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Gov’t fully awards bonds

BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it auctioned off on Wednesday with lower rates amid expectations that borrowing costs here and in the United States will remain steady for the rest of the year.

The Bureau of the Treasury (BTr) raised P20 billion as planned via the reissued seven-year bonds it offered on Wednesday as total bids reached P60.266 billion, or more than thrice the amount on the auction block.

The bonds, which have a remaining life of five years and 10 months, were awarded at an average rate of 6.099%, with accepted yields ranging from 6.045% to 6.120%.

The average rate of the reissued bonds dropped by 36.9 basis points (bps) from 6.468% quoted for the papers when they were last awarded on Aug. 8. This was also 90.1 bps below the 7% coupon for the series.

The average yield was likewise 12 bps lower than the 6.219% quoted for the six-year bond and 6.5 bps below the 6.164% seen for same bond series traded at the secondary market before Wednesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

“The lower awarded rates today reflected both easing inflationary concerns and waning prospects of a December policy rate hike from both the Federal Reserve and the Bangko Sentral ng Pilipinas (BSP),” a trader said in an e-mail on Wednesday.

The BSP on Nov. 16 kept its policy rate at a 16-year high of 6.5% after inflation eased in October. The pause came after the central bank raised rates by 25 bps in an off-cycle move on Oct. 26.

The Monetary Board has hiked borrowing costs by 450 bps since May 2022 to temper inflation.

It will hold its last meeting for the year on Dec. 14.

Meanwhile, the Fed kept its target rate steady at the 5.25%-5.5% range for a second straight time during its Oct. 31-Nov. 1 meeting.

It has hiked rates by a cumulative 525 bps since it began its tightening cycle in March 2022.

The Federal Open Market Committee will next meet on Dec. 12-13 to review policy.

T-bond yields declined amid lower global crude oil prices recently, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Brent crude futures steadied at $81.63 a barrel ahead of a crucial meeting of the Organization of the Petroleum Exporting Countries and its allies on Thursday to decide output policy in the next months, Reuters reported.

Tuesday’s auction was the BTr’s last offering for November. Overall, the government raised P150.97 billion out of its P225-billion domestic borrowing program for the month.

The government borrows from local and external sources to help fund a budget deficit capped at 6.1% of the gross domestic product this year. — AMCS with Reuters

Merry, stylish Christmas with limited edition vivo V29 5G in rose pink

‘Tis the season of joy, and vivo is excited to introduce a limited edition that will make your holidays even brighter! Say hello to the enchanting Rose Pink variant of the vivo V29 5G, set to add a dash of warmth and romance to your Christmas celebrations.

Unwrapping the magic begins on Dec. 1, as the Rose Pink beauty graces the festive scene with its unique visual allure and a sleigh-full of features to elevate your holiday moments.

Picture this: The Christmas limited edition vivo V29 5G in Rose Pink is an embodiment of elegance, capturing the very essence of the season. Imagine a delicate pink hue, reminiscent of a winter sunset, blending seamlessly with gradient hues and textured ripples, creating an ambiance as gentle and romantic as being surrounded by a sea of pink roses.

But it’s not all about looks – the vivo V29 5G packs a punch with powerful features. Feast your eyes on the 6.78-inch AMOLED screen boasting a dazzling 2800×1260 resolution. With a 120Hz refresh rate and 2160Hz PWM dimming support, your visual experience becomes a smooth and clear journey through festive wonders. Slim at 7.46mm and lightweight at 186g, it’s a perfect fusion of style and portability.

As you dive into the holiday hustle, fear not – the V29 5G’s 4600mAh all-day battery and 80W fast charge technology have your back. Swift and efficient charging keeps up with your festive activities, ensuring you never miss a beat.

Capture the magic with the advanced camera setup – a 50MP OIS main camera, 8MP ultra wide-angle lens, 2MP depth sensor, and a 50MP front camera. From wide-angle shots to festive selfies, every moment becomes a memory to cherish.

But the excitement doesn’t end there! Dive into the Make A Wish campaign by vivo and stand a chance to win exclusive gifts, including the Christmas limited edition vivo V29 5G in Rose Pink. Join the festivities at vivoglobal.ph/what-is-your-christmas-wish and embrace a Christmas filled with surprises and warmth.

Be among the privileged few to own the Christmas limited edition vivo V29 5G in Rose Pink. Get ready to spread the festive cheer, starting Dec. 1!

If Rose Pink isn’t your hue, the V29 5G is also available in Starry Purple and Magic Maroon at 12GB + 256GB for only P24,999 and 12GB + 512GB for just P26,999. Its more affordable version, the vivo V29e 5G in Crystal Blue and Forest Black at 12GB + 256GB is also now available for only P18,999.

Visit vivo’s official website, Shopee, Lazada, TikTok, and physical stores nationwide to unwrap the perfect holiday companion.

 

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Dining In/Out (11/30/23)

Tatatito offers Christmas specials

This holiday season, Tatatito presents its elevated take on classic flavors in its thoughtfully curated Noche Buena menu. It kicks off with a breakfast spread that includes Homemade Corned Beef (₱545) and USDA Beef Tapa (₱490). Pan de Red Croissant (₱125) combines the flakiness of a croissant with the sweetness of special red filling. On the other hand, the Croissant de Coco (₱125) brings a tropical twist with its coconut-infused layers. Last but not least, the Spanish Croissant (₱190). The breakfast experience is made complete with Long Black Hot coffee (₱120) or iced Spanish latte (₱125). A Christmas feast centerpiece is Tatatito’s special Porchetta Filipino: lechon-style porchetta served on a bed of seafood rice cooked inside the lechon’s belly. It comes with three dips — homemade liver sauce, red chili sauce, and pickled vegetables. The regular plate is priced at ₱820. The sharing platter is available at ₱1,450. Tatatito also presents its new Morconito con Queso De Bola, a nod to a classic favorite, a beef roulade in a sweet, savory sauce, crowned with gratinated queso de bola and rich bechamel sauce. The regular plate is priced at ₱980, while the sharing platter is offered at ₱1,680. There are also Noche Buena party trays of Tatatito appetizers, home favorites, and a selection of rice and pancit, to serve eight to 10 people. Tatatito’s Holiday specials and Noche Buena platters are available for dine-in and take-out. Delivery is also available via Grab and FoodPanda. Tatatito is at the Ground floor, OPL Building, 100 Don Carlos Palanca, Legazpi Village, Makati.

Gringo’s Holiday Specials

Gringo Chicken and Ribs has come out with Holiday Specials, which includes the Holiday Steak Plate (P1,399 a la carte or P1,299 when added onto any Gringo sharing platter). This dish has tender, smokey beef rib-eye paired with sautéed French beans, shiitake mushrooms, baked potato, and garlic confit. Then there is the Holiday Wagyu Brisket Platter (P999 a la carte, or P899 add-on for any Gringo sharing platter) with Wagyu brisket slices alongside sautéed French beans, shiitake mushrooms, garlic confit, and French fries. Gringo can be found at Ayala Malls Feliz, The Fort, Makati, Festival Mall, Greenhills, MAAX, SM Fairview, SM Manila, SM Megamall, SM North EDSA, and SM Sucat. For those in the province, branches include SM Baguio, SM Dasmarinas, SM Legazpi, SM Marilao, and SM Sta. Rosa. Gringo Chicken and Ribs accepts external catering, bulk orders, and deliveries through their official site Gringo.ph or via GrabFood and Foodpanda. More information is available at @gringochickenribs on Facebook and @gringoph on Instagram.

Nespresso and Fusalp holiday collection

Nespresso collaborates with luxury French leisurewear brand Fusalp for its annual holiday collection — this time, inspired by the snowy peaks of the Alps. The collection draws inspiration from Fusalp’s emblematic diamond smock pattern. The Nespresso x Fusalp’s Festive coffee range for the Original system includes two flavored coffees and one black coffee: Festive Black Espresso (a blend of Arabicas from Honduras, Uganda and beyond), Seasonal Delight Spices (an Arabica blend), and Frosted Caramel Nut. As part of the collection, Nespresso is offering a range of limited-edition accessories and gifts which includes the Nespresso x Fusalp Advent Calendar with a special gift behind the 24th door; the Festive Espresso Cocktail Glass, which is embossed with Fusalp’s emblematic diamond smock pattern; the Nespresso x Fusalp Festive Coffee Mug which also features the diamond smock pattern; the Large Nomad Travel Mug in Fluap’sFlu’sdnight blue. The limited-edition Nespresso x Fusalp collection is available online at www.nespresso.ph, in boutiques located in Power Plant Mall, Podium Mall, Robinsons Magnolia, One Bonifacio High Street Mall, Mitsukoshi BGC, Ayala Center Cebu, and SM Mall of Asia, and in pop-up stores located in Greenbelt 5, Shangri-La Plaza, TriNoma, Alabang Town Center, and Glorietta 4.

Johnnie Walker unveils premier flagship bars

Johnnie Walker has launched its flagship bars in Metro Manila, located in the newly reopened Brooklyn Social at The Pop Up Katipunan and The Odd Seoul located in Poblacion, Makati. In every flagship bar, consumers can find signature Johnnie Walker highballs and bespoke cocktail creations by award-winning bartenders exclusive to the bar. This is supported by monthly event concepts designed together with various collaborators to shape a distinct experience in each bar. These events include stages for live musical performances and DJ sets, limited-edition merch collaborations, and engagement activities that consumers can enjoy together with their friends. Before the year ends, Johnnie Walker is set to unveil its flagship bar in La Union at Cinco Barra by Onlypans. In addition, Johnnie Walker has also partnered with top clubs in Bonifacio Global City, including Versus Barcade, Xylo, Revel in the Palace, and Clubhouse to launch promos and a series of activities in these spaces.

Hendrick’s for the holidays

This festive season, Hendrick’s Gin presents a line-up of refreshing tipples to accompany holiday merriment. From celebratory cocktails at home and at bars, to gifts for friends. Starting December, get into the spirit of the season with a menu of tipples at Southbank Café + Lounge, Lampara, Dr. Wine Poblacion and BGC, Admiral Hotel Lobby Lounge and Baccarat Room and Bar at Solaire Resort and Casino. Bizarre is already hosting a Hendrick’s Holiday Cocktail Degustation: cocktails paired with food as put together by Charmaine Thio (Hendrick’s Gin SEA Brand Ambassador) and chef Kel Zaguirre (Bizzare Executive Chef). Hendrick’s Gin cocktails are also easy to concoct at home, like Hendrick’s French 75, an elegant cocktail of citrus, fragrant notes of Hendrick’s signature cucumber and rose, topped with crisp bubbly Champagne; and Hendrick’s Cranberry Fizz, a blend of Hendrick’s Gin, cranberry juice and one’s choice of soda or sparkling wine. Hendrick’s Gin is a versatile base for any tipples, making it the perfect house gift. It is available for purchase at all S&R outlets, The Marketplace, Landmark, Shopwise, Boozeshop, Boozy, Soju Express, and Flasked.

Newport dining over the holidays

Newport World Resorts’ signature and specialty restaurants offer holiday flavors from all over the world. Casa Buenas is setting the dining tables to serve Filipino-Spanish favorites for noche buena and media noche traditions. Mulled wine, cocktails, bubbles, and whisky can be found at The Whisky Library, and in the nightlife scene of KAO Manila. Newport World Resorts’ culinary team prepares a lavish spread to share. Browse from the festive takeaway options featuring savory and sweet yuletide classics like roast turkey, a charcuterie platter, and gourmet beef selection. Christmas is incomplete without sweet treats, and at Newport World Resorts, the Yuletide Gingerbread House greets guests beside the Garden Wing Cafe. In this spot, the young and young-at-heart can take pictures and purchase signature treats and pastries. Meanwhile, the Hilton Manila celebrates Filipino culture with unique Christmas hampers full of locally sourced treats (or get creative and personalize a hamper set). Hotel Okura Manila’s Michelin-recognized restaurant Yamazato rings in the holiday with a traditional multi-course Kaiseki Dinner. Marriott Hotel Manila’s Marriott Café is a buffet haven perfect for Christmas, New Year, and all other occasions in between. Holiday treats, a hamper for a good cause, and gourmet feasts to-go are for the taking. Sheraton Manila offers hamper boxes, chocolate goodies, baked pastries, buffet spreads, and elaborate menus, there is something for everyone to enjoy. The Newport Mall is a one-stop Christmas wonderland of attractions and exhibits, raffle promos, holiday pop-up stores, holiday performances, gamified AR experience, and a multitude more, with the mall’s extended hours over the holidays from 11 a.m. to midnight and from 11 a.m. to 1 a.m. for restaurants located at 2F, Newport Mall. For more information on The World of Christmas 2023 visit www.newportworldresorts.com and follow @newportworldresorts on Facebook and Instagram, and @nwresorts on Twitter.

Frotea’s new desserts for the season

Frotea has come up with new desserts for the holiday season. There is Dark Choco Ice Delight, inspired by Korean Chocolate Bingsu, which uses premium dark cocoa; Raspberry Fruit Tea; Fish Waffles, with a sweet, creamy center and crispy outer layer; Crème Brulee Classic Milk tea, with a milk tea base, caramel, and custard; and Milk Tea Panda Ice Cream.

Robinsons Supermarket holds Red Super Sale

Robinsons Supermarket will be holding its Red Super Sale from Nov. 30 to Dec. 3 at 55 Robinsons Supermarket stores across the country. Over a thousand deals will be running during the promo period. There will be discounts of up to 70% off on select products, “Buy1Take1” offers, Flash Sales every day from 11 a.m. to noon during promo period; a free gift for a minimum purchase of P3,500 at Robinsons Supermarket (including gift certificates and other premium items), and additional Go Rewards points. Top spenders will have a chance to win either an iPhone 15 128GB or MacBook Air M1.

Jollibee takes over Grab for 45th Birthday Blowout

To celebrate its 45th year, Jollibee has partnered with Grab to launch Jollibee’s Birthday Blowout. This special collaboration with Grab offers customers app-exclusive offers and promos featuring Jollibee favorites, along with a few special surprises. Grab users can deliver and share Jollibee favorites with app-exclusive deals on their favorite meals. App users can also spot the Jollibee rider icon approaching their location while tracking their delivery. Netizens also spotted the Jollibee mascot making deliveries with Grab, sharing them all over social media.

FairPrice Group launches potato chips in PHL

FairPrice Group, Singapore’s largest grocery retailer, has officially launched its popular and award-winning range of potato chips in the Philippines. The range is now available in leading supermarkets in Metro Manila. FairPrice Potato Chips are made from 100% fresh potatoes and come in seven flavors, namely Original, Truffle, Sour Cream, Black Pepper, Hot & Spicy, Cheese, and BBQ. FairPrice Truffle Chips received the Retail Product of the Year Award at the 2023 Retail Asia Awards. FairPrice will also be launching a range of nuts, including California pistachios, baked almonds and baked cashews to Philippines supermarkets in the coming months. FairPrice snacks are now available in 70 supermarkets, including SM, WalterMart, Landmark, AllDay, Unimart, South Supermarket, Ever Supermarket, and Sta. Lucia Supermarket.

Managing change

FREEPIK

IN ANY ORGANIZATION, managing change can be challenging. There is an embedded grapevine and a power structure not reflected in the organizational chart that resists change (except for the furniture settings). A new management, whether a CEO recently appointed from the outside or an acquisition or merger, immediately targets the current “corporate culture,” and how to change it with new values, rating system, and routines (no more coffee breaks).

The status quo is portrayed as a work in progress, like the “before” poster of a cosmetic clinic, featuring a woman who is fat, full of warts, bulging eye bags, and badly in need of a makeover. (This approach in an ad already got a drubbing deploring such a portrayal as body shaming.)

Change is the “new beginning” for an “empowered organization.” This mantra is usually followed by early retirement programs and the introduction of more new faces. Yes, the new ones come with heftier compensation packages and better cars. Expect too a flurry of outside consultants who will brand the exercise with some smart title — Project Bonsai. (Small is beautiful.)

If changing an organization or business can be challenging, how much more something bigger… like a country?

The “before” picture here is not lacking in warts. The usual suspects of unsolved killings, corruption, dynastic politics, economic difficulties of inflation, high level of debt, and leakages in the budgeting process. The portrait can be so dreadful that a transformation from ugly duckling to princess, or even normal washerwoman, can be overwhelming — not even in our grandchildren’s lifetime.

Does progress always mean upending the status quo? What about the private sector’s initiatives in infrastructure, online banking, and fast-food innovations? The present economic status (Before) is not just about the public sector, although this can be a disruptive force against private initiatives.

Change brings disruption. It seems that every new leader wants his own program, discarding all the projects (good or bad) of his predecessor. This is true of both public and private service. A new CEO will have his own slogan, management team, and a cheer rally. Can a new logo be far behind?

Seldom does a new leader praise the fine work of his predecessor and how this should be continued and even enhanced. Always, the new order discards the familiar past to embrace the uncertain future. The old management is characterized as antediluvian and no longer relevant.

It’s best to take a non-political example in managing change. In the banking sector, the advance of online banking has been phenomenal. Of course, the 30-month pandemic drove bank customers to try online payments of bills, money transfers, and withdrawals. Even the upgrading of the apps (your current one will expire at the end of this month) and the routine changing of passwords (even offering facial recognition) have been even reluctantly adopted.

Changes in customer behavior are often resisted, with the present practice embraced as a comfort zone for its familiarity. A bank president wisely cautioned the service provider to “allow the customers to catch up with change.” This lesson has been learned even by road toll operators that still provide a cash lane for those who have not fully converted to the RFID system.

All organizations whether countries, empires, fraternities, universities, and religions are guided by enduring values and the traditions that define them, including the rituals that bind them together. (Hold the candle in your left hand.) Change, each time a new management comes in, can involve not just instability, but also throwing out the good things with the bad.

The true radical (from the Latin word radix for root) needs to go back to the roots of history and tradition before understanding what needs to be done. Change should not uproot but redirect how the tree should grow.

The frustration of those who view the country as hopeless leads them to give up changing the country and just change countries instead. Even these migrants who’ve given up on the status quo maintain their cultural ties with the homeland with their food, kinship system, and Christmas rites.

Still, change should begin with the individual. Even simple accomplishments in our system, like falling in line for the taxi or calling for the ride sharing app need to be embraced, and celebrated… as a transformation of the system.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Filipinos using mobile phones to learn skills, manage their expenses

ANGELICA REYES-UNSPLASH

FILIPINOS are using their mobile phones to upskill and manage their expenses amid increased digital adoption and inflationary challenges, according to a report.

Filipinos spend more than 21 hours daily (86% of the day) on their phones to connect with others, but also acquire new skills for career development, the Digital Lives Decoded study of telco company Telenor Asia Pte. Ltd. found.

The survey covered 8,000 mobile internet users across South and Southeast Asia, with 1,010 participants from the Philippines.

“In 2023, we see a shift where mobile use has the greatest impact on people’s lives, with work becoming the primary driver for increasing usage, and a majority using their devices to pick up new skills,” Petter-Børre Furberg, executive vice-president and head of Telenor Asia, said in a statement on Wednesday.

“A stand-out finding this year from the Philippines was that amidst a challenging economy and high inflationary environment, mobiles are being widely used as a tool to manage rising costs of living,” he added, noting that 75% of Filipino respondents used their phones to find the best deals (75%) and compare prices (74%).

Filipinos also see their mobile phones as tools to help them create new income streams (71%), with most claiming to have used their device to learn a new skill in the past year (91%).

“Selling on e-commerce platforms (56%), leveraging [generative artificial intelligence] (52%), and social media management (47%) emerged as the most desirable skills to learn via mobile device,” it noted.

Freelance or consultancy services came on top among income streams created via mobile, Telenor added.

In terms of work, 77% said mobile use has grown their productivity over the last five years, with 90% seeing significant improvement in their work quality and performance and 45% believing it would help them get ahead at work due to connectivity.

Meanwhile, 82% said their workplace supports the use of generative artificial intelligence, with 52% expecting it to increase in the next six months.

However, 97% of Filipino respondents have also raised concerns on privacy and security, with 55% seeing these vulnerabilities “hindering the full utility of mobile devices in the course of their work,” the report said.

Fake news (76%), identity theft (76%), and data theft (74%) emerged as top concerns among Filipinos, with 89% expressing worry about the online safety of elderly family members and 95% about children’s safety.

“As mobile technology becomes increasingly central to our lives, so does the need for all stakeholders to continue to understand the people and parts of the ecosystem most at risk,” Mr. Furberg said.

“We must keep working with stakeholders to create a safer online environment which allows all generations to take advantage of the immense potential offered by mobile access,” he added. — Miguel Hanz L. Antivola

How PSEi member stocks performed — November 29, 2023

Here’s a quick glance at how PSEi stocks fared on Wednesday, November 29, 2023.

National Government fiscal performance

S&P GLOBAL RATINGS affirmed the Philippines’ investment grade rating on Wednesday, citing the economy’s “above-average” growth potential. Read the full story.

National Government fiscal performance

Local shares retreat as investors pocket profits

BW FILE PHOTO

PHILIPPINE SHARES declined on Wednesday as investors pocketed their gains from the market’s strong performance recently.

The Philippine Stock Exchange index (PSEi) retreated by 44.43 points or 0.7% to finish at 6,265.14 on Wednesday, while the broader all shares index fell by 19.02 points or 0.56% to close at 3,339.68. 

“The market is down on profit taking after the recent multi-week rally and ahead of the Morgan Stanley Capital International (MSCI) rebalancing implementation by month-end,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message. 

“The local bourse dropped by 44.43 points to 6,265.14 as investors took some gains after two consecutive days of market rally,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar likewise said in a Viber message.

Bets on the US Federal Reserve’s next policy mood also affected trading, she added.

“Overseas, sentiment was further weighed down by Fed Governor Michelle Bowman’s statement that more rate hikes may be necessary to keep policy sufficiently restrictive to bring inflation down to the 2% target,” Ms. Alviar said.

Fed Governor Michelle Bowman said the central bank will likely need to raise borrowing costs further in order to bring inflation back down to its target, Reuters reported.

Meanwhile, Fed Governor Christopher Waller flagged the possibility of lowering the Fed policy rate in the months ahead if inflation continues to come down. Mr. Waller also said he was “increasingly confident” the current interest rate setting would prove adequate to lower inflation to the Fed’s 2% target.

The Fed this month kept its target rate at the 5.25%-5.5% range for the second consecutive meeting.

It will hold its last review for the year on Dec. 12-13.

Back home, the majority of sectoral indices ended in the red on Wednesday. Property declined by 86.13 points or 3.09% to 2,694.05; industrials dropped by 44.44 points or 0.5% to 8,763.75; financials decreased by 3.94 points or 0.22% to 1,742.31; and holding firms went down by 1.33 points or 0.02% to 6,006.29.

“The property sector had the largest loss, dropping by 3.10%, largely influenced by the 4.27% decline of SM Prime Holdings, Inc. Meanwhile, San Miguel Corp. was at the top, increasing by 1.89%,” Philstocks Financial’s Ms. Alviar said. 

On the other hand, mining and oil rose by 60.19 points or 0.62% to 9,741.16 and services went up by 4.04 points or 0.26% to 1,525.12. 

Value turnover went up to P5.75 billion on Wednesday with 449.96 million shares changing hands from the P5.34 billion with 382.74 million issues traded the previous day.

Decliners outnumbered advancers, 106 against 70, while 34 names closed unchanged.

Net foreign buying dropped to P202.33 million on Wednesday from P670.36 million on Tuesday. — RMDO with Reuters

Peso inches higher against dollar amid dovish Fed hints

BW FILE PHOTO

THE PESO appreciated slightly against the dollar on Wednesday amid dovish hints from a US Federal Reserve official.

The local unit closed at P55.39 per dollar on Wednesday, inching up by a centavo from its P55.40 finish on Tuesday, based on Bankers Association of the Philippines data.

The peso opened Wednesday’s session sharply stronger at P55.29 against the dollar. Its intraday best was at P55.28, while its weakest showing was at P55.40 versus the greenback.

Dollars traded went down to $1.097 billion on Wednesday from $1.24 billion on Tuesday.

The peso rose against the dollar after a Fed official hinted that they may pause at their next meeting, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The peso appreciated slightly after Fed official Waller hinted at the possibility of policy rate cuts if US inflation declined favorably toward the Fed’s 2% target,” a trader likewise said in an e-mail.

Fed Governor Christopher Waller flagged the possibility of lowering the Fed policy rate in the months ahead if inflation continues to come down. Mr. Waller also said he was “increasingly confident” the current interest rate setting would prove adequate to lower inflation to the Fed’s 2% target, Reuters reported. 

The US central bank this month kept its target rate at the 5.25%-5.5% range for the second consecutive meeting.

It has hiked rates by a cumulative 525 basis points since it began its tightening cycle in March 2022.

The Fed hold its last policy meeting for this year on Dec. 12-13.

The peso was supported by a generally weaker dollar and lower US Treasury yields recently, Mr. Ricafort said.

The US dollar slid across the board to hit a more than three-month low against its major peers on Wednesday, Reuters reported.

The dollar tumbled to a more than three-month low against a basket of currencies at 102.46, as bets grow that the Federal Reserve could begin cutting rates early next year.

For Wednesday, the trader said the peso could depreciate against the dollar ahead of the US gross domestic product report.

The trader sees the peso moving between P55.30 and P55.50 per dollar, while Mr. Ricafort sees it ranging from P55.25 to P55.45. — AMCS with Reuters

Smartmatic banned from Philippine elections; gov’t considers blacklisting

By Jomel R. Paguian

THE COMMISSION on Elections (Comelec) has ruled to ban automated voting provider, Smartmatic, from participating in any election bidding process and endorsed its permanent blacklisting from all government procurement proceedings in the country.

In its 23-page ruling released on Wednesday, the Comelec En Banc said that it is compelled to disallow Smartmatic from participating in the procurement process for automated elections forthwith, citing allegations related to bribery and a compromised procurement process in the 2016 national and local elections (NLE).

“These allegations, not only undermine and cast a shadow over the procurement protocols but also threaten to erode the public’s confidence in the electoral system,” read part of the resolution.

The Commission also said it “finds it imperative to refer the matter to SBAC (special bidding and awards committee) for possible permanent disqualification and blacklisting of Smartmatic from all government procurement proceedings, not just in relation to elections.”

Smartmatic, in an email, said it has not been notified of the decision and has yet to receive the official copy of the resolution.

But in a statement, Smartmatic expressed “profound disappointment” in the Comelec’s decision.

“Over the course of these 15 years, as we contributed technology and services to Comelec, we have consistently adhered to all their procurement processes during biddings and contract execution,” read the statement.

“Our significant role has played a key part in establishing the Philippines as a global model for election integrity,” it added.

The company urged the Commission to conduct an independent search on the indictments against them, citing that “no Smartmatic company has ever been indicted in the United States or any other country in connection with any election or election-related contract” in its 23-year history.

Comelec cited the allegations revolving around former Comelec Chairman Juan Andres D. Bautista who allegedly received bribes in exchange for awarding a contract for Smartmatic during the 2016 national elections.

Mr. Baustista was alleged to have laundered the bribe money through multiple entities and established a foreign shell company which was used to receive bribe payments from Smartmatic.

The resolution read: “The charges against Smartmatic and former Chairman Bautista are of public knowledge and tend to cause speculation and distrust in integrity of the electoral process.”

Comelec said their ruling does not question the integrity of the 2016 elections.

“The decision is on the integrity of the procurement then and not, we repeat, not, the integrity of any automated elections conducted in the Philippines, particularly that of the 2022 NLE,” Comelec spokesperson John Rex C. Laudiangco told reporters through Viber.

The Comelec clarified that the disqualification of Smartmatic has nothing to do with the earlier petitions raised by the group led by former information and communications technology chief, Eliseo M. Rio, Jr., explaining that the commission has already addressed those allegations.

“To be clear, the Commission categorically states that no irregularities attended the conduct of the 2022 NLE. The allegations of petitioners… have been sufficiently addressed by the Commission at length,” Comelec said in its ruling.

Mr. Rio’s group has raised suspicion of rigged 2022 polls because of election returns from different vote-counting machines (VCMs) of Smartmatic that were allegedly transmitted from the same IP address.

In an interview with Mr. Rio, he said that regardless of the reason for the disqualification of Smartmatic, his group is satisfied with Comelec’s decision.

“Whatever the case, we can see that we cannot really trust Smartmatic,” said Mr. Rio, citing the alleged money laundering case against Mr. Bautista.

Mr. Rio said following the disqualification of a foreign entity in the country’s election system, it is time that the Comelec consider sourcing election technology from local technology companies instead.

“We Filipinos can handle that. Why do we rely on foreigners, especially when we now see them involved in anomalies?” he said.

The commission reiterated in their ruling their decision to allow a manual recount and opening of ballot boxes upon the request of Mr. Rio’s group to verify the results of the 2022 NLE.

Mr. Rio said they are keen to discuss with the commission the process of this conduct, aiming to start doing a manual recount before the end of the year.

Philippines: Loss and damage fund a critical issue at COP28

The Ortigas Business District seen from Antipolo, May 13, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS

By Kyle Aristophere T. Atienza, Reporter

THE PHILIPPINE environment chief on Wednesday said world leaders are expected to reach an agreement on how much money should be allocated for a proposed loss and damage fund during their climate conference in Dubai.

President Ferdinand R. Marcos, Jr. was set to leave Thursday morning for his participation in the annual United Nations (UN) climate change conference called COP28, where governments will discuss how to limit climate change and prepare for its impacts.

In a Palace briefing, Environment and Natural Resources chief Maria Antonia “Toni” Yulo-Loyzaga said a negotiation for a loss and damage fund will be one of the most critical parts of the agenda.

“After a long fight, we now have loss and damage on the agenda,” she said. “We anticipate at this point that there will be many issues relating to climate-vulnerable countries that will be addressed by this loss and damage fund.”

Mr. Marcos, 66, on Wednesday vowed to press world leaders to honor their commitments to help poor countries cut emissions and manage the impacts of climate change during the COP28.

“We are once again poised to lead,” he said. “We will use this platform to rally the global community and call upon nations to honor their commitments, particularly in climate financing.”

PEOPLE’S SURVIVAL FUND
The President was speaking to beneficiaries of the Philippines’ P1-billion People’s Survival Fund (PSF), a long term finance stream that was institutionalized through a 2012 law that amended the Climate Change Act of 2009.

The beneficiaries were six local government units that received P541.44 million to fund their climate mitigation projects under the fund.

“This milestone not only reinforces our dedication to climate adaptation, but it also signifies that for the first time, in a remarkably short period, the PSF Board has approved projects of such magnitude,” Mr. Marcos said at the turnover ceremony.

Mountain Province in northern Philippines received P271.15 million for its climate field school for farmers, while Maramag, Bukidnon in the country’s south got P126.40 million for the installation of its drainage and early warning systems.

Borongan City in central Philippines got P117.96 million for its embankment infrastructure and reforestation project, while Cabagan, Isabela received P21.28 million for its solar-powered irrigation systems. Catanauan, Quezon received P2.64 for a mangrove rehabilitation project.

Meanwhile, Mountain Province’s Besao town would soon receive P2 million for its Building Resiliency and Ensuring Food Security Project.

Mr. Marcos has vowed to put focus on the climate crisis after taking office in late June last year, asking rich nations in his debut speech at the UN General Assembly to immediately cut their greenhouse gas emissions and extend financial assistance to developing countries like the Philippines.

However, the Philippine leader has yet to declare a national climate emergency, which would authorize the government to mobilize funds to step up climate mitigation efforts.

DUBAI CONFERENCE
About 140 heads of states, governments and royalties have confirmed their attendance at the COP28, which will run from Nov. 30 to Dec. 12 at the Expo City in Dubai.

The Philippines delegation is composed of 237 people representing 16 government agencies and civil society organizations.

Ms. Yulo-Loyzaga said the themes of the Philippine participation in the conference include the pursuit of a low carbon future, nature-based solutions, and building resilient communities.

Mr. Marcos will address the Dec. 1-2 World Climate Action Summit, one of the major events at the conference, and will have “important bilateral meetings,” Foreign Affairs Undersecretary Maria Teresa Torres Almojuela said in a Palace briefing on Wednesday.

Engagements at the leader’s level are also among the highlights of the annual conference.

The COP28 leadership, led by President-Designate Sultan Ahmed Al Jaber, is set to prioritize a review of how far the international community has gone in implementing the Paris Agreement and the framework for the loss and damage fund as agreed in the last COP in Egypt, Ms. Almojuela said.

“Also high on the agenda is fast tracking the energy transition, delivering and enhancing climate finance, and of course, resilient food systems,” she added. “I believe that the president’s engagements will reflect the priority that the Philippines’ attaches to all these thematic agenda of the conference.”

On Dec. 1, Mr. Marcos will lead the opening of the Philippines’ first-ever pavilion at the annual conference. At a side event, the Philippines will push for a “stronger global consensus on the nexus between climate change and migration,” Ms. Almojuela said.

A pavilion is a dedicated space for countries and participating organizations where various events including research showcases and informal discussions with COP attendees are held.

“Following these side events, the program shifts to the central part of his visit which is the engagement with other leaders.”

After the world’s leaders have left, negotiators will remain in the summit to “hammer out outcomes,” Ms. Almojuela said.

Speaker warns vs conditions for peace; DoJ backs amnesty

House Speaker Ferdinand Martin G. Romualdez — PHILIPPINE STAR/KRIZ JOHN ROSALES

HOUSE Speaker Martin G. Romualdez welcomed on Wednesday the agreement to restart peace talks between the Philippine government and Maoist rebels with the hope that no conditions would derail renewed efforts to end the world’s longest-running communist insurgency.

“Both sides should not lose hope regardless of the obstacles they will face in the negotiations,” Mr. Romualdez said in a statement, citing growing optimism on both sides.

A cousin of President Ferdinand R. Marcos, Jr., the Speaker called the development an “important and brave” step towards a lasting peace and hoped that “there won’t be any condition that could hinder the peace talks.”

He also called on Filipinos to rally behind these efforts. “The journey to peace is long and complicated but each step is a step closer to a future where every Filipino can live with dignity and prosperity,” he said.

For its part, the Department of Justice (DoJ) assured support for the President’s recent proclamations and executive order that grant amnesty to revolutionary groups, among them Left-leaning organizations.

“We affirm our commitment to the rule of law and understand the necessity of these measures in fostering peace and national reconciliation,” the DoJ said in a statement.

The President’s Proclamation Nos. 403, 404, 405, and 406, signed on Nov. 22, granted amnesty to members of the Rebolusyonaryong Partido ng Manggagawa ng Pilipinas-Revolutionary Proletarian Army-Alex Boncayao Brigade (RPMP-RPA-ABB), former members of the Communist Party of the Philippines-New People’s Army-National Democratic Front (CPP-NPA-NDF), and the Moro Islamic Liberation Front (MILF), and Moro National Liberation Front (MNLF), respectively.

The move is aimed at fostering a climate conducive to peace and reconciliation, facilitate their reintegration into society, and afford them access to the government’s socio-economic services.

The department also expressed support for Executive Order (EO) No. 47, also signed on Nov. 22, which updated the function of the National Amnesty Commission (NAC) to cover the processing of the applications for amnesty under the new proclamations. The justice department said it is prepared to work closely with the NAC.

The Philippine government and the National Democratic Front (NDF) cited “serious socioeconomic and environment issues” as well as “foreign security threats” for agreeing to “a principled and peaceful resolution” of their armed conflict.

The NDFP is a coalition of Maoist revolutionary groups that represents the Communist Party of the Philippines and its armed wing New People’s Army in the negotiations with the government.

Human rights group Karapatan said efforts to resume formal peace talks between the two camps should be geared towards addressing issues that led to the “current dismal human rights situation in the Philippines.”

The government should pave the way for the release of all political prisoners, including detained NDFP consultants and staff, and address the weaponization of law that suppressed political dissent, it said in a statement.

Karapatan said it’s necessary for the government to abolish the National Task Force to End Local Communist Armed Conflict, which was formed by Mr. Marcos’ predecessor through a 2019 presidential order.

The government should overcome the “malicious actions of peace spoilers,” Bagong Alyansang Makabayan said in a statement. “This necessarily entails the reversal of presidential proclamations and orders that make it impossible to restart the peace process,” it added.

“The resumption of peace talks between the GRP (Government of the Republic of the Philippines) and the NDF deserves the full support of all sectors of our society,” Temario C. Rivera, chair of the Center for People Empowerment in Governance (CenPEG), said via Messenger chat.

“We hope that both camps will show the strategic sensitivity and principled flexibility necessary to push the talks to a mutually acceptable settlement for a just and lasting peace.”

Peace negotiator Miriam Coronel-Ferrer, who was among those behind the landmark peace pact between the government and Moro rebels from southern Philippines, said it is noteworthy that the joint statement mentioned a “transformation” of the NPA.

“That’s very important because now it does look like they are already imagining a possible transformation,” Ms. Coronel-Ferrer told ABS-CBN News Channel. “Of course, it doesn’t mean that they have that framework in mind before, but to put it in that statement to agree on a process of transformation…transformation into what, right?” — Kyle Aristophere T. Atienza and Jomel R. Paguian

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