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Better services, better governance in Makati

State of the City Address of Mayor Abby Binay at the Rotary Club of Makati, Jan. 14, 2025

When I was first elected Mayor of Makati, our city was already a city of immense promise and possibilities. Makati has long been a symbol of economic power, a hub of innovation in governance, and a community with a vibrant culture. As a First Class City in terms of income, we knew our progress was only the beginning. We could achieve more.

“But I believed then, as I do now, that a city as great as ours could not settle for “pwede na,” or “good enough.” We needed to aim higher, and push further. We needed to do better.”

Good governance is more than a commitment in Makati — it is our bedrock. We have shown our commitment to transparency, efficiency, service, and innovation to meet the growing demands of our business community and our citizens. And for these, we have earned recognitions from local and international organizations.

These include the first LGU in the Philippines to receive the Data Privacy Seal of Compliance, a Seal of Good Local Governance from the DILG, and seven consecutive unmodified audit opinions from the Commission on Audit.

We have made government services accessible to over 5.2 million online users, redefining public service delivery in the process. Through business-friendly policies like our one-stop shop and the Makatizen Card, we empowered micro, small, and medium enterprises while strengthening our digital economy.

Transforming Education

Education is the greatest investment we can make for our youth. It is also Makati’s enduring legacy. During my term, we have instituted new programs to ensure that every child has the tools to learn and adapt, while looking after their health and nourishment. With smart classrooms, renewable energy in schools, and innovative initiatives like the Library Book Mobile, we were able to address learning gaps while preparing students for a fast-changing world.

I am proud to share that Makati’s Benigno Ninoy Aquino High School (BNAHS) was the only public school in Metro Manila to score above the minimum proficiency level in the 2022 Program for International Students Assessment or PISA.

This achievement underscores our commitment to providing quality education that meets global
standards.

The revitalized Makati City Scholarship Program has also empowered students from all walks of life, producing graduates who have earned Latin honors and pursued advanced studies abroad. As part of our commitment to higher education, the University of Makati School of Law (UMak SOL) continues to
make its mark as one of the country’s top-performing law schools.

In 2024, the UMAK SOL had a bar passing rate of 90.91% and ranked number #2 among Law schools with 11 to 50 bar examinees.

Advancing Healthcare

We regard access to quality Health care as a right, not a privilege. The city has invested over P8 billion to provide free maintenance medicines to thousands of Makatizens through the Makati Health Plus (Yellow Card) program. Since 2017, this program has served over 800,000 patients, ensuring that essential medications are accessible to those in need.

In addition, we have been providing free and unlimited dialysis treatments to our citizens. Since its launching in 2020, we have extended 166,677 sessions to 19,268 residents. We have also provided 9,000 free chemotherapy sessions to cancer patients since 2020, further demonstrating our dedication to
comprehensive healthcare services, especially to those who cannot afford the cost of these treatments.

Our investments in the city’s social infrastructure has led to significant improvements in the lives of our Makatizens.

Social and Economic Progress

In 2023, Makati’s poverty incidence stood at an impressive zero point six percent (0.6%), the lowest it has ever been, and one of the lowest, if not the lowest, among major cities. Our Human Development Index or HDI, which measures the quality of life of citizens based on the quality of health, education, and standard of living, also rose to zero point nine zero three (0.903). The HDI goalposts, set by the United Nations Development Program or UNDP, range from zero to one.

A greener Makati is a better Makati. We have built a city prioritizing sustainability through initiatives like the Urban Greening Program, which planted over 5,500 trees, and renewable energy projects like solar panel installations in schools.

With the GHG Reduction Ordinance and clean-up drives revitalizing waterways, Makati is leading the way in environmental stewardship, ensuring a sustainable future for future generations.

UNDRR: First Resilience Hub in the Philippines and Southeast Asia

For our efforts, the United Nations Office for Disaster Risk Reduction (UNDRR) named Makati the First Resilience Hub in the Philippines and Southeast Asia. Additionally, I have been appointed a member of the United Nations Secretary-General’s Advisory Group on Local and Regional Governments, contributing to the advancement of the 2030 Agenda for Sustainable Development and the New Urban Agenda.

Safer, Better, and More Secure Communities

Safety and security have also been our top priorities. We have strengthened disaster resilience and public safety through advanced monitoring systems, and a pro-active disaster response plan.

Our new police and fire headquarters and state-of-the-art equipment have further enhanced the capabilities of the Makati Police Department to protect the Central Business District and our barangays. I am pleased to report that the Makati PNP has made considerable progress in crime prevention and resolution. Over an eight year period, from 2016 to 2024, the total number of crime cases in Makati decreased significantly, from 867 cases in 2016 to 295 cases in 2024. Additionally, the Makati PNP’s Crime Solving Efficiency rate has improved from 69.78% in 2016 to 76.9% in 2024.

Financial Stability

All of these would not have been made possible without your participation and support. Since 2016, Makati’s financial stability has reached historic levels. From P16 billion in 2016, our city’s revenues have grown to over P24.15 billion in 2024. With over P22.2 billion of our income generated locally, our sound fiscal policies have supported these transformative programs, programs that have made Makati a better city and have made the quality of life of our citizens so much better.

Reflecting on Makati’s Legacy

Our achievements in Makati — in good governance, economic growth, education, sustainability, healthcare, and more — prove that progress is possible when people are at the center of every decision.

“And there is no reason why our groundbreaking social programs,
primarily in in health and education, cannot be implemented on a national level. With the right priorities, partnerships, and determination, these initiatives can uplift communities across the Philippines.”

Where ‘Pwede Na’ is Never Enough, We Strive for Excellence!

Makati has shown that “hindi pwede ang pwede na” is not just a slogan but a commitment to doing what is right and delivering what is needed. When we focus on transparency, innovation, and
compassion, we create solutions that work and improve lives.

Let us carry this vision forward — not just for the people of Makati, but for every Filipino.

 

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Condo prices in Manila create market imbalance, say analysts

A VIEW of buildings in Makati City. — PHILIPPINE STAR/MICHAEL VARCAS

By Beatriz Marie D. Cruz, Reporter

PROPERTY developers in the Philippine capital need to enhance their market research and consider lowering condominium prices to address the current “mismatch” between available units and buyer demand, according to property analysts.

“These overpriced condos aren’t matching with the existing buyers,” Anthony Gerard O. Leuterio, founder and chief executive officer of Filipino Homes, said in a phone interview.

“There are so many buyers, as in we’re talking millions of buyers, but the issue is they cannot afford [a condo in Metro Manila] anymore,” he said in mixed English and Filipino.

Unsold inventory in Metro Manila has reached 75,300 units as of the third quarter of 2024, according to property consultancy firm Colliers Philippines.

It could take around 5.8 years to fully sell all these units, about five times longer than in the pre-pandemic period, it said.

“The Metro Manila condominium market faces challenges right now, and developers really need to lower prices in the ready-for-occupancy (RFO) market,” Colliers Philippines Associate Director Joey Roi Bondoc said in an e-mail.

Of the 75,300 remaining inventory, 27,200 are RFO units valued at P154.5 billion, Colliers said in its latest report.

Latest data from the Bangko Sentral ng Pilipinas showed that condominium prices dropped by 9.4% year-on-year, reversing the 8.3% increase from last year and the 10.6% rise in the previous quarter.

“Property firms also need to start turning off the supply tap to limit completion and further exacerbate the oversupply issue,” Mr. Bondoc said.

Lovelle Althea Trisha Taleon, director for consultancy services at real estate firm Santos Knight Frank, attributed the buyer hesitancy to market saturation and high population density.

“Many prospective buyers now favor investing in properties outside Metro Manila, such as house-and-lot developments, which offer more space, privacy, and long-term value versus the accessibility of condominiums in CBDs (central business districts). The investment is there – there is just a shift in consumer preference,” Ms. Taleon said via Viber.

The oversupply is primarily in the mid-market segment, with much of its inventory dating to the pre-pandemic period, she added.

To address the supply-demand mismatch, Mr. Leuterio said that property developers need to thoroughly study the local market.

“[Property developers must] know what the market wants and focus on local [buyers],” he said, citing the need to market condominium units to local consumers, such as overseas Filipino workers (OFWs), instead of selling to the “temporary market” like foreigners and investors.

For Mr. Bondoc, developers must implement extended downpayment terms for pre-selling units and easy/affordable move-in fees for RFO units. They should also consider lowering the lump sum amount required before a buyer can move into an RFO.

Developers can also form leasing teams to help investors lease their condo units and aggressively promote RFO units to the OFW market, he added.

K-pop survival show Be the Next: 9 Dreamers reveals cast

MENTORS AND HOST: (L-R) Bullseye, Park Woojin, Hye-bin, Sandara Park, Bang Yedam, HORI7ON Vinci, Bae Wan Hee.

REALITY show Be the Next: 9 Dreamers, presented by MLD Entertainment PH, will premiere on TV5 in February. As a K-pop “survival” show, the program will have 75 potential “idols” from around the world vying for a spot in a nine-piece boy group.

The contestants, also known as “dreamers,” will go through an intense journey, guided by a panel of mentors and judges, to achieve their dreams of becoming global idols.

2NE1’s Sandara Park, who grew up in the Philippines, will be the host of the program. At the media launch held on Jan. 20 in Quezon City, she expressed excitement for the next generation of K-pop idols.

“I’m not a mentor, but as a host I will look at the dreamers as a fan. I won’t give them advice, but I’ll be a good ate (older sister) to them!” she told the press.

K-pop icons and heavyweights in the industry — many of whom were themselves contestants on similar K-pop “survival” shows — make up the lineup of mentors: AB6IX’s Park Woojin, Bang Ye-dam (formerly of Treasure), HORI7ON’s Vinci, Hyebin (formerly of MOMOLAND), choreographer Bae Wan Hee, and producer Bullseye.

The youngest and only non-Korean among the mentors, Vinci is part of the South Korea-based Filipino group HORI7ON that debuted in 2023. This newness to the industry will help him be a supportive mentor, he said.

“I think those with confidence, whose passion shows through their performances, are the ones I will look out for in the contest,” Vinci explained. “As a young artist myself, I have the insight to how to navigate towards their dreams.”

Park Woojin, who participated in a talent survival show in 2017 before debuting with AB6IX in 2019, aims to be “a helpful mentor.”

“I can share my experiences with them on how I survived those difficult times so that it may also help them to push through,” he said.

For Hyebin, what was important in her journey as a talent survival show contestant in 2016 (after which her group MOMOLAND was formed), was having “people who saw her talents.”

“I want to be a mentor who would recognize their talents and what they have within them,” she explained. “I want them to work hard and be sincere.”

The 75 contestants have already been selected. Their names and faces will be revealed to the public when the show premieres. Be the Next: 9 Dreamers will air on TV 5 on Saturdays at 7:15 p.m. and Sundays at 8:15 p.m. starting Feb. 8. — Brontë H. Lacsamana

‘Cute and murderous’: How Squid Game’s iconic killer doll came to life

SEOUL — While the second season of Squid Game has new plot twists, one element of the Netflix mega-hit series where contestants down on their luck risk their lives to play children’s games for the chance of winning cash prizes, has remained constant.

That is Young-hee, an innocent-looking robotic doll who in fact has a deadly role in the South Korean-made television series to find contestants to gun down playing the game “Red Light, Green Light” if she spots them moving.

Young-hee, who is clad in a simple orange dress and a hair clip, has become a viral meme on social media and the centerpiece of the streaming giant’s promotional campaign.

Chae Kyoung-sun, the production designer for Squid Game, said the doll’s appearance had been partly inspired by her own daughter.

“My daughter had a bowl cut for a long time which was very cute so I decided to draw a very short bang,” Ms. Chae told Reuters.

“Her eyes are a little crazy. She’s a killing machine and the movement of her eyes had to be easy to see, so we made her eyes quite big.”

The initial inspiration for Young-hee came from a girl of the same name on the cover of old primary school textbooks in South Korea, though the killer doll was initially conceived as genderless, Ms. Chae said.

The first season of Squid Game became the most-watched show on the streaming platform and expectations were high for the second season to replicate the success.

The new season of the dystopian thriller, released on Dec. 26, also broke a record as the most-watched show in its premiere week on the streaming platform, with 68 million views, according to Netflix.

The streaming giant said on Tuesday it gained a record 18.9 million subscribers in its fourth quarter thanks in part to the second season of Squid Game. In 2023, Netflix announced a $2.5-billion investment in South Korea to produce Korean TV series, movies, and unscripted shows.

Asked about the success of the show and this particular character, Ms. Chae put it down to their unorthodox nature.

“How does this cute kid suddenly turn into a killing machine? — I think the creation of the Squid Game world by adopting unpredictable concepts and methods resonated with young people looking for fresh things,” she said.

At the end of the second season, viewers also get a glimpse of Chul-su, a male doll set to appear in the next season alongside Young-hee that was originally envisaged for the first series.

“When they said there will be a second season and that Chul-su would appear, I brought back the drawings I had of Chul-su for the first season,” Ms. Chae said.

“Think of it as a friend, a partner,” she said.

The third and final season of Squid Game is set to be released later this year. — Reuters

BSP’s net profit up on higher interest income

THE BANGKO SENTRAL ng Pilipinas’ (BSP) net income grew by more than five times to P113.1 billion in the first 10 months of 2024 as its revenues surged amid higher interest earnings.

The central bank’s net profit surged to P113.1 billion in the January-October period from P21.6 billion a year prior, preliminary data posted on its website showed.

Broken down, the BSP’s revenues jumped by 49.5% year on year to P264.1 billion from P176.6 billion.

Interest income, which accounted for the bulk or 76% of the central bank’s revenues, climbed by 23.1% to P200.7 billion from P163 billion a year prior.

Miscellaneous income, which includes fees, penalties and other operating income, increased by 366.2% to P63.4 billion from P13.6 billion.

Meanwhile, the central bank’s expenses declined by 11.5% to P182.3 billion in the 10-month period from P206 billion in the previous year, according to the data.

This came as other expenses, which include net trading losses, fell by 37.1% to P42.3 billion from P67.2 billion.

On the other hand, its interest expenses inched up by 0.9% to P140 billion in the period from P138.8 billion a year prior.

This brought the BSP’s net income before foreign exchange (FX) gains, tax and capital reserves to P81.8 billion in the January-October period, a turnaround from the P29.4-billion loss in the prior year.

The central bank also posted a P31.4-billion net FX gain from its foreign currency-denominated transactions, which boosted its bottom line for the first 10 months of 2024.

Meanwhile, separate BSP data showed that the regulator’s total assets stood at P8.19 trillion at end-October 2024. This was 9.5% higher than the P7.48 trillion in the same period the year prior.

On the other hand, the central bank’s liabilities increased by 7.6% to P7.93 trillion in the same period from P7.36 trillion.

BSP data showed that currency in circulation stood at P2.38 trillion, while deposits with the central bank were at P2.71 trillion.

The BSP’s net worth rose to P266.2 billion at end-October from P119.8 billion from a year prior.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the increase in the central bank’s January-October net income came amid the elevated interest rate environment.

“This could be brought about by higher interest income in most of 2024 and other investment income amid rate cuts that started in the latter part of 2024, though offset by some market volatility amid the Trump factor that emerged starting around October,” he said.

The BSP began its easing cycle in August last year, cutting by a total of 75 basis points thus far to bring its policy rate to 5.75%.

The increase was “also partly due to some forex gains amid the higher US dollar in 2024 amid US dollar holdings with higher value when converted to pesos,” Mr. Ricafort added.

The peso closed at P58.10 per dollar at end-October 2024, weakening from its P56.73 finish a year prior.

The local unit mostly traded at the P55 to P58 level in the first 10 months of 2024. In the same period in 2023, it ranged from P54 to P56. — Luisa Maria Jacinta C. Jocson

Elon Musk and the narratives of decadence that link all anti-democratic movements

“It’s the birthrates. It’s the birthrates. It’s the birthrates,” echoed the introduction line in the manifesto of the Christchurch shooter who killed 51 people in a mosque in 2019. His claim was that white people are being “replaced” by other races and won’t survive without action.

A few years later, the same obsession with birthrates has become a catchphrase of Elon Musk’s daily social media activism.

Don’t get me wrong, Elon Musk is neither a white supremacist nor a right-wing terrorist. Yet, like other people with extremist opinions, he promotes the view that society is in decline and that action is needed to prevent a related apocalypse. These rhetorical overlaps are hardly coincidental. They stem from a reactionary philosophy that has a long history of going viral.

Anxiety that low birthrates inevitably lead to population collapse has been haunting the west since mass consumption became its dominant lifestyle. This flips the older Malthusian fear of exponential population growth that will outpace our ability to produce food. Seen in the bigger picture, both are variations of a generic narrative known as decadence.

The idea of decadence — moral decline triggered by excessive indulgence — informs many parts of everyday sense-making, especially cultural criticism.

Ever read American historian Christopher Lasch’s famous bestseller about the contemporary culture of narcissism? Ever come across the popular meme that claims “weak men create hard times”? Ever followed the Cultural Tutor’s tweets about the loss of beauty in architecture? Ever doomscrolled through Jordan Peterson’s 1,293 YouTube videos? The detail varies, but the overarching theme of decadence is the same every time.

Decadence is a useful double-edged sword as a narrative. It frames the masses as sluggish and in need of discipline. The corrupt elites, meanwhile, simply need to be replaced. It bemoans the erosion of authority and draws on the premise that every society rests upon eternal hierarchies. Too much freedom, fun, and flexibility, the story goes, jeopardizes order and, thus, prosperity.

Hence, some rules for life: men must subordinate and obey for the sake of the greater good. Women must breed to secure the existence of our people and a future for our children. A new nobility shall replace the liberal elites and recreate culture. Otherwise, civilization, or at least nations, are at stake. Does this sound familiar?

Ever since the biblical legends of Sodom and Gomorrah and the Hindu myth of Kali Yuga, adversaries of equality and the rule of law accused societies of being decadent.

From ancient populists in the Roman empire to Italian fascists, decadence is the transhistorical scaffolding that binds together the branches of anti-liberal philosophy.

Today, neoreactionary philosopher and advocate of a “dark enlightenment,” Curtis Yarvin, declares in the New York Times that democracy is “dead.” He longs to replace it with an American monarchy. Political scientist Patrick Deneen’s claim of a “nearly complete disassociation of the governing class and a citizenry without a cives” equally draws on a decadence narrative.

All these ideas rest on a cyclical perception of time. Rise and fall. Blossom and decay. Apocalypse and palingenesis, meaning a national or ethnic rebirth.

In my research, I’ve analysed hundreds of German and French neo-fascist magazines. In the end, the data was the same endless repetition of decadence and apocalypticism. I dubbed it conservative crisis narratives.

THE POLITICS OF CRISIS
In most cases, there’s no need to worry. Decadence is just a cliché. But that is why everybody can so easily sell their own versions of this story — as long as they recap the grand narrative. Facts don’t matter and the devil isn’t in the detail.

“If I have to create stories so that the American media actually pays attention to the suffering of the American people, then that’s what I’m going to do,” Donald Trump’s vice-president J.D. Vance frankly admitted during the 2024 campaign. His confession reveals a sociological truth about the function of crisis narratives.

According to American anthropologist Janet Roitman, who delved into what she calls the “politics of crisis,” such a narrative “cannot be taken as a description of a historical situation nor can it be taken to be a diagnosis of the status of history.” Instead, she elaborates, it is a “necessarily political denunciation.”

Every crisis narrative necessarily strengthens the call for redeemers. “The 2024 election is the last shot to save America,” claims Donald Trump. “Only the AfD can save Germany,” reposts Musk. It’s a scalable story.

ELON MUSK’S PHILOSOPHY
In France, the far-right philosopher Guillaume Faye, who inspired the identitarian movement, invented a reactionary philosophy called “archeofuturism.” It aims to combine skyrocketing technical progress and a medieval morality of heroism and hierarchies. That’s not far from how Musk answers the decadence narrative with a call to radical long-termism.

The “digital town square” that X claims to be, for instance, is a signifier of the feudal public sphere. Musk’s digital reenactment of ancient Rome’s aesthetics reflects the far-right desire for an American Caesar. Oswald Spengler’s Decline of the West, the most influential book in pre-fascist Germany, promoted the very same idea.

Musk’s philosophy appears to be that men shall submit to the CEO-king’s long-term ambition. To conquer space, colonize Mars, and merge human brains into one singular artificial intelligence, the individual and its needs become negligible. And that’s what the decadence narrative is all about in the first place.

THE CONVERSATION VIA REUTERS CONNECT

 

Felix Schilk is a research assistant in the Faculty of Philosophy of the University of Tübingen. He received a scholarship from Hans Böckler Foundation.

JFC launches first Milksha concept store in PHL

JOLLIBEE Foods Corp. (JFC) launched the first standalone concept store of Taiwanese milk tea brand Milksha in the Philippines on Jan. 20.

The new store is located at Level 2, Main Building of SM North EDSA in Quezon City, JFC said in an e-mailed statement on Thursday.

JFC said the new Milksha store offers more than 30 premium specialty beverages, from milkteas to fruit-infused drinks.

Each drink is brewed using traditional Taiwanese methods, using imported ingredients.

“Milk tea has become such a big part of Filipino daily lives. What makes Milksha well-positioned for this market is its dedication to using fresh and premium natural ingredients and crafting unique, refreshing flavors that can capture the evolving taste buds of Filipino milk tea lovers,” JFC Philippines Chief Executive Officer Joseph Tanbuntiong said.

Milksha has 336 stores across Taiwan, Hong Kong, the United Kingdom, and Australia. The Jollibee Group bought a majority stake in Milksha in 2021.

Earlier this month, JFC announced that its subsidiary Milkshop International Co., Ltd., which is behind Milksha, is acquiring a 70% stake in Taiwanese wellness soup brand Moon Moon Food for NT$103.8 million as part of bolstering its position in the tea segment.

JFC shares rose by 1.47% or P3.60 to P248.60 per share on Thursday. — Revin Mikhael D. Ochave

Netflix shares hit record as subscriber growth defies odds once again

SHARES of Netflix soared 13% to an all-time high on Wednesday after the streaming giant’s big bet on sports helped add a record 18.9 million subscribers in the holiday quarter, ballooning its already sizeable advantage over other players.

The company also unveiled price hikes on Tuesday in markets including the US, aiming to boost revenue just as it shifts focus from subscriber growth to other performance metrics such as sales.

“We thought it was a typo. Netflix defied the odds once again, delivering subscriber additions far beyond even the most unreasonable subscriber bogey,” Bernstein analyst Laurent Yoon said.

The company’s global subscriber base now exceeds 300 million, giving it a commanding lead in the streaming wars and more leverage in talks with marketing firms as it looks to grow its ad-supported business.

Netflix, already worth more than the combined valuations of rivals Disney, Comcast, Paramount, and Warner Bros. Discovery, was set to add more than $50 billion to its market capitalization of about $370 billion, if gains hold.

The stock hit a record high of $988 during early morning trading on Wednesday, paving the way for a potential stock split.

Its shares soared more than 80% last year, driven by Netflix’s expansion into live sports with content including a boxing match between Jake Paul and Mike Tyson, as well as the debut of popular National Football League games on Christmas Day — which included a half-time performance from popstar Beyoncé.

The Nov. 15 Tyson-Paul bout was the most-streamed sporting event ever and drove the most sign-ups for Netflix for any event since Antenna started tracking this data in 2019. Its strong content slate in the quarter also included the second season of Squid Game and the hit streaming movie Carry-On.

“Sports rights can be incredibly expensive and it makes sense that Netflix has opted to go with special events. Such events are also perfect for attracting advertisers keen to reach a large audience,” said Dan Coatsworth, analyst at AJ Bell.

Mr. Coatsworth, as well as several other analysts, said Netflix would now inevitably start bidding for other major sports rights. The company has already secured US broadcast rights for the 2027 and 2031 editions of FIFA Women’s World Cups.

NARROW REVENUE BEAT
The strong report, however, masked one concern: the subscriber surge did not translate into a similar spike in revenue. Sales rose 16% and were only around $100 million above estimates, while the subscriber growth was about twice the expected number.

The narrow beat could be attributed to both subscriber growth from lower average revenue per user (ARPU) countries and the significant number of sign-ups for the ad-supported tier, said Ben Barringer, technology analyst at Quilter Cheviot.

But he added that the already announced price hikes and those expected to roll out over the course of 2025 should boost sales.

This year, Netflix is expected to showcase new seasons of highly popular shows such as Stranger Things and Wednesday. It has already started streaming WWE RAW.

At least 24 analysts raised their price targets on the stock, bringing the median target to $1,025, according to LSEG data. The stock’s 12-month forward price-to-earnings ratio stands at 35.43 compared with Walt Disney’s 19.19. — Reuters

Central bank drafts guidelines for inquiries, account information sharing under AFASA

THE BANGKO SENTRAL ng Pilipinas (BSP) has released draft rules of procedure on the conduct of inquiry into financial accounts and the sharing of financial account information as part of the implementation of Republic Act (RA) No. 12010 or the Anti-Financial Account Scamming Act (AFASA).

In a draft circular posted on its website, the central bank said the rules are in line with the AFASA, which seeks to prevent and penalize financial cybercrime.

The BSP has the authority to investigate and inquire into financial accounts involved in prohibited acts or offenses under the AFASA, which was signed on July 20, 2024. These acts include money mule activities and social engineering schemes, which could be considered economic sabotage if it involves three or more people as perpetrators or victims, mass mailers, or human trafficking.

The central bank also has the authority to issue rules on information-sharing and disclosure with law enforcement and other competent authorities related to its inquiry and investigation of financial accounts under this law. These information shall be used solely to investigate and prosecute cases involving violations of the AFASA.

The central bank said in the draft rules that the BSP’s Consumer Account Protection Office (CAPO) is the body authorized to investigate and inquire into financial accounts and share financial account information with authorities for the implementation of the AFASA.

Under the rules, competent authorities — which refers to the Philippine National Police, National Bureau of Investigation, Department of Justice, Anti-Money Laundering Council, Cybercrime Investigation and Coordinating Center, or any government agency authorized to investigate or prosecute prohibited acts under the AFASA, as well as financial regulators authorized to investigate crimes or offenses related to their respective regulatory functions and adjudicate financial consumer complaints — must enter into an agreement with the BSP for the sharing of financial account information.

These financial account information include the account number, the account owner’s personal information, transaction records, and the documents submitted for opening or maintaining accounts, among others.

“The Consumer Account Protection Office (CAPO) shall only receive request to inquire into financial account from, and disclose financial account information to, a competent authority which has an existing information sharing agreement with BSP,” the central bank said.

“Any financial account information shared by BSP to a competent authority pursuant to these rules and duly-executed information sharing agreement shall be used solely to investigate and prosecute criminal cases for violations of a prohibited act, or, as may be applicable, to adjudicate financial consumer complaints.”

The information sharing agreement between the BSP and a competent authority must be in writing and notarized and contain the terms for the sharing of account information, measures to ensure data security and protection, and how parties can access the information, among others.

Institutions must also register the e-mail accounts they will use to communicate with CAPO.

The BSP also outlined the process for requesting an inquiry into financial accounts.

“An inquiry into a financial account may be initiated by a competent authority by filing with CAPO a request, upon its own determination that, based on the facts and pieces of evidence that it gathered, there is a reasonable ground to believe that a prohibited act has been committed and that a financial account was utilized or involved in its commission,” the central bank said.

A request for inquiry must include facts related to the suspected commission of a prohibited act under the AFASA, including but not limited to the date and time of the violation, details of the respondents and complainants or victims, the financial accounts involved, and information on how the account was used to commit a prohibited act. Requests should also include affidavits of the victims and witnesses and other evidence gathered by the competent authority during its investigation of an incident.

“The CAPO shall evaluate the request and its supporting documents. Upon determination that, based on the information and evidence provided in the request and supporting documents, there is sufficient ground to engender a well-founded belief that a prohibited act has been committed and that the financial account subject of the request was probably involved or utilized in its commission, CAPO shall forthwith issue an inquiry order indicating therein the financial account/s and financial account information subject of the inquiry; and directing the concerned institution to disclose the financial account information, and to allow the authorized personnel of CAPO full and immediate access to all records related to the financial account subject of the inquiry within a specified period of time.”

The CAPO will serve the inquiry order to the concerned institution electronically via their registered e-mail address, or via personal service, registered mail, or courier. Within three days from receipt of the inquiry order, the institution must submit to the CAPO a return providing all the financial information required in the order, along with other relevant documents. The institution must also immediately grant the CAPO full access to all records related to the subject financial account upon receipt of the inquiry order.

“Upon gathering all necessary information and receipt of the return from the concerned institution, CAPO shall furnish the competent authority its response to the request for inquiry into financial account containing the financial account information gathered by CAPO,” the BSP said.

Meanwhile, if the CAPO finds that a request for inquiry failed to establish sufficient ground on the involvement of the financial account in the commission of the violation, it will issue a notice to the concerned competent authority to correct or amend their submission within 10 days for reevaluation.

Failure to comply with an inquiry order or unauthorized disclosure of financial account information obtained for the investigation of violations of the AFASA shall be subject to criminal and administrative liabilities, the BSP said.

The CAPO also has the authority to apply for cybercrime warrants and/or to issue preservation orders related to the electronic communications involved in the commission of the prohibited acts under the AFASA, it added. — Luisa Maria Jacinta C. Jocson

Birthright citizenship stunt is classic Trump

JAKOB OWENS-UNSPLASH

ON TUESDAY, his first full day as president, Donald Trump attended an inaugural service at Washington National Cathedral. Episcopal Bishop Mariann Budde pleaded with the new president.

“In the name of our God, I ask you to have mercy upon the people in our country who are scared now,” she said. The vast majority of immigrants are not criminals, Budde said, but pay taxes and are good neighbors.

Trump scarcely looked at her. Trump is eager for a fight over immigration and has been for years. He has made no secret of his desire to restrict entry to this country and he won both the Electoral College and the popular vote.

A flurry of executive orders signed shortly after his inauguration on Monday aim to do just that. Among the most chilling: an attempt to override the 14th Amendment, limit birthright citizenship, and create a subclass of children who were born here, but who, through a cruel trick of timing, are not Americans.

The executive order takes effect in less than a month. Babies born in the US after that to undocumented parents would, Trump said, no longer be recognized by the federal government as US citizens.

Altering birthright citizenship has been high on Trump’s agenda for years. Nevertheless, it is shocking to see the scope. The order not only includes undocumented immigrants, but also includes legal immigrants whose status is considered temporary.

Hundreds of thousands who entered the US legally on student visas, the H-1B program for skilled foreign workers, or through refugee programs such as Temporary Protected Status would be subject to the same restrictions. No permanent status, no American citizen children.

Yes, the H-1B program needs a major overhaul. So do other temporary programs. But this ugly, punitive approach is hardly the way.

Ultimately, of course, this will be a matter for the Supreme Court. Trump, his hubris notwithstanding, lacks the power to alter the 14th Amendment, which explicitly states that “All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States.”

Intended to guarantee citizenship for newly freed slaves, the amendment has long been interpreted as establishing birthright citizenship. That principle was affirmed in US v. Wong Kim Ark, the 1898 case of a Chinese American man born in San Francisco, but to Chinese citizens. The precedent set in that ruling has stood for well over a century.

Perhaps Trump thinks there is no way a Supreme Court with a conservative 6-3 majority — three of whom he appointed — would defy him on one of his signature obsessions. Maybe he thinks the longstanding precedent will matter little to the court that overturned Roe v. Wade in 2022, robbing women of reproductive rights guaranteed by the Constitution for almost 50 years.

Or perhaps he expects to fail — as many legal scholars anticipate — but still feels the gambit gives him a talking point and another way to blame opponents for thwarting him.

Forces are already gathering to oppose him. Twenty-two Democratic-led states are filing suit and injunctions will be sought. The American Civil Liberties Union has filed its own lawsuit.

They will be busy. The birthright citizenship ploy is just one part of Trump’s frontal assault on immigration. He has suspended the entire US Refugee Resettlement Program, believing that Biden admitted far too many refugees. Another executive order requires a plan that assigns the Defense department’s US Northern Command to seal the borders. Other actions canceled thousands of appointments with asylum seekers.

And although Trump’s border czar, Tom Homan, said before Trump took office that the administration would prioritize the removal of criminals, on Monday Trump specifically broadened enforcement beyond that narrow charge and removed earlier guidelines against conducting raids in schools, hospitals, churches, shelters, and more.

Trump clearly intends to wage a brutal campaign of “shock and awe” against immigrants, believing that the brutality itself sends the message to “keep out.” But more than immigrants will be brutalized as this unfolds.

After Bishop Budde’s plea to Trump went viral, Representative Mike Collins, a Republican from Georgia, posted on X that “The person giving this sermon should be added to the deportation list.” Budde, for the record, was born in New Jersey.

Trump has never understood or believed that immigrants are part of what makes America exceptional. Each wave of immigration has made its contributions, creating a mosaic of cultures that enliven this nation and expose us to new ways and new thinking. Have there been rough spots? Certainly. Do we need immigration reforms? Undoubtedly. Many Americans are frustrated with levels that seem to be rising beyond this nation’s capacity to adapt.  But this is not the thoughtful, humane reform many Americans seek.

I am a daughter of naturalized immigrants, and my father believed to his last day that this was the greatest country in the world and that his greatest gift to me was my American citizenship.

It saddens me to think that Trump’s America may well become a smaller, meaner place that turns its back on what makes this country truly great — its generous and welcoming spirit, constantly refreshed by the sweat and toil of newcomers seeking freedom.

BLOOMBERG OPINION

Arthaland infusing P710M into unit Zileya Land

ARTHALAND CENTURY PACIFIC TOWER — ARTHALAND.COM

ARTHALAND Corp. is infusing P710 million into subsidiary Zileya Land Development Corp. as part of acquiring a property for a new project.

The company is subscribing to 7.1 million preferred shares of Zileya Land at P100 apiece, Arthaland said in a regulatory filing on Thursday.

Zileya is in the process of completing the acquisition of a property that will serve as the location of a new unnamed sustainable development, Arthaland said.

The share subscription, approved by Arthaland’s board on Jan. 22, will be issued from Zileya Land’s proposed increase of its authorized capital stock by 20 million preferred shares at a par value of P1 per share, which is awaiting approval from the Securities and Exchange Commission.

Currently, Zileya’s authorized capital stock is P200 million, consisting of 1.5 million common shares with a par value of P100.00 each and 500,000 preferred shares with a par value of P100.00 apiece.

Arthaland will pay its subscription in full on or before March 31 and this will be recorded as deposit for future subscription in the meantime.

In its 2023 annual report, Arthaland said that Zileya Land is the investment vehicle used by the company to acquire 47.4% of a property, which will be the site for a residential project in Legazpi Village, Makati City.

Meanwhile, Arthaland said its board approved to lower its authorized capital stock by P10 million to P3.016 billion from P3.026 billion.

“The foregoing decrease in the authorized capital stock corresponds to the preferred shares Series C redeemed by the corporation on June 27, 2024,” Arthaland said.

Arthaland is a boutique real estate developer that has business interests in the development of residential, commercial, and leisure properties.

Some of its projects include the Arya Residences, Arthaland Century Pacific Tower, Cebu Exchange, Savya Financial Center, Sevina Park, and Lucima.

Arthaland shares were unchanged at P0.345 per share on Thursday. — Revin Mikhael D. Ochave

Berlin Film Festival organizers unveil 2025 competition lineup

BERLIN — Richard Linklater’s new feature about a Broadway composer, a documentary about young people in war-torn Ukraine, and a homage to 1960s’ spy films were among the films unveiled on Tuesday as part of the 2025 Berlin Film Festival’s competition line-up.

“This is a major A-list festival with a thriving market,” said new festival director Tricia Tuttle, with guests from more than 150 countries coming to the 75th edition of the festival.

The 19 films in contention for the festival’s Golden Bear top prize feature several directors making their return to the German capital, including Romania’s Radu Jude, with his new dark comedy Kontinental ‘25, and South Korea’s Hong Sang-soo with his languorous family comedy What Does that Nature Say to You.

Mr. Linklater, the US director known for Before Sunrise, makes a buzzy return to the festival after more than a decade with Blue Moon, about composer Lorenz Hart — the other half of famous songwriting team Rodgers and Hart — with an all-star cast including Ethan Hawke, Margaret Qualley, and Andrew Scott.

Reflection in a Dead Diamond is Belgium-based duo Helene Cattet and Bruno Forzani’s maximalist spy feature, while Dreams stars Jessica Chastain as an heiress who falls in love with a Mexican ballet dancer, and If I Had Legs I’d Kick You about a child’s mysterious illness features Rose Byrne along with late-show TV host Conan O’Brien and rapper ASAP Rocky.

Timestamp is Kateryna Gornostai’s observational documentary about life in Ukraine after Russia’s 2022 invasion marks one of the more overtly political entries this year.

POLITICS AS USUAL?
The Berlin Film Festival, which this year runs from Feb. 13 to 23, is considered more political than its peers — Cannes, Venice, Sundance, and Toronto.

“We do not shy away from this. It’s arguably in the DNA of the city itself and also in the festival itself,” US-born Ms. Tuttle told reporters.

The festival ends on the day of Germany’s national election, though Ms. Tuttle said it does not plan to mark the event in any way other than encouraging people to vote.

Outside the competition, Oscar-winning Parasite director Bong Joon-ho’s sci-fi Mickey 17 with Robert Pattinson will have its German premiere during the festival, as will James Mangold’s Bob Dylan biopic with Timothée Chalamet A Complete Unknown.

Ms. Tuttle took charge amid financial uncertainty at the festival, which had to slim down its program last year, and Berlin slashed its 2025 culture budget by millions of euros.

However, ahead of Tuesday’s news conference, Germany’s culture ministry said it would contribute an extra €1.9 million ($1.97 million) to the festival for its 75th anniversary.

That boost “allows us to deliver the festival with a balanced budget this year and… to relive the festival in the way that we want to in this anniversary year,” said Ms. Tuttle.

US director Todd Haynes heads the international jury that will award this year’s top prize. Run Lola Run director Tom Tykwer’s new film The Light will open the festival. — Reuters

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