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NNIC to implement new terminal assignments at NAIA

PHILIPPINE STAR/MIGUEL DE GUZMAN

NEW NAIA INFRA CORP. (NNIC), the private operator of the country’s main gateway, is set to implement new terminal assignments at the Ninoy Aquino International Airport (NAIA) beginning March 29.

In an advisory, NNIC said foreign carriers such as Air China, China Eastern, Vietnam Airlines, Royal Brunei, and Shenzhen Airlines will be reassigned from Terminal 1 to Terminal 3.

The international flights of Philippines AirAsia, Inc., operator of low-cost carrier AirAsia Philippines, will be moved from Terminal 3 to Terminal 1.

Japan Airlines will be shifted to Terminal 3 from Terminal 1 starting April 1, NNIC said, noting that passengers are advised to verify their terminal assignments prior to travel.

NNIC previously said the reshuffling of airline terminal assignments is part of its overall plan to allow seamless airport operations while improving passenger experience.

The move also follows a 2025 resolution issued by the Department of Transportation’s (DoTr) Manila Slot Coordination Committee directing the relocation of turboprop operations outside Metro Manila.

The transfer of turboprops from NAIA aims to help decongest the airport and improve air traffic flow.

AirAsia Philippines said on Wednesday that all domestic flights will continue to operate from Terminal 2, with no changes to its domestic operations.

Previously, NNIC said terminal reassignments at the main gateway were expected by July, coinciding with the planned opening of Terminal 4.

Under the plan, Terminals 1 and 3 will continue serving international passengers, with low-cost carriers assigned to Terminal 1 and full-service airlines to Terminal 3. Terminals 2, 4, and the proposed Terminal 5 will be reserved for domestic operations, which account for the majority of NAIA’s passenger traffic. — Ashley Erika O. Jose

Grapes and gripes

FOX AND THE GRAPES comic by David Revoy. — WIKIMEDIA.ORG

IN AESOP’S FABLE, The Fox and the Grapes, the main character is trying to pluck fruits off the vine which prove to be beyond his reach. He justifies his failure to pluck his prize by telling himself, “What a fool I am… wearing myself out to get a bunch of sour grapes.”

The phrase “sour grapes” thus refers to hiding disappointment by belittling the elusive prize beyond reach as undeserving of any further effort.

It is not enough to declare the grapes as sour. This loser also disparages the one who successfully snatches the prize. (I hope he likes pickles.) This same sentiment of justifying defeat as a more acceptable fate than victory also underlies the sentiment behind the phrase, “blessing in disguise.” Can losing a contest lead to unexpected benefits down the road?

An extreme case of denigrating the sought-after prize is the “poisoned chalice.” In this case, the winner, say a bidder quoting too high a price for an acquisition, is stuck with a deadly drink.

A missed target like a bunch of grapes is only maligned if it’s out of reach even with a skip and a jump. (Have you tried a ladder?) Expressing disappointment at missing a last-second shot is something else. There is no disparaging of the prize or even a belittling of the winner’s trophy.

Only when a failed attempt is dismissed as a fruitless effort does the fable of the fox and the sour grapes apply. And yet, this mind-set can invite derision when there are successful contestants who got the prize and found the fruits sweeter than expected. The griper then is dismissed as a simple loser.

Soothing the wounded spirit sometimes requires some conviction. Okay, maybe somebody else got those grapes, not with a simple jump but with a ladder. The resort to believing in some unfair advantage was employed by the winner can soothe the bruised ego. Politicians who lose in an electoral contest rarely admit unworthiness in defeat. There are just too many claims of electoral cheating.

Losing in any game or competition requires coping strategies to get one through the day. The stress dealt by failing to snatch a coveted prize requires rebuilding self-esteem.

Sour graping seems to be preferred because it is a simple coping strategy. When losing a job, is the sour grape far behind? In retrospect, the once treasured routine is perceived as too stressful, requiring long work hours, with routine condescension from the boss. (Of course it paid the bills.)

The characterization of the unattainable prize as disagreeable transforms even a forced exit into a kind of liberation. (Now, I can focus on my stamp collection.)

“Sour-grapes” as a way of being reconciled with defeat does not apply when there is admission of real misery arising from missing the desired goal, a trophy still tantalizing in its elusiveness. Melancholy affirms that the prize not won is painfully lost.

Perhaps the most disagreeable aspect of sour grapes is the need to undermine the character of one who got the fruits. He is depicted as pathetic for exerting too much effort to bag a fruit not good enough to even be juiced. The fox does not keep these thoughts to himself. He needs to share them with a bigger audience, maybe online.

Isn’t this why celebrities in many fields are undermined by the whiners who disparage them as unworthy of their exalted positions? The foxes have to add that the acquired fame is not even worth talking about.

Still, a sore loser can simply be dismissed as a sour grape. Accepting defeat gracefully is the first step to moving on. There is always a next time if one is not too absorbed in failing to snatch the current prize.

Maybe grapes that are tantalizingly beyond reach can be replaced by lower hanging fruits further down the road. There are even vegetables readily accessible to a disappointed fox.

What about potatoes that can easily be picked off the ground? These may even be naturally sweet. They may still need to be boiled, peeled, and then eaten in peace. There’s no need to even talk about the bypassed grapes, and whether they were sweet or sour after all.

 

Tony Samson is chairman and CEO of TOUCH xda.

ar.samson@yahoo.com

Philippines may draw $3 billion if added to JPMorgan bond index

BW FILE PHOTO

THE PHILIPPINES may see inflows of about $3 billion if the nation’s government bonds are added to JPMorgan Chase & Co.’s benchmark emerging-market index this year, according to National Treasurer Sharon P. Almanza.

Manila will likely have an initial weight of about 1% on the index, Ms. Almanza said in an interview on Monday. That would translate to about $3 billion in foreign flows, she said.

An update on the Philippines’ status may come as early as March, Ms. Almanza said, with any changes to the index likely to take effect in October. If the country’s bonds fail to make the inclusion this round, it would mean another year of discussions, she said.

“We have to be optimistic,” Ms. Almanza said. “Those are real money investors, so definitely it will help our GS market,” she added, referring to government securities.

An executive from JPMorgan’s office in Manila didn’t immediately respond to a request for comment. JPMorgan did not respond to an e-mail sent outside working hours in New York.

JPMorgan last year placed the Philippines along with Saudi Arabia on the Index Watch for possible inclusion to its gauge, citing market reforms the two countries have implemented over the past three years. The index is followed by funds managing over $200 billion of assets, according to the Wall Street bank.

Being added to the JPMorgan gauge would help lower borrowing costs as demand for locally issued bonds would rise, according to Ms. Almanza. The Philippines, one of Asia’s most active sovereign bond issuers in overseas markets, can also issue more peso-denominated debt and rely less on foreign-currency borrowings.

Inclusion in JPMorgan’s index would help reinforce confidence in the economy, which has been pummeled by an ongoing corruption scandal involving the state’s flood mitigation infrastructure.

Some investors have started positioning in the country’s government bonds ahead of JPMorgan’s announcement, Ms. Almanza said. Last week’s sale of 10-year fixed-rate treasury bonds was nearly 11 times subscribed. She hopes to double the share of nonresident holdings in the domestic bond market from the current level of nearly 5%.

For its index inclusion bid, the government has implemented a host of measures, including strengthening its debt market with the issuance of large-sized bonds to boost liquidity, and streamlined its tax treaty procedure. The Philippines also revived its interest rate swaps market and allowed more participants in its bond repurchase agreements.

The Philippines is addressing one of the last remaining reforms in the market, which is to exclude the 20% withholding tax from the computation of the gross price of bonds. But that shift may only materialize next year, the treasurer said.

“It’s very complicated. It will impact bondholders’ accounting system and even their portfolios,” Ms. Almanza said. “We’re shaking the entire GS market.”

Bloomberg LP, the parent company of Bloomberg News, also offers index products for various asset classes through Bloomberg Index Services Ltd. — Bloomberg

Skittish investors spooked as dystopian AI outlooks go viral

STOCK PHOTO | Image by Rawpixel.Com from Freepik

SINGAPORE — An imagined dystopia of mass unemployment fueled by artificial intelligence (AI), highlighted in Citrini Research’s now viral report, has unsettled global markets, where a recent huge bet on the technology is starting to show cracks.

The report, the latest in a series of gloomy “think pieces” on the disruptive potential of AI, envisions a 2028 scenario where unemployment rises to 10.2%, triggered by layoffs as AI rapidly turfs out software and delivery applications.

This hypothetical downturn, compounded by mortgage and private-equity loan defaults, could send shockwaves through financial systems, sending US stocks tanking, stalling credit markets and the broader economy.

The Citrini report has struck a chord with markets unnerved by AI’s potential negative impact.

Investors have dumped the shares of software companies and those in sectors vulnerable to automation. The US software shares index is down 24% so far this year.

“AI capabilities improved, companies needed fewer workers, white collar layoffs increased … it was a negative feedback loop with no natural brake,” Citrini report author Alap Shah wrote.

Similar big-picture concerns ran through blogs have circulated among investors this month — one by Matt Shumer, the CEO and co-founder of AI firm Otherside AI — about the scale of AI’s disruptive power.

Mr. Shumer says the impact of AI could be “much bigger” than the 2020 COVID crisis that upended everything from global supply chains to the labor force and education.

Damien Boey, portfolio strategist at Wilson Asset Management in Sydney, noted that the market remains uneasy as it juggles cyclical signs of potential gains in risk assets against possible shock unreflected in conventional macro trends.

“The Citrini piece has struck a nerve in this regard,” he added.

WINNERS AND LOSERS EMERGE
While global equity markets remain near record highs, this masks a massive rotation out of many AI-exposed companies into either defensive stocks or the profitable corners of the supply chain.

Since peaking last October, the S&P 500 software and services index is down more than 30% while Asia’s chip-making giants have soared. TSMC is up 30% over the same period and shares in South Korea’s Samsung Electronics and SK Hynix have doubled.

“AI is real… the divergence is real and the selloff in (software) makes sense as AI will force software coding to go to zero,” said Christopher Forbes, head of Asia and Middle East at CMC Markets. “Those in the supply chain will win — chips, data centers, permanent energy.”

The next test for markets comes with AI bellwether Nvidia’s on Wednesday earnings.

EXPERTS URGE MEASURED RESPONSE
Others stressed that as fear dominated, the positives of AI for the global economy were overlooked.

“I would take it seriously, not literally,” said Nick Ferres, CIO at Vantage Point Asset Management, who said criticism of the Citrini report, for underplaying the economy’s ability to adapt, was also valid.

In his piece, Mr. Shumer noted that the “single biggest advantage” workers could gain is to act early both in terms of understanding and adapting to AI.

In another piece dated Feb. 17, the CEO of financial software and data firm ION Group, Andrea Pignataro, said markets should not panic over whether AI will replace software tools, but instead panic over what happens when institutions discover they have been teaching AI “to play without them.”

“So far this year, the stock market has been discounting a scenario in which AI is our Frankenstein monster,” said Ed Yardeni of Yardeni Research.

“We continue to believe that AI is augmenting workers’ productivity rather than making them extinct.” — Reuters

Auto sales volume sinks 10.4% in January, steepest drop in 4 years

PHILIPPINE CAR SALES slumped in January amid a weaker demand for both passenger and commercial vehicles, according to an industry report. Read the full story.

France’s Macron accepts resignation of Louvre museum chief after jewel theft

LOUVRE Museum — WIKIPEDIA

PARIS — French President Emmanuel Macron accepted the resignation on Tuesday of the head of Paris’ Louvre Museum, which has been grappling with the fallout from a high-profile jewel heist and rolling strikes.

Laurence des Cars tendered her resignation, which Macron accepted, “praising an act of responsibility at a time when the world’s largest museum needs calm and a strong new impetus to successfully carry out major projects involving security and modernization,” his office said.

Ms. Des Cars has faced intense criticism since burglars made off in October with jewels worth an estimated $102 million that are still missing, exposing glaring security gaps at the world’s most-visited museum.

Strikes over pay and conditions since December have also led to regular closures and added to a list of woes that included two water leaks as well as a massive ticket fraud investigation.

Critics including the state auditors’ office have questioned the museum’s low spending on security and infrastructure maintenance while it made lavish purchases of new artwork, only a quarter of which is open to the public, and spent heavily on post-pandemic relaunch projects. — Reuters

How PSEi member stocks performed — February 25, 2026

Here’s a quick glance at how PSEi stocks fared on Wednesday, February 25, 2026.


House body nears committee report on anti-dynasty bill, eyes passage by July

PHILSTAR FILE PHOTO

THE House of Representatives is finalizing its committee report that will consolidate 24 bills seeking to curb political dynasties, with lawmakers aiming to pass the measure before President Ferdinand R. Marcos, Jr. delivers his fifth State of the Nation Address in July.

Lanao del Sur Rep. Ziaur-Rahman Alonto Adiong, who heads the Committee on Suffrage and Electoral Reforms, said the panel is drafting a substitute bill that would unify the various measures into a single proposal.

“There are 24 versions, so we are now in the process of consolidating the substitute bill, so that we can come up with a unified bill that will be the subject of our committee report next week,” he told a livestreamed briefing.

The effort revives a long-running push to implement a constitutional provision that directs Congress to prohibit political dynasties and ensure equal access to opportunities for public service. Almost four decades after the ratification of the 1987 Constitution, no enabling law has been enacted.

Mr. Adiong said the committee seeks to approve its report before Congress adjourns on March 20. Sessions will resume on May 4.

Once the report reaches the plenary, he expects contentious debates.

“It will not be accepted as is by my colleagues,” he said, citing divisions over how broadly the ban should apply.

A key issue is the degree of consanguinity or affinity that would be covered. Most House bills propose barring relatives up to the second degree from running for or simultaneously holding public office, while others seek a fourth-degree restriction.

“There are about 16 or 17 bills that propose the second-degree prohibitions, the rest are fourth degree,” Mr. Adiong said.

The committee is weighing which degree of civil relationship should form the legal definition of a political dynasty.

Mr. Adiong cited existing precedents, including provisions in the Sangguniang Kabataan Reform Act and Bangsamoro Organic Law, which impose restrictions up to the second degree in specific contexts.

“Our basis is already existing policies, although it is not being implemented nationwide,” he said.

The Senate has advanced its own proposal. The chamber’s Electoral Reforms Committee submitted a report to the plenary this week seeking to bar relatives up to the second degree of consanguinity or affinity from holding public office simultaneously or in overlapping terms.

Under Senate Bill No. 1901, relatives or spouses would be barred from holding simultaneous or overlapping terms in national and local offices, as well as from occupying positions across party-list groups and elective posts.

It also prohibits immediate succession, preventing a spouse or relative from taking over a position right after an incumbent family member’s term.

The bill authorizes the Commission on Elections (Comelec) to cancel the certificate of candidacy of people found to be part of a political dynasty or those who willfully conceal such relationships. All aspirants must submit sworn declarations stating they do not fall within the prohibited degree of relation.

Concealment of information, falsification of documents, malicious filings, coercion or engineered resignations to enable relatives to run would be treated as election offenses under the Omnibus Election Code. In cases where multiple relatives file for the same position and none withdraw voluntarily, Comelec may resort to drawing lots.

Business and civil society groups have argued that limiting the ban to the second degree may be too narrow and fall short of the Constitution’s intent. They have urged lawmakers to adopt broader restrictions to dismantle entrenched political clans.

Mr. Adiong rejected claims that a second-degree limit would be weak.

“We don’t have any point of reference to say that it is going to be a weak law,” he said. “What we are actually trying to achieve here is to have an anti-political dynasty measure that will be implementable.”

The debate comes as curbing political dynasties is listed among the administration’s priority measures under the Legislative-Executive Development Advisory Council.

Efforts to pass such a law have repeatedly stalled in a Congress where political families hold significant sway. The Philippine Center for Investigative Journalism has estimated that roughly eight in 10 lawmakers belong to political dynasties, underscoring the political sensitivity of the proposal.

Whether the latest push will overcome decades of resistance may hinge on how lawmakers balance constitutional intent with political realities when the bill reaches the House floor. — Adrian H. Halili

Imee seeks probe into ex-marines’ cash claims

IMEE R. MARCOS — FACEBOOK.COM/SENATEPH

A SENATOR has sought an inquiry into allegations that former Philippine Marine personnel delivered large sums of money to top government officials, claims that have been denied by those implicated.

At a news briefing on Wednesday, Senator Maria Imelda “Imee” R. Marcos said she filed Senate Resolution No. 317 urging the Senate to investigate the money delivery scheme involving 18 former marines and their supposed cooperation with the International Criminal Court (ICC).

“I am hopeful that this will be the beginning of a very serious and comprehensive investigation, which will result in charges and punishment if there are guilty parties,” she told reporters.

“The allegations in the joint affidavit are extremely alarming and serious, involving dozens of lawmakers, Cabinet officials, high government officials, and even the President himself,” added Ms. Marcos, who had criticized the state for handing ex-President Rodrigo R. Duterte to the ICC last year to face charges of crimes against humanity connected to his war on drugs.

Ms. Marcos said the affidavit pointed to the government’s supposed secret cooperation with the ICC, which she said ran contrary to previous statements made under oath by key administration officials.

Lawyer Levito D. Baligod and the former military personnel said in a joint affidavit released on Tuesday that they had delivered suitcases of cash to President Ferdinand R. Marcos, Jr. and other senior officials. They claimed they acted under orders from resigned Party-list Rep. Elizaldy S. Co.

The group also alleged that Mr. Co and former Senator Antonio F. Trillanes IV funded hotel accommodations for ICC investigators. Mr. Trillanes has denied the allegation.

Ms. Marcos, the President’s sister, called on the former military personnel to attend any Senate hearing on the matter.

“If you truly serve the truth, then face it here in the Senate,” she said. “The Senate will not run or turn its back — especially if there are those involved who should not be.”

The resolution was referred to the Senate blue ribbon committee during plenary session on Wednesday afternoon.

Separately, Philippine Navy spokesperson Capt. Marissa Andres-Martinez said four of the 18 people who claimed to have served as “bagmen” were never members of the Philippine Navy or Marine Corps.

“Majority of the individuals were discharged dishonorably from the service, while others were able to retire in good standing,” she said in a statement.

She added that the Navy respects constitutional processes, including judicial and legislative investigations. “The Navy does not and will never prevent any individual from testifying to the truth, as doing so would go against our core values and principles,” she said.

Malacañang also rejected the accusations. Palace Press Officer Clarissa A. Castro described the claims as lacking proof and part of what she called a “lousy script.”

“Recycled lies against the President. A lousy script — not award-winning, not clean,” she told a news briefing in Filipino.

Asked whether legal action would be pursued, Ms. Castro said enforcement agencies such as the Department of Justice, National Bureau of Investigation and Philippine National Police are mandated to act on complaints involving disinformation.

The allegations surfaced amid a government probe into a multibillion-peso flood control scam that has implicated several high-ranking public officials. The controversy has weighed on public confidence and state spending.

Mr. Co, who chaired the House Appropriations Committee, has been linked to the scandal. He faces graft and malversation charges over an allegedly anomalous road dike project in Naujan, Oriental Mindoro.

At a press conference on Tuesday, Mr. Baligod said the 18 men claimed to have funneled P805 billion to Mr. Marcos, former Speaker Ferdinand Martin G. Romualdez and Mr. Co. They also alleged they were ordered to exchange $2 million purportedly intended for ICC investigators, which they said was later given to Mr. Trillanes — an accusation he has denied. — Adrian H. Halili and Chloe Mari A. Hufana

EDSA protesters demand end to dynasties, corruption 40 years on

A large crowd gathers at the EDSA Shrine to celebrate the 40th anniversary of the 1986 EDSA People Power Revolution, Feb. 25, 2026. — ERIKA MAE P. SINAKING

By Erika Mae P. Sinaking

FORTY YEARS after a million Filipinos rose against tanks to end a dictatorship, the spirit of EDSA returned on Wednesday as protesters laid siege to the capital’s main thoroughfare, demanding an end to political dynasties amid a multibillion-peso infrastructure scandal that has worsened poverty across the nation.

The irony of the Philippine political landscape is stark: the bloodless revolt that toppled the late President Ferdinand E. Marcos, Sr., now contrasts with his son, President Ferdinand R. Marcos, Jr., occupying Malacañang. Yet the administration remains largely noncommittal on the significance of the date that forced the Marcos family into exile.

This year’s 40th anniversary events took place despite Mr. Marcos’ declaration of Feb. 25 as a “special working day,” deviating from the nonworking holiday status observed under previous administrations.

“Declaring this an official working holiday doesn’t make sense,” Daniel Franklin Pilario, president of Adamson University, told BusinessWorld during the protest at the EDSA People Power Monument. “If it’s a holiday, it’s for people to celebrate. So in protest, we say, no, it’s an official nonworking holiday so that our staff and our students can come.”

Mr. Pilario said the rally was a response to persistent poverty fueled by the misuse of public funds. “The main cause of poverty is that the money which is supposed to be for the services of the people goes to the hands of the politicians,” he added.

The Philippine National Police estimated the crowd at about 6,000 at the EDSA Shrine and People Power Monument, according to Director of Operations General Ponce Rogelio I. Peñones, Jr.

The protesters included veteran activists, students and religious leaders, unified under the banner: We are the People Power vs. Corruption and Dynasties Then, Now, Tomorrow.

Akbayan Party President Rafaela David called for an “electoral revolution” to break the hold of the country’s most powerful families. “We can no longer tolerate power and politics being concentrated in the hands of few families, like the Marcoses and the Dutertes,” she said in a statement. “Malacañang should no longer serve as a home for dynastic nepo-babies.”

Party-list Rep. Percival V. Cendaña said a genuine anti-political dynasty law would strengthen democracy and fulfill one of EDSA’s long-unrealized promises.

“The abolition of political dynasties is a long-delayed task of EDSA,” he said. “Forty years since the February People Power Revolution, it is time to end their control over our democracy and economy.”

The administration’s stance remained cautious. “It’s part of history,” Palace Press Officer Clarissa A. Castro told a news briefing. “What happened then cannot be erased. The courage of the Filipinos and the acceptance of the event will not be erased from history.”

She added that the President would “study the bills” to restore Feb. 25 as a regular holiday once they reach his desk.

The Catholic Bishops’ Conference of the Philippines (CBCP) in a pastoral letter called for a moral reckoning. Gilbert A. Garcera, CBCP president, noted that corruption, poverty, criminality, lies and treachery continue to plague the nation.

“The enemies are no longer colonial rulers, but corruption, lies, injustice and indifference,” according to the CBCP letter. It urged Filipinos to go beyond the walls of the Catholic Church and demand accountability from those in power.

PDEA opposes Senate abolition plan

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE Philippine Drug Enforcement Agency (PDEA) pushed back against a Senate proposal to abolish the agency, warning that dismantling it would undo reforms aimed at unifying the country’s anti-drug campaign.

“The abolition of PDEA at this stage would in effect reverse the very structural reforms previously adopted to address fragmentation, duplication, and lack of coordination in anti-drug operations,” PDEA Assistant Secretary Renato A. Gumban told a Senate hearing on Wednesday.

The Senate convened the hearing to deliberate a measure that seeks to centralize the government’s anti-drug enforcement by merging PDEA with the Dangerous Drugs Board (DDB).

Mr. Gumban said abolishing PDEA could create “transitional uncertainties and operational gaps” that drug syndicates might exploit.

He urged lawmakers instead to strengthen the agency by expanding its personnel, increasing budget allocations and modernizing equipment, forensic laboratories and surveillance capabilities.

“This will enable the agency to keep pace with technologically advanced and highly adaptive drug syndicates,” he said.

The agency also recommended improving coordination with law enforcement, prosecutors and the Judiciary to address procedural gaps and ensure seamless case flow from arrest to prosecution and adjudication.

“The fight against illegal drugs is not won by dismantling institutions, but by strengthening them,” Mr. Gumban said. “It is not won by restructuring alone but by refining capacity, continuity and competence.”

Senate Bill No. 190, filed by Senate President Vicente C. Sotto III, proposes the creation of a Presidential Drug Enforcement Authority, which will serve as the supervising body for the government’s anti-drug program.

“It is better for the DDB and PDEA to be merged into an authority under the Office of the President,” Mr. Sotto said during the hearing. He added that the proposed authority would consolidate enforcement, prosecution oversight, prevention, rehabilitation supervision and alternative development programs into a single body.

Under the measure, PDEA’s enforcement powers would be absorbed by the Philippine National Police and other anti-narcotics agencies. — Adrian H. Halili

PHL, France seek stronger ties

A PROTESTER holds a French national flag as people gather to protest against the French far-right Rassemblement National (National Rally - RN) party, at the Place de la Republique following partial results in the first round of the early 2024 legislative elections, in Paris, France, June 30, 2024. — REUTERS

THE Philippines and France are eyeing stronger relations as Executive Secretary Ralph G. Recto met with French Ambassador Marie Fontanel to discuss recent milestones in defense and security.

In a statement on Wednesday, Mr. Recto’s office said he met with Ms. Fontanel, who noted the “steady progress of cooperation” between the two nations.

She also commended Mr. Recto for brokering the 2024 government-to-government finance and development agreement during the Tuesday meeting.

The agreement will finance priority projects across agriculture and agro-industry, mining, water and sanitation, infrastructure, transport, and renewable energy, to cut poverty and promote sustainable growth in Filipino communities.

Mr. Recto reiterated Manila’s commitment to strengthening its partnership with Paris. — Chloe Mari A. Hufana

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