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PLDT, Smart report blocking 16 billion cyberattacks in 2023

TELECOMMUNICATIONS provider PLDT Inc. and its wireless arm Smart Communications, Inc. reported stopping 16 billion cyberattacks last year as they sought to enhance customer experience.

In a weekend statement, PLDT noted that the blocked cyberattacks in 2023 were nearly 9,000% higher than the 182 million recorded in 2022.

“PLDT and Smart’s… cybersecurity culture has enabled us to fend off these attempts from breaching our network and assets,” PLDT, Smart, and ePLDT Chief Information Security Officer Angel T. Redoble said.

“Our cybersecurity agents undergo regular training. We upgrade our tools. And we engage partners who can help us secure our most important asset —our customers,” he added.

At the same time, he said that the Philippine government must oversee the country’s cybersecurity master plan to address escalating threats.

“We are in the middle of a cyberwar. We need to secure our country’s vital infrastructures like energy, telecoms, and financial services. If we talk about cyber resiliency, stakeholders — both private entities and government units — must collaborate. And we need the government to orchestrate our efforts,” Mr. Redoble said.

“Cyberattacks surge during holidays because that’s when people are distracted by the festivities. But for us, that’s when we are at the highest alert level. We’re not only protecting the company, but the entire Filipino people who rely on our services, especially in an increasingly digital landscape,” he added.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

UGEP aims for 700 MW in solar projects by 2028

ENERGY company Upgrade Energy Philippines, Inc. (UGEP) is planning to install up to 700 megawatts (MW) of solar projects by 2028, encompassing utility-scale, commercial, and industrial solar rooftop and ground-mounted projects, a company official said.

“We are very bullish on the growth of solar in the country,” UGEP President and Chief Executive Officer Ruth Yu-Owen said on Saturday.

UGEP is a joint venture between renewable energy company PhilCarbon, Inc. and Belgian company Upgrade Energy.

The company collaborated with Merbau Corp. to construct a 13.811-MW-peak rooftop-mounted solar project in Batangas, serving as the engineering, procurement, and construction contractor. Merbau is the renewable energy arm of Gokongwei-led JG Summit Holdings, Inc.

UGEP announced the completion of the solar project in November last year, designed to fulfill the energy requirements of JG Summit’s petrochemical complex.

In the previous year, UGEP partnered with AboitizPower Distributed Renewables, Inc., a subsidiary of AboitizPower Corp., for a joint venture focused on commercial and industrial solar projects.

UGEP is also in the process of developing multiple utility-scale solar projects, including a 150-MW utility-scale solar project in Luzon.

“We believe that the future energy landscape will be one of 100% renewable energy, strategically located close to demand centers and sized appropriately to limit grid constraints and minimize losses,” Ms. Yu-Owen said. — Sheldeen Joy Talavera

Profit taking lifts Bloomberry share price

BLOOMBERRY RESORTS Corp. was the twelfth most actively traded stock last week as investors took profit and expressed optimism ahead of the opening of a new property in the country.

A total of P654.56 million worth of 60.45 million shares exchanged hands at the local bourse from Jan. 22 to 26, according to data from the Philippine Stock Exchange (PSE).

The Razon-led leading integrated resort developer and operator’s shares finished at P10.98 apiece on Friday, marking an 8.7% increase week on week. Year to date, the stock’s price has risen by 11.6%.

“While there appears to be no material news flows on Bloomberry last week, we think the stock’s positive price action can be partly attributed to strong foreign interest, as net foreign buying this week amounted to P269 million,” Rastine Mackie D. Mercado, China Bank Securities Corp. research director, said in an e-mail.

Mr. Mercado also said that investors’ optimism ahead of the opening of its new property, Solaire Resort North, within the first half of this year added to the stock’s active trading.

Bloomberry saw net foreign buying in four out of five trading sessions last week, with net foreign buying of shares amounting to P269.32 million from Jan. 22 to 26, according to PSE market data.

In a separate report, Bloomberry said that Solaire Resort North in Quezon City is set for completion by March, marking its second casino resort in the Philippines. The company anticipates that the opening of the property will strengthen its market position in the country.

Construction of the casino was interrupted in March 2020 due to coronavirus disease-related lockdowns, causing delays in the delivery of materials needed for the property.

Apart from Solaire Resort North, Bloomberry’s other properties include Solaire Resort Entertainment City in Parañaque City and Jeju Sun Hotel & Casino in Korea.

“Overall market sentiment help rally Bloomberry. Investors are also anticipating the opening of Solaire Resort North this coming March 2024 that would help push revenue upwards for Bloomberry,” Jeff Radley C. See, an analyst at Mercantile Securities Corp., said in a Viber message.

“We think that Bloomberry might hit P50 billion for the end of 2023,” Mr. See added.

For the first nine months of 2023, Bloomberry recorded a 106% jump in consolidated net income to P8.27 billion, and consolidated net revenue surged 32.4% to P36.11 billion.

Total gross gaming revenues of the company’s Solaire Resort Entertainment City dropped 0.5% to P13.3 billion from P13.4 billion last year, while VIP rolling chip volume, mass table drop, and electronic gaming machine coin-in reached P146 billion, P13.9 billion, and P91.2 billion, showing year-over-year growth of 10%, 31%, and 7%, respectively.

Mr. Mercado anticipates top line expansion for Bloomberry this year, underpinned by incremental revenues from the opening of Solaire North within the first half of 2024 and expectations of a continued rebound in foreign tourist arrivals.

The Department of Tourism reported 5.45 million international visitors in 2023, surpassing its target of 4.8 million. The total tourist arrival in 2023 more than doubled the 2.6 million tourists from the previous year.

For the next week, Mr. Mercado set the stock’s support level at P10.28 per share and its resistance level at P12 per share.

Mr. See placed the company stock’s resistance levels between P11.38 and P12 apiece, with support levels at P10.88 and P10.48 apiece. — Lourdes O. Pilar

CAMPI/TMA total vehicle sales 2019-2023

CAMPI-TMA-TOTAL-VEHICLE-SALES-2019-2023INFOGRAPHICS BY THEA MAIRI A. CASTILLO/IMAGE FROM FREEPIK

Are you guilty of virtue signaling?

MATHEUS VIANA-UNSPLASH

In recent years, the term “virtue signaling” has infiltrated public discourse, reflecting a phenomenon where individuals or organizations proclaim their commitment to certain values, often without substantial action. As we navigate the complexities of this societal trend, let’s delve into instances of virtue signaling within various organizations.

THE PROS OF VIRTUE SIGNALING

Awareness and Advocacy: One of the primary advantages of virtue signaling is its potential to raise awareness and advocate for important social causes. When individuals or organizations use their platforms to speak out on issues like environmental conservation, human rights, or social justice, they can contribute to broader conversations and mobilize support.

Brand Loyalty and Customer Engagement: Consumers increasingly seek out brands that align with their values. Virtue signaling, when authentic and backed by genuine efforts, can foster a sense of connection and loyalty among consumers. Brands that actively participate in social and environmental causes may find that their customers are more engaged and committed.

Cultural and Social Progress: Virtue signaling can be a catalyst for cultural and social progress. When influential figures or organizations publicly endorse inclusive values, they contribute to shaping a more tolerant and accepting society. This can lead to positive shifts in public discourse and policies.

THE CONS OF VIRTUE SIGNALING

Hypocrisy and Inconsistency: A major criticism of virtue signaling is the potential for hypocrisy and inconsistency. Accusations often arise when individuals or organizations proclaim support for a cause but fail to implement meaningful changes internally. This disjunction between public declarations and actual practices can erode trust.

Tokenism and Superficiality: In some cases, virtue signaling is seen as being merely symbolic, with little substance behind the gestures. When brands or personalities engage in tokenism — making superficial changes without addressing deeper issues — it can be perceived as opportunistic and insincere.

Backlash and Cynicism: Virtue signaling can attract a backlash, especially when it is perceived as opportunistic or insincere. Critics argue that some individuals and organizations exploit social issues for personal gain or to enhance their public image. This can lead to public cynicism, where genuine efforts are met with skepticism.

There are several examples of controversies that surround the issue of virtue signaling.

Several brands have faced criticism for engaging in greenwashing — a form of virtue signaling where companies exaggerate or falsely claim their commitment to environmentally friendly practices. In 2019, a car company faced a backlash for promoting their electric vehicles while simultaneously being embroiled in a scandal involving diesel emissions. Celebrities are often under the spotlight for their public statements and actions. A popular singer, for instance, faced criticism for posting a black square on social media without concrete actions to address racial injustice. Several corporations have been criticized for virtue signaling in the realm of diversity and inclusion. Allegations often center on companies making public commitments to diversity without implementing substantive changes in their hiring practices or organizational culture.

Indeed, virtue signaling, on the surface, appears noble — a declaration of values and principles that align with societal expectations. However, its authenticity often comes under scrutiny when actions fail to substantiate the declared virtues.

In the Asian corporate sphere, this trend has become increasingly conspicuous. Many organizations are quick to jump on social justice bandwagons, aligning their brands with popular causes to resonate with consumers and stakeholders. However, the effectiveness and authenticity of these gestures remain questionable.

Take, for instance, a recent campaign by a major fast-food chain. The company launched an initiative to promote environmental sustainability, pledging to reduce plastic usage in its packaging. While this may seem like a laudable move, critics argue that it merely scratches the surface of the environmental issues plaguing the country. The organization’s core operations, they argue, continue to contribute significantly to ecological degradation.

In the tech industry, some Asian giants have also embraced virtue signaling, particularly in the realm of diversity and inclusion. A multinational tech corporation recently celebrated its commitment to gender equality, with colorful social media campaigns and statements during corporate events. However, insiders argue that the company’s leadership still lacks gender diversity, and women remain underrepresented in key decision-making roles.

The essence of virtue signaling lies in the disjunction between words and actions. It often involves carefully curated public relations maneuvers that prioritize optics over substance. As organizations become increasingly attuned to the demands of a socially conscious audience, there’s a danger of performative activism overshadowing genuine efforts toward positive change.

In the Philippines, where social media has a significant influence on public perception, virtue signaling has found fertile ground. Companies are keenly aware that aligning themselves with popular causes can enhance their brand image. However, the discerning consumer base is becoming more adept at distinguishing between authentic commitment and mere posturing.

Virtue signaling isn’t solely confined to the corporate sector; it permeates various facets of society. Even political figures and non-profit organizations are not immune. The challenge lies in fostering a culture where genuine action aligns with professed values.

As we navigate this landscape, it is crucial for consumers and stakeholders to demand transparency and accountability from the entities they engage with. Scrutiny of virtue signaling practices can prompt organizations to shift from mere symbolic gestures to meaningful, impactful actions.

Virtue signaling is a complex and multifaceted phenomenon that permeates various aspects of contemporary discourse. While it can serve as a powerful tool for raising awareness and advocating for positive change, the pitfalls of hypocrisy and superficiality underscore the importance of authenticity.

As individuals and organizations navigate the delicate balance between expressing values and taking meaningful action, the scrutiny of public discourse will continue to shape the evolving dynamics of virtue signaling. As we reflect on the examples of controversies surrounding virtue signaling, it becomes evident that the public demands a higher standard of accountability and sincerity from those who seek to signal virtue in the public sphere. Ultimately, the challenge lies in fostering a culture where expressions of moral values are not just performative but are rooted in genuine efforts toward positive change.

Indeed, the rise of virtue signaling calls for a nuanced examination of the motivations and actions behind these declarations. Genuine commitment to values requires more than rhetoric — it demands tangible, sustained efforts. As consumers and citizens, we hold the power to encourage authenticity, pushing organizations to move beyond the superficial and truly embody the virtues they claim to champion.

 

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

ron.jabal@pageone.ph

rfjabal@gmail.com

France drops plan to decrease farmers’ diesel discount but protests to continue 

REUTERS

MONTASTRUC-DE-SALIES, France — The French government dropped plans to gradually reduce state subsidies on agricultural diesel but that seems not enough for angry farmers surrounding Paris and still threatening to converge on the capital in their tractors.

After two weeks of protests that have spread across France, with irate farmers on Friday blocking a major highway out of Paris, Prime Minister Gabriel Attal announced a series of measures to ease financial and administrative pressure on farmers.

“We have decided to pursue our movement. The prime minister had not responded to all of our questions,” Arnaud Rousseau, head of FNSEA, France’s biggest farming union, told French TV station TF1.

Speaking earlier in a mountain village farm near the Spanish border, with his notes on a bale of hay, Mr. Attal said: “We will put agriculture above everything else.”

He said a plan to phase out state support on diesel would be scrapped, red tape simplified and an appeal lodged with the European Union for a waiver on bloc-wide rules on fallow land. “We will stop this Kafka-esque system,” said Mr. Attal, 34, France’s new prime minister, in response to the first big crisis of his premiership.

“We will stop this planned trajectory of increasing tax on non-road diesel fuel.” Mr. Attal also announced a raft of other steps designed to quell the unrest that has seen farmers spray manure over a public building and supermarket, dump hay bales in highways and empty the contents of trucks carrying fresh produce from neighboring countries.

France would remain opposed to signing the Mercosur free-trade deal, which farmers say will flood the country with cheaper Latin American meat and produce, he said.

France will also push to ease European Union rules forcing farmers to leave some of their land fallow.

Ahead of Mr. Attal’s announcements, farmers had threatened to take their protest into central Paris. “We will go right into Paris to highlight our rage, our grievances,” said farmer Matteo Legrand.

Some farmers called Mr. Attal’s pledges an encouraging start, with the road blockade in southern France, where the French prime minister spoke with demonstrators after his announcements, to be lifted on Saturday.

“That is one blockade but there are 100 more blockades. What was announced (…) does not calm the anger,” Mr. Rousseau said, adding he was waiting for an invitation from Mr. Attal to resume talks.

Earlier on Friday, the finance and farm ministers held emergency talks with food industry officials about fair prices for produce — a “number one priority” for farmers who say they are on the sharp end of the government’s drive to lower consumer prices.

Finance Minister Bruno Le Maire said the government would “double down” on enforcing a law aimed at guaranteeing fair farmgate prices and vowed to be “pitiless” towards the supermarkets.

Mr. Le Maire has previously spent months pressuring food retail giants such as Carrefour and Danone to lower their prices after a phase of high inflation, thereby earning the ire of farmers.

France is the European Union’s biggest agricultural producer. France’s protests follow similar action in other European countries, including Germany and Poland, six months ahead of European elections in which the far right — for whom farmers represent a growing constituency — are seen making gains. — Reuters

Artist Richard Prince to pay photographers in copyright fight

RICHARDPRINCE.COM

AMERICAN PAINTER and photographer Richard Prince can no longer sell artworks that incorporate pictures taken by a pair of photographers and has agreed to hand over five times what he earned from their sales, a Manhattan federal judge said in court orders. US District Judge Sidney Stein issued the final judgments on Thursday in long-running lawsuits brought by Donald Graham and Eric McNatt, who accused the prominent appropriation artist Prince of misusing their photos in his work.

A trial in Mr. McNatt’s case was scheduled to start Monday, and Mr. Graham’s trial was set to start Feb. 20. The judgments did not specify how much Mr. Prince must pay the pair.

The cases had been considered potential tests for further defining the copyright doctrine of fair use.

Prince’s studio manager Matt Gaughan said that the artist was “pleased to have finally resolved these long-standing matters without the spectacle and burden of further litigation.”

Mr. Graham called his judgment a “victory I share with other artists who depend on copyright protection to secure a return for their creative contributions.” The photographers’ lawyer David Marriott said that the judgments “demonstrate that there is not a fair use exception to copyright law that applies to the famous and another that applies to everyone else.”

Mr. Prince is a New York-based modern artist whose works have appeared in galleries including New York’s Guggenheim Museum and the San Francisco Museum of Modern Art. His series New Portraits featured photos taken from Instagram accounts and printed onto large canvasses with selected user comments displayed underneath.

Mr. Graham said in a 2015 lawsuit that Prince misused his photo of a Rastafarian man smoking a joint in the series. Mr. McNatt accused Prince of misusing his picture of Sonic Youth band member Kim Gordon the next year.

Mr. Prince has defeated similar allegations before. The 2nd US Circuit Court of Appeals decided in 2013 that works from his Canal Zone series made fair use of photographer Patrick Cariou’s pictures of Rastafarians by transforming them with an “entirely different aesthetic.” Mr. Prince told the Manhattan district court that he similarly transformed Mr. McNatt and Mr. Graham’s pictures, arguing that he turned “austere” depictions of “a female rocker in a defiant pose” and “a Rastafarian smoking marijuana” into an “ode to social media.”

The photographers responded that Prince’s work was “a paradigmatic example of the exploitive behavior the copyright laws were enacted to prevent.”

Mr. Stein said in May that Mr. Prince’s fair-use argument was not strong enough to end the case. — Reuters

How PSEi member stocks performed — January 26, 2024

Here’s a quick glance at how PSEi stocks fared on Friday, January 26, 2024.

Market to stay cautious before PHL GDP report

INVESTORS are expected to take a cautious stance this trading week as they await the release of fourth quarter and full-year 2023 Philippine gross domestic product (GDP) data.

The Philippine Stock Exchange index (PSEi) rose by 12.59 points or 0.18% to end at 6,686.09 on Friday, while the broader all shares index climbed by 0.42 point or 0.01% to close at 3,508.61.

Week on week, the PSEi went up by 182.55 points or 2.81% compared to its 6,503.54 close on Jan. 19.

“The local bourse resumed its upward trend, banking on regional markets’ strength supported by China’s stimulus measures and higher-than-expected US GDP in the fourth quarter of 2023,” online brokerage 2TradeAsia.com said in a report. 

The US economy grew faster than expected in the fourth quarter amid strong consumer spending, and shrugged off dire predictions of a recession after the US Federal Reserve aggressively raised interest rates, with growth for the full year coming in at 2.5%, Reuters reported.

Gross domestic product increased at a 3.3% annualized rate last quarter after advancing at a 4.9% pace in the third quarter, the Commerce department’s Bureau of Economic Analysis said. Economists polled by Reuters had forecast GDP rising at a 2% rate.

Growth last year accelerated from 1.9% in 2022, and was the fastest in two years.

For this week, the market may stay cautious before the release of Philippine GDP data on Wednesday, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message

“Investors are expected to watch out primarily for our fourth quarter and full-year 2023 GDP data. Investors may also continue to watch out for clues with respect to the outlook of our country’s inflation and interest rates,” Mr. Tantiangco said.

“The record high performances in Wall Street, if they continue, are expected to give the market a boost. However, the current weakness seen in the local currency, if sustained, may weigh on the local bourse,” he added.

Any discussions about an interest rate cut during the Fed’s policy meeting this week could also affect the local market, China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“Amidst a slew of economic data and month-end trading, the market is likely to react mainly to the Philippines’ fourth quarter GDP growth print and, more crucially, the remarks of Federal Reserve Chair Jerome Powell after US central bankers conclude their policy meeting on Wednesday,” Mr. Colet said.

“Any indication of a US rate cut as soon as March or May this year could fuel bullish bets and propel our market higher. Conversely, any erosion in the probability of an early dovish pivot in US monetary policy could lead to further market consolidation,” he added.

2TradeAsia.com put the PSEi’s immediate support at 6,500 and resistance at 6,700-6,800. — R.M.D. Ochave with Reuters

Peso to stay at P56 level ahead of PHL GDP data

JULIAN PAOLO DAYAG-UNSPLASH

THE PESO is expected to remain at the P56-per-dollar level this week as the market awaits the release of Philippine gross domestic product (GDP) data and the US Federal Reserve’s policy decision.

The local unit closed at P56.29 per dollar on Friday, strengthening by 24 centavos from its P56.53 finish on Thursday, Bankers Association of the Philippines data showed.

Week on week, the peso weakened by 32 centavos from its P55.97 finish on Jan. 19.

The peso opened Friday’s session at P56.50 against the dollar. Its intraday best was at P56.29, while its weakest showing was at P56.54 versus the greenback.

Dollars exchanged went down to $1.38 billion on Friday from $1.47 billion on Thursday.

The peso strengthened against the dollar on Friday amid hawkish signals from the Bangko Sentral ng Pilipinas (BSP) chief, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

BSP Governor Eli M. Remolona, Jr. said last week that the central bank is unlikely to cut rates at its Feb. 15 meeting amid lingering risks to inflation.

“At this point, a rate cut is not likely (on) Feb. 15,” Mr. Remolona said in mixed English and Filipino, adding that the “numbers we are seeing” show the need to keep policy settings sufficiently tight for some time.   

The Monetary Board hiked borrowing costs by 450 basis points (bps) from May 2022 to October 2023, bringing the key interest rate to a 16-year high of 6.5%.

“[The peso-dollar] pair was supported on dips today, following the robust US GDP data overnight,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message on Friday.

The US economy grew faster than expected in the fourth quarter amid strong consumer spending, and shrugged off dire predictions of a recession after the Federal Reserve aggressively raised interest rates, with growth for the full year coming in at 2.5%, Reuters reported.

Gross domestic product increased at a 3.3% annualized rate last quarter after advancing at a 4.9% pace in the third quarter, the Commerce Department’s Bureau of Economic Analysis said.

Economists polled by Reuters had forecast GDP rising at a 2.0% rate. Estimates ranged from a 0.8% rate to a 2.8% pace. The economy is expanding at a pace above what Fed officials regard as the non-inflationary growth rate of 1.8%.

Growth last year accelerated from 1.9% in 2022, and was the fastest in two years. From the fourth quarter of 2022 through the fourth quarter of 2023, the economy grew 3.1%, blowing away economists’ estimates for a 0.1% contraction back in December 2022.

For this week, the peso could stay at the P56 level as the market awaits the release of fourth quarter and full-year 2023 Philippine GDP data, Mr. Roces said.

Philippine economic growth likely slowed in the fourth quarter of 2023 to bring the full-year expansion below the government’s target, analysts polled by BusinessWorld said.

GDP likely grew by 5.7% in the fourth quarter of 2023, based on the median estimate of 20 economists polled by BusinessWorld.

This would be slower than the 5.9% growth logged in the third quarter of 2023 and the 7.1% expansion seen in the same period in 2022.

For 2023, GDP growth may have averaged 5.5%, short of the government’s 6-7% target. This would be well below the 7.6% expansion in 2022.

The market will also await the Fed’s policy decision this week, Mr. Ricafort added.

The US central bank is widely expected to keep the fed funds rate steady at the 5.25-5.5% range during its Jan. 30-31 meeting.

The Federal Open Market Committee raised borrowing costs by a total of 525 bps from March 2022 to July 2023.

Mr. Roces expects the peso to move between P56.20 and P56.80 per dollar this week, while Mr. Ricafort sees it ranging from P56 to P56.50 against the greenback. — A.M.C. Sy with Reuters

Agriculture output rebound seen possible in 2023 on base effects

PHILIPPINE STAR/KRIZ JOHN ROSALES

By Adrian H. Halili, Reporter

A REBOUND in agricultural output was deemed likely in 2023, with analysts citing the low base the industry is coming off  in 2022.

“We forecast growth of 1.3% this 2023 with crops and poultry contributing significantly,” former Agriculture Secretary William D. Dar said in a text message.

“Very hard to determine. But since we are coming from a low base in 2022, I would not be surprised if there is a slight uptick in output in real terms,” Federation of Free Farmers National Manager Raul Q. Montemayor said in a Viber message.

If the forecasts are borne out, they would reverse the 0.1% contraction in the value of production in agriculture and fisheries in 2022, at constant 2018 prices.

The decline in 2022 output was due to weak production in crops and fisheries, according to the Philippine Statistics Authority (PSA).

Agriculture production fell 0.3% in the third quarter of 2023.

Agriculture accounts for about a tenth of gross domestic product  and around a quarter of all jobs.

Earlier, Agriculture Assistant Secretary and Spokesperson Arnel V. de Mesa told reporters that the DA is expecting “positive growth” in agriculture output for 2023 though the growth would fall below 3-4%.

Mr. De Mesa said that the lack of major typhoons and disasters during the fourth quarter likely improved overall farm output for the year.

The DA’s official target is 2.3%-2.5% growth in 2023.

Mr. Montemayor said that the growth in production would be buoyed by “generally good weather” and higher farmgate prices, mainly for palay or unmilled rice.

The National Food Authority (NFA) raised buying prices for palay in September to P19-23 per kilogram for dry and P16-19 per kilo for wet palay.

Palay production for 2023 was initially estimated to have grown 1.53% to 20.06 million metric tons (MT), exceeding the 20 million MT target set earlier by the DA.

“Historical high, yes, but actually a minimal increase, not even enough to offset population and demand growth. (Gross Value Added) palay grew much larger due to an increase in farmgate prices,” Mr. Montemayor added.

The national farmgate price for palay rose 14% to an average of P19.89 per kilo in 2023.

National daily consumption of rice is equivalent to 33,983.5 MT or 679,670 bags, according to the NFA.

Elias Jose M. Inciong, president of the United Broiler Raisers Association, said the poultry segment has continued to be a growth driver in overall agricultural production.

However, the H5N1 Highly Pathogenic Avian Influenza (HPAI), or bird flu, continues to hinder further growth, Mr. Inciong added.

“HPAI will always be a concern unless and until we have effective vaccines for breeders and layers,” he said.

In November, the DA released guidelines for the deployment of bird flu vaccines to be administered to commercial farms for layer chicken, layer chicken breeders, broiler chicken breeders, free-range breeders, grandparent broiler breeders, as well as small-hold layer/native chicken, duck, game fowl, turkey, and goose farms.

The DA said that it will give priority in deploying protective emergency vaccines to areas with a high concentration of HPAI cases.

He said that the poultry industry will likely post 4% to 6% growth this year, “if we can minimize disruptions from imports and provide strong domestic support.”

“Livestock and fisheries are still struggling. There is African Swine Fever (ASF) contributing largely to the level of performance of the pig industry,” Mr. Dar added.

About 21 provinces have active cases of ASF as of Jan. 18, according to the Bureau of Animal Industry (BAI).

Production in the fisheries sector contracted 5% in 2022, and 6.1% during the third quarter of 2023.

The Bureau of Fisheries and Aquatic Resources (BFAR) is enforcing closed season on several major fisheries.

Last year, sardine fishing was banned between Nov. 15 and Feb. 15. This coincided with the closure of fishing in the Visayan Sea for small pelagic fish, including sardines.

Sardine fishing was also banned in northern Palawan between Nov. 1 and Jan. 31, while a closed season for herring and mackerel in the Visayan Sea was declared between Nov. 15 and Feb. 15.

The PSA is set to release its fourth quarter and full-year data for agricultural output on Jan. 30.

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