Style (02/26/24)

February 26, 2024 | 12:01 am

1 of 4

COS launches limited edition eyewear

COS and Linda Farrow announced a limited-edition partnership for eyewear. The 10-piece collection features modified favorites from the debut COS × Linda Farrow collaboration alongside freshly reworked archival frames. A 1970s-style oversized shape synonymous with Linda Farrow was reimagined with colorful transparent frames, evoking a sense of nostalgia and sophistication. Reworked tortoiseshell aviators with gradient-tinted lenses are found alongside gently curved oval frames and a narrower cat-eye silhouette, blending old-school charm with modern sensibilities. With a continued focus on detail and craftsmanship, gold and silver-tone cut-outs add a contemporary twist to classic styles. Designed with longevity and function in mind, the lenses offer 100% UV protection and are enclosed in a protective case with a cleaning cloth. The Linda Farrow collection is available at the COS Store at SM Aura Premier for a limited time only.

ASICS opens pop-up store

ASICS opened a pop-up store at the SM Mall of Asia, Ground Floor, North Entertainment Mall. This retail space showcases a diverse range of footwear, apparel, and accessories across the Performance Run, Core Performance Sports, and SportStyle categories. “The Philippines has always been a vital market for ASICS, and we are honored to see tremendous growth in the country, earning loyalty, trust, and support amongst our customers. A new store opening… cements the growth of the brand and reflects our commitment to our customers, offering them more options and accessibility to our wide range of products as well as forging deeper connections with our customers,” said Gabriel Yap, Senior Regional Marketing Director of ASICS SEA. This store carries the new NOVABLASTTM 4 and the upcoming GEL-NIMBUSTM 26, the latest GT-2160TM and GEL-TERRAINTM, along with the timeless classic Japan STM collection. The pop-up store offers customers a sneak peek leading to the grand opening of the new ASICS store in September.

Lyn opens first store in PHL

Thailand-based brand Lyn has officially entered the Philippine market with the grand opening of its inaugural store on Feb. 1 in the SM Mall of Asia. The store features Lyn’s most recent collection, prominently featuring The Taryn and Moon Infinite bags from the Spring 2024 collection. The Taryn boasts a rectangular shape, top zip fastening with a secure sling snap, a distinctive logo plaque, a spacious main compartment, and a detachable handle for added convenience. Meanwhile, the Moon Infinite can transition from day to night with a chain strap and a quilted finish. Launching this March is the Enola bag which features a sleek half-circle design, top zip fastening, and chic chevron embossing. It is adorned with a sleek metal hardware logo plaque and equipped with an adjustable handle.

Ever Bilena launches liquid blush

Ever Bilena launches the Pillow Pop Liquid Blush. This liquid blush is a gel-based liquid color that comes in four shades: Rouge (a soft magenta), Toast of New York (a warm brick red), Fresno (fresh watermelon), and Raspberry (a rich berry). Aside from adding a dash of color to cheeks, it also helps nourish skin with the moisturizing effects of Hyaluronic Acid and Vitamin E. While this pillow pop is meant to be used as a blush, it can also be used on the lips, lids, and cheeks. To use, apply one dot of the liquid blush on the cheek, and blend it up toward the temples to give the face a more natural flush. Dab as needed to diffuse color, using a damp sponge, a blending brush, or the fingers. The Ever Bilena Pillow Pop Liquid Blush is available for P275. Ever Bilena products can be purchased on their official Shopee and Lazada stores, at Watsons branches nationwide, and at all leading department stores nationwide.

BSP books lower income at end-Nov.

February 26, 2024 | 12:01 am

The main office of the Bangko Sentral ng Pilipinas in Manila. — BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas’ (BSP) net earnings as of November continued to decline from a year prior amid higher expenses.

BSP data showed its net profit after tax and capital reserves in the 11 months ended November 2023 plummeted by 74% to P23.28 billion from the P89.7 billion booked in the same period in 2022.

The central bank’s expenses surged by 60.6% year on year to P194.61 billion in the period from P121.2 billion.

Broken down, its interest expenses ballooned by 107.8% to P153.69 billion from P73.95 billion. Meanwhile, other expenses dropped by 13.4% to P40.92 billion from P47.25 billion a year earlier.

On the other hand, revenues stood at P162.39 billion in the period, up by 26.8% year on year from P128.02 billion.

Broken down, the central bank’s interest income rose by 30% to P180.64 billion from P138.87 billion.

Miscellaneous income, which includes trading gains, fees, penalties, and other operating income, widened to a P18.25-billion loss in the period from the P10.84-billion loss a year prior.

Meanwhile, the BSP realized a net gain of P55.53 billion from fluctuations in foreign exchange rates arising from its foreign currency-denominated transactions, 33% lower than the P82.94 billion in the same period a year prior.

The central bank’s assets grew by 3.1% to P7.489 trillion in January to November from a year ago, while liabilities inched up by 2.6% to P7.361 trillion.

Its net worth stood at P128.44 billion at the end of November, 37.8% higher than a year earlier. — K.B. Ta-asan

Angry French farmers storm Paris agriculture fair

February 26, 2024 | 12:01 am

PARIS — A group of French farmers stormed a major Paris farm fair on Saturday ahead of a planned visit by President Emmanuel Macron amid anger over costs, red tape and green regulations.

Facing dozens of police officers inside the trade fair, the farmers were shouting and booing, calling for the resignation of Mr. Macron and using expletives aimed at the French leader.

“This is our home!,” they shouted, as lines of French CRS riot police sought to contain the demonstration. There were some clashes with demonstrators and the police arrested at least one of them, a witness told Reuters.

Pascal Beteille, one of the demonstrators, said he did not expect anything from Mr. Macron’s visit. “This is our home and he’s welcoming us with CRS,” he told Reuters.

Mr. Macron, who met French farmers’ union leaders over breakfast, was scheduled to walk within the alleys of the trade fair afterwards.

“I’m saying this for all farmers: you’re not helping any of your colleagues by smashing up stands, you’re not helping any of your colleagues by making the show impossible, and in a way scaring families away from coming,” Mr. Macron told reporters after his meeting with union leaders.

The protests delayed the opening of the show to the public by at least an hour. The French president said he would convene farmers’ union representatives and other stakeholders of the sector at the Elysee palace in three weeks after he canceled a debate he wanted to hold at the fair with farmers, food processors and retailers.

He denied a reports that he planned to invite controversial environmentalist group Soulevements de la Terre to that debate, which had further stirred anger among French farmers.

An impromptu heated discussion between Mr. Macron and demonstrators was being broadcast live on French news channels.

The Paris farm show — a major event in France, attracting around 600,000 visitors over nine days — is a political fixture, where presidents and their opponents are expected to engage with the public under intense media scrutiny.

Farmers’ protests, which have spread across Europe, have stoked concerns in France and beyond about their political fallout, given they represent a growing constituency for the far right, expected to make gains in European Parliament elections in June.

French farmers earlier this month largely suspended protests after Prime Minister Gabriel Attal promised new measures worth 400 million euros. But protests resumed this week to put pressure on the government to provide more help and deliver on promises, ahead of the Paris farm show. — Reuters

Metrobank’s financial results drive trading

February 26, 2024 | 12:01 am

INVESTORS took positions on Metropolitan Bank and Trust Co.’s (Metrobank) stock last week after the release of its full-year 2023 earnings results.

Data from the Philippine Stock Exchange showed the Ty-led Metrobank trading P1.09 billion worth of 18.25 million shares from Feb. 19 to 23, making it the seventh most actively traded issue last week.

It went up by 1.9% at P61.20 apiece last Friday from P60.05 on Thursday.

On a week-on-week basis, Metrobank rose by 3.6% from its closing price of P59.05 per share on Feb. 16.

Year to date, the bank’s share price was up by 19.3%.

Luis A. Limlingan, head of sales at Regina Capital Development Corp., said in a Viber message that Metrobank’s dividends and robust financial performance drove the heightened trading activity last week.

“Metrobank’s revenue outlook is promising due to its diversified income streams and strong operational performance. With continued economic recovery and sustained business momentum, supported by resilient consumer demand and favorable interest rate environment, Metrobank is well-positioned to maintain revenue growth trajectory,” Mr. Limlingan said.

“Furthermore, the bank’s strategic initiatives to enhance digital capabilities and expand market presence are expected to drive revenue generation in the upcoming quarters,” added Mr. Limlingan.

Philippine National Bank Equity Research department Head Jonathan J. Latuja also said in an e-mail that revenue earnings added to Metrobank’s active trading last week, which was relatively favorable.

“Metrobank’s net income increased 29% year on year to P42.2 billion in 2023. Net interest income rose by 23% to P105 billion, on the back of 8% growth in gross loans and 34 bps improvement in net interest margin to 3.9%. Total revenues were up but at a slower pace of 19% since noninterest income only grew by 6%,” Mr. Latuja said.

Metrobank reported a 28.9% increase in its attributable earnings to P42.24 billion during 2023, surpassing the P32.78 billion in the previous year, driven by asset expansion, higher margins, improved efficiency levels, and better asset quality.

This resulted in a return on equity of 12.5%, higher than 10.3% in 2022. Total consolidated assets expanded by 9.2% to P3.1 trillion in 2023, maintaining its status as the country’s second-largest private commercial bank.

The bank’s strong profitability and substantial capital base motivated the directors to approve a total cash dividend of P5 per share for the year. The regular dividend was raised from P1.60 to P3 per share to be paid out semiannually at P1.50 per share. Additionally, a special cash dividend of P2 per share was declared.

The bank’s net interest income grew by 22.7% due to higher loan demand and a better net interest margin of 3.9%.

Gross loans rose by 7.6% year on year, with consumer portfolio increasing by 15.9% on strong discretionary spending, outpacing the 5.5% rise in commercial loans.

Meanwhile, total deposits grew by 7.3% from the previous year to P2.4 trillion with low-cost current and savings accounts amounting to more than 60% or P1.4 trillion.

The bank’s full-year gross revenue increased 43.3% to P100.54 billion from P70.18 billion recorded in the year 2022.

Data from the Philippine Statistics Authority showed that the country’s gross domestic product grew by 5.6% in 2023, much slower than the 7.6% expansion in 2022.

The economic growth is below government target of 6-7% for the year but still maintaining the position of being one of the best-performing economies in Asia.

Mr. Limlingan expects the stock support level is situated at P59.40 per share, while its resistance sits at P62.50 per share. — Lourdes O. Pilar

Posh people mover

February 26, 2024 | 12:01 am

VELO_PAGE2_image10 — GAC Motor Philippines Brand Ambassador Dingdong Dantes with GAC Motor Philippines Brand Head Franz Decloedt and Astara Philippines Marketing Director Timmy de Leon — PHOTO BY KAP MACEDA AGUILA

1 of 9

GAC Motor lives up to challenger rep with M8

By Kap Maceda Aguila

ASTARA PHILIPPINES, local distributor of the GAC Motor brand, recently made good on its promise last year to bring in the GAC M8 people mover. Positioned as a premium seven-seater, the M8 helps to buttress the MPV (multipurpose vehicle) portfolio of the Chinese brand — itself seen as an upmarket marque.

In a speech at the M8’s recent launch at the Club Intramuros Golf Course in Manila, Astara Philippines Marketing Director Timmy de Leon reported 365% year-on-year sales growth for the brand in 2023, with the GS3 Emzoom subcompact crossover leading the charge. Last January, GAC sold 250 units, according to its report made to the Chamber of Automotive Manufacturers of the Philippines, Inc. “We are right on track on our expansion across the Philippine shores — growing our GAC Motor dealer network to 35 locations across the country this 2024,” the executive promised, and described the marque as a “challenger brand.”

Speaking next, GAC Motor Philippines Brand Head Franz Decloedt averred, “The all-new M8 was meticulously crafted to offer the epitome of comfort and convenience to discerning customers who prioritize luxury, style, and practicality in their driving experience. Whether they’re busy professionals navigating city streets, families seeking spaciousness and safety for their loved ones, or adventurous travelers craving both performance and refinement on the open road, the M8 is tailored to meet their every expectation.”

The M8 is powered by a turbocharged 2.0-liter gas engine paired with an eight-speed automatic transmission. The system outputs 248hp and 400Nm, said to promise “responsive acceleration and effortless cruising,” maintained the company in a release.

Seen to be a direct rival of the Toyota Alphard, the M8 cuts an aggressive profile — set off by a bold front fascia said to draw inspiration from “the majestic oriental lion,” specifically its mane. Flanking it are LED headlights which are equipped with automatic height adjustment, headlight alarm, a follow-me-home function, and adaptive driving beam technology.

The premium positioning is helped along with chrome accents, power folding side mirrors, and power sliding doors. The M8 rolls on high-performance tires wrapped onto 18-inch wheels. At the back are LED taillights, and a “subtle yet sophisticated” spoiler.

The 2-2-3 seating configuration starts with a 12-way power-adjustable driver’s seat; the front passenger gets a four-way-adjustable seat. Both get ventilation and heating functions. The second row is comprised of a pair of captain’s seats with two-way power adjustment for forward and backward movement, two-way power adjustment for seat backrests, and four-way power adjustment for leg rests.

The two seats are ventilated and heated as well, and feature seat massage functions, illuminated pedals, and seat position memory. Tray tables are available for both.

Lastly, the third row gets a central armrest and four-way manual adjustment, with a 40/60 split folding feature adding flexibility for easy adjustment to accommodate both passengers and cargo needs.

GAC equips the M8 with an advanced audio, video, and navigation system, predicated on a 14.6-inch multi-functional touch screen with a matching 12.3-inch full LCD instrument panel with smartphone integration. The company reports that it supports both Apple and Android devices. In-cabin entertainment is outputted through eight audio speakers.

The windshield and front and second-row glass windows are reportedly soundproof, while a three-zone auto air-conditioning features a fragrance system. The ambient lighting within is color-customizable.

The M8’s safety complement includes electronic stability program, hill-start hold control, hill descent control, and an electronic parking brake with autohold. Front-row seat belts have pretensioners and force limiters with height adjustment, along with crash locking tongue technology. Second- and third-row seat belts also incorporate pretensioners and force limiters, while the third row boasts a three-point seat belt configuration for all occupants. Dual front SRS air bags, side air bags, and side curtain air bags offer additional protection, as do rear windscreen air bags.

A camera system enables rear and surround views; while Fusion Automatic Parking Assist (FAPA) allows improved visibility and aids in parking maneuvers. Driver assistance features include lane departure warning, lane keep assist, autonomous emergency braking, forward collision warning, adaptive cruise control with intelligent speed limit adaptive cruise control, traffic jam assist, integrated cruise assist, blind spot detection, rear cross traffic alert, rear cross traffic braking, and rear car approaching warning.

Two variants are available, with the following pricing and options:

GAC Motor Philippines bundles each M8 with a five-year/150,000-km after-sales warranty.
Concluded Mr. Decloedt: “There’s a lot more going on with the M8 than meets the eye. This vehicle is packed with features that make it rise above the competition.”

Where are property companies expanding next?

February 26, 2024 | 12:01 am

SF_ABOITIZ_LIMA-Estate-OL — Aboitiz LIMA Estate — aboitizinfracapital.com

Stepping into 2024, resilience in the Philippine economy is seen to shape up the real estate market. Due to strong economic growth, sustained property demand, and increased investments, growth in property is being fueled by the realization that real estate is on the right track.

Professional services and investment management company Colliers International said in a recent report that further recovery will be seen in the property space this year. For instance, for office spaces, Colliers data revealed that occupancy rates will increase to 300,000 square meters in 2024, which is expected to be driven by businesses in information technology, legal, construction, engineering, flexible workspaces, and government agencies. Residential developments, meanwhile, are expected to increase, with opportunities opening for resort-themed projects located outside the metro.

While such outlook is yet to unfold, the following developers are reflecting the continuing rebound of the industry towards growth as they share how they will further expand this year.

Aboitiz InfraCapital Economic Estates

In pursuit of empowering and uplifting businesses and communities, Aboitiz InfraCapital Economic Estates is rising as the next big lifestyle destination.

Aboitiz’s LIMA Estate is expanding its 30-hectare business hub located at the south of Metro Manila to another 40 hectares, drawing young professionals and families looking for a break from the busy city life. It includes the largest outdoor mall, hotels, features fun attractions, cultural and sports events, transport terminals, and industrial hubs.

Office spaces are also under way. For instance, LIMA Tower One, Aboitiz’s mixed-use building, was launched, which features 11 floors of office space, catering to companies, including IT, BPO, and other business services. This office space is set to open in the second quarter of 2024.

“In response to the shift towards flexible work arrangements, One provides a practical and contemporary workspace solution. With well-designed offices and convenient ground-floor retail areas, the tower is an attractive option for businesses looking to establish a presence outside Metro Manila. This initiative reflects LIMA’s commitment to creating versatile workspaces that cater to the diverse needs of businesses, promoting an environment conducive to growth, innovation, and collaboration,” Aboitiz shared on their company website.

With the goal of transforming living experiences, LIMA Estate launched The Pods at LIMA, a dormitory complex designed to offers residents a comfortable and community-driven living space. It includes innovative housing solutions and amenities that enhance the quality of lifestyle of residents.

Ayala Land

Ayala Land, Inc. (ALI), meanwhile, is aiming to expand its business by 2028. In a recent briefing, ALI Chief Finance Officer Augusto D. Bengzon said the developer is expecting a busier year ahead, with more launches and developments taking place this year.

2023 was a thriving year for Ayala Land. Company data saw a 32% increase in its net income, reaching P24.5 billion, driven by high property demand and consumer activity. The company’s revenue also went up by 18% (P148.9 billion), property revenues by 14% (P92.3 billion), and residential reservation sales by 9% (P113.9 billion). Overall, Ayala Land launched 25 projects, which were valued at P75.9 billion.

Picking up from these developments, Ayala Land will continue to develop communities that intends to enhance the lives of Filipinos.

“ALI was well-positioned to take advantage of opportunities from an improving market in 2023, enabling us to meet our objectives for the year,” ALI President and Chief Executive Officer Anna Ma. Margarita Bautista-Dy said.

“With our focus on quality, we look forward to bringing more high-value development products to market and embarking on the reinvention of our malls, hotels, and resorts for our customers to enjoy,” she added.

In line with sustainability, developers are also taking a few steps to strengthen the agenda this year. Ayala Land and its REIT subsidiary, AREIT, Inc., (AREIT) have transitioned 88% of their office portfolio to renewable energy, which supports their ESG targets.

This year, Ayala Land’s AREIT and its buildings was awarded with EDGE Zero Carbon Certification, which positions the company as the leading EDGE Zero Carbon Certified portfolio in the Philippines.

Robinsons Land

RLC Residences’ SYNC (artist’s perspective) — rlcresidences.com

Robinsons Land Corp. (RLC) and its residential division, RLC Residences, has been dedicated to enhancing the lives of Filipino by providing vibrant and enjoyable working and living spaces that elevate their lifestyles.

Throughout the years, RLC Residences has successfully provided homeowners with top quality condominiums, and it will continue this year. Testifying to this is SYNC, a condominium located in Pasig City. With four towers and 21 floors, SYNC is efficiently designed with smart home features, productivity upgrades, and exclusive amenities for residents to enjoy. The condominium’s first tower is expected to finish within this year.

Another development is the Sierra Valey Gardens, a multi-tower mid-rise residential development in Cainta, Rizal. This condominium offers two-bedroom units with balcony, smart home features, resort-style facilities and amenities, access to malls and office buildings in the estate.

In addition, Mantawi Residences, RLC’s latest development in Cebu, includes four towers, with one to three-bedroom units and penthouse suites. This property is expected to be finished by 2029.

Federal Land

Federal Land, Inc. also seems optimistic this year, especially in the residential segment. The growth of their residential properties, specifically those for mid- and high-end markets, has been the key driver of their success.

This year, Federal Land revealed its plans to launch new developments in key cities, including Bonifacio Global City (BGC), Cavite, Cebu, Mandaluyong, and Pasay. These developments will focus on residential, commercial, and retail segments. — Angela Kiara S. Brillantes

Misery Index inches down in 2023

February 26, 2024 | 12:00 am

The country’s adjusted misery index dipped to 22.2% last year from 24.7% in 2022 mainly due to job quality improvement, based on latest data available from the Philippine Statistics Authority. In 2023, the underemployment rate hit an all-time low of 12.3% from 14.2% in 2022. The “misery index” is one way to measure the health of an economy which was formulated by the late American economist Arthur Okun in the 1970s. It is originally calculated as the sum of an economy’s unemployment and inflation rates to assess well-being. The higher the index, the worse the economy’s condition is. The infographic shows an “adjusted” version of the index which includes the underemployment rate* to account for job quality of those employed.

How PSEi member stocks performed — February 23, 2024

February 26, 2024 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Friday, February 23, 2024.

Peso to move sideways before release of US GDP, PCE reports

February 25, 2024 | 9:00 pm

THE PESO may continue to move sideways against the dollar this week, with key US data releases expected to be major trading drivers.

The local unit closed at P55.90 per dollar on Friday, weakening by 19.5 centavos from its P55.705 finish on Thursday, Bankers Association of the Philippines data showed.

Week on week, the peso strengthened by six centavos from its P55.96 close on Feb. 16.

Dollars exchanged went up to $1.25 billion on Friday from $1.24 billion on Thursday.

The peso strengthened on Friday after the dollar weakened due to strong US data that tempered expectations of an early rate cut by the US Federal Reserve this year, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For this week, the release of the second estimate for US gross domestic product (GDP) data on Wednesday and the January US personal consumption expenditures (PCE) price index report on Thursday will affect peso-dollar trading, he said.

Mr. Ricafort sees the peso ranging from P55.70 to P56.20 per dollar this week. — AMCS

PSEi to move sideways as market looks for leads

February 25, 2024 | 9:00 pm

PHILIPPINE SHARES may move sideways this week, with profit taking likely to ensue following the market’s rally and as most players remain on the sidelines as they await stronger catalysts.

On Friday, the benchmark Philippine Stock Exchange index (PSEi) rose by 0.14% or 10.06 points to close at 6,913.21 on Friday, while the broader all shares index climbed by 0.17% or 6.29 points to finish at 3,608.12.

Week on week, the bellwether index rose by 0.58% or 39.98 points from its 6,873.23 close on Feb. 16.

“Positive earnings helped the PSEi inch closer to 7,000 [last] week despite rising global recession fears,” online brokerage firm 2TradeAsia.com said in a market note.

For this week, the market may be range-bound as investors pocket their gains, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“The local market is already running on a five-week winning streak with a total gain of 6.30%… However, trading remains anemic as seen in the low value turnover, implying that many are still on the sidelines,” Mr. Tantiangco said. “[This] week, the local market could move sideways. We may see strong selling pressures as investors take profits from the market’s preceding five-week rally.”

“On a positive note, optimism towards our corporate sector’s fourth quarter and full-year 2023 results may continue to provide support to the bourse. Record-high performances from Wall Street, if continued, may also produce positive spillovers that would help the local market,” he added.

The market will also monitor the release of the February S&P Global Philippines Manufacturing Purchasing Managers’ Index report on Friday, Mr. Tantiangco said.

He put the PSEi’s major support at 6,700.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort placed the index’s immediate minor support from 6,580 to 6,740.

“Immediate major support at 6,330-6,450 levels, which help keep intact the underlying upward momentum over the past three and a half months,” Mr. Ricafort said in a Viber message.

The release of the latest budget balance data this week could affect the stock market, he added.

For its part, 2TradeAsia.com put the PSEi’s immediate support at 6,800 and resistance at 7,000.

“The PSEi has so far held on to the 6,900 level, and is even showing signs of potentially being able to out-stamina the selling pressure around the 7,000 mark. The question of rates going down later in the year is a major force impacting this run, amid significantly improved earnings across sectors,” the online brokerage said.

“Expect more of this heightened volatility as the market attempts to price out this tension,” 2TradeAsia.com added. — R.M.D. Ochave

House to start Charter change debates

February 25, 2024 | 8:19 pm

By Beatriz Marie D. Cruz, Reporter

THE HOUSE of Representatives will start debates on easing foreign ownership restrictions in the 1987 Philippine Constitution on Monday, according to a congressman.

“The conversion of the House into a committee of the whole, which is like a plenary session, aims to involve every one of our colleagues in discussions with our resource persons,” House Senior Deputy Speaker and Pampanga Rep. Aurelio D. Gonzales, Jr. said in a statement on Sunday.

He said the House would hold three hearings a week and try to obtain a vote before the Holy Week break next month.

This was also the original timeline set for the Senate by Senate President Juan Miguel F. Zubiri, he added.

The House Resolution of Both Houses No. 7 proposes to lift economic restrictions in the ownership of franchises, educational institutions and advertising.

It will insert the phrase “unless otherwise provided by law” in Articles 12, 14, and 16 of the Charter, which restricts foreign ownership in these sectors.

The House resolution is similar to a Senate resolution that started subcommittee deliberations earlier this month. Both resolutions propose Charter amendments “upon a vote of three-fourths of all its members.”

The Senate measure provides that both houses of Congress will vote on Charter amendments separately, while the House resolution is unclear whether members will vote jointly or separately.

By convening into a committee of the whole, congressmen are expected to approve their version of economic “Cha-cha” faster than the Senate, where the issue is still heard by a committee.

The Constitution mandates the state to protect Filipino enterprises against unfair foreign competition and trade practices and limits land ownership to Filipino citizens and corporations that are at least 60% Filipino-owned.

Ser Percival K. Peña-Reyes, director of the Ateneo Center for Economic Research and Development, said amending the Charter would not solve the country’s lack of foreign direct investments.

“The things that are really keeping us behind are bureaucratic red tape, corruption, inadequate and unreliable infrastructure and policy inconsistency and uncertainty,” he said by telephone.

Congressmen are seeking to pass the measure by the middle of the year before they start hearings on the 2025 national budget.

Philippine senators last month opposed a proposal for both chambers of Congress to vote jointly to change the 1987 Constitution, saying senators could not cast meaningful votes against more than 300 congressmen.

“If this people’s initiative prospers, further changes in the Constitution will open the floodgates to a wave of amendments and revisions that will erode the nation as we know it,” according to a statement signed by all senators and read by Senate President Juan Miguel F. Zubiri in plenary.

He said a joint vote on charter change would “destabilize the system of checks and balances.

Mr. Gonzales said they dropped the words “each House voting separately” in the House resolution “because those four words are not in the Constitution.”

He said they copied the exact wording of Section 1, Article 17 of the Constitution, which says: “Any amendment to, or revision, of the Constitution may be proposed by Congress, upon a vote of three-fourths of all its members.”

“We in the House chose to be true to our Constitution by quoting exactly what it says, no more, no less,” he said. “If they say joint voting is unconstitutional, separate voting is also against the Charter because it is not there. Let the experts interpret this provision.”

Cops accused of restricting People Power celebration

February 25, 2024 | 8:18 pm

Ninoy monument — FILIPINOS held a rally at the monument of the late Senator Benigno ‘Ninoy’ S. Aquino, Jr. on Ayala Avenue in Makati City in celebration of the 38th anniversary of the People Power Revolution on Sunday. — PHILIPPINE STAR/MIGUEL DE GUZMAN

CIVIC groups on Sunday said police restricted some of their protests marking the 38^th anniversary of a “People Power” uprising that toppled the late dictator Ferdinand E. Marcos in 1986.

Activists from Cavite and Laguna provinces who were headed for Metro Manila to join broad protests there had been blocked and detained at checkpoints, Bagong Alyansang Makabayan (Bayan), one of largest opposition groups in the country, said in statement.

Cops occupied all plazas in Naga City in southern Luzon and installed checkpoints in Miagao, Iloilo in central Philippines, Bayan said.

“They are a public nuisance, a waste of government resources and a clear sign of police intolerance against any form of dissent,” it said. “The police repression is intended to derail the People Power commemoration and silence those who are speaking out against Charter change (“Cha-cha”).”

Presidential Communications Office Secretary Cheloy Velicaria-Garafil did not immediately reply to a Viber message seeking comment. President Ferdinand R. Marcos, Jr., the dictator’s son, did not include the 38^th anniversary of the 1986 uprising along EDSA, a major highway in the capital region where Filipinos rallied to demand the ouster of the elder Marcos, in the list of holidays this year.

“The coordinated actions of the police reflect Malacañang’s willful disregard of the historic significance of the 1986 People Power, the suppression of free speech under the Marcos Jr. government and the paranoia of authorities with regard to the rising public outrage against Charter change,” Bayan said.

Protesters rallied against the government’s push to ease foreign ownership limits in the 1987 Constitution.

House Speaker and presidential cousin Ferdinand Martin G. Romualdez had been linked to a so-called people’s initiative for Charter change.

The Commission on Elections last month suspended proceedings related to the initiative, which is still being investigated by the Senate.

Charter change has been a major source of tension between the two chambers of Congress, with House leaders urging senators to fast-track debates.

Groups under the No To Cha Cha Network marched to the EDSA Shrine on Sunday afternoon. Bishop Pablo Virgilio David, president of the Catholic Bishops’ Conference of the Philippines, was scheduled to hold a mass there at 6 p.m.

Buhay ang EDSA Campaign Network, another anti- “Cha-cha” coalition, held a gathering in the morning at Club Filipino in San Juan City, which was attended by members of the Liberal Party and Akbayan Party.

The network was set to hold a musical event at the People Power Monument along EDSA in the evening.

Bayan cited the need to continue the unfinished work of the EDSA uprising. “The elite and foreign-dominated economic and political system remained,” it said.

“We call on every Filipino to remember the power within their voice,” the Liberal Party said in a statement. “Let us honor the heroes of EDSA not just with words, but with action. Let us demand transparency and accountability from our leaders, reminding them that they serve the people, not themselves.” — Kyle Aristophere T. Atienza