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Philippines sees economy slowing, but ‘comparatively strong’ in 2023 

The Makati skyline is seen in the background in this file photo. — PHILIPPINE STAR/ MICHAEL VARCAS

MANILA — Philippine economic growth may ease next year after a likely expansion of more than 7% this year as global risks linger, but it will remain resilient, a top official said on Sunday.

“We may slow down, given still elevated external headwinds & internal challenges, but the economy will remain comparatively strong in 2023,” Economic Planning Secretary Arsenio Balisacan said in a tweet.

The government is aiming for yearly gross domestic product growth of 6.5% to 8.0% between 2023 and 2028.

The economy would likely grow above the government’s 6.5%-7.5% growth target for 2022, Mr. Balisacan said on Nov. 10, following a faster-than-expected 7.6% annual expansion in the third quarter, underpinned by pent-up domestic demand.

That followed GDP growth rates of 7.5% in the second and 8.2% in the first quarter, boosted by the full reopening of the economy as the government continuously lifted COVID-19 restrictions, and despite soaring inflation.

The world’s largest investment banks expect global economic growth to slow further in 2023 following a year roiled by the Ukraine conflict and soaring inflation, which triggered one of the fastest monetary policy tightening cycles in recent times. — Reuters

China poses increasing threat in military space race, top US general says

Rendering of China’s Tiangong Space Station. — WIKIMEDIA COMMONS

SYDNEY — Rapid advancements in China’s military capabilities pose increasing risks to American supremacy in outer space, the head of the United States military’s space wing said on Monday. 

Nina Armagno, director of staff of the US Space Force, said Beijing had made significant progress in developing military space technology, including in areas such as satellite communications and reusable spacecraft, which allow countries to rapidly scale up their space programs. 

“I think it’s entirely possible they could catch up and surpass us, absolutely,” Ms. Armagno said at an event in Sydney run by the Australian Strategic Policy Institute, a research organization partly funded by the US and Australian governments. “The progress they’ve made has been stunning, stunningly fast.” 

Historically lagging in a space race dominated by the United States and Russia, Beijing has made significant advances in recent years that have alarmed Washington and other Western nations. 

Ye Peijian, the head of the Chinese Lunar Exploration Program, has likened the moon and Mars to contested islands in the South China Sea that Beijing is attempting to claim. 

China is also developing experimental technology aimed at mining asteroids and minor planets for natural resources. 

“[China] is the only country with both the intent to reshape the international order and increasingly, the economic, diplomatic, military and technological power to achieve that objective,” Ms. Armagno said. 

Along with Russia, China has also conducted “reckless” missile tests that have created dangerous amounts of space debris in recent years, Armagno said. 

“These debris fields threatened all of our systems in space, and these systems are vital to all nations’ security, economic and scientific interests,” she said. 

Founded in 2019 in part as an attempt to counter the rising capabilities of China, the Space Force is the fourth branch of the US military, with Armagno serving as its first permanent leader. It is set to launch three astronauts to its new space station on Tuesday. — Reuters

Australia lowers terror threat level for first time since 2014

REUTERS

SYDNEY — Australia lowered its terrorism threat level on Monday to “possible” from “probable” for the first time in eight years, citing a reduced risk of attacks from extremists. 

The level was raised in 2014, spurred by concerns over the number of Australians believed to be fighting overseas with Islamist militant groups and the likelihood of terror attacks by those radicalized in Iraq or Syria. 

But spy agency the Australian Security Intelligence Organisation (ASIO) said the factors prompting the threat level no longer existed or only persisted to a lesser degree. 

“While Australia remains a potential terrorist target, there are fewer extremists with the intention to conduct an attack onshore,” Mike Burgess, its director general of security, told reporters. 

The change did not mean all terror threats had been extinguished, Mr. Burgess said, however. 

“It remains plausible that someone will die at the hands of a terrorist in Australia within the next 12 months — although, of course, (we) will work around the clock to prevent that,” he added. 

Last month, the Labor government decided to repatriate four Australian women and their 13 children from a Syrian refugee camp, resuming a controversial program criticized by the Liberal-National opposition. 

Mr. Burgess said Monday’s decision took into account the move to repatriate the group, related to dead or jailed fighters from the militant Islamic State group. 

The offshore networks, capabilities and allure of radical Islamic groups have been degraded with their support in Australia fading though it has not yet disappeared, Mr. Burgess said. 

“While ASIO considered all these factors when deciding to lower the terrorism threat level, I can almost guarantee it will need to go up again at some point in the future.” — Reuters

Tens of thousands march in Mexico City to support president

Mexican President Andres Manuel Lopez Obrador. — Andres Manuel Lopez Obrador/Facebook

MEXICO CITY — Tens of thousands marched with Mexican President Andres Manuel Lopez Obrador on Sunday in a massive demonstration through the center of the country’s capital to show their support for the head of state before a 2024 general election.

“Mexico is no longer run by oligarchy, now there is a democratic system whose priority is the poor,” the president told people crowding the vast Zocalo square at the city’s center. 

Mr. Lopez Obrador, whose administration has made double-digit minimum wages hikes for the past four years, proposed that the 2023 increase could land around 20%, and forecast the country’s economic growth would beat expectations. 

Supporters, many of whom traveled to the capital by bus, shook hands and took selfies with the 69-year-old head of state as he crossed the square, many waving flags for the ruling National Regeneration Movement (MORENA) party. 

“The president is from a humble background. He’s done a lot of social programs,” said Teresa Magana, who pooled money with a group of 40 to travel 12 hours from Tabasco, the president’s home state. “We want him to continue.” 

The speech followed a five-hour march through the capital’s Reforma Avenue and performances by mariachi musicians in the main square. The president’s approval ratings are around 60%. 

ELECTORAL REFORM 

Mexican presidents are limited to a single six-year term. Foreign Minister Marcelo Ebrard and Mexico City Mayor Claudia Sheinbaum, who were at the march, are likely party candidates to run for the next election, scheduled for the summer of 2024. 

The march comes a fortnight after critics of the president’s plan to reform the country’s electoral system came to the streets in tens of thousands, the largest demonstration against his policies so far. 

Earlier this month, Congress started discussing the plan. Lopez Obrador, known by his initials as AMLO, says his proposal would improve democracy, limit economic influence in politics and cut advertising time, but his opponents fear the change could presage a power grab. 

The plan would reduce the budget of the country’s INE electoral commission and change the way councilors are elected. 

Some people protested on Sunday with coffin-shaped signs marked INE. 

“AMLO criticizes the salaries of INE councilors,” wrote columnist Sergio Negrete on Twitter. “With the cost of his ego-boosting march, he could pay the salaries of 11 INE councilors for 43 years and three months.” — Reuters

 

Canada to boost defense, cybersecurity in Indo-Pacific policy, focus on ‘disruptive’ China

PRAVEEN KUMAR NANDAGIRI-UNSPLASH

OTTAWA — Canada launched its long-awaited Indo-Pacific strategy on Sunday, outlining C$2.3 billion ($1.7 billion) in spending to boost military and cybersecurity in the region and vowed to deal with a “disruptive” China while working with it on climate change and trade issues.

The plan detailed in a 26-page document said Canada will tighten foreign investment rules to protect intellectual property and prevent Chinese state-owned enterprises from snapping up critical mineral supplies. 

Canada is seeking to deepen ties with a fast-growing Indo-Pacific region of 40 countries accounting for almost C$50 trillion in economic activity. But the focus is on China, which is mentioned more than 50 times, at a moment when bilateral ties are frosty. 

Four cabinet ministers at a news conference in Vancouver took turns detailing the new plan, saying the strategy was crucial for Canada’s national security and climate as well as its economic goals. 

“We will engage in diplomacy because we think diplomacy is a strength, at the same time we’ll be firm and that’s why we have now a very transparent plan to engage with China,” Foreign Minister Melanie Joly said. 

Prime Minister Justin Trudeau’s Liberal government wants to diversify trade and economic ties that are overwhelmingly reliant on the United States. Official data for September show bilateral trade with China accounted for under 7% of the total, compared to 68% for the United States. 

Canada’s outreach to Asian allies also comes as Washington has shown signs of becoming increasingly leery of free trade in recent years. 

The document underscored Canada’s dilemma in forging ties with China, which offers significant opportunities for Canadian exporters, even as Beijing looks to shape the international order into a more “permissive environment for interests and values that increasingly depart from ours,” it added. 

CHALLENGE CHINA 

Yet, the document said cooperation with the world’s second-biggest economy was necessary to address some of the “world’s existential pressures,” including climate change, global health and nuclear proliferation. 

“China is an increasingly disruptive global power,” said the strategy. “Our approach … is shaped by a realistic and clear-eyed assessment of today’s China. In areas of profound disagreement, we will challenge China.” 

Tensions with China soared in late 2018 after Canadian police detained a Huawei Technologies executive and Beijing subsequently arrested two Canadians on spying charges. All three were released last year, but relations remain sour. 

Canada earlier this month ordered three Chinese companies to divest their investments in Canadian critical minerals, citing national security. 

The document, in a section mentioning China, said Ottawa would review and update legislation enabling it to act “decisively when investments from state-owned enterprises and other foreign entities threaten our national security, including our critical minerals supply chains.” 

“Because the region is both large and diverse, one size definitely does not fit all,” Canadian Chamber of Commerce President Perrin Beatty said in a statement, adding that Canada’s priorities will need to be very nuanced both between and within countries. 

The document said Canada would boost its naval presence in the region and “increase our military engagement and intelligence capacity as a means of mitigating coercive behavior and threats to regional security.” 

That would include annual deployment of three frigates to the region, from two currently, as well as participation of Canadian aviators and soldiers in regional military exercises, Defense Minister Anita Anand said at a separate news conference. 

Canada belongs to the Group of Seven major industrialized nations, which wants significant measures in response to North Korean missile launches. 

The document said Ottawa was engaging in the region with partners such as the United States and the European Union. 

Canada needed to keep talking to nations it had fundamental disagreements with, it said, but did not name them. — Reuters

 

Recognizing an icon in Philippine construction

DMCI Holdings, Inc. Chairman and President Isidro A. Consunji, 2022 MAP Management Man of the Year — BW File Photo

DMCI Holdings head is 2022’s ‘MAP Management Man of the Year’

As a group aimed at connecting the country’s top leaders and managers, the Management Association of the Philippines (MAP) is one of the Philippines’ most exclusive and prestigious organizations. To become part of its ranks is an honor unto itself, more so to be recognized by its members as an exemplary part of the Philippine business community.

Isidro A. Consunji, chairman and president of DMCI Holdings, Inc., is one such man. He was named “MAP Management Man of the Year 2022” by MAP for his achievements in transforming a private construction firm into one of the country’s biggest and most resilient conglomerates.

MAP recognized Mr. Consunji’s “personal contributions to shaping national values and inspiring others through his track record of integrity, managerial competence and professional leadership.”

As the man behind DMCI, Mr. Consunji had a hand in creating some of the most iconic structures in the country, such as the Cultural Center of the Philippines, the Church of the Holy Sacrifice, and the Philippine International Convention Center.

MAP confers the “MAP Management Man of the Year” award to individuals in business or government, MAP member or not, who have attained clear and inarguable distinction in management in addition to making valuable contributions to the country’s development and shaping its national values.

During its five-decade history, the award was given only 46 times due to the association’s “thorough, stringent selection process.” According to MAP, the award’s criteria include “integrity, leadership, and management qualities; contribution to nation-building and values formation; and effective stewardship within the confines of the highest standard of business and management practice.”

Mr. Consunji was recognized for his leadership role in his group’s substantial contributions to national development, job creation and income generation through huge investments in construction, real estate, mining, energy and water distribution; as well as his unparalleled commitment to developing, training and sustaining a Filipino management team and staff in his organization.

Since 2010, DMCI Holdings, Inc. has been a member of the benchmark Philippine Stock Exchange Composite Index (PSEi), which includes thirty of the biggest and most actively traded stocks in the country.

The company has also been recognized for its commitment to good corporate governance and gender equality.

MAP also recognized Mr. Consunji’s generous contribution to education, especially in the field of engineering and science; for his significant contribution in the form of innovative solutions to the housing problem of the Philippines; and for his expertise in turning problematic assets and distressed companies under seemingly insurmountable situations into very productive investments.

In DMCI’s 2021 Sustainability Report, the company reported how it has advanced the quality of healthcare and the accessibility of medical services through the construction of the Philippine General Hospital’s (PGH) Felicidad Sy Multi-Specialty Building, the Presidential Security Group (PSG) Hospital Project, and the University of the Philippines-College of Medicine’s (UPCM) Henry Sy Sr. Medical Sciences Building.

The UPCM building, in particular, was established to support the university’s goal of promoting collaborative research on the country’s health challenges and providing a venue for future doctors to obtain dual and higher education research-based degrees. The building is powered by renewable energy and has a renewable water system, facilities for online learning, two auditoriums with over 200 seating, state-of-the-art medical simulation laboratories, and 41 classrooms, among others.

“We believe in the power of education in uplifting lives and advancing the economy. Through our subsidiaries, we continued educational programs and initiatives to promote learning. These include scholarship grants, webinars, and Brigada Eskwela initiatives to extend support to our partner schools and the Filipino youth,” DMCI said in the report.

Mr. Isidro A. Consunji took DMCI’s reins from his father, David “DM” Consunji, a civil engineer who started the construction company before it grew into the conglomerate it is today.

DMCI started small, from constructing chicken houses for the Bureau of Animal Industry, until it has gradually built up a reputation for its punctuality and quality work. Since then, the company moved on to major projects such as the Tacloban Coca-Cola Plant and Bacnotan Cement Plant.

With more than five decades of solid track record in the construction business, DMCI enjoyed the continued patronage of institutional clients such as the Ayala Group, SM Group, Kuok Group, Robinson’s Group, San Miguel Corp.; banking institutions such as the Citibank, N.A., Bank of the Philippine Islands, Equitable and Urban Bank; educational institutions such as the University of the Philippines and De La Salle University; and multinationals such as the John Laing, Obayashi, Mitsubishi Heavy, Oriken, and Nippon Steel. Also, industrial companies and some government agencies have sought the expertise and services of DMCI and still maintain partnerships with the company to this day.

Mr. Consunji has held the position of the company’s director for 25 years. A graduate of B.S. Civil Engineering at the University of the Philippines like his father, Mr. Consunji then obtained his Master’s degree in Business Economics from the Center for Research and Communication and Masters in Business Management from the Asian Institute of Management, and attended the Advanced Management Program at Instituto de Estudios Superiores de la Empresa (IESE) in Barcelona, Spain.

For the past five years, he has been the president of DMCI-HI, Dacon Corp., and Asia Industries, Inc. He is also the chairman of the board of directors of DMCI Mining Corp., D.M. Consunji, Inc., DMCI Homes, and Beta Electric Corp. He is the vice-chairman of Maynilad Water Services, Inc., and director of Semirara Mining and Power Corp., DMCI/MPIC Water Company, Inc., Crown Equities, Inc., Atlas Consolidated Mining and Development Corp., Carmen Copper Corp., Sem-Calaca Power Corp., Berong Nickel Corp., Toledo Mining Corp., and ENK PLC (London).

He was also the former president of the Philippine Constructors Association and Philippine Chamber of Coal Mines, Inc. At present, he is the chairman of the board of the Philippine Overseas Construction Board and a board member of Construction Industry Authority of the Philippines. — Bjorn Biel M. Beltran

A pioneer in construction and engineering

Photo from DMCI Holdings, Inc. Annual Report 2021

The past years saw steady progress in the Philippine infrastructure. This has been possible with hardworking players in various industries, one of which is the diversified engineering conglomerate DMCI Holdings, Inc., currently headed by this year’s “MAP Management Man of the Year,” Filipino-Chinese businessman Isidro A. Consunji.

With a solid foundation in construction, DMCI Holdings expanded to real estate, energy, mining, and water industries. The company now works through five major subsidiaries: D.M. Consunji, Inc., or simply DMCI (construction services); DMCI Project Developers, Inc., more known as DMCI Homes (real estate development); Semirara and Mining Power Corp. (coal mining); DMCI Power Corp. (power generation); DMCI Mining Corp. (nickel mining); and an affiliation with Maynilad Water Services Inc. (water services).

DMCI Holding’s construction services are known for their building of landmarks and other big and complex infrastructure in the Philippines. It has accomplished over a thousand projects locally and internationally. Among the projects that DMCI embarked on include the Cultural Center of the Philippines, the Church of the Holy Sacrifice, and the Philippine International Convention Center.

The conglomerate’s real estate services, meanwhile, offer mid-income residential developments created to foster high-quality lifestyles. DMCI Homes has become a pioneer in building resort-like condominiums with large-sized pools, landscapes, and premium amenities.

The coal mining services explore, supply, and develop local coal resources and provide reliable power to its consumers in Semirara Island, while Acoje Mining and Berong Nickel Corp. are the industrial nickel suppliers.

DMCI Holding’s power generation front provides power and electrical services to small and remote islands that are not included in the main power infrastructure, using technology to provide reliable and sustainable electricity in the area. The water services, meanwhile, focus on providing water needs in the West Zone of Metro Manila, Olongapo City, and Subic Bay Freeport.

Other related companies of the holdings company include: DMCI Masbate Power Corp., DMC Construction Equipment Resources, Inc., DMCI Power Corp., Zambales Diversified Metals Corp., Wire Rope Corp. of the Philippines, and ENK Limited.

On March 8, 1995, DMCI Holdings, Inc. was founded and established by Engr. David M. Consunji, also known as the “Grandfather of the Philippine Construction Industry,” who also founded DMCI, the construction company. On April 27, 1995, the company was registered with the Securities and Exchange Commission.

Driven by entrepreneurial passion in construction and building, DMCI grew and became one of the Philippines’ biggest and most resilient engineering conglomerates. The following success of the private construction firm led to the expansion of the business organization engaging with subsidiaries that offer construction, residential development, mining power, and water services.

The company became one of the highest dividend-paying stocks with 26% in the Philippines, succeeded with a high score in the ASEAN Corporate Governance Scorecard (ACGS) in 2015, and became recognized as one of the Top ASEAN Asset Class Publicly Listed Companies at the 2019 ACGS Awards. Additionally, it was included in Bloomberg Gender-Equality Index (GEI) because of its commitment to gender equality in the workforce.

As BusinessWorld reported last March, DMCI Holdings’ profit achieved its highest peak at P17.4 billion, rising up to 164% in 2021. The growth of coal, power, and real estate operations contributed to the third-quarter core net income from P4.01 billion to P7.37 billion.

“Nearly all of our subsidiaries grew triple digits in 2021 because of higher productivity and what we believe is the start of a commodities super cycle,” Isidro A. Consunji was quoted as saying.

According to the DMCI Holdings’ annual report in 2021, there was an increased net income surge from P5.9 billion to P18.4 billion, despite the decrease in real estate projects in 2020. The net income has also increased from P2 billion to P5 billion during the fourth quarter of 2021.

Semirara Mining and Power Corp. made a big contribution with P9.2 billion last year, rising to P2 billion due to the increase in coal sales of 16%, average coal of 71%, and average electricity of 49%. With the 40% increase in average nickel selling prices and two million exports, DMCI Mining expected a 150% increase in contribution to P1.2 billion. Meanwhile, the positive outcomes of the real estate project in 2021 led to the company’s net profit surge from 127% to 4.4 billion. Whereas, DMCI Power recorded up to eight percent to P580 million due to higher power sales and lower fuel costs brought by the company’s 15-megawatt Masbate thermal plant operations.

D.M. Consunji, Inc., meanwhile, boosted its contributions by more than three times, with a growth of 247%, rising up to P378 million. This was attributed to an increased rate of construction accomplishments and marginal pandemic-related expenses.

DMCI Homes, Inc. reported an increased net income of 127% to P4.4 billion, reaching a higher revenue from its successful construction projects despite the COVID-19 pandemic outcomes. More recently, this year, DMCI Homes is working on upscale projects like Fortis Residence in Makati City and Satori Residences in Santolan, Pasig City.

In recognition of its most recent achievements, DMCI Holdings is listed as one of the outstanding Philippine firms in Asiamoney 2022 Asia’s Outstanding Companies Poll. The recognition was based on the corporation’s financial performance, management team excellence, investor relations, and corporate social responsibility initiatives.

“We are honored to receive these recognitions because they reflect the hard work of our people and the strong support of our capital market stakeholders,” Mr. Consunji was quoted as saying in a statement responding to the recognition.

In its 27 years of service, DMCI Holdings has developed into a diverse engineering conglomerate that invests in different sectors that are significant to the growth of the country. — Angela Kiara S. Brillantes

Lexus hybrid electric vehicles exempted from number coding

There are many benefits to driving a Lexus hybrid electric vehicle. They help reduce carbon emissions, are fuel efficient, cheaper to run, and now – it exempts you from number coding in Greater Metro Manila.

Lexus hybrid electric owners can breathe a sigh of relief these days because according to the implementing rules and regulations (IRR) of the newly passed Republic Act 11697 or the Electric Vehicle Industry Development Act (EVIDA) law, all electrified vehicles (EVs) or battery electric vehicles (fully electric), hybrid vehicles, and plug-in hybrid electric vehicles will not be apprehended during number coding days by MMDA.

Lexus continues to be driven in offering its customers with hybrid electric vehicles that provide comfort, practicality, and sustainability which, because of the new law, you can now use daily.

Each feature hybrid technologies which are a result of genuine and ongoing concern for the harmful effect vehicle emissions can have on the environment while simultaneously enhancing personal mobility.

The UX is a showcase of Lexus’ innovative design, luxury features, and advanced safety. It is a package that combines charismatic styling elements and an ultra-efficient powertrain. These features—which draw from a vibrant Japanese heritage—are proudly built and engineered by master craftsmen. Available in the UX 250h F Sport and UX 200h , these models are very responsive to drive and, like all Lexus hybrids, offer better fuel efficiency and lower emissions. They also require no plugging in for recharging and have no issues where driving range is concerned.

The hybrid Lexus NX 350h Premier and NX 350h Executive are powered by a powerful engine with a high-output electric motor, and uses a control logic exclusive to Lexus to achieve an optimized balance of acceleration performance and reduced fuel consumption. The gasoline engine develops 190hp and 239Nm of torque, while the front and rear motor generators add 182hp and 54hp respectively. The NX 350h Premier comes with electric folding rear seats; a 17-speaker Mark Levinson Surround Sound system; and a power rear hatch with a kick sensor.

The IS 300h sport sedan was born and bred at the Shimoyama Technical Center Test Track—where the toughest and most challenging roads in the world have been recreated. Under the svelte and sculpted lines of the IS 300h is a powerful-yet-efficient hybrid drivetrain. It is powered by a 2.5-liter inline four-cylinder mated to a Lexus E-CVT intelligent transmission for optimum efficiency in every driving condition. It is available in IS300H Executive and IS300H Premier variants.

The Lexus ES 300h Executive ES 300h Luxury was designed for those who appreciate higher levels of comfort and convenience–plus the sustainable nature of Lexus’s hybrid drive technology. It features an elevated level of sophistication to surpass the expectations of an uncompromising luxury-car buyer. The ES 300h is more spacious, quieter and safer than ever before, while a new generation of customers will find a saloon with sharp performance, class-leading safety technology, and a level of craftsmanship rarely found in this market segment.

The RX 450h makes a bold and completely new statement in this segment while building on and staying true to the pioneering values of previous hybrid RX generations while the NX 300h also features the Lexus Multi Stage Hybrid System bringing a new level of technology and a heightened driving experience to a Lexus crossover.

The LS 500h flagship model is equipped with the new Lexus Multi Stage Hybrid System, a technology that transforms the performance and driver appeal of hybrids, providing improved responsiveness and more rewarding, linear acceleration, particularly when moving off from stationary.

To learn more, visit the Lexus website at lexus.com.ph or on Facebook and Instagram. 

You may also download the MyLEXUS App available on both Android and iOS to receive live updates and access other premium services.

 

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Chef RV’s Cheesy Pork Asado: A creamy recipe for the holiday season

Christmas potlucks, parties, and Noche Buena are made more special when dishes are made at home and with love. Ibalik ang sarap ng Paskong Pinoy with Chef RV Manabat’s Cheesy Pork Asado, a Filipino favorite made better with Eden Cheese!

The Philippines celebrates the longest Christmas season in the world, showing just how much we love this holiday. As soon as the “ber” months hit our country, it’s not out of the ordinary to see Christmas decorations around, establishments playing Christmas songs, and plans for gatherings and reunions start between family and friends. The excitement and anticipation over the most wonderful time of the year is everything Pinoys love — spending time with your friends and loved ones, giving and receiving gifts, and, of course, bonding over delicious food!

Now that everyone is happily and safely planning get-togethers, parties, and reunions, home cooks are going back to the kitchen as they prepare to whip up special dishes for the holidays. Homemade dishes are always more thoughtful compared to store-bought ones, so now you can prepare a special dish at home, with Chef RV Manabat’s Cheesy Pork Asado recipe!

Chef RV Manabat runs a successful café and restaurant based in Laguna. In his free time, he enjoys sharing cooking content online both locally and abroad to his thousands of avid viewers on Facebook and YouTube. Through his cookbooks and videos, he shows how to create crowd-pleasing dishes in the comfort of your own home. His Christmas recipe is perfect for all levels of home cooks — so whether you’re a newbie or a passionate cook who has been cooking for decades, you will find that Chef RV’s recipes are on point, and easy to do, but will still wow all those who taste your cheesy dish!

 

 

Ready to learn? Create this Christmas dish, tried, tested, and loved by Chef RV himself:

Cheesy Pork Asado

Ingredients:

1 Block Eden Original 160g, grated
2 tbsp. butter
2 tbsp. minced garlic
1 kilo pork loin, cut into chunks
2 cups pineapple juice
1/4 cup + 2 tbsp brown sugar
1/2 cup evaporated milk
1/4 cup soy sauce
2 tbsp. tomato paste
Salt and pepper
1 small can whole mushrooms
Bell peppers, sliced
Boiled quail eggs
Frozen peas, as needed

Procedure:
1. Sauté garlic in butter until brown.
2. Add the pork meat and cook until sides turn slightly brown.
3. Add in pineapple juice, brown sugar, evap milk, soy sauce and tomato paste.
4. Simmer for 30-35 minutes, or until meat is tender.
5. Add grated Eden original, mushrooms, bell peppers, quail eggs and peas. Simmer for 1-2 minutes.
6. Serve with more grated Eden cheese on top.

This Christmas, you too can easily prepare a delicious and creamy dish like cheesy pork asado and other recipes you can discover at CheeseAnything.com!

Eden Cheese is available in all leading supermarkets nationwide and online at bit.ly/ShopEdenCheese. You can also follow Eden Cheese PH on Facebook.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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Marcos ‘hopes’ CA will reconsider TRO on SMC-Meralco deal

Linesmen fix electric posts in Tondo, Manila. — PHILIPPINE STAR/ RUSSELL PALMA

PRESIDENT Ferdinand R. Marcos, Jr. is hoping the Court of Appeals (CA) will reconsider its decision temporarily suspending the implementation of an SMC Global Power Holdings Corp. subsidiary’s power supply agreement (PSA) with Manila Electric Co. (Meralco), warning this may result in higher electricity rates.

At the same time, Meralco said it is exploring options after the CA granted a temporary restraining order (TRO) sought by SMC Global Power to halt the implementation of unit South Premiere Power Corp.’s (SPPC) PSA with Meralco. The TRO will be effective for 60 days.

Mr. Marcos on Sunday described the CA’s decision as “unfortunate.”

“(The decision) will cause further dislocations and possible price increase for power. We hope that the CA will reconsider. And include in their deliberations the extremely deleterious effect this will have on power prices for ordinary Filipinos,” he said in a statement released by the Office of the Press Secretary.

Meralco Chairman Manuel V. Pangilinan said that the power distributor will now seek guidance from the Energy Regulatory Commission (ERC) regarding its next step.

“I believe they (Meralco) have to talk to the ERC and get guidance from them. We have not heard, as far as I know, from San Miguel on what their next steps are going to be. I think the best is to consult the government,” Mr. Pangilinan said in a chance interview on Friday.

To recall, SMC Global Power’s petition stemmed from the ERC’s denial of its joint petition with Meralco, the buyer and distributor of its electricity, for a temporary rate hike.

In August, SMC Global Power announced that it sought temporary relief from the ERC to recover part of P15 billion in losses suffered by its units SPPC and San Miguel Energy Corp. (SMEC), the administrators of the natural gas-fired power plant in Ilijan, Batangas, and the coal power plant in Sual, Pangasinan, respectively.

However, the ERC rejected the petition, saying there was no basis and that the PSA is a fixed-rate contract.

Jose Ronald V. Valles, Meralco’s first vice-president and head of its regulatory management, said the company is following up its request with the Department of Energy (DoE) for an exemption from competitive selection process (CSP) of some emergency PSAs.

In a Viber message, Mr. Valles said the emergency PSAs are “ready to be implemented to shield our customers against volatile and potentially higher WESM (Wholesale Electricity Spot Market) prices.”

ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta said on Friday that the CA decision could lead to an increase in the monthly power bills of Meralco customers as the PSAs “have been shielding Meralco consumers for the past several months from the volatility of prices from WESM and automatic fuel pass-through PSAs.”

She expressed “grave concern on the instantaneous effect” of the TRO on the supply agreements, warning that it may expose about 7.5 million Meralco customers in Metro Manila and nearby provinces to higher electricity prices as the fixed rates in the current PSAs are no longer implemented.

Terry L. Ridon, convenor of think tank InfraWatch PH, said in an e-mail on Friday that the TRO will pave way for discussions on “fair and reasonable rates” in Meralco’s franchise area.

“This provides a way forward towards a determination on whether the price proposal in the joint petition constitutes as the least cost to consumers in comparison to other prospective proposals extraneous to the current power supply agreement, such as prices through emergency procurement or the spot market,” Mr. Ridon said.

Meanwhile, Maria Ela L. Atienza, a political science professor at the University of the Philippines, said Mr. Marcos should refrain from making statements that may influence the Judiciary.

“If he respects the separation of powers principle and the independence of the Judiciary, he should not make these kinds of statements. He can just consult his legal adviser or the Solicitor General if there are allowable actions within the legal processes that the Executive branch can do regarding the issue,” Ms. Atienza said via Viber.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Kyle Aristophere T. Atienza and Ashley Erika O. Jose

Debt-to-GDP ratio seen to drop to 50% by 2028

Finance Secretary Benjamin E. Diokno — PHILIPPINE STAR/KRIZ JOHN ROSALES

THE PHILIPPINES’ debt-to-gross domestic product (GDP) ratio is expected to drop to around 50% by 2028 if it sustains its strong economic growth, Finance Secretary Benjamin E. Diokno said.

“The debt-to-GDP ratio was below 40% before the pandemic, and went up to 62% this year as revenues fell while pandemic-related pending rose. With sustained, strong growth, expect the debt ratio to fall to about 50% by 2028,” Mr. Diokno told reporters in a Viber message last week.

The National Government’s outstanding debt as a share of GDP rose to 63.7% at the end of September — the highest in 17 years. The latest debt-to-GDP ratio was higher than the 63.5% in the first quarter and 61.2% logged in the second quarter.

It also remains above the 60% threshold considered manageable by multilateral lenders for developing economies.

“While the absolute level of debt may increase, the economy’s ability to pay also increases from the economic gains and investments it pursued, including where the debt is used for. As long as the economy grows faster than the growth of public debt then the level of debt becomes sustainable,” Mr. Diokno said.

Economic managers earlier said the goal is to bring down the debt-to-GDP ratio to 61.8% by yearend, all the way to 52.5% by 2028.

The Philippine economy expanded by an average 7.7% in the first nine months of 2022. In order to achieve the government’s 6.5-7.5% full-year target, the economy would only need to grow by 3.3-6.9% in the fourth quarter.

“What matters is the sustainability of debt, which depends on two things: the cost and the ability to pay it off,” Mr. Diokno said.

“On the cost, the government’s prudent strategy over the years, which was expressed in the country’s strong credit ratings amid a sea of downgrades globally during the pandemic, enabled the government to meet its financing needs at the lowest possible cost, consistent with a prudent degree of risk.”

Earlier this month, S&P Global Ratings affirmed the Philippines’ “BBB+” investment grade rating with a “stable” outlook. The “BBB+” sovereign rating is a notch away from the “A”-level grade targeted by the government.

S&P said the Philippines may face difficulty in restoring the fiscal and debt settings to pre-pandemic levels in the next 12 months to two years, due to rising inflation, tightening monetary policies and supply chain disruptions.

However, S&P cautioned that a downgrade is possible if the Philippines’ recovery falters, which leads to a “significant erosion” of the long-term growth trend.

“Indications of downward pressure on the ratings would be a sustained annual change in the net general government debt that is higher than 4% of GDP and the general government net debt stock exceeding 60% of GDP, or interest payments exceeding 15% of revenue on a sustained basis,” it said.

In September, Moody’s Investors Service also affirmed the country’s long-term local and foreign currency issuer and senior unsecured ratings at “Baa2” with a “stable” outlook.

Mr. Diokno also noted that the government needs to actively manage foreign exchange risk, liquify risk and interest rate risk when borrowing.

“Debt in foreign currency has lower interest rates. But the peso equivalent of debt service may rise when the peso depreciates. The borrowing mix is the main policy tool to reduce the foreign currency risk exposure of the debt, wherein the government targets a mix that is heavily skewed towards local financing,” he said.

The government plans to borrow P2.47 trillion this year, with 75% of expected to come from domestic sources. — Luisa Maria Jacinta C. Jocson

GOCC subsidies surge in October

SUBSIDIES extended to government-owned and -controlled corporations (GOCCs) surged to P39.981 billion in October, the Bureau of the Treasury (BTr) said.

Budgetary support to GOCCs surged 668% year on year to P39.981 billion from P5.206 billion in the same month in 2021. This was also 69% higher than the P23.652 billion in subsidies provided to GOCCs in September.

In the 10-month period, subsidies stood at P154.235 billion, up 2.09% from the P151.081 billion in the same period a year earlier.

Subsidies are extended to GOCCs to cover operational expenses not supported by their revenue.

The Philippine Health Insurance Corp. (PhilHealth) was the top recipient, accounting for nearly half or P19.164 billion of the subsidies in October.

This was followed by the National Irrigation Administration (NIA), which received P6.949 billion.

The National Housing Authority (NHA) was provided P4.717 billion in subsidies in October. It did not receive any subsidies the previous month.

Other top recipients in October were the National Privacy Commission (P4.026 billion), the National Food Authority (P1.968 billion), the Philippine Fisheries Development Authority (P888 million), SB Corp. (P594 million), the Light Rail Transit Authority (P326 million), the Social Security System (P294 million), the Philippine Children’s Medical Center (P182 million), the Philippine Heart Center (P147 million), and the National Kidney and Transplant Institute (P107 million).

Other GOCCs that were given at least P50 million were the Philippine National Railways (P61 million), the Lung Center of the Philippines (P58 million), and the Local Water Utilities Administration (P55 million).

The National Electrification Administration was the only major nonfinancial GOCC that did not receive subsidies.

Other government corporations that received no subsidies during the month were the Bases Conversion and Development Authority, the Civil Aviation Authority of the Philippines, the Cagayan Economic Zone Authority, Duty Free Phils. Corp., the National Tobacco Administration, the Philippine Crop Insurance Corp., the Social Housing Finance Corp., and the Sugar Regulatory Administration.

In the first 10 months, PhilHealth received the biggest amount of subsidies at P64.088 billion, followed by NIA at P36.365 billion and the NHA at P13.658 billion. 

In 2021, government subsidies to GOCCs amounted to P184.77 billion, a 19.3% decline from the previous year. Last year, PhilHealth received P80.98 billion or nearly 44% of the total. — Luisa Maria Jacinta C. Jocson

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