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PERA contributions rose to P491.4 million at end-2024

BW FILE PHOTO

FILIPINOS’ Personal Equity and Retirement Account (PERA) contributions jumped by 24% year on year at end-2024, data from the Bangko Sentral ng Pilipinas showed.

Accumulated contributions to PERA climbed to P491.4 million at end-2024 from P396.3 million as of 2023, the central bank said.

The total number of PERA contributors likewise rose by 6.4% to 5,912 at 2024’s close from 5,555 a year prior.

The bulk (69.5%) of the accumulated PERA contributions came from employee contributions, equivalent to P341.7 million at end-2024 across 4,211 contributors.

This was followed by overseas Filipino workers’ (OFW) contributions at P82.2 million with 789 contributors.

Lastly, there were 912 self-employed contributors for a total of P67.4 million in contributions.

Launched in 2016, PERA is a voluntary fund scheme meant to supplement retirement benefits from the Government Service Insurance System (GSIS) or the Social Security System (SSS), as well as private employers.

Contributors aged 18 and above and have a tax identification number are allowed to open a PERA account. Self-employed and locally employed contributors can make an annual contribution of P200,000 while OFWs can invest up to P400,000.

The PERA Law also offers various incentives to contributors, such as tax exemptions on earnings from PERA investments, a 5% income tax credit on contributions that can be used for paying income tax liabilities, and a tax-free distribution on qualified withdrawal of PERA investments.

“The increase in PERA contributions in 2024 suggests a growing awareness among Filipinos about the value of retirement planning, despite the relatively low number of participants,” John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said.

“More Filipinos, especially the employed sector, are recognizing the need to secure their retirement, given economic uncertainties and the rising cost of living.”

Mr. Rivera said the rise in contributions could also be attributed to the effort of the central bank, financial institutions and employers to promote PERA.

“While many Filipinos still struggle with daily expenses, certain groups like OFWs and professionals, may have had more financial flexibility to set aside funds for retirement,” he said.

“With concerns over the long-term sustainability of the SSS and GSIS pension funds, some workers may be looking for alternative or supplemental retirement income sources.”

In 2020, the BSP launched the digital platform for PERA to make it more accessible, allowing Filipinos to open accounts, choose different accredited products, and settle transactions online.

The central bank earlier said the wider use of PERA can help increase government savings, foster investment and capital market development, which would support economic growth. — Luisa Maria Jacinta C. Jocson

Change or continuity? Honoring and strengthening commitments amid shifting times

PHILIPPINESTAR/WALTER BOLLOZOS

Diplomatic relations are not confined to bilateral, country-to-country ties. Often, there are wider alliances and groupings that must be pursued because each nation has something unique to bring to the table. Trilateral collaborations are an important way to participate in global and regional geopolitics with countries sharing the same values and priorities and even facing common threats.

The trilateral collaboration between the Philippines, Japan, and the United States easily comes to mind, with all three countries affirming their commitment to a secure and stable Indo-Pacific region.

The affirmation of the trilateral commitments could not come at a better time, as geopolitical risks persist, especially in the maritime domain. Last year, for instance, was a year of escalated tensions in the West Philippine Sea (WPS), the Senkaku Islands, and Taiwan. China became bolder in its aggressive operations in these three areas. In the WPS, China escalated tensions by using military-grade lasers and water cannons, and ramming Philippine Coast Guard vessels. The Chinese also swarmed the Senkaku Islands with their government ships. In the same year, over 3,000 Chinese military aircraft breached Taiwan’s Air Defense Identification Zone.

The taunting did not let up in the first two months of 2025.

On Feb. 18, a helicopter of China’s People’s Liberation Army (PLA) maneuvered just three meters away from an aircraft of the Bureau of Fisheries and Aquatic Resources (BFAR) over Bajo de Masinloc. The dangerous move imperiled the lives of the Filipino BFAR personnel who were in the aircraft.

A few days later, on Feb. 26, Chinese state media urged the Philippines to withdraw the US’ Typhon intermediate range missile from the WPS. China had the gall to say that the Philippines had acted in bad faith and that “the region needs peace and prosperity, not intermediate-range missiles and confrontation.”

Patrol ships of the China Coast Guard (CCG) have also been swarming the West Philippine Sea. This is similar to what is happening in the Senkaku/Diaoyu Islands in the East China Sea where CCG conducts a regular intrusion in Japanese territory.

DONALD TRUMP
Meanwhile, the United States President Donald Trump is in an uncommon situation where he is president again after leading for four years after the 2016 elections and then losing his reelection bid. It is but natural to wonder how many of his previous policies and pronouncements, and how much of his predecessor’s, he will keep this time around.

Admittedly, these times on the international stage are more challenging than when Trump was first president. China’s increased aggression and doublespeak have intensified, necessitating an approach that must be fully defined for all those concerned.

Seeing the animosity with which Trump speaks of former President Joseph Biden, his immediate successor and also his predecessor, concerns about Trump’s stance and action plan on China are valid. Specifically, will he take a hardline approach against the emerging power? Will he even honor the alliance commitments made under Biden, for instance the statement that the US commitment to Philippine security remains “ironclad”?

We have been observing the US’ recent overt pronouncements as well as the decisions and actions being undertaken in relation to this. At this point we believe we should have little reason for concern. Here is why.

The 6th Multilateral Maritime Cooperative Activity (MMCA), featuring naval and air assets from the US, Japan, Australia, and the Philippines jointly sailed the West Philippine Sea on Feb. 5, the first MMCA under the new Trump administration.

Aside from this, the Philippines was exempted from the US’ 90-day foreign aid suspension and was granted $336 million for the continuation of planned defense modernization programs, including naval, air, land, cyber, and support system enhancements. Taiwan also received this waiver, highlighting its strategic importance. This move underscores the US’ unwavering and ironclad support for its Indo-Pacific allies.

JAPAN
It’s not just the US commitment to the Philippines that appears secure.

On Feb. 7, Trump and Japan’s Prime Minister Shigeru Ishiba held their first official meeting where they emphasized the US-Japan Alliance as the foundation of regional security, with Japan pledging to bolster its defense capabilities.

The US reiterated its defense commitment, including nuclear deterrence, and confirmed that Article V of the US-Japan Treaty of Mutual Cooperation and Security applies to the Senkaku Islands. Both nations vowed to counter any attempts to disrupt Japan’s administration of the islands and to enhance security cooperation to address regional challenges.

These indications of sustained friendly policy continuity are truly reassuring given the escalating tensions caused by China, both in the West Philippine Sea and East China Sea, and opportunities for trilateral collaboration among the US, Japan, and the Philippines abound. Fortunately, the deep and strong diplomatic relations among our three countries are a testament to the democratic values that we like-minded partners share in the face of our common challenges.

These emerging dynamics will be the subject of a forum being organized by the Stratbase Group in connection with the Japan Foundation Manila on Friday. Titled “Navigating Shifting Tides: Security Challenges and Strategic Opportunities for the Philippines, Japan, and the US in the New Trump Administration.”

The lecture, featuring American, Japanese, and Filipino experts, will allow us to look at geopolitical, economic, and defense-related dimensions to deepen our understanding of the security policy of each country and outline practical strategies for strengthening trilateral and multilateral security cooperation.

As global tensions continue to rise, the importance of trilateral cooperation among the Philippines, Japan, and the United States cannot be overstated. Strategic alliances anchored in shared values and mutual security interests serve as a critical counterbalance to the persisting aggression of Beijing threatening the stability of the Indo-Pacific region

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

Megawide Construction Corp. to conduct Special Stockholders’ Meeting via remote communication on March 27

 

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NPC seeks ERC approval to recover P21 million in forex-related costs

PHILSTAR FILE PHOTO

STATE-RUN National Power Corp. (NPC) is seeking approval from the Energy Regulatory Commission (ERC) to recover costs incurred due to foreign exchange (forex) fluctuations, amounting to approximately P21 million.

In its filing with the ERC, promulgated on Jan. 22, NPC is seeking to recover deferred accounting adjustments (DAA) corresponding to additional costs from foreign exchange fluctuations related to debt service payments and operating expenses, along with corresponding carrying charges in 2022.

The application covers the billing period from January to December 2022 under the incremental currency exchange rate adjustment (ICERA).

ICERA provides a mechanism for the recovery or refund of deferred incremental costs or savings resulting from foreign exchange fluctuations and carrying charges.

With board approval, NPC is proposing the recovery of P0.0384 per kilowatt-hour, to be charged to island grid customers over a 12-month period.

“The proposed ICERA DAA is fair and reasonable as it is computed in line with the ICERA Guidelines,” the company said.

NPC clarified that the proposed ICERA is based solely on foreign exchange-related adjustments attributable to its Small Power Utilities Group (SPUG), excluding costs associated with its operations in the main grids.

The company is also seeking ERC approval to implement the proposed rates on top of the existing subsidized, approved generation rate in both NPC-SPUG and delegated NPC-SPUG areas to determine the level of subsidy. — Sheldeen Joy Talavera

Small businesses told to secure payment system against scams

DAVID DVORACEK-UNSPLASH

By Beatriz Marie D. Cruz, Reporter

PHILIPPINE micro, small and medium enterprises (MSMEs) should invest in payment security to stop unscrupulous groups from stealing their money through malicious QR (quick response) codes, according to industry experts.

“Usually, the big companies have the budgets and have a point of sale device that can generate a QR code,” Jocel G. De Guzman, co-founder of group Scam Watch Pilipinas, said in a video interview. “Most victims [of QR code scams] are MSMEs that print their QR codes, and this can easily be tampered with.”

About 38% of Filipinos who use mobile wallets prefer QR codes as mode of payment, according to a study by Visa. This comes as the Bangko Sentral ng Pilipinas targets a 60% to 70% share of digital payments in total retail payments by 2028.

However, their popularity has led to the rise of fake or malicious QR codes that lead users to malicious websites or phishing attempts.

QR code phishing or quishing is a form of a modern social engineering cyberattack where users are tricked to give away personal and financial information to scammers.

One of the most common forms of QR code-related attacks include tampering legitimate QR codes, which allow scammers to easily steal information, according to information technology (IT) management provider ManageEngine.

“Scammers will change the QR code physically, like put a sticker on top of the QR codes, so when it is scanned, users will be redirected to phishing websites and get their information,” Onil Jaia Leyda, technical solutions consultant at ManageEngine, said in a Feb. 21 interview.

Fake and malicious QR codes have also been more sophisticated with the rise of artificial intelligence (AI), he added.

Data from the Philippine central bank showed that 59.48% of cyberfraud losses in 2023 were driven by phishing attacks, identify theft and account takeovers.

To protect themselves from fake QR codes, MSMEs and consumers should verify if the code is legitimate. They can do so by checking for misspelled words and suspicious URLs (uniform resource locators), according to IT security company Trend Micro.

Consumers should also update their mobile devices with security features, such as in-place web filtering and multi-factor authentication, to safeguard them against fake QR codes, Mr. Leyda said.

He also cited the need for the government and private sector to increase user education and awareness against fake and malicious QR codes.

AIA Philippines looks to incorporate mental health benefits into its products

FREEPIK

AIA PHILIPPINES Life and General Insurance Co., Inc. is looking to integrate mental health benefits into its products as its recent study showed strong demand for related services.

“First and foremost, we’re trying to raise awareness about the needs people have relating to their mental health and sustainable mental health. We’re raising awareness, breaking down taboos, breaking down stigmas, but also looking at how our AIA Vitality program can support mental wellness through daily check-ins on mood, through accessing other available third parties to coach and counsel where possible, but also to incorporate in our products benefits that enable access to mental health professionals that perhaps we had never done before,” AIA Group Chief Marketing Officer Stuart A. Spencer told reporters on Tuesday.

“Beyond raising awareness, adjusting our propositions, incorporating dimensions to our wellness programs, we’re all designed to make mental wellness as prominent and as crucial an element of overall health as physical wellness,” Mr. Spencer added.

AIA Philippines recently conducted a survey on 1,005 Filipinos aged 18 to 59 years old, which showed an increase in mental health awareness in the country.

The study showed that Filipinos are now moving towards a more holistic view of well-being, as more than half of the respondents or 52% said they define having a “healthy life” as having a healthy body, a healthy mind (30%), healthy financial habits (12%), and a healthy environment (7%).

“So, it’s (mental health) something that recently we have been looking to make more and more available, given the increasing concerns and awareness. People are now more open to seeking care and seeking support, and that’s something, as an insurance provider, we are aware of and need to respond to,” AIA Philippines Chief Marketing Officer Melissa Henson said.

The study showed that financial health is also linked to physical and mental health, as more than half or 59% of respondents said money worries are their top cause of stress, with 47% adding that their top obstacle in seeking healthcare is high costs.

It said that 65% of Filipinos rely on their personal savings as their fund source for unexpected events, followed by government assistance at 46%, insurance at 43%, loans from family and friends at 32%, and side business or freelance work at 28%.

Two out of five respondents or 42% said they felt their savings and insurance are not enough, with 66% of those who already own insurance planning to buy another policy.

“Filipinos worry about money the most… Becoming more financially healthy is key, as it helps resolve the physical and mental toll that come with financial worries, giving us peace of mind and enriching our overall well-being,” AIA Philippines said.

Majority or 80% of the respondents also said they are now more aware of the need to take care of their health as they have a family history of illness they want to avoid, with 16% of these being mental health issues.

The other most common family-inherited illnesses cited by respondents were diabetes (32%), heart-related diseases (30%), weight-related concerns (21%), and severe allergies or allergic rhinitis (18%).

“We want to break the cycle of family health history, so it motivates us to be healthy. We can reduce risks that come with our family history of illness by taking more proactive steps toward better health,” AIA Philippines said.

“We can redesign our path to wellness by incorporating diverse and interconnected habits that can help us achieve a healthy mind and body, while building financial resilience, and adopting sustainable practices.”

AIA Philippines booked a premium income of P12.07 billion in 2024, data from the Insurance Commission showed, with its life unit posting a net income of P3.53 billion. — A.M.C. Sy

Rare Banksy, owned by blink-182’s Mark Hoppus, heads to auction

CRUDE OIL (VETTRIANO) BY BANKSY — SOTHEBYS.COM

LONDON — A rare Banksy artwork, hand-painted by the elusive street artist and owned by US musician Mark Hoppus, heads to auction on Tuesday with a price estimate of up to $6.35 million.

Crude Oil (Vettriano) is Banksy’s re-imagining of the 1992 painting The Singing Butler by Scottish artist Jack Vettriano, whose death was announced on Monday.

It depicts Vettriano’s butler serenading a dancing couple on a beach, with Banksy’s addition of a sinking oil liner and two figures in hazmat suits moving a barrel of toxic waste in the background.

The painting, bought by the co-founder of pop-punk band blink-182 Mr. Hoppus and his wife Skye in 2011, is being offered at Sotheby’s London “Modern & Contemporary Evening Auction,” with an estimate of £3 million to £5 million ($3.81 million to $6.35 million).

“It was first exhibited in (Banksy’s) landmark exhibition in Notting Hill in 2005, which really propelled him into the public sphere,” Mackie Hayden-Cook, specialist, contemporary art at Sotheby’s, told Reuters.

“It’s rare for a work of this quality to come to market, and this one really has all the best ingredients. A fabulous owner, it’s hand-painted, impeccable exhibition history, and its subject is more urgent now than ever before.”

Speaking before news of Vettriano’s death was released, she linked Banksy’s decision to re-imagine his work to the parallels between the two artists at the time.

“Like Banksy, you have a really, really popular artist that is loved by the masses and appreciated by many. But for whatever reason, he was snubbed by the art world,” Ms. Hayden-Cook said.

Mr. Hoppus said part of the sale proceeds would go to medical charities and the California Fire Foundation, following the Los Angeles wildfires. He and his wife also intend to buy new art.

“Coming up in punk rock, it was always the ethos that if your band got any success, you brought your friends up with you,” he told Reuters on Sunday.

“So with this art sale, I hope to take some of the money and put it back into the art community with up-and-coming artists that we’re inspired by and just continue that… I want to be a punk rock Medici.” — Reuters

Atlanta Fed shock sounds ‘Trumpcession’ warning

If you haven’t heard the term before, you will now, as a closely watched real-time US economic weathervane is signaling that the US’ GDP is shrinking at the fastest pace since the pandemic lockdown.

The Atlanta Fed’s GDPNow model estimate for annualized growth in the current quarter was a stunning -2.8% on Monday, down from +2.3% last week. A month ago the model showed that growth in the January-March period was tracking close to +4%.

These estimates are published regularly as new economic data is released, and can be quite volatile. There were 11 in February alone. Friday’s shock reading of -1.5% was led by a record-high $153-billion trade deficit in January, most likely as firms front-loaded imports ahead of tariffs, and Monday’s decline was driven by soft manufacturing activity.

There’s every chance -2.8% turns into a positive reading in a few weeks.

True, the Atlanta Fed number is an outlier for now. The New York Fed’s equivalent Nowcast real-time tracking model was updated on Friday to +2.9% annualized growth in Q1 from +3%. And the Dallas Fed’s “weekly economic index,” which doesn’t include the most recent data, was showing +2.4% on Feb. 27.

But the Atlanta Fed’s GDPNow real-time estimates are historically the most reliable of these models, and the negative figures didn’t come out of nowhere. A lot of soft economic indicators, like sentiment surveys, have been extremely weak in recent weeks, and some hard economic activity indicators are flashing red too. Consumer sentiment in January slumped the most in three and a half years, retail sales dropped by the most in nearly two years, real spending fell at the fastest rate since early 2021, and retail giant Walmart has warned of a tough year ahead. It’s perhaps no surprise that Citi’s US economic surprises index has slid into negative territory, hitting the lowest point since September.

A common thread running through all of this is the huge level of uncertainty being created by US President Donald Trump’s agenda: trade protectionism, particularly tariffs; his apparent growing closeness with Russia and distance from traditional allies like Europe; and the DOGE (Department of Government Efficiency) scythe being taken to federal spending and employment.

NEGATIVE WEALTH EFFECT
Markets are certainly signaling there could be trouble ahead. The Nasdaq has lost as much as 9% in 10 days, with Big Tech down even more. Investors are seeking the safety of US Treasuries: the two-year yield on Friday fell below 4% for the first time since October, and the 10-year yield has tumbled 60 bps since mid-January.

These moves could matter to the real economy because of the “wealth effect.” As Moody’s Mark Zandi noted recently, the top 10% of American households now account for around half of all consumer spending. That’s a record. They also own a lot of stocks, and if Wall Street is heading south, they are more likely to tighten their belts.

Economist Phil Suttle said he expected Trump’s agenda to weigh on the economy this year, but didn’t expect it to have such an apparently negative impact so quickly. But if the “blunt and chaotic” implementation of Trump’s spending and trade policies hit growth harder than imagined, the Federal Reserve may cut rates in the second quarter, Suttle reckons. The Fed’s rate-cutting cycle is on hold for now, largely because of the uncertainty surrounding Trump’s trade and fiscal policies. But an impending “Trumpcession” probably wasn’t on policymakers’ mind when they pressed the pause button. It likely is now.

(The opinions expressed here are those of the author, a columnist for Reuters.)

Philippines slips to 21st place in 40-Country Global Youth Index

The Philippines dropped two notches to 21st out of 40 countries with a score of 50.9 out of 100 in the latest edition of the Global Youth Index by Saudi Arabian nonprofit organization Misk Foundation. The index measures factors that determine youth development worldwide. The Philippines tied with Indonesia.

Philippines slips to 21<sup>st</sup> place in 40-Country Global Youth Index

ACEN Australia to develop pumped hydro project

ACEN AUSTRALIA, a subsidiary of ACEN Corp., will develop an 800-megawatt (MW) pumped hydro project in Australia after securing a long-term energy service agreement.

ACEN Australia’s Phoenix Pumped Hydro was selected for a long-term energy service agreement supporting New South Wales’ (NSW) Electricity Infrastructure Roadmap, NSW said in a media release last week.

For the first time, the latest tender program awarded a contract to a pumped hydro project, alongside two large-scale batteries.

“Long-duration storage plays a crucial role in the electricity system, enabling renewable energy from solar and wind to be stored and dispatched on demand,” NSW said.

“This helps stabilize the supply of renewable energy around the clock, mitigates price spikes, and exerts downward pressure on electricity prices over time,” it added.

The ACEN Phoenix Pumped Hydro project, proposed at Lake Burrendong in Australia, is expected to be operational by 2031. It will have a storage capacity equivalent to approximately 15 hours of electricity supply.

“These new projects will stimulate local and regional economies through job creation and investment while ensuring a reliable energy system for all of NSW,” NSW said.

Last week, ACEN announced the start of construction for its large-scale battery energy storage system in Australia, with a total storage capacity of 400 megawatt-hours.

ACEN, the Ayala Group’s listed energy platform, has approximately 6.8 gigawatts of attributable renewable energy capacity across operational, under-construction, and committed projects.

It operates in multiple markets, including the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States. — Sheldeen Joy Talavera

AI agents to streamline Philippine businesses’ workload — Salesforce

PHILIPPINE companies should use artificial intelligence (AI) agents to streamline their workload and focus on more complex tasks, according to US-based customer relationship management platform Salesforce.

“This helps businesses in the Philippines scale and alleviate the workload of overwhelmed teams so that they can focus on creative and strategic tasks,” Salesforce said in a statement.

Salesforce last week announced its partnership with tech giant Google to integrate the latter’s Gemini chatbot in building AI agents.

“This expanded partnership will empower Salesforce customers to build Agentforce agents using Gemini and deploy Salesforce on Google Cloud,” Salesforce said in an e-mailed statement on Feb. 25.

The partnership lets customers develop tailored AI solutions that meet their specific needs, rather than being locked into a single model provider, according to Salesforce.

Agentforce, Salesforce’s AI builder, will access Google’s Gemini models, working with images, audio and video, handle more complex tasks and act using real-time insights and answers grounded in Google Search with Vertex AI.

The partnership further integrates the Salesforce Service Cloud into the Google Customer Engagement Suite, bringing AI-enabled contact center capabilities such as real-time voice translation, intelligent agent-to-agent handoffs, personalized agent recommendations, and AI-driven conversational insights across all channels.

Salesforce’s Agentforce, Data Cloud and Customer 360 Apps will run on Google Cloud infrastructure, with access to new regions and simplified procurement through the Google Cloud Marketplace.

“Through our expanded partnership with Google Cloud and deep integrations at the platform, application and infrastructure layer, we’re giving customers choice in the applications and models they want to use,” said Srini Tallapragada, Salesforce president and chief engineering and customer success officer.

About 84% of chief information officers globally think AI would be as significant to their businesses as the rise of the internet, but only 11% have fully implemented the tech, according to a 2024 study by Salesforce.

“Our mutual customers have asked us to be able to work more seamlessly across Salesforce and Google Cloud, and this expanded partnership will help them accelerate their AI transformations with agentic AI, state-of-the-art AI models, data analytics and more,” Google Cloud Chief Executive Officer Thomas Kurian said in the same statement.

About 55% of Filipino consumers see communication service providers using AI agents as “futuristic and innovative,” according to multinational technology company Amdocs. — Beatriz Marie D. Cruz

AXA Philippines launches life insurance product with guaranteed annual payouts

AXA PHILIPPINES Life and General Insurance Corp. has launched a life insurance product with guaranteed payouts yearly.

AXA Secure Future provides life insurance coverage as well as yearly payouts of 8% of the basic sum insured beginning on the eighth to the 20th year at a seven-year pay plan period, independent of market conditions, the company said in a statement. It will disburse the yearly payouts every policy anniversary.

“At AXA, we believe in empowering individuals to take charge of their financial journeys, no matter their life stage. With AXA Secure Future, which offers guaranteed yearly payouts and a lump sum benefit, we’re giving our customers the confidence to plan and live life on their terms — because we believe that when you know you can, you will,” AXA Philippines Chief Marketing Officer Fernando V. Villar said.

The policy also includes non-guaranteed cash dividends depending on the company’s financial performance, which may be earned also starting from the eighth to the 20th year.

“Whether you need to supplement savings, additional funds for your expenses, or fund a dream project, this feature ensures continuous cash flow,” AXA Philippines said.

Upon the policy’s maturity, holders will receive 100% of their plan’s basic sum insured.

The insured will also have the option to advance 50% of the death benefit to use for treatment in case of a terminal illness diagnosis.

AXA Philippines booked a premium income of P26.55 billion in 2024, based on data from the Insurance Commission. Its life unit’s net income stood at P2.47 billion last year. — Aaron Michael C. Sy

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