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FFCCCII honors four Icons of Excellence

By Rose Servidad and Melanie Gornez Purigay

In a series of distinctive tributes hosted by the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII), four outstanding Filipinos with Chinese heritage were celebrated for their profound contributions to Philippine social and cultural progress.

The events honored Michelle Dee, Ricky Lee, Jose Mari Chan, and EJ Uy Obiena—remarkable individuals, each a luminous figure in their respective fields, exemplifying excellence and positive impact.

Michelle Dee: Beauty, Grace, and Advocacy

Michelle Dee stands 5 feet, 10 inches tall during her speech at FFCCCII Bldg. in Manila

The spotlight illuminated Michelle Dee for her stellar achievements as the 2023 Miss Universe Top 10 Finalist, GMA 7 actress, and dedicated advocate for autism awareness. Gracefully accepting the FFCCCII recognition, Ms. Dee’s family legacy resonated within the FFCCCII building. Her ties to the organization run deep, with her grandfather, the late China Bank Chairman and philanthropist Dee K. Chiong, having served as FFCCCII Vice-President, and her granduncle the late lumber tycoon and community stalwart Dee Hong Lue also serving as FFCCCII Vice-President.

Surrounded by a lineage of trailblazers, including her granduncle, pre-war “Lumber King” 1920 China Bank founder, pre-war Philippine Chinese Chamber President and philanthropist Dee C. Chuan, and her great-great-granduncle, 19th-century Philippine lumber industry pioneer and philanthropist Dy Han Kia, Ms. Dee’s celebration was not just a recognition of her beauty and indivisual accomplishments, but also a tribute to her family’s rich heritage of Confucian philanthropy.

Ricky Lee: A Literary Journey of Excellence and Social Idealism

National Artist Ricky Lee was honored with FFCCCII Lifetime Achievement Award for contributions to Philippine culture and for uplifting positive image of the Filipino Chinese community.

National Artist Ricardo “Ricky” Lee, a renowned film screenwriter, novelist, and journalist, received a heartfelt homage from the FFCCCII for his outstanding contributions to Philippine cinema and literature.

Mr. Lee’s father, the late scholar Lee Hian Chin, served with distinction for 26 years as the secretary-general of the Camarines Norte Filipino Chinese Chamber of Commerce and Industry, an FFCCCII member organization.

Mr. Lee’s honor was a recognition not only of his individual achievements but also of his profound impact on shaping the cultural landscape of the Philippines, marked by his commitment to social idealism.

Jose Mari Chan: Melodies that Transcend Time

Singer and songwriter Jose Mari Lim Chan has been honored with FFCCCII Lifetime Achievement Award for contributions to Philippine culture and for uplifting positive image of Filipino Chinese community.

The melodic tunes of Jose Mari Chan filled the air as FFCCCII celebrated the multi-awarded singer-songwriter and businessman. The son of the respected “rags-to-riches” business leader Antonio Chan, Mr. Chan’s timeless music has become an integral part of Philippine culture.

As a household name nationwide, particularly during the Christmas season for his beloved Yuletide songs, Jose Mari Chan’s FFCCCII recognition was a testament to his role in fostering unity and joy across generations.

EJ Uy Obiena: Soaring to New Heights & PHL’s hope for Paris Olympics

EJ Obiena broke Asiad record twice and won gold at Hangzhou Asian Games to cheers by 80,000 Chinese fans despite his rival a Chinese athlete ending up with silver.

The FFCCCII paid tribute to and gave generous support for EJ Uy Obiena, the high jump gold medalist at the 2023 Hangzhou Asian Games. Mr. Obiena’s journey from the heights of world-class sports excellence to being the Philippines’ hopeful for a 2024 Paris Olympics gold medal resonated with triumph and dedication.

Expressing gratitude for the P5 million support for his training from the FFCCCII, Mr. Obiena also recalled childhood memories of accompanying his mother to the same FFCCCII building to collect scholarship grants. His honor was not just a recognition of his athletic achievements but also a celebration of his humble beginnings and the vital role of FFCCCII in supporting his Olympian aspirations.

Inspirations and Role Models for the Youth

FFCCCII President Dr. Cecilio Pedro

In honoring these four exceptional individuals, the FFCCCII has crafted an inspiring narrative of success, diversity, and cultural richness. Michelle Dee, Ricky Lee, Jose Mari Chan, and EJ Uy Obiena are not merely contributors to Philippine progress; they stand as inspirations and positive role models for the youth, embodying the ethos of excellence and resilience that defines the Filipino-Chinese community.

These celebrations were not just recognitions; they were declarations of FFCCCII’s  enduring spirit of unity, resilience, public service and progress.

Clark airport operator expects revenues to rise by 17%

LUZON International Premiere Airport Development (LIPAD) Corp. is projecting its revenues to rise by 17% this year as a result of an increase in passengers, its president said.

“The continuous upward trajectory of travel demand gives us a positive outlook for 2024,” LIPAD President and Chief Executive Officer Noel F. Manankil said in an e-mail to BusinessWorld.

LIPAD, the company that manages and operates the Clark International Airport, is anticipating a 42.9% increase in domestic passengers in 2024 to 915,168 from 640,381 in 2023.

International passengers will rise by 14% to 1.55 million from 1.36 million in 2023, Mr. Manankil said.

Overall number of passengers will increase by 23% to 2.47 million from the previous two million passengers.

This projected growth will propel LIPAD’s revenue to climb by 17%, Mr. Manankil said.

“Promoting (Clark International Airport) is based on a two-pronged approach — strengthening relationships with airlines and developing destination marketing initiatives to address the demand,” he said.

The Department of Tourism expects to attract almost eight million international arrivals for 2024. In 2023 alone, the Tourism department reported 5.45 million international visitors, surpassing the year’s target of 4.8 million.

This year, LIPAD is also expecting to facilitate about 18,883 domestic and international flights, up by 27% from the 14,867 flights recorded in 2023.

Broken down, 10,909 international flights are expected in 2024 while 7,974 flights will be domestic.

Clark International Airport was privatized in 2019 under a 25-year consortium agreement between the Bases Conversion and Development Authority and the private consortium Luzon International Premier Airport Development Corp.

Separately, Clark International Airport Corp.’s (CIAC) President and Chief Executive Officer Arrey A. Perez said 13 more new routes will be launched in 2024.

These new routes are Taipei, Bangkok, Hong Kong, Cheongju, Macau, and Narita for international flights, while the target for domestic flights are Coron, Bacolod, Iloilo, Davao, General Santos, Cagayan de Oro, and Puerto Princesa.

CIAC supervises and oversees the activities within the Clark Civil Aviation Complex including the Clark International Airport. — Ashley Erika O. Jose

Dining Out on Valetines Day

The Peninsula Manila

IN ONE of the city’s most romantic hotels, fall in love again and again. Start with the five-course menu at Old Manila, created by Chef de Cuisine Gaël Kubler. This set includes Toro Tuna Carpaccio with spring onion, wasabi-ponzu vinaigrette, cucumber, and dalandan; Seared Foie Gras Baklava with filo, charred shallots, hazelnut, and port reduction; Calamansi Mint Sorbet; a main course of either Black Angus Beef Tenderloin with Arabica crust, potato fondant, horseradish cream, peas, and red wine jus or Seabass Papillote with leeks, confit of banana heart, bok choy, cherry tomato, and lemongrass beurre blanc; and a dessert of Raspberry and White Chocolate with compote, gel, and sorbet (music from the grand piano showered with rose petals won’t hurt either). Before dinner, Old Manila guests will be invited to the 11th floor helipad for a celebratory photo shoot where they can take in the sweeping views of the Makati skyline. This is available at P6,990 per guest, inclusive of taxes. At the Lobby, savor the many facets of love with a sumptuous four-course dinner featuring a Valentine’s-themed menu selection, highlighted by a main course of either Grilled Angus Beef Tenderloin with mashed potato, green asparagus, peppercorn sauce or Maine Lobster Linguine with Parmesan and bisque sauce. The pièce de resistance is a dessert of White Chocolate and Strawberry with crunchy coconut feuilletine and berry confit. Throughout the evening, guests will be serenaded by the sweet sounds of Martin Avila on the grand piano accompanied by a guest vocalist. This is available at P4,990 per guest, inclusive of taxes. At Escolta, the lunch buffet is priced at P2,990 (adult) and P1,500 (children below 12) while the dinner buffet may be enjoyed at P3,490 (adult) and P1,750 (children below 12). All prices are inclusive of taxes. Give the gift of luxury this Valentine’s Day and visit the Valentine’s Pop-Up Boutique in The Lobby. Choose from several thoughtful options including framed chocolate hearts handmade by The Peninsula’s pastry team and the option to build a floral bouquet with fresh blooms. Those looking to experience more time spent together can gift their loved ones with Peninsula gift cards. The Valentine’s Pop-Up Boutique is now open until Feb. 14, from 10 a.m. to 6 p.m. Finally, couples can calm their mind, body, and soul by relaxing side-by-side with a couple’s massage where, following their treatment, they will be indulged with a chilled flute of Champagne and Peninsula handmade chocolates as well as Peninsula Fitness Center and Spa gift cards. For Valentine’s inquiries or reservations, call The Pen at 8887-2888 (ext. 6694 for Restaurant Reservations, 6769 and 6771 for The Peninsula Boutique, and 6871 for The Peninsula Fitness Center and Spa), or visit peninsula.com/manila.

City of Dreams

LOVE is just around the corner in the City of Dreams. Start at Crystal Dragon with a set menu for two priced at P4,500++ per person, available on Feb. 13 and 14 for lunch and dinner. The menu highlights include Five-spice Pork Belly with radish pickles, Deep-fried Sea Scallop in mango pomelo salsa, and Crispy Five-spice Marinated Pigeon with spiced salt and Worcestershire. To add romance to the meal, a complimentary glass of France Chateau d’Esclans Rosé sets the mood. Nobu Manila offers a five-course tasting menu dinner exclusively offered on Feb. 14. Available for P6,000 net per person, the menu comes with a complimentary welcome drink and chef’s selection of zensai and starts with a Canape Selection followed by Nobu’s seasonal assortment of sushi, Hokkaido Scallop and Lobster duo, then Braised Wagyu Beef Short Ribs. It ends with the dessert of Vanilla Plum Wine Rose with raspberry plum wine sauce and fresh berries. Haliya allures couples with a four-course Valentine’s Day dinner menu priced at P9,000 for two persons. The highlight is Beef Tenderloin (sous vide black angus beef tenderloin, caramelized saba banana, potato and chickpea puree, baby carrots, white onion emulsion, green oil, and red wine jus). For inquiries and reservations, call 8800-8080 or e-mail guestservices@cod-manila.com. For more information, visit www.cityofdreamsmanila.com.

Discovery Primea

DISCOVERY Primea celebrates Valentine’s with culinary specials and spa serenity for an unforgettable occasion. There is the Elements of Flavor: Flame X Idalia Dinner Tasting Menu on Feb. 14 and 15, an exclusive collaboration dinner at Flame Restaurant. At the helm are the hotel’s Executive Chef Luis Chikiamco and chef Kevin David of Idalia. The dinner tasting menu, priced at P3,500++ per person, includes the kombu-cured Black Grouper with nori crust, Pan-Seared Foie Gras, and the Josper-grilled US Beef Short Ribs. There is an optional wine pairing at P1,500++ per person. As part of the hotel’s offerings, Terazi Spa extends a special package throughout February. Couples can enjoy the Intimate Spa Retreat treatment, including a 30-minute Rose Bath, followed by a 60-minute Signature Massage, and a complimentary mini bottle of Prosecco with chocolate-dipped strawberries, all for P8,500 net. Terazi Spa is open Tuesday to Sunday from 12:30 p.m. to 9 p.m. For inquiries and reservations, call +63 2 7955 8888 or e-mail dp.rsvn@discovery.com.ph.

Marco Polo Ortigas Manila

FOR 2024, Marco Polo Ortigas Manila planned a month-long celebration of love. Café Pronto sets the tone with its Sweetheart Chocolate Naked Cake (moist chocolate cake infused with strawberry compote, covered with white chocolate chantilly, and topped with berries) for P2,430 net per cake. Other sweet treats are also available, including White, Dark, and Milk Chocolate Heart Bars, Ruby Chocolate Teddy Bears, Heart Pralines, and many more. Connect Lounge offers afternoon tea for the whole month, serving both savory and sweet items with a choice of coffee or tea between 2:30 to 5:30 p.m. daily at P1,950++ per set. Vu’s Sky Bar and Lounge will host a party on Feb. 14. Valentines Aperitivo will be served at the 45th floor bar, with the city skyline serving as a backdrop to a grazing table and a glass of wine, accompanied by jazzy live entertainment, from 6 to 9 p.m., for P1,799 net per person. Cantonese restaurant Lung Hin serves Forever Love, a six-course lunch and dinner set on Feb. 12 to 18, at P5,998++ for two persons. It can be paired with a bottle of Duet Rose Sec for P2,158++. There will be a special buffet dinner at Cucina from Feb. 14 to 17 forP3,400 net per person with one glass of Sangria. Finally, enjoy a romantic stay until Feb. 28, with a welcome bottle of house wine in the room, a round of cocktails at the bar, chocolate turn down amenity for each night of the stay, and 25% discounts at Cucina and Lung Hin for dates. For more information and reservations, contact 7720-7777 or e-mail  manila@marcopolohotels.com.

Newport World Resorts’ hotels

LOVE is in the air at Marriott Manila, thanks to the P988 Afternoon High Tea available from Feb. 11 to 17 (good for two). On Valentine’s Day, Cru offers a four-course menu for two at P9,020 net. From Feb. 13 to 15, the Sweet Indulgence promo at Hotel Manila offers a Pool View Executive Room, a bottle of sparkling wine, a dozen roses, a six-course dinner on the balcony with in-room butler service and a live string serenade for P30,000++. At Holiday Inn Express Manila-Newport City, get a room for two with an option for early check-in or late check-out, two buffet breakfasts and signature welcome drinks, two cinema credits at Newport Cinemas worth P500 with free popcorn, all for P4,900 net. At the Sheraton Manila Hotel, the Romantic Rendezvous promo, available from Feb. 14 to 18, has in-house guests meeting under the stars on a balcony overlooking the Vega Pool for a five-course dinner and sparkling red wine for P5,000 net for two persons. Yamazato, Hotel Okura Manila’s fine dining restaurant, captures the essence of love with chef Kato’s Teppan Kaiseki, on Feb. 14 and 15. The diner has a choice of entree between Lobster or Wagyu beef for P7,500++. From Feb. 14 to 15, experience love in every dish of Casa Buenas’ Valentine’s dinner, La Serenata. The seven-course meal. Options include the couple’s table at P13,000 net. La Cupula gazebo for P52,000 net for up to three couples, or the Pamilya Table that sits four couples for P65,000 net. Side A also performs at Newport on Feb. 10, and on Feb. 14 and 15, Odette Quesada and Ogie Alcasid are bringing a special Valentine’s collaboration. By month’s end, Ice Seguerra, Joey G, and Noel Cabangon present live acoustic performances at Strings and Voices: A Threelogy Series. Tickets are now available at all TicketWorld and SM Tickets outlets. For more information, visit www.newportworldresorts.com.

Shangri-La at The Fort

THE CULINARY team of Shangri-La The Fort, Manila offers an array of options for the Season of Love. These include treats from the Bake House, the P1,950 (lunch) and P3,800 (dinner) buffet at High Street Cafe, and the Afternoon Tea at High Street Lounge (sweet and savory bites, coffee or tea, cocktail or mocktail and a special gift set from L’Oréal; at P2,500 net, available until Feb. 14). At Raging Bull Chophouse, there’s a Wine, Dine Valentine Dinner at P4,950 net per person on Feb. 14, with a 150 gm Josper-Grilled Black Onyx Tenderloin as the highlight of the evening. One can also book a session at the Spa at Kerry Sports Manila, where massages come with an extra 30 minutes from Feb. 12 to 16, from 11 a.m. to 5 p.m. For more information visit www.shangri-la.com/manila/shangrilaatthefort.

Pizza Hut

Have a heart-shaped treat with Pizza Hut’s Bacon Ensaymada Heart Pan Pizza, available for a limited time only. The pizza treat is made with cream cheese frosting, mozzarella, bacon bits, with a cream cheese frosted crust and sprinkled with shredded parmesan and queso de bola all resting on a heart-shaped pizza crust, available in regular size for P439. Combos are also available (P699 with the pizza, spaghetti Bolognese, spaghetti carbonara, and two glasses of Pepsi). Guests can also upgrade both drinks to milkshakes, a new offer available in Chocolate and Strawberry, for an additional P230. There’s also the Foursome Delight set, priced at P1,199 which serves up to four diners. It comes with a regular Bacon Ensaymada Heart Pan Pizza, regular Hawaiian Supreme Heart Pan Pizza, a Family Spaghetti Bolognese, Kitkat Pops, and a pitcher of Pepsi for dine-in or a 1.5-liter bottle of Pepsi for takeout and delivery. Rounding off the combos is the Triple Heart Pizza Delight set, priced at P999. It comes with a regular Bacon Ensaymada Heart Pan Pizza, a regular Hawaiian Supreme Heart Pan Pizza, and a Regular BBQ Chicken Supreme Heart Pan Pizza. The new Bacon Ensaymada Heart Pan Pizza is available for dine-in and takeout orders in all Pizza Hut stores nationwide. Order for delivery by calling the 8911-1111 hotline, by logging on to www.pizzahut.com.ph, using the Pizza Hut mobile app available for Android and iOS, or through Pizza Hut’s official delivery partners GrabFood and foodpanda (prices may vary).

Kenny Rogers Roasters

DINING solo on Valentine’s Day? Kenny Rogers Roasters is redecorating their restaurants just for you with self-love affirmations as you feast on their solo plates (options include quarter roasted chicken, grilled plates, served with side dishes, a corn muffin, and a cup of rice). To complete the dining experience, a QR code and music barcodes will also be shared, which will lead to the brand’s website and Spotify playlist and podcast, recommending self-love songs and podcast episodes. In Kenny Rogers restaurants nationwide, guests will get to hear a special in-store Valentine’s playlist for the full solo love experience. For more information, visit www.kennyrogersdelivery.com.ph.

M&M’s

M&M’S is making this year’s Valentine’s Day sweeter with the launch of the Love For All mobile photo studio this month. The pop-up studio will visit hotspots in Metro Manila. Visitors can have a complimentary photo session at the professional self-shoot studio with backdrops, lighting, and props. Visitors and fans can have multiple takes and receive digital and print copies right after. Guests may also join the one-minute challenges, where they can take home giveaways and prizes. Additionally, they may request a song from the M&M’S acoustic group and dedicate it to their loved ones. From 11 a.m to 8 p.m. the M&M’S Love For All mobile studio will visit Robinsons Manila on Feb. 9, Bonifacio High Street 9th Avenue on Feb. 10, and Ayala Malls Manila Bay on Feb. 11.

7-Eleven

THIS year, 7-Eleven is introducing a Korean fest in their stores, thanks to a partnership with Romantic Baboy. These include the Beef Bulgogi Set (P159), complete with fish cake, egg roll, kimchi, rice, and ssamjang, and the Jeyuk Rice Bowl (P99), spicy marinated pork with kimchi, fish cake, and rice. Korean dishes introduced previously include the Cheesy Samgyupsal Set, Japchae, and Bibimbap. The 7-Eleven Chef Creations x Romantic Baboy collaboration is available in select 7-Eleven Luzon stores.

Falling unemployment masks lack of quality jobs — think tank

@ISKOMORENO TWITTER ACCOUNT

HIGH-QUALITY JOBS remain thin on the ground even with unemployment falling, with many workers forced by economic hardship to accept irregular and informal work, a think tank said.

Jobs that are considered informal have increased, with the number of self-employed growing by 157,000 to 13.1 million in 2023, IBON Foundation said, adding that the number of unpaid family workers also grew by 154,000 to 3.8 million last year.

“IBON estimates that the number of those in informal work increased by 483,000… to 20.4 million or 42.2% of total employed in 2023,” it said, noting an increasing number of domestic workers, self-employed, and unpaid family workers in family-operated farms or businesses.

If irregular workers in private establishments are taken into account, the number of people in informal work would increase to as much as 34.7 million or 72% of total employment, it noted.

IBON also noted job creation in sectors deemed “notorious” for temporary, irregular and low-paying work: “The number of employed in agriculture, foresting and fishing grew… from 10.8 million to 11.2 million and in construction… from 4.4 million to 4.5 million.”

Jose Enrique Africa, the think tank’s executive director, said agri-fishery and forestry jobs tend to be informal and irregular because of the seasonal nature of production.

“The backwardness of operations is also a factor with predominantly small-scale family-based operations that don’t have formal employment arrangements and have disproportionately casual labor that’s always looking for better earnings elsewhere,” he said when asked to clarify why jobs involving agriculture, fishing, and forestry are considered informal.

The Philippine Statistics Authority (PSA) on Wednesday said the number of unemployed aged 15 and above fell to 1.60 million in December from 1.83 million in November.

“The increase in the number of self-employed individuals alongside a rise in unpaid family workers further emphasize the probable  expansion of the informal sector,” the Federation of Free Workers (FFW) said.

While self-employment can be a pathway to entrepreneurship and economic independence, it also points to a lack of formal job opportunities, FFW National President Jose G. Matula said in a Viber message.

“Most likely, pushing individuals to create their own work without the protections and stability of formal employment.”

An OCTA Research survey conducted last month showed that involuntary hunger rose to 14% or 3.7 million families from 10% or 2.6 million families recorded in September 2023.

In a Social Weather Stations poll conducted between Sept. 28 and Oct. 1 last year, the number of families who rated themselves poor increased by 700,000 to 13.2 million.

IBON said the government should also be concerned about the decline in employed persons in the wholesale and retail trades in December, saying the holiday season usually means more active selling and spending.

The number of wholesale and retail trade workers fell to 10.3 million in December from 10.9 million a month earlier, with the government attributing the trend mainly to job losses in the food sector.

“This may be a result of weaker demand, which is concerning, since the month of December is usually marked by more spending due to the holidays,” IBON said.

“This could mean that more Filipinos are having a hard time because of weaker purchasing power from low income and high prices,” it added. They are thus forced to curb their expenses, particularly on food.”

President Ferdinand R. Marcos, Jr. said on Thursday that his government will pursue more upskilling and reskilling programs to boost quality job opportunities.

Workers must be exposed to innovation and become adaptive to allow them to “thrive in many high-quality employment opportunities,’’ he said in a statement.

Mr. Marcos attributed the fall in unemployment to growth across industry groups, “with construction, agriculture, and services leading the way.”

Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila, said it is “alarming” that the government considers technology as the pathway to transitioning workers towards more decent jobs.

“The truth of the matter is that technology has eliminated the formal and decent jobs that low-skilled workers previously had access to,” he said via Messenger chat. “The issues that we have discussed are the reasons for low-quality jobs.

“Technology offers opportunities but also presents challenges.”

The 4.3% unemployment rate last year — equivalent to 2.19 million jobless, against  the 2.67 million in 2022 — was the lowest in almost two decades since the PSA revised the definition of unemployed in 2005 to refer to Filipinos aged 15 years and older without jobs but are available for work and actively seeking one.

In December, the unemployment rate fell to 3.1% from 3.6% a month earlier and from 4.3% a year earlier 2022.

The employment rate in December also hit a record 96.9%, above the 96.4% in November and the 95.7% in December 2022.

Mr. Matula of FFW also flagged an increase in contractual employment, noting that a number of workers in Central Luzon, Metro Manila and Calabarzon regions are classified as performing regular jobs but are considered contractuals who have been “supplied by cooperatives or manpower agencies.”

Contractual employment often means that jobs are temporary, with workers not having long-term security and benefits such as health insurance and paid leave, he noted.

“This can leave workers vulnerable, especially in times of economic downturn or personal emergency.”

Mr. Matula, meanwhile, said the Philippines has yet to see significant efforts from the government to boost green jobs — which was promised by Mr. Marcos before and after assuming the presidency in June 2022. — Kyle Aristophere T. Atienza

Ditch the ‘rules-based international order’

STORYSET-FREEPIK

PEOPLE have laid down their lives for love, freedom, justice, the fatherland, and more. But nobody has ever died clutching the banner of the Rules-Based International Order (RBIO). It’s time to junk that cliche and replace it with something more fitting.

That’s not only because the term is an Orwellian linguistic atrocity with all the emotive oomph of a PowerPoint slide. It’s also a shibboleth that, when used by American diplomats in particular, makes US foreign policy look hypocritical, from the Middle East to Africa, Asia and beyond.

As a catchphrase, the RBIO has in recent years replaced the older and slightly different (but also woolly) notion of a “liberal international order.” It surged once the administration of President Joe Biden took over, intent on signaling a return to a more principled foreign policy than that of Donald Trump. Biden and his diplomats talk up the rules-based international order so much that Stephen Walt at the Harvard Kennedy School, a scholar in the hard-nosed “realist” tradition, has mocked the turn of phrase as a “job requirement.”

The world is skeptical about this American shtick, especially in Africa, Asia, and South America, where countries are feeling — and often resisting — pressure by Washington to align with the West against Russia and China. Beijing and Moscow, meanwhile, have an easy time skewering America’s double standards. Russian President Vladimir Putin tells audiences in the Global South that the RBIO is just a veneer for American exceptionalism, so that the US can arbitrarily make the “rules” it wants and then “order” everybody else around.

That’s rich, of course, coming from the man who invaded the sovereign nation of Ukraine and ordered the slaughter of its civilians and the abduction of thousands of its children, prompting the International Criminal Court (ICC) in The Hague to issue an arrest warrant to have him tried for war crimes. And yet the accusation of American hypocrisy resonates in many capitals.

Washington all too often invokes the RBIO only against foes, such as Russia, while exempting itself and its friends, notably Israel. At the International Court of Justice (ICJ) in The Hague (an organ of the United Nations unrelated to the ICC), South Africa has brought a case accusing Israel of genocide in its war against Hamas in the Gaza Strip. The judges have deemed the charges plausible enough to issue the equivalent of an injunction while they reach their verdict.

The Biden White House, by contrast, sees no need to await the judgment of a tribunal that, one would think, embodies the RBIO as much as any institution on earth. South Africa’s case is “meritless, counterproductive, and completely without any basis in fact whatsoever,” said a spokesman for the president’s National Security Council.

This points to the underlying problem. John Dugard, a South African professor at Leiden University in the Netherlands and a former judge on the ICJ, argues that the US pushes its RBIO so hard precisely because it wants to avoid unreservedly endorsing, and obeying, an older, simpler and clearer idea: that of international law.

That standard, which is universal rather than subjective like the RBIO, would be awkward for Washington. International law is based in part on multilateral treaties, many of which the US helped write. And yet America refuses to sign on to quite a number of them, including the Conventions on Cluster Munitions, on the Rights of the Child, and on the Rights of Persons with Disabilities, as well as the 1977 Protocols to the Geneva Conventions, the Rome Statute that created the ICC, and more.

So, Washington can’t exactly make a legal case when scolding China, say, for bullying the Philippines in the South China Sea, since the US isn’t itself a signatory to the UN Convention on the Law of the Sea. It can’t credibly join the ICC in accusing Putin of war crimes because it doesn’t recognize that court — and in fact sanctioned the ICC’s prosecutors when they looked into allegations of crimes by American soldiers in Afghanistan.

That’s why the Biden administration prefers the RBIO to international law, Dugard thinks. The RBIO doesn’t actually define rules as lawyers would. It has no tribunals or procedures for dispute settlement. Nor does it care whether countries opt in or out. Instead, the rules-based international order is malleable enough to hint at the existence of standards while allowing the US to assert its own national interests.

Defining national interests is a legitimate goal of foreign policy, and the US shouldn’t feel shy about using its prodigious (if declining) might to pursue them. That’s called realism in international relations. But as the tragedies of the previous century’s world wars and holocausts showed, it also behooves nations to temper power — their own and that of others — with norms and law. That’s called idealism. In the past eight decades, the US has been at its best whenever it spliced these two strands in its foreign policy, for its own good and that of the world.

My advice to Biden and other Western leaders is to send out a staff memo: Drop the rules-based international order in all speechifying, and instead pledge fealty to international law. Then hold Russia, China, and Iran accountable to that standard — but also Israel and, yes, even the US when necessary.

This shift won’t always be convenient for Washington, but it will improve its relations with the world, which will be better off as a result — more prosperous, free, and peaceful. Compared to that yucky-sounding rules-based international order, the new pitch could also have a catchier and more authentic ring. After all, what could be more American than law and order?

BLOOMBERG OPINION

DoubleDragon’s hotel unit secures ticker symbol for planned Nasdaq SPAC listing

SIA-led real estate firm DoubleDragon Corp. (DD) said its hotel subsidiary has reserved the ticker symbol “HBNB,” bringing the company close to its planned listing on the United States Nasdaq Stock Exchange via the special purpose acquisition company (SPAC) route.

DD said in a regulatory filing on Thursday that Hotel101 Global Pte. Ltd. has secured “HBNB” as its ticker symbol. The hotel firm will be the first Filipino company to list via SPAC in Nasdaq.

With this, DD said that Hotel101 Global expects to sign the definitive SPAC business combination merger agreement with its chosen SPAC sponsor by March, to be followed by the official listing of its prospectus, subject to US regulatory approvals.

A SPAC raises capital via an initial public offering for the purpose of acquiring an existing operating company.

“The SPAC listing will enable DD’s hotel subsidiary to not only increase its equity capital base but will also make Hotel101 become more relevant overseas and the step would at the same time further strengthen DD’s consolidated balance sheet,” the listed real estate company said.

Hotel101 is expected to derive over 95% of its revenues outside of the Philippines to be consolidated back to DD.

“The opportunity that we see globally in the hospitality space is that of standardization because we believe it brings unbeatable efficiency, especially for the mid-end segment. Take for example the budget airline industry — essentially all budget airlines sell one product across the whole industry and that product is the economy seat,” DD Chairman Edgar “Injap” J. Sia II said.

Hotel101’s first three overseas projects will be in locations such as Niseko Hokkaido, Japan, Madrid, Spain and Los Angeles, California, USA. The company’s hotels have an average of 500 rooms per site. A typical room has prefabricated toilets, standardized flat pack furniture, as well as a single type of bulb within the whole building.

The company is seeking to have presence in 25 countries by 2026. These include the Philippines, Japan, Spain, USA, United Kingdom, United Arab Emirates, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and China.

“Eventually we see Hotel101 rooms to be just like that one iconic hamburger in a global fast-food chain, it is the same no matter where you go — yes, the price changes as costs vary from country to country, but the burger doesn’t change,” Hotel101 Chief Executive Officer Hannah Yulo-Luccini said.

Hotel101 is seeking to have a portfolio of one million rooms in 101 countries before 2050.

On Thursday, DD stocks rose by 45 centavos or 5.84% to P8.15 apiece. — Revin Mikhael D. Ochave

PHL’s Dec. loan growth steady amid high rates

CONSUMER LOANS to residents went up by 23.6% to P1.27 trillion from a year ago -- UNSPLASH

By Keisha B. Ta-asan, Reporter

BANK LENDING GROWTH was steady in December amid elevated borrowing costs, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Outstanding loans issued by universal and commercial banks rose by 7% to P11.701 trillion from P10.931 trillion a year ago. The December growth rate was unchanged from November, the slowest in three months.

Big banks’ outstanding loans increased by 2.6% month on month.

“While the 7% growth in bank lending for December 2023 suggests stability, the slowdown compared with previous months hints at potential influences like elevated interest rates and seasonality,” Robert Dan J. Roces, chief economist at Security Bank Corp., said in a Viber message.

Credit growth slowed for the most part last year amid the central bank’s aggressive rate hikes.

The BSP kept its benchmark interest rate unchanged at a 16-year high of 6.5% at its December meeting. This was after it hiked borrowing costs by 450 basis points from May 2022 to October 2023 to tame inflation.

BSP data showed outstanding loans to residents expanded by 7.3% to P11.389 trillion from a year earlier, slower than 7.4% in November.

Borrowings for productive activities rose by 5.5% to P10.12 trillion, fueled by a 10.8% rise in loans for real estate activities to P2.42 trillion. Loans to the manufacturing sector increased by 1.2% to P1.27 trillion.

Meanwhile, consumer loans to residents went up by 23.6% to P1.27 trillion from a year ago, driven by increases in credit card loans (30%), motor vehicle loans (16.6%) and salary loans for general consumption (9.4%). Outstanding loans to nonresidents grew by 2.9% to P312.106 billion.

“Looking ahead of 2024, a rebound is likely if sentiment improves on the back of policy rate cuts, but cautious lending and targeted approaches are also likely,” Mr. Roces said.

In January, BSP Governor Eli M. Remolona, Jr. said they might cut borrowing costs this year, but this is unlikely to happen in the first half due to lingering risks to inflation.

Inflation slowed to 2.8% in January from 3.9% in December and 8.7% a year ago, the slowest in more than three years. It was also the second straight month that inflation was within the BSP’s 2-4% target.

The central bank expects inflation to ease to 3.7% this year and to 3.2% in 2025.

Next stop for Taylor Swift’s Eras Tour film: Disney+

BW FILE PHOTO

LOS ANGELES — Taylor Swift’s Eras Tour concert film will start streaming next month on Disney+ with the addition of five songs that were not shown in theaters, Walt Disney said on Wednesday.

Taylor Swift: The Eras Tour will debut exclusively on Disney+ on March 15, Disney said. Acoustic performances of “Cardigan” and four other songs will be added to the version that played in cinemas last year.

The Eras Tour movie has collected $261.7 million at movie box offices, making it the highest-grossing concert film in history.

The tour itself, which resumed this week in Tokyo, is the world’s highest-grossing concert tour with more than $1 billion in ticket sales. The show features songs from throughout the 34-year-old singer’s career. Ms. Swift just made history at the Grammys, winning an unprecedented fourth album of the year honor on Sunday. — Reuters

Filinvest eyes bigger capex for 2024

GOTIANUN-led Filinvest Development Corp. (FDC) is eyeing to increase its capital expenditure (capex) budget this year, its president said.

“This year’s (capex) is larger,” FDC President and Chief Executive Officer Rhoda A. Huang said on the sidelines of a listing ceremony in Makati City on Feb. 7.

The conglomerate earmarked P35 billion as capex budget last year.

“We’re always looking for new opportunities for growth — new pillars in terms of enhancing the current portfolio. At FDC, we look at a diversified portfolio of investments. But we need to focus on our core. We will be opportunistic. Right against this market environment, we have to remain opportunistic. We’ve seen a couple of opportunities, but nothing in terms of significant complementation already to the portfolio,” she said.

Ms. Huang said that FDC is aiming to sustain growth across its businesses.

FDC has diversified business interests encompassing property, banking services, sugar, and power, with subsidiaries including Filinvest Land, Inc., East West Banking Corp., Filinvest Hospitality Corp., FDC Utilities, Inc., and Pacific Sugar Holdings Corp.

“Currently, when you look at financial performance, not all our pillars are already pre-pandemic (levels). (This) 2024, what we envisage is (to hit) pre-pandemic (levels). We aim improved performance and continuous growth,” Ms. Huang said.

She said that some of the risks monitored by the company include macroeconomic challenges such as high inflation and interest rates.

“It’s really macro when you look at risks like inflation and interest rates. Real estate and interest rates, they really don’t jive. It’s similarly for the real estate investment trust… That actually doesn’t augur well for the real estate industry, industry as a whole,” she said.

The country’s inflation rate eased to 2.8% in January due to slower price increases of food and non-alcoholic beverages.

However, Ms. Huang said that geopolitical challenges, like rising tensions between the Philippines and China, will not impact the company’s growth outlook.

“We don’t have that kind of exposure in terms of geopolitics unless you see importation out of China. So it’s really what happens in terms of this China play. It’s only the impact of geopolitical events on inflation in the country,” she said.

For the first nine months of 2023, FDC’s attributable net income improved by 57% to P5.9 billion compared to P3.8 billion in 2022, as the conglomerate’s revenues rose by 26% to P64.6 billion.

On Thursday, FDC stocks ended unchanged at P5.50 apiece while Filinvest Land stocks increased by one centavo or 1.49% to 68 centavos each. — Revin Mikhael D. Ochave

Injured seaman awarded disability benefits by SC

BW FILE PHOTO

THE Supreme Court (SC) has ordered Eagle Clarc Shipping Philippines, Inc. and Wilhelmsen Ship Management AS to pay a seafarer $18,135 in disability benefits and $1,400 in sickness allowance.

In a 10-page resolution, the tribunal affirmed the Court of Appeals’ finding that seafarer Jerome V. de Guia was entitled to the benefits after a company-designated doctor deemed him disabled after suffering a mild degenerative knee injury while at work.

“It is basic that the entitlement of overseas seafarers to disability benefits is a matter governed by law and contract,” it said.

The shipping and manning firms were also ordered to pay legal fees and 6% interest.

Mr. De Guia slipped while repairing a leaky pipe on the M/V Ramform Atlas, injuring his right knee.

A company-designated physician had referred the seafarer to an orthopedic surgeon, who said the man was suffering a mild medial collateral ligament sprain and prescribed rehabilitation.

The treatment was cut short by the surgeon after it was found to be ineffective, with the seaman appealing for an extension for his medical management procedure with Eagle Clarc. The firm rejected his appeal.

Mr. De Guia sought treatment from his personal doctor who issued a medical report declaring him permanently disabled despite therapy. — John Victor D. Ordoñez

Navigating sustainability claims

STORYSET-FREEPIK

In recent years, voices clamoring for sustainable practices have reached an unprecedented pitch. This collective yearning for a greener future has spurred companies across the globe to align their products and services with the principles of sustainability. The proliferation of sustainability claims, while ostensibly a positive development, has, however, introduced a new layer of complexity for consumers and regulators alike. The growing prevalence of these claims necessitates a closer examination of their impact on consumers and the mechanisms through which they can be effectively regulated.

At the heart of the sustainability movement is the consumer, whose purchasing decisions are increasingly influenced by the environmental and social credentials of products. The allure of sustainability claims lies in their ability to resonate with the ethical convictions of consumers, promising a reduction in their ecological footprint through conscientious consumption. This phenomenon, known as “green consumerism,” has fostered a market where products adorned with eco-labels and sustainability certifications enjoy a competitive edge.

However, this landscape is fraught with challenges for consumers. The primary concern is the authenticity of sustainability claims, which can range from meticulously substantiated assertions to nebulous proclamations with little to no grounding in actual environmental or social impact. The term “greenwashing” aptly describes the latter, where companies exploit sustainability rhetoric for marketing purposes without implementing substantive changes in their operations. For consumers, navigating this minefield of claims can be daunting, leading to skepticism and decision paralysis. Moreover, the proliferation of sustainability claims has engendered a paradoxical effect; while intended to empower consumers, it often results in information overload, complicating the decision-making process rather than simplifying it.

THE PATH TO REGULATION
The regulation of sustainability claims presents a formidable challenge, necessitating a multi-faceted approach that encompasses standardization, transparency, and accountability. A critical first step is the development and enforcement of rigorous standards that define what constitutes a legitimate sustainability claim. These standards should be grounded in scientific evidence and developed in collaboration with environmental experts, industry stakeholders, and consumer advocacy groups to ensure their relevance and applicability across different sectors.

The international community is increasingly recognizing the peril of unfounded sustainability claims and it is grappling with how to manage this issue. The landscape remains diverse, with various approaches vying for effectiveness. Here are what other countries and economies have done, so far, to regulate sustainability claims:

  • The European Union (EU) has implemented comprehensive guidelines for environmental claims, including the EU Ecolabel, a label awarded to products and services meeting high environmental standards throughout their lifecycle. The EU also enforces the Unfair Commercial Practices Directive, which prohibits misleading environmental claims.
  • United States’ (US) Federal Trade Commission (FTC) publishes the Green Guides, which are designed to help marketers ensure that their environmental claims are truthful and non-misleading. The guides cover a wide range of claims, including biodegradability, compostability, and recyclability, providing examples of what may or may not constitute deceptive advertising.
  • United Kingdom’s (UK) Advertising Standards Authority (ASA) rigorously enforces rules on environmental claims through its Code of Non-broadcast Advertising and Direct & Promotional Marketing (CAP Code). The code requires that advertisers hold evidence to substantiate their environmental claims, and that these claims do not exaggerate the environmental benefit.
  • The Australian Competition & Consumer Commission (ACCC) has published guidelines on environmental claims in advertising and marketing. These guidelines emphasize the importance of truthful, accurate, and unambiguous claims, urging businesses to avoid broad, unspecific claims like “environmentally friendly” or “green” without substantiation.

A few weeks ago, the EU, on top of its Ecolabel policy, released one of the strictest policies on sustainability claims when it moved to effectively ban misleading environmental claims that rely on offsetting. News reports show that members of the European parliament voted to outlaw the use of terms such as “environmentally friendly,” “natural,” “biodegradable,” “climate neutral,” or “eco” without evidence, while introducing a total ban on using carbon offsetting schemes to substantiate the claims.

Under the new directive, only sustainability labels using approved certification schemes will be allowed by the bloc. It comes amid widespread concern about the environmental impact of carbon offsetting schemes, which have often been used to justify labeling products “carbon neutral,” or imply that consumers can fly, buy new clothes, or eat certain foods without making the climate crisis worse.

As regulations continue to evolve, various initiatives are also underway in Southeast Asia. Evidently, rapid economic growth in the region is accompanied by burgeoning environmental concerns.

Singapore Green Labelling Scheme (SGLS), managed by the Singapore Environment Council, evaluates products across various categories, from building materials to consumer electronics, based on their life cycle impact. It provides a transparent and reliable indication of environmental friendliness. This not only aids consumers in making informed decisions but also incentivizes manufacturers to adopt sustainable practices in their production processes. But it is done on a voluntary basis. Similarly, Thailand’s Green Label scheme, operated by the Thailand Environment Institute, encompasses a broad spectrum of products, including paper, textiles, and electronic devices, certifying those that minimize their ecological footprint through efficient resource use and reduced pollution. Indonesia also implements mandatory eco-labeling for certain products.

These schemes promote awareness, but concerns remain regarding consistency and enforcement. The patchwork approach creates confusion for consumers and uneven playing fields for businesses.

Transparency is yet another cornerstone of effective regulation. Companies should be mandated to disclose the methodologies and data underpinning their sustainability claims, allowing for independent verification. This could be facilitated through the establishment of a centralized database where information on the environmental and social impact of products is readily accessible to consumers and regulators. Such a system would not only enhance the credibility of sustainability claims but also empower consumers to make informed choices.

Accountability mechanisms are equally important. Regulatory bodies should have the authority to impose sanctions on companies that engage in misleading or false sustainability claims. This could include financial penalties, mandatory corrective advertising, or, in severe cases, the revocation of business licenses. The prospect of such repercussions would serve as a deterrent against greenwashing and incentivize companies to adhere to the principles of genuine sustainability.

CHARTING THE COURSE: TOWARDS A BALANCED APPROACH
Finding the right balance between fostering innovation and protecting consumers is crucial.

Here are some key considerations:

  • Standardization: Establishing clear, internationally recognized definitions and verification methods for sustainability claims would level the playing field and enhance comparability.
  • A Tiered Approach: A combination of self-regulation for low-risk claims and mandatory requirements for high-impact claims could incentivize responsible behavior while ensuring protection.
  • Consumer Education: Empowering consumers through clear labeling, educational initiatives, and complaint mechanisms is vital for effective enforcement. Consumers equipped with knowledge can become the first line of defense against greenwashing.
  • Global Collaboration: International cooperation is essential to create a level playing field, avoid regulatory arbitrage, and share best practices. A united front can create a more effective and comprehensive approach to tackling greenwashing.

Sustainability claims hold an immense benefit to guide consumer choices and drive positive change. But without effective regulation, greenwashing thrives, hindering progress and misleading consumers.

By implementing balanced, collaborative approaches that combine self-regulation, clear guidelines, and robust enforcement, we can silence the siren song of greenwashing and pave the way for a future where transparency empowers us to build a truly sustainable world.

The surging interest in sustainability, indeed, reflects a collective aspiration for a more equitable and environmentally resilient world. While sustainability claims have played a pivotal role in catalyzing this shift in consumer behavior, their proliferation has introduced significant challenges. For consumers, the task of discerning authentic claims from marketing ploys has become increasingly arduous.

By navigating this complex terrain with diligence and foresight, we can ensure that sustainability claims serve their intended purpose of guiding consumers towards a more sustainable future, rather than miring them in confusion and cynicism.

 

Ron F. Jabal, APR, is the chairman and CEO of PAGEONE Group (www.pageonegroup.ph) and founder of Advocacy Partners Asia (www.advocacy.ph).

ron.jabal@pageone.ph

rfjabal@gmail.com

BPI may sell dollar bonds in March, says CFO

BPI FACEBOOK PAGE

BANK of the Philippine Islands (BPI) may start its dollar-denominated bond sale in March, according to its chief finance officer.

“We’re just trying to find the right time in the market,” BPI Chief Finance Officer (CFO) and Chief Sustainability Officer Eric Roberto M. Luchangco told reporters on Monday. “If ever we do, it will probably be late in the first quarter so maybe like March. We’re already in February but we’re not yet quite ready to pull the trigger.”

This would be earlier than the originally planned second-quarter sale.

BPI last year said it would try to raise at least $300 million in dollar-denominated bonds in the second quarter to refinance debt maturing in September.

Mr. Luchangco said it could try to raise a smaller amount from the bond sale depending on market conditions. “It might be a size similar to what we’re replacing, which is $300 million. But we need to look at the timing.”

BPI President and Chief Executive Officer Jose Teodoro K. Limcaoco on Jan. 26 said the bank had ample time to issue the bonds, but it will depend on benchmark rates on the secondary market.

BPI Treasurer and Global Markets head Dino R. Gasmen earlier said the lender would issue the bond earlier than its maturity date to avoid geopolitical and economic risks.

BPI’s net income rose by 44.3% from a year earlier to P13.1 billion as revenue increased and loss provisions declined. Full-year profit increased by 30.5% to P51.7 billion.

BPI shares rose by 0.71% or 80 centavos to close at P113.40 each.

Meanwhile, BPI’s stock brokerage arm expects the Philippine Stock Exchange index (PSEi) to close at the 7,500 level this year, driven by corporate earnings amid the expected interest rate cuts by the central bank.

“There is a possibility for a slight correction or some sideways movement in the near term,” BPI Securities Corp. President Haj Narvaez said in a statement on Thursday. “It has been a remarkable rally since October.”

On Thursday, the PSEi gained 0.29% or 20.12 points to close at 6,850.16. The broader all-share index added 0.2% or 7.45 points 3,574.21.

“I still believe the arrow is pointing up until yearend. Earnings will grow around 10% this year and rate cuts are likely coming. Combined, this is a recipe for P/E (price-earnings ratio) multiple expansion,” Mr. Narvaez said.

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. earlier said a rate cut is unlikely in the first half, and there is still room to raise interest rates amid risks to inflation and robust economic growth.

The central bank raised borrowing costs by 450 basis points from May 2022 to October 2023, bringing the policy rate to a 16-year high of 6.5%.

But Mr. Narvaez said the PSEi would struggle in the first half due to low liquidity, before rising in the second half.

“We’ve seen turnover fall to about P4 billion per day,” he said. “Back in 2021, we were doing about P8 billion. The low turnover is in line with expectations and a function of high rates offered by less risky assets. We only see it (liquidity) improving meaningfully in the back end of the year or six to nine months after rate cuts occur.”

The country would start to see a more pronounced liquidity improvement in the second half, or closer to the fourth quarter, Mr. Narvaez said. “And when you have improvement in liquidity, that will probably be accompanied as well by more foreign interest. Typically, foreign funds tend to focus on the large-cap stocks.”

Mr. Narvaez said investors should focus on large-cap stocks such as property-focused groups as liquidity improves and foreign interest increases. — Aaron Michael C. Sy

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