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Peso slides as Trump affirms tariff schedule

BW FILE PHOTO

THE PESO declined against the dollar on Tuesday after US President Donald J. Trump said the tariffs he plans to impose on Mexican and Canadian exports are on schedule for next month.

It closed at P57.93 a dollar, weakening by 12.2 centavos from its P57.808 finish on Monday, according to Bankers Association of the Philippines data posted on its website.

The peso opened at P57.90 against the dollar. Its worst showing was at P57.95, while its intraday best was at P57.87 against the greenback. Dollars exchanged rose to $1.38 billion from $1.17 billion on Monday.

“The dollar-peso ended higher on worsening sentiment after Trump said that the tariffs on Canada and Mexico will push through in March,” a trader said by telephone.

The dollar edged up slightly on Tuesday after falling to its lowest in more than two months at the start of the week, buoyed by safe-haven flows after US President Donald Trump said tariffs on Canadian and Mexican imports are “on time and on schedule” despite efforts by the countries to beef up border security and halt the flow of fentanyl to the US ahead of a March 4 deadline, Reuters reported.

The dollar index was generally stronger due to Mr. Trump’s comments, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

The dollar index steadied at 106.59, rebounding from a more than two-month trough of 106.12 hit in the previous session.

The trader expects the peso to trade from P57.80 and P58.10 a dollar on Wednesday, while Mr. Ricafort sees it ranging from P57.80 to P58. — Aaron Michael C. Sy

PSEi extends loss as investors stay on sidelines

BW FILE PHOTO

PHILIPPINE STOCKS extended their losses on Tuesday as investors preferred to stay on the sidelines amid the tariff development in the US and as they await earnings of large caps.

The benchmark Philippine Stock Exchange index (PSEi) shed 0.52% or 31.81 points to close at 6,064.16. The broader all-share index lost 0.39% or 14.55 points to 3,640.45.

“Trading on the local bourse remained lackluster as investors mostly stayed on sidelines ahead of key US data and local large-cap earnings releases later this week,” Alfred Benjamin R. Garcia, research head at AP Securities, Inc., said in a Viber message.

Astro C. Del Castillo, managing director at First Grade Finance, Inc., said the local market “remains in the road to calvary.” “Some positive news today was basically shrugged off by investors as the market continues to be hounded by uncertainties in the domestic front and international arena.”

Rastine Mackie Mercado, research director at China Bank Securities Corp., said investor sentiment “remained fragile given US tariff developments and the announcement of fresh US investment curbs on China.”

“This may have been a contributing factor to sustained net foreign fund outflows seen today,” he said in a Viber message.

Last week, US President Donald J. Trump said he wanted to impose 25% tariffs on imports of cars, pharmaceuticals and semiconductors, Reuters reported.

Back home, almost all sectoral indexes fell. Holding firms fell 1.57% or 80.82 points to 5,048.96; while mining and oil lost 0.89% or 73.64 points to 8,200.61. Services shed 0.38% or 7.5 points to 1,956.63, while the industrial index dropped 0.33% or 29.64 points to 8,718.81.

Properties added 0.08% or 1.98 points to 2,218.91, while financials gained 0.05% or 1.32 points to 2,287.48.

Value turnover rose to P5.17 billion involving 634.67 million shares, from P4.47 billion involving 1.38 billion stocks a day earlier.

Decliners outnumbered advancers 125 to 63, while 57 shares were unchanged. Net foreign selling fell to P563.8 million from P632.57 million on Monday.

Mr. Mercado expects the market to react to the release of US consumer confidence data later on Tuesday, Manila time, in which a further softening in optimism could cause investor concerns over growth. — Sheldeen Joy Talavera

Petition vs zero PhilHealth subsidy filed before SC

PHILIPPINE STAR/MICHAEL VARCAS

A HEALTH advocate questioned the zero subsidy for the Philippine Health Insurance Corp. (PhilHealth) under the 2025 General Appropriations Act (GAA) before the Supreme Court (SC) on Tuesday, citing violations in the provisions of the Universal Health Care (UHC) Act.

In a 45-page petition, former PhilHealth director Anthony C. Leachon said “the non-inclusion of PhilHealth in the national budget directly contravenes the mandates set forth in existing laws.”

He asked the tribunal to immediately issue a temporary restraining order (TRO) and/or writ of preliminary injunction to stop the implementation of the 2025 GAA “concerning the non-allocation of funds for PhilHealth, thereby preventing the deprivation of millions of Filipinos’ constitutionally guaranteed right to health pending the final resolution of this case.”

Mr. Leachon also sought to declare the omission of PhilHealth’s budget allocation illegal for violating provisions of the 1987 Constitution, particularly the government’s role to protect the right to health. He also alleged the move violated provisions of Republic Act No. 11223, UHC Act.

He also asked the top court to issue a writ of mandamus directing appropriate government bodies to immediately allocate and release the necessary funds to PhilHealth under the mandates of the UHC Act and the 1987 Constitution.

Lastly, he sought a writ of prohibition to completely enjoin and prohibit all concerned agencies, including the Budget department and any other bodies of government, from implementing budgetary measures that undermine the constitutional right to health by denying funding to PhilHealth.

He named Executive Secretary Lucas P. Bersamin and both chambers of Congress as respondents.

“The administration, the bicameral, and the Congress are simply showing that they do not prioritize the health of our nation. And yet, this is a basic right,” he told reporters in Filipino after filing his petition before the High Court.

He also noted the move decreasing the Department of Education’s (DepEd) 2025 budget, which should have the most out of all departments under the Constitution, showed the government’s lack of importance placed on health and education.

“So, health and education are not important. Instead, the funds were shifted to unstructured, disorganized TUPAD-AKAP, where you still need to request a guarantee letter,” he said, referring to the government’s social amelioration programs, Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers and Ayuda Para sa Kapos ang Kita.

“Whereas if it were allocated to PhilHealth, that money should have been properly organized.”

PHILHEALTH FUND TRANSFER
Also on Tuesday, the SC held the second round of oral arguments on petitions questioning the transfer of P89.9 billion in PhilHealth excess funds to the national coffers.

It was revealed that PhilHealth has not yet settled all monetary claims before remitting a total of P60 billion to the National Treasury.

Associate Justice Amy Lazaro-Javier asked PhilHealth Senior Vice-President Renato L. Limsiaco, Jr., if the state health insurer had settled all claims in 2024 before transferring billions into the National Treasury.

To which the PhilHealth executive replied in mixed English and Filipino: “On a certain cutoff date, we definitely cannot pay for everything… Not everything will be paid. The claims are still with the hospital.”

This is contrary to the claims of respondents, saying the unpaid claims of hospitals, doctors, and members have been recorded and recognized before transferring PhilHealth’s fund balance to the National Treasury, Ms. Lazaro-Javier said, citing the comment of the respondents (both chambers of Congress Senate, Executive Secretary Lucas P. Bersamin, Department of Finance, PhilHealth, et. al.) dated Sept. 2, 2024, filed by the Office of the Solicitor General.

Mr. Limsiaco said when the claim is in the course of settlement, it means PhilHealth has received the claims but is still in process and as such, they are not yet approved and not yet paid.

The oral arguments on Tuesday were a consolidation of three petitions filed by Senator Aquilino Martin L. Pimentel, Bayan Muna Chairperson Neri J. Colmenares, former Finance Undersecretary Cielo D. Magno, and others.

The plaintiffs assailed the intended transfer of P89.9 billion in PhilHealth excess funds to the national coffers, arguing it is against the Constitution as the provisions of the Universal Health Care Act have not been met yet.

They specifically questioned the legality of Section 1(d) of XLIII of the General Appropriations Act (GAA) 2024 and Department of Finance (DoF) Circular No. 003-2024.

In October 2024, the SC blocked the transfer of P29.9 billion — the last tranche of PhilHealth’s P89.9 billion in excess funds — to national coffers.

The excess PhilHealth funds would have been used to support unprogrammed appropriations worth P203.1 billion, which would support state health, infrastructure and social service programs, critics have said.

In the first oral arguments last Feb. 4, the government’s chief lawyer, Menardo I. Guevarra, said the move was only temporary to finance government projects.

Documents submitted by the Office of the Solicitor General enumerated some urgent national projects, which included routine maintenance of national roads, the Panay-Guimaras-Negros (PGN) Island Bridges and the payment of right of way.

Ms. Lazaro-Javier asked the government’s top lawyer if the transfer was urgent, considering some of the projects were already fully funded, such as the PGN Bridges Project.

“This is a matter really of delving into the wisdom of the legislature in allocating funds,” Mr. Guevarra said.

“If a project that has already been identified and sufficiently funded is considered to be non-implementable for the given fiscal year, then I think it is the decision of Congress in the exercise of its policy or wisdom, so to speak, to move it to the unprogrammed appropriations in the meantime,” he added.

The next oral arguments will be on March 4. — Chloe Mari A. Hufana

TikTok promotes electoral integrity with anti-misinformation initiatives

A TikTok logo is displayed on a smartphone in this illustration taken Jan. 6, 2020. — REUTERS

By Edg Adrian A. Eva, Reporter

TIKTOK, the Philippines’ third most popular social media platform, is promoting electoral integrity through its in-app Philippine Election Center and #ThinkTwice campaign ahead of 2025 midterm elections.

The platform earlier launched the Philippine Election Center to give users access to verified election information, including voting guidelines and election updates, Peachy A. Paderna, public policy manager of TikTok Philippines, told reporters in a site visit to TikTok’s Transparency and Accountability Center (TAC) in Singapore last Wednesday.

It also ran the #ThinkTwice campaign, a digital safety initiative that equips users with resources to identify misinformation during the election period.

“We want people to be properly empowered so that they’re able to express themselves not just on the platform but also at the polling booths come election day. That’s why our initiatives are centered around providing them with access to reliable election information,” Ms. Paderna told BusinessWorld.

These are in partnership with the Commission on Elections (Comelec), the National Citizens’ Movement for Free Elections (NAMFREL), and the Legal Network for Truthful Elections (LENTE).

Ms. Paderna said TikTok is working with Comelec, LENTE, and NAMFREL to better understand the local context and identify policy-violating content, such as election-related misinformation.

Renowned Filipino lawyer Melencio S. Sta. Maria, Jr. found TikTok’s initiatives as important in ensuring people’s trust, especially among the youth, in the electoral process.

“The things that TikTok does in preserving integrity and preventing misinformation, along with the guidance they’re providing to users in making social media more honest and more acceptable to all in terms of the truth,” Mr. Sta Maria said.

Separately, Filipino lawyer and content creator Tony Roman told BusinessWorld that social media platforms taking steps to promote electoral integrity would help voters, especially the youth, make informed voting decisions.

“In the same way that I sort of impart and teach the law using social media, this is a good and effective way to reach the youth and voters, basically encouraging them to vote wisely,” Mr. Roman said.

Apart from the Philippine Election Center and #ThinkTwice, TikTok also plan to release a three-part podcast series with LENTE covering election-related topics.

During a site visit to TikTok’s TAC, the platform shared how its algorithms work, its content moderation practices, and its efforts to combat violations such as alcohol use, proliferation of misinformation, among others.

The company shared that it employs a content moderation system that combines automated detection with over 40,000 members of its trust and safety team to identify and remove content that violates the platform’s community guidelines.

TikTok said that it takes down an average of 1.6 million videos per day globally, or about 1% of the 160 million videos posted on the platform daily, due to violations.

In the Philippines alone, TikTok’s latest data revealed 4.5 million videos were taken down from July to October 2024, with 99.7% proactively removed by TikTok’s automation and 98% taken down within 24 hours after being reviewed by members of its trust and safety team.

TikTok said it has yet to release data on videos and fake accounts removed from November to February, covering the 2025 candidacy filing and campaign season kickoff.

Youth uphold People Power spirit

THOUSANDS of members of various religious and progressive groups marched toward the People Power Monument along EDSA to commemorate the 39th anniversary of the People Power Revolution on Tuesday. — PHILIPPINE STAR/MIGUEL DE GUZMAN

OPTING not to declare the EDSA People Power anniversary as regular holiday will not stop Filipinos from commemorating the revolution nearly four decades after the ouster of former President Ferdinand E. Marcos, Sr., a senator said on Tuesday.

“Even if Malacañang cancels (the) holiday, the spirit and message of People Power will remain alive — especially among the Filipino youth who stand up and speak out for freedom, justice, and collective empowerment,” Senator Ana Theresia N. Hontiveros-Baraquel said in a statement in Filipino.

Ms. Hontiveros lauded students, teachers, schools, universities and youth organizations for leading the commemoration of the event this year, even without the declaration of a state holiday. 

In October, the Palace declared Feb. 25 as a special working holiday this year, diverging from past administrations’ practice of observing it as a special non-working holiday. 

The day commemorates the popular street uprising that toppled the late Mr. Marcos, Sr. in 1986, the father and namesake of the current Philippine president. 

Last year, Mr. Marcos moved the special nonworking holiday of the People Power Anniversary from Feb. 25 to Feb 24.

“We should take inspiration from the courage of our young kababayans (countrymen), and never be cowed into fear and inactivity,” she said. “We must speak truth to power, overcome disinformation and historical distortion, and continue to resist the corruption, violence, and lust for power of those who are supposed to serve the nation.”

Multiple schools have also declared that they have suspended classes on Feb. 25 or shifted to alternative learning modes. 

Meanwhile, the Presidential Communications Office (PCO) on Tuesday dispelled accusations that President Ferdinand R. Marcos, Jr. is trying to halt the commemoration of the revolution by not making it a national holiday.

“When we say special working holiday, still there is encouragement to commemorate, to join any event and it will not hinder any activity to commemorate the People Power,” PCO Undersecretary Claire B. Castro said at a news briefing at the Palace.

“Since he became the President, we did not hear him stop activities to commemorate the said event.” — Adrian H. Halili and John Victor D. Ordoñez

Sandiganbayan rules on coco levy

PHILSTAR FILE PHOTO

THE PHILIPPINES’ anti-graft court has ordered the surrender of multi-million stocks from an insurance company tied to the coconut levy fund controversy. 

In a 27-page decision released on Feb. 24, the Sandiganbayan Second Division ruled the 255 million shares of a now-defunct state bank in an insurance company should be surrendered to the government, citing a 2021 law creating a trust fund for coconut farmers.

In a ruling, penned by Associate Justice Edgardo M. Caldona, the insurance company was directed to cancel existing stock certificates and issue new certificates with the same number of shares in the name of the Republic of the Philippines.

Signed into law by ex-President Rodrigo R. Duterte, Republic Act No. 11524, the Coconut Farmers and Industry Trust Fund (CFITF) Act, cited that coco levy assets declared by the Supreme Court as belonging to the state should be given to the government.

“The shares of stock… are reconveyable coconut levy assets within the purview of the CFITF Act,” the ruling stated.

The petition stems from a complaint filed for the recovery of alleged ill-gotten wealth, in which the Philippine Commission on Good Government had claimed the insurance company was created or funded using coconut levy funds. — Kenneth Christiane L. Basilio 

Comelec prints 63% of ballots

PHILIPPINE STAR/ MICHAEL VARCAS

THE Commission on Elections (Comelec) has printed 45.65 million ballots — 63.32% of the required total — for the May 12 national and local elections, it said on Tuesday.

As of Feb. 24, the poll body still needs to print 26.45 million ballots, Chairman George Erwin M. Garcia told reporters in a Viber chat.

The poll body aims to finish the printing on March 9 to 10, ahead of the May 12 midterm elections, using printers of the National Printing Office and Comelec’s poll automation partner, Miru Systems Joint Venture.

He earlier said they are exceeding their daily targets, printing about 1.7 million ballots every day.

The campaign period for senatorial and party list candidates started on Feb. 11, while local bets will start their campaign on March 28.

Up for grabs in the May 12 elections are 317 congressional seats and thousands of local posts. The biggest battle will be for 12 spots in the 24-seat Senate, a chamber packed with political heavyweights and wielding outsized influence. — Chloe Mari A. Hufana

Credits for poll duties increased

Teachers, who serve as electoral board members during elections, undergo training on vote counting machine operations in this March 11, 2022 photo. — PHILIPPINE STAR/RUSSELL PALMA

THE Commission on Elections (Comelec) approved a resolution increasing the service credits of all government personnel rendering election-related duties for the 2025 midterm elections to ten from five.

In a memorandum, dated Dec. 2, 2024, sent by Chairman George Erwin M. Garcia in a Viber chat group, the poll body adopted the resolution recommended by its Law Department which clarified concerns regarding leave privileges, particularly the computation and application of service credits for election services.

The recommendations included ensuring that all eligible government officials and employees, regardless of their specific roles, are granted service credits and addressing service credits’ non-commutative and non-cumulative nature under the Election Service Reform Act.

It clarified that extra credits should be in line with the guidelines on leave privileges as it recommended a meeting with the Civil Service Commission and the Department of Education.

Comelec earlier reported it is yet to train 186,000 teachers to work in the upcoming polls.

The training period is set from March 3 to 31. — Chloe Mari A. Hufana

GCG revises whistleblower policy

GOVERNMENT-OWNED and -controlled corp. (GOCCs) whistleblowers against illegal and unethical acts in the sector are now protected under a new policy of the Governance Commission for GOCCs (GCG).

In a memorandum circular No. 2025-01, the GCG said the Whistleblowing and Integrity Program (WHIP) for the GOCC Sector seeks to strengthen transparency, accountability, and integrity within the sector.

“The revised WHIP introduces important amendments to address emerging issues in the GOCC Sector,” the GCG said in a statement on Feb. 24.

“Among the most significant revisions is the inclusion of sexual harassment, illegal dismissal, and retaliatory acts against whistleblowers,” it added.

Additionally, the GCG, the monitoring body of the GOCC sector, said retaliation acts against whistleblowers “who submit reports in good faith shall not be tolerated by the Governance Commission, which shall extend all possible assistance to the whistleblower under the law and given circumstances.” — Aubrey Rose A. Inosante

BoC intercepts P3.25-M unmarked fuel in Bicol

PHILSTAR FILE PHOTO

THE Bureau of Customs (BoC) on Tuesday said it seized P3.25 million worth of unmarked fuel and a tank truck from two gasoline stations in the Bicol Region.

In a statement on Tuesday, Customs said authorities confiscated 31 liters of gasoline and diesel worth P1.75 million, along with a fuel truck valued at P1.5 million, bringing the estimated total confiscated assets to P3.25 million.

The BoC conducts random field tests of retail stations and tank trucks to verify compliance with fuel sold to the public under the Fuel Marking Program.

On Nov. 26, the agency reported that over P1 trillion in taxes have been collected in the program since it began in 2019.

“The identification and seizure of non-compliant fuel highlights our proactive stance against illegal fuel sales and tax evasion. We urge all fuel station operators to strictly adhere to regulatory standards to avoid severe consequence,” District Collector Guillermo Pedro Francia IV said.

In a separate statement, the BoC also reported that it seized undeclared currency consisting of 3.95 million Japanese yen, 20,000 euros, and 8,500 Kuwaiti dinar from a departing passenger at NAIA Terminal 1 on Feb. 21. — Aubrey Rose A. Inosante

Maguindanao del Sur residents surrender 13 rifles to Army

COTABATO CITY — Residents of Mamasapano town in Maguindanao del Sur surrendered 13 combat rifles to the Army’s 33rd Infantry Battalion (IB) on Monday.

Army Brig. Gen. Donald D. Gumiran, commander of the 6th Infantry Division, told reporters on Tuesday that the voluntary turnover was done along with the forging of a peace covenant by candidates for elective posts in Mamasapano in support of efforts to ensure peaceful elections in the municipality in May 2025.

The gathering of candidates was held at the battalion command post of the 33rd IB in Barangay Zapakan in Radjah Buayan, Maguindanao del Sur. It was witnessed by local executives, Muslim religious leaders, and officials of units under the Police Regional Office-Bangsamoro Autonomous Region.

Mr. Gumiran said the peace dialogue, where candidates signed a manifesto expressing support for the security efforts of the Commission on Elections (Comelec), was jointly organized by Comelec officials in the Bangsamoro region, the Maguindanao del Sur Provincial Police Office, the Mamasapano Municipal Police Station, Mamasapano Mayor Akmad A. Ampatuan, Jr., and Col. Edgar L. Catu, commander of the 601st Infantry Brigade. — John Felix M. Unson

Busway stations to be modeled after 2 stations donated by SM

Commuters line up at the Main Avenue station of the EDSA bus carousel in Quezon City, July 18, 2022. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

By Ashley Erika O. Jose, Reporter

THE planned privatization of the EDSA Busway project is on hold for now as the Department of Transportation (DoTr) studies improvements that will be patterned on two “model” stations serving the SM group’s malls in Quezon City and Mandaluyong.

Transportation Secretary Vivencio B. Dizon told reporters on Tuesday that the DoTr “will use the model stations of SM North EDSA and SM Megamall station,” which will be donated by the SM Group.

“There is a budget for (overall system upgrades) but we are going to find out exactly how much we have for this year,” he said, adding that the SM stations will serve as the “blueprint for the planned construction and improvements of the remaining 21 stations.”

“We are confident that within the President’s term, by 2026 or 2027, we will really have a proper, very modern busway carousel system.”

The DoTr is planning to auction contracts for the upgrade of EDSA Busway’s current stations, Mr. Dizon said, adding that the construction is projected to start within the second half of the year.

Mr. Dizon said in terms of immediate relief for commuters, the DoTr will fund some more immediate upgrades, for which the operations and maintenance contracts will be offered to bidders.

The EDSA Busway Project initially involved the financing, design, construction, procurement of low-carbon buses, route planning, and operations and maintenance of the busway, according to the Public-Private Partnership (PPP) Center. 

Mr. Dizon said the feasibility study for the EDSA Busway project is expected to be completed within the next few months pending finalization of the terms of reference by its consultant.

The project’s privatization is now expected to take place by 2026, he said in a separate statement.

According to Nigel Paul C. Villarete, senior adviser on PPP at Libra Konsult, Inc., a transportation analyst, described the change of plan as in line with accepted practice.

“That model is a common arrangement for many cities in the world. In essence, the more permanent and fixed parts which will last for the long term are taken on by the government while the operations or moving parts are carried by private sector,” he said via Viber.

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