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Bloomberry Resorts names Gregory Hawkins as acting COO

BLOOMBERRY.PH

Razon-led Bloomberry Resorts Corp. has appointed Gregory Francis Hawkins as the company’s acting chief operating officer (COO).

In a stock exchange disclosure on Monday, Bloomberry said its board of directors had designated Mr. Hawkins as acting COO, effective Feb. 21.

His appointment follows the resignation of Thomas Arasi as the company’s president and COO, effective Dec. 18 last year.

Mr. Hawkins, who currently heads Solaire North, was also appointed acting COO of Bloomberry’s subsidiary, Bloomberry Resorts and Hotels, Inc. (BRHI), after Mr. Arasi resigned from the board of directors of Bloomberry Resorts, BRHI, and all other positions in the company’s subsidiaries.

Bloomberry is the operator of Solaire Resort & Casino.

The company recorded an attributable net loss of P472.43 million for the third quarter of 2024, a reversal from a net income of P1.86 billion in the same period a year earlier.

Gross revenue for the third quarter reached P13.67 billion, rising 27.3% from P10.74 billion in the comparable period in 2023.

Total expenses climbed to P11.67 billion, up 55.2% from P7.52 billion in the third quarter of 2023.

For the January-to-September period, Bloomberry Resorts’ attributable net income fell 57.5% to P3.52 billion from P8.28 billion a year earlier.

During the same period, gross revenue increased 5.9% to P38.26 billion from P36.11 billion in 2023, while total expenses surged 27.1% to P29.96 billion from P23.58 billion.

At the stock exchange, Bloomberry’s shares closed 0.85% higher at P3.58 apiece. — Ashley Erika O. Jose

That online investment scam is a geopolitical problem

FREEPIK

ONLINE SCAMS are a huge business. In fact, more than that, they have become a full industry with sophisticated supply chains of services, equipment, and labor. Key groups in this sector also have direct connections to nations such as Russia, China, and North Korea. What has long seemed just a lot of low-level crime has grown into a global, geopolitical problem.

You are still your own best defense against losing money to online scammers, but the volume and sophistication of attacks are only increasing. Governments must do more to help defend their people, companies, and institutions. Cybercrime is a national security issue, and the entire system, from major hacking attacks to everyday phishing, should be taken as seriously as drug trafficking or terrorist financing.

To be fair, the problems haven’t been completely ignored, but national efforts have tended to focus on large-scale and direct ransomware attacks on states themselves, or their biggest services, such as health care. But these are just the tip of a massive iceberg.

Worldwide losses are hard to track, but potentially huge. The Global Anti-Scam Alliance, a group formed of technology and finance companies as well as specialist consultants, estimates that in the past couple of years consumers have lost more than $1 trillion each year to scammers. That’s the same as Switzerland’s gross domestic product.

“The amounts being lost and the harm being done grows every year,” Jorij Abraham, managing director of the group, tells me. “The proceeds are used to fund other types of crime but also are reinvested in better technologies to improve the scam, using for example AI, or to increase the reach of the scam, with marketing budgets of millions being used to advertise scams.”

The Google Threat Intelligence Group, part of Alphabet, Inc., reported on the links between cybercriminal groups and state interests for last weekend’s Munich Security Conference. Some state-sponsored groups have crime as a sideline to supplement their budgets, and some crime organizations are used by government on a casual basis for specific, larger-scale attacks, data thefts, or espionage. All are part of the same underground industry.

In the past few years, Abraham says researchers have seen a sharp rise in crime syndicates across the globe with a strong specialization in one type of scam, for example online shopping, investment, romance,  subscriptions and many others. Criminals continuously improve their schemes and document how they can best be executed. And then export the tools, scripts, and methods around the world.

Victims can often get hit repeatedly, too. In 2020-2021, while talking to victims of binary options trading scams, one truly shocking aspect I often heard was people’s stories of being contacted by supposed law firms with offers to help recover their losses, which turned out to be yet another drain on the savings of those who fell for it.

At that time, Abraham’s group was gathering reports about a then-new trend of mainly Taiwanese and Chinese citizens being duped by offers of well-paid work in Southeast Asia, only to find themselves trafficked as indentured labor for scam groups. “On arrival, their passports are taken, and they are sold to different groups and forced to work in offices running illegal phone or online scams,” Abraham’s global scam report for 2022 notes. “Taiwan authorities say almost 5,000 citizens have been recorded travelling to Cambodia and not returning.”

Things have gotten worse: A recent podcast series from the Economist interviewed people who had been trafficked from the Philippines, countries in Africa and elsewhere, who described their lives in a walled-off “scam town” deep in the Myanmar countryside. Relatively well-off Westerners being bilked out of their savings aren’t the only victims. 

Part of the reason governments and security services have been slow to react may be that most fraud cases are individually small, so the cost of investigating them isn’t worth it. But those small incidents still add up to big profits for the industry. In the UK, for example about 82% of cases are worth less than £1,000 ($1,260) each, but in total they still account for 12% of all losses, according to data from UK Finance, a trade group. Cases worth more than £10,000, meanwhile, make up less than 3% by number but nearly 60% of proceeds.

A major worry is that artificial intelligence (AI) tools will make all of this easier and cheaper for criminals — and will make large-scale high-value scams even more difficult to stop. Last year, an employee at a Hong Kong-based company was tricked into sending $26 million to thieves that used an AI filter on a video call to disguise themselves as the company’s chief financial officer.

Battling scams has mainly been left up to banks, which have spent heavily on compensating customers and investing in education and warning systems in countries like the UK. Finance companies in turn have been crying out for more help from internet and social media companies to track and block bad actors. AI and the spread of crypto are making these efforts less effective.

The Google Threat Intelligence Group’s recommendations for governments include stronger education and awareness campaigns to help people defend themselves as well as potentially more powers for banks and technology companies to act directly against criminal groups. In truth, countries need to start treating scams and other cybercrime like they do drug trafficking and terror. That means international cooperation on intelligence and enforcement where possible as well as choking the financial flows through banking networks and crypto exchanges.

What’s most troubling is that just as the US is turning its back on exactly this kind of cooperation and enforcement, it’s also promising to unshackle crypto and potentially diluting banks’ defenses against dirty money. Other countries will be tempted to follow suit. If that continues, criminals and unfriendly states will get rich and win, while the citizens of America and other countries will foot the bill.

BLOOMBERG OPINION

How PSEi member stocks performed — February 24, 2025

Here’s a quick glance at how PSEi stocks fared on Monday, February 24, 2025.


ACLED: Philippines remains 2nd deadliest place in East and Southeast Asia

The Philippines retained its ranking of 29th out of 244* countries and territories in the December 2024 release of the Conflict Index by Armed Conflict Location and Event Data (ACLED). The index uses four indicators of conflict that rate how deadly a country is. The country tied with Afghanistan.

ACLED: Philippines remains 2<sup>nd</sup> deadliest place in East and Southeast Asia

Peso strengthens to over 2-month high vs dollar

BW FILE PHOTO

THE PESO surged to an over two-month high on Monday on broad dollar weakness due to the euro’s strength and easing global oil prices.

The local unit closed at P57.808 per dollar on Monday, strengthening by 13.2 centavos from its P57.94 finish on Friday, Bankers Association of the Philippines data showed.

This was the peso’s strongest finish since its P57.735-per-dollar close on Dec. 6, 2024.

The peso opened Monday’s session stronger at P57.90 against the dollar. Its strongest was at P57.77, while its worst showing was at P57.95.

Dollars exchanged went down to $1.17 billion on Monday from $1.33 billion on Friday.

“The US dollar was dragged by the appreciation of the euro-dollar currency pair as a result of the election in Germany,” a trader said in a phone interview.

The dollar was generally weaker on Monday as global crude oil prices slipped, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

For Tuesday, the trader expects the peso to move between P57.70 and P58.10 per dollar, while Mr. Ricafort said it could range from P57.70 to P57.90.

The euro marched higher on Monday after Germany’s opposition conservatives won the national election as expected, while the dollar tumbled to its weakest in more than two months on mounting worries over the growth outlook of the US economy, Reuters reported.

Friedrich Merz was set to become Germany’s next chancellor after his party emerged victorious in Sunday’s election, though he faces complex and lengthy coalition negotiations after the far-right Alternative for Germany surged to a historic second place in a fractured vote.

The euro extended gains from early in the session to touch a one-month high of $1.0528 and last traded 0.5% firmer at $1.0512.

In the broader market, the dollar slid ahead of a busy week packed with US economic data and speeches from various Federal Reserve officials.

Trading was thin on Monday with Japanese markets closed for a public holiday.

Sterling pushed to a two-month top of $1.2690 due to the weaker greenback, while the yen similarly peaked at 148.85 per dollar, its strongest level since early December.

Against a basket of currencies, the dollar fell to a more than two-month low of 106.12.

The greenback has slid more than 3% from its January peak as traders reasoned the start of US President Donald J. Trump’s second term has been mostly bluster on tariffs, leaving little appetite for them to load up on fresh dollar holdings.

Also adding to headwinds for the dollar were falling US Treasury yields on heightened bets of more Fed cuts this year, amid growing concerns over the outlook for the world’s largest economy.

Later this week, investors will get the second estimate of fourth quarter growth figures in the US and January’s core personal consumption expenditures price index data.

Meanwhile, oil prices extended last week’s losses on Monday as investors awaited clarity on talks to end the war in Ukraine and weighed up the prospect of a resumption in crude exports from northern Iraq, Reuters reported.

Brent futures were down 14 cents or 0.2% at $74.29 barrel by 0843 GMT, while US West Texas Intermediate (WTI) crude futures lost 21 cents or 0.3% to $70.19.

Both Brent and WTI dropped by more than $2 on Friday, registering weekly declines of 0.4% and 0.5% respectively.

All eyes remain on efforts to end Russia’s war on Ukraine, which enters its fourth year on Monday. Officials said on Sunday that European Union leaders will meet for an extraordinary summit on March 6 to discuss additional support for Ukraine and European security guarantees. — A.M.C. Sy with Reuters

PHL shares inch down after Wall Street sell-off

PHILIPPINE STAR/KRIZ JOHN ROSALES

PHILIPPINE SHARES slipped on Monday following the sell-off in US markets on Friday due to tariff concerns and as investors looked for fresh catalysts.

The bellwether Philippine Stock Exchange index (PSEi) inched down by 0.03% or 2.07 points to close at 6,095.97 on Monday, while the broader all shares index declined by 0.14% or 5.28 points to end at 3,655.

“Philippine shares got off to a muted start, as the RRR (reserve requirement ratio) cut decision of the Bangko Sentral ng Pilipinas was offset by the selloff in the US last Friday,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Seedbox Securities, Inc. Equity Trader Jayniel Carl S. Manuel said in a Viber message that the PSEi edged down as turnover was “modest.” Value turnover declined to P4.47 billion on Monday with 1.38 million shares traded from the P4.71 billion with 1.69 million issues that changed hands on Friday.

“The country’s exit from the Financial Action Task Force’s grey list provided a positive macro backdrop, reflecting progress in anti-money laundering and counter-terrorism financing efforts… However, the market is likely to remain range-bound in the short term as investors weigh ongoing economic factors and corporate performances,” Mr. Manuel said.

US stocks tumbled on Friday, extending their selloff in the wake of dour economic reports and closing the book on a holiday-shortened week fraught with new tariff threats and worries of softening consumer demand, Reuters reported.

Last week, US President Donald J. Trump said he will soon announce new tariffs covering lumber and forest products, in addition to previously announced plans to impose duties on imported cars, semiconductors and pharmaceuticals.

The Dow Jones Industrial Average fell 748.63 points or 1.69% to 43,428.02; the S&P 500 lost 104.39 points or 1.71% to 6,013.13; and the Nasdaq Composite lost 438.36 points or 2.20% to 19,524.01.

Mr. Limlingan said investors are awaiting fresh leads, including the release of US personal consumption expenditures data this week, which could affect the US Federal Reserve’s policy outlook.

“Several Fed officials are also scheduled to speak, potentially providing further insights on monetary policy. Locally, investors are anticipating the release of the latest trade balance and budget balance data, which could offer clues about the country’s fiscal and external position,” he said.

Most sectoral indices ended in the red. Industrials dropped by 0.87% or 76.76 points to 8,748.45; services went down by 0.86% or 17.17 points to 1,964.13; property declined by 0.72% or 16.29 points to 2,216.93; and mining and oil slipped by 0.05% or 4.49 points to 8,274.25.

Meanwhile, financials rose by 0.86% or 19.53 points to 2,286.16 and holding firms went up by 0.40% or 20.59 points to 5,129.78.

Decliners outnumbered advancers, 111 versus 73, while 54 names closed unchanged.

Net foreign selling went down to P632.57 million on Monday from P423.38 million on Friday. — S.J. Talavera with Reuters

Maharlika to finance mine feasibility study for $76.4M

MAKILALAMINING.COM

MAKILALA MINING Co., Inc., a subsidiary of Australia-based Celsius Resources Ltd., said it obtained a $76.4-million loan from the Philippine sovereign wealth fund to support preliminary work on its copper-gold project in the Cordillera Administrative Region.

The company said funds from the Maharlika Investment Corp. (MIC) investment will support its Maalinao-Caigutan-Biyog Project.

MIC will fully finance the updating of the feasibility study and front-end engineering design for the project in Kalinga province, it added.

The miner said the government’s investment arm will also “partially” fund early development activities, including main access road construction in coordination with Kalinga province and skills training for the Balatoc community.

“The proceeds of the facility mark a critical milestone in the project’s funding, enabling immediate commencement of work with the initial funding amount of $10 million,” the company said.

It said the works will no longer require direct funding from the parent company.

“Discussions on the additional equity funding required are ongoing, given total estimated capital expenditure of the project,” Makilala said.

“We look forward to updating investors once binding equity agreements have been finalized.”

MIC Chief Executive Officer, Rafael D. Consing, Jr. said the wealth fund envisions the Maalinao-Caigutan-Biyog Copper-Gold project as a benchmark for the government’s push to encourage the industry to look “beyond responsible mining.” — Kyle Aristophere T. Atienza

Inspectors to check for onion hoarding

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE Department of Agriculture (DA) said on Monday that it ordered the Bureau of Plant Industry (BPI) to inspect onion warehouses to determine whether the harvest is being withheld from the market.

The DA said the onion harvest is expected to begin this month, with fresh supplies being counted on to ease prices.

The DA said it suspects the harvest might not be reaching the markets.

“Last Friday, I directed the Bureau of Plant Industry and its team to visit all the onion cold storage facilities across the country and inspect whether newly harvested onions are being kept there instead of being sold,” Agriculture Secretary Francisco Tiu Laurel, Jr. said in a statement.

“If they are, that’s wrong. Onions are typically stored toward the middle or end of the harvest season, not at the start. This clearly points to price manipulation — it’s hoarding,” he added.

The BPI is likely to complete its inspection and deliver a report by the end of the week.

Earlier this month, Mr. Laurel authorized imports of 3,000 metric tons of red onions and 1,000 metric tons of white onions to address any shortages that may arise before the harvest. 

Onion prices remain high, with DA price monitors reporting red onions selling for between P140 and P240 per kilo, and white onions fetching P130-P150.

A month ago, red onion prices were P140 per kilo.

The BPI has said that the early harvest will add around 33,000 metric tons to available supply by March. — Kyle Aristophere T. Atienza

Auto body makers tout safety, air quality benefits in proceeding with PUV upgrades

BW FILE PHOTO

THE Automotive Body Manufacturers Association of the Philippines (ABMAP) said it supports the Department of Transportation’s (DoTr) decision to go forward with modernizing the jeepney fleet, citing the need to improve safety and air quality.

“We commend Secretary (Vivencio B.) Dizon’s commitment to moving forward with modernization. The transition to Euro 4-compliant vehicles is a necessary step to ensure road safety, reliability, and improved air quality,” ABMAP Executive Director Edgar Manuel.

The DoTr, under Mr. Dizon, its new Secretary, has decided to proceed with the Public Transport Modernization Program (PTMP), but cited the need to resolve snags like vehicle financing and route rationalization.

“Our members are ready to support operators and cooperatives in acquiring modern, high-quality vehicles that meet global standards,” Mr. Manuel added.

Mr. Dizon has said that the program has achieved an 86% consolidation rate under former Transportation Secretary Jaime J. Bautista, the process by which smaller operators are combined to make them more viable entities in terms of acquiring and operating modern jeepneys.

“We need to understand the issues very well. Masalimuot ang mga issues (the issues are complex), hindi lang naman ’yan simpleng pagpapalit ng mga sasakyan (it’s not as simple as replacing the vehicles),” Mr. Dizon said on the sidelines of the turnover of DoTr leadership on Monday.

Introduced by the DoTr in 2017, the PTMP requires public utility vehicles (PUVs) to meet emission standards and form cooperatives to facilitate efficient fleet management.

“ABMAP believes this initiative will provide long-term benefits for drivers, passengers, and the transport industry as a whole,” Mr. Manuel said.

“We understand the concerns of some stakeholders, but modernization is not about eliminating traditional jeepneys — it’s about improving them. We need a transport system that ensures a better commuting experience for all Filipinos,” he added.

ABMAP has said that the issues regarding financing and vehicle selection can be “resolved through constructive dialogue and collaboration.”

It added that the focus must be on refining the program’s guidelines, expanding financing options, and ensuring a smoother transition, and not on suspending the program. — Justine Irish D. Tabile

New ADB president takes office

BW FILE PHOTO

THE Asian Development Bank (ADB) said its new president, Masato Kanda, assumed office on Monday.

In a statement, the bank said Mr. Kanda, former special advisor to Japan Prime Minister Shigeru Ishiba and a former Vice Minister of Finance, succeeded Masatsugu Asakawa.

He will serve as the ADB’s 11th president and takes on the unexpired term of Mr. Asakawa, which ends on Nov. 23, 2026.

“I am deeply honored to take on the role of ADB president at this important moment for our region,” Mr. Kanda said.

“With the trust of our 69 members and strong support of our dedicated staff, I am committed to advancing ADB’s mission to promote sustainable, inclusive, and resilient growth,” he added.

Mr. Kanda said the ADB will respond to pressing development challenges and ensure that it will remain the “partner of choice for the region.”

Mr. Kanda had been vice minister of finance for international affairs, at which post he oversaw market interventions to shore up a weak yen in 2024.

The chairman of the ADB Board of Governors, Fabio Panetta, said the new president brings a wealth of experience and fresh perspective to leading the bank.

“His proven track record in navigating complex financial challenges and fostering international cooperation makes him the ideal leader to guide us as we build upon our strengths and seize emerging opportunities,” Mr. Panetta said. 

“I am ready to harness the collective expertise within our organization and work closely with our partners to drive transformative change, especially for those most in need,” Mr. Kanda said.

“Our focus will be on pragmatic actions that deliver real results, ensuring that our support creates lasting improvements in the lives of people throughout Asia and the Pacific,” he added.

Mr. Asakawa assumed the ADB presidency on Jan. 17, 2020, and announced his resignation effective Feb. 23, 2025.

The ADB in September said lending for the Philippines is projected at $24 billion between 2024 and 2029. — Aubrey Rose A. Inosante

BSP says gold operations part of its core functions

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THE Bangko Sentral ng Pilipinas (BSP) said it uses gold sales to manage foreign exchange reserves, after the Palace rejected allegations from former President Rodrigo R. Duterte that the gold was being stolen.

“The country’s gross international reserves (GIR), including gold, are held and managed solely by the BSP in order to maintain the international stability and convertibility of the Philippine peso and meet any foreseeable net demands on the Bangko Sentral for foreign currencies.”

“The country’s GIR is not used for any other purpose other than meeting the country’s forex requirements.”

Mr. Duterte had alleged that President Ferdinand R. Marcos, Jr. is “stealing gold reserves.”

Presidential Communications Office Undersecretary Claire A. Castro said at a briefing on Monday that the palace is taking these allegations seriously and would like to dispel “fake news.”

“Did (Mr. Duterte) not have any economic experts telling him about the regular activities of the BSP?” Ms. Castro said.

The BSP said buying and selling gold is “part of its core functions.”

“When the BSP sells gold, the proceeds revert to and stay within the GIR,” it added.

The central bank reported that reserves stood at $106.84 billion in 2024, up 3%.

“Similar to other central banks, the BSP maintains a portion of its reserves in gold as part of the country’s GIR mostly to hedge against/offset movements in the market price of other assets. It buys or sells gold to maintain an optimum level for this purpose, not too much, not too little. This follows basic portfolio-management principles.”

“Gold prices tend to move in the opposite direction of other assets. Therefore central banks hold some gold as a hedge against price declines in other assets in the reserves. However gold can be volatile, earn little interest, and (entails) storage costs, so central banks don’t want to hold too much.” — Luisa Maria Jacinta C. Jocson

PHL to export 66,000 MT of raw sugar next month

FACEBOOK.COM/VICTORIASMILLINGCOMPANY

THE PHILIPPINES will export 66,000 metric tons (MT) of raw sugar to the US next month, the industry’s regulator said.

The Sugar Regulatory Administration (SRA) agreed to deliver two boatloads of 33,000 MT each to maximize the savings on freight, instead of the initial decision to ship 60,000 MT, Administrator Pablo Luis S. Azcona said at a briefing, citing input from traders.

Mr. Azcona said segments of the industry, including farmers, oppose sugar exports to the US because it buys the commodity at a lower price.

“Sugar is bought by traders at US prices, which is about P1,000 less than domestic price. That’s why farmers complained,” Mr. Azcona said.

To address farmers’ concerns, the SRA, in Sugar Order No. 2, will give traders who procure raw sugar from farmers at domestic prices “will be given priority” in future government import programs.

The SRA has come up with a list of traders who will be participating in the 66,000-MT export program — the soon-to-be-issued SO No. 3.

“The farmers said the SRA and government can do whatever they want as long as the farmers do not have to subsidize exports,” he said.

He said all exports will consist of sugar initially purchased from farmers at the domestic price.

Mr. Azcona said the Department of Agriculture will likely oversee the export program to address the US quota allocation for 2025.

He noted that the Philippines has the third-largest US quota for raw sugar, a status that it wants to maintain.

The new arrangement calls for traders to absorb the losses from selling at the US price, to be offset by any gains they may realize from imports.

Traders in the program will be allowed to import 2.5 kilograms of refined sugar for every kilogram of raw sugar exported. The 66,000 MT export shipment implies plans to import 165,000 MT of refined sugar.

“The exporters export at a loss and they make it back with imports,” he added. — Kyle Aristophere T. Atienza