Facebook Instagram Linkedin X Youtube
Home Blog Page 284

Supporting the youth in the orchestra

THE Orchestra of the Filipino Youth performs ELEVATE: Triumphs of Tchaikovsky at the Proscenium Theater. — FACEBOOK.COM/OFY.PH

Young musicians in need shine in concert

MUSIC can be a profession, a hobby, a passion, or a mix of two or all of those things. These days, there are quite a few opportunities available for orchestral musicians in the Philippines — and the Orchestra of the Filipino Youth (OFY) plays a huge role in that.

In 2012, OFY was established by nonprofit organization Ang Misyon, Inc., with the goal to nurture talented yet underprivileged young Filipino musicians. Its program includes intensive orchestral training, mentorship programs, and opportunities to perform both in the Philippines and abroad.

Mickey Muñoz, executive director of OFY, sat down backstage with BusinessWorld early in February to discuss the orchestra’s activities, right before they opened their 2026 season with ELEVATE: Triumphs of Tchaikovsky at the Proscenium Theater in Makati.

“This year, we’re having this Tchaikovsky concert, and then another major concert in August. In between those, because Proscenium has a more intimate Black Box on top of the theater, that will be for our chamber concerts,” Mr. Muñoz said. “The purpose is really to train the young musicians, to give them a better future.”

VERSATILITY
Triumphs of Tchaikovsky highlighted the orchestra’s talents well, especially in the acoustic shell of the Proscenium Theater.

It was this writer’s first time to experience a live orchestra in this venue, and the acoustics did not disappoint. The solid wood panels on the ceiling and walls are designed to amplify the instruments’ natural acoustics. It’s a great use of space to bounce the sound towards the audience without the use of microphones.

Under the baton of Maestro Gerard Salonga, OFY started the night with Alexander Glazunov’s suite of piano works by Chopin, called Chopiniana. Mr. Salonga described it as “a tribute to the great pianist Lang Lang, who performed in Proscenium two nights before.”

This piece really spotlighted the young musicians’ skills, all coming together to deliver beautiful music as an orchestra. After that, the stage welcomed a soloist, violinist Diomedez Saraza, Jr.

A Juilliard-trained musician and National Music Competitions for Young Artists first prize winner, Mr. Saraza took on Tchaikovsky’s Violin Concerto, which felt like an engaging dialogue between his breathtaking violin solos and the solid music played by the orchestra.

Mr. Muñoz told BusinessWorld that the curriculum really trains the young musicians “in classical music, first and foremost” — but they are also very versatile.

“OFY played for Rama Hari at the Metropolitan Theater. Two years ago, they played for Florante at Laura for Ballet Manila. That’s still considered classical. Beyond that, about 24 of them played for the BINI concert at Araneta Coliseum, because it was a support of youth empowerment,” he explained.

“Our priority is classical, but it doesn’t stop the musicians from playing anything. They also play for the ABS-CBN Ball, which entails a lot of pop songs.”

TRAINING
So far, Ang Misyon, Inc., has helped over a thousand scholars since 2012, all of whom have played in numerous venues with OFY and with other orchestras. At present, there are 70+ active members.

“We’re basically a training academy that prepares them to be professional musicians if they so choose,” Mr. Muñoz added. “A lot of them are being hired by professional orchestras already, alongside playing with OFY, which is why some of our musicians are absent because they’re playing for Les Misérables in Solaire for the day.”

The Lopez family, which started the foundation, initially formed OFY to train and supply musicians for the ABS-CBN Philharmonic Orchestra, which no longer exists due to the double whammy of the pandemic and their TV network’s shutdown in 2020.

For Mr. Muñoz, it was essential to them that OFY would go on, to continue the advocacy of supporting less fortunate youth who are gifted in playing musical instruments. To this day, they continue to train musicians aged nine to 24 years old.

The best way to see their progress would be catching them live. For example, the second half of Triumphs of Tchaikovsky allowed the orchestra to do justice to Tchaikovsky’s dramatic Symphony No. 5.

“They get one-on-one lessons every Saturday with professional musicians, then they go into sectionals, then chamber groups, and then mostly in the afternoon they play as a full orchestra,” Mr. Muñoz explained. “We sponsor their transportation, too, because less than half are from Metro Manila.”

Notably, many are from the provinces of Quezon and Rizal, in areas like Cardona or Angono, where there is a strong culture of marching bands. Some scholars fly in from Cebu just to train.

“Some of them are taking up music in conservatories of various universities, but they say it’s still different getting training from OFY,” he added.

Though not all go on to become professional musicians, with many moving on to other careers for more stable income, every scholar retains a passion for music. For all of them, OFY has served as a cornerstone of their personal growth.

Mr. Muñoz cited this as motivation to keep supporting young musicians. “There’s a hunger for training, for the discipline and teamwork that they learn beyond the music. Some are really hard up on life, and we’re very glad to be able to give training to them,” he said.

OFY’s next concert is “Music for a Regenerative Future,” slated for Aug. 16, also at the Proscenium Theater in Makati. Information regarding their chamber concerts at the Black Box will be revealed in the coming months. — Brontë H. Lacsamana

PH1 says sales hit P5.25B, exceeding target of P4.16B

ONE LANCASTER PARK — ONELANCASTERPARK.COM.PH

MEGAWIDE CORP.’S real estate unit PH1 World Developers, Inc. said it recorded about P5.25 billion in actual sales in 2025, surpassing its sales target of P4.16 billion.

“This year our target is P8 billion. I hope we can also exceed that,” PH1 World Developers, Inc. President Gigi G. Alcantara told reporters on the sidelines of an event on Monday.

Ms. Alcantara said that PH1’s main efforts this year will focus on completing and launching follow-up phases, such as succeeding towers, of projects already underway. She added that the company acknowledges the market has softened and is still recovering, so it is prioritizing existing projects for the time being.

“For PH1, we’re going to launch our existing projects, but the succeeding towers. Because of — of course — we’re waiting for market conditions to improve,” she said.

In October last year, PH1 said it was on track to exceed its 2024 performance after sales surged in the first nine months, driven by strong demand for its projects in Cavite.

PH1’s sales from January to September alone more than doubled to P3.38 billion from P1.59 billion a year earlier.

Growth in the first nine months was boosted by the performance of its two key developments — Lykke Kondo and One Lancaster Park, both in Cavite.

Lykke Kondo, launched last year, logged P1 billion in reservation sales, while One Lancaster Park generated about P2 billion during the period.

As of end-September 2025, PH1 reported unbooked revenues of about P10.16 billion and outstanding inventory worth more than P20 billion from existing projects, providing a pipeline for the coming years.

Meanwhile, the planned initial public offering (IPO) of PH1 is still under consideration, according to its parent Megawide, as the company waits for favorable market conditions to secure an appropriate valuation. — Alexandria Grace C. Magno

Population decline: Greatest threat to humanity

STOCK PHOTO | Image from Freepik

(Part 2)

Is the problem with China the fact that population has begun to decline because of a very low fertility rate that is a direct result of the inhuman birth control practices associated with the one-child policy  under Mao Zedung? In fact, in 2025, China registered the lowest number of births  since records began, the fourth consecutive year of population decline as policy makers frantically grapple with a demographic crisis. Strictly speaking, there should be no problem if population is declining in the second-most populous country the world (India just surpassed the population of China a few years ago).  Even if China’s population should drop from 1.4 billion to 1 billion in the next few decades, it  would still be one of the largest in the world (ignoring recent speculations that the Chinese government is doctoring its population figures and overstating them). The real problem is the aging population. If among 1 billion people, 40% or more are over 60 years old, any country would be in serious trouble.  Taking care of 400 million aging citizens is no joke.  There will not be enough young people to take care of them.  There will also be a tremendous financial  burden on health, pension and  insurance systems. Because of fertility rates below replacement in practically all the developed and even some developing nations (like China or Thailand), population aging is becoming one of the powerful forces reshaping the global economy.  Aging is not just a demographic issue — it affects growth, public finance, labor markets, geopolitics and even innovation and entrepreneurship. The most obvious impact of aging is the shrinking workforce that has a direct impact on economic growth unless there is a corresponding increase in productivity. 

A McKinsey report investigating the economic impact of declines in birth rates found that the UK, Germany, Japan and the US would all have to see productivity rise at double the pace seen over the past decade to maintain the same growth in living standards witnessed since the 1990s. The report follows similar warnings by the Paris-based OECD, which reported that declining birth rates were putting the “prosperity of future generations at risk,” and urged governments to prepare for a “low-fertility future.” McKinsey calculated that in western Europe, the decline in the proportion of people of working age could dent GDP per capita over the next quarter century by an average  of $10,000 per person.  In Asia, Japan is not the only country facing the same bleak future.  The “tiger economies” of the past like South Korea, Taiwan, Hong Kong and Singapore are facing even the worst prospects.

Most rich and middle-income countries now have fertility rates below the replacement of 2.1 babies per woman. As a result, the working-age population is shrinking economic dynamos like Japan, China, South Korea, Spain and Italy. The more hapless countries are the ones that are already aging before becoming rich, like China, Thailand and Brazil.  These countries are facing aging without having European-level incomes. They face serious economic problems:  they have fewer workers and more retirees.  Their shrinking workforce must support more pensioners, more healthcare costs and more long-term care. This creates a very heavy tax burden and not to mention physical stress  on the young.

Fewer workers  result in less production, less entrepreneurship, less innovation and slower GDP growth. Pension systems become unsustainable since most pension systems work on a pay-as-you-go basis. Today’s workers pay for today’s retirees. When workers decline and retirees increase, the system goes bankrupt unless taxes rise, benefits are cut or retirement age is increased. There are serious consequences of rapid aging. With more elderly people, there will be more who will be living alone, with no children to care for them and more subject to increasing depression and suicide. The healthcare system is overburdened since older people use hospitals more and require expensive long-term care.  This strains national budgets and individual family finances.

A recent report that appeared in the Financial Times by Joe Leahy ad Wenjie Ding describes a tragicomic situation attributed to aging in China. An app called “Are You Dead?” that checks up on people living alone has become the most paid Apple Store download in China.  The app, called Sile Me in Chinese, requires users to “check in” by pressing a button.  If they fail to do so for two consecutive days, the app sends a message to an emergency  contact. A major reason why this app has gone viral is that a rising number of elderly people are being isolated in their homes without relatives nearby to care for them. People are literally dying alone.

At the national level, there are serious macroeconomic consequences of the failure  to tackle the costs of aging.  Rating companies have been warning that recent interest-rate hikes have increased the impact of higher pensions and healthcare costs. As interest rates soar in response to the biggest surge in inflation for a generation, Moody’s, S&P and Fitch have all warned that worsening demographics are hitting government credit ratings. In addition, downgrades are likely without sweeping reforms, threatening to create a vicious circle of higher fiscal burdens and rising borrowing costs. It is estimated that, in the absence of reforms to aging-related fiscal policies, the typical government would run a deficit of 9.1% of GDP by 2060, a huge increase from 2.4% in 2025. Analysts say that central and southern European countries have among the worst demographic profiles, while singling out Germany, whose population is aging at one of the fastest rates in the world.

Aging will also put more pressure on health services. The number of people becoming  seriously ill or dying prematurely from conditions such as high blood pressure and obesity has risen since 2000, underlining the huge challenge diseases linked to aging and lifestyle pose to overstretched health services.  In an international forum on the Super Aging Challenge held in Japan in December 2022, it was reported  that the aging of the world’s population has brought about an increase in cancer, dementia and other noninfectious diseases world-wide, giving rise to the problem of increased treatment  cost. To reduce such burden, the pharmaceutical industry was working not only on the development of new drugs but also on the building of towns friendly to people with dementia, and the development of cancer-treatment support applications.

Another dimension cited by Jeremy Grantham in an opinion piece titled  “The severe cost of the world’s baby bust” (Financial Times, March 14, 2021) is the impact of the environmental toxicants on the body’s hormonal system. According to him, the most frightening aspect of the baby bust is that it is not occurring entirely by choice. He admits that social  changes like female empowerment and economic constraints contribute to the falling birth rate.  He points out, however,  that the actual capacity of human beings today to have children is in steep decline, as evidenced by a shocking decline in sperm count since 1970 and an equally rapid increase in age-adjusted miscarriage cases.  In his opinion as a specialist in reproductive medicine, the most likely cause of this endocrine disruption is the highjacking of the human body’s hormonal system by environment toxicants. 

Infertility is beginning to rise rapidly and, combined with the increasing age at which women in developed countries are having children, there is greater difficulty conceiving. The tens of thousands of artificial organic compounds used in everyday life are surely contributing to these effects.  The detrimental health effects of some of these compounds, like bisphenol A, phthalates, and perfluorinated compounds are already well known.  As was the case for leaded petrol and lead paint, we are poisoning ourselves and our environment. Together with changes in human behavior as regards marrying and choosing to have children, these pollutants in our environment are leading to a global baby bust of unprecedented proportions. As Elon Musk repeats almost ad nauseam, the whole world is headed towards an aging crisis whose implications are still gravely underestimated.

(To be continued.)

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Robert Duvall, Tender Mercies Oscar winner, dies at 95

ROBERT DUVALL in Apocalypse Now (1979).

OSCAR WINNER Robert Duvall, a versatile actor who made lasting impressions in a range of parts from starring to supporting roles like the napalm-loving colonel of Apocalypse Now or the spectral Boo Radley in To Kill a Mockingbird, has died at age 95, his wife said in a Facebook post.

The actor, who played Tom Hagen, a lawyer for the Corleone family, in The Godfather and its first sequel, and starred in the TV miniseries Lonesome Dove, died peacefully on Sunday, according to the statement, which did not give a cause of death.

“For each of his many roles, Bob gave everything to his characters and to the truth of the human spirit they represented,” Luciana Duvall said in the post.

Mr. Duvall played forceful leaders such as Lieutenant Colonel Bull Meechum in The Great Santini and the title character in Stalin, as well as broken-down and fallen characters in Tender Mercies and The Apostle. He won awards for both types of roles.

Mr. Duvall, the son of a Navy admiral and an amateur actress, grew up in Annapolis, Maryland. After graduating from Principia College in Illinois and serving in the US Army, he moved to New York, where he roomed with Dustin Hoffman and befriended Gene Hackman when the three were struggling acting students.

After working on a variety of television shows, Mr. Duvall made a strong impression even in small roles, such as his first movie part as the mysterious recluse Boo Radley in To Kill a Mockingbird.

Mr. Duvall got the part at the suggestion of the film’s screenwriter, Horton Foote, who had liked Mr. Duvall’s work in one of his plays.

Mr. Foote later wrote Tender Mercies, a 1983 film for which Mr. Duvall won the Academy Award for best actor as a washed-up country singer.

SEVEN OSCAR NOMINATIONS
Perhaps Mr. Duvall’s most memorable role came in Francis Ford Coppola’s 1979 Vietnam epic Apocalypse Now, playing the off-kilter, surfing-obsessed Lieutenant Colonel Bill Kilgore.

Mr. Duvall only received a few minutes of screen time but almost stole the film as his character swaggered around a battlefield after a successful attack and exuberantly proclaimed, “I love the smell of napalm in the morning.” It smelled “like victory,” Kilgore said.

The role brought Mr. Duvall one of his seven Academy Award nominations. Another was for Best Supporting Actor for Mr. Coppola’s The Godfather, playing Tom Hagen, consigliere to the Corleone Mafia family. Mr. Duvall appeared in the second Godfather film but rejected the third because he considered the salary offer inadequate.

Mr. Duvall also was nominated for Oscars for The Great Santini, The Apostle, Civil Action and The Judge in 2014. In all, he appeared in almost 100 movies.

Mr. Duvall had a knack for playing cowboys. He won an Emmy for the television mini-series Broken Trail, appeared opposite John Wayne in True Grit, and picked up an Emmy nomination for the mini-series Lonesome Dove. He often said his portrayal of the genial lawman-turned-cowboy Gus McRae in Lonesome Dove was his favorite role.

“I think I nailed a very specific individual guy who represents something important in our history of the Western movement,” Mr. Duvall told the New York Times. “After that, I felt I could retire, that I’d done something.”

When he grew weary of Hollywood, Mr. Duvall made his own movies. He wrote, directed and won an Oscar acting nomination for The Apostle, the story of a conflicted preacher.

Mr. Duvall did the same with Assassination Tango, a movie that allowed him to exhibit his passion for the tango and Argentina, where he met his fourth wife, Luciana Pedraza. They were both born on Jan. 5 but 41 years apart.

Mr. Duvall split his time between Los Angeles, Argentina and a 360-acre (146-hectare) farm in Virginia, where he converted the barn into a tango dance hall. — Reuters

US firm positions for Philippine energy expansion

JERIN RAJ

US-BASED engineering, procurement, and construction firm Black & Veatch is banking on the Philippines’ power sector for growth opportunities, driven by large capacity additions expected to come online.

“With the amount of capacity that needs to get added in, we are definitely seeing that there is this possibility (for opportunities),” Jerin Raj, senior vice-president, managing director, and head for Asia-Pacific and India at Black & Veatch, said in an interview with BusinessWorld.

Mr. Raj said the Philippines’ ambition to increase the share of renewable energy in the national power mix is a key driver of his optimism.

The Philippines aims to raise the share of renewable energy in the power generation mix to 35% by 2030 and 50% by 2040.

The government has so far launched five rounds of green energy auctions, which are expected to deliver more than 20 gigawatts (GW) of capacity between 2025 and 2030.

The green energy auction is a competitive bidding mechanism used to procure renewable energy capacity, allowing winning bidders to secure long-term contracts.

As an engineering, procurement, consultancy, and construction firm, Black & Veatch sees these developments as an opportunity to expand its operations while contributing to the country’s energy transition goals.

“It provides enough clarity to developers as to how they should deploy their money and what are the assets that they need to develop. And for someone like us who support developers and bring their ideas to reality, the developer having that clarity is such an important piece,” Mr. Raj said.

Operating in the Asia-Pacific region since the 1960s, the company aims to deliver the region’s “next generation of human critical infrastructure.” The company provides services across the lifecycle of infrastructure assets — from facility design to construction.

At present, the company maintains offices in the Philippines, Australia, China, India, Indonesia, Malaysia, Singapore, and Thailand.

With more than 50 years of experience, Black & Veatch has provided engineering, construction, and field study services for projects with a total estimated power capacity of 27 GW.

Among the company’s notable projects are the construction of a 1,275-megawatt (MW) combined-cycle power plant, the deployment of a 4.996-MW floating solar facility, and a series of grid and renewable energy integration projects.

“We are absolutely bullish about the Philippine economy, the Philippine market. We think it’s among the most promising markets in the ASEAN region. There’s a whole lot of ambition. There’s a whole lot of drive, and we want to grow our Philippine office as well substantially,” Mr. Raj said. — Sheldeen Joy Talavera

Flexible financing, grid expansion seen key to boosting PHL renewable energy

FREEPIK/PVPRODUCTIONS

By Sheldeen Joy Talavera, Reporter

ALLOWING flexible financing schemes and expanding grid infrastructure can turn gigawatts of potential capacity into operational projects delivering clean electricity to the grid, according to international environmental law charity ClientEarth.

“A total of 1,366 renewable energy service contracts have been issued with a potential capacity of 139.84 gigawatts. This potential needs to be translated into actual projects injecting clean energy into the grid,” Tim Guanzon, acting associate director for Japan and Southeast Asia at ClientEarth, said in an e-mail interview with BusinessWorld.

With a current share of 25%, the Philippines aims to increase renewable energy in the national power mix to 35% by 2030 and 50% by 2040.

While the country has made strides in raising renewable energy share, key reforms are still needed, including flexible financing for evolving energy markets, strong enforcement of distribution utilities’ obligations on renewable energy, grid expansion, and incentives for energy storage systems.

At present, domestic financing for power generation projects requires guaranteed offtake, which limits growth.

Ms. Guanzon said financial institutions must be more flexible to support merchant plants, as customers now have greater choice through mechanisms such as retail competition, the green energy option program, or own-use rooftop solar.

On the part of power distributors, she said the government should monitor compliance with the Renewable Portfolio Standards (RPS) to ensure the country can achieve its renewable energy goals.

RPS is a mechanism that requires distribution utilities to source a portion of their energy supply from eligible renewable energy sources.

Ms. Guanzon said the country’s grid should be upgraded to allow the seamless entry of additional renewable energy capacity.

“Expanding and upgrading grid infrastructure and providing for updated and publicly available information on grid availability and access for faster connection and deployment of renewables,” she said.

To improve the reliable and stable delivery of electricity, she said policies and regulations should incentivize the buildout of energy storage systems as renewable energy penetration deepens.

Citing a 2025 report by the Climate Council, Ms. Guanzon said countries with the highest renewable energy share have stable and transparent regulatory regimes for investors, investment in grid infrastructure, and a significant buildout of solar photovoltaic and energy storage.

The cyberwar threat to our democracy

STOCK PHOTO | Image by Rawpixel.Com from Freepik

There is a running exchange of words between Philippine government representatives and officials of the Chinese Embassy here. The word war, so to speak, stemmed from China’s pattern of harassment in the West Philippine Sea. When our own officials protested the actions, as any true public servant should, the Chinese responded with attacks on the officials themselves.

That exchange happened exclusively online, through pronouncements on social media and statements posted on the embassy’s website. But by no means are these online attacks isolated. Indeed, they are just one of many ways in which China’s messaging patterns expose a consistent pattern.

These disinformation tactics always seek to amplify pro-China narratives that promote policies, positions or geopolitical interests favorable to China, targeting critics and anti-China groups through coordinated discrediting and smear campaigns. They distract or redirect public discourse away from sensitive or strategic issues, such as China’s sustained aggression in the West Philippine Sea. They foster division and polarization to fragment public opinion and weaken consensus. They also suppress online participation through harassment, personal attacks or intimidation aimed at journalists, advocates and ordinary users.

The distribution of these messages is likewise organized — they are amplified by both foreign and domestic actors through coordinated channels, including networks of so-called cyber-troops and fake accounts. And believe it or not, there are also Filipinos who participate in this, perhaps not aware of the magnitude of the consequences of their acts.

Worse, the statements do not remain in isolated platforms. Rather, they expand into a multi-domain space, operating across political, economic, sociocultural, technological and legal domains through both online and offline channels.

Then again, such online attacks are hardly new. We have come to recognize China’s active hand in employing coordinated political, cognitive and cyberwarfare that exploits the Philippine geopolitical landscape to advance strategic messaging and interests.

Filipinos are aware of the growing threat. In the 2025 Reuters Digital News Report, seven in 10 Filipinos show serious concern over the spread of mis- and disinformation in the country. This was the highest level recorded since 2020.

The World Economic Forum’s Global Risks Report 2025-2026 identifies misinformation, disinformation and cyber-insecurity as leading short- and long-term global risks, with the adverse impacts of artificial intelligence complementing these in the coming decade. This data underscores the role of technology in geopolitics, particularly as a vehicle for the rapid spread of misinformation and disinformation. These threats operate broadly under the framework of foreign interference and malign influence.

Indeed, cybersecurity has become a crucial pillar of national security, given our people’s and institutions’ reliance on information systems. The digital realm has a wide reach and transcends physical boundaries, making any transgression even more insidious and dangerous. Defending our security also necessarily means safeguarding the online domain.

As always, the question is: what is being done?

We know that 15 of our 24 senators have passed a resolution condemning China’s attacks on our officials. But that is just in response to one instance. Last week, President Ferdinand Marcos, Jr. approved 21 priority measures under the Legislative-Executive Development Advisory Council (LEDAC), including the proposed Anti-Fake News and Digital Disinformation bill, which seeks to address the growing spread of online falsehoods and strengthen accountability in the digital space.

Even defense exercises are increasingly emphasizing cybersecurity as a critical area of expertise, as demonstrated during the 40th Balikatan exercises and the recently concluded five-day Military Cybersecurity Operations Course with Canada. Aligned with these efforts, Defense Secretary Gibo Teodoro, Jr. has highlighted the importance of safeguarding digital infrastructure, countering disinformation and reinforcing public trust and national unity.

Conversations must continue.

One such forum is the high-level forum that the Stratbase Institute will be hosting in collaboration with the Embassy of Canada. The forum, entitled “Navigating Digital Crossroads: Advancing Cybersecurity and Democratic Resilience in the Indo-Pacific,” will be held on Feb. 19 and 20.

Senator Ping Lacson, Information and Communications Technology Secretary Henry Aguda, Undersecretary Julius Gorospe and Aboy Paraiso will be among the participants. Meanwhile, officials from the government of Canada will also be attending, including Senior Official for Cybersecurity Sami Khoury and Director for Rapid Response Mechanism Saliou Babou. The forum will bring together members of the government, diplomatic community, military, private sector, academe and the media.

Because technology is ever-evolving, it is of utmost importance that we constantly hold discussions to stay up to date on how foreign interference and malign influence threatens our way of living and the very fabric of our democracy.

This goes beyond countering what China is doing to capture the hearts and minds of those malleable enough to believe its propaganda. We envision our country emerging as a secure and resilient digital archipelago where technology drives economic growth, strengthens democratic institutions and enhances national security. Achieving a resilient defense posture requires integration, collaboration and capability enhancement.

Ultimately, technology should be — and will be — for the public good. We should never allow foreign agents to bring down our defenses and sway what our people feel, think and believe, which in turn influences their democratic decisions. There should be no compromises in the protection of our sovereignty and our democracy.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

DBP optimistic on growth despite profit drop

BW FILE PHOTO

THE DEVELOPMENT Bank of the Philippines (DBP) remains optimistic on its prospects for this year despite posting a lower net income in 2025 due to higher provisioning to preserve its asset quality following delays in contractors’ loan repayments amid a corruption scandal linked to government projects.

The government-backed lender’s net profit dropped by 39.76% to P4.28 billion in 2025 from P7.105 billion in 2024, according to its financial statements posted on its website.

DBP President and Chief Executive Officer Michael O. de Jesus said in November that they expected their earnings to decline as they set aside more loan loss buffers to help cushion the impact of contractors’ delayed payments.

The bank earmarked provisions amounting to P16.376 billion last year, more than double the P7.01 billion seen in 2024.

“As part of its ongoing portfolio and risk management framework, the bank has made additional provisions for credit losses for 2025. This reflects disciplined management of credit risk across the portfolio and through the economic cycle,” Mr. de Jesus said in an e-mailed statement late last month.

“Looking ahead, DBP remains cautiously optimistic. The bank’s outlook is positive, its provisioning levels are prudent, and its developmental efforts continue to be aligned with the National Government’s socioeconomic agenda,” he said. “While there are administrative challenges that may have some impact on our balance sheet given DBP’s active involvement in financing infrastructure projects, we are expecting a stronger financial performance starting in the first quarter of 2026.”

He added that the bank is adopting remedial measures to contain any potential increase in nonperforming loans, including the creation of a “dedicated” task force to curb delinquencies and facilitate the collection of outstanding receivables.

The bank’s net interest income grew by 10.48% to P29.115 billion in 2025 from P26.353 billion. Interest earnings went up by 8.82% to P552.886 billion, while interest expenses increased by 6.84% to P23.77 billion. 

Meanwhile, other income inched down by 0.49% to P5.3 billion from P5.33 billion as it booked lower foreign exchange gains, which offset increases in its fee-based earnings and trading and investment gains.

Other expenses rose by 6.06% year on year to P17.53 billion from P16.53 billion.

DBP’s net loans decreased by 2.39% to P492.351 billion at end-2025 from P504.432 billion in 2024.

On the funding side, total deposits increased by 7.1% to P798.296 billion from P745.355 billion.

The bank’s assets stood at P1.04 trillion at end-2025, growing by 4.497% from P996.03 billion in 2024.

Its total capital funds were at P100.77 billion, up 6.19% from P94.9 billion a year prior.

BOND ISSUANCE
Meanwhile, the bank is also planning to issue bonds this year, likely within the second half.

“The indicative issue size is between P10 billion and P50 billion, or its US dollar equivalent, with a medium-term tenor of approximately five to 10 years, depending on market demand and pricing considerations at the time of issuance,” Mr. de Jesus said.

Funds to be raised from the planned issuance will refinance its maturing obligations and provide funding support for its development mandate, which includes priority infrastructure, climate resilience, and disaster risk mitigation programs.

“With respect to timing and market sentiment, management recognizes the importance of carefully calibrating any fundraising activity in light of current public discourse surrounding flood control projects,” the official added. “As a GOCC (government-owned or -controlled corporation), the bank is highly cognizant of reputational risk, investor perception, and transparency considerations.”

“Accordingly, any market transaction will be undertaken only when conditions are assessed to be conducive, both from a financial market standpoint and a governance and public confidence perspective.” — Aubrey Rose A. Inosante with a report from A.M.C. Sy

Arts & Culture (02/18/26)

3rd Tanghal Tertulia showcases UP’s homegrown talents

IN HONOR of National Artists Benedicto Cabrera, Resil Mojares, and Agnes Locsin, homegrown talents of the University of the Philippines (UP) will mount a performance on Feb. 21 at the Executive House Amphitheater in UP Diliman. Tanghal Tertulia is UP’s cultural program that celebrates the university’s homegrown National Artists. The UP Dance Company, the UP Rondalla, and the UP Filipiniana Dance Group will join forces to traverse the country’s rich and diverse dance and soundscapes. There will be performances by UP Tugtugang Musika Asyatika and the UP Diliman chapter of Paggawisan Tako Am-in featuring Althea Linelle Domngal. Other performers include soprano Pauline Therese Arejola, indigenous people’s rights advocate Bayang Barrios, and the KUL-Kulintangan ensemble. The event is free and open to the public on a first-come, first-served basis. Interested attendees may RSVP here: https://tinyurl.com/5xp2n3ra. 

2025 MADE awardees, Punlaan mount exhibit

THE 2025 Metrobank Art & Design Excellence (MADE) competition recognized seven artists and sparked a lasting partnership among them. Michael Delmo, Jack de Castro, Benedict Simbulan, Ross Gadiana, Jao Eugene Pelaez, Rober Mark Liwanag, and Marc Allan Jose — in collaboration with Punlaan Art Space — have mounted an exhibition titled Man Made. It runs until Feb. 25 at the Alitaptap Artists Community in Amadeo, Cavite. The exhibition features new works of the awardees that showcase their commitment to growing together as a community.

Lisa Macuja Elizalde marks 40th homecoming celebration

FORTY years ago, Lisa Macuja Elizalde made the choice to leave behind a flourishing career at the Kirov Ballet (now the Mariinsky Ballet) in Moscow and return to the Philippines. This year, it is the 40th anniversary of that homecoming milestone, celebrated through Ballet Manila’s PRIMA Performance Season. It features a special collaboration with Filipino band The Dawn, to be staged at Aliw Theater in Pasay City on Feb. 20 and 21, both at 8 p.m. This production links Ms. Macuja and The Dawn’s parallel 40-year journeys through a fusion of ballet and rock music. The performance will showcase some of The Dawn’s most popular and iconic songs reimagined through dance.

Kidlat Tahimik feted in MET Gallery’s National Artist exhibit

THE Metropolitan Theater (MET), in collaboration with the Order of National Artists, is presenting Portraits of a National Artist as Kultur Warrior, featuring works inspired by and dedicated to National Artist Kidlat Tahimik. The exhibition is the first installment of the MET’s National Artists Exhibit Series for the year and pays tribute to the life, advocacy, and enduring cultural influence of Kidlat Tahimik, as a filmmaker, storyteller, and passionate champion of indigenous identity and decolonization. It traces a 50-year visual narrative through portraits created by various artists, such as his wife, Katrin de Guia; cartoonist Nonoy Marcelo; cinematographer Boy Yñiguez; Ifugao carver Chris Atiwon; documentary shots by Tommy Hafalla; and even playful sketches by his grandchildren in 2025. It is on view until Feb. 28 at the Metropolitan Theater Gallery.

Verdi’s La traviata showing at Opus and NUSTAR

OPUS and NUSTAR Premier Cinemas are inviting audiences to experience the passion, elegance, and emotional depth of Verdi’s operatic masterpiece La traviata. Screening at 8 p.m. on all Tuesdays this February until March 3, La traviata offers moviegoers a rare opportunity to witness world-class opera in a luxurious cinematic setting. Tickets are priced at P900, with the production sung in Italian and presented with English subtitles. It is directed by Oliver Mears and stars acclaimed soprano Ermonela Jaho alongside Giovanni Sala. For tickets and screening details, visit https://bit.ly/RoyalOperaLaTraviataAtPremierCinemas or follow Opus Premier Cinemas and NUSTAR Premier Cinemas on their social media pages.

Kapitolyo Art Space presents an exhibit at McKinley West

IN PARTNERSHIP with First Oceanic Property Management (FOPM), MREIT, Inc., and Megaworld, Kapitolyo Art Space has mounted Alterations, an exhibition that is currently on view at the lobby of One Le Grand Tower in McKinley West, BGC. The exhibition explores coherence through differences, bringing together artists with distinct visual languages within a shared space: Chrisanto Aquino, Eric Young, Christian Regis, Ritche Yee, Caresty, Aaron Bautista, Joseph Domasian, Meh Villegas, Valen Valero, Micheal Pastorizo, Nicole Asares, Marlon Magbanua, Chai Soo, Rafa, Wynona Capistrano, Franxyz Paulo, Nanette Villanueva, Kerow, Julmard Vicente, Mark Tuason, Bea De Los Reyes, Valerie Teng, Hermisanto, Chris Sipat, Darwin Japat Guevarra, Cesar Arro, Nova Lucernas, JAOP, Jobvezh, Sonyboy Layba, Pauline Mar, Fheixz Orosco, and Eghai Roxas. It runs through February.

The Sandbox Collective stages Spring Awakening

ONGOING until March 22 at the Proscenium Blackbox Theater in Rockwell, Makati City, is The Sandbox Collective’s season opener, the Tony Award-winning rock musical Spring Awakening. With book and lyrics by Steven Sater and music by Duncan Sheik, the production is based on the Frank Wedekind play of the same name. Set in 19th century Germany, it tells the stories of teenagers exploring their burgeoning sexualities and rapidly-changing bodies. This version is directed by Andrei Nikolai Pamintuan, with musical direction by Ejay Yatco. It also marks The Sandbox Collective’s first production under the leadership of its new artistic director, Sab Jose. Menchu Lauchengco-Yulo and Ana Abad Santos share the role of Adult Woman while Audie Gemora plays the Adult Man. Alongside them are Nacho Tambunting and Alex Diaz who share the role of Melchior Gabor; Nic Chien and Omar Uddin who alternate as Moritz Stiefel; and Sheena Belarmino who plays Wendla Bergmann. Spring Awakening is the inaugural show of The Black Box at The Proscenium Theater. Tickets are available via Ticket2Me (tinyurl.com/SandboxSpring2026).

Gateway Gallery celebrates Chinese-Filipino art

THE exhibit Beyond Tradition: Evolving Chinese-Filipino Visions is ongoing at the Gateway Gallery until March 15. In line with National Arts Month and Chinese New Year, it celebrates the vibrant culture of Chinese-Filipino communities by showcasing the differences and similarities in traditions, arts, and history of Chinese-Filipinos. The exhibition is located at the Small Room of Gateway Gallery in Araneta City, Quezon City.

Nihongo Fiesta 2026 set for the end of February

THE Japan Foundation, Manila is slated to put up Nihongo Fiesta 2026 on Feb. 28 at Shangri-La Plaza, Mandaluyong City. This annual event offers the public an opportunity to experience and appreciate the Japanese language, arts, and culture through a variety of engaging activities. A highlight will be the Nihongo Speech Contest, featuring seven presenters from across the Philippines who will share their heartfelt messages with the audience. It will be followed by the 3rd Kobanashi Festival, which includes a rakugo (storytelling) performance by Master Ryūtei Saryū and a demonstration with remarks from Associate Professor Yonemoto Kazuhiro of Tokyo Gakugei University. Festivities will conclude with cultural performances of toramai (tiger dance) and shishiodori (deer dance), two distinct but related dances from Japan’s Tohoku region performed to pray for peace, ward off evil spirits, and ensure bountiful harvests.

Exhibit highlights toys, paintings centered on urbanization

EMERGING visual artist Jadon Kilayko has returned to his surrealist background to examine the rapid urbanization everywhere in his solo exhibition SERO. It features a collection of his recent works — 10 art toys and 11 paintings of acrylic on canvas — all encapsulating observations of ongoing development both in cities and provinces. Born in 2004 with roots from Bacolod, the self-taught contemporary visual artist’s pieces revolve on pop surrealism infused with abstraction. The word “sero” comes from tapasero, the Hiligaynon and Ilonggo term for sugarcane cutters in Negros. The show is on view from Feb. 21 to March 7 at Ysobel Art Gallery on the 2nd Floor Shops at Serendra, 11th Avenue, Bonifacio Global City, Taguig City.

Sama-Bajau Weaving and Cultural Center opens in Basilan

THE Claret Samal Foundation, Inc., in partnership with the Yellow Boat of Hope Foundation, has opened the Sama-Bajau Weaving and Cultural Center in Sitio Teheman, Maluso, Basilan. It is a community space designed to empower Sama-Bajau women weavers, strengthen sustainable livelihoods, and safeguard the community’s rich cultural heritage. There, weavers can prepare materials and create, showcase, and sell their traditional pandan-woven crafts known as tepo. It was conceived in response to long-standing challenges faced by families in the community, like poverty, limited access to resources, and restricted market opportunities. The new center directly addresses these needs by providing dedicated spaces for weaving, product development, exhibitions, and retail. Conveniently accessible from the main highway and the Maluso town center, the Sama-Bajau Weaving and Cultural Center is open every Monday to Friday from 8 to 11 a.m. and 1:30 to 4 p.m.

Philippine classic Noli Me Tangere set for Arabic translation

THE National Commission for Culture and the Arts, the National Historical Commission of the Philippines, and the Philippine Embassy in Baghdad have signed a memorandum of agreement for the Noli Me Tangere Modern Standard Arabic Translation Project. The project seeks to make Dr. José Rizal’s classic 1887 novel accessible to Arabic-speaking audiences. Originally written in Spanish, Noli Me Tangere is widely regarded as a foundational work of Philippine literature and nationalism, portraying the social injustices experienced by Filipinos during the Spanish colonial period.

Sual Power submits lowest bid for Meralco’s 200-MW supply

SMCGLOBALPOWER.COM.PH

SAN MIGUEL Group’s Sual Power, Inc. is advancing to the final review stage after submitting the lowest offer to supply Manila Electric Co.’s (Meralco) 200-megawatt (MW) baseload requirement.

Sual Power emerged as the leading bidder among six generation companies that submitted proposals with a combined offering capacity of 531 MW, the power distributor said in a statement on Tuesday.

The power generator offered P4.2955 per kilowatt-hour (kWh) for the entire 200-MW requirement, which was declared the best bid.

Sual Power, a subsidiary of San Miguel Global Power Holdings Corp., operates the 1,200-MW thermal plant in Pangasinan province. The plant is the largest coal-fired power facility in the Philippines by installed capacity and has been supplying power to the Luzon grid since 1999.

Other bidders included Mariveles Power Generation Corp., which offered P4.3805 per kWh for the full supply; Bac-Man Geothermal, Inc., which submitted P4.5187 per kWh for 35 MW; and San Manuel Solar, Inc., which offered P4.5787 per kWh for 25 MW.

Next on the list were ACEN Corp., offering P5.2087 per kWh for 25 MW, and First Gen Hydro Power Corporation, with P5.4906 per kWh for 25 MW.

Mariveles Power is another unit of San Miguel Global Power and is developing a 600-MW coal-fired plant in Mariveles, Bataan. Bac-Man Geothermal and First Gen Hydro are renewable energy firms under the Lopez group, while ACEN is the listed energy platform of the Ayala group.

“As in previous years, this CSP has successfully secured the required power supply for customers at the lowest possible cost, achieved through an open and transparent process,” Meralco Bids and Awards Committee for Power Supply Agreements (BAC-PSA) Chairman Lawrence S. Fernandez said.

The BAC-PSA will conduct a post-qualification evaluation before issuing a notice of award and executing the power supply agreement with the winning bidder.

Distribution utilities hold a competitive selection process (CSP) to secure power supply agreements (PSA) at the lowest cost.

The resulting PSA from this CSP will cover Meralco’s 200-MW baseload requirement over four years to comply with the Renewable Portfolio Standards (RPS), which require distribution utilities to source a portion of their energy supply from eligible renewable energy sources.

The deal remains subject to approval by the Energy Regulatory Commission (ERC).

“As a highly regulated entity, Meralco conducted the CSP in full compliance with the rules and regulations issued by the ERC and the Department of Energy,” the company said.

Meralco’s controlling shareholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Education: Basics before AI

STOCK PHOTO | AI Generated Image from Freepik

There is no shortage of conversations today about artificial intelligence (AI), digital transformation and the future of universities. We debate credentials, micro-certifications and whether traditional degrees still carry weight. But before we get carried away by the future, we need to confront a harder question.

Are we even getting the basics right?

The uncomfortable reality is that the Philippines continues to lag much of ASEAN in foundational learning. In PISA 2022, Filipino students remained near the bottom in reading, mathematics and science. The World Bank has warned of severe learning poverty, with many children struggling to read and understand a simple text by age 10. These are not abstract statistics. They are warning signals.

We can talk about artificial intelligence all we want. But if a child cannot read with comprehension, cannot write clearly and cannot compute accurately, everything else becomes fragile. Advanced skills do not stick when the foundations are weak.

In many boardrooms, leaders express frustration over rising tuition costs and graduates who struggle with communication and problem-solving. The instinct is to blame schools or policymakers. But education cannot be treated as someone else’s problem. It is deeply tied to economic competitiveness and workforce quality.

This does not mean the private sector must suddenly become educators. But it does mean business leaders can be more deliberate partners — supporting mentorship programs, collaborating on curriculum alignment, providing structured internships and investing in teacher development initiatives. Education is not just a social issue. It is a productivity issue. It is a national issue.

If we are serious about competing in ASEAN, we must recognize what other countries are doing differently.

Singapore has treated education as a long-term national strategy for decades. Strong literacy and numeracy are emphasized early and relentlessly. Critical thinking is embedded in curriculum design, not treated as an optional add-on. Even as Singapore integrates AI and digital tools in classrooms, it does so on top of strong foundations.

Malaysia has also strengthened industry-academe collaboration, especially in technical and vocational tracks. Universities and polytechnics work closely with industry clusters to ensure alignment between training and real economic demand. The message is clear: build the base, connect to industry, then scale innovation.

In contrast, we often rush to talk about future skills without repairing foundational cracks. I cringe every time I see articles or hear conversations about investing in AI education as the future of Philippine education, as if it will be a magic pill, because it definitely is not.

So what should “shaking up education” actually mean?

First, make foundational literacy and numeracy nonnegotiable — not as slogans, but as measurable outcomes. Reading with comprehension by Grade 3 should be treated like a national security objective. If a child cannot read, every subject becomes harder, including science, math, history and even values formation. We should stop romanticizing passing rates and start insisting on mastery.

Second, restore the basics without embarrassment. Writing. Spelling. Grammar. Arithmetic. Mental math. These are not old-school. These are power tools. Every advanced skill rests on them. Coding is logic plus language. Data is math plus judgment. Strategy is comprehension plus clarity. We cannot build a digital economy on weak spelling and shaky arithmetic.

Third, teach critical thinking explicitly, not implicitly. Most students are not taught how to reason. They are taught how to comply. Critical thinking is not just being opinionated. It is the ability to interpret text, spot assumptions, check sources, compare arguments and decide under uncertainty. In an AI world flooded with plausible nonsense, this becomes survival.

Fourth, redesign assessment for the AI era. If our tests reward memorization, then AI will beat humans every time. If our tests reward reasoning, explanation and applied problem-solving, then humans still win. Universities should lean into oral defenses, real-world projects, portfolios and supervised demonstrations. Credentials should reflect competence, not just completion.

Fifth, treat teachers as the frontline of national competitiveness. If we want better learning, we need better support for teaching quality and classroom practice. The World Bank itself has linked learning poverty to teaching quality and systemic issues. We can buy devices and platforms forever, but if instruction does not improve, outcomes will not improve.

Beyond policy, there is also a cultural dimension we must confront.

We have built an environment that celebrates speed over depth. We scroll more than we study. We react more than we reflect. Visibility sometimes outranks mastery. In such a culture, foundational skills erode quietly.

This is where families, schools, and yes, even employers, play a reinforcing role. Companies can value clear writing and analytical rigor in hiring and promotion decisions. Communities can celebrate academic discipline as much as athletic or entertainment success. Parents can demand comprehension, not just completion.

None of this requires hostility toward technology. On the contrary, strong foundations make technology more powerful. Artificial intelligence rewards those who can frame good questions, evaluate outputs critically and apply results wisely. It exposes those who cannot.

The future economy will not reward those who merely consume content. It will reward those who can interpret, synthesize, decide and execute.

Before we dream of becoming an AI leader in ASEAN, we must ensure that our students can read contracts, analyze data tables, construct logical arguments and defend ideas with clarity. Without these skills, no amount of digital infrastructure will deliver sustainable competitiveness.

Back to basics is not regression. It is strategy.

If we get literacy, numeracy and critical thinking right, skills will follow. If skills follow, innovation will come. But if the foundations remain weak, we will continue to produce diplomas without depth and credentials without competence.

The conversation about the future of education is important. But for the Philippines, the more urgent conversation is about its foundations.

We can continue to debate models and modalities. Or we can do the harder work of rebuilding from the ground up.

AI is coming whether we are ready or not. The only choice we have is whether we use it as a crutch or a catalyst.

If we choose catalyst, then the agenda is clear: back to basics, then forward to skills. Fix the foundations, then scale the future.

Because in an AI-powered economy, the “educated” will not be the people with the most information. It will be the people who can read deeply, think clearly, compute accurately and decide wisely.

And that is a race we cannot afford to lose.

 

Dr. Donald Patrick Lim is the founding president of the Global AI Council Philippines and the Blockchain Council of the Philippines, and the founding chair of the Cybersecurity Council, whose mission is to advocate the right use of emerging technologies to propel business organizations forward. He is currently the president and COO of DITO CME Holdings Corp.

European countries’ finance chiefs pushing for bigger global role for euro

Fifty-euro notes are seen in this file photo. — REUTERS

EURO-AREA finance chiefs are pushing to expand the single currency’s global role, as US President Donald J. Trump roils markets and the US dollar weakens.

“In light of recent geopolitical events in our current geopolitical context, there are risks that the international financial and monetary system is being used as a political tool,” said Greek Finance Minister Kyriakos Pierrakakis, who chairs the meetings of his euro-area peers. “It is thus existential for us to safeguard the international role of the euro as it is quite pertinent for the EU’s (European Union) monetary sovereignty.”

The comments come just after the European Central Bank (ECB) introduced its strongest move yet to promote the euro. Over the weekend, the monetary-policy institution announced that it’s prepared to offer euro liquidity to central banks from around the world.

That proposal is one of the ideas included in a European Commission paper prepared ahead of the ministers’ meeting in Brussels on Monday.

The document — seen by Bloomberg — called for reinforcing euro diplomacy by reassuring partner countries about access to the common currency. “With the United States potentially less inclined to supply dollar liquidity during periods of stress, offering euro-denominated liquidity to partner countries could serve as a valuable complement to the EU trading strategy and boost the international role of the euro,” the document said.

The document explored ways to promote the use of the euro in issuance and transactions, especially in key sectors such as the energy, critical raw materials, air transport and defense sectors.

The ECB has repeatedly stressed the need to boost the euro’s international standing, and Bundesbank President Joachim Nagel on Monday reiterated that sentiment, calling on governments to “channel efforts.”

RAPID ACTION
“International investors want to diversify, they are looking for contact with Europe, that’s why we want to be a safe haven for the capital investments from the entire world,” said German Finance Minister Lars Klingbeil, who together with his French counterpart pushed for more rapid action.

“Faced with massive challenges across the world, the EU has to be stronger, the EU has to be faster, the EU has to work on its competitiveness and its ability to be powerful and independent,” Roland Lescure said. “Europe is very good at moving well — we also need to make it better at moving faster and this is what we’re gonna do.”

Still, French officials want a deeper understanding of how such a move may harm exporters by driving up the euro against the dollar, a finance ministry official said, briefing journalists on condition of anonymity.

EU Economy Commissioner Valdis Dombrovskis, speaking after Monday’s meeting, said the bloc must carefully watch for these spillover effects.

“In a context of a stronger international role for the euro, we also must consider what implications it would mean for exchange rate,” he said.

Ministers also addressed the rise of global imbalances during Monday’s gathering, bringing in the Canadian Finance Minister Francois-Philippe Champagne to discuss the matter. Mr. Dombrovskis said China and the US are driving the growing imbalances.

“The current Chinese and US policies are the biggest contributors to the rise of imbalances, but the EU, however, also has work to do,” he said. “There is a scope for an increase in investments, especially when it comes to putting private investments to work.”

He urged leaders to come together on the issue, warning that inaction may hamper the global economy.

“The world’s largest economies should not leave these balances unaddressed,” he said. “They pose real risks, such as furthering trade tensions but also macroeconomic and financial risks. So there is a shared interest to manage and reduce them together.” — Bloomberg

1...283284285...14,244Page 284 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube