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CREIT says credit rating sustained

PHILSTAR FILE PHOTO

SAAVEDRA-LED Citicore Energy REIT Corp. (CREIT) has sustained its PRS Aa+ credit rating with a “stable” outlook from credit rating agency Philippine Rating Services Corp. (PhilRatings).

The company also maintained the same rating for its ASEAN Green Bonds, it said in a media release on Tuesday.

Citing a statement from PhilRatings, CREIT said the rating was based on its fully occupied portfolio of green assets, reputable shareholders, strong profitability with high margins, sound financial position, and more-than-satisfactory liquidity.

“Sustaining the PRS Aa+ credit rating from PhilRatings, for both the company as an issuer and the company’s maiden ASEAN Green Bond, is a testament to the company’s strong financial position and profitability…,” said CREIT President and Chief Executive Officer Oliver Tan.

“We intend to continue as a platform that empowers investments, ensuring that our debt instruments are trusted by creditors and investors,” he added.

According to PhilRatings, the issuer credit rating signifies the “overall creditworthiness of a company, evaluating its ability to meet all its financial obligations within a time horizon of one year,” with the stable outlook indicating that the rating is expected to remain unchanged over the next 12 months.

Issue credit ratings of PRS Aa, meanwhile, are of high quality and subject to very low credit risk, with the obligor’s capacity to meet financial commitments deemed very strong.

In February 2023, CREIT listed its oversubscribed maiden ASEAN Green Bond offering amounting to P4.5 billion.

The proceeds were used to acquire value-accretive properties, expanding the company’s green asset portfolio to its current 7.1 million square meters.

CREIT said its current land parcels form part of the expansion pipeline of its sponsor, Citicore Renewable Energy Corp., which aims to achieve a five-gigawatt capacity within five years.

CREIT is the Philippines’ first real estate investment trust focused on renewable energy. It specializes in owning sustainable infrastructure projects, including income-generating renewable energy properties across the country.

At the local bourse on Tuesday, shares in the company closed unchanged at P3.20. — Sheldeen Joy Talavera

VRITIMES helps startups, SMEs through press release service

FREEPIK

VRITIMES, a press release distribution provider, is helping startups and small and medium enterprises (SMEs) gain more brand awareness through press releases.

The Japanese startup was founded in Indonesia in 2022 to address the lack of dedicated press release distribution provider in Southeast Asia and later expanded to the Philippines in 2023.

“At that time, we were having difficulties finding this kind of distribution service,” Ferry Bayu, co-founder and chief executive officer at VRITIMES, said in an interview. “We had to go one by one to the media, and it was very expensive.”

“So, we decided to create a service that is much cheaper, especially for startups and SMEs,” he added.

VRITIMES promises affordable pricing for its services, with single press releases starting at P1,490 and subscription packages at P4,490.

Each press release has guaranteed publication in 50 small and medium local media outlets and is also sent to major local media companies for coverage.

Four working days after the press release is published, executive summary reports will be made available including social media engagements, media publications and LinkedIn impressions.

VRITIMES serves more than 2,500 customers across Southeast Asia including notable companies in the Philippines such as BDO Unibank, Inc. and Jollibee Corp.

Mr. Bayu noted that press releases help companies, particularly startups and SMEs, convey their brand messaging and eventually gain customer trust.

“A press release is something continuous,” he told BusinessWorld. “So, if your company information is covered in the media, like BusinessWorld Online, people’s trust will be higher. When they see it in the media, it will, in turn, help boost your brand awareness.”

Despite being a young company in the Philippines, VRITIMES plans to expand operations in the country. “We will have more people in the Philippines, incorporate more companies, host more events and approach more media,” Mr. Bayu said.

In February, VRITIMES expanded its operations to key Asian countries including China, South Korea and Taiwan. — Edg Adrian A. Eva

Police in India pull the plug on British singer Ed Sheeran’s impromptu street concert

INSTAGRAM.COM/TEDDYSPHOTOS

A STREET performance by Ed Sheeran in India’s tech capital of Bengaluru was stopped abruptly by police on Sunday, outraging fans and prompting the British singer to issue a clarification.

Mr. Sheeran, dressed in a white T-shirt and shorts was seen singing and playing his guitar on a pavement in the center of Bengaluru ahead of his concert on Sunday night.

Local channels showed a policeman walking up to Mr. Sheeran as he was singing the hit single “Shape of You” and unplugging the microphone, as onlookers jeered. Mr. Sheeran left soon after.

Police said event organizers had been refused permission for the street performance, which was on one of the city’s busiest streets.

“I refused to give permission because Church Street gets very crowded. That is the reason he was asked to vacate the place,” Bengaluru police official Shekar T. Tekkannanavar was quoted as saying by news agency ANI.

Mr. Sheeran, who began his career as a busker in the UK, said later on his Instagram account that he did have permission to perform.

“It wasn’t just us randomly turning up. All good though,” he wrote.

Mr. Sheeran is in India for a series of concerts, and performed in front of thousands of people at an open ground in the city later that night, accompanied by Indian singer Shilpa Rao. — Reuters

Online lending platform JuanHand’s loan disbursements hit over P45 billion to date

ONLINE LENDING platform JuanHand, which is operated by WeFund Lending Corp., has released over P45 billion in loans through more than 20 million disbursements to date as it marked its sixth year in the Philippines.

Loan disbursements were supported by repeat users as the company saw an average repeat rate of 90%, JuanHand Chief Executive Officer Francisco Mauricio said in a statement on Tuesday.

“At JuanHand, our mission has always been to extend a helping hand to underserved Filipinos, bridging financial gaps so they can achieve their goals. A key pillar of our success lies in our commitment to fair and regulatory-compliant debt collection practices, providing borrowers the flexibility they need to repay their loans responsibly,” Mr. Mauricio added.

The company’s simplified borrowing procedures to allow for quick access to funds, such as requiring just one valid ID to avail of loans worth up to P50,000 with a nine-month payment plan, also helped drive loan disbursements.

“This approach appeals to the growing population of digital-savvy Filipinos who prioritize convenience and efficiency,” JuanHand said.

The company has partnered with government agencies such as Cybercrime Investigation and Coordinating Center, National Privacy Commission, and the Anti-Money Laundering Council as part of its efforts to gain customer trust.

JuanHand also recently partnered with financial literacy social enterprise FEd Center to launch WAGI, an app-based financial literacy platform.

“Looking ahead, JuanHand aims to stay a trusted partner helping millions of Filipinos take control of their financial future,” it said. — Aaron Michael C. Sy

Philippines’ Perceived Corruption Rank Improves In 2024

THE PHILIPPINES saw a slight improvement in its ranking in a global corruption perceptions index by Transparency International, although its score remained well below the global average. Read the full story.

Philippines' Perceived Corruption Rank Improves In 2024

How PSEi member stocks performed — February 11, 2025

Here’s a quick glance at how PSEi stocks fared on Tuesday, February 11, 2025.


Philippines starts election campaign amid high-stakes political drama

PRESIDENT Ferdinand R. Marcos, Jr. (R) together with Vice-President Sara Duterte. — PPA POOL/KING RODRIGUEZ

By Chloe Mari A. Hufana and Kenneth Christiane L. Basilio, Reporters

THE Commission on Elections on Tuesday dismantled illegal posters in the Philippine capital as the campaign season for the midterm elections kicked off against a fractured political backdrop.

The political pressure is heightened by a high-profile row among warring elites that culminated in last week’s impeachment of Vice-President Sara Duterte-Carpio.

Election Chairman George Erwin M. Garcia led the operations with law enforcement authorities in the district of Tondo, Manila at dawn on the first day of campaigning by national candidates. The campaign season for local officials will start on March 28.

“This is a significant symbol, and it is for the entire nation to show candidates and political parties that in the coming days, if they post campaign materials in prohibited areas, we will remove them,” he told reporters in Filipino.

Illegal campaign materials are those that do not meet size requirements or placed in prohibited areas or printed on nonbiodegradable materials. Ms. Garcia said they would not remove campaign materials on private properties due to a 2022 Supreme Court ruling.

He said the confiscated posters would be used as evidence when charges are filed against erring candidates.

Ms. Duterte’s impeachment could see her removed from her post and banned for life from public office, and comes amid an escalating feud between her and President Ferdinand R. Marcos, Jr., whose once-powerful alliance propelled them to a landslide election victory in 2022.

Their fallout has sent ripples through Philippine politics, turning the midterms into a high-stakes power struggle and a preview of a likely battle between their camps in the 2028 presidential race.

Mr. Marcos is limited to a single six-year term under the 1987 Constitution and is expected to groom a successor, while Ms. Duterte would be eligible to run in 2028 if she survives the impeachment.

“The ones fighting in open warfare during the midterms are the same ones who won the historic unity victory in 2022,” political analyst and former presidential adviser Rolando M. Llamas said. “That’s very significant.”

“They secured the highest vote count in our history, and yet, almost immediately after winning, they began to unravel. This impeachment is just one episode in an unfolding saga that could rival any Netflix series.”

Up for grabs in the May 12 elections are 317 congressional seats and thousands of local posts. But the biggest battle will be for 12 spots in the 24-seat Senate, a chamber packed with political heavyweights and wielding outsized influence.

HIGH-STAKES CONTEST
For Mr. Marcos, the elections are widely seen as a referendum on his leadership as he seeks to secure a legislative majority to push forward his administration’s agenda.

But the stakes are equally high for Ms. Duterte, who faces an impeachment trial in the Senate expected in June. The election for senators will feature allies of Mr. Marcos and Ms. Duterte who will become jurors in the Senate impeachment trial.

For Ms. Duterte to be removed, at least 16 senators, or two-thirds of members, must vote to convict her.

A survey by pollster Pulse Asia Research, Inc. last month showed nine of Mr. Marcos’ senatorial bets leading the race, but two Duterte loyalists were in the top 12, keeping the Vice President’s camp in contention.

The trial looms as a pivotal moment not just for Ms. Duterte but for the political dynasty of her family, whose influence skyrocketed after father, Rodrigo R. Duterte, won the presidential election in 2016 on a promise to tackle crime and illegal drugs.

Mr. Duterte, 79, remains a formidable political figure and is running for mayor in his hometown Davao City, where his two sons are also running for vice mayor and for a seat at the House of Representatives, hoping to bolster the family’s southern stronghold.

The latest bout of drama erupted on Feb. 5, when the House, led by Speaker and presidential cousin Martin G. Romualdez impeached Ms. Duterte on charges that stemmed from accusations that included budget anomalies, amassing unusual wealth and an alleged threat to the lives of Mr. Marcos, the first lady and Mr. Romualdez.

Ms. Duterte has denied wrongdoing, while Mr. Marcos has said he does not support her impeachment.

Ms. Duterte led opinion polls last year on preferred candidates for the next presidency, so her removal, according to Mr. Llamas, could be a boon for Mr. Marcos’ chances of deciding his succession.

“If you’re able to convict Sara… in a way, you level the playing field,” he said. “There’s no longer any dominant candidate.”

The political opposition should develop fresh political messaging and avoid relying on the nostalgia of past campaigns, political analysts said.

Different opposition groups ranging from left-leaning organizations to liberal groups should also support each other’s campaigns without compromising their ideals in mounting a challenge against administration bets, they added.

“When a candidate rides on the tails of a previous candidate or campaign, they look weak or unimaginative,” Hansley A. Juliano, who teaches political science at the Ateneo de Manila University, said in a Facebook Messenger chat.

“I’m afraid this is still the energy of the opposition campaign, especially since clearly, the political party building effort in the Philippines has failed,” he added. “A candidate claiming continuity with another candidate barely works.”

Opposition candidates should set the tone of their campaign message by addressing key issues faced by Filipinos, such as high prices and food security, said Arjan P. Aguirre, who also teaches political science at the Ateneo.

“They should win the people’s support by… offering alternative programs, legislation, plans for the country’s economic recovery, food security, employment and livelihood,” he said via Messenger chat.

“It is clear that the administration ticket has the advantage of incumbency and use of machinery. This translates to having a high awareness level and steady access to resources that can allow them to connect to voters and solicit their support,” he added.

Administration candidates also have access to government programs for politicking purposes, he added. “These resources unfortunately come in various forms like government projects, programs and initiatives that can easily be mistaken as favors, benefits and goods.”

“Opposition candidates may still be under the presumption that organizing can trump money and machinery — and it can, but only if it is for the long term and consistent,” Mr. Juliano said.

Candidates could use the impeachment of Ms. Duterte to solicit voter support, regardless of their stance, said Jean S. Encinas-Franco, a University of the Philippines political science professor. She noted that some senatorial candidates could present themselves as capable jurors for Ms. Duterte’s trial, while others could offer sympathy to her supporters to also gain votes.

Opposition parties have the opportunity to support grassroots candidates at the local level, according to Anthony Lawrence A. Borja, an associate political science professor at the De La Salle university.

“The current system will remain unchanged if the local level stays the same,” he said via Messenger chat. — with Reuters

PHL, Cambodia eye food security, investment deals

PRESIDENT Ferdinand R. Marcos, Jr. welcomed Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet, who is on his first official visit to the Philippines, at Malacañan Palace on Tuesday. — PPA POOL

By John Victor D. Ordoñez, Reporter

PHILIPPINE President Ferdinand R. Marcos, Jr. and Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet on Tuesday vowed to pursue more deals in food security, digitalization, strategic investments and combating transnational crimes between their countries.

“I wish to reiterate that the Philippines is open for business and we welcome the opportunity to partner and achieve greater commercial successes with you,” Mr. Marcos told him at a joint news briefing at the presidential palace. “We also see Cambodia as an important partner in ensuring food security.”

The President said Manila and Phnom Pehn on Tuesday signed agreements on boosting cooperation to eliminate double taxation, information and communications technology, technical education training, tourism and investments.

Cambodia’s leader is in the Philippines for a two-day visit with Cambodian businessmen to seek new opportunities for trade and investment between the two countries.

“In agriculture, Cambodia stands ready to contribute to Philippine food security through rice supply as well as many other food products,” he told the same briefing.

The Philippines’ top source markets for rice are Vietnam, Thailand and Pakistan. Cambodia is its seventh-largest overseas supplier.

Manila was the world’s top rice importer in 2023, having bought 3.8 million metric tons to support its domestic production of 13.43 million metric tons of rice, according to the Congressional Policy and Budget Research Department.

The Philippine Agriculture department on Feb. 3 declared a food security emergency to allow the government to lower the cost of the grain.

Under a food security emergency, the National Food Authority could release its rice buffer stock to government agencies, local government units and the KADIWA ng Pangulo program.

At the Philippine-Cambodia Business Forum in Makati City on Monday, Mr. Manet said his country would help the Philippines boost its rice production capacity.

The Philippine President and his Cambodian counterpart met on the sidelines of the 50th Association of Southeast Asian Nations-Australia Special Summit in March last year, where both agreed to work on rice deals and tourism.

Mr. Manet said he had asked Mr. Marcos to invite more Philippine carriers to establish routes to Cambodia ahead of the July opening of Phom Penh’s Techo International Airport.

“Tourism and connectivity are crucial for promoting people-to-people exchange,” he said. “We recognize the crucial role of the private sector in driving economic growth.”

Manila and Phnom Penh are also keen on conducting joint military exercises to keep the peace in the region, Mr. Marcos told the same briefing. Ties between the Philippines and China have worsened amid confrontations between their coast guards in the South China over overlapping claims to sea features.

“We will continue to coordinate and synchronize our efforts with our neighbors around the South China Sea and the Indo-Pacific region,” he said. “I believe that this is a very important aspect of our security arrangements, that we have those exercises together, that we have these exchanges between our militaries and all our uniformed forces.”

The Philippines has contested China’s sweeping claims in the waterway through diplomatic channels by filing more than 190 diplomatic protests since Mr. Marcos took office in 2022.

Beijing has accused its neighbor of joining patrols it said were organized by foreign countries to “undermine peace and stability” in the waterway.

Philippine Foreign Affairs Secretary Enrique A. Manalo has said Manila plans to raise its dispute with China before the Association of Southeast Asian Nations (ASEAN) when it takes the chairmanship in 2026.

“Cambodia underlines the importance of upholding ASEAN unity and neutrality especially in times of conflict and geopolitical dynamics,” Mr. Manet said. “As the Philippines assumes the ASEAN chairmanship in 2026, I assured President Marcos of Cambodia’s full support.”

DFA: Philippine-Canada VFA to deepen defense ties

PHILIPPINESTAR/WALTER BOLLOZOS

A VISITING forces agreement (VFA) between the Philippines and Canada is expected to deepen defense ties between the two nations, according to the Department of Foreign Affairs (DFA).

“The Philippines is committed to further strengthening our defense capabilities and our engagements with key defense partners to support our national efforts,” the agency said in a statement on Tuesday.

The two countries signed a memorandum of understanding on defense cooperation on Jan. 19.

The DFA said the visiting forces agreement would “further deepen our bilateral defense relations with Canada and our longstanding friendship with this country.” The Philippines and Canada celebrated 75 years of diplomatic ties last year.

The agency said the Defense department would help shape the military deal on war games. The pact provides a legal basis for the Canadian armed forces to enter the Philippines and sets how they will be treated.

It provides immunity from criminal and civil liability to visiting forces if the act was done during official duty. The privilege is also extended to Filipino soldiers visiting Canada.

The military pact would let their forces hold bigger military drills in the South China Sea, where Ottawa has rejected China’s “provocative and unlawful actions,” Canadian Ambassador to the Philippines David Hartman earlier said.

The Philippines has visiting forces agreements with the US, Australia and Japan.

Mr. Hartman earlier said his government and the Philippine government were in the “final stages” of negotiating the deal.

He said this would lead to a “deeper cooperation and substantive participation in training to build capacity.”

The envoy said the visiting forces agreement would likely be ratified and signed before the end of the year. — Adrian H. Halili

House panel urged to investigate P12-B unsettled DepEd funds in 2023

Vice President Sara Duterte-Carpio delivers a statement in a video posted on her Facebook Page on December 4, 2023. — SCREENGRAB FROM VIDEO ON INDAY SARA DUTERTE FACEBOOK PAGE

A HOUSE of Representatives committee should expand its investigation into Vice-President Sara Duterte-Carpio’s alleged fund misuse to include P12.3 billion of unsettled Education department funds in 2023, a congressman said on Tuesday.

The Commission on Audit (CoA) flagged P12.3 billion worth of disallowances and suspensions, as of December 2023, which the Department of Education (DepEd) has failed to settle. Ms. Duterte sat as DepEd secretary from July 2022 until July 2024.

The House public accountability committee last year held hearings into the alleged misuse of P612.5 million worth of confidential and intelligence funds under Ms. Duterte’s office in 2022 and DepEd in 2023.

“First, it was P125 million in confidential funds spent in just 11 days at the Office of the Vice-President. Now, CoA has flagged over P12 billion in unresolved transactions at DepEd under Ms. Duterte’s leadership,” Zambales Rep. Jefferson F. Khonghun, a vice-chairman of the House public accountability panel, said in a statement.

“This CoA report is damning. It exposes large-scale financial mismanagement in an agency with the largest budget in government. Ms. Duterte must explain these findings,” he added.

The Office of the Vice President did not immediately respond to an e-mail and Viber message seeking comment. BusinessWorld also reached out to the DepEd via e-mail and Viber message but has not yet received a response.

The call to include the P12.3 billion into the House public accountability panel’s investigation comes after the chamber impeached Ms. Duterte, making her the first Philippine vice-president to face the threat of removal from public office.

More than 200 congressmen last week filed and signed an impeachment complaint against Ms. Duterte, more than the one-third vote required by the Constitution for her to be impeached, paving the way for her trial by the Senate. Several lawmakers will act as prosecutors.

The House sent the bill of the ouster charges to the Senate on the last day of the congressional session, consisting of seven articles of impeachment, including allegations of plotting the assassination of the President, misusing secret funds, amassing unexplained wealth and committing acts of destabilization.

Manila Rep. Joel R. Chua on Monday said the House public accountability committee could continue its investigation into Ms. Duterte’s alleged secret fund misuse while it awaits the Senate to convene as an impeachment court. Senate President Francis G. Escudero earlier said they will likely start impeachment proceedings after the President’s State of the Nation Address.

“It’s possible, we are not barred from conducting committee hearings,” said Mr. Chua, a prosecutor-congressman.

Mr. Khonghun said the P12.3-billion flagged sum is “fresh evidence” to the allegations hurled against the embattled vice-president and could further strengthen the case for her removal from office. — Kenneth Christiane L. Basilio

PhilHealth to spend P240B in 2025

THE Philippine Health Insurance Corp. (PhilHealth) is expecting to spend P240 billion in payments to health facilities this year as it looks to increase accredited facilities to support its new programs and provide more services under the Universal Health Care Act.

The state insurer spent P20.13 billion in January in payments to health facilities, which would likely continue for the rest of the year, Bernadette C. Lico, vice-president for PhilHealth-National Capital Region office, said in a speech on Tuesday.

This was up by 38.02% from P14.58 billion in the same month in 2024.

“Most probably, you could multiply [that amount spent last month] by 12. That’s how much we expect to spend this year,” Ms. Lico said.

Meanwhile, the state insurer said it needs more than 5,000 healthcare facilities accredited.

“How we compute it is, each doctor can provide service for 20,000 patients, which would mean we will need more than 800 healthcare facilities to cover 17 million just in the National Capital Region. Currently, we have more than 400. Nationwide, we need more than 5,000,” Ms. Lico said.

Aside from private clinics, PhilHealth is reaching out to schools to accredit their clinics and cover the youth and children, she added.

Ms. Lico said the clinics could support PhilHealth’s new benefits such as preventive oral health services in primary care and pediatric optometric services. — Aaron Michael C. Sy

Tighter rules on drones sought

DOSE MEDIA-UNSPLASH

A PHILIPPINE senator called for tighter regulations on the ownership of drones, citing risks of drone attacks to airports or military bases.

In a public service committee hearing, Senator Rafael T. Tulfo raised concerns that unregulated drones could be strapped with bombs and flown to domestic airports, planes, or military bases.

“If someone buys a big drone and loads it with a bomb or grenade and fly it to the airport or to a plane, or specific military installation, how do we stop that,” he said in mixed English and Filipino.

Mr. Tulfo had also asked the Civil Aviation Authority of the Philippines (CAAP) if countermeasures were in place against drone attacks.

“Drones had been used in the Russian-Ukraine war and there is a possibility that terrorists will use drones here for a specific target. So, nobody is safe. Do we have anti-drone measures in our airports installed?” he added.

CAAP-Aerialworks Certification and Inspection Division Head Ian Michael del Castillo, however, said that installing anti-drone measures in airports and military installations is costly.

It would cost $1 million per month for one subscription-based anti-drone measure alone, he added. He said that the procurement, maintenance, and subscription on anti-drone technology would require significant budget allocation. 

According to Mr. Castillo, CAAP is currently studying other options against potential drone attacks.

“It is important to discuss drones first. This is a timely issue that needs to be addressed. For me, it is a national security matter,” Mr. Tulfo said.

CAAP regulations prohibit the use of drones within a 10-kilometer radius of an airport, it is also prohibited from flying above 120 meters. — Adrian H. Halili