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A bad budget: The President’s options

BW FILE PHOTO

The proposed 2025 budget is drawing flak. Healthcare advocates are particularly riled, claiming that the budget is illegally siphoning money away from the Universal Health Care (UHC) Act, established under Republic Act No. 11223 and funneled to dole-out programs that promote patronage politics. Incredibly, the proposed 2025 General Appropriations Act (GAA) provides no subsidy for Philippine Health Insurance Corp. or PhilHealth at all — contrary to law.

The President has so far postponed the signing of the budget ostensibly to address the outrage it generated.

But what can the President do when poised to sign a bad budget?

Article VI, Section 27 (2) of the Constitution provides that “The President shall have the power to veto any particular item or items in an appropriation, revenue, or tariff bill, but the veto shall not affect the item or items to which he does not object.”

(The table shows what the budget provides.)

The question is whether this portion of the budget — one that assigns no money to PhilHealth — can be vetoed.

Even if the President does veto this provision, the veto will not restore the missing subsidy for PhilHealth. An appropriation is the setting apart by law of a certain sum from the public revenue for a specified purpose. (Bengzon v. Secretary of Justice, 1936). Appropriation is a function of Congress, not the President. Under the Constitution, the spending power or “the power of the purse,” belongs to Congress, subject only to the veto power of the President. The President may propose the budget, but still the final say on the matter of appropriations is lodged in the Congress. (Philippine Constitution Association v. Enriquez, 1994).

Similarly, deductions made by Congress on the budgets of various government agencies cannot be restored by a veto. Again, the President can delete (veto) parts of the proposed budget but he does not have the power to make appropriations he believes are consistent with the Constitution.

The President is left with two options.

The first option is to veto the entire bill. This would trigger Article VI, Section 25 of the Constitution which provides that:

If, by the end of any fiscal year, the Congress shall have failed to pass the general appropriations bill for the ensuing fiscal year, the general appropriations law for the preceding fiscal year shall be deemed reenacted and shall remain in force and effect until the general appropriations bill is passed by the Congress.

In other words, the government will operate under a budget exactly like the GAA for 2024 — until Congress enacts another GAA.

The second option is for the President to prevail upon the leaders of both Houses of Congress to recall the proposed budget so Congress can make changes to appease critics and to align the proposed budget with the strictures of the Constitution. The President cannot convene the bicameral conference committee himself because Congress is a separate, co-equal branch of government. The President has no power over Congress.

The second option is not without precedent.

The Magna Carta of Filipino Seafarers (Republic Act No. 12021 [2024]) took a wild route to enactment. The bicameral conference committee report was first submitted and ratified by Congress on Dec. 5, 2023 but it was withdrawn after it was enrolled for the President’s signature. On May 22, 2024, the bicameral conference committee report was again ratified by both the House of the Representatives and the Senate but again did not reach Malacañang for signature. Sen. Raffy Tulfo submitted, for the third time, its bicameral conference committee report on July 31, 2024. Tulfo explained that there has been a complaint “from some of the sectors” when the harmonized version of the bill was due for signing by the President.

There is no legal impediment to this course of action. An enrolled bill is a declaration by the two Houses, through their presiding officers, to the President that a bill has received in due form the sanction of the legislative branch of the government, and that it is delivered to him in obedience to the constitutional requirement that all bills which pass Congress shall be presented to him (Arroyo v. De Venecia, 1997).

The enrolled bill theory is based mainly on “the respect due to coequal and independent departments,” which requires the judicial department “to accept, as having passed Congress, all bills authenticated in the manner stated.” (Astorga v. Villegas, 1974). The doctrine is directed at the courts to accept the manner in which a bill was passed into law; it does not prevent Congress from recalling its own work.

The proposed budget for 2025 is in a similar position — it has been enrolled and is up for the President’s signature. There are complaints from various sectors of society that demand to be addressed. If the President signs the proposed budget into law, then it is a statement that he is endorsing the unconstitutional acts that are embedded in the bill.

A President’s duty, under these circumstances, is to stand by the Constitution and the laws of the Republic, and refuse to sign the proposed budget for 2025. By refusing to sign it, he will challenge Congress to step up and to enact a budget that addresses the concerns of every Filipino and not one that finances patronage politics.

 

Dante Gatmaytan is a professor of Law at the University of the Philippines, Diliman. He has authored books on Constitutional Law, Legal Method Essentials, and Local Government Law and Jurisprudence. He is also a fellow of Action for Economic Reforms.

JBL ends the year by launching hi-tech earbuds

JBL PARTYBOX 320

JBL’S year-end gathering, the Unleash & Grand Thanksgiving Party on Dec. 10 at the EDSA Shangri-la, also served as JBL’s last product launch this year.

Larry Secreto, country manager for Harman Philippines said in a mix of English and Filipino, “There are people asking me: ‘it’s the end of the year, but we’re still launching new products. We’re almost done with this year.’ I said, ‘well, we never stopped innovating products.’ We always have much better products.”

Harman is the parent company of JBL, and since 2017 has been operating as a subsidiary of Samsung Electronics. Sister brands under Harman include Dbx, AKG, and Infinity Systems, among others; mostly centered around sound systems and electronic equipment.

Some of these products include the JBL Tune Series, to which the JBL Tune Beam 2, Tune Buds 2, and Tune Flex 2 belong. The true wireless earbuds are designed to deliver pure bass and zero noise. All three models feature Adaptive Noise Cancelling, Smart Ambient technology, and up to 48 hours of playtime. Each come with JBL’s signature ergonomic, water- and dust-resistant design, plus customizable sound through Personi-Fi 3.0 technology accessible through the JBL Headphones app.

The JBL Wave Flex 2, Wave Beam 2, and Wave Buds 2 have JBL Pure Bass Sound, up to 40 hours of battery life, and Smart Ambient technology across the series. The Wave Buds 2 and Wave Beam 2 also feature Active Noise Cancelling. Designed for comfort all day thanks to its ergonomic fit, the Wave series ensures hands-free, crystal-clear calls with just a tap.

They even have a line for kids: The JBL Junior 320BT, Junior 320, and Junior 470NC headphones ensure safe listening with an 85dB (decibel) volume limit. The Junior 320BT and Junior 320 are wireless on-ear models, while the Junior 470NC adds Active Noise Cancelling in a wireless over-ear design. Its features include up to 50 hours of playtime, oversized controls, comfy fit, playful colors, and sticker sets for personalization. Parents can use the JBL Headphones app to set volume limits, track habits, and get reports, while the built-in mic keeps kids connected with family, friends, or teachers.

For fitness fans and adventurers, the JBL Endurance Race 2 earbuds have an IP68 waterproof and dustproof rating, and up to 48 hours of battery life. Designed for comfort all day long, its superior fit ensures optimum sealing and stability. Powerful 6.8 mm (millimeter) dynamic drivers deliver JBL Pure Bass sound, while Active Noise Cancelling keeps the user’s focus sharp, and Smart Ambient technology helps the user stay aware of their surroundings.

Just in time for the holiday party season, they’ve come up with more features and colorways for their PartyBox: JBL’s PartyBox 120 and PartyBox 320, now in sleek white. These speakers deliver JBL Pro Sound, synchronized lightshows, and portability — featuring a folding handle on the PartyBox 120 (12 hours playtime) and sturdy wheels with a telescopic handle on the PartyBox 320 (18 hours playtime). Both include a replaceable battery. They can be paired with any Bluetooth device, or take center stage with mic and guitar inputs. For even bigger celebrations, wirelessly connect multiple JBL Auracast-enabled speakers or sync effortlessly with the JBL PartyBox app.

“We’re maybe one step, or two steps ahead of our competitors,” said Mr. Secreto. “Rest assured, next year, we will have a lot more.”

JBL’s Holiday Wishes promo is also running until Dec. 31. One hundred people will win prizes, with 10 winners for each prize. These include a Vespa Primavera 150 scooter; a JBL Authentics 500 speaker; a JBL PartyBox Stage 320 speaker; a JBL Spinner BT turntable; a JBL Tour Pro 3 earbuds; a Samsung Galaxy Z Flip 6 phone; a three-day, two-night staycation for two at the EDSA Shangri-La Hotel; a three-day, two-night trip for two to Coron, Palawan; a three-day, two-night trip for two to Boracay; and a trip of the same length for two to the winner’s chosen destination (Thailand, Singapore, or Hong Kong). To join, purchase any participating JBL product from authorized stores then register the proof of purchase at www.jblpromo.com.ph.

Peso may retest record low on hawkish Fed, BSP

BW FILE PHOTO

THE PESO could slide to the P59-per-dollar level anew this week amid signals of fewer rate cuts from both the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve.

The peso closed at P58.81 versus the dollar on Friday, strengthening by 19 centavos from its record-low P59 finish on Thursday, according to Bankers Association of the Philippines data posted on its website.

Week on week, however, the peso weakened by 34 centavos from its P58.47-per-dollar close on Dec. 13.

The peso depreciated against the dollar on Friday as the BSP signaled less rate cuts in the year ahead due to inflation risks, a trader said by phone.

“The US dollar-peso exchange rate corrected lower after the latest signals from BSP governor about being open to another rate cut in its first rate-setting meeting in 2025, as rates are still somewhat restrictive, considered an insurance amid risks that inflation might rise again,” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., likewise said in a Viber message.

The Monetary Board on Thursday delivered a third straight rate cut, slashing its policy rate by 25 basis points (bps) to 5.75% from 6%.

The central bank has now reduced benchmark borrowing costs by a total of 75 bps this year since it began its easing cycle in August.

BSP Governor Eli M. Remolona, Jr. said delivering 100 bps worth of cuts next year may be “too much.”

He earlier said they could reduce rates by around 100 bps in 2025, though not necessarily at every meeting or every quarter.

“Even with the 75 bps, from all our estimates, we’re still somewhat on the tight side. That for us is a kind of insurance. The reason we’re cutting in baby steps is because we’re not absolutely sure about inflation,” Mr. Remolona said on Thursday.

“We still worry that inflation might start to rise again. By cutting in baby steps, at this point, we’re still somewhat tight. That’s kind of insurance against a possible increase in inflation.”

On Friday, he said the BSP is open to delivering another rate cut in its first monetary policy meeting next year.

For this week, the trader said the peso could continue to weaken and even retest its all-time low amid hawkish guidance from both the BSP and US Federal Reserve.

The US central bank cut interest rates on Wednesday, as expected, but Federal Reserve Chair Jerome H. Powell said more reductions in borrowing costs now hinge on further progress in lowering stubbornly high inflation, remarks that showed policy makers are starting to reckon with the prospects for sweeping economic changes under a Trump administration, Reuters reported.

“I think we’re in a good place, but I think from here it’s a new phase and we’re going to be cautious about further cuts,” Mr. Powell said at a press conference after the central bank’s policy-setting Federal Open Market Committee cut its benchmark interest rate by a quarter of a percentage point at the end of a two-day meeting.

While he said the Fed remained confident price pressures would continue to ease, he also acknowledged central bank staff and policy makers were beginning to at least preliminarily think through how President-elect Donald J. Trump’s promises of higher tariffs, tax cuts and tougher immigration policy will change the outlook.

The Fed, which hiked rates aggressively in 2022 and 2023 to combat a surge in inflation, began its easing cycle in September with a half-percentage-point cut in borrowing costs, and followed up with a quarter-percentage-point cut last month.

Rates will fall again once inflation shows it is making more progress, “with the extent and timing of additional adjustments to the target range” depending on “incoming data, the evolving outlook, and the balance of risks,” the Fed said in new language that sets up a likely pause to the rate cuts beginning at the Jan. 28-29 meeting.

US central bankers now project they will make just two quarter-percentage-point rate reductions by the end of 2025.

That is half a percentage point less in policy easing next year than officials anticipated as of September, with Fed projections of inflation for the first year of the new Trump administration jumping from 2.1% in their prior projections to 2.5% in the current ones.

Still, the peso could be supported by the seasonal increase in overseas Filipino workers’ remittances “amid the Christmas shopping rush that could culminate with a week before Christmas,” Mr. Ricafort said.

The trader expects the peso to move from P58.50 to P59 against the dollar this week, while Mr. Ricafort sees it ranging between P58.60 and P59. — Luisa Maria Jacinta C. Jocson with Reuters

PHL food services industry growth seen at 12% in 2025, USDA says

REUTERS

THE Philippine food services industry is projected to grow 12% next year as store networks and foot traffic expand, according to the US Department of Agriculture’s (USDA) Foreign Agricultural Service (FAS).

“Reaching pre-pandemic levels in 2025, FAS Manila sees continued food service sales growth at 12% with the expansion of stores and customer queues in restaurants,” the USDA said in a report.

It added that more customers are dining out due to the opening of new restaurants, cafés, kiosks, and bars, as more franchise international restaurants enter the Philippines.

Increased tourism and the resumption of public events are also expected to bolster the recovery in food services.

The USDA said that sales in full-service restaurants are expected to grow 10% next year due to store expansion. Full-service restaurants account for 17% of the industry.

“As restaurant chains expand, new stores will open in other cities and rural areas through expansion and investment from franchisors,” it added.

Café and bar sales are estimated to expand 15%, also driven by new outlets.

The USDA said street stall and kiosk sales are expected to rise 12% next year as consumer mobility continues to improve.

“With increased consumer mobility in 2024, FAS Manila sees further sales growth in 2025 due to the convenience provided by street stalls and kiosks to commuters amidst increased traffic,” it added.

The USDA said that the growing number of international brands opening in the Philippines presents an opportunity for the entry of US products. — Adrian H. Halili

FEU renews supply deal with First Gen Corp.

WIKIMEDIA.ORG

FAR EASTERN UNIVERSITY, Inc. (FEU) has renewed its partnership with Lopez-led First Gen Corp. for the direct supply of electricity for its campuses.

In a statement on Sunday, the listed university said First Gen would supply 600 kilowatts (kW) of electricity to the FEU Alabang campus in Muntinlupa City and 650 kW to the FEU Institute of Technology near the main FEU campus in Manila.

“This power supply agreement, plus our investments in efficient air-conditioning systems, all within the context of the continued preservation of historical and significant cultural heritage buildings and landmarks, is very fulfilling for us as educators and as an example to our students,” FEU President Juan Miguel R. Montinola said.

FEU and First Gen first partnered in 2017, when the power generator supplied electricity to parts of the FEU main campus under the government’s Retail Competition and Open Access program.

The program allows end users consuming at least 500 kW a month to choose their own power supplier.

“Diversifying power sources and working with independent power producers help reduce volatility in power costs and the overall carbon footprint as well,” said Carlos Lorenzo L. Vega, First Gen’s vice-president.

First Gen has 3,668 megawatts of combined capacity from its portfolio of plants that run on geothermal, wind, hydro, solar energy and natural gas. — Sheldeen Talavera

Christmas in our hearts

PHILIPPINE STAR/WALTER BOLLOZOS

“Let’s sing Merry Christmas, and a happy holiday…” 

Almost playfully, many Filipinos sing to pop composer/singer Jose Mari Chan’s song “Christmas in Our Hearts” as early as September (the start of the months ending in “-ber”), in cheerful anticipation of Christmas Day, Dec. 25 — the biggest, most important holy day/holiday of the year in Filipino culture and tradition. Christmas is the birthday of Jesus Christ the Redeemer, in Christian faiths.

“I remember the Child,

in the manger, as He sleeps…”

The Philippines celebrates the world’s longest Christmas season. The holiday season creeps in by September, reaches its peak in December during Christmastide, and carries on in the week after New Year’s Day; however, festivities may last until the third Sunday of January, the feast day of the Santo Niño. Liturgically, the Christmas season is observed by the Catholic Church from the first day of Advent (the fourth Sunday before Christmas) to Three Kings’ Day, which falls on the Sunday between Jan. 2 and 8.

As of 2019, the Philippines was the third largest Catholic country in the world and was one of two predominantly Catholic nations in Asia, the other being Timor Leste (East Timor). According to the 2020 census, at least 84% of the Philippine population is Christian; about 79% belong to the Catholic Church while about 5% belong to Protestantism and other denominations such as the Philippine Independent Church, Iglesia ni Cristo, Jehovah’s Witnesses, the Seventh-day Adventist Church, the Apostolic Catholic Church, the United Church of Christ in the Philippines, the Members Church of God International (MCGI), and the Pentecostals (Philippine Statistics Authority, Feb. 22, 2023).

In 2022, around 31.6% of the global population identify as Christian. Around 25.8% of the global population identify as Muslim, followed by 15.1% (statista.com). Yet, of 234 nations in the world, Christmas is observed and is a public holiday in 163 states and two territories. Christmas is observed but is not a public holiday in 21 states. Only in 13 states and one disputed territory is Christmas neither observed nor is it a public holiday (statistics from wikipedia.org). Almost 80% of the world observes Christmas! Actually, 100% of the world recognizes Christmas, proven by the very rejection of those states who are in denial of this inescapable worldwide holiday.

“Let’s light our Christmas trees,

for a bright tomorrow

where nations are at peace…”

Christmas has evolved a parallel secular meaning, without superseding the spiritual Christian belief in the birth of Christ the Redeemer, that elicits the universal and human intuitive hope in life, in peaceful co-existence with fellowmen. Peace and hope: that is what “Christmas” means to all. Some may say that Christmas has become too commercialized around the world, but the gift-giving and merry-making in this season only emphasize the joys of life and love of family and friends.

“Wherever there are people

giving gifts, exchanging cards,

I believe that Christmas

is truly in their hearts.”

Does China celebrate Christmas? Like the rest of the world, Christmas Day in China is on December 25th each year. It is not a public holiday in the mainland, but in Hong Kong and Macau where British and Portuguese influence is heavy, people enjoy a two-day public holiday every year.

Of course, it is not a religious occasion (China is atheist), but it is more of a secular season of shopping and feasting. Tapping into the festive mood, commercial establishments and malls attract shoppers with seasonal sales, according to China Admissions, a travel research group. Large shopping malls in China are open for the Christmas craze, and carols can be heard playing in the stores. It’s a lighthearted day for young people to go out with their significant others and celebrate with small gifts. They also hang out with friends to go out to a movie, karaoke bar, or go shopping. There is even the Beiji Village, China’s first Christmas theme park in the northernmost arctic part of China in the Mohe countryside, where you can see the Northern Lights in this village, ride a sled, play with snow, visit Santa Claus’ House and experience Christmas like never before (Ibid.).

How antithetical can Christmas be to China’s stoic communism! Consider that Yiwu, a town in Zhejiang province is the main source of the world’s Christmas decorations — it manufactures 60% of Christmas decorations in the world! Back in 2012, Yiwu had more than 750 manufacturing companies making Christmas products. One may quip: “The rest of the world has Yiwu to thank for Christmas!” (Ibid.).

Have there been Christmases in Russia and Ukraine, since Russia invaded Ukraine on Feb. 24, 2022?

Christmas in Russia is celebrated on January 7th, according to the Julian calendar, which is 13 days behind the Gregorian calendar. Called Svyatki, the season lasts from January 7th to the 19th, preceded by fasting for 40 days before Christmas Eve. It is a festive season that includes many traditions, including religious observances, fortune-telling, and gifts.

Historically, the Ukrainians followed the Julian/Orthodox calendar, like the Russians. Recently, the Orthodox Church of Ukraine (which is independent from Moscow) gave permission to each congregation to decide whether to celebrate Christmas on Dec. 25 or Jan. 7.

It seems Christmas will be bleak this year, for both Russia and Ukraine, on the third year of the war.

Casualties in the Russo-Ukrainian War include six deaths during the 2014 annexation of Crimea by the Russian Federation, 14,200-14,400 military and civilian deaths during the War in Donbas, and up to 1,000,000 estimated casualties during the Russian invasion of Ukraine till mid-September 2024 (The Wall Street Journal, Sept. 17, 2024).

When will peace come to end the Israel-Hamas war, which began on Oct. 7, 2023 when Hamas launched coordinated armed incursions on Israel from the Gaza Strip?

Christmas celebrations in Israel are few compared to other places in the world. Only 2.5% of the country’s population are Christians. Christmas is not one of Israel’s holidays due to the fact that the country was set up around Judaism, not Christianity. However, the Christmas story took place according to tradition in the Holy Land, in the territories of the State of Israel and in the areas under its control (touristisrael.com, Dec. 13, 2016).

With war raging in Gaza, Christmas was canceled in Bethlehem in December 2023. The city in the Israeli-occupied West Bank which would have been teeming with visitors, was almost deserted. Local leaders decided to scale back festivities in solidarity with the Palestinian population, as heavy fighting raged between Israel and Hamas in the devastated Gaza Strip (CNN, Dec. 24, 2023).

As of Dec. 10, over 46,000 people — 44,786 Palestinian and 1,706 Israeli — have been reported killed in the Israel-Hamas war, as well as 141-156 journalists and media workers, 120 academics, and over 224 humanitarian aid workers, a number that includes 179 employees of the United Nations Relief and Works Agency or UNRWA. (The Guardian, Oct. 10).

We pray for peace and hope in the world — a true Christmas, in this most troubled world.

“Let Him be the One to guide us

as another New Year starts

And may the spirit of Christmas

be always in our hearts.”

 

Amelia H. C. Ylagan is a Doctor of Business Administration from the University of the Philippines.

ahcylagan@yahoo.com

Flexing flexibility

PHOTO BY HAZEL NICOLE CARREON

The Toyota Tamaraw’s many forms are ready for their closeup

By Hazel Nicole Carreon

IN WHAT is undoubtedly a momentous occasion for the Philippine automotive industry itself, Toyota Motor Philippines (TMP) officially launched the highly anticipated next-generation Tamaraw. This iconic nameplate, synonymous with durability and versatility, makes a return — promising to redefine the landscape of utility vehicles in the country.

The launch event, held simultaneously in eight locations nationwide, drew enthusiastic crowds eager to witness the revival of the Tamaraw, whose legacy as a reliable workhorse and family vehicle spans decades.

Produced locally at the TMP plant in Santa Rosa, Laguna, the new Tamaraw is said to be designed based on what Filipinos expect in a commercial vehicle. “We actually sat down and communicated with potential customers to ask what they look for in the Tamaraw,” TMP President Masando Hashimoto stated in his speech at the event. “Hearing their comments and requests face-to-face regarding our vehicles inspired and reminded me and our team to make ever-better cars.”

Built on the robust International Multi-Purpose Vehicle platform, the Tamaraw comes in various configurations including utility vans, dropside trucks, and aluminum cargo vans. The long wheelbase (LWB) diesel variants — priced from P937,000 to P1.075 million — will be available in Toyota dealerships starting January, while the short wheelbase (SWB) gas version will be released in March with a starting price of less than P800,000.

The Dropside LWB measures 5,300mm in length, 1,800mm in width, and 1,800mm in height, with a wheelbase of 3,085mm and a payload capacity of 1,100kg. The SWB variant, on the other hand, is more compact at 4,965-mm long, with a wheelbase of 2,750mm and a payload capacity of 1,025kg.

For the Utility Van configuration, the LWB version measures 5,303mm in length, 1,795mm in width, and 2,097mm in height, with a payload capacity of 910kg. Meanwhile, the SWB variant is only 4,968-mm long and has a payload capacity of 850kg. The Utility Van LWB can fit up to 14 passengers (including the driver and front passenger), while the SWB can seat up to 12.

The Aluminum Cargo is also available in LWB and SWB versions, with the LWB one measuring 5,300mm in length, 1,795mm in width, and 2,180mm in height, and having a payload capacity of 1,000kg. The SWB variant is 4,695-mm long and 1,695-mm wide, with a payload capacity of 935kg.

The top-of-the-line Dropside GL model is produced in LWB version only, with the same dimensions as the standard Dropside variant, however, it can accommodate up to 1,075kg of cargo. Among all Tamaraw variants, it is the only one equipped with a seven-inch display audio with Apple CarPlay and Android Auto, air bags, anti-lock brakes, and electronic brake distribution. More configurations will be available soon, including ambulance, patrol van, refrigerated van, food truck, mobile service vehicle, and camper recreational vehicle.

“It is compatible with diverse needs for both commercial and private use, being very easy to convert,” said Toyota Motor Asia Regional Chief Engineer Jurachart Jongusuk, who was in town during the public launch. “TMP is providing a wide variety of conversions for the Filipino market in collaboration with Toyota Mobility Solutions Philippines and our local bodybuilders.”

Under the hood, the Tamaraw is equipped with powerful and fuel-efficient engines that deliver impressive performance. The diesel variants come with a 2.4-liter 2GD-FTV mill that produces up to 150ps and 400Nm of torque, while the gas options are equipped with a 2.0-liter 1TR-FE engine that churns out 139ps and 183Nm of torque.

The vehicle’s suspension system is engineered to handle rough terrain and provide a comfortable ride, ensuring a smooth journey for both passengers and cargo. “We carefully developed the next-generation Tamaraw to handle one-ton payloads with superior power and torque,” Mr. Jongusuk added.

Owning the new Tamaraw is made easier as TMP partners with Toyota Financial Services Philippines to offer a variety of financing solutions, including low down payment and flexible payment plans.

Every Tamaraw purchase will also come with a fixed service discount voucher of P1,200 for every periodic maintenance service until the 40,000-km checkup.

“We want to cover every customer journey touchpoint — from purchase, to conversion, and all the way to maintenance. With this total package, we aim to make the customer experience hassle-free so our customers can focus on advancing toward their dreams,” said TMP First Vice-President for Vehicle Sales Operations Danny Cruz.

The Tamaraw’s return is not just a nostalgic nod to the past, but a testament to Toyota’s dedication to innovation and customer satisfaction.

For more information, visit toyota.com.ph.

Central bank securities fetch lower rates

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) short-term securities fell on Friday as both tenors went undersubscribed.

The BSP securities fetched bids amounting to P81.918 billion on Friday, lower than the P140-billion offer and P126.72 billion in tenders for the same volume auctioned off in the previous week.

Broken down, tenders for the 26-day BSP bills reached P32.891 billion, well below the P70-billion offer volume and P73.795 billion in bids a week ago.

Banks asked for yields ranging from 5.875% to 6.288%, wider than the 5.999% to 6.175% band seen a week earlier. This caused the average rate of the one-month securities to fall by 14.35 basis points (bps) to 5.9769% from 6.1204% previously.

Meanwhile, bids for the 54-day bills amounted to P49.027 billion, also lower than the P70-billion offering and P52.925 billion in tenders the week prior.

Accepted rates for the two-month tenor were from 5.9750% to 6.288%, also wider than the 6.04% to 6.2% margin seen a week ago. With this, the average rate of the notes dropped by 8.07 bps to 6.0826% from 6.1633% logged in the prior auction.

The tenors of the BSP bills were adjusted from the usual 28-day and 56-day maturities due to holidays.

The central bank uses the BSP securities and its term deposit facility to mop up excess liquidity in the financial system and to better guide market rates.

The BSP bills were calibrated to not overlap with the Treasury bill and term deposit tenors also being offered weekly.

Data from the central bank showed that around 50% of its market operations are done through the short-term BSP bills.

The BSP earlier said short-term instruments offer more stability and predictability.

These are also considered “high-quality liquid assets” and grants more flexibility for banks versus term deposits, which are not tradable. — Luisa Maria Jacinta C. Jocson

Local sportswear exports sustainable products overseas

FACEBOOK.COM/TEAMREBELSPORTSINC

TEAM REBEL SPORTS, a custom sportswear brand, said sustainable products and manufacturing practices attract customers in international markets.

“The local sports industry is very competitive. Hence, it made sense for us to expand our reach beyond the domestic market and tap into international opportunities,” Joel Cu, founder of Team Rebel Sports, said in a statement.

The company highlights on its website its experience in manufacturing customized apparel for different sports like basketball, football, wrestling, and hockey. It added that it has also explored developing non-sportswear, such as fit wear and casual wear.

The Team Rebel said its first international order was only worth $15, while its first shipment began with five kilograms. Currently, the local sportswear brand has over 200 employees and ships 40 tons of jerseys around the globe every year.

Leveraging sustainable production practices such as incorporating recyclable fabrics like polyester from PET (Polyethylene Terephthalate) bottles into the production process made the brand stand out on the global market.

“We’re very proud to be contributing our efforts in protecting the environment through the use of recycled materials in our products. Sustainability is an integral part of our brand,” Mr. Cu said.

According to the Department of Environment and Natural Resources, the Philippines produces around 2.7 million tons of plastic waste annually.

The department said these discarded materials are left in landfills, dumpsites, rivers, and water supply systems. It added that the country loses approximately $890 million yearly due to failure in repurposing recyclable plastics.

Team Rebel noted that its sublimated Philippine Basketball Association (PBA) jersey, which involves heating inks into gas to meld with the fabric, pushed the company’s sustainability initiatives further.

“Since the process integrates the design into the material, rather than just on the surface, the design quality lasts for years,” the company said.

“The fabric remains durable, breathable, and lightweight,” it added. — Almira Louise S. Martinez

India extends halt on futures trading in key farm commodities until January

REUTERS

MUMBAI — India extended the suspension of trading in derivative contracts for key farm commodities until January, as the world’s largest importer of vegetable oils and a major producer of wheat and rice seeks to curb food inflation.

The Securities and Exchange Board of India (SEBI) initially ordered a year-long suspension of futures trading in key farm commodities in 2021 — a significant move since futures trading was allowed in 2003.

The suspension was first extended until Dec. 20, 2023, and later to Dec. 20, 2024.

In a notification, SEBI said the suspension of trading in futures contracts would now continue until Jan. 31, 2025, on soybean and its derivatives, crude palm oil, wheat, paddy rice, chickpeas, green gram and rapeseed.

“Instead of extending the ban for a year as it did in the past two instances, it has extended it for only one month. This is a good sign. Perhaps futures trading will be allowed early next year,” said a Mumbai-based dealer with a global trade house.

The Indian vegetable oil industry has been seeking the resumption of futures trading to help importers hedge their risks and provide oilseed growers with an indication of future price movements.

The resumption of futures trading in soybean, rapeseed, and their derivatives would help bring stability to oilseed prices, said B V Mehta, executive director of The Solvent Extractors’ Association of India.

India meets nearly two-thirds of its edible oil requirements through imports, primarily of palm oil from Indonesia and Malaysia, as well as soy oil and sunflower oil from Argentina, Brazil, Russia, and Ukraine.

India’s National Commodity and Derivatives Exchange, which derives most of its volume from trading in farm commodities, was the most affected by the government’s decision, followed by the Multi Commodity Exchange. — Reuters

ACMobility acquires charging startup Evro

FREEOIK

AYALA-LED ACMobility has acquired roaming electric vehicle (EV) charging startup Evro as part of its plan to expand access to charging stations across the country. 

ACMobiliity bought Evro from the Globe Group’s corporate venture builder 917Ventures to address the “availability and accessibility of nearby charging stations.”

“Evro is changing the game for EV adoption in the Philippines,” ACMobility Chief Executive Officer Jaime Alfonso Zobel de Ayala said in an e-mailed statement at the weekend. “Alongside our efforts in ACMobility, it will address a range of anxiety concerns and empower EV owners to have full control of their charging experience.”

Touted as an e-mobility service provider, Evro aims to consolidate the country’s EV charging network regardless of brand or charge-point operators.

The Evro app allows drivers to find the nearest available charging point, monitor the charging progress of their EVs and pay cashless via Gcash or credit card.

“We built Evro with the intention of simplifying Filipino EV owners’ charging journeys,” 917Ventures Managing Director Vince Yamat said.

“Since launching earlier this year, we’ve made significant headway in advancing sustainable transport through our tech and partners. Entrusting Evro to ACMobility ensures it will continue to evolve and contribute to the advancement of sustainable transport,” he added.

The Evro app features 33 live charging locations managed and operated by ACMobility in several areas including One Bonifacio High Street, Greenbelt 3, Alabang Town Center, Trinoma, Nuvali Solenad 1, Baguio Ayala Technohub, Ayala Center Cebu, Abreeza Mall Davao,  and Anvaya Golf and Sports Club in Morong, Bataan.

Evro is in talks to onboard more charge-point operators onto the platform, with plans to expand its network further in the coming months.

The app is can be downloaded for free on the Google Play and Apple App stores.

By 2028, the local EV industry aims to sell 2.45 million electric vehicles and operate 65,000 charging stations nationwide. — Revin Mikhael D. Ochave

Vaccination: A vital investment

DIANA POLEKHINA-UNSPLASH/FREEPIK

As we continue to navigate through the challenges of a rapidly changing world, one of the most powerful tools in safeguarding public health is undeniably vaccination.

In the Philippines, the importance of vaccination has never been more evident, particularly with the ongoing efforts led by the Department of Health (DoH) and the Department of Education (DepEd) to immunize Filipino students through programs such as the routine and catch-up immunization and the “Bakuna Eskwela” campaign. These initiatives not only aim to protect our children from preventable diseases but also reflect a larger, long-term investment in the health and well-being of the people.

Vaccines have always been one of the most effective public health interventions available. They have helped eradicate deadly diseases like smallpox, significantly reduced the incidence of polio, and have proven indispensable in the fight against the COVID-19 pandemic.

In the Philippines, routine vaccination programs have saved countless lives by preventing outbreaks of diseases such as measles, diphtheria, and tetanus. Yet, despite the proven success of vaccination, there remains an ongoing battle to ensure that everyone has access to life-saving vaccines.

One of the pressing concerns is ensuring that immunization programs continue to cover the full spectrum of vaccine-preventable diseases (VPDs). The biopharmaceutical industry, through the Pharmaceutical and Healthcare Association of the Philippines (PHAP), has been an advocate for not only maintaining but expanding vaccination coverage to include new diseases. For instance, vaccines for diseases like dengue, shingles, respiratory syncytial virus (RSV), and human papillomavirus (HPV) are important steps forward.

The use of data systems to identify gaps in coverage, particularly in remote areas, will help ensure that immunization rates stay high, reducing the risk of outbreaks. It is also essential that we continue to assess and incorporate new vaccines into our national immunization schedule, especially as new health threats emerge.

To be truly effective, our vaccination programs need to evolve with the times. The COVID-19 pandemic has taught us many lessons, including the critical role of technology in healthcare delivery. As we continue to combat old and emerging diseases, it’s imperative that we modernize our immunization infrastructure. Digital technologies can improve vaccine distribution, streamline scheduling, and enhance the tracking of vaccine coverage, ensuring that no one is left behind. Real-time monitoring and transparent reporting will not only optimize program delivery but will also build public trust — something that is more important than ever in an age where misinformation spreads rapidly.

While the government plays a crucial role in the design and implementation of these programs, the private sector is one of the crucial partners in the fight against preventable diseases. The rapid development of COVID-19 vaccines demonstrated the commitment and capabilities of the biopharmaceutical sector. Collaborations between the government, healthcare providers, and pharmaceutical companies helped bring vaccines to the Filipino people in record time. Moving forward, we must continue to foster these public-private partnerships to ensure that vaccines for other diseases are made available for the people.

It is also worth noting that the development of new vaccines for emerging diseases, such as respiratory illnesses and newer strains of viruses, requires substantial investment and research. The government, together with the private sector, must prioritize funding for vaccine research and development to ensure that we are not caught off-guard by future health crises.

While vaccination is undoubtedly one of the most cost-effective health interventions, it will only succeed if the public trusts it. Vaccine hesitancy, fueled by misinformation and fear, remains a significant hurdle to achieving widespread immunization coverage in the Philippines. Combatting this requires continued public education campaign that informs the public of the safety and benefits of vaccines as being done now by the DoH and local government units.

The government has made significant strides in recent years to improve immunization coverage, but the work is far from over. As the global health landscape continues to evolve, we must remain vigilant, proactive, and united in our efforts to protect the most vulnerable members of society: our children, the elderly, and those with underlying health conditions. Vaccination is not just about protecting individuals; it’s about creating a healthier, more resilient society.

Through sustained investments in immunization programs, modernization of health systems, and the strengthening of public-private partnerships, the Philippines can not only protect its population from current health threats but also build a strong foundation for emerging health threats. The COVID-19 pandemic has shown us that no one is truly secure until all of the people are protected.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

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