growth and transformation for organizations, while keeping their core business intact,” he added.

THE STARTUP ECOSYSTEM
The Philippines ranked 59th on the Global Innovation Index by the World Intellectual Property Organization, scoring best on the innovation pillars of Business Sophistication (ranked 39th worldwide) and Knowledge and Technology (ranked 41st worldwide).

The same report said the Philippines’ innovation performance is above expectations given its level of development (lower middle-income).

Foxmont, in its Philippine Venture Capital Report of 2023, noted how the Philippine startup ecosystem is developing to more mature companies. The venture capital investment firm has had several of its own portfolio companies raise series A in 2022, including mother care platform Edamama and community selling platform SariSuki.

The Philippine startup ecosystem, Mr. Garcia said, is made up of funders, ecosystem enablers, and the founders that are supported by the first two.

“We’re about to reach a tipping point,” he said, referring to the local startup scene. “There are plenty of opportunities, and we need more entrepreneurs to seize them.”

Central to the success of any startup venture is the right blend of expertise, resilience, and vision, he noted.

Ideally, founders “should have a deep domain expertise in a specific industry. They should also demonstrate mental toughness.”

Founders should also be able “to solve a big market opportunity with a solution that’s scalable,” he added. “That solution is usually tech-enabled.”

He said that addressing niche problems in a small market might not allow for expansion or attract investment from venture capitalists.

Venture builders help startups overcome the initial challenges of growth through various methods, he noted.

First, founders who may already have good artificial intelligence-first ideas would benefit from having venture builders’ assistance, especially those who do not know how to strategize in terms of hiring data scientists or building their own large language models, Mr. Garcia said.

Second, such venture studios can help a lone founder find the best fit for a co-founder.

“Entrepreneurship is a lonely journey, [and] the studio acts as a co-founder,” Mr. Garcia said.

“We also help with general business management and with expertise in finance. How do you raise money? How do you price your service?”

The Philippines has numerous pain points waiting to be addressed, spanning across healthcare, energy, transportation, and logistics sectors.

“How do you connect 7,000 islands in terms of middle-mile and last-mile logistics?” Mr. Garcia asked.

“You won’t even know the problems unless you’ve worked in the middle mile.”

Logistics costs are high in the Philippines, he noted, which is why unit economics — measuring customer value against the cost of acquisition — are “not good” for retailers and e-commerce.

“The players that are already there haven’t fully solved the market yet,” Mr. Garcia said.

“Just because there’s a PayMongo [a payment gateway for Filipino businesses] doesn’t mean you shouldn’t create another PayMongo.”

IMI taps Lou Hughes for CEO role

THE BOARD of Ayala-led Integrated Micro-Electronics, Inc. (IMI) has nominated Lou Hughes as the company’s new chief executive officer (CEO).

Mr. Hughes, a professional with extensive global C-suite experience in sales, engineering, sourcing, and operations, is slated to succeed Arthur R. Tan as CEO of IMI, the listed company said in a filing.

IMI noted that Mr. Hughes previously held senior roles at General Electric, served as chief operating officer of Nasdaq-listed electronics manufacturing services company Universal Electronics, and was CEO of Singapore-based contract manufacturer Beyonics.

His appointment as CEO, subject to approval by the IMI board, is expected to be effective on May 1.

The IMI board approved the company’s CEO transition plan during a meeting on Feb. 13 and identified and vetted Mr. Hughes as a candidate for the position.

Mr. Tan, who has led IMI for the past 22 years, is set to conclude his term on April 25.

“IMI’s board of directors is confident that Mr. Hughes will lead IMI with the same level of dedication, innovation, and excellence that is expected by our customers and stakeholders and assures its stakeholders of IMI’s commitment to maintaining operational continuity and delivering value during this transition period,” the company said.

“IMI will continue to uphold the highest standards of corporate governance and transparency throughout this process,” it added.

IMI, the manufacturing arm of AC Industrial Technology Holdings, Inc., is a wholly owned subsidiary of Ayala Corp. The company produces electronics for various markets such as automotive, industrial electronics, and aerospace.

On Tuesday, IMI shares ended unchanged at P2.43 apiece. — Revin Mikhael D. Ochave

BPI-Mizuho partnership renewed

BPI FACEBOOK PAGE

BANK of the Philippine Islands (BPI) has renewed a partnership with Mizuho Bank, Ltd. that allows BPI to offer financial services to Japanese companies planning to enter the Southeast Asian nation.

Under the deal, BPI will help Japanese businesses in mergers and acquisitions, asset management, human resources and environmental, social and governance framework, BPI President and Chief Executive Officer (CEO)Jose Teodoro K. Limcaoco said in a statement on Tuesday.

These services include local currency, the introduction of local sales partners, developing credit markets and information exchange on local financial markets and regulations.

BPI said it has been serving more than 500 Japanese companies in the country, offering trade products, providing investment opportunities and lending for capital expenditure and working capital requirements.

The Ayala-led bank also facilitates their monthly payrolls, provides health and insurance coverage, helps with retirement planning and offers supply chain solutions.

BPI and Mizuho, which started the deal in 2012, are seeking to better serve a larger customer base, Yasuhiro Kubota, Mizuho Bank managing executive officer and co-CEO for the Asia-Pacific region, said in the statement.

BPI said there were about 1,400 Japanese companies operating in the Philippines as of last year, adding that 60% of the country’s foreign direct investments come from Japan.

BPI’s fourth-quarter net income rose by 44.3% to P13.1 billion from a year earlier as revenue increased and loss provisions declined. Full-year profit increased by 30.5% to P51.7 billion.

Its shares dipped by 0.96% or P1.10 to close at P113.50 each. — Aaron Michael C. Sy

What we know so far about effective prevention of violent extremism

MARCO BIANCHETTI-UNSPLASH

On Feb. 12, we observed the International Day for the Prevention of Violent Extremism as and when Conducive to Terrorism. The declaration of this day stems from a resolution of the United Nations General Assembly, and it aims to raise awareness of the threats linked to violent extremism and to enhance international cooperation to address this complex and multidimensional issue.

Violent extremism is neither new nor exclusive to any region, nationality, or system of belief. No country or region is immune from its impacts. In 2019 alone, violence and conflict inflicted an estimated $14.4 trillion1 blow to the global economy — equivalent to 10.5% of global gross domestic product (GDP) or $1,895 per person.

Threats or risks of terrorism deter investments — a 5% fall in net Foreign Direct Investment position of the country, say experts2, diverting resources from economic and social programs to the security sector.

While there is consensus that violent extremism and terrorism negatively impact development, not all of us have the same understanding of strategies, approaches or instruments to combat them. Governments have the primary responsibility of ensuring security, respecting human rights, upholding the rule of law, and countering discrimination, exclusion, and marginalization. Civil society organizations are often well-placed, knowledgeable, and experienced in identifying and addressing the grievances that make individuals more vulnerable to radicalization and violent extremism, leveraging their expertise and community connections. Experience also shows that private sector actors also have unique capacities — and resources — that can make them strategic partners for Governments.

A frequent term used by policymakers to describe the collective investment needed to fight violent extremism is the “whole of society approach.” However, this convenient shortcut risks oversimplifying the complexities of social dynamics, internal division of labor, roles, responsibilities, and power imbalances and exclusions. Governments and civil society organizations must overcome stereotypes about each other and collaborate professionally, with clear delineation of roles and responsibilities. Governments are expected to provide civil society and private sector stakeholders with the legal and political space they need to engage with those vulnerable to violent extremism. Civil society is expected to give critical feedback to government actors, including when officials overstep or fail to fulfill their duties. Police and other security forces are expected to avoid instrumentalizing civil society organizations to gather criminal intelligence and detect threats within communities. Antagonistic approaches — and I can refer to my own professional experience — do not bring the desired results; on the contrary, they exacerbate existing divisions, limit information flows which would allow governments to address grievance through peaceful means, and weaken much needed social trust.

As we are learning, violent extremism is not only to be combated, but it also can be prevented. And this is the most interesting and complex part of the “whole of society approach.” Radicalization doesn’t happen in a vacuum. It’s not a spontaneous phenomenon of history that can easily discharge us from any responsibility. The alienation of a high number of youths who join terrorist organizations doesn’t happen overnight. And the causes cannot just be reduced to a lack of income or employment for youths, as we sometimes oversimplify in our forums. Understanding and addressing the root causes of violent extremism and terrorism requires, in many cases, a critical historical analysis in addition to genuine discussions with youth and others at risk of radicalization.

So far, we know that the inability of a society to engage youths in meaningful ways and to provide opportunities for individual fulfillment of political, social, economic, cultural, religious aspirations, risks exacerbating preexisting gaps and frustrations that can be easily exploited by violent-ideology organizations.

Preventing violent extremism requires a comprehensive, long-term investment encompassing education, institutional behavioral changes, and prioritization of early warnings and anticipatory actions. National budgets are good indicators to assess if prevention is a political priority for a given administration. We have to also admit that prevention, as a long-term project, does not always attract the interest of political short-termism.

We are also learning that terrorism is becoming a fluid and amorphous phenomenon that combines military non-State armed groups and organized crime networks engaged in a wide range of illicit trafficking, from small arms and light weapons to the latest security and communication technology. In addition, not all terrorist-induced violence is linked to armed conflict. We experience the emergence of powerful software tools that can spread and distort content instantly and massively heralds a qualitatively different, new reality. Violent extremism and terrorism have also an evident gender dimension. Women and girls are continuously and often disproportionately affected by acts of violent extremism. It’s not a surprise that gender inequality and misogyny are central to the propagation of violent extremism.

The adoption in 2016 of the UN Secretary General’s Plan of Action to Prevent Violent Extremism provided a comprehensive approach to addressing the underlying conditions behind violent extremism conducive to terrorism. ASEAN countries, including the Philippines, were among the first in the world to adopt their own regional Plan of Action in 2018.

Cooperation between the Government of the Philippines and the United Nations in preventing violent extremism and terrorism has significantly increased in recent years. The United Nations Office of Counterterrorism (UNOCT), the United Nations Office of Drugs and Crime (UNODC), the Office of the United Nations High Commissioner for Human Rights (OHCHR), and the United Nations Development Program (UNDP) have been leading technical assistance in such sectors, assisted by many other UN entities to ensure holistic and integrated support to the country. I am glad to confirm that our new 2024-2028 UN Development Cooperation Framework, signed with the Government on Oct. 24 last year, will enhance such a partnership with a strong prevention and resilience building approach.

Prevention and sustainable development are interdependent and mutually reinforcing. In this context, full achievement of the 2030 Agenda and the Sustainable Development Goals remains critical, both in their own right and because sustainable development is ultimately the only way to comprehensively address the interlinked, multidimensional drivers of violence and insecurity.

1“Economic value of peace 2021. Measuring the global economic impact of violence and conflict.” Institute for Economic and Peace, Sydney, 2021.

2“Terrorism and the world economy, Alberto Abadie,” European Economic Review, Volume 52, Issue 1, January 2008, Pages 1-27.

 

Gustavo Gonzalez is the UN resident and humanitarian coordinator in the Philippines.

Higher deposit cover eyed

THE PHILIPPINE Deposit Insurance Corp. (PDIC) is studying a possible increase in the maximum deposit insurance coverage from P500,000.

The regulator would discuss the plan with the Financial Stability Coordination Council (FSCC), PDIC President and Chief Executive Officer Roberto B. Tan told a forum where the council released its latest financial stability report on Tuesday.

“We are in the process of studying how we will be increasing our insurance coverage, and what measures we need to instill market discipline and avoid moral hazards or riskier behavior by banks as well as depositors in this respect,” he said.

PDIC provides a maximum insurance coverage of P500,000 per depositor per bank. Under the amended PDIC charter passed in 2022, it may adjust the ceiling based on inflation and other economic indicators without legislation.

The PDIC board must review the maximum deposit insurance coverage every three years.

The agency’s supervision was also transferred to the Bangko Sentral ng Pilipinas (BSP) from the Finance department. The central bank governor is the chairman of the PDIC board, while the Finance secretary is the vice-chairman.

Asked if the FSCC considers deposit insurance a “moral hazard” because insured parties may take on more risks, BSP Governor Eli M. Remolona, Jr. said there is no moral hazard in having deposit insurance.

“Our deposit insurance system was designed to prevent runs in individual banks,” he told the same briefing. “It wasn’t designed for systemic risk. It wasn’t designed for a crisis.”

“In the face of a crisis, there’s no such thing as a threshold on deposit insurance. All deposits have to be safe… The only thing you can do is make all depositors hold. If you worry about moral hazard at that point, you’re already in a crisis.”

The FSCC is an interagency council composed of BSP, Finance, Securities and Exchange Commission, Insurance Commission and PDIC officials.

The council’s executive committee is headed by the central bank governor, with members from the other agencies. — Keisha B. Ta-asan

Beyoncé surprises with new music after Super Bowl ad

MUSIC.APPLE.COM

US pop superstar Beyoncé released two new songs after making a surprise appearance in a Super Bowl commercial in which she quipped about “breaking the internet” minutes before announcing a forthcoming album.

“Okay, they ready. Drop the new music,” Beyoncé said in the Verizon commercial on Sunday, aired during the United States’ most-watched TV event.

Beyoncé then posted a teaser video on Instagram previewing the release of a new album, act ii, on March 29. It would be the second in a three-album project that kicked off with her 2022 critically acclaimed Renaissance.

Her album announcement was followed by the release of two new songs, “Texas Hold ’Em” and “16 Carriages,” which have already soared to the top of music charts.

Renaissance and its singles earned Beyoncé four Grammy Awards last year, helping her break the record for the most career wins with 32. Despite her success through the years, the 42-year-old singer has never claimed the best album trophy.

Late last year, Renaissance: A Film by Beyoncé premiered at the top of the US box office, marking the first time a movie crossed the $20 million mark during the typically anemic first weekend of December since 2003. — Reuters

917Ventures rolls out app to aid MSMEs digitalization

917VENTURES

917VENTURES, the innovation arm of Globe Telecom, Inc., has developed a document management system called MemoApp to help small businesses in adopting digital processes.

MemoApp is a platform for creating, approving, signing, and tracking all types of documents, 917Ventures said in an e-mailed statement on Monday.

The app offers template-based memos with an e-signature feature for approval workflows of businesses.

“Embracing digital tools should be a strategic imperative for sustaining competitiveness and resilience in today’s dynamic landscape, but we understand that it is not always easy to make the shift,” said Carla Bianca Sy Su, entrepreneur-at-residence at 917Ventures.

“MemoApp was developed with the thought of making transitioning to digital easier,” she added.

The World Economic Forum (WEF) has said that only 25% of micro, small and medium enterprises (MSMEs) worldwide have succeeded in fully embracing and maintaining technological advancements. In contrast, only 6% of Philippine MSMEs utilize digital tools, highlighting a significant technology gap in the country.

MSMEs encounter “intense” short-term business pressures, limited expertise, and resource constraints, which impede their adoption of technology, the WEF said in a July 2023 article.

Digitalization, Ms. Su said, is “a tool that helps us with external-facing efforts, but before we get to that stage, we have to understand that it is a transformative journey that starts from within a company’s people and operations.”

The platform’s features and templates, including invoices, leave forms, and memos, were “set up based on our research and experience on what the most common paper trails were used in business,” according to Ms. Su.

“We found that having these set up within the business allows operations teams to be more agile,” she added.

MemoApp plans to introduce more features and integrations, including bulk document creation, bulk approvals, and full document collaborations. It is also preparing a self-service feature so users can onboard themselves and create their own form templates.

It is looking to expand its reach to over 200 businesses by the end of 2024. — Patricia B. Mirasol

Meralco says ready to issue refunds for Malampaya gas price increase

MANILA Electric Co. (Meralco) said on Tuesday it is ready to issue refunds to consumers for costs incurred from the electricity sourced from the Malampaya gas field through the generating assets of First Gen Corp.

“We are ready to implement a refund in generation charges corresponding to the increase in the Malampaya gas price of First Gas plants for the January supply month,” Jose Ronald V. Valles, Meralco’s first vice-president and head of its regulatory management, said in a statement.

“As these are [pass-through costs], we will also not be in a position to pay the equivalent cost to First Gas,” he added.

Meralco issued the statement after receiving guidance from the Energy Regulatory Commission (ERC), which urged the power distributor to complete validation to justify the rate adjustment.

This is line with the new gas sale and purchase agreement between the Malampaya consortium and the First Gen Corp., which operates First Gas Power Corp. (FGPC).

“While Meralco admits that a validation of the impact of the use of LNG (liquefied natural gas) and the new gas supply contracts is necessary in light of the terms of its power purchase agreements (PPAs), up to this date, the ERC has not been provided with the results of Meralco’s validation,” the commission said.

ERC Chairperson Monalisa C. Dimalanta said the commission is “constrained from giving any clearance for the recovery of such costs if Meralco itself has not completed its validation or provided the results of such validation to the Commission.”

“Pending Meralco’s validation of the basis of such charges, passing on of such costs to the consumers may be premature,” she added.

For the February electricity billing, Meralco announced an increase in power rates of P0.5738 per kilowatt-hour, attributing it to higher generation charges from power supply agreements and independent power producers (IPPs).

The power distributor said that the increase in IPP charges was due to higher fuel costs at the Sta. Rita and San Lorenzo power plants operated by FGPC.

It also said that these higher costs stemmed from the use of imported LNG, which was around 35-40% more expensive than Malampaya gas.

Mr. Valles said that Meralco has “just received the reply” from the ERC chairperson to its “various letters” on Tuesday.

For the LNG component of the fuel costs, Mr. Valles said that it will file an appropriate pleading with the ERC for confirmation of the pass-through of the costs.

“We emphasize that the use of LNG for commissioning is important to ensure that First Gas plants will continue to operate and supply power to Meralco at the least cost, in light of anticipated expiration of the Gas Supply Agreements between First Gas and the Malampaya consortium,” he said.

The ERC has reminded distribution utilities to validate pass-through costs. Ms. Dimalanta said that the DUs “duty does not end when electric power is supplied, and the charges have been collected.”

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

Rebuilding Marawi one shelter at a time

Task Force Bangon Marawi led a groundbreaking ceremony for new community facilities in Marawi City last March 2023. — pia.gov.ph

An Islamic city filled with towering mosques and concrete houses, a center for culture and the arts at the heart of Mindanao, and a source of great pride not only to Maranaws who lived there but also to all the Muslims in the Philippines. Marawi City was once the jewel of the Filipino Muslim community. But after an attack led by the Islamic State-linked Maute group in 2017 that took the lives of over 1000 militants and civilians, left another 360,000 homeless, and devastated what was once a bustling area, the city needed to rebuild from ashes and bulletshells to return to its former glory.

Now, over six years after its liberation from the militant group, Marawi City is close to being its former self with significant help from the Department of Human Settlements and Urban Development (DHSUD).

The DHSUD is the primary government agency responsible for housing, human settlement, and urban development. Under the department is the interagency Task Force Bangon Marawi (TBFM) established through Former President Rodrigo R. Duterte’s Administrative Order No. 03 for the recovery reconstruction, and rehabilitation of the City of Marawi and other affected localities.

With their achievements in the rehabilitation of Marawi City, President Ferdinand “Bongbong” R. Marcos, Jr. commended the DHSUD and TBFM’s work in rebuilding once besieged city.

“Five years after the siege, Marawi City will rise again. The city’s vitality has come back. Various projects have been completed, and many infrastructures have been built,” Mr. Marcos said in Filipino during his second State of the Nation Address (SONA) on June last year.

Among the projects that were completed by the DHSUD and TBFM and turned over to the Marawi local government unit and the Marawi Sultanate league during Mr. Marcos’ presidency include: the Sarimanok Sports Stadium, the Marawi Convention Center, 19 barangay halls with madrasah and health clinics in the most affected areas, the Marawi City Museum, School of Living Traditions and Restored Historical Landmark, Central Material Recovery Facility, and Trading Post/Food Terminal.

Another project, the ”Torogan”, locally known as a royal house, was built by the TBFM in Brgy. Sagongsongan, Marawi City. The new building will serve as a meeting area and offices for Marawi’s traditional leaders.

Close to 2,800 permanent shelters were also planned by the DHSUD to be constructed for internally displaced persons (IDP). As of November 2022, nearly 1,900 permanent shelters and almost 5,000 transitory shelters have been built across Marawi, according to the department’s website.

These houses for IDPs were jointly constructed by the TFBM, the National Housing Authority (NHA), the United Nations Human Settlements Program (UN-Habitat), the Social Housing Finance Corporation, and the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM).

Recently, TBFM Chairperson Jose Rizalino L. Acuzar launched the Kawiyagan Trade Fair and inaugurated three completed units of four-story, 20-classroom school buildings in Brgy. Moncado Kadingilan in Marawi City. Meanwhile, the NHA, under the DHSUD, also awarded 254 permanent shelter units in Brgy. Kilala to the beneficiaries.

In March 2023, the DHSUD broke ground for a project intended to build 18 structures worth P200 million that includes a multi-purpose covered court, daycare center, wet and dry market, transport terminal, health center, material recovery facility, livelihood building, and police outposts.

Currently, the DHSUD is monitoring the implementation of 26 ongoing programs including the Marawi City General Hospital by the Department of Health, the construction of several more school buildings by the Department of Education, and the construction of the New Marawi City Jail by the Bureau of Jail Management and Penology.

Utmost priority is also given to sustainable water and power supplies through other programs: the Bulk Water Supply project and the energization of the most affected areas in the city spearheaded by the Lanao del Sur Electric Cooperative Inc.

To reduce delays on these projects and expedite recovery efforts, President Marcos signed Administrative Order No. 14 which streamlined government agencies involved in the Marawi rebuild.

However, under the order, the TBFM ceased its operations on Dec. 31, 2023, and will be functus officio by March 31. The DHSUD will still oversee the construction of shelters for displaced persons.

Finally, Mr. Marcos also said on his second SONA that financial reparations will be paid to qualified Marawi IDPs through the “Marawi Siege Victims Compensation Act “otherwise known as Republic Act 11696.

“We are currently processing financial aid for the victims of the Marawi siege so that they can start over. May hope prevail. May hope, vigilance, and aspirations for peace and progress continue,” Mr. Marcos said.

Indeed, Marawi City is returning to its former glory through the initiatives of the DHSUD and what was TFBM. Over six years after the siege, the country’s lone Islamic City is soon to be the jewel of the Filipino Muslim community once again. — Jomarc Angelo M. Corpuz

How PSEi member stocks performed — February 13, 2024

Here’s a quick glance at how PSEi stocks fared on Tuesday, February 13, 2024.


Philippines is one of Asia-Pacific’s laggards in Future Possibilities Index

The Philippines placed 51st out of 70 countries with an overall score of 48.38 in the Future Possibilities Index (FPI) 2024 by Newsweek Vantage and Horizon Group. This put the country as the third-lowest ranking in the Asia-Pacific region. The index evaluates countries’ ability to leverage emerging transformations for future growth using six transformational trends.

Philippines is one of Asia-Pacific’s laggards in Future Possibilities Index