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Budget transparency bill to enhance investor confidence, AmCham says

THE proposed Citizen Access and Disclosure of Expenditures for National Accountability (CADENA) Act will help strengthen investor confidence, the American Chamber of Commerce of the Philippines (AmCham) said.

“Greater public access to budget information is a critical step in strengthening trust in public institutions, and this measure will help to strengthen investor confidence, unlock greater economic opportunities, and attract more investment,” Steve Winkates, Arangkada project director at AmCham, said in a statement on Thursday.

Filed by Senator Paolo Benigno Aquino IV, Senate Bill No. 1506 seeks to establish a digital budget portal that will allow the public to access information on budget planning and preparation, legislation and authorization, pro-curement, budget execution, and fund management.

According to the Senate website, the bill was approved on second reading on Dec. 10.

On Tuesday, President Ferdinand R. Marcos, Jr. urged Congress to prioritize the proposed CADENA Act along with the bills on the Anti-Dynasty Law, the Independent People’s Commission Act, and the Party-List System Reform Act.

“The prioritization of the CADENA Act is an encouraging signal that transparency is being taken seriously, and we look forward to working with the government on this and other important reforms,” Mr. Winkates said.

AmCham has consistently backed measures that strengthen transparency and accountability in governance, including the Freedom of Information Act, ease of doing business reforms, amendments to the Bank Secrecy Act, and stronger oversight of public institutions.

“These reforms are essential to creating a business environment that is fair, predictable, and conducive to sustained growth,” AmCham said.

Meanwhile, British Chamber of Commerce Philippines (BCCP) Executive Chair Chris Nelson expressed concern on Wednesday about how the investigation on the public works scandal is affecting the passage of key reforms.

“I think the Marcos administration has seen our messages of legislation, which we have supported,” he said.

“One of my concerns, obviously, with what is going on with flood control, is the fact that a lot of time and effort are going into those investigations, and that slows down the passage of legislation,” he added.

For the 20th Congress, the BCCP hopes to see the passage of the Cybersecurity Act, the Digital Payments Act, and the Blue Economy Act.

The government is investigating a multi-billion public works scandal involving government officials, legislators, and private contractors. — Justine Irish D. Tabile

Marcos priority bills ‘cohesive package’ for improving governance, PCCI says

THE Philippine Chamber of Commerce and Industry (PCCI) said bills identified by President Ferdinand R. Marcos, Jr. as priority legislation will help create a more transparent business environment.

“We commend the President for focusing on these fundamental institutional reforms, which align with the private sector’s long-standing advocacy for good governance and a level playing field,” the PCCI said in a statement on Thursday.

President Ferdinand R. Marcos, Jr. asked Congress to prioritize the proposed Citizen Access and Disclosure of Expenditures for National Accountability (CADENA) Act along with the bills on the Anti-Dynasty Law, the Independent People’s Commission Act, and the Party-List System Reform Act.

“PCCI sees these four bills as a cohesive package that can significantly improve the country’s governance landscape,” the group said.

“Their successful passage and implementation will send a powerful signal to local and international investors that our country is committed to deepening its democratic institutions and fostering a clean, fair, and competitive business environment,” it added.

In particular, the group expressed strong support for the CADENA Act, noting the role of transparency in public expenditure in strengthening investor confidence.

“Knowing how public funds are allocated and spent, especially on infrastructure projects and government procurement, reduces corruption risks, ensures fair competition, and guarantees that taxpayer money is used for maxi-mum economic benefit,” the PCCI said.

“We believe this Act, if robustly implemented, will be one of the most significant anti-corruption and pro-investment tools enacted in recent years,” it added.

The group also supported the creation of the Independent People’s Commission Act (IPCA).

“We support this mechanism that allow for independent oversight and citizen engagement to reinforce democratic institutions,” it said.

“When governance structures provide credible avenues for monitoring and evaluation, it promotes stability — an important factor for sustained business and economic planning,” it added. — Justine Irish D. Tabile

US, Japan stage show of force after China-Russia air, sea drills

The 6th Air Wing of Japan Air Self-Defense Force’s F-15 fighters hold a joint military drill with the US B-52 bomber over the Sea of Japan, in this handout picture taken by Japan Air Self-Defense Force on Dec. 10, REUTERS

TOKYO — US nuclear-capable bombers flew over the Sea of Japan alongside Japanese fighter jets on Wednesday, Tokyo said, in a show of force following Chinese and Russian drills in the skies and seas around Japan and South Korea.

Japan and the US “reaffirmed their strong resolve to prevent any unilateral attempt to change the status quo by force and confirmed the readiness posture of both the Self-Defense Forces (SDF) and US forces,” Japan’s defense ministry said in a statement on Thursday.

The flight of two US B-52 strategic bombers with three Japanese F-35 stealth fighters and three F-15 air-superiority jets was the first time the US had asserted its military presence since China began military exercises in the region last week.

The display follows a joint flight of Chinese and Russian strategic bombers in the East China Sea and Western Pacific on Tuesday and separate Chinese aircraft carrier drills that prompted Japan to scramble jets that Tokyo said were targeted by radar beams.

The encounter drew criticism from Washington, which said the incident was “not conducive to regional peace and stability” and reaffirmed that its alliance with Japan was “unwavering.”

Both Japan and South Korea host US forces, with Japan home to the biggest concentration of American military power overseas, including an aircraft carrier strike group and a US Marine expeditionary force.

China denied Tokyo’s accusation, saying Japanese jets flying near the carrier had endangered its air operations south of Japan.

South Korea’s military said it also scrambled fighter jets when the Chinese and Russian aircraft entered its air defense identification zone on Tuesday, an area that extends beyond its airspace and is used for early warning.

Chinese military ships and aircraft operate almost daily around Taiwan, in what Taipei says is part of Beijing’s ongoing pressure campaign.

On Thursday, Taiwan’s defense ministry reported a stepped up Chinese military presence for a second day in a row. It said it had detected 27 aircraft, including nuclear-capable H-6K bombers, conducting a “joint combat readiness patrol,” along with warships around the island.

Late on Wednesday, the ministry said Chinese J-16 fighters and H-6 bombers had again carried out long-range training in the Western Pacific after passing to the south of Taiwan.

Regional tensions have risen since Japanese Prime Minister Sanae Takaichi triggered a dispute with Beijing last month with her remarks on how Tokyo might react to a hypothetical Chinese attack on Taiwan.

China claims democratically governed Taiwan and has not ruled out using force to take control of the island, which sits just over 100 kilometers (62 miles) from Japanese territory and is surrounded by sea lanes on which Tokyo re-lies. — Reuters

Japan tech seen boosting PHL disaster resilience

THE Japanese government said disaster-response technologies like ultracompact radar systems and emergency shelters can help countries like the Philippines become more resilient in the face of rising climate and disaster risks.

Misumi Takahito, director of global communications of the Cabinet Secretariat of Japan, said at an online briefing that disaster response is not just a national concern, but a shared responsibility across the region.

“These challenges are not unique to Japan. With a globalized supply chain, a disaster in one country inevitably affects other countries. This is why Japan believes reducing disaster risks in other countries or regions is a matter of shared security and prosperity,” he said.

He added that strengthening disaster resilience across Asia benefits all nations, with Japan seeking to co-create solutions with partner countries and sharing approaches to address common problems.

The first of these innovations is an ultracompact weather radar developed by Furuno Electric Co., Ltd., designed to improve localized disaster prediction.

According to Kawakita Soshi, a representative from Furuno’s international marketing department, traditional large-scale weather radar monitors rain clouds over broad regions and higher altitudes, making it difficult to forecast sudden, localized events.

“When you install a big weather radar, there will always be gaps,” Mr. Kawakita said, citing, for instance the blind sports that occur when installing such facilities on mountaintops.

Furuno’s radar set, measuring 1 meter in diameter and weighing 65 kilograms, can be installed in narrow or low-lying spaces such as building rooftops or mountain valleys, allowing highly accurate detection of rainfall at altitudes between 500 and 2,000 meters.

Mr. Kawakita said installation and operating costs are competitive, requiring low power, easy transport, and no dedicated tower or control room, making it suited for developing countries with limited infrastructure and financial resources.

“Our radar compared to a large-scale radar is very small, meaning it is simply structured; therefore, our agents can train you on the ground, and this can alleviate many challenges on the ground,” he said in Japanese.

Meanwhile, the “Instant House,” a disaster-response technology developed by Kitagawa Keisuke, a professor with the Nagoya Institute of Technology, is designed to provide evacuees safe, private and rapidly deployable living spaces after disasters.

According to Mr. Kitagawa, the Instant House addresses challenges in evacuation shelters, including overcrowding, lack of privacy, and slow construction times.

The shelter comes in two versions. The outdoor model, made from a tent-like membrane, can house up to 10 people and can be erected in one to two hours using a blower to inflate the dome and a layer of polyurethane foam for insulation.

The indoor model, made from cardboard, can be installed in about 15 minutes by a single person, offering private spaces in gymnasiums or other shared shelters while isolating evacuees who may be carrying infectious diseases.

Mr. Kitagawa said both versions are highly insulated, maintaining comfortable temperatures and minimizing external environmental impacts.

He said Japanese and Philippine conditions are roughly comparable — “many islands,” making the shelters easily transportable by small boat.

“There are many natural disasters like typhoons in the Philippines; it’s very important to prepare for disasters,” he said.

Mr. Kitagawa compared the cost of the shelters to that of “building an agricultural greenhouse. The cost might be equivalent or even cheaper,” he said.

Mr. Misumi of the Japanese Cabinet Secretariat said Japan is looking to collaborate with partner countries to share expertise and solutions.

“We’d like to see a win-win situation for both Japan and partner countries facing common challenges by leveraging Japan’s expertise in this field,” he said. — Vonn Andrei E. Villamiel

Australian content creators feel sting of social media curbs

A person using a smartphone is seen in front of displayed social media logos in this illustration taken on May 25, 2021. — REUTERS

SYDNEY — Australian content creators are reporting drops in followers and views a day after the country imposed a sweeping teen social media ban, posing risks for incomes and forcing rethinks of content strategies.

Josh Partington, 29, typically gets 100,000 views on his TikTok, where he makes comedy skits about everyday life in Australia. But his first video since the ban started on Wednesday has barely reached one-tenth of that.

“Both my TikTok and Instagram videos from yesterday underperformed pretty noticeably,” he said. “They both landed under 10,000 views which is very unusual for me.”

Australia has ordered 10 of the biggest platforms including TikTok, Meta’s Instagram and Alphabet’s YouTube to bar around one million users under 16 or face hefty fines.

As many teenagers grapple with a new reality without social media, content creators who spent years cultivating their followings are also feeling the effects of losing their most active audience members.

Follower counts primarily on Instagram have dropped, creators told Reuters, while engagement patterns — likes, comments and views — have also changed.

If the trend continues, that could spell trouble in an industry where metrics are a chief determinant of revenue from brand deals and advertisers.

Others have also created accounts on alternative platforms that are not yet covered by the ban, or set up mailing lists to keep in touch with their young followers.

Mr. Partington, who has a combined 100,000 followers across TikTok and Instagram, said the ban wiped about 1,500 Instagram followers. If TikTok went the same way, “it is definitely a bit scary,” he said.

“A lot of my audience under 16 is incredibly engaged and they’re a big part of why my videos land the way they do.”

He said losing followers could impact the work he does with brands and his income, but he was not panicking yet. “While it’s not ideal, I’m confident I can adjust and still keep building my platforms.”

Comedian Mitch Dale, 30, said that while most of his 200,000 followers were adults, losing his younger fans would reduce his initial engagement levels and make him rethink his content posting schedules.

“I’ve always aimed to post outside of school hours on TikTok, 3:30 p.m. in the afternoon when kids have been getting home and getting on their phones. So that might be something that I’ll reconsider,” he said.

Indie musician Harry Kirby, 18, has more than 180,000 social media followers. He said a “good part” of them were under 16 and he had lost 1,000 on Instagram so far.

“They just vanished,” he said. “It genuinely sucks to lose direct connection with any fans.”

The government has said some 200,000 accounts have been deactivated on TikTok alone since the ban went live.

The internet regulator will be asking all affected platforms to report how many under-16 accounts were still active, Communications Minister Anika Wells said on Thursday.

Australian Prime Minister Anthony Albanese on Thursday took aim at young people parading themselves on social media a day after a world-first ban on under-16s went live, saying the rollout was always going to be bumpy but would ultimately save lives.

A day after the law took effect with bipartisan support from the major political parties and backing by some three-quarters of Australian parents, the country’s social media feeds were flooded with comments from people claim-ing to be under 16, including one on the prime minister’s TikTok account saying “I’m still here, wait until I can vote.”

Under the law, 10 of the biggest platforms including TikTok, Instagram and YouTube must bar underage users or face a fine of up to A$49.5 million ($33 million). The government has said it would take some time for the platforms to set up processes to do this.

“This is the law, this isn’t something that can be flouted,” Mr. Albanese said on News Corp’s Sky News.

“Some young people who haven’t yet been pulled off social media are sending out notices bragging about it. That just tells the platforms who they are, and so it will be taken down.”

Governments around the world have said they would monitor the Australian rollout as they weigh whether to do something similar. US Republican Senator Josh Hawley endorsed the ban as it took effect, Nine newspapers re-ported, while France, Denmark, Malaysia and others have already said they plan to emulate the Australian model.

The Australian internet regulator, the eSafety Commissioner, would ask all affected platforms to report numbers of under-16 accounts on the days before and after the ban went live on Wednesday, Ms. Wells said.

Meta repeated its opposition to the law, saying some experts, advocates and parent groups were concerned it was driving teenagers to less regulated parts of the internet and that there was “little interest in compliance.”

“This will result in inconsistent application of the law and ultimately does not make young people safer,” a spokesperson said.

TikTok and Snap, owner of Snapchat, declined to comment on the implementation, while YouTube, X, Amazon’s Twitch, Reddit and Australian-owned Kick — all of which are covered by the ban — were not immediately available for comment.

HEATED GLOBAL REACTIONS
The ban generated impassioned reactions across the spectrum of global commentators — including from US psychologist Jonathan Haidt, whose book The Anxious Generation featured prominently in the Australian debate.

“Bravo Australia,” he wrote on X.

The United Nations children’s agency UNICEF warned in a statement the ban might encourage children to visit less regulated parts of the internet and could not work alone.

“Laws introducing age restrictions are not an alternative to companies improving platform design and content moderation,” the statement said.

Mr. Albanese, visiting a school in Canberra, said the ban would lead to better educational outcomes and behavior” since “you get better social interaction when students aren’t subject to looking at their devices constantly.”

Australian searches for virtual private networks (VPNs), which can mask an internet user’s location, surged to the highest level in about 10 years in the week before the legislation took effect, according to publicly available Google data.

Free VPN provider Windscribe told Reuters it experienced a 400% increase in installations in Australia in the 24 hours after the ban went live. Another free VPN provider, hide.me, said it had a 65% spike in visits from Australia in the days before the ban kicked in, although that had not translated to a rising number of downloads.

All 10 platforms named by the ban opposed it before saying they would comply. As the legislation came into force, some platforms not covered by the ban rose to the top of app download charts, prompting the Australian gov-ernment to say the platform list was “dynamic.”

One app, Lemon8, which is owned by TikTok parent ByteDance, introduced an age minimum of 16. Photo-sharing app Yope told Reuters it had experienced “very fast growth” to about 100,000 Australian users. About half of its users were over 16.

The company told Reuters it had told the Australian internet regulator overseeing the ban that it considered itself a private messaging service, not social media. — Reuters

Thailand, Cambodia keep fighting across border ahead of Trump calls

A girl eats a meal at Chong Kal refugee camp on Dec. 11, 2025 after evacuation amid deadly clashes between Thailand and Cambodia along a disputed border area in Chong Kal, Oddar Meanchey Province, Cambodia. — REUTERS

BANGKOK/PHNOM PENH — Fighting between Thailand and Cambodia entered its fourth day on Thursday as both sides waited for a promised telephone call from US President Donald J. Trump, who says he believes he can again end the conflict between the two Southeast Asian nations.

On Wednesday, clashes at more than a dozen locations along the 817-kilometer (508-mile) Thai-Cambodian border saw some of the most intense fighting since a five-day battle in July, which was the worst conflict in recent history.

In July, Mr. Trump stopped the fighting with calls to both leaders in which he threatened to halt trade talks unless they ended the conflict. Mr. Trump says he expects to speak with the countries’ leaders on Thursday.

“I think I can get them to stop fighting,” Mr. Trump told reporters on Wednesday. “I think I’m scheduled to speak to them tomorrow.”

However, Thailand has reacted more warily this time to overtures from Mr. Trump and Malaysian Prime Minister Anwar Ibrahim, who helped broker the July deal, which resulted in an extended ceasefire signed in October. Thailand insists the matter is for the two countries to resolve.

Mr. Ibrahim said he had spoken with leaders of Thailand and Cambodia on Tuesday and, though no definitive resolution was reached, he appreciated “the openness and willingness of both leaders to continue negotiations in order to ease tensions.”

Thai Prime Minister Anutin Charnvirakul said on Thursday he would “explain and clarify” the situation if Mr. Trump called.

“He will need to hear the details directly from me if he contacts me,” he told reporters. “I believe the foreign minister will already be providing information at the diplomatic level.”

Thailand and Cambodia have blamed each other for the latest clashes that started this week and have traded accusations that civilians were being targeted in artillery and rocket attacks.

“Right now, no one wants conflict, especially with neighboring countries,” Mr. Anutin said. “But Thailand is very confident that it has been invaded. Therefore, it is necessary to safeguard the country’s independence and sovereignty.”

In a Wednesday evening update, Cambodia’s interior ministry said homes, schools, roads, pagodas and ancient temples had been damaged by “Thailand’s intensified shelling and F-16 air strikes targeting villages and civilian population centers up to 30 kilometers inside Cambodian territory.”

On Thursday, Cambodia’s defense ministry accused Thailand of committing “brutal acts of aggression” against civilian targets, including schools and temples.

Thailand denies that it targets civilian infrastructure.

The clashes have already taken a heavy toll on civilians, with 10 people killed in Cambodia, including an infant, and 60 people wounded, according to its government.

Nine Thai soldiers have been killed in the fighting and more than 120 were wounded, the Thai army said. Hundreds of thousands of people have been evacuated from border areas in both countries. — Reuters

Pokrovsk’s fall will not cause frontline collapse, but weakens Ukraine

Ukrainian servicemen fire a Multiple Launch Rocket System toward Russian troops, amid Russia’s attack on Ukraine, near the frontline town of Pokrovsk in Donetsk region, Ukraine on Dec. 9, REUTERS

KYIV — Russia’s capture of Pokrovsk appears to be a matter of “when” not “if,” and while its fall will not trigger a collapse in Ukraine’s defenses, it weakens Kyiv at a sensitive juncture in US-led negotiations to end the war.

Moscow said on Dec. 1 it was in full control of Pokrovsk, two days before US President Donald J. Trump’s special envoy and his son-in-law held Kremlin talks with President Vladimir Putin on a plan they say is close to being final-ized.

Ten days on, Ukraine says its troops still hold positions in the north of the city, which was home to 60,000 people before Russia’s full-scale 2022 invasion and served as an important logistical hub for the military until the fighting closed in.

“The new round of pressure on Ukraine to settle the conflict on unfavorable terms is happening in parallel with heavy fighting on this front, which helps Russia because it affects Trump’s perception,” said Mykola Bielieskov, a senior analyst at Ukrainian charitable foundation Come Back Alive.

Ukraine must try to stay in with the Americans — who supply vital intelligence and weapons — while pushing back on a peace deal that Russia says must involve Kyiv’s forces withdrawing from all the eastern Donbas region where Pokrovsk lies.

Ukraine says that having fought for control of the Donbas since 2014, it has no moral or legal right to cede sovereign territory to an invading power, making control of the industrial area the most contentious issue dividing the warring parties.

Mr. Trump’s rhetoric took a harder tone on Ukraine this week as he told Politico that Russia had the upper hand in the war and that Ukrainian President Volodymyr Zelensky had to start “accepting things.”

RUSSIA’S SLOW ADVANCE
And yet the pace of the Russian assault on Pokrovsk shows how difficult it has been for Moscow’s forces to advance with front lines saturated with killer drones.

The war turned into an attritional struggle after 2022, with neither side able to take territory easily. Russia launched a new offensive in late 2023 and controls around 19.2% of Ukraine, just over 1 percentage point more than at the end of 2022.

Pokrovsk, which sits on elevated ground in the Donetsk region, would be the first city taken by Russia since Avdiivka to the east in early 2024. Most of it lies in ruins and only 1,200 of its inhabitants remain.

Military experts back up the assessments of Ukrainian officials that Ukraine’s defenses are unlikely to suddenly collapse in the east — citing its frontline fortifications, drones and the piecemeal nature of Russia’s assault on Pokrovsk.

Russian troops have been advancing in groups of six or fewer, Kyiv’s forces have said, relying on one or two soldiers to breach porous defenses and gain a toehold in a building.

“They (the Russians) were accumulating in assault groups, seeping through all around our positions, because, as I say, we have a critical shortage of infantry,” said Lambada, a Ukrainian drone operator who fought in Pokrovsk.

Konrad Muzyka, a military analyst in Poland, said Ukraine rushed in its Skelia Assault Regiment and special forces to shore up Pokrovsk in August, but redeployed them as the front deteriorated in other eastern areas like Lyman and Kupiansk.

Concerns over the depth of Ukraine’s troop reserves have surfaced periodically throughout the war, including from allies like the United States where officials have urged Ukraine to expand the military draft.

The subject is sensitive politically, and the government has declined to lower the draft age from 25 to protect the youngest generations from the bloodshed.

WHAT NEXT?
The US-backed peace plan initially proposed that Ukraine pull out of the Donetsk region, where US Secretary of State Marco Rubio said Ukraine controls 20% of the land. Mr. Zelensky said this week that he and European leaders had drawn up a revised 20-point plan, but that there was no agreement on ceding territory. They are expected to send their plan to Washington soon.

Mr. Putin said earlier this month that Pokrovsk, which Russia calls Krasnoarmeysk after the Soviet-era Red Army, was the ideal platform from which to launch attacks in any direction.

Russia likely plans to try to envelop the “fortress cities” of Sloviansk and Kramatorsk to the northeast of Pokrovsk, and use the high ground to launch drones over greater distances, Mr. Muzyka said.

Moscow’s troops have recently made inroads into both Zaporizhzhia region in the south and Dnipropetrovsk region in the east, even though the latter is not one of the five Ukrainian regions illegally annexed by Russia.

But rapid gains are unlikely.

“The way they are conducting operations is incredibly slow,” Mr. Muzyka said.

Ukraine is emphasizing its willingness to secure a “just” peace, mindful that Mr. Trump has pledged a quick end to the war and his officials have threatened to curtail support such as intelligence and weapons paid for by Euro-pean allies.

Kyiv is also hoping those same European allies can supply more financial and military assistance themselves.

Since August, Ukrainian forces have targeted Russia’s oil industry to try to reduce revenue and create shortages of fuel. More recently they have gone after ships sailing to pick up Russian oil in the Black Sea.

Russia has conducted wave upon wave of massive missile and drone strikes, causing large-scale blackouts across Ukraine and serious damage to the electricity system.

One senior European defense official who asked not to be named said the war could continue for a few more years unless a “Trump moment” or a “Putin moment” stopped it, but that he did not think Mr. Putin had any inten-tion of giving up. — Reuters

Tengco denies conflict of interest

BW FILE PHOTO

PHILIPPINE Amusement and Gaming Corp. (PAGCOR) Chairman and Chief Executive Officer Alejandro H. Tengco denied claims that his family’s construction firm had benefited from his ties to President Ferdinand R. Marcos, Jr., saying he had divested his stake in the company.

Mr. Tengco, who founded Nationstar Development Corp. in 2015, said his position at PAGCOR has no direct or indirect influence on the award of public works contracts to the firm. He added that he fully transferred his holdings to his children in 2019, three years before assuming the PAGCOR leadership in 2022.

“As a legitimate business entity, Nationstar has previous and ongoing contracts with both the government and private sector, including many local government units,” he said, noting that he entered construction in 1996.

He said Congress should determine whether gaps exist in conflict-of-interest laws and consider appropriate measures.

The statement comes amid scrutiny of government contractors and officials linked to multibillion-peso flood control projects, raising concerns over transparency under the Marcos administration. — Aubrey Rose A. Inosante

PSEi rises as Fed, BSP cut rates to boost growth

PHILIPPINE STAR/KJ ROSALES

THE BELLWETHER INDEX moved higher on Thursday as both the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP) cut benchmark rates again to help support economic growth.

The Philippine Stock Exchange index (PSEi) went up by 0.5% or 30.06 points to end at 5,990. Meanwhile, the broader all shares index decreased by 0.26% or 9.27 points to 3,453.43.

“The market crept higher as the simultaneous policy rate cuts from both the US Fed and BSP retained the differential between the two while trying to stimulate economic growth, which investors ultimately welcomed,” AP Secu-rities, Inc. said in a note.

“The local bourse edged higher as the market digested the recent rate cuts from both the Fed and the BSP. Investors welcomed the move, viewing it as supportive for growth and liquidity,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. “Overall sentiment improved as traders positioned ahead of upcoming economic data.”

The US Federal Reserve cut interest rates by a quarter-percentage point on Wednesday in an uncommonly divided vote, but signaled it would likely pause further reductions in borrowing costs as officials look for clearer signals about the direction of the job market and inflation that “remains somewhat elevated,” Reuters reported.

Wednesday’s cut brought the policy rate to a range of 3.5%-3.75%.

Meanwhile, the BSP on Thursday likewise lowered its benchmark rates by 25 basis points (bps) to bring the policy rate to 4.5%, the lowest level in more than three years, as expected by 17 out of 18 analysts in a BusinessWorld poll. It has now delivered 200 bps in reductions since August 2024.

BSP Governor Eli M. Remolona, Jr. said benign inflation gives them room to help support weak domestic demand amid lingering governance concerns that have affected investments, but stressed that they are nearing the end of their current easing cycle, with further cuts — if any — likely to be limited and dependent on data.

He added that economic prospects have darkened further, with the slowdown in third-quarter growth likely to extend to this quarter.

Most sectoral indices closed higher on Thursday. Financials rose by 1.4% or 26.99 points to 1,947.21; services increased by 0.83% or 20.83 points to 2,508.26; industrials went up by 0.51% or 43.92 points to 8,518.91; and holding firms inched up by 0.01% or 0.87 point to 4,656.91.

Meanwhile, property declined by 1.11% or 25.1 points to 2,217.80, and mining and oil went down by 0.65% or 91.06 points to 13,895.37.

Decliners narrowly beat advancers, 103 to 100, while 62 names closed unchanged.

Value turnover went up to P7.06 billion on Thursday with 864.5 million shares traded from the P6.75 billion with 657.57 million issues dealt on Wednesday.

Net foreign selling decreased to P761.25 million from P787.08 million. — Alexandria Grace C. Magno with Reuters

Yellow alert raised over Visayas grid

PHILSTAR FILE PHOTO

THE Visayas grid was briefly placed on yellow alert following outages at several power plants, the National Grid Corp. of the Philippines (NGCP) said.

In an advisory, the NGCP said the yellow alert period was between 5 p.m. and 6 p.m., though it had been lifted as of 1 p.m.

A yellow alert is issued when the operating margin is insufficient to meet the transmission grid’s contingency requirement.

Peak demand was estimated at 2,535 megawatts (MW) on available capacity of 2,578 MW.

A total of 482.41 MW was unavailable to the grid after 13 power plants went on forced outage while 16 were running on derated capacity.

Other contributing factors were the increase in demand in Mindanao, limiting the power exported to Visayas via Mindanao-Visayas Interconnection Project.

The Luzon and Mindanao grids are operating normally, the NGCP said. — Sheldeen Joy Talavera

Luzon, Mindanao power supply to remain stable

PHILSTAR FILE PHOTO

LUZON and Mindanao are expected to enjoy stable power conditions next year, though the Visayas could be developing an excessive dependence on the other two island grids, according to the Independent Electricity Market Operator of the Philippines (IEMOP).

In a briefing on Thursday, Isidro E. Cacho, Jr., IEMOP vice-president for trading operations, said: “When it comes to the Visayas, we’re seeing an issue because it’s now becoming dependent on Luzon and Mindanao.”

The national grid has become unified following the start of full commercial operations at the Mindanao-Visayas Interconnection Project last year. This allowed power sharing across the Luzon, Visayas, and Mindanao grids.

Mr. Cacho said that any forced outages on Luzon and Mindanao could affect power supply in the Visayas.

“The Visayas is a net importer of power from Luzon and Mindanao, so when the interconnections from Mindanao and Luzon are limited, power plants end up setting higher prices in the Visayas,” Mr. Cacho said.

For next year’s dry season, Mr. Cacho said prices on the Wholesale Electricity Spot Market (WESM) could range from P5-6 per kilowatt-hour (kWh) on Luzon and P4-5 per kWh in Mindanao.

WESM prices in the Visayas, on the other hand, could range between P6 and P7 per kWh.

Mr. Cacho said that the Department of Energy’s Grid Operation and Maintenance Program has scheduled plant maintenance in the first, third, and fourth quarters of 2026.

Planned outages are not allowed in the second quarter, during the year’s hottest months.

IEMOP operates the WESM, where energy companies can buy power if their long-term contracted power deals prove inadequate for their needs.

Last month, the average power rate in the WESM declined 12.4% to P3.98 per kWh in November. — Sheldeen Joy Talavera

P20-per-kilo rice program rolled out to 82nd province

PHILIPPINE STAR/EDD GUMBAN

THE Department of Agriculture (DA) said it completed the nationwide rollout of its P20-per-kilo rice program, which is now present in all 82 provinces following launches in Sultan Kudarat and Maguindanao.

The latest launches covered Barira, Buldon, Matanog, Sultan Kudarat, and Sultan Mastura, Maguindanao del Norte.

“This is about uplifting every Filipino, boosting local production, and ensuring no one — regardless of culture or religion — is left behind in our nation’s progress,” Assistant Agriculture Secretary Genevieve Guevarra was quoted as saying in a statement.

The DA said the rollout of the program in the region reflects cooperation between the National Government and the Bangsamoro Autonomous Region in Muslim Mindanao.

The DA has said it eventually hopes to establish P20 rice outlets in all Philippine cities and municipalities nationwide to serve 15 million households.

The target pace would require the DA to open roughly five new sites per day in 2026.

The DA said the program’s next phase will focus on sustaining supply, expanding farmer support and expanding access to affordable rice for underserved communities. — Vonn Andrei E. Villamiel