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Japan and the Philippines: Similar challenges and a shared commitment to peace

PRESIDENT Ferdinand Romualdez Marcos, Jr. welcomes Japanese Foreign Minister Iwaya Takeshi on Jan. 15 at the President’s Hall, Malacañan Palace, Manila. — YUMMIE DINGDING/PPA POOL

More than a week after hearing the lecture of a China studies expert on what will likely take place this year in the West Philippine Sea (WPS), I cannot help going back to the events of 2024 and affirming that this is indeed how things are shaping up.

During last week’s forum on the strategic cooperation between Japan and the Philippines, organized by The Stratbase Institute in cooperation with the Embassy of Japan in the Philippines, Dr. Shin Kawashima of the University of Tokyo said that China will continue its aggressive operations in the WPS as well as in the Senkaku Islands and Taiwan throughout 2025.

“China will not stop their operations. Maybe they will slow down temporarily but from a long-term view, China will not stop, especially given their strong strategy to go beyond the First Island Chain,” he said.

He added that China will take its cue from how the new Trump administration — inaugurated this week — conducts itself and whether it will adopt a soft or hard approach. Whatever the manner, all this is in congruence with the so-called China Dream of Chinese Premier Xi Jinping. It will be in pursuit of the unilateral creation of a new world order by challenging the existing order, as a result of fundamental disagreements with the United Nations, international law, Western values, and the US-led security alliance.

It is not at all difficult to imagine this direction given the events that transpired in our territory in 2024. China escalated tensions through actions like military-grade laser targeting and ramming Philippine Coast Guard vessels and swarming the Senkaku Islands with Chinese government ships. Additionally, in the same year, over 3,000 Chinese military aircraft breached Taiwan’s Air Defense Identification Zone, setting another new record.

During the forum, Japanese Ambassador to the Philippines Endo Kazuya also talked about the many reasons why Japan and the Philippines have to take their relationship to a new level.

“Regional deterrence has never been more critical to ensuring peace and stability of the region. As Japan and the Philippines face similar maritime challenges, we as national and key strategic partners are not only responding to the evolving complexities of regional security, but also building a framework that supports long-term stability and growth. In addition to security, our two countries also have strong economic complementarities,” he said.

The two countries must redouble their current efforts, he said, to face the severe and complex security challenges. Like the Philippines, Japan has demonstrated its commitment to a peaceful resolution of disputes.

Just last month, the Philippine Senate unanimously ratified the Reciprocal Access Agreement (RAA) between the Philippines and Japan. The RAA strengthens cooperation between the Armed Forces of the Philippines and the Japan Self-Defense Forces, facilitating joint exercises like Balikatan, Kamandag, and Sama-Sama.

The RAA, which eases the entry of equipment and troops for combat training and disaster response, will allow both military forces to deploy on each other’s soil. This is the first such agreement that Japan has signed in Asia.

At this crucial juncture in our contemporary affairs, we are fortunate to have leaders who are more engaged than ever and more actively participative in dialogue. They are open to new agreements and committed to forging partnerships that strengthen collective efforts in addressing regional threats.

In fact, this administration has the burden of undoing the harmful consequences of its immediate predecessor’s licentious policy toward China, which was on full display for six full years. We are also fortunate that like-minded countries like Japan are willing to extend more than cooperation but genuine friendship. Furthermore, we are able to strengthen our own capabilities against threats to our integrity, and on a broader scope, to uphold peace and stability in the Indo-Pacific region.

The Philippines, Japan, or any country in the world for that matter, or any bloc or organization, have no control over China’s national aspirations and visions of its future. If it sees itself as a formidable world power, or disrupting the existing rights-based international order, one that is based on the respectful acknowledgment of each country’s rights, then it can try to portray itself as such. Where the rest of the Indo-Pacific region can do something is in responding peacefully, diplomatically, and yet firmly and robustly, to its provocative actions.

Deep and lasting cooperation, like the one enjoyed and treasured by the Philippines and Japan, is crucial to ensuring a future of peace and security in our respective countries and in the Indo-Pacific region. Thus, while we expect more challenges arising from China’s actions this year, we will also take comfort in the fact that we are aligned with nations and peoples who share our values and commitment to what is right and just.

We celebrate the RAA and the resounding message it carries — that the Philippines and Japan will stand resolute in the Indo-Pacific region, undeterred by those who seek to challenge the established order. But we also celebrate the friendships and alliances with countries with whom we share challenges, yes, but moreover an unwavering determination to uphold peace, stability, and the rule of law.

 

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

Honda eyes up to 5% sales growth in 2025

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By Justine Irish D. Tabile, Reporter

HONDA Cars Philippines, Inc. is targeting a 3%-5% growth in sales this year amid new product launches and new dealerships, its president said.

“For 2025, maybe around 3%-5% growth in sales,” Honda Cars President Rie Miyake told reporters on the sidelines of a press event late Monday.

“It’s already over 15,000 for 2024, so basically for 2025, we are aiming to align with the market growth. So, definitely, we are going to exceed the result in 2024 this year,” she added.

In 2024, Honda Cars sold 15,518 units, representing 3.32% of the total industry sales.

This reflects a 6.8% decline from the 16,645 units the company sold in the previous year.

“Our practical and stylish seven-seater, the BR-V, has maintained its status as the best-selling model with over 5,000 units sold,” she said.

The BR-V was followed by the Civic, which had over 3,000 sales, and the CR-V, which had around 1,800 sales.

For 2025, she said that the growth will be driven by the new models and the new dealership stores that the company will be rolling out this year.

“We already introduced the HR-V hybrid model today. For the succeeding years, our direction is to expand the hybrid models. Today, I cannot mention any specific models or timing, but our direction is always to shift to hybrid,” she said.

“Considering the current market situation, we think that the hybrid model is the best solution for Filipino customers to contribute to carbon neutrality. So our direction is to bring in more hybrid models,” she added.

On Monday, Honda Cars unveiled its third hybrid model in the Philippines, the HR-V e:HEV. This will be the third hybrid model that the company is launching in the Philippines.

“You have helped us deliver almost 1,200 units of the CR-V e:HEV, showing our customers’ acceptance of our hybrid products,” said Ms. Miyake.

“We initially launched that in September 2023, and since then we have sold almost 1,200 units. In the last two years, the market for hybrids has rapidly grown,” she added.

Meanwhile, she said that the company is adding four new dealerships this year, which will bring the company’s store portfolio to 42.

“We will continue to expand our dealer network, bringing Honda products closer to customers all over the country,” she said.

“In 2025, we plan to inaugurate four new dealerships, namely Honda Cars Talisay, Honda Cars Manila Bay, Honda Cars Tacloban, and Honda Cars Parañaque.”

Asked about how the proposed merger between Honda and Nissan will affect the company’s local operations, she said, “This news sounds like it’s already decided, but actually it’s just the start of the discussion.”

“Nothing specific yet is decided. But if it happens, maybe the impact of the merger on the Philippine market is supposed to be very positive,” she said.

“Because if it happens, the objective is how we can maximize the capability of the development of battery EVs (electric vehicles) or software-defined vehicles. So the impact must be positive, but nothing is decided yet,” she added.

RCBC sets issuance of 5-year dollar-denominated sustainability notes

RIZAL COMMERCIAL Banking Corp. (RCBC) is set to raise fresh funds via five-year dollar-denominated unsecured sustainability notes that will be issued next week.

“Rizal Commercial Banking Corp. has announced terms for US dollar unsecured Reg sustainability notes due 2030,” the Yuchengco-led bank said in a disclosure to the stock exchange on Tuesday.

“The notes will be listed on the Singapore Exchange Securities Trading Ltd. The pricing is expected during European trading hours today.”

The announcement follows a series of investor calls held by the bank on Monday to market the issue.

The benchmark-sized issuance has a tenor of five years and one day and will carry a fixed-rate coupon payable semi-annually.

The initial price guidance was set at 145 basis points (bps) above the five-year US Treasury yield.

The notes will be offered at minimum denominations of $200,000 and increments of $1,000.

They will be issued on Jan. 28, RCBC said.

“The net proceeds from the issue of the notes will be applied by RCBC to support and finance and/or refinance the RCBC’s loans to customers or its own operating activities in eligible green and social categories as defined in RCBC’s Sustainable Finance Framework,” the bank said.

RCBC appointed ING Bank N.V.-Singapore Branch, Morgan Stanley & Co. International plc and SMBC Nikko Securities (Hong Kong) Ltd. as the joint bookrunners for the offering.

Allen Overy Shearman Sterling LLP was appointed as international legal counsel, while Romulo Mabanta Buenaventura Sayoc & de los Angeles is the domestic legal counsel. P&A Grant Thornton was also tapped as the auditor for the offer.

The dollar-denominated sustainability notes will be issued out of RCBC’s $4-billion medium-term note (MTN) program.

RCBC in October upsized its MTN program from $3 billion. Its last issuance under its offshore fundraising program was made in January 2024, when it raised $400 million from an offering of five-year senior unsecured sustainability notes. That issue marked RCBC’s return to the overseas debt market after over three years.

RCBC Chief Executive Officer Eugene S. Acevedo in November said the bank is looking to tap both the foreign and domestic debt markets on a regular basis as part of their new funding strategy to maintain a steady supply of papers.

The bank’s net income decreased by 37.01% to P1.77 billion in the third quarter of 2024. This brought its net profit for the first nine months of 2024 to P6.22 billion, 31.12% lower year on year.

RCBC shares closed unchanged at P24.05 each on Tuesday. — A.M.C. Sy

A spark of faith

DEEPER CONNECTIONS - INTENSIFIED. 62 x 87 in, 2025

“I know now, Lord, why you utter no answer. You are yourself the answer. Before your face questions die away. What other answer would suffice?” — C.S. Lewis, Till We Have Faces

ONLY A FEW know his face — one of these few perhaps God himself, to whom artist Arce prays to while he paints.

The publicity-shy artist opened his sixth exhibition with Art Underground, Voltaje, with a rather strange press conference in the San Juan gallery on Jan. 14. One of his works, the triptych Conduit of Divine Energy – Powered, loomed over a laptop, from which he spoke. The picture on display is of him, but with his back turned while looking at one of his works.

From this call, Arce discussed his work: layers of oil paint over draped canvas spills over the golden frames, forming abstract figures in dusty pastels, some outlined in gold. An initial viewing might lead one to mistake them for collages of dried flowers or some such, but each one of these swirls and stalks are made of oil paint. The space in which these works (10 of them) reside was designed by him, as well. Light strips hang from a frame above, snaking their way through the painting: these, according to the artist, symbolize a portal from the spiritual and physical worlds.

Spirituality is at the heart of Arce’s work: he told us in a group interview that he starts the day at 4 a.m. with the rosary. “Kahit isang decade lang (even if it’s just one decade,” he said. In his studio, he plays either classical or religious music. “Pag pasok sa studio, iyong buong process, para siyang isang buong dasal (when I enter the studio, the whole process is like a whole prayer).”

The title of the exhibit, Voltaje, comes from the power blackouts caused by the typhoon season of 2024. One such typhoon killed the power at his Tagaytay studio for four days, interrupting his work. “Pumasok iyong Voltaje. Kailangan ng energy pala. Kailangan ma-electrify iyong area pati ’iyung thought process ko, para mas mapabilis iyong gawa ko, mag move lahat iyong mga nasa utak ko (Voltaje came into my mind. Turns out that energy is needed. The entire area needed to be electrified, including my thought process, so that my work would be speeded up, so what was in my brain could start moving).

“Nag-start siya with mga bulong-bulong, or something doon sa utak ko. Sinisimulan ko siya, nagcocontemplate ako sa studio. Nasa gitna ako (It started with whispers in my mind. I start, while I’m contemplating in the studio. I’m in the center),” he said.

“Effect of rosary prayer and yoga mantras on autonomic cardiovascular rhythms,” a comparative study by Luciano Bernardi et al. in 2001 published in The BMJ said, “Both prayer and mantra caused striking, powerful, and synchronous increases in existing cardiovascular rhythms when recited six times a minute.” It concludes that “Rhythm formulas that involve breathing at six breaths per minute induce favorable psychological and possibly physiological effects,” particularly with anxiety. This means that repetitive prayers — whether chants or Catholic prayers, so long as they’re said in a certain rhythm — have a physical, tangible effect on well-being, if only in the moment.

“Iyong dating magulo na mga bulong doon sa mind ko, through prayers, pinapakalma niya (The noisy whispers in my mind, through prayers, are calmed),” he said, relating his process. “Minsan, sobra pa doon sa pagpapakalma. From bulong, naging prayers. Iyong resulta, parang answered prayer siya (Sometimes, it’s more than just calming. From whispers it becomes prayers. The result looks like an answered prayer),” he said.

“Wala iyang reference. Kung ano lang nararamdaman ko that time (These don’t have a reference. It’s just what I feel in the moment),” he said about his works. “Iyong overflowing ng emotions ko, based on prayer during that moment. Iyon yung lumalabas lahat doon sa artworks ko (That all comes out in my artworks).”

Well, save one: asked why they’re mostly in patterns of swirls, he said, “You can imagine na kapag may prayer ka (when you have a prayer), or you’re manifesting something… parang umiikot sa wind iyon (it is like it swirls in the wind). Paulit-ulit mong sinasabi, paulit-ulit mong dinadasal… nangyayari na siya. Nagkakatotoo na siya (You say it over and over; you pray for it over and over… it starts happening. It starts coming true).

“Ibulong mo sa hangin (whisper it to the wind),” he said.

As for his secrecy, he said, “mas importante sa akin, or mas madaldal, iyong kung ano ang nasa utak ko. Iyong physical presence ko… introvert lang ako. Ayoko makipag-socialize (What’s more important to me, or more expressive, is what’s in my mind. My physical presence… I am an introvert. I don’t like socializing),” he said, and a part of it, he says, is because he can’t explain his work — although he did a good job doing so during the press conference, perhaps because he was hidden by, and through, a screen.

“Being invisible is also a power,” he says, and he says he enjoys attending his exhibits incognito and hearing the praise and/or criticism of his work. “Very authentic lahat iyong naririnig ko. ‘Wala’ doon iyung artist (Everything I hear is very authentic. The artist is ‘not’ there),” he says, like a wink.

Voltaje by Arce is on view until Jan. 28 at Art Underground, 2/F Mabini180, 180 Mabini St., San Juan. — Joseph L. Garcia

Mom-and-pop stores get digitalization boost

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SECURITY Bank Corp. has partnered with business-to-business e-commerce platform MySuki to provide small retailers with supply chain digitization and inventory financing solutions.

“Our partnership will allow us to empower businesses at the sari-sari store level by providing a financial highway that will support the timely order and delivery of goods,” Security Bank Executive Vice President and Wholesale Banking Segment head John Carry L. Ong said in a statement on Tuesday.

“In turn, this will enrich the lives of more than one million sari-sari store owners and develop the communities they serve,” he added.

The partnership aims to help mom-and-pop stores succeed in a digital economy through Security Bank’s financial services and MySuki’s reach.

MySuki has a network of 300,000 mom-and-pop store users and a gross merchandise value (GMV) of about P2 billion each month.

The collaboration will introduce store owners to integrated financial solutions, including secure payment processing, seamless credit access and faster transaction systems, the Philippine lender said.

The partnership is a giant leap forward in the bank’s mission to connect and empower the nation’s 1.2 million mom-and-pop stores, it said.

“By joining forces with Security Bank, we are breaking down barriers to financial inclusion and providing store owners with the tools they need to thrive in an increasingly digital economy,” MySuki founder and Chief Executive Officer Victor Javier said in the same statement.

“This is not just a business milestone for us but a transformative step for the communities we serve,” he added.

Under the partnership, the bank’s Focus Segment unit will optimize the flow of goods, information and money within MySuki’s ecosystem.

“We believe that when you empower sari-sari stores, you uplift entire communities,” MySuki co-founder Ivan Lanuza said.

“This collaboration is about more than just technology or banking; it’s about creating opportunities and driving meaningful change in the grassroots economy,” he added.

The partnership with Security Bank allows them to provide even greater value to mom-and-pop store owners, who are the lifeblood of the Philippine retail industry, he said

The parties are also in talks to add features and services to MySuki, Security Bank said.

Plans for regional expansion and tailored financial solutions are already in the works, ensuring that the benefits of the partnership reach even more communities, it added. — Aaron Michael C. Sy

TikTok survives as an app too popular to ban

NIK-UNSPLASH

IT’S RARE for a journalist to be the bearer of good news. But that’s how it felt on Sunday when I was the first to tell 23-year-old TikToker George Kapitan that the beloved app was alive again, just 16 hours after a dramatic Saturday night shutdown.

“Okay,” George said. “I guess it works.”

Honestly, not the moment of jubilation I’d been expecting. George had told me that he and his friends had held a farewell for the social network the night before. “I was really sad,” he said. “We got together, made dinner, had ice cream. A little going away party for TikTok.”

Maybe George’s calm reaction was because nothing about the app feels certain. Sure, it was loading now. But for how long? And under whose control? TikTokers now realize the fragility of their digital home and its status as a geopolitical football. Its existence still hangs in the balance despite the temporary reprieve put in place over the weekend.

George credited the app with aiding his burgeoning career in marketing, learning the ropes from how-to videos, trusted mentors and other content the algorithm learned he was looking for. He now works at L’Oreal SA.

But political leaders have long feared this kind of productive use covers the app’s potential as a vector for espionage and disruption by the Chinese Communist Party. For that reason, Sunday had been set as the deadline for parent company ByteDance to divest the app or face being cut off from the American market. And so it came to pass on Saturday night, not long before 11 p.m. Eastern Time: TikTok had gone dark, yanked from mobile app stores.

The controversial but decisive action was backed last April by a bipartisan vote in Congress, signed into law soon after by President Joe Biden, and deemed constitutional by the Supreme Court last week on the grounds of national security.

And yet, in less than 24 hours, TikTok proved itself to be something extraordinary: an app too popular to ban. A disturbing precedent, even if you oppose the ban’s debatable rationale.

At the very least, TikTok’s rapid return ruined plans for the “funeral” that had been set to take place in New York’s Washington Square Park on Sunday afternoon. Nestled within the campus of New York University, the park can credibly claim to be the physical center of American TikTok culture. Its towering Roman arch and fountain are now recognizable as a backdrop to some of the app’s most viral content.

Alas, in the frigid conditions, the journalists outnumbered the “real people,” as one young attendee reasonably put it. I guess it’s hard to motivate people to attend a funeral when the subject of mourning isn’t actually dead.

TikTok does remain on life support, however. The current and incoming presidents’ promises of a free pass may have been enough to convince the country’s biggest technology companies to break the law and continue partnering with TikTok on its infrastructure, but they still risk gigantic fines without more concrete assurances.

An executive order is expected to be confirmed on Monday, Donald Trump’s first day back in office. It may set off another countdown, a 90-day period in which some kind of deal must be made. This would be a generous interpretation of the law, which had insisted an extension could only be granted if a serious deal was already in the process of being thrashed out. We seem far from that.

In a post on Truth Social, Trump suggested one solution: some kind of joint venture with the US government owning half. Nothing about ByteDance’s statements to date suggest it would find such an arrangement palatable (to say nothing of how users might feel about a state-owned social network). A joint venture with China retaining control of the algorithm would not allay any concerns on national security.

The chain of events should be highly concerning to all of us. The three branches of government played their roles as assigned. The app should, by all accounts, be inaccessible to Americans. The reasoning behind the action has not changed. Even if it had, the solution to bad lawmaking should be better lawmaking. If Washington considered the TikTok threat real last year, it should believe the same thing now, even in the face of being disliked. I believe it’s what they call backbone. The carrot and stick approach only works if you’re willing to actually use the stick.

Instead, we have the likes of Democrat Senator Ed Markey, who voted for the ban, jumping onto social media to tell TikTokers that he is doing everything he can to prevent the “mistake” from being enforced. A White House statement said Biden had promised to not follow through on the law he personally signed, seen by some as a last-gasp attempt at restoring some of his tattered standing with young people.

The embarrassing dithering reflected a fear among Democrats that this will be seen as Trump’s triumphant win for America’s youth. Trump clearly relishes the chance to be the president who saved the day, though his primary focus remains himself. Speaking on Sunday at a pre-inauguration rally, he reiterated how his opinion has been shaped by his own success on the platform during the election campaign.

His attempts to cultivate the vibe as TikTok’s knight — despite trying to ban it himself while he was in office — are being reinforced by the company itself. “We are fortunate that President Trump has indicated that he will work with us,” read a notice presented to users while the app was down. TikTok’s CEO will have a front-row seat at Monday’s inauguration, joining the cabal of tech leaders now delighted to be by Trump’s side.

Despite all this, some still maintain that the Chinese-owned app’s potential to exert political influence in America is purely hypothetical. The carefully orchestrated drama of this weekend should put that claim to rest — though Trump seems ready to let it slide if he’s permitted to at least pull some of the strings.

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Asialink secures $130M to boost small business loans

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ASIALINK Group (Asialink) has received a $130-million credit facility from the International Finance Corp. (IFC) to increase financing for micro, small, and medium enterprises (MSMEs).

“Over the next four years, we expect this partnership to help Asialink grow its MSME loan portfolio from about $150 million to about $535 million, and its women-owned MSME portfolio from about $76 million to about $300 million,” IFC Asia and the Pacific Financial Institutions Group Regional Industry Director Allen Forlemu said in a speech on Tuesday.

At least 60% of Asialink’s funds will support women-owned or women-led businesses.

Last year, Asialink was able to finance 20,214 MSMEs, 12,048 of which were women-owned or led.

The group is also planning to open more branches in Visayas and Mindanao this year.

Mr. Forlemu added that the IFC will help Asialink build systems and capabilities to support their growth by applying global best practices.

“More importantly, we estimate this expansion will help create between 16,600 and 23,800 jobs across the Philippine economy,” he added.

Meanwhile, Asialink Finance Corp. Chief Executive Officer Robert B. Jordan Jr. said that Asialink Group was on track to issue an initial public offering (IPO) by 2028, but the group could issue it earlier if economic growth in the next two years is consistently decent.

Asialink Group would need an additional five to six billion pesos in capital to issue an IPO. As of the third quarter last year, Asialink Group’s capital stood at P13 billion.

“It depends on the market conditions. We might do an earlier IPO if the market is right. Better economic conditions, continuous growth in the GDP (gross domestic product), and also our financial position because we might need more capital earlier. If our growth is sustained in 2025 and 2026, then we might need to go to the capital markets for more equity,” he said.

Mr. Jordan also said Asialink Group is expected to reach a net income of P2.2 to P2.3 billion this year as the company plans to be more aggressive in growing its loan portfolio.

As of the third quarter last year, Mr. Jordan said their year-to-date net income was about P1.2 to P1.3 billion.

The company will offer cars as collateral for MSME loans this year. It will also look to expand its loans which have real estate as collateral.

“We are also growing our MSME property acquisition. If the MSME wants to acquire a property, then we also want to finance that,” Mr. Jordan said.

However, the group could see an uptick in its nonperforming loans (NPL) ratio to about 2% from about 1% as of the third quarter last year.

“We’re actually trying to really maintain it at 1%. We’re trying to be more aggressive. We’re trying to really strike a balance in terms of being more aggressive and being able to penetrate more sectors of our society… But we are really committed to maintaining a level of NPL that is low compared to the industry,” Mr. Jordan said.

He added that Asialink Group’s loan book grows by an average of 30 to 40% every year. — Aaron Michael C. Sy

Global central banks’ green push hits hurdle as Federal Reserve drops out

FEDERALRESERVE.GOV

FRANKFURT — A global effort by central banks to join the fight against climate change has hit a major hurdle with the US Federal Reserve’s decision to leave a club devoted to policing environmental risk in finance.

The Fed said on Friday it would quit the Network for Greening the Financial System (NGFS) because it had “broadened in scope, covering a wider range of issues that are outside of the (Fed’s) statutory mandate.”

Launched in 2017, the global body of central banks and regulators has mostly produced reports, including climate scenarios that supervisors use when estimating the effects of climate change on the economy and financial sector.

Coming just before Donald J. Trump’s inauguration as US President and amid a backlash against climate action on Wall Street, the Fed’s move was widely interpreted as a sign the political climate has become less friendly to environmentalism.

“The financial consequences of climate change are growing — and the most important central bank gives in to changing political wind,” said Guntram Wolff, professor of economics at Solvay Brussels School, part of Brussels University.

The NGFS remains “more resolved, committed and enthusiastic than ever”, it said in a statement, adding that the Fed had not been a member of its steering committee.

Without the Fed, the biggest and most influential of the 143 members of the Paris-based NGFS is the European Central Bank (ECB).

Under President Christine Lagarde, it has incorporated climate change both in its monetary policy, via a short-lived tweak to its bond purchases, and in its work as supervisor of the 20-country euro zone’s top banks.

CRITICS
But the ECB’s activist stance on climate has been criticized by some European politicians and even a central banker.

Such skeptical voices might now be emboldened by the Fed’s decision to leave the NGFS, said Stanislas Jourdan of the Sustainable Finance Lab think tank.

“This news about the Fed should wake up political forces in favor of the green transition in Europe to support the ECB’s climate endeavor,” Jourdan said. “With more political support, we could double down with more proactive policies such as a green interest rate.”

Such an initiative would see commercial lenders that finance environmental projects charged less to borrow from the ECB.

The ECB’s actions so far have had only a minimal impact on borrowing costs. A study by its own staff found that between 2018 and 2022, the euro zone’s most polluting firms paid on average just 14 basis points (0.14 of a percentage point) more to borrow than their cleanest peers.

An academic paper published in 2023 and commissioned by the European Parliament found the ECB had only “a limited role” to play in the fight against climate change and that supporting the green transition might clash with its duty to control inflation.

And a draft report approved last week by the Parliament’s economic affairs committee, which oversees the ECB, welcomed its climate-focused stress tests of banks but said it should remain “as apolitical as possible” when conducting monetary policy.

But James Vaccaro, head of the Climate Safe Lending Network and CEO of sustainable business consultancy Re:Pattern, said the ECB should continue to lead on green issues.

“There is no logical reason for it (the ECB) to row back. (Managing climate risk) is critical for the European economy and for financial stability,” Mr. Vaccaro said. — Reuters

Ancient Pompeii excavation uncovers lavish private bath complex

PERISTILIO FRIGIDARIUM REGIO IX — POMPEIISITES.ORG

ROME — Archaeologists have unearthed a lavish private bath complex in Pompeii, highlighting the wealth and grandeur of the ancient Roman city before it was destroyed by Mount Vesuvius in AD 79, the site said on Friday.

The baths, featuring hot, warm, and cold rooms, could host up to 30 guests, allowing them to relax before heading into an adjacent, black-walled banquet hall, decorated with scenes from Greek mythology.

The pleasure complex lies inside a grand residence that has been uncovered over the last two years during excavations that have revealed the opulent city’s multifaceted social life before Vesuvius buried it under a thick, suffocating blanket of ash.

A central courtyard with a large basin adds to the splendor of the house, which is believed to have been owned by a member of Pompeii’s elite in its final years.

“This discovery underscores how Roman houses were more than private residences, they were stages for public life and self-promotion,” said Gabriel Zuchtriegel, director of the Pompeii Archaeological Park.

Mr. Zuchtriegel said the layout recalled scenes from the Roman novel The Satyricon, where banquets and baths were central to displays of wealth and status.

Decorated with frescoes, the complex draws inspiration from Greek culture, emphasizing themes of leisure and erudition.

“The homeowner sought to create a spectacle, transforming their home into a Greek-style palace and gymnasium,” Mr. Zuchtriegel said.

The remains of more than 1,000 victims have been found during excavations in Pompeii, including two bodies inside the private residence with the bathhouse — a woman, aged between 35-50, who was clutching jewelry and coins, and a younger man.

The discovery of their bodies was announced last year. — Reuters

F1’s Rosberg backs AI startup making ‘stupid’ robots smart

RAWPIXEL-FREEPIK

SEREACT, a German startup that makes artificial intelligence (AI) software for robots, has raised €25 million ($25.7 million) to find ways to apply its technology to areas beyond logistics and manufacturing.

The round was led by early Spotify-backer Creandum AB, and includes angel investment from former Formula 1 World Champion Nico Rosberg and ex-DeepMind Technologies Ltd.’s Mehdi Ghissassi. Investors Point Nine Capital, Air Street Capital LLP and Helsing GmbH’s Torsten Reil also participated.

The Stuttgart, Germany-based company, whose name derives from “sense, reason, act,” develops software that allows industrial robots to perform tasks they haven’t been explicitly trained on. Traditionally, robots are hard-coded, allowing them to repeat specific tasks but not adapt to new activities, objects and environments.

“We want to make these stupid pieces of metal an intelligent tool,” Ralf Gulde, chief executive officer and co-founder of Sereact said in an interview.

Robotics startups have been gaining investor traction. German humanoid robot maker Neura Robotics raised €120 million last week, and Sequoia-backed RobCo raised €39 million last year. While many robotics companies are focusing on capital-intensive hardware development, Sereact is targeting the robotics software-as-a-service market.

Sereact’s software already powers machines that pick and deliver components for automakers like BMW AG and Daimler Truck Holding AG.

The company says its technology can be applied on any off-the-shelf robot, making them functional within hours. One application could be sorting through returned packages, which often go to landfill because it’s costly for retailers to process and resell them.

Mr. Rosberg, who counts SpaceX and Lyft among his previous investments, said in an interview that he wrote cold messages to the team on LinkedIn and had to fight for a spot in the fundraise. “I had to ask my friends at Creandum and Point Nine to give me references,” he said. — Bloomberg News

AMLC’s new guidelines on transaction reporting, compliance submissions for covered entities

FREEPIK

Under the Anti-Money Laundering Act (AMLA), those classified as covered persons are mandated to report to the Anti-Money Laundering Council (AMLC) all covered transactions and suspicious transactions within five working days from occurrence thereof, unless a different period not exceeding 15 working days is prescribed.

On Dec. 11, 2024, pursuant to its function to require covered or suspicious transactions reports from covered persons, the AMLC issued Regulatory Issuance No. 2, Series of 2024 or the Guidelines on Transaction Reporting and Compliance Submissions (GoTRACS).

Intended to provide covered persons under the AMLA with a set of guidelines to carry out their duties on transaction reporting, GoTRACS establishes standardized rules on submissions of electronic Covered Transaction Reports and Suspicious Transaction Reports.

COVERED TRANSACTION REPORTS
A covered transaction refers to: 1.) a transaction in cash or other equivalent monetary instrument exceeding P500,000; 2.) a transaction with or involving jewelry dealers, dealers in precious metals, and dealers in precious stones in cash or other equivalent monetary instrument exceeding P1 million; 3.) a cash transaction with or involving real estate developers or brokers exceeding P7.5 million or its equivalent in any other currency; and, 4.) a casino cash transaction exceeding P5 million or its equivalent in any other currency.

The covered persons shall ensure the completeness and accuracy of the Covered Transaction Report which shall be submitted in electronic form and filed through the AMLC’s File Transfer and Reporting Facility (FTRF) within five working days from the occurrence.

Covered persons, other than casinos and real estate brokers/developers, shall report to the AMLC all covered transactions regardless of the mode of transaction used in the settlement, including checks, fund transfers, and/or debiting or crediting of accounts, except those transactions that are deferred for reporting to the AMLC and covered under low-risk transactions. Casinos and real estate brokers/developers shall report covered cash transactions only.

SUSPICIOUS TRANSACTION REPORTS
Where a transaction is inconsistent in amount, origin, destination, or type with a customer’s known/legitimate business or activities, etc., the transaction should be considered unusual and the covered person should have internal controls in establishing whether this warrants the filing of a Suspicious Transaction Report.

Under GoTRACS, covered persons shall formulate a reporting chain under which a suspicious transaction or circumstance will be reviewed, processed, validated, and escalated.

The reporting chain shall refer to the procedures and processes to be undertaken by the covered person, beginning from the occurrence of the triggering event to the actual filing of the Suspicious Transaction Report or documentation of not filing one.

Covered persons shall establish a Money Laundering/Terrorism Financing Prevention Program which shall, among others: 1.) provide details of procedures and processes to be undertaken during the determination period, beginning from the determination of the triggering event to the actual filing of the Suspicious Transaction Report to the AMLC or documentation of not filing one; 2.) identify the responsible department/group/unit/personnel in performing specific procedures or processes in the reporting chain; 3.) clearly indicate the number of days or the period required to perform every procedure or process in the reporting chain to ensure the timely reporting of transactions; 4.) specify the controls and mechanisms to monitor the review, performance of due diligence, validation, and escalation procedures on suspicious transactions; and, 5.) formulate decision-making policy, including the designation of a Compliance Officer and/or review committee, who may also be authorized to decide with finality to file a Suspicious Transaction Report with the AMLC or otherwise to document the non-filing thereof. Covered persons should also ensure that proper controls are in place to guarantee confidentiality and that no “tipping-off” of customers will happen.

Covered persons shall ensure the completeness, accuracy, and timeliness of promptly filing Suspicious Transaction Reports, including attempts, in an electronic form through the AMLC’s FTRF within the next working day from occurrence. For purposes of the guidelines, “occurrence” refers to the establishment of suspicion or determination of the suspicious nature of the transaction.

Submissions beyond the prescribed periods provided in the GoTRACS shall be considered as non-compliant with submission requirements under the guidelines, in accordance with the standard set by the AMLA and may result in administrative sanctions.

The GoTRACS shall take effect immediately after publication while strict implementation for the different requirements and reports shall be implemented in phases as follows: 1.) May 1, 2025 — Chapter II, Part 1, Sections 1.18 and 1.19; 2.) One year from the effectivity date — Chapter 1 Provisions on: Low Risk Transactions, and Non-Working and Non-Reporting Days; and, 3.) Starting from one up to three years from the effectivity date: New Reporting Format and its Guidelines, and Uploading of KYC Documents and Beneficial Owner Excel Template for Suspicious Transaction Reports on Juridical Persons.

The issuance by AMLC of GoTRACS represents a significant step towards enhancing the integrity and efficiency of transaction reporting and compliance submissions. By establishing clear guidelines and standardized procedures, the AMLC aims to ensure that covered persons can effectively fulfill their reporting obligations, thereby strengthening the overall framework for combating money laundering and terrorism financing in the Philippines. The phased implementation of these guidelines will allow covered persons to adapt to the new requirements. This will ultimately contribute to a more robust and transparent financial system.

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

 

Luke Morgan B. Codilla is an associate of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW), Davao Branch.

(6382) 224-0996

lbcodilla@accralaw.com

Arts & Culture (01/22/25)

Year of the Snake stamps on view at Robinsons Malls

The Philippine Philatelic Federation, Inc. will open a stamp exhibition, showcasing the interesting Chinese Zodiac stamps, in collaboration with the Robinsons Malls. This will be showcased on Jan. 23 in Robinsons Manila to coincide with the launch of the Postal Corp.’s (PHLPost) special “2025 Year of the Wood Snake” postage stamp at Robinsons Manila. The stamp exhibit is part of Robinsons Mall’s Prosperity Trail to celebrate the coming Chinese New Year. The exhibition will move to Robinsons Magnolia on Jan. 24-26, then to Robinsons Galleria on Jan. 28-30, and will return to Robinsons Manila on Jan. 31-Feb. 2. Stamps will be available on sale during the Prosperity Trail.

Feminist readings take center stage at MCAD

“BODIES in Flux” offers feminist readings of time, labor, and becoming in artistic practice at the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde (DLS-CSB) on Jan. 23. The talk is part of the public programs for the ongoing exhibition, Maria Taniguchi: body of work. It is the first survey show of the internationally acclaimed visual artist which brings together some of her largest canvasses, key videos, objects, and site-specific commissions. Dr. Rosallia Domingo, the vice-chair of the Department of Philosophy at De La Salle University (DLSU), will spearhead the session. She will discuss Taniguchi’s artworks through a feminist angle, based on French thinker Gilles Deleuze’s concept of becoming which emphasizes transformative processes, and feminist theoretician Rosi Braidotti’s nomadic subjectivity which explores embodied labor in artistic practice. “Bodies in Flux” is free and open to the public. It will be held on Jan. 23, 3 p.m., at the Learning Commons of the Benilde Design + Arts Campus, 950 Pablo Ocampo St., Malate, Manila. Interested participants may register through tinyurl.com/MCADBodiesinFlux.

CCP spotlights power of women in National Theatre Live

TWO powerful one-woman plays exploring life’s complexities — Prima Facie and Fleabag – open the 2025 offerings of the Cultural Center of the Philippines’ (CCP) National Theatre Live screenings. The Philippine cinema premiere of Prima Facie is set for Jan. 28, 6 p.m., at Ayala Malls Cinemas in Glorietta, Makati, while Fleabag returns at Vertis North in Quezon City and Central Bloc in Cebu on the same day. The former is a Suzie Miller masterpiece that stars Olivier and Tony Award winner Jodie Comer as a lawyer grappling with morality, directed by Justin Martin, and filmed live at the intimate Harold Pinter Theatre in London’s West End. The latter is the perennial crowd-favorite dark comedy written and performed by Phoebe Waller-Bridge and directed by Vicky Jones. It is centered on an oversexed, emotionally unfiltered, and self-obsessed woman whose family and friendships are under strain. The regular ticket price is P300 in Makati and Cebu, and P350 in Vertis North, with a special ticket price for students of P150.

ArtistSpace features solo exhibit by Dr. Renato Cheng

LANDSCAPE Memories is a solo exhibition of Filipino visual artist, Dr. Renato Cheng. Currently on view until Feb. 4, it chronicles the artist’s journey as an impressionist/expressionist painter. The exhibit dwells on the intense colors and contrasts that he applies almost solidly on the canvas. Mr. Cheng has honed his oil painting technique for half a century while pursuing a path in medicine. ArtistSpace is at the ground level of Ayala Museum Annex, Makati Ave. corner De La Rosa St., Greenbelt Park, Makati City.

Lea Salonga, Arielle Jacobs join the cast of Into the Woods

THEATRE Group Asia (TGA) has announced that Olivier and Tony Award-winning actress Lea Salonga will be stepping into the iconic role of The Witch while New York-based Fil-Am Broadway star Arielle Jacobs will take on the role of Cinderella, in an upcoming production of Stephen Sondheim’s Into the Woods. Set for August this year at the Samsung Performing Arts Theater (SPAT) in Circuit Makati, this will be Ms. Jacobs’ first full-length musical in the Philippines. More details about the production will be announced soon.

Vargas Museum presents Korean two-man exhibit

The exhibit Unfolding ( ), featuring works by South Korean visual artists Inhwan Oh and Kyungmook Kim, is on view until Feb. 22 at the University of the Philippines’ Vargas Museum in Diliman, Quezon City. Together with the Ministry of Culture, Sports, and Tourism of the Republic of Korea, the Korea Arts Management Service, and the Fund for Korean Art Abroad, the museum spotlights the experiences of two artists who embody othered identities in a society largely devoted to masculine ideals. The two artists unpack vignettes of life in South Korea as members of the LGBTQIA+ community in film and video works, and through art that engages labor and marks processes. The UP Vargas Museum in UP Diliman, Quezon City, is open from Tuesdays to Saturdays except holidays, 9 a.m. to 5 p.m.

PETA presents Control + Shift: Changing Narratives fest

PETA kicks off the year with a line-up of fresh and bold works in the Control + Shift: Changing Narratives Festival, which brings new reimaginings of Filipino stories to the theater stage. J-mee Katanyag, festival director and PETA’s newly appointed artistic director, has brought together a collection of provocative original works that highlight the exploration of diverse performative and theater forms, including puppetry, movement, interactivity, and digital theater. These elements come together to reimagine traditional Filipino folklore, values, and contemporary issues, crafting narratives that traverse the past, engage with the present, and envision futures. The festival’s centerpiece is a remounting of Melvin Lee’s critically acclaimed trilogy Kumprontasyon, as well as new and experimental works, improv performances, live music jams, and more. The festival will take place from Feb. 6 to 23 at the PETA Theater Center in New Manila, Quezon City. Festival tickets, priced at P700 for Studio Theater performances and P1,000 for Main Theater performances, are now on sale via bit.ly/PETACS2025Tickets.

Chinese New Year exhibit in Tagaytay

AN exhibition titled Coiled in Creativity and Transformation will open at The Gallery @ Summit in Summit Ridge Hotel, Tagaytay, on Jan. 25. Running for a month, it showcases a diverse array of artworks inspired by the Year of the Snake, reflecting the theme of metamorphosis, growth, and artistic evolution. The works are by 21 different artists who come from various walks of life — from fields like dentistry, pole dancing, business, and more — all of whom have channeled their personal stories, cultural narratives, and creative journeys into their art.

REP unveils 2025 calendar of theater

AT the REP Eastwood Theater in Quezon City, Repertory Philippines is set to open its 88th Season at its new home, starting with the hit romcom musical I Love You, You’re Perfect, Now Change. Following a successful run last year, it returns with the same cast of Gian Magdangal, Gabby Padilla, Krystal Kane, and Marvin Ong playing over 40 characters who explore the highs and lows of modern love. The play, helmed by Menchu Lauchengco-Yulo, will run from Feb. 20 to March 9. This will be followed by a staging of ART, the Tony Award-winning play by French playwright and actor Yasmina Reza, a comedy that explores the meaning of art and friendship when three long-time friends are discombobulated when one of them buys a large, expensive, completely white painting. UK-based Filipino actors James Bradwell and Martin Sarreal  are part of the cast. The play is directed by Victor Lirio. Finally, REP Theater for Young Audiences will stage a production of the classic Alice in Wonderland in August, to be co-directed by Joy Virata and Cara Barredo.

2025 Metrobank Art & Design competition now open

WITH the theme “Boundless: What Art Can Be,” the Metrobank Art & Design Excellence Competition (MADE) has officially opened for this year. It has added a category on this its 41st year to encourage emerging Filipino artists to push creative boundaries and advance the growth of Philippine Art. The Mixed Media category is in addition to the Painting and Sculpture categories of the competition. The featured medium category may change over the years to highlight varying art forms and reach more creatives across the country. Entrants can now register for an account and upload photos of their artwork through the portal at https://metrobankartanddesign.awardsplatform.com/. Complete mechanics and competition guidelines are also available via this platform. Entries will be accepted until March 31.

Delia D. musical to feature songs of Jonathan Manalo

NEWPORT World Resorts has revealed more details about the upcoming theater production, Delia D.: A Musical Featuring the Songs of Jonathan Manalo. Leading the cast is Phi Palmos in the titular role, with Shaira Opsimar and Floyd Tena taking on secondary roles. The creatives behind Ang Huling El Bimbo The Musical and Buruguduystunstugudunstuy: Ang Parokya ni Edgar Musical are returning for this production: director Dexter Santos, associate director Menchu Lauchengco-Yulo, assistant director Michael Williams, scriptwriter Dolly Dulu, dramaturg Rody Vera, and musical director Vince Lim. Delia D.: A Musical Featuring the Songs of Jonathan Manalo opens on April 25 and runs until June 8 at the Newport Performing Arts Theater. General public ticket sale starts on Feb. 17 via TicketWorld, HelixPay, and the Newport World Resorts Box Office. Tickets range from P1,000 to P3,500.

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