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Vietnam eyes tariff deal soon, as US seeks to cut huge trade deficit

STOCK PHOTO | Image from Freepik

HANOI — Vietnam is working to sign a trade agreement with the United States soon, Deputy Prime Minister Bui Thanh Son said on Wednesday, as a new round of negotiations gets underway in Washington.

In October, the two countries agreed to finalize a trade deal within weeks that would maintain US tariffs of 20% on its imports of Vietnamese goods but exempt some unspecified products from the new duty imposed by US President Donald J. Trump in August.

Mr. Son urged US businesses at a conference in Hanoi to help in bilateral negotiations so that the two parties could “soon sign a fair and balanced trade agreement.”

Assistant Secretary of State for East Asian and Pacific Affairs, Michael DeSombre, told the conference in a recorded statement that the trade deal should rebalance commercial flows between the two countries, reducing the US deficit with Hanoi, which is the largest after China and Mexico.

For the first 10 months of the year, Vietnam has recorded a $111-billion trade surplus with the US — pointing to another potential annual record — according to Vietnamese data, which is usually more conservative than US trade figures, currently unavailable because of an ongoing federal government shutdown.

TALKS ON EXEMPTION LIST
A Vietnamese delegation led by Trade Minister Nguyen Hong Dien is in Washington this week for a new round of talks with US officials to work on finalizing the trade agreement, the Vietnamese trade ministry said on its web por-tal.

A person briefed about the talks said negotiations would focus on identifying Vietnamese items that could be exempted from US tariffs, such as coffee, and on the scope of the preferential access to the Vietnamese market that Hanoi has pledged for US products, such as cars and farm goods.

The Vietnamese side aimed to finalize the deal ideally after the US Supreme Court decides on the legality of US tariffs imposed by Mr. Trump, and possibly by December, the person said, declining to be named because the in-formation was not public. The court ruling is expected any time before the end of this year and mid-2026.

Vietnamese negotiators are keen to mark the signing of a trade deal with a meeting between Mr. Trump and Vietnam’s top leader To Lam, multiple officials have said.

Mr. Son urged US businesses at Wednesday’s conference to support Vietnam’s efforts to set up the high-level meeting. Past attempts have not been successful, according to multiple officials.

He also called on US businesses to encourage Washington to recognize Vietnam as a market economy and lift its restrictions on the export of high-tech products, such as advanced semiconductors.

Mr. DeSombre said Vietnam could play a role in global supply chains for critical minerals. Vietnam has large resources of rare earths and gallium but has been slow in exploiting them. — Reuters

Subsistence fisherfolk to be enrolled in insurance plan offering quick payouts

PHILIPPINE STAR/ RYAN BALDEMOR

THE GOVERNMENT has partnered with global conservation organization Rare and solutions company Willis to launch a pioneering parametric insurance program to protect subsistence fisherfolk affected by extreme weather.

The insurance program aims to cover 14,200 fisherfolk in 24 municipalities. The payout is $100 per policy cycle to compensate for income lost when rough seas, high winds, or heavy rainfall prevent fishing activities.

Parametric insurance pays out set amounts when certain pre-defined trigger events occur. It is not based on the value of actual damage incurred.

The project is supported by the Ocean Risk and Resilience Action Alliance and funding from the governments of Canada and the UK.

The Bureau of Fisheries and Aquatic Resources, which will serve as the policyholder for the pilot program, will provide coverage to registered fisherfolk who commit to sustainable practices.

The parametric product uses a weather index that measures wind speed, sea state, and rainfall to automatically trigger payouts when conditions exceed thresholds.

The coverage is backed by the Natural Disaster Fund, a public-private partnership between the UK and German governments.

“With over 1.9 million registered small-scale fishers relying on the nearshore for their livelihoods, the impacts of climate change, such as high winds, rough seas, and heavy rainfall, pose increasing risks to their safety and income,” Christopher Au, head of Willis’s Asia-Pacific Climate Risk Centre, was quoted as saying in a statement.

Rare CEO Brett Jenks said the pilot adapts parametric insurance, traditionally used for assets, to protect people directly, easing financial strain on fisherfolk and promoting ecosystem resilience.

The Philippine Crop Insurance Corp., which is also involved in the project, said the pilot results will be evaluated for possible national rollout. — Vonn Andrei E. Villamiel

Alas Pilipinas player Ike Barilea dies after motorcycle accident

GONE too soon.

Ike Barilea, a former Alas Pilipinas player, passed away recently reportedly due to a motorcycle accident.

He was 21 years old.

“The court feels emptier, and our hearts heavier. Rest easy, Ike Barilea,” said in a statement from the national team’s social media account. “Thank you for the laughter, the memories, and the heart you gave the team. Heaven gained an angel, but we lost a piece of ours.”

“Fly high, our dear Alas,” it added.

The spiker who hails from Negros was part of the Alas pool that prepared for the 2025 FIVB Men’s World Championship the country hosted a few months back and played for Cignal and Sta. Rosa City in the Spikers’ Turf a few years ago. — Joey Villar

Australia spy chief says Chinese hackers probing telecommunications, critical infrastructure

STOCK PHOTO | Image by geralt from Pixabay

SYDNEY — Australia’s spy chief said hackers working for the Chinese government and military had probed Australia’s telecommunications network and critical infrastructure, warning on Wednesday of the potential for disruption to the economy if a sabotage attack were carried out.

The Australian Security Intelligence Organization’s (ASIO) director general of security, Mike Burgess, told a business conference in Melbourne that espionage was estimated to have cost Australia A$12.5 billion ($8.1 billion) last year, including the loss of A$2 billion in trade secrets and intellectual property.

Mr. Burgess highlighted the threat of cyber sabotage, describing the activities of the Salt Typhoon and Volt Typhoon Chinese hacking groups, which he said where “hackers working for Chinese government intelligence and their military.”

China’s embassy in Australia did not immediately respond to a request for comment. China routinely denies hacking.

Salt Typhoon had not only penetrated US telecommunications systems in a strategic spying operation but also “have been probing our telecommunication networks here in Australia too,” he said.

Volt Typhoon had intention to disrupt, he said, compromising US critical infrastructure to pre-position for potential sabotage.

“We have seen Chinese hackers probing our critical infrastructure as well,” he added.

Mr. Burgess warned of the potential impact on the community of widespread telecommunications disruption, including banks and transport, and through cut-off water supplies and power.

“I assure you; these are not hypotheticals foreign governments have elite teams investigating these possibilities right now,” he said.

Other potential scenarios included an Australian company being crippled as a trade competitor or causing panic during an election, he added.

Chinese officials made multiple complaints to the Australian government and private sector about ASIO whenever he spoke publicly about China, Mr. Burgess said last week during a speech at the Lowy Institute in Sydney. “It won’t stop my resolve,” he said. ($1 = 1.5389 Australian dollars). — Reuters

Climate response infrastructure-heavy, channeling funds to DPWH — report

PHILIPPINE STAR/MIGUEL DE GUZMAN

By Vonn Andrei E. Villamiel, Reporter

THE Department of Public Works and Highways (DPWH) accessed a major portion of the climate mitigation budget over the past five years, channeling it to flood control and drainage projects, Aksyon Klima Pilipinas (AKP) said in a report.

AKP said between 2020 and 2025, physical infrastructure was a major spending item in the Philippines’ climate-mitigation effort, with funding was channeled into flood mitigation systems, road rehabilitation, and re-silient-building construction works managed by the DPWH.

In 2025, 31.8% of the P1.15-trillion climate budget was allocated to address the “water sufficiency” goal of the National Climate Change Action Plan (NCCAP), with P354.1 billion earmarked specifically for flood control and drainage projects.

The Philippines tracks climate-related spending through Climate Change Expenditure Tagging (CCET), a system that classifies government projects aligned with the NCCAP, the roadmap for climate adaptation and mitigation.

While the budget allocation for CCET-tagged projects surpassed P1 trillion for the first time in 2025, AKP National Coordinator John Leo Algo said in a briefing that the focus on infrastructure left other critical climate priorities underfunded.

“From the perspective of communities affected by the impacts of the climate crisis, at first glance, we might consider that the administration is fulfilling its promise to make the climate crisis a priority. But we need to look at the quality, not just quantity,” Mr. Algo said.

The DPWH accounted for 75% of all climate-related expenditure between 2020 and 2023, with nearly all of the agency’s projects tagged as climate adaptation measures.

The report said the heavy infrastructure focus sidelined other critical items such as agriculture, freshwater resources, and renewable energy.

“Only a small percentage of the climate budget goes to critical agencies for adaptation, like the Department of Agriculture, the Department of Environment and Natural Resources, and an even smaller portion goes to na-ture-based solutions like ecosystem restoration and protection,“ Mattie Balagat, training and community services coordinator of the Center for Environmental Concerns-Philippines, said.

In 2025, programs for “ecosystems and environmental stability” received just 1.8% of the budget given to flood control infrastructure. Projects for the rehabilitation of degraded watersheds and forests were allotted only P3.4 million.

Following the DPWH corruption scandal, President Ferdinand R. Marcos, Jr. canceled all new flood control projects in the proposed 2026 national budget. They were initially allocated P983.8 billion, about 15% lower than in 2025.

AKP said that the CCET system must be strengthened to guarantee that government-funded programs, projects, and activities genuinely support the NCCAP and the Philippines’ climate commitments.

“More public funds should go towards environmental protection and conservation, and genuine climate actions, especially nature-based solutions. They are more cost-effective and even have co-benefits,” Mr. Lago said.

The group is also calling on the government to improve climate risk assessment and proactively investigate greenwashing and corruption in physical infrastructure projects beyond flood control.

New England Patriots put seven-game streak on line, welcome surging New York Jets

THE New England Patriots have ascended to the top of the NFL standings. New York Jets fans could do without the flashback to their rival’s glory days.

The Patriots ride a seven-game winning streak into Week 11 and will put their stellar defense up against Justin Fields, Breece Hall and the Jets on Thursday in Foxborough, Mass.

New England (8-2) has tied Indianapolis and Denver for the best record in football thanks to a run that dates back to Sept. 28. The Patriots have benefited from a schedule that afforded victory laps against bottom-feeders New Orleans, Tennessee and Cleveland.

But the Patriots also beat Buffalo on the road during this stretch to overtake the AFC East division lead — and they played four solid quarters on Sunday to prevail 28-23 at the NFC South-leading Tampa Bay Buccaneers. Drake Maye threw for 270 yards and two touchdowns (TDs) and his offensive line performed better, allowing just one sack after surrendering 16 over the three previous games.

The Patriots are angling for their first eight-game winning streak since 2019. That’s also the last time New England started a year 8-2 or better — Tom Brady’s final season in town.

“We never want to take the cheese and get into all that,” first-year Patriots coach Mike Vrabel said about his team’s national attention. “Certainly there’s a human element to it. When things are going good, you have to be able to prepare for things when they’re not.”

New England owns the best run defense in the league at just 792 yards allowed through 10 games, which could force more passing downs for the struggling Fields.

The Jets (2-7) won their second straight game on Sunday despite Fields going a meager 6 of 11 for 54 yards. Star running back Hall was responsible for 42 of those 54 yards on one play when he took the go-ahead touchdown catch to the house in a 27-20 victory over Cleveland.

Hall’s season has run hot and cold, but he’s 10th in the league at 664 rushing yards and he put up 133 yards and two TDs in the Jets’ first win over Cincinnati.

“He’s that man,” Fields said. “It’s simple. He’s that man.”

The Jets need Fields to be the man as well.

Any hopes of ending their 14-year postseason drought have evaporated, but New York has stuck with Fields over veteran Tyrod Taylor at the most important position.

“I don’t care if it’s three games. I don’t care if it’s one game. We just want to win,” Jets coach Aaron Glenn said. “The more you win, the more confidence you get as a player, the more confidence you get as a team. That’s the only thing that we care about.”

Both head coaches have experienced the Jets-Pats rivalry as players — Glenn with the Jets from 1994-2001, Vrabel from 2001-08 at the outset of the Brady era. The Pats won 15 in a row against the Jets from 2016-23, but the Jets broke that drought at the end of the 2023 season and split the two meetings last year as well.

New York returned a kick and a punt for touchdowns in the first quarter against Cleveland — the first time in franchise history that combo occurred in the same game — and Will McDonald IV tied a team record by log-ging four sacks. Vrabel said the Jets don’t look like a team on tape that dealt away two top defensive players (Sauce Gardner and Quinnen Williams).

“That didn’t show up at all,” Vrabel said. “I saw an energy, I saw excitement that jumped off the screen. This will be a challenge. I know they’ll be ready to go on the road and we’ll have to continue to prepare and ultimately play well.” — Reuters

LTFRB fare hike position due with DoTr soon

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE Land Transportation Franchising and Regulatory Board (LTFRB) is preparing to submit to the Department of Transportation (DoTr) its recommendation on outstanding fare hike petitions.

“We will submit our recommendations to our bosses over the weekend. Right now, we are drafting the inputs based on the arguments during the public consultations made for this specific purpose, which is the fare in-crease,” LTFRB Chairman Vigor D. Mendoza said in a statement on Wednesday.

The LTFRB ordered all its regional directors to hold consultation on fares for jeepneys, buses, and taxis, Mr. Mendoza said, adding that it hopes to submit its final position to the Transportation department by Nov. 17.

According to the LTFRB, about five major transport groups have filed petitions involving up to a P5 increase in the minimum fare, covering the first four kilometers, and at least P1 for every succeeding kilometer. They cited the rising cost of fuel, maintenance and other operational items.

“Today’s public consultations were fruitful (and we hope to) come up with a solution that is acceptable to everybody,” he said. — Ashley Erika O. Jose

World Cup parking prices astonish US fans as FIFA charges up to $175

NEW YORK — World Cup ticket holders can expect to spend big just to park their cars at next year’s tournament, with prices on FIFA’s official website reaching as much as $175 per parking pass.

First reported by the Athletic, the figures have astonished sports fans in the famously car-dependent United States, one of the tournament’s three hosts, along with Canada and Mexico.

A “general parking” pass for the July 14 semifinal in Dallas was listed at $175 on Tuesday, while the price for parking at a group-stage match was listed at $75.

Parking at a quarterfinal match in Kansas City on July 11 would cost ticket holders $125 while the price for group-stage matches was $75.

FIFA, which used dynamic pricing for the first phase of ticket sales for the tournament, had group-stage seats starting at $60.

Only a handful of the 16 World Cup venues across Canada, Mexico and the United States had parking passes listed for sale online as of Tuesday. — Reuters

PHL touts readiness to take on more aerospace work

THE PHILIPPINES is hoping to attract more US investment in the aerospace industry, according to the Department of Trade and Industry (DTI).

In a statement on Wednesday, the DTI said the Philippine Trade and Investment Center in New York met with major US aerospace manufacturers at the Aerospace Alley Tradeshow.

During the event, Trade Commissioner Alma F. Argayoso discussed possible partnerships with Sikorsky Aircraft, the helicopter unit of Lockheed Martin Corp. and Pursuit Aerospace.

The meeting was convened to pitch companies “to bring more aircraft parts production, engineering work, and maintenance, repair, and overhaul services to the Philippines,” she said.

According to Ms. Argayoso, the country is already supplying aircraft parts and engineering services to global manufacturers.

“(It) is ready to take on more projects because of its skilled workers, competitive production costs, and growing aerospace facilities,” she said.

“The DTI is pushing for more US investments to create jobs and strengthen the Philippines’ position in the global aviation supply chain,” she added. — Justine Irish D. Tabile

DITO CME’s Lim to lead MAP next year

THE Management Association of the Philippines (MAP) said on Wednesday that it elected a new set of officials and board governors for next year.

In a circular, the business group said DITO CME Holdings, Inc. President and Chief Operating Officer Donald L. Lim will serve as MAP president next year.

Also elected were CEO Advisors, Inc. Managing Director Marianne B. Hontiveros as vice-president and GT Capital Holdings Independent Director Gil B. Genio as secretary.

SGV & Co. Chair Wilson P. Tan and AC Health President and Chief Executive Officer (CEO) Paolo F. Borromeo were elected as treasurer and assistant treasurer, respectively.

The group also elected as governors Pepsi-Cola Products Philippines, Inc. Vice Chair Rafael M. Alunan III, SIKAL Makati International Chair Jaime J. Bautista, BPI Asset Management and Trust Corp. President and CEO Maria The-resa D. Marcial, and Metro Pacific Investments Corp. Director for Government and Public Affairs Michael T. Toledo. — Justine Irish D. Table

Clear purpose guides Ayala Group’s investment direction, JAZA says

ENTERPRISES need to clearly define their purpose to simplify the decision-making process, helping them navigate disruption and thrive, Ayala Corp. Chairman Jaime Augusto Zobel de Ayala (JAZA) said.

“We believe enterprises should take time to clarify their purpose, their role in their communities, and the goals that they want to achieve,” Mr. Zobel said in his closing keynote address at the Asian Institute of Management’s Asian Forum on Enterprise for Society on Wednesday.

He said corporate purpose remains core to the Ayala group’s operations.

“By clarifying this purpose, we gained a clearer picture of the investments we wanted to pursue and how we wanted to harness these opportunities. Such clarity in helping us zero in on our work to drive sustainability,” Mr. Zobel said.

He cited the importance of sustainability in long-term value creation and commercial resilience.

“We believe that businesses should inject as much scientific rigor, acumen, and rationality as possible into thinking about sustainability, much in the same way for other decisions like risk management, talent planning, or inter-nal auditing,” Mr. Zobel said.

Ayala Corp., the country’s oldest conglomerate, owns real estate, banking, telecommunications, and power businesses.

Mr. Zobel highlighted the move of ACEN Corp., the group’s listed energy platform, to retire its 246-megawatt coal plant by 2040, years before the end of its useful life.

“In 2012, our initial investments included thermal assets. We believe, however, that transitioning to renewable energy was crucial for more future Filipinos to thrive,” he said.

“Hence, we worked hard to become leaders in the just energy transition today with up to seven gigawatts of attributable renewable capacity,” he added.

Mr. Zobel added that the Philippines needed to transition to electric mobility and other new-energy vehicles to reduce carbon emissions and its general dependence on foreign oil.

“There was the opportunity to build a business that could provide value throughout the ecosystem of this transition, from the vehicles to the infrastructure to the services and digital platforms that connect everything,” he said.

Mr. Zobel also highlighted the country’s healthcare challenges, which AC Health is hoping to address with accessible, affordable and quality healthcare.

“I believe we need more partners and institutions contributing to this vital space, although, of course, there are many in this area already, but we need many more,” he said. — Sheldeen Joy Talavera

DILG says 25 local gov’t officials left Philippines during typhoons

DEBRIS from damage caused by Typhoon Kalmaegi, locally called Tino, covers the ground in Talisay, Cebu. — REUTERS/ELOISA LOPEZ

A total of 25 local government unit (LGU) officials departed the country in recent weeks amid catastrophic typhoons despite lacking proper travel approvals, the Department of the Interior and Local Government (DILG) said on Wednesday.

Quoting the department, Palace Press Officer Clarissa A. Castro told reporters over Viber that 18 officials left despite the cancellation of their travel authority, while seven others traveled abroad without a foreign travel authority.

Interior Secretary Juanito Victor C. Remulla on Wednesday said over DZMM TeleRadyo that the unnamed local officials may face charges of gross negligence, gross insubordination and abandonment of post for leaving the country despite a travel ban imposed before Typhoons Kalmaegi (Local name: Tino) and Fung-wong (Uwan) hit in the last two weeks.

Mr. Remulla said that officials should have stayed in their areas to lead the disaster response.

“If you have a conscience and care about your constituents, you should be here,” he said in Filipino.

Ms. Castro said Malacañang is leaving the matter entirely to the DILG’s discretion, noting that President Ferdinand R. Marcos, Jr. expects full accountability from local leaders during calamities.

Ms. Castro earlier said Mr. Marcos do not approve of leaders who are laid-back. “He doesn’t want leaders to be just taking it easy. Work should truly be for the people, because the public relies on the government — especially in situations and conditions like these,” she said in a briefing on Tuesday.

The Philippines remains under a state of calamity after the twin storms left extensive damage across several regions.

The country was still reeling from the effects of Tino, which claimed the lives of more than 200 individuals, when Uwan struck large parts of Luzon on Nov. 9.

Uwan, which reached super typhoon category, also left 27 dead and 2.4 million individuals displaced, with about 804,000 seeking refuge in evacuation centers.

ENOUGH FUNDS

Meanwhile, Finance Secretary Ralph G. Recto said the government has enough funds to respond to calamities, as it disbursed nearly P18 billion to support relief and rehabilitation efforts for communities hit by recent earthquakes and typhoons.

As of Nov. 9, the national government has already released P17.85 billion under the National Disaster Risk Reduction and Management Fund (NDRRMF), the Department of Finance (DoF) said in a statement on Wednesday.

“It is important that the government always has funds ready for immediate response to emergencies. As the national fundraiser, we at the Department of Finance ensure that we have sufficient funds and the capacity to promptly address the needs of every Filipino in times of calamity,” Mr. Recto said.

The NDRRMF annually appropriates funds for disaster prevention, risk reduction and preparedness activities, as well as immediate aid, relief, and rehabilitation services after a calamity.

As of Nov. 10, the DoF also said P13.96 billion went to Quick Response Fund, or the standby fund to support the aid, relief, reconstruction, and rehabilitation of calamity affected areas.

State-run firms such as the Government Service Insurance System and the Social Security System are offering emergency and calamity loans to qualified members and pensioners, it said.

Pag-IBIG Fund is also extending calamity loans and insurance claims to affected housing borrowers.

The Land Bank of the Philippines has facilitated salary loans for government and private employees in disaster-hit areas, and is offering recovery loans to farmers, small businesses, and utilities.

The Development Bank of the Philippines is also providing financial aid and loan rehabilitation to affected local government units and rehabilitation of loans and extended payment terms.

The Philippine Crop Insurance Corp. has also activated crop insurance for farmers hit by recent earthquakes.

In a separate statement, Budget Secretary Amenah F. Pangandaman is set to lead the inspection and relief operations in Dinagat Islands on Wednesday after twin typhoons Tino and Uwan devastated the area.

Dinagat Islands, particularly Loreto and Tubajon, are among the hardest hit areas of typhoon Tino, which prompted the region to be placed under a state of calamity.

Around 2,600 family food packs and 250 tents from Social Welfare department, and 397 non-food family packs will be distributed, the Department of Budget and Management said.

The Budget department is also expected to donate five Starlink internet units from the Department of Information and Communications Technology to provide affected residents with reliable internet connectivity. — Chloe Mari A. Hufana and Aubrey Rose A. Inosante

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