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Pru Life UK eyes industry-beating premium income growth this year

PRU LIFE Insurance Corp. of UK Philippines (Pru Life UK) aims to grow its premiums faster than the industry this year, driven by its agency force expansion.

“We’re also focusing on growing our in-force business by our annual premiums, and our target is to grow faster than industry. We grew 10% in 2024 against the industry’s 7%.” Pru Life UK Executive Vice-President and Chief Financial Officer Francis P. Ortega said at a briefing on Monday. “So, for 2025, we need to sustain our market leadership and so we have to grow faster than our competitors. We’ve been leveraging our very successful agency force. There is still focus on continuing to grow our agency force and also looking for alternative partners that can distribute our products.”

Pru Life UK booked a premium income of P48.15 billion in 2024, ranking second in the life sector, latest data from the Insurance Commission (IC) showed. Its net income stood at P3.72 billion.

The life insurer will also launch new products to help sustain its customers and cushion for risks stemming from market volatility, Mr. Ortega added.

“If there is any downside, it’s similar to what other competitors are facing. We’ve been building on traditional products as well as our variable universal life (VUL) products. Market movements play an important role in sustaining our customers, so we, through our product development, we hope that we are able to at least minimize the risk in terms of market movements,” he said. “We’re planning to come up with a couple of innovative products to address the needs of our customers.”

Last year, the company launched three traditional life policies, which brought the share of traditional products in its new business to 6%.

Mr. Ortega said Pru Life UK’s environmental, social and governance targets also include its takaful products.

The company hopes to launch its first takaful life insurance product soon, Pru Life UK President and Chief Executive Officer Sanjay Chakrabarty said at the same briefing. “I would not give a specific date because we are still waiting for the product to be specifically approved by the Insurance Commission. But my understanding is we’re very very close. I do think sometime in April we should be able to roll out the product itself.”

Mr. Ortega added that their first takaful product would likely be an individual policy.

“What we are working on is an individual life product for the household clients. That will be our initial focus and we’re bringing down the minimum payment to a micro level, so it might be considered as microinsurance,” he said.

The insurer received its takaful window license from the IC in November last year. Takaful is a type of Islamic insurance where members contribute a certain sum of money to a common pool. Takaful insurance needs to be compliant with Shari’ah law, which prohibits riba (interest), al-maisir (gambling), and al-gharar (uncertainty) principles. — A.M.C. Sy

Women businesses at the Osaka World Expo

FREEPIK

Almost 15 years ago, I engaged with WeConnect International and had a dream to go global with coffee. I met Elizabeth Vazquez, founding trustee, who brought many American companies to the task of procuring from WOEs, or Women-owned enterprises. In Chongqing, China, we were introduced to the likes of Marriott, Accenture, and FedEx, companies you only dream of selling to. It was also at this meeting where we met International Women’s Coffee Alliance (www.womenincoffee.org) whose business was to gather women coffee farmers and women coffee buyers, making sure the money ended up in the hands of the women who worked hard for the coffee.

I thought it was a dream, a longshot for a small entrepreneur like myself to be able to supply such corporate giants. But sooner not later, Accenture’s Asia-Pacific head met me again in a follow-up conference and directed her Philippine office to order from me! I proudly walked into Accenture’s Philippine office carrying my packs of coffee for their pantry. Except for some legal red tape that we could not untangle, Accenture would be a good place to offer products and services from WOEs because they have a procurement policy to buy from diverse suppliers, especially women-owned and minority-owned enterprises.

Another dream come true was Marriott. They also ordered coffee for their store and for their café, part of their procurement imperative to buy from small WOEs. So, it is true and WeConnect did really connect me to these corporate behemoths.

This year, I reconnected with the Asia-Pacific office because we are going to the world expo in Osaka, Japan in May. This time, I am taking younger entrepreneurs with me to share my experience and for them to experience a similar “aha” moment at the business matching that WeConnect will organize. With many more companies joining the pool, a majority of which need services, there will be a bevy of choices for buyers from all over the world.

At the Cartier-sponsored pavilion, WeConnect has chosen three whole days of business matching for WOEs. There will be panels of speakers who will share their trade secrets of how this alliance can be the secret sauce to selling to big buyers, especially governments. All over the globe, governments have the highest spend, and even in our own Philippines, the Government Procurement Policy Board (www.gppb.gov.ph) has worked with WeConnect to certify what or who qualifies as a WOE. There is a certification process that every seller must undergo to keep the supplier group as honest as it can be — there are tricky situations where male partners use the woman’s name but still keep control, a practice WeConnect is able to uncover when it does its certification process.

On May 28 to 30, the Philippine Women’s Economic Network or Philwen (www.philwen.org) will be bringing delegates and sellers to the Women’s Pavilion and we are quite excited to meet the buyers from corporations and governments who may be in need of our products and services. Coffee, of course, will still be a main product needed by almost everyone.

What is an even better deal is that our fee to enter the expo and the event will be valid for the entire duration of the expo which is a long six months. An entrance fee is paid once then you can take several trips to Japan, bring different teams, all the way until October. For our May event, we will even be provided with a shuttle to and from the expo from our hotel and get special hotel rates because the Marriott, remember, is a member of WeConnect. That’s the beautiful connection within the organization. Every big name is just a handshake away.

Why do these corporations do it anyway? Why do governments choose to help? Because supplier diversity is an economic driver that moves more minority-owned companies to the fore, especially WOEs who are not able to participate in expensive biddings and tenders due to size or capital. Supplier diversity is the equalizer, and companies are introduced to many more vendors they otherwise would not have met if not for this initiative of WeConnect. There is a fee, of course, for the sustainability of the very effort WeConnect makes to certify vendors and suppliers. Buyers also are accredited by them to ensure the purveyors get paid on time and without issues.

In the Philippines, what we have is a government rule that a big part of the spend must come from micro-, small- and medium-sized enterprises (MSMEs), not just WOEs. But since women make up a big part of MSMEs, they are able to snag contracts with government, but not in the same spirit that WeConnect does. This law can further be improved to state WOEs as the ultimate beneficiary of contracts for small purchases in local government units (LGUs) or the National Government Agencies (NGAs) as PHILWEN would want it to be. Maybe we can find a sponsor among the women senatorial candidates and the current women senators. Women do need a leg up when it comes to being government suppliers as biddings are usually reserved for bigger companies, and women lack participation in partaking of government spend.

But we must not fret because there is WeConnect that can make us instant exporters or suppliers to bigger companies even if we are a small outfit. And the best way to know how it works is to come with us to Osaka in May. See how other WOEs do it, how buyers make a negotiation, and how sustainable your business can be if you open up to other buyers and sellers. The expo and the pavilion are open to both men and women, but the selling companies must be WOEs. Simple rules for complex and substantial orders.

The Expo runs from April 13 to Oct. 13 in Osaka, Japan. Its goal is to contribute to the achievement of the Sustainable Development Goals (SDGs) and the achievement of Japan’s National Strategy Society 5.0.

This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or MAP.

 

Chit U. Juan is co-vice chair of the MAP Environment Committee. She is also the president of the Philippine Coffee Board, Inc. and Slow Food Manila (www.slowfood.com).

map@map.org.ph

pujuan29@gmail.com

Globe, Gogolook partner to combat rising online scams

From left to right: Gogolook Philippines Country Head Mel Migriño, Gogolook Chief Operating Officer (COO) Manwoo Joo, Officer-in-Charge (OIC) for Globe’s Consumer Mobile BusinessEric Tanbauco, Globe Director for Business Development and Innovation for Consumer Mobile Vince Corpus during the memorandum of understanding signing between Whoscall and Globe at the Globe Tower BGC, Taguig City.

GLOBE TELECOM, Inc. has partnered with global TrustTech company Gogolook Co. Ltd. to provide free access to its call identification and spam-blocking application, Whoscall, to help combat rising scams and online threats.

“Our partnership with Gogolook empowers our users with an added layer of security, equipping them with the tools they need to identify and block potential scams. As online fraud continues to evolve, we remain steadfast in our commitment to safeguarding our customers’ lives and ensuring they can connect safely and confidently,” Globe’s Consumer Mobile Business Officer-in-Charge Eric Leif Tanbauco said in a media release on Monday.

The partnership will give Globe customers access to Whoscall Premium Basic, providing an additional layer of digital security, Globe said.

Globe and Gogolook have streamlined the activation process, allowing seamless access for customers. Globe Platinum and postpaid customers will receive free access to Whoscall Premium Basic for one year, it said.

Prepaid customers can redeem it through the Globe Rewards catalog for two Rewards points or claim a complimentary voucher via Globe Rewards+.

System software company Gogolook is the developer of Whoscall. The application offers caller identification, distinguishing between safe contacts and potential scammers.

Headquartered in Taiwan, Gogolook utilizes its database and advanced artificial intelligence technology to provide services in communication fraud prevention and financial technology.

“As part of Gogolook’s mission to help Filipinos navigate the online space safely, we are offering Whoscall Premium Basic for Globe customers in a pilot run starting this April,” Gogolook Philippines Country Head Mel Migriño said.

“This initiative goes beyond technology — it’s about shared advocacy,” he added. — Ashley Erika O. Jose

French film star Depardieu faces trial over sexual assault allegations

Gérard Depardieu in a scene from 2021’s Adieu Paris.

PARIS — French actor Gerard Depardieu faces trial on Monday over alleged sexual assaults of two women on a film set, a case placing one of the world’s best known movie stars at the heart of France’s broader reckoning over sexual violence.

A towering figure of French cinema, Mr. Depardieu has faced a growing number of sexual assault allegations in recent years. Mr. Depardieu, 76, has consistently denied any wrongdoing, and this would be the first case for which he would be standing trial.

Mr. Depardieu’s lawyer, Jeremie Assous, said the case was based on “false accusations” against his client, adding that the movie star was expected to attend the two-day trial after an initial hearing was postponed due to his ill health.

Prosecutors say the assaults took place during the filming in 2021 of Les Volets Verts (The Green Shutters).

They accuse Mr. Depardieu of groping one of the women on the film set, pulling her towards him and trapping her with his legs before touching her waist, hips, and breasts while saying obscene words. Three people witnessed the scene, prosecutors say.

They say the second woman was groped by Mr. Depardieu on set and in the street.

The women’s identities have not been revealed.

The alleged assaults occurred while Mr. Depardieu was under formal investigation over accusations of raping a young actress in 2018. A trial has been requested by prosecutors in the case.

A lawyer for one of the women told Reuters her client was scared to come forward against Mr. Depardieu.

‘CINEMA GIANT’
“There’s a fear, because he’s a cinema giant,” said Carine Durrieu-Diebolt. “It’s a struggle between David and Goliath and they are afraid of retaliation as they all work in cinema but at a much lower level than Depardieu.”

The lawyer for the second plaintiff did not reply to Reuters requests for comment.

Mr. Depardieu’s trial could be the highest-profile #MeToo case to come before the courts in France, a country where the protest movement over sexual violence has struggled to gain the same traction as in the United States.

Recently, however, there have been signs this might change.

Gisele Pelicot became a global feminist icon last year after she waived her rights to anonymity during the trial of her former husband, who was convicted of drugging her and inviting dozens of men over to their home to sexually abuse her.

Then, last month, a French court found film director Christophe Ruggia guilty of sexually abusing actress Adele Haenel when she was underage.

French director and actress Judith Godreche, who like Ms. Haenel has become a major voice in France’s #MeToo movement, said these trials showed some progress.

“One of the great things that is happening is that women who are talking against very powerful men are mostly not considered crazy anymore,” she told Reuters over the phone.

However, Ms. Godreche said it is still uncommon for men to speak up in the French cinema industry.

Last week, a parliamentary inquiry commission questioned several prominent actors, directors, and producers on the topic of sexual violence in cinema. Most of the men, including famous actor Jean Dujardin, requested the hearings be held behind closed doors. — Reuters

BPI opens ‘prime phygital’ branch in Davao

BANK of the Philippine Islands has opened a “prime phygital” branch in Davao City.

BANK of the Philippine Islands (BPI) has opened a “prime phygital” branch in Davao, the first of its kind in Mindanao, as part of its ongoing branch consolidation program and efforts to expand to regions outside the National Capital Region.

The new branch is in the 25-hectare waterside business and residential district Azuela Cove in Lanang, Davao City, BPI said in a statement on Monday.

The bank’s prime phygital branches have lounges for preferred clients with dedicated concierge and quick transact staff to assist them in their transactions.

BPI currently has 55 phygital, 13 prime phygital, and two flagship branches nationwide. It plans to open 25 more phygital branches and convert its remaining branches in the next five years.

The bank introduced phygital banking in 2023.

“A phygital bank combines the convenience of digital banking with the personalized service of physical branches to create a seamless and enhanced customer experience,” BPI Branch Stores Channel Head Dennis Fronda said.

“As our customers go more digital, we’re transforming our branches into centers of personalized financial guidance. By combining our digital strength with the expertise of our financial advisors, we help clients grow their wealth and achieve financial wellness. Our phygital approach allows us to focus on understanding their unique needs and providing holistic solutions for their life goals,” BPI Head of Consumer Banking and Executive Vice-President Maria Cristina L. Go said.

BPI’s net profit rose by 20% year on year to a record P62 billion last year, driven by double-digit revenue growth.

Its shares closed at P132 apiece on Monday, down by P2.50 or 1.86% from Friday’s finish. — AMCS

Senatorial candidates should make known their stand on Duterte’s accountability for EJK

PCOO

Senate President Francis Escudero called on candidates in the coming elections to refrain from using the arrest of former president Rodrigo Duterte as a campaign issue for political gain as it involves lives. But that is the more reason to make the arrest a campaign issue, because it involves lives lost by extra-judicial killings (EJK) — 6,252 by the Philippine National Police’s count, as many as 30,000 by the human rights watchers’ tally.

President Ferdinand “Bongbong” Marcos, Jr. has used the EJK a campaign issue. When he proclaimed his candidates for the Senate, he said no one on the slate was involved in EJK. He used the same pitch when he introduced his candidates in their campaign sorties to the provinces. It is a jab at Duterte’s senatorial ticket, which includes current senators Ronald “Bato” Dela Rosa, the field commander of the War on Drugs, and Bong Go, Duterte’s personal aide during his term as president, who are both running for reelection.

‘I’LL KILL YOU’
On the eve of the May 9, 2016 elections, presidential candidate Rodrigo Duterte told a crowd of more than 300,000: “If I make it to the presidential palace, I will do just what I did as mayor [of Davao]. You drug pushers, holdup men, and do-nothings, you better get out because I’ll kill you.”

From the time he took office in June 2016 to the end of his term in June 2022, President Duterte carried out a “war on drugs” that led to the death of thousands of Filipinos, mostly urban poor. He and other senior officials instigated and incited the killings and the Philippine National Police (PNP), then headed by Bato dela Rosa, perpetrated them. Human rights organizations and international lawyers called the campaign “crimes against humanity.”

Before Duterte’s arrest and turnover to the International Criminal Court (ICC) for alleged crimes against humanity, Social Weather Stations (SWS) conducted a national survey that asked respondents how much they agreed or disagreed with the idea that the former president should be held accountable for all the EJK waged during his administration’s War on Drugs. The poll, sponsored by Stratbase Consultancy, was conducted in the middle of February this year.

Fifty-one percent of the respondents answered that they agreed with the statement while 25% disagreed. Fourteen percent were undecided and 10% said that they were not knowledgeable enough to express their opinion.

Senatorial candidates should make known to the electorate their stand on the issue of whether former president Duterte should be held accountable for all the EJK committed during his administration’s War on Drugs. While President Marcos Jr. has repeatedly said no one among his senatorial candidates was involved in the EJK, their stand on the issue of EJK and the corollary issue of Duterte’s arrest have to be made clear to the voters.

Three of Marcos Jr.’s senatorial candidates — Tito Sotto, Ping Lacson, and Manny Paquiao — implicitly justified the killings. Immediate relatives of Pia Cayetano, Camille Villar, and Francis Tolentino also did.

WHO VOTED AGAINST DE LIMA?
I take you readers back to August 2016. Senator Leila de Lima, then chairperson of the Senate’s Committee on Justice and Human Rights, convened Senate hearings into the killings of alleged drug users and drug dealers from the time President Duterte took office on June 30. At the hearing on Sept. 15, Edgar Matobato, who claimed to have worked as a former hitman of Mr. Duterte when he was mayor, testified that Mr. Duterte was involved in the killing of about 1,000 individuals in Davao City, where Mr. Duterte had been mayor for more than two decades.

Matobato was scheduled to appear again in the Senate hearing on Sept. 19 to continue his testimony. But before he could do so, Senator Alan Peter Cayetano, President Rodrigo Duterte’s vice-presidential running mate in the 2016 general elections, delivered a privilege speech in which he accused Ms. De Lima of misrepresenting to the international media the real status of the extrajudicial killings in the country. “We might all lose these wars, but the biggest loser… will be the economy. Why allow our institutions to be used that way?” he lamented.

In reaction, neophyte senator Manny Pacquiao, a party-mate of President Duterte’s, moved that the Senate declare the chairmanship and membership of the Committee on Justice and Human Rights vacant. Sixteen senators voted “yes.” In effect, they kicked Ms. De Lima out of the committee.

The 16 senators who voted to oust Ms. De Lima were Sotto (at the time the majority floor leader), Lacson, Pacquiao, Alan Peter Cayetano, Cynthia Villar, Koko Pimentel (at the time Senate president), Loren Legarda, Grace Poe, Sherwin Gatchalian, Nancy Binay, JV Ejercito, Migz Zubiri, Joel Villanueva, Sonny Angara, Richard Gordon (who was subsequently elected chairman of the committee), and Gregorio Honasan. Liberal Party senators Frank Drilon, Kiko Pangilinan, Bam Aquino, and Risa Hontiveros, voted “no.” Senators Francis Escudero and Ralph Recto abstained, and Senators De Lima and Antonio Trillanes did not participate in the voting.

At the time Pia Cayetano had just been elected one of the Deputy Speakers of the House of Representatives. Francis Tolentino’s brother, Abraham, was one of the congressmen who filed a resolution that led to the investigation of De Lima’s supposed involvement in the drug trade inside the national penitentiary. That “investigation” became the basis of the issuance of a warrant of arrest for Ms. De Lima.

In the evening of the day the warrant of arrest was issued, Bato dela Rosa, at the time chief of the PNP, led a convoy of police vehicles to serve the warrant to Ms. De Lima who had gone home to pack up the personal effects she would need in detention. But the Senate sergeant-at-arms intercepted De La Rosa to tell him to serve the warrant to Ms. De Lima at the Senate the following morning.

At the appointed morning, Senator De Lima was at the Senate waiting for Chief of Police Dela Rosa to serve her the warrant. Upon receiving it, she peacefully surrendered to Dela Rosa, who brought her to the detention center of the PNP headquarters in Camp Crame where the senator would spend almost seven years.

TAKE A STAND
So, President Marcos Jr.’s senatorial candidates Tito Sotto, Ping Lacson, Manny Pacquiao, Pia Cayetano, Camille Villar, and Francis Tolentino must tell the voters what their stand is on the question of whether Duterte should be held accountable for all the EJK, because their past stand or that of their immediate relatives seems to be in conflict with their party’s campaign pitch. Benhur Abalos, who President Duterte appointed Metro Manila Development Authority chairman, Erwin Tulfo, Abby Binay, Bong Revilla, and Lito Lapid also have to state their position on the issue. Imee Marcos made known her stand when she convened the Senate Foreign Relations Committee to investigate the arrest of Mr. Duterte.

By the way, Chief of Police Dela Rosa, to whom Senator De Lima surrendered peacefully, the same Senator Bato dela Rosa who is now running for re-election to the Senate under Mr. Duterte’s banner, has been in hiding since word leaked out that warrants of arrest issued by the ICC for crimes against humanity were ready to be served him.

The other senatorial candidates endorsed by Mr. Duterte need not state their stand on the issue. The same with the Makabayan bloc candidates. Their opposing stands are obvious from their party affiliations. But independent candidate Ben Tulfo must tell the electorate his stand.

Meanwhile, independent candidate Willie Revillame has admitted he has no legislative platform. I conclude he has no idea what the issues of national import are. And he could not care less.

Independent candidate Gringo Honasan, who had been elected to the Senate three times, said he was at a loss for a response when asked rhetorically, “When our child misbehaves, do we let the next-door neighbor discipline him?” His contorted analogy to the arrest of Mr. Duterte betrayed his position.

Mr. Duterte is not a misbehaving child turned over to the neighbor for disciplinary action. He is the father (he is called Tatay Digong) who inflicted cruel punishment (EJK) to misbehaving children (drug users/dealers/suspects) causing the human rights watchers (the Department of Social Welfare and Development) to complain to authorities (the Department of Justice). But because the prosecutor (Menardo Guevarra) would not file charges, the complainants went to an international court (ICC).

 

Oscar P. Lagman, Jr. has been a keen observer of Philippine politics since the 1950s.

Topline secures final SEC approval for April PSE debut

PHILIPPINE STAR/EHDA M. DAGOOC

CEBU-BASED fuel retailer Top Line Business Development Corp. (Topline) has secured approval from the Securities and Exchange Commission (SEC) for its planned initial public offering (IPO). 

“Our listing is a key step to our continued expansion as part of our vertical integration strategy to sustain our rapid capital appreciation,” Topline Chairman, President, and Chief Executive Officer Eugene Erik C. Laparasan Lim said in a media release on Monday. 

The company said it obtained final regulatory approval from the SEC for the public sale of about 22% of its common shares, or 2.15 billion primary common shares, with an over-allotment option of up to 218.84 million secondary common shares.

Last month, the Philippine Stock Exchange (PSE) issued a notice of approval allowing the company to list its common shares on the PSE main board.

The IPO offer period will run from March 24 to 31, 2025. The company’s shares will be traded under the symbol “TOP” starting April 8. 

The final offer price of 31 centavos per share was determined through a book-building process involving international and Philippine-based institutional investors, the company said. 

Topline has designated Investment & Capital Corp. of the Philippines as the issue manager, joint lead underwriter, and joint bookrunner for the IPO, while PNB Capital and Investment Corp. will serve as the joint lead underwriter and joint bookrunner. 

“We believe in Topline’s strong growth potential and its ability to deliver on its commitments. Throughout the IPO process, we have seen firsthand the company’s drive, passion, and strategic vision. With strong leadership at the helm, we are excited to see Top Line take this significant step toward its listing on the PSE,” ICCP Senior Managing Director Jesus Mariano P. Ocampo said.

Topline expects to raise about P624.6 million in net IPO proceeds, adding that it remains committed to its expansion plans, with P300 million allocated for the construction of 20 service stations and P180 million earmarked for fuel tanker acquisitions.

Due to the adjustment in its offer price, the company said it has also revised the allocation of IPO net proceeds, setting aside P134.6 million for working capital and P10 million for corporate purposes.

“We are fully committed to our IPO strategy, which focuses on integration, importation, and expansion to sustain our strong profit margins. This is why we are maintaining our allocation as initially planned for the construction of service stations and the acquisition of additional fuel tankers,” Mr. Lim said. — Ashley Erika O. Jose

FLI bets on gov’t tenants to drive office leasing growth

FILINVESTLAND.COM

GOTIANUN-LED property developer Filinvest Land, Inc. (FLI) is optimistic about the growth of its office leasing portfolio, with government tenants expected to absorb vacancies left by the business process outsourcing (BPO) sector due to remote work adoption, according to its chief executive officer (CEO).

“Our office portfolio delivered strong performance in 2024. Despite market headwinds, we achieved revenue and income growth,” FLI President and CEO Tristaneil D. Las Marias told BusinessWorld on the sidelines of Filinvest Group’s 70th anniversary celebration last week. 

FLI’s office leasing revenue, including that of its listed subsidiary Filinvest REIT Corp., rose by 3% to P4.81 billion, it said last week.

“For 2025, we are seeing signs of recovery, particularly in our office spaces catering to government agencies,” Mr. Las Marias said.

Given the strong contribution of government tenants to FLI’s office portfolio in 2024, the company plans to attract more state agencies through competitive bidding.

FLI also emphasized the need to diversify its tenant mix amid ongoing vacancies in the BPO sector, Mr. Las Marias said.

“The BPO sector faces challenges, as many companies prefer remote work. To address vacancies, we are targeting other tenant segments, particularly government agencies, which have the budget for long-term leases.”

In 2024, about 32% of vacated office spaces in Metro Manila were from the information technology-business process management sector, according to real estate services and investment firm CBRE.

“There is a notable flight to quality among government agencies. Given the superior specifications, accessibility, and overall convenience of our office properties, we see strong demand from this segment,” Mr. Las Marias said. 

Demand for FLI’s office spaces is also driven by their integration into mixed-use developments, offering direct access to residential, commercial, and retail establishments, he added. 

Mr. Las Marias also underscored the strategic locations of FLI’s office developments and their proximity to major transportation hubs.

“Living near the workplace significantly enhances convenience for employees. We take pride in developing office spaces that provide premium specifications, access to commercial and wellness amenities, and the option to reside within the same development.” — Beatriz Marie D. Cruz

HSBC Philippines appoints new IWPB Head

HSBC PHILIPPINES has tapped Pramoth Rajendran as its new International Wealth and Premier Banking (IWPB) head, it said on Monday.

The appointment is subject to regulatory approval, the bank said in a statement.

Mr. Rajendran has 20 years of experience in wealth and retail banking, including strategy, product, analytics, sales and risk.

Prior to this assignment, he was previously the IWPB Head for HSBC Vietnam.

He has also worked in The Hongkong and Shanghai Banking Corp. Ltd.’s Asia regional office in Hong Kong, as well as HSBC Australia.

“As we celebrate our 150th anniversary in the Philippines, Pramoth Rajendran’s leadership will be vital in delivering our strategy — growing our Premier and Wealth business, leveraging on our international connectivity by connecting our customer’s needs and aspirations to wealth and investment opportunities here in the Philippines and overseas,” HSBC Philippines President and Chief Executive Officer Sandeep Uppal said. — AMCS

Exports and life expectancy: some global trends

Next week, on April 2, US President Donald Trump’s “tariff reciprocity” — tariff equalization with major trade partners which have high tariffs on US exports to their countries — will take effect. The fear is that such a move by Trump will cause a major upheaval in global trade.

The top three largest merchandise (or goods) exporters in the world are China, the US, and Germany. China and Germany have regular trade surpluses while the US has a perennial trade deficit, an average of around $2.7 billion per day in 2024.

In terms of export market share, China, which joined the World Trade Organization (WTO) only in 2001, has expanded its share from 7.2% of total world exports in 2005 to 14.5% in 2024. The US has a flat share of 8.5% of the total, while Germany and Japan had declining shares of 9.2% and 5.6% in 2005 to 7.1% and 2.9% in 2024, respectively. Many other industrial countries have similar declining shares in total exports (see Table 1).

China overtook the US in 2007 — $1.22 trillion vs $1.15 trillion. One explanation is that this is due to the difference in power generation. From 2006 to 2007, the US added 101 terawatt-hours (TWh) to its grid while China added 416 TWh. China’s momentum continued and by 2011, China overtook the US in power generation, with 4,713 TWh vs 4,363 TWh, respectively. High electricity production means a high capacity to manufacture and mass produce almost anything. I am amazed by the fast economic performance and energy generation of China.

Talking about power, I must correct a mistake in my column last week, “On GDP size, exports, FDI, and electricity generation” (March 18). I wrote, “Recently the Maharlika Investment Corp. (MIC) invested in the NGCP.” It should have been “MIC invested in Synergy Grid & Development Phils., Inc. (SGP).” A Filipino company, SGP owns 60% of the National Grid Corp. of the Philippines (NGCP), while China’s State Grid Corp. is the technical partner, with 40% of NGCP.

TAXES
The call for higher taxes on alcohol, tobacco, vapes, and sugar is alive again as an election campaign issue.

A survey done in 2023 by the Food and Nutrition Research Institute (FNRI) under the Science department about smoking prevalence in the Philippines said that the “percentage of currently smoking adults, 20 years old and above,” showed an initial decline from 23.3% of adult population in 2015 to 18.5% in 2021, then it rose to 23.2% in 2023.

Ironically this coincided with the increase in the tobacco tax, from P50/pack in 2021 to P55/pack in 2022, then to P60/pack in 2023. There was also a huge decline in tobacco tax revenues in this period, from P176.5 billion in 2021 to P160.3 billion in 2022, P134.9 billion in 2023, and P134 billion in 2024.

So the dual goals of imposing a higher tobacco tax — to reduce the incidence of smoking and to raise tobacco tax revenues — were not met, instead the opposite happened. A further increase in the tobacco tax rate will simply make smuggled and illicit tobacco products more attractive and tempting because of their low price in comparison with legal tobacco.

I also checked smoking prevalence and alcohol use in Asia over two decades, 2000 to 2020, and life expectancy until 2022. The data is mixed. Smoking prevalence and alcohol consumption in countries like China, Indonesia, and Singapore are flat yet their life expectancy is still rising. Smoking prevalence in the Philippines has been declining and its alcohol consumption is flat. Other countries have declining tobacco and alcohol use — Japan and South Korea. Others have seen a rise in alcohol use — India, Vietnam, Myanmar, and Cambodia (see Table 2).

There is also a conflict in social and health goals in the Philippines related to sin taxation. Many health activists want people to cut down, if not stop, their consumption of alcohol and tobacco products. But the same health establishments also want more billions of pesos from smokers, vapers, and drinkers, so if there is high consumption of legal products, it makes them happy because they will get more tax money.

Congress and the Department of Finance (DoF) should focus on getting higher revenues without raising the tax rates of many products and services. Recently the DoF issued new privatization guidelines of non-performing public assets.

Finance Secretary Ralph G. Recto emphasized that “Privatization of non-performing assets is among the strategic moves to raise much-needed revenues to fund the growing needs of our people. And by opening the doors for ordinary Filipinos to take part, we are also creating investment opportunities for them while contributing to nation-building.”

Good move, DoF. Cut the huge annual budget deficit and huge outstanding public debt stock by reducing the need for more borrowing.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

PHINMA board OKs investment in community housing unit

LISTED conglomerate PHINMA Corp. said its board of directors had approved an investment of P250 million in its community housing unit. 

In a stock exchange disclosure on Monday, the company said its board approved investing in PHINMA Community Housing Corp. to fund capital expenditures, land acquisition, and other working capital needs.

The board also approved the appropriation of P500 million in retained earnings for investment in Construction Materials Group and P500 million in PHINMA Community Housing until Dec. 31, 2026.

For the nine months ending September last year, PHINMA’s attributable net income plummeted by 84.5% to P122.73 million from P791.53 million in the same period a year earlier. 

Gross revenue for the January-to-September period last year grew by 9.8% to P16.98 billion from P15.46 billion in the same period in 2023. 

The company’s gross expenses for the nine-month period rose by 12.6% to P15.1 billion from P13.41 billion previously.

At the stock exchange on Monday, shares in the company fell by 30 centavos, or 1.62%, to close at P18.18 per share.

PHINMA Corp. is a listed holding company that operates through its subsidiaries and has investments in education, steel products, housing, and property development.- — Ashley Erika O. Jose

Mariah Carey wins copyright lawsuit over ‘All I Want for Christmas Is You’

AMAZON

POP SINGER Mariah Carey defeated a lawsuit claiming she illegally copied elements of her holiday megahit “All I Want for Christmas Is You” from a country song of the same name.

US District Judge Monica Almadani in Los Angeles in a ruling on Wednesday said the writers of Vince Vance and the Valiants’ “All I Want for Christmas Is You” failed to show their song was objectively similar enough to Ms. Carey’s to support their copyright infringement case.

Attorneys for the songwriters, lawyers for Ms. Carey, and spokespeople for her label, Sony Music, did not immediately respond to requests for comment on the decision on Thursday.

Vince Vance and the Valiants’ “All I Want for Christmas Is You” was released in 1989 and reached the Billboard country charts during holiday seasons in the 1990s. Ms. Carey’s song appeared on her 1994 album Merry Christmas and has since become a popular standard, topping the Billboard Hot 100 chart every holiday season since 2019.

Andy Stone, who performs as Vince Vance, and co-writer Troy Powers filed the lawsuit in 2023. They said Ms. Carey’s song copied their song’s “extended comparison between a loved one and trappings of seasonal luxury” and other lyrical and musical elements, requesting at least $20 million in damages.

Ms. Carey responded last year that the songs were “completely different” and argued that any similar elements were common to many Christmas songs, such as “snow, mistletoe, presents under Christmas trees, and wanting a loved one for Christmas.”

Ms. Almadani determined on Wednesday that the songs were not similar enough for a jury to find that Ms. Carey had committed copyright infringement, citing differences in their melodies, lyrics, and other musical elements.

Ms. Almadani also ordered the songwriters to pay part of Ms. Carey’s attorneys’ fees, finding some of their filings contained a “litany of irrelevant and unsupported factual assertions.” — Reuters

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