Growth in wholesale prices of general goods rose to its highest in a year in January as elevated prices after the Christmas holidays spilled over that month.
Preliminary data from the Philippine Statistics Authority (PSA) showed the country’s general wholesale price index (GWPI) went up 2.9% year on year in January compared to the 2.7% growth recorded in December 2024.
It was the fastest clip since the 3.5% growth in Janaury last year.
Cristina S. Ulang, head of research at First Metro Investment Corp., in a Viber message said a “January effect” influenced the prices of goods.
“Historically, there is the so-called January effect in which 40% of the time in the last ten years, general prices of goods were higher than the previous month of December which is the holiday season,” Ms. Ulang said.
“That’s the overshoot of the price momentum in the seasonally strong period of consumer expenditure during Christmas,” she added.
The PSA attributed the increase in wholesale price in January to crude materials, inedible except fuels (58.6% from 50.8% in December), chemicals including animal and vegetable oils and fats (9.9% from 8.7%), beverages and tobacco (2.9% from 2.1%), and machinery and transport equipment (1.3% from 1%).
Manufactured goods classified chiefly by materials, meanwhile, remained steady at 1.1%.
Mineral fuels, lubricants and related materials went from a 0.8% slump in December to a 0.8% growth in January.
Food price growth eased to 2.3% in January from 2.7% in December, while miscellaneous manufactured articles declined by 0.1% after posting a 0.1% growth a month prior.
By major island group, GWPI was mixed.
The GWPI of Luzon went faster than the national wholesale price growth rate with a reading of 3.2% in January, against 2.8% in December. This was the fastest since the 3.4% reading a year earlier.
The Visayas GWPI slowed to 1.6% from 1.7% in December 2024, the lowest since 1.4% in November 2021.
Meanwhile, Mindanao GWPI also eased to 0.6% from the 1.1% in December. This marked a 8.5-year low since the 0.4% growth seen in June 2016. — Kenneth H. Hernandez
PROACTIVE PARTNER IN POWERING PROGRESS. Steadfast in its commitment to meet the increasing demands of customers and support the continued growth of the economy, Meralco intends to be more aggressive deploying modern and innovative solutions to make its distribution network smarter, more robust, and more resilient.
As one of the country’s major energy players, Manuel V. Pangilinan-led Manila Electric Company (Meralco) is on a mission to redefine the power distribution and generation landscape through exceptional growth and unwavering commitment to service excellence, customer-centricity and consumer empowerment anchored on innovation.
Meralco breached the eight-millionth mark last October, ending 2024 with a customer count of 8.043 million. And as it continuously grows its reach and customer base, Meralco has maintained top-notch service performance, underscoring the company’s operational resilience as it adapts to evolving energy demands and consumption patterns.
The average number of power interruptions per customer, measured by the System Average Interruption Frequency Index (SAIFI), has been steadily decreasing, reaching 1.041 times by the end of 2024 — an improvement from 1.194 times in 2023. Likewise, the System Average Interruption Duration Index (SAIDI), which tracks the average outage duration per customer, improved to 108.213 minutes from 123.708 minutes.
To better serve and empower its growing number of customers, Meralco has been proactively implementing initiatives to further enhance its physical and digital touchpoint. In 2024, its digital channels accounted for more than 60% of the total customer transactions.
In support of customer choice programs, Meralco has been strengthening its grid infrastructure and metering capabilities through its Advanced Metering Infrastructure (AMI) strategy that aligns with regulatory requirements and integrates smart metering solutions — allowing the seamless implementation of retail aggregation program (RAP) with the switching of the first retail aggregation customer in February 2025.
Meralco also continuously upgrades its distribution facilities and conducts strategic sourcing activities to ensure delivery of sufficient, reliable, and stable service at the least possible cost to customers. In 2024, the company completed a total of 18 capital expenditure projects, of which four are Gas Insulated Switchgear (GIS) smart substations, which have advanced features to enhance the efficiency, reliability, and resilience of the power distribution network. This includes the Arcovia and Sampaloc GIS substations in the cities of Pasig and Manila, respectively, that were energized in the fourth quarter. Other key projects that were completed during the quarter were the interconnection of the Maragondon solar plant in Cavite; the replacement of switchgears at the New Teresa Substation in Rizal, Urdaneta substation in Makati City, and Novaliches Substation in Quezon City; and replacement of power transformer bank at the Duhat substation in Bulacan.
“We will continue to meet growing electricity needs. With renewed Congressional support, we will invest in projects to enhance our service and ensure a future-ready power distribution system. Our storm-hardening initiatives will strengthen our network and expedite AMI deployment. Additionally, we are preparing to support increased use of distributed energy resources through network automation and advanced technology, while empowering customers with more options and control over their energy use,” Meralco Executive Vice-President and Chief Operating Officer Ronnie L. Aperocho said.
Exceptional year for power generation
Beyond distribution, Meralco’s power generation arm, Meralco PowerGen Corporation (MGEN), has demonstrated strong operational performance and expanded its clean energy portfolio, forging key partnerships and investments that further its leadership in the energy sector.
Under renewable energy unit MGEN Renewable Energy, Inc. (MGreen), Terra Solar Philippines, Inc. (MTerra Solar) hit significant milestones in 2024 headlined by the groundbreaking of the project last November. MTerra Solar awarded engineering, procurement, and construction (EPC) contracts, and achieved substantial progress in land acquisition and securing of tower sites for the transmission line. Overall, total project completion stood at 22% as of end-December.
MGEN has made substantial progress in its venture into the local liquefied natural gas (LNG) industry. Before 2024 ended, the Philippine Competition Commission approved the investment by MGEN and partners in the country’s first and most expansive integrated LNG facility in Batangas under the landmark agreement signed in March 2024. With the closing of the deal, MGEN now owns an attributable 40.2% interest in two gas-fired power plants — the 1,200 MW of South Premiere Power Corporation and 1,275 MW of Excellent Energy Resources, Inc., as well as an LNG import and regasification terminal.
“As we closed another year of significant strategic growth and operational excellence, MGEN remains committed to delivering reliable and sustainable energy solutions. The successful expansion of our conventional and renewable portfolios, alongside major acquisitions and strategic partnerships, strengthens our position as a leader in the power generation industry,” MGEN President and Chief Executive Officer Emmanuel V. Rubio said.
PARTNERING FOR IMPROVED WATER ACCESS. Meralco uplifts communities outside its franchise area through One Meralco Foundation’s electrification programs, such as the Water Access Electrification. One Meralco Foundation President Jeffrey O. Tarayao and Meralco EVP and Chief Operating Officer Ronnie L. Aperocho (third and fourth from left) turned over a water facility powered by solar to an underserved community in South Cotabato that has long faced challenges with access to clean and reliable water.
Beyond growing the business
Through its social development arm One Meralco Foundation (OMF), community development initiatives in 2024 brought significant and positive impact to more than 41,000 families. Staying true to its mission of spreading the light to the farthest areas in the country, OMF energized 3,455 low-income households within the Meralco franchise area under its Household Electrification Program and four off-grid public schools in Camarines Norte, and in Oriental Mindoro and Palawan. The Foundation also brought solar-powered mobile irrigation pumps to two agricultural cooperatives in Lupao and Rizal, Nueva Ecija and installed solar photovoltaic system on a water access facility in Brgy. Guinsang-an, Sto. Niño, South Cotabato, and on two rural health stations in the remote communities of Brgy. Lamfugon, Lake Sebu, South Cotabato and Brgy. Rizal, Polilio Island, Panukulan, Quezon Province.
The Foundation also responded to various community needs in the Meralco franchise area by working with local governments and other nongovernment organizations by implementing more than 200 community relations projects supporting education, health, youth and development. It also responded to the immediate needs of at least 16,000 families affected by disasters like fires, typhoons and floods. It also worked with the Congressional Spouses Foundation, Inc. and other foundations in the MVP Group for the construction of the Bagong Bayaning Mandirigma Casualty Care Center in the AFP Medical Center (V. Luna Hospital) to attend to the needs of Filipino soldiers wounded in action.
Under the flagship One for Trees environmental program, OMF and partners including MGEN, continued reforestation of mountains and wetlands with more than 80,000 additional new trees and mangroves planted by tree farmers in the Sierra Madre in Siniloan, Laguna, and Del Carmen in Siargao Island, Surigao Del Norte, respectively, in 2024. To date, the One for Trees program covers over 2.6 million trees and provides livelihood to over 2,300 tree farmers.
MGEN and its subsidiaries, also continued to contribute to the social development of its host communities through initiatives on healthcare, education, and energy access benefitting over 100,000 individuals, and support for biodiversity, tourism, and sports and recreation programs. Overall, these efforts aimed at fostering sustainable progress and community resilience benefitted Filipino families in different parts of the country last year.
In the year ahead, Meralco views a fruitful year with opportunities not just to grow the business and create long-term value for its shareholders, but also to further the support it gives to communities within and beyond Meralco’s core service area.
“We remain dedicated to our integrated strategy, focusing on a customer-centric distribution utility (DU). Quite apart from the conventional view of profits and positive cash flows, our commitment to reliable service, affordable energy, and customer centricity also drives shareholder value,” Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan said.
“Continuing developments in MGEN’s power generation build-out, and with improved operational efficiency of our operating DU businesses and our non-power subsidiaries, are expected to further solidify the Meralco growth story. Along with these, we will amplify our social development programs to reach the most remote parts of the country and support the industries that these communities rely on for their living. All these reinforce our deep commitment as a dependable nation-building partner of our customers, the communities we serve, and our country,” he concluded.
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She Secure is a program which provides funding and financial advisory support to women-owned and women-led enterprises in the Philippines. In this B-Side episode, Abigail de los Santos Tan, co-founder and managing partner of ARC SME Business Development Company, talks about how to program aims to address the funding barriers faced by female entrepreneurs.
THE Philippine Statistics Authority’s Monthly Integrated Survey of Selected Industries showed factory output, as measured by the volume of production index (VoPI), went up by 1.9% annually in January, faster than the revised 1.6% in December. — PHILIPPINE STAR/KJ ROSALES
MANUFACTURING OUTPUT climbed to six-month high in January as heavily weighted food products rebounded, the Philippine Statistics Authority (PSA) reported on Friday.
Preliminary data from the PSA showed that industrial production, as measured by the volume of production index (VoPI), rose by 3.2% year on year in January, a turnaround from the 0.3% fall in the same month last year. It also picked up from the 0.4% increase in December.
The January print marked the second straight month of manufacturing expansion. It was the quickest growth in six months or since the 7.4% expansion in July last year.
Month on month, manufacturing’s VoPI grew by 1.8%, a turnaround from the 1.8% drop in December. Stripping out seasonality factors, output slowly eased by 1.5% compared to the 4% growth of the previous month.
In comparison, the Philippines in S&P Global Manufacturing Purchasing Managers’ Index (PMI) dipped to 52.3 in January from 54.3 in December, the weakest since the 51.2 recorded in August 2024.
A PMI reading above 50 shows improvement in operating conditions, while a reading below 50 shows the opposite.
The PSA attributed January’s growth to the performance of food products (9.4% from -0.3% in December), machinery and equipment except electrical (62.1% from 40.9%), and electrical equipment (45.6% from 18.2%).
In a phone interview, Philippine Chamber of Commerce and Industry (PCCI) Honorary Chairman Sergio R. Ortiz-Luis, Jr. attributed that the VoPI decline of items such as computers, electronics and optical products as partly seasonal, what wasn’t seasonal was the negative performance of food products in December.
Food products account for the largest weight in VoPI at 18.7%.
“The VoPI’s robust growth can be attributed to the rate cuts enacted by BSP (Bangko Sentral ng Pilipinas) in the previous year which allowed these manufacturing companies to expand,” Rischelle Alysha T. Legaspi an economist from Oikonomia Advisory & Research, Inc., said in an e-mail response.
The central bank lowered borrowing costs by a total of 75 basis points (bps) last year to 5.75%. The BSP left its policy settings untouched last month and reiterated that it is still in easing mode, signaling a possibility of at least 50-bp cut this year.
“The context of the election year typically indicates high optimism within the manufacturing industry. This could boost not only employment but also production.” Ms. Legaspi said.
The average capacity utilization rate for the manufacturing section in January was reported at 75.9%, slightly higher than 75.6% from the previous month.
Nineteen out of 22 industry divisions posted at least 80% capacity utilization rates. — John Phoebus G. Villanueva
The Philippine Academy of Rehabilitation Medicine (PARM) commemorated its 50th anniversary during its 35th Annual PARM Convention, held alongside the 9th ASEAN Rehabilitation Medicine Association Conference at The Manila Hotel. The milestone event underscored the Philippines’ role as a hub for world-class rehabilitation medicine and its contributions to the global medical community.
PARM President Dr. Jerico Dela Cruz highlighted the strength of the country’s rehabilitation programs and medical training, emphasizing their global competitiveness. “Filipinos no longer need to seek rehabilitation treatment abroad, as our programs match global standards. Hindi tayo pahuhuli. In fact, Filipino doctors are often preferred for their expertise, compassion, and renowned hospitality,” Dr. Dela Cruz said.
Dr. Teresita Joy Evangelista, Professor at the UP College of Medicine, noted the rapid growth of rehabilitation medicine in the Philippines. “In just three years, the number of specialists has doubled, fueled by the rise of training institutions, growing interest in the field, and more doctors choosing rehabilitation medicine as a specialty,” she said. Dr. Evangelista also emphasized the country’s global competitiveness. “Our practice meets international standards; our members are invited abroad to give lectures; and we maintain strong ties with our global counterparts,” she added.
Looking ahead, Dr. Evangelista expressed excitement about the future of rehabilitation medicine, particularly the growing use of performing and visual arts as therapeutic tools for relaxation and emotional release. She also highlighted key advancements in cognitive therapy and osteoporosis treatment.
Among the key medical advancements discussed at the event was the latest research in osteoporosis treatment. One of the event’s highlights was a presentation by Dr. Bonifacio Rafanan, Jr., past president of PARM;, and Dr. Roberto Mirasol, past president of the Philippine College of Endocrinology, Diabetes, and Metabolism (PCEDM), titled “Build Bone First: Updates in the Management of Post-Fracture Patients with Postmenopausal Osteoporosis.”
Experts predict that osteoporosis will cause three million fractures this year, leading to $25.3 billion in healthcare costs. Meanwhile, the Osteoporosis Society of the Philippines Foundation, Inc. (OSPFI) estimates that by 2050, around 10.2 million Filipinos could be affected by the disease.
Dr. Mirasol discussed various osteoporosis treatments, including romosozumab, teriparatide, denosumab, alendronate, and bisphosphonates. Global trials confirm that the latest treatment introduced in the Philippines effectively stimulates bone formation while reducing bone resorption when administered monthly for a year to be followed by bone anti-resorptives, offering hope to very high-risk patients. “This is a game-changer for osteoporosis because it has shown compelling evidence of its effectiveness in boosting bone density and lowering fracture risk,” he said.
Dr. Rafanan Jr. presented case studies of patients using the new treatment, highlighting its benefits for patients with severe osteoporosis. “It’s crucial to have another tool in our arsenal for managing osteoporosis. We’ve long searched for a medication that both builds bone and prevents resorption. Since its introduction last year, we’re closely monitoring results, and so far, patient feedback has been very encouraging. We’re seeing significant improvements,” he noted.
Dr. Dela Cruz highlighted the significant progress of rehabilitation medicine in the Philippines, emphasizing that it has now become an integral part of Filipinos’ healthcare. He noted that the government has fully recognized its importance, as reflected in recent policy developments.
In January 2025, PhilHealth issued Memorandum Circular 2025-0003, which expands coverage for physical medicine, rehabilitation services, and assistive mobility devices. The circular aims to enhance access to quality rehabilitation care while providing financial risk protection. It applies to all contracted health facilities and other entities involved in implementing the benefits package for rehabilitation services.
While significant progress has been made, Drs. Dela Cruz and Evangelista emphasized the need for more specialists in rehabilitation medicine to ensure equitable access to world-class care across the country. They hope to encourage more individuals to pursue this field, bridging gaps in rehabilitation services nationwide.
Early detection and treatment are key to preventing life-changing fractures and preserving bone health. Experts urge those with low bone density or high fracture risk to consult their doctors about the latest treatments. With timely intervention, patients can significantly reduce their risk of fracture and improve their quality of life.
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.
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Solidaridad Bookshop was founded by National Artist for Literature F. Sionil Jose in 1965 because he and his wife, Teresa J. Jose, “wanted Filipinos to read.”
Interview by Patricia Mirasol Video editing by Arjale Queral
What causes reputational damage? How can one mitigate the effects of it? What are ways companies can protect their reputation?
In this B-Side episode, BusinessWorld talks about these topics with R.G. W. Gabunada, a partner at Louder PH, a full-service agency, and the CMO of Mansmith and Fielders, a training and consultancy company.
Interview by Patricia Mirasol Audio editing by Jayson Mariñas
(This article is a paid content published on Spotlight, BusinessWorld’s sponsored section, and therefore does not reflect BusinessWorld’s views on the matter. BusinessWorld does not endorse any cryptocurrency and does not have any legal liability on any decisions derived from reading cryptocurrency-related advertisements published on its platforms. Readers are advised to thoroughly research and understand potential risks before availing cryptocurrency products or services.)
As cryptocurrencies continue to grow in popularity, securing your digital assets is more important than ever. A crypto wallet is essential for storing, managing, and transferring cryptocurrencies safely. But with so many types of wallets available—software, hardware, custodial, and non-custodial—choosing the right one can be overwhelming.
What is a Crypto Wallet?
A cryptocurrency wallet (crypto wallet) is a software application or physical device used to securely store, manage, and transfer cryptocurrencies.
A crypto wallet consists of a pair of cryptographic keys: a public key and a private key.
The public key acts as a public address, similar to a bank account number, where cryptocurrencies can be received.
The private key is used to unlock the wallet and should only be known to the user.
Each key is a long sequence of random characters.
How Does a Crypto Wallet Work?
Crypto wallets do not physically store coins or tokens. Instead, they store keys that create digital signatures, which authorize transactions and grant access to cryptocurrency stored on the blockchain.
To send cryptocurrency, the sender:
Enters the recipient’s public address
Selects the amount to transfer
Confirms the transaction
The sender must also have enough funds to cover the transaction fee, commonly known as the gas fee.
The recipient can then access the received cryptocurrency using their private key.
Types of Crypto Wallets
There are different types of wallets depending on their purpose and level of security.
Software Wallets (Hot Wallets)
Software wallets are digital wallets that run on computers or mobile devices.
Desktop wallets – Installed on a computer, such as Electrum for Bitcoin (BTC), supporting multiple cryptocurrencies.
Mobile wallets – Mobile apps like Best Wallet, Trust Wallet, and Coinbase Wallet for convenient access on the go.
Web wallets – Online wallets accessible via web browsers. While convenient, they pose higher security risks.
Hardware Wallets (Cold Wallets)
Hardware wallets are physical devices designed for secure offline storage, such as Ledger or Trezor. Since they are not connected to the internet, they provide extra protection against cyber threats.
Paper Wallets
A paper wallet is a physical printout of private keys and public addresses. While it minimizes hacking risks, users must take care to prevent loss or damage.
Online Wallets
These wallets are provided by crypto exchanges or online platforms, which manage the private key on behalf of the user.
NFT Wallets
NFT wallets store non-fungible tokens (NFTs). Many wallets now support both cryptocurrencies and NFTs in one place. When choosing an NFT wallet, consider:
Compatibility with NFT marketplaces
The types of tokens it supports
Security features
Multisig Wallets
Multisignature (Multisig) wallets require two or more private key signatures to authorize transactions. These wallets:
Prevent total loss of funds if one key is lost
Enhance security by requiring multiple approvals for transactions
Most wallet types can have a multisig version.
Custodial vs. Non-Custodial Wallets
Crypto wallets can be either custodial or non-custodial:
Feature
Custodial Wallet
Non-Custodial Wallet
Who holds the private key?
Wallet provider
User
Control
Limited (depends on provider)
Full control
User-friendliness
Easier for beginners
Requires more responsibility
Security measures
2FA, biometrics, email confirmations
User-controlled security
Recovery
Provider-dependent
Recoverable via seed phrase
Risk
Provider failure, potential restrictions
User responsibility for security
Backup
Limited control
Seed phrase serves as backup
The phrase “Not Your Keys, Not Your Crypto” highlights the risk of using custodial wallets, as users may lose access if the provider fails. For those looking for full control and security, Best Wallet offers a non-custodial solution, allowing users to safeguard their assets without relying on third-party providers. Plus, its ongoing presale presents an exciting opportunity for early adopters.
Hot Wallets vs. Cold Wallets
Crypto wallets are classified as either hot or cold, depending on their internet connectivity:
Hot wallets are internet-connected (web, mobile, or desktop wallets). They provide easy access but are more vulnerable to cyber threats.
Cold wallets (hardware and paper wallets) store private keys offline, offering stronger security but less convenience.
Many users combine both by keeping small amounts in a hot wallet for daily transactions while storing larger amounts in a cold wallet for added security.
Why Do You Need a Crypto Wallet?
Crypto wallets are essential for managing cryptocurrencies. They:
Store private keys required for access
Generate unique addresses for transactions
Enable sending and receiving of cryptocurrencies
While it is possible to buy, sell, and store crypto on exchanges without a personal wallet, exchanges are best suited for small holdings. For larger amounts, using a hot or cold wallet ensures better security and control.
Additionally, many wallets offer features like portfolio tracking and real-time market monitoring.
Choosing the Right Crypto Wallet: Security, Convenience, and Control
A crypto wallet is essential for securely storing, sending, and receiving cryptocurrencies and NFTs. With different types of wallets available, users can choose between accessibility, security, and control. Whether it’s a software wallet for convenience or a hardware wallet for maximum security, understanding the role and features of a crypto wallet is crucial for any cryptocurrency user.
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.
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WASHINGTON – The U.S. State Department is preparing to shut down almost a dozen consulates that are mainly in Western Europe in the coming months and is looking to reduce its workforce globally, multiple U.S. officials said on Thursday.
The State Department is also looking into potentially merging a number of its expert bureaus at its headquarters in Washington that are working in areas such as human rights, refugees, global criminal justice, women’s issues and efforts to counter human trafficking, the officials said.
Reuters reported last month that U.S. missions around the world had been asked to look into reducing both American and locally employed staff by at least 10% as Trump and billionaire Elon Musk unleash an unprecedented cost-cutting effort across the U.S. federal workforce.
The Republican president wants to ensure his bureaucracy is fully aligned with his “America First” agenda. Last month he issued an executive order to revamp the U.S. foreign service to ensure “faithful and effective” implementation of his foreign policy agenda.
During his electoral campaign, he had repeatedly pledged to “clean out the deep state” by firing bureaucrats that he deems disloyal.
Critics say the potential cuts in the U.S. diplomatic footprint coupled with the dismantling of the U.S. Agency for International Development that provided billions of dollars worth of aid globally risk undermining American leadership and leave a dangerous vacuum for adversaries like China and Russia to fill.
Mr. Trump and Mr. Musk say the U.S. government is too big and American taxpayer-funded aid has been spent in a wasteful and fraudulent way.
Leipzig, Hamburg and Dusseldorf in Germany, Bordeaux, Rennes, Lyon and Strasbourg in France, and Florence in Italy were among a list of smaller consulates that the State Department is considering shutting down, three officials said, adding that could still change as some staff were making a case for them to stay open.
U.S. consulates in Belo Horizonte in Brazil and Ponta Delgada in Portugal were also on the list, the officials said.
“The State Department continues to assess our global posture to ensure we are best positioned to address modern challenges on behalf of the American people,” a State Department spokesperson said.
“ARBITRARY CUTS”
Officials said the department had notified Congress on Monday that it plans to shutter its branch in Turkey’s southeastern city of Gaziantep, a location from which Washington has supported humanitarian work in northern Syria.
“Some of these are so small the savings from cutting is quite insignificant,” one U.S. official said. “It just fits with the theme of the administration’s performative and arbitrary cuts without any method or strategy.”
In Washington, dozens of contractors at the department’s bureau of Democracy, Human Rights and Labor have been terminated in recent weeks. The office at the department overseeing the resettlement of Afghans in the United States has been told to develop plans to close by April, Reuters has reported.
Several dozen contractors in that bureau were being terminated.
Diplomats working on Asia affairs were asked to submit a brief assessment to justify the continuation of U.S. missions in the region. An early February internal State Department email asked officials to make a short summary addressing the mission’s diplomatic importance and relevance to the “America First agenda”, according to the email, seen by Reuters.
The department operates in more than 270 diplomatic missions worldwide with a total workforce of nearly 70,000, according to its website. About 45,000 are locally employed staff, 13,000 are members of the foreign service and 11,000 are civil service employees.
Following Mr. Trump’s sweeping freeze on almost all U.S. foreign aid, thousands of USAID staff and contractors were terminated or put on leave, and billions of dollars worth of life-saving humanitarian aid has been cut. – Reuters
WASHINGTON – U.S. President Donald Trump signed an executive order on Thursday to establish a strategic bitcoin reserve, a day before meeting with executives from the cryptocurrency industry at the White House.
The reserve will be capitalized with bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings, the White House crypto czar, billionaire David Sacks, said in a post on social media platform X.
Attendees at Friday’s White House crypto summit expect the event to serve as a stage for Trump to formally announce his plans to build a strategic reserve containing bitcoin and four other cryptocurrencies.
Earlier this week, Mr. Trump announced the names of five digital assets he expects to include in this reserve, spiking the market value of each. The five are bitcoin, ether, XRP, solana and cardano, the president said.
It is not clear how such a reserve would work or how it would benefit taxpayers. Mr. Sacks said the federal government will have a strategy to maximize the value of its holdings in such a reserve, without offering details.
“The U.S. will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called “digital gold”, Mr. Sacks said.
Mr. Trump’s moves to support the crypto industry, which spent millions backing him and other Republicans in the November elections, have drawn concern from some conservatives and crypto backers over giveaways to an already wealthy community and delegitimizing the digital currency industry.
Proponents argue that a reserve would help taxpayers benefit from crypto’s price growth.
Bitcoin briefly tumbled more than 5% to below $85,000 following Sacks’ post, and last changed hands at $88,107.
“This is the most underwhelming and disappointing outcome we could have expected for this week,” Charles Edwards, founder of Bitcoin-focused hedge fund Capriole Investments, wrote in a post on X.
“No active buying means this is just a fancy title for Bitcoin holdings that already existed with the Govt. This is a pig in lipstick.”
Trump’s executive order directed the secretaries of Treasury and Commerce to develop “budget-neutral strategies” for acquiring additional bitcoin that have no “incremental costs” on taxpayers.
Mr. Sacks estimated the U.S. government owns about 200,000 bitcoin and premature sale of the cryptocurrency has cost the American taxpayer $17 billion. It was not clear how Sacks arrived at these estimates.
The president’s support for the crypto industry has also sparked conflict-of-interest concerns. Trump’s family has launched cryptocurrency meme coins, and the president also holds a stake in World Liberty Financial, a crypto platform.
His aides have said Mr. Trump has handed over control of his business ventures, which are being reviewed by outside ethics lawyers. – Reuters
Note: This device was used by a legitimate person with disability (PWD). For her privacy, she has requested that her real name is not used.
Around 15 years ago, fitness trackers were the pioneers in the smartwatch space, then offering basic step counting and activity tracking.
As technology advanced, smartwatches have begun to come with more advanced health and fitness features, as well as connectivity and communication tools. Now, smartwatches are well sought after by tech, fitness, and fashion enthusiasts alike.
With more sophisticated features, comes a higher price tag, which make smartwatches an afterthought for people dealing with medical conditions on a daily basis.
Rose, 40, has been living with lupus for the past 17 years. Her condition frequently impacts her daily life significantly.
“I never really thought about buying a smartwatch. I have to prioritize my medicine,” she said.
The demands of her profession, combined with the concerns stemming from her lupus, leave her with little time to explore other interests. With the high cost of her medication, gadgets are often not on her shopping list.
BusinessWorld received a Huawei Band 10 for review purposes, and with the device’s affordability, and focus on health and wellness, Ms. Rose was asked to try it out and share her feedback.
Source: Huawei
Technical Specifications
The Huawei Band 10 is small but has an AMOLED display that offers sharp and vibrant visuals.
Connectivity is smooth with iOS (13.0 and above) and Android (9.0 or later) with the Band 10’s support for Bluetooth 5.0 and Wi-Fi.
The battery life of the Band 10 makes it quite convenient and efficient. The device can fully recharge in about 50 minutes, and can last two weeks on a single charge.
“I used it for three days and I didn’t need to charge it. I was worried that I would need to hook it up frequently,” Ms. Rose said.
Physical Attributes
Source: Huawei
The Band 10 stands out with its ultra-slim design, measuring only 8.99mm thick and weighing 15g for the aluminum alloy variant or 14g for the polymer plastic model.
Its strap is soft and comfortable, making it ideal for all-day wear. Available in an array of colors, including purple, pink, blue, and luminous green, the device combines style with functionality.
“I’m not really a watch person. Actually, I don’t really wear too many accessories, but this is comfortable and light,” Ms. Rose commented.
Features
The Huawei Band 10 is a powerhouse of health and fitness features. It offers comprehensive health tracking, including heart rate monitoring, SpO2 tracking, sleep monitoring, and stress tracking.
The emotional well-being assistant utilizes heart rate variability data to monitor mood and provide useful insights.
Huawei Band 10 | photo by BusinessWorld
“I particularly found the emotional well-being feature to be quite useful. I have a lot of stress from work and my lupus that this helps remind me to just inhale and exhale,” Ms. Rose said.
For people who have a more active lifestyle, the Band 10 offers over 100 workout modes for a wide range of fitness activities.
It also offers real-time workout guidance and post-workout analysis to help you enhance your training.
The Band 10’s advanced sleep monitor delivers comprehensive insights into sleep patterns and quality, covering stages such as deep sleep, light sleep, and REM.
“The sleep monitor is also quite useful. I find that being able to check the amount of rest I get is critical to keeping my illness at bay,” Ms. Rose said.
Source: Huawei
Customization
With over 700 watch faces and customizable widgets, users can tailor-fit their experience with the Band 10 to suit their preferences.
“Being able to change watch faces has become a stress reliever. Changing the way it looks makes me look forward to something new,” Ms. Rose said in an amused tone.
User Suitability
The Huawei Band 10 serves as a versatile and essential tool for a wide variety of users, offering crucial health and fitness features in a sleek and stylish design.
Its lightweight and comfortable design would certainly be appreciated by fitness enthusiasts, along with its various workout modes.
But for this review, the Band 10 posed especially beneficial for those with health conditions that need to keep track of their health and stress levels.
“Before I had to rely on several other medical devices just to check how I am. But with this device, I just have to look at my wrist and have an overview of my health and wellness,” Ms. Rose said.
With its affordable price, the Huawei Band 10 is accessible to those on tight budgets due to medical expenses. It provides excellent value for money with its extensive features and high-quality build. – Jino Nicolas, BusinessWorld
With the support of Kinetix Lab, actress and doting mother Kylie Padilla resolves to regain her strength for the sake of her children and herself with a coaching and recovery program tailored for busy women like her
Kylie Padilla embraces an active lifestyle, and she’s proud to take on roles that highlight her skills in martial arts, gymnastics, and wushu, to name a few. Kylie also has made it her mission in life to be an extremely involved mother to her two sons, Alas and Axl. “I wake up at 7 a.m. because the kids are already awake at that time. And then usually, I’ll cook breakfast or eat breakfast with them either way. And then I’ll bathe, dress them, and then I’ll take them to school,” says Kylie. Juggling between motherhood and her grueling schedule as an actress, Kylie made sure that everything is almost within her reach at home. “I set up a gym so I can work out at home. And I also have a home studio where I do my shoots for brand tie-ups,” she shares. The 32-year-old admits to the lack of focus when it comes to working out even though she has a gym set up at home. “For a long time, I mistakenly equated working out with just losing weight. I even tried to replicate the unhealthy dieting behaviors of my younger years, which are no longer realistic or healthy for me. My body is not the same anymore,” says Kylie. She also mentioned a recent incident from their international trip wherein she tried carrying her youngest but ended up injuring her shoulder. “Those are the signals your body is giving you that you already need a remedy. That you are in fact doing something wrong. That even if you’re skinny, your bones and muscles are weak,” shares Kylie. That was why the first thing on her to-do list this year was to go to a gym that specializes in strength and conditioning training.
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“Strength and conditioning are essential for women for a variety of reasons. Not only does it help with muscle gain and fat loss, but it also promotes bone health, increases metabolism, and improves overall functional strength,” shares Kinetix Fitness Manager Iggy Baldovino. He continues, “as women age, strength training becomes even more important to prevent muscle loss and maintain a healthy metabolism. Conditioning work, on the other hand, keeps the cardiovascular system strong and helps with recovery, ensuring women can perform at their best no matter what phase of their cycle they’re in.” Kinetix Lab, the premier strength and conditioning training gym in the country, offers targeted programs for women depending on what they need. The Fit & Fierce Training Program is designed for women who want to lose fat and increase muscle. It works by synchronizing workouts with the body’s hormonal responses. Kylie admits to being a healthy eater, which would work well for her goal to have a stronger body, however, she’s also guilty of being an “emotional eater.” “When I’m going through something or I’m stressed, I will eat. I will eat sweets like chocolates, cakes, and sugary drinks,” confesses Kylie. “For women aiming to lose fat and gain muscle, the focus should be on a balanced diet with a slight calorie deficit while prioritizing protein to support muscle growth and recovery. Healthy fats and complex carbs should also be included for energy…. Minimizing refined sugars can support metabolism and muscle-building,” says Coach Iggy.
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Kylie has started training at Kinetix Lab under the Fit & Fierce Training Program and so far, she’s really enjoying it. She sees the importance of following a program, as well as being guided by a coach. “I love it because I can be myself. I mean I’m not pretending that I’m a martial artist, that I’m good. I really lowered all of my ego. I’m comfortable enough to be honest. I don’t need to pretend that I can do this immediately,” shares Kylie. She also states that she is willing to be corrected on incorrect exercise movements that she’s been doing. “I’m so open and grateful to be corrected because I was confident that I knew what I was doing. It’s so nice to have a coach that guides you and corrects you so you won’t get injured,” she says. Kinetix Lab employs both male and female coaches, carefully selected for their expertise and social competence. They are trained not only to provide expert fitness guidance but also to offer crucial support throughout their clients’ fitness journeys. “It’s incredibly empowering, especially because my coach is a woman. She understands the specific muscle groups women need to strengthen, and the program that I’m in, which is the Fit & Fierce Program, is tailored accordingly to what my fitness goal is this year. For me, it’s not about competing with men; it’s about working at my own pace. This is so important to me, as a mom of two,” Kylie shares. She also learned the importance of recovery from her coach and she’s glad that at Kinetix Lab, recovery services are also being offered. “If I have any concerns with my body, before or after a workout, anything that’s painful, they can deal with that too. It’s not an afterthought. You have to make time for recovery,” she says.
As a busy mom and a woman her age, Kylie says that her drive to regain overall strength is for her kids and for her self-esteem. “Women are often recognized for their emotional strength, but physical strength brings a different kind of self-esteem. When we feel physically capable and see how it translates into everyday life — like being able to easily carry my kids and stay active with them — that’s when I truly appreciate my strength,” shares the young mom. Her advice to both men and women who would like to begin their fitness journey is to just start. “Everything is hard at first. But the sense of empowerment that comes from regaining lost strength, and being able to use it in your daily life, is truly remarkable. Kinetix Lab is helping me achieve that goal.”
To learn more about the Fit & Fierce program and other #StrongisBeautiful training options at Kinetix Lab, DM them on Instagram (@kinetixlab) or visit Kinetix Lab at U.P. Town Center, The Podium Mall, or One Ayala Mall.
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But for this review, the Band 10 posed especially beneficial for those with health conditions that need to keep track of their health and stress levels.
As a busy mom and a woman her age, Kylie says that her drive to regain overall strength is for her kids and for her self-esteem. “