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Manila Water completes upgrades to six major facilities

MANILA WATER Co., Inc. has completed upgrades to six major facilities to improve water services in the east zone, it said on Tuesday.

The company upgraded the power supply at its Balara Pumping Stations 1 and 2 in Quezon City, installing three smart power meters to monitor energy consumption.

Manila Water said it invested P7.6 million to install a 300-horsepower horizontal split-case pump and motor at the Modesta Pumping Station in San Mateo, Rizal.

The San Juan Pumping Station 1 in Quezon City underwent a major electrical system upgrade worth P128.6 million.

The company also said it invested P92.45 million in rehabilitating and modernizing the Makati Pumping Station and enhancing the Cubao Pumping Station.

“These enhancements in our pumping stations are in preparation for the increase in demand as our customer base continues to grow. We are committed to providing 24/7 water service to our customers as we expand our reach,” said Jeric T. Sevilla, Manila Water’s corporate communications affairs group director. — Sheldeen Joy Talavera

From Paper to PDF: The digital shift in Philippine notarization

FREEPIK

In today’s tech-driven world — from remote work to electronic court filings — it was only a matter of time before notarization followed suit. On Feb. 4, the Supreme Court promulgated A.M. No. 24-10-14-SC, also known as the Rules on Electronic Notarization, a long-anticipated innovation that institutionalizes the process of notarizing electronic documents in the Philippines.

At its core, the Rules distinguish between two modes: In-Person Electronic Notarization (IEN) and Remote Electronic Notarization (REN). IEN requires the principal and the notary to be physically present together, although the document itself is in digital form. REN, on the other hand, allows the principal and witnesses to appear virtually before the notary via a videoconferencing tool integrated into an accredited Electronic Notarization Facility (ENF). This means a person in Davao can appear before a notary in Quezon City without ever leaving home.

The Rules recognize that appearing before a notary can be difficult for those with limited transportation options and individuals managing tight schedules. For instance, a professional rushing to catch an international flight from Clark International Airport can now have a document notarized electronically — no detours, no delays. Under the Rules, the Electronic Notary Public (ENP) is authorized to perform electronic notarial acts anywhere in the Philippines — a paradigm shift from the 2004 Rules on Notarial Practice, which confined notaries to act only within the territorial jurisdiction of their commissioning court. In specific cases, the principal may even be located outside the Philippines. However, it is required that they be physically present in a Philippine embassy, consulate, or honorary consulate.

SIGNING AND SECURITY
What exactly can be notarized under these Rules? An electronic document, that is any document in Portable Document Format (PDF) or PDF for Archiving (PDF/A). A scanned copy of a paper document is also an electronic document. Notably, 1.) documents with wet signatures, 2.) notarial wills, and 3.) depositions are not covered under these Rules.

Electronic documents are signed with the use of electronic signatures. Under the Rules, an electronic signature refers to the electronic representation of an individual’s wet signature. This may take the form of any distinctive mark or characteristic in electronic form that represents the identity of a person and is logically associated with the document. It may also include any method or process adopted by a person to authenticate the document.

More advanced forms of electronic signatures include digital signatures, which transform the electronic document using a cryptographic key. This allows others to verify whether the signature was created using the signer’s private key and whether the document has been altered. There is also the concept of a secure electronic signature, which is created and verified through a combination of security procedures to ensure that the signature is unique to the signer, objectively identifies them, and is linked to the document in such a way that any tampering becomes evident.

The ENP has clear responsibilities under both IEN and REN. In either case, the ENP must confirm the principal’s identity, examine the voluntariness of their act, and ensure that the document being notarized is the one acknowledged or affirmed. The notarial act concludes with the ENP affixing an electronic notarial certificate, their electronic signature, and a digital notarial seal that includes a barcode or QR code for authentication.

GOVERNANCE, RECORDS, AND THE ROAD AHEAD
Notably, the Rules introduce separate commissions for traditional and electronic notaries. Being commissioned as a notary public does not automatically authorize one to perform electronic notarization. Lawyers must apply separately, undergo a virtual summary hearing, and secure certification from an accredited ENF provider.

The framework also emphasizes record-keeping through an Electronic Notarial Book, integrated into the ENF. During the transitional period, ENPs are required to send copies of notarized documents and notarial entries to the Electronic Notary Administrator (ENA). Eventually, these records will be automatically uploaded to a Supreme Court Central Notarial Database.

Confidentiality and privacy are of paramount importance. The Rules contain strict provisions prohibiting ENPs from disclosing the contents of notarized documents, except when compelled by law or by order of a competent court. At the same time, ENPs and ENFs must provide access to data when legally mandated, in accordance with the Data Privacy Act of 2012.

The Rules mark a major step forward, though challenges remain — such as achieving compliance, building trust in digital systems, and maintaining accessibility. Still, as legal processes go digital, e-notarization moves the profession toward a more modern, efficient, and inclusive system.

The views and opinions expressed in this article are those of the author. This article is for general informational and educational purposes only and not offered as and does not constitute legal advice or legal opinion.

 

Daniel Cornelio R. Patron is an associate of the Litigation and Dispute Resolution department of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW).

(632) 8830-8000

drpatron@accralaw.com

Greek guard charged in crackdown on antiquities smuggling rings

THE PARTHENON IN ATHENS — COMMONS.WIKIMEDIA.ORG

ATHENS — A guard protecting ancient sites in northern Greece has been charged with involvement in a crime ring smuggling out artifacts and selling them abroad, police officials said on Friday.

The man was also suspended from the state body overseeing antiquities in the Serres region, the Culture ministry said, a week after another 23 people were arrested in the north on charges of illegally excavating and exporting treasures.

Police said they confiscated thousands of coins and ancient artefacts including a bronze helmet, vases, figurines, and jewelry during raids on homes and offices in the operation.

Officers also found explosive devices and dozens of metal detectors which the suspects were allegedly using to excavate antiquities, the force said.

In total, 50 people have been charged with playing a role in three separate criminal gangs that have been operating since September 2024. Police in January arrested one man after confiscating more than 2,400 antiquities in the same region, home to the archaeological site of Amphipolis.

In December, dozens of ancient artifacts were found in a basement in Athens, packed in old cardboard boxes and some of them were wrapped in newspapers dating back to the 1940s.

The guard, who worked the night shift, was suspended by order of the Culture minister. — Reuters

PHL is ‘most exciting’ venture capital market in Southeast Asia

WIKIMEDIA

By Beatriz Marie D. Cruz, Reporter

THE PHILIPPINES is the “most exciting” market for venture capitalists in Southeast Asia due to its young workforce and strong macroeconomic fundamentals, according to local venture capital firm Kaya Founders.

“The Philippines is now the most exciting venture ecosystem because of our young population, steady economic growth for the last 20 years and its rapidly digitalizing workforce,” Paulo Campos III, founding managing general partner at Kaya Founders, told BusinessWorld on the sidelines of Sinigang Valley’s BUILD Startup Festival on Tuesday.

The Philippines replaced Singapore and Indonesia, which have been the darlings of venture capitalists for a long time, he added.

Many young Filipinos are interested in working in a startup, Mr. Campos said, citing conversations he’s had with students in schools and universities.

“Our view at Kaya Founders is we’re in a very unique window of time where the next generation of companies will be born in our country over the next few years,” he said in a speech at the event.

The Philippines has one of the youngest working populations in the region that will peak by 2051, according to the ASEAN+3 Macroeconomic Research Office.

Analysts have cited the need for the Philippines to use its young workforce to bolster economic growth.

Mr. Campos also noted the potential of the Philippine digital economy, which is projected to grow to as much as $150 billion in gross merchandise value by 2030 from $31 billion last year, according to Google, Temasek Holdings and Bain & Co.

Despite this, having a predictable business environment remains a key challenge in the Philippines’ startup ecosystem.

“If you contrast what it takes to start a business here compared with Singapore or somewhere else, it’s really night and day,” Mr. Campos said, citing complex regulations and tax rules.

Mr. Campos said the government, private sector and investors should create a “welcoming environment” for startup founders to take risks.

The Philippine startup ecosystem raised $1.12 billion in 2024, a 16% jump from a year earlier, according to the latest Philippine Venture Capital Report by the Boston Consulting Group venture capital fund Foxmont Capital Partners.

BPI VYBE expands partnership with ECPay

BANK of the Philippine Islands’ (BPI) e-wallet platform VYBE has expanded its partnership with Electronic Commerce Payments, Inc. (ECPay) to allow users to top-up their wallets at more locations.

“Our expanded partnership with ECPay is a significant step in making VYBE more accessible to Filipinos nationwide. We are excited to offer users an easy and convenient way to top up their e-wallets and engage with the digital financial ecosystem, helping to drive financial inclusion in the Philippines,” BPI Digital Partnerships and Ecosystems Head Eric Faustino said in a statement on Tuesday

Under the expanded partnership, VYBE users can top up their e-wallets via ECPay’s 1,300 kiosks nationwide with zero convenience fees.

Cash-ins will soon be available at over 4,000 of ECPay’s partner stores, including supermarkets, pawnshops, gasoline stations, and sari-sari stores, BPI added.

“By partnering with ECPay, VYBE can further its mission of offering a free and secure financial tool to a broader audience. The expanded partnership makes it easier for more people to cash in to their VYBE wallets, even without a BPI account,” the bank said.

“With ECPay’s wide network of over 4,000 partner outlets, VYBE can reach more users in both cities and provinces, helping them join the digital economy. This development also helps bridge the gap for those who lack access to traditional banking.”

BPI’s net profit rose by 20% year on year to a record P62 billion last year.

Its shares went up by 20 centavos or 0.15% to close at P132.20 each on Tuesday. — AMCS

Philippines’ mental state worsens in 2024

The Philippines’ average Mental Health Quotient (MHQ) fell to 68.67 in the 2024 edition of the Mental State of the World Report by US-based not-for-profit organization Sapien Labs. Despite this, the country scored above the global average quotient of 62.84. The index measures a country’s overall mind health and well-being based on six dimensions: mood and outlook, social self, adaptability and resilience, drive and motivation, cognition, and mind-body connection.

Philippines’ mental state worsens in 2024

How PSEi member stocks performed — March 25, 2025

Here’s a quick glance at how PSEi stocks fared on Tuesday, March 25, 2025.


PHL stocks extend decline as tariff worries linger

BW FILE PHOTO

PHILIPPINE STOCKS closed lower for the third consecutive day on Tuesday as concerns over the economic impact of the Trump administration’s planned tariffs continued to dampen the market’s mood.

The benchmark Philippine Stock Exchange index (PSEi) fell by 0.52% or 32.17 points to end at 6,159.85, while the broader all shares index dropped by 0.92% or 34.13 points to 3,657.18.

“The local market declined for a third straight day as US President Donald J. Trump warned of more tariffs to come, this time on cars, pharmaceuticals, lumber, and semiconductors. The US president also warned of tariffs against those buying oil from Venezuela,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. “The mounting tariff threats are weighing on the global economy’s outlook.”

“Philippine shares fell once again as uncertainty over Trump’s tariff plans weighed on sentiment,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message.

Mr. Trump said on Monday automobile tariffs are coming soon even as he indicated that not all of his threatened levies would be imposed on April 2 and some countries may get breaks, a move Wall Street took as a sign of flexibility on a matter that has roiled markets for weeks, Reuters reported.

At the same time, Mr. Trump opened another front in a global trade war by slapping 25% secondary tariffs on any country that buys oil or gas from Venezuela, a directive that sent oil prices climbing.

US stocks ended Monday broadly higher on optimism that the tariffs set to be detailed next week may not be as extensive as expected. The S&P 500 index gained nearly 1.8% to close at its highest in more than two weeks.

Asian stock bourses initially joined in on Tuesday morning but by mid-afternoon the relief rally looked set to fizzle out. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.35% lower ahead of the European open.

At home, majority of sectoral indices closed lower on Tuesday. Mining and oil declined by 3.02% or 285.32 points to 9,161.31; holding firms sank by 1.42% or 72.99 points to 5,055.88; industrials dropped by 0.74% or 65.18 points to 8,727.29; and financials went down by 0.55% or 13.42 points to 2,388.83.

Meanwhile, property rose by 0.45% or 9.95 points to 2,209.66 and services increased by 0.02% or 0.43 points to 1,997.98.

“Universal Robina Corp. was the top index gainer, climbing 1.93% to P76.45. Semirara Mining and Power Corp. was the main index laggard, falling 4.59% to P35.30,” Mr. Tantiangco said.

Value turnover went up to P4.75 billion on Tuesday with 520.59 million shares exchanged from the P4.63 billion with 630.53 million issues traded on Monday.

Decliners outnumbered advancers, 107 versus 84, while 56 issues were unchanged.

Net foreign selling climbed to P604.51 million on Tuesday from P240.83 million on Monday. — Revin Mikhael D. Ochave with Reuters

Peso sinks on tariff, Fed easing concerns

BW FILE PHOTO

THE PESO dropped sharply against the dollar on Tuesday amid lingering uncertainty over the Trump administration’s tariff plans and following hawkish comments from a US Federal Reserve official.

The local unit closed at P57.60 per dollar on Tuesday, sinking by 28 centavos from its P57.32 finish on Monday, Bankers Association of the Philippines data showed.

The peso opened Tuesday’s session slightly stronger at P57.31 against the dollar. Its worst showing was at P57.61, while its intraday best was at P57.30 versus the greenback.

Dollars exchanged went up to $1.54 billion from $1.098 billion on Monday.

“The dollar-peso traded lower on risk-off sentiment amid trade uncertainty and prospects of a narrowing interest rate differential after Bostic signaled last night the possibility of just one rate cut versus the BSP’s (Bangko Sentral ng Pilipinas) signal of 75 bps (basis points),” a trader said in a phone interview.

Federal Reserve Bank of Atlanta President Raphael Bostic said he now sees just one interest rate cut as likely this year, rather than two, with tariff hikes impeding progress on disinflation, Bloomberg reported.

“I moved to one mainly because I think we’re going to see inflation be very bumpy and not move dramatically and in a clear way to the 2% target,” Mr. Bostic said on Monday in an interview with Bloomberg Television in Atlanta. “Because that’s being pushed back, I think the appropriate path for policy is also going to have to be pushed back.”

In a discussion with Bloomberg journalists after his television appearance, the Atlanta Fed chief emphasized that uncertainty caused by President Donald J. Trump’s frequent policy changes are making economic forecasting more difficult.

Mr. Bostic said the introduction of more tariffs added upside risk to inflation, and a decline in sentiment or a rise in layoffs would present downside risks to employment. Yet he also emphasized he’s waiting until policy changes are implemented before further adjusting his forecasts.

“Given how rapidly policy changes from week to week and month to month, it’d be very difficult for me to, with any confidence, take on board things until we’ve actually seen them put in place and sticking,” he said.

Fed Chair Jerome H. Powell, speaking last week ofter the Fed left rates unchanged, reiterated that officials are in no hurry to adjust rates, saying the US economy is on solid footing despite sagging consumer sentiment.

Mr. Powell said he expects the inflationary impact of tariffs will be transitory, signaling officials can look through the price effects of tariffs and lower rates if the labor market weakens substantially — so long as long-term inflation expectations remain stable.

Meanwhile, the Philippine central bank appears on track to resume rate cuts in April, BSP Governor Eli M. Remolona, Jr. said on Tuesday.

“We are on an easing cycle. There is a good chance we will cut by 25 basis points,” the Bangko Sentral ng Pilipinas chief said in an interview with Bloomberg Television’s David Ingles on the sidelines of the HSBC Global Investment Summit in Hong Kong.

Cumulative rate cuts could reach as much as 75 basis points for the year depending on data, said Mr. Remolona, flagging “somewhat more upside risk than downside risk” for inflation in 2025 and 2026. The Philippines last lowered borrowing costs in December and unexpectedly paused its easing in February.

The dollar was also supported by the continued increase in global crude oil prices, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

For Wednesday, the trader expects the peso to move between P57.30 and P57.80 per dollar, while Mr. Ricafort said the exchange rate could range from P57.50 to P57.70. — A.M.C. Sy with Bloomberg

MPIC unit opens 3.5-hectare Bulacan greenhouse complex

PHILSTAR FILE PHOTO

METRO PACIFIC Agro Ventures (MPAV), a unit of Metro Pacific Investments Corp. (MPIC), opened a 3.5-hectare vegetable greenhouse complex on Tuesday in San Rafael, Bulacan.

Metro Pacific Fresh Farms (MPFF) is planned for eventual expansion to seven hectares, MPAV CEO and President Jovy I. Hernandez told reporters.

The first phase of MPFF, consisting of six greenhouses, promises yields equivalent to five times those of traditional farms, promising up to 500 metric tons of fresh vegetables annually.

The farm can produce around 60,000 heads of lettuce each month.

Aside from leafy vegetables, the greenhouses also produce melons and tomatoes, among others, which will be sold under the brand name More Veggies Please.

“The vision behind these investments is an agriculturally independent Philippines,” MPIC Chairman, President, and CEO Manuel V. Pangilinan said.

“We want to help build a nation that’s capable of feeding all of its people.”

The greenhouse is equipped with technology developed by the LR Group, an Israeli agribusiness company.

The technology includes a nutrient film technique for leafy greens and drip irrigation systems for other types of vegetable, enabling efficient growing with less resources than in conventional agriculture. 

This allows vegetables to be grown using 90% less water and land, it said.

The greenhouses are designed to withstand typhoons as strong as Signal No. 4 in the Philippine storm warning classification, indicating winds exceeding 185 kph.

The MPFF facilities require less chemical pesticides and fertilizer, cutting exposure to contaminants by 90-99%.

Mr. Hernandez said MPFF removes middlemen from the value chain, with the produce — harvested every 27 days — directly delivered to its clients such as hypermarkets, hotels, restaurants, and food processors right after packaging.

Businesses can partner with MPFF in customizing their supply based on demand trends and customer preferences.

The company seeks to put up 10 satellite sites across the country in 10 years, according to Mr. Hernandez.

The Board of Investments granted the vegetable farm project green lane status in 2023 in recognition of its status as a strategic investment. — Kyle Aristophere T. Atienza

Israeli firms working on at least two PHL agricultural projects

REUTERS

By Kyle Aristophere T. Atienza, Reporter

ISRAELI companies are working on poultry and cacao projects in the Philippines, Israel’s ambassador to Manila Ilan Fluss told BusinessWorld on the sidelines of a greenhouse launch in Bulacan province.

He said Israeli companies are also exploring investments in healthcare, software, and telecommunications.

Israeli investors need to branch out overseas because of the small domestic market, Mr. Fluss said.

“The mindset of an Israeli businessman is international because the domestic market is not so big,” he said. “So, we always look at the international market when we need to grow,” he added.

“Israeli companies realize that the Philippines is a major market, and it’s a country where there are so many opportunities,” he added.

Mr. Fluss said one of the major challenges for Israeli companies seeking to do business in the Philippines is identifying a “solid” partner.

Seven Israeli business delegations visited the Philippines in 2024, representing the agriculture, water, cosmetics, and wine industries, as well as companies specializing in cybersecurity and disaster preparedness, he noted.

Israeli Foreign Minister Eli Cohen in 2023 told President Ferdinand R. Marcos, Jr. that the Philippines and Israel can collaborate in water management, given Israel’s expertise.

“We would like to do more sharing of best practices (via) government-to-government (negotiations),” Mr. Fluss said.

The two countries’ bilateral trade hit $532 million in 2023, against $534 million a year earlier.

Israeli exports to the Philippines in 2023 were valued at $349 million and included integrated circuits, vessels, and armored vehicles.

Masungi developer appeals DENR eviction order

PHILIPPINE STAR/ MICHAEL VARCAS

MASUNGI GEORESERVE operator Blue Star Construction & Development Corp. urged the Department of Environment and Natural Resources (DENR) on Tuesday to reconsider its eviction order and resolve matters via dialogue, asserting that its 2002 contract with the government complies with procurement law.

In a statement, Blue Star added that it is not responsible for failing to build 5,000 housing units, citing an unresolved squatter problem.

“To date, the contractual project timeline has not commenced due to the DENR’s inability to clear the site of illegal occupants and claimants,” it said.

The DENR on March 7 canceled its 2002 supplemental agreement with Blue Star, citing the company’s alleged failure to execute the housing project and calling the deal illegal. It also ordered the company to vacate its 300-hectare site within the georeserve.

Blue Star said it formally received the notice of cancellation and eviction on March 17.

Blue Star said the 2002 contract explicitly states that the project will begin 15 days from DENR’s delivery of land free from encumbrances and adverse claims, “conditions essential for peaceful, safe and lawful project implementation.”

“These safeguards were specifically designed to prevent the setbacks encountered in the previous, similarly encumbered site.”

Blue Star signed a joint venture agreement with the DENR in 1997 for the survey, design construction, development and marketing of a project called “Garden Cottages” on a 130-hectare government property in Tanay, Rizal, according to a DENR statement.

The DENR said Blue Star obtained a supplemental agreement in 2002 that increased its project area by an additional 300 hectares “despite no substantial housing units built on the original 130 hectares awarded.”

Blue Star reiterated that its Supplemental Joint Venture Agreement with the DENR in 2002 adhered to applicable government procurement laws. 

“Public bidding is not required for repeat orders or supplemental agreements within the original contract cost, as provided under Presidential Decree 1594, which governed procurement rules at the time,” it said.

“The reference to an expansion area of 300 hectares — compared to the original 130 hectares — is largely due to the presence of unbuildable karst terrain,” it added. “The contract value, not the land area, is the relevant benchmark.”

DENR Assistant Secretary for Legal Affairs Norlito Eneran has said the 2002 supplemental agreement is “now without basis” since the original joint venture agreement for the housing project was “never executed, and no bidding process occurred despite the five-year timeline.”

Blue Star said the 2002 deal is valid and enforceable, and “does not require the prior issuance of a Presidential Proclamation alienating Lot 10 at the time of contract execution.”

“The agreement reflects DENR’s express undertaking to enable such alienation. Any absence of such proclamation is not attributable to Blue Star but rather falls under the DENR’s purview,” the company said.

In 2008, Blue Star negotiated to exchange the unbuilt 5,000 housing units in the 130-hectare project site for only 145 housing units in a 1.5-hectare site in Dasmariñas, Cavite.

The Masungi Georeserve Foundation recently said the eviction order threatens not only years of forest restoration, wildlife protection, and geotourism but also the livelihoods of up to 100 rangers and their families. — Kyle Aristophere T. Atienza