Has anyone seen Web3? Musk, Dorsey mock tech’s latest buzzword

December 23, 2021 | 12:02 am

BILLIONAIRES Elon Musk and Jack Dorsey dismissed the so-called Web3 and criticized the involvement of venture capital firms such as Andreessen Horowitz in building out what some have called the next phase of the Internet.

Web3, a vague term for a utopian version of the Internet that is decentralized, is based on digital record-keeping technology blockchain, which also drives the platforms running cryptocurrencies such as bitcoin and ether.

Tesla, Inc. Chief Executive Officer Mr. Musk on Tuesday tweeted, “Has anyone seen web3? I can’t find it.”

To this, former Twitter, Inc. top boss Mr. Dorsey replied, “It’s somewhere between a and z.”

Mr. Dorsey did not elaborate on the tweet. Venture capital firms such as a16z, founded by Marc Andreessen and Ben Horowitz, have heavily backed blockchain, crypto and Web3. Andreessen Horowitz was not immediately available for comment.

Web3 is meant to give users ownership stakes in platforms and applications, according to its backers, while in Web2, the current form of the internet, only a few major tech giants such as Meta Platforms, Inc. and Alphabet’s Google control the platforms.

“You don’t own ‘web3,’” Mr. Dorsey tweeted on Monday night. “The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into…”

Mr. Dorsey’s tweet garnered thousands of likes and retweets, but many users also expressed disagreement.

To one such tweet with an opposing view, Mr. Dorsey responded, “We have bigger issues if a tweet stifles hopes and dreams. Currently, it’s not wrong. Critique can help fix, or divert energy to something more important.”

Web3 has joined the ranks of non-fungible tokens (NFTs) and the Metaverse to become a tech buzzword attracting a lot of attention and funding this year. — Reuters

SPNEC readies land for solar capacity beyond 500 MW

December 23, 2021 | 12:02 am

solar-panels — AMERICAN PUBLIC POWER ASSOCIATION-UNSPLASH

SOLAR PHILIPPINES Nueva Ecija Corp. (SPNEC) on Wednesday said it is preparing a 1,000-hectare land as it gears up for a joint venture with an unnamed company to expand the capacity of its solar farm beyond 500 megawatts (MW).

“We are preparing an initial 1,000 hectares for a joint venture with a partner who can help turn this plan into a reality,” said Solar Philippines Founder Leandro L. Leviste in a statement.

The company disclosed earlier that the P2.7-billion proceeds from its initial public offering (IPO) will be used for the construction of the initial 50 MW of a planned 500-MW solar power plant and for land acquisition in Nueva Ecija.

SPNEC did not name its supposed partner company, but hinted it is going to be one of the leading energy companies in the country.

“Mr. Leviste has emphasized in previous interviews the view that partnering with the country’s leading companies will be key to accelerate the transition to renewable energy,” the company said.

It added that in 2020, the company shifted its focus on developing greenfield sites and bringing in other companies as partners.

The expansion project eyed will also develop around 60-kilometer transmission line to Bulacan to extend power supply reach to Metro Manila and its neighboring provinces Cavite, Laguna, Rizal, and Bulacan.

“The project’s scale is both its advantage and disadvantage. Unlike 100-MW projects located next to existing transmission, this one will need to be at gigawatt-scale to justify the development of new transmission,” Mr. Leviste said.

“This is a bet on the demand for large-scale solar, and if such demand does come, this project can become larger than all the solar projects to date in the Philippines combined,” he added.

Under the Philippine Energy Plan, the Department of Energy (DoE) has committed renewable energy to account for 35% of the country’s total energy generation by 2030, and 50% by 2040.

Energy Undersecretary Felix William B. Fuentebella, during the Energy Investment Forum on Dec. 3, said the Philippines needs an additional 92,320 MW of installed renewable energy capacity by 2040 under a clean energy scenario. — Marielle C. Lucenio

‘Merry Christmas’ First SMS sells for over 100,000 euros in Paris auction

December 23, 2021 | 12:02 am

PARIS — The first text message ever sent, reading “Merry Christmas,” was sold on Tuesday for 107,000 euros ($121,000) as a Non-Fungible Token at a Paris auction house.

The text, which was sent on Dec. 3, 1992, was put up for auction by the British telecoms company Vodafone.

Vodafone engineer Neil Papworth sent the SMS from his computer to a manager in the United Kingdom, who received it on his 2-kg “Orbitel” telephone — similar to a desk phone but cordless and with a handle.

“They were in the middle of end-of-year events so he sent him the message ‘Merry Christmas’,” said Maximilien Aguttes, head of development for the Aguttes Auction House.

Non-Fungible Tokens, or NFTs, are a type of digital asset that has surged in popularity this year, with NFT artworks selling for millions of dollars.

Traded since around 2017, these digital objects, which encompass images, video, music and text, exist on blockchain, a record of transactions kept on networked computers. Each NFT has a unique digital signature.

The selling of intangible goods is not legal in France and so the auction house has packaged the text message in a digital frame, displaying the code and communication protocol, Aguttes said.

The buyer will receive the replica of the original communication protocol that transmitted the SMS and proceeds will go to the United Nations Refugee Agency UNHCR. — Reuters

DBP OK’s P200-million loan for Batangas town

December 23, 2021 | 12:01 am

THE Development Bank of the Philippines (DBP) granted a P200-million financing for the local government of Balayan, Batangas to fund the municipality’s development projects.

The loan was extended under the bank’s Assistance for Economic and Social Development for Local Government Units (LGUs).

DBP President and Chief Executive Officer Emmanuel G. Herbosa said the financing will be utilized to furnish the Balayan New Government Center. Part of the proceeds will also be used to buy a lot for a sanitary landfill, construction of an eco-hub building, among others.

Mr. Herbosa said DBP will continue supporting Balayan’s initiatives to comply with Republic Act 9003, or the Ecological Solid Waste Management Act of 2000. Part of the loan agreement involves the establishment of an integrated solid waste management facility.

“DBP will continue to empower and capacitate our LGUs, through viable financing, in order that they can implement projects that are both crucial for community advancement and are environmentally sound,” Mr. Herbosa said.

Balayan, a first-class municipality in Batangas, is an agri-based industrial center that has sugar as its main agricultural product. It has 48 barangays and a population of 95,000 based on latest government data.

DBP has approved P38.28 billion in credit for more than 100 LGUs for the first six months of 2021.

The state lender’s net income decreased by 62% year on year to P547.83 million as its operating expenses climbed.

Its total assets stood at P1.137 trillion as of end-June, making it the country’s fifth-biggest bank. — Luz Wendy T. Noble

Fil-Am Asa Miller qualifies for 2022 Beijing Winter Games

December 23, 2021 | 12:01 am

ASA Miller, a Filipino-American skier, will be the country’s representative to the 2022 Winter Olympics set on Feb. 4-20 in Beijing, China.

Mr. Miller, 21, took to Instagram to officially announce his qualification to the quadrennial event.

Mr. Miller, born in Oregon but has roots in Sta. Cruz, Manila, took the country’s lone quota in alpine skiing where he will see action in the slalom and giant slalom events.

“Hi everyone! I’m extremely excited to announce that I will be making my second Olympic appearance in Beijing 2022! Big thank you to everyone who’s helped me on my skiing journey so far,” said Miller, who also raced in the 2018 edition in Pyeongchang, South Korea and placed 70^th of 110 giant slalom participants.

Mr. Miller will also carry the responsibility as the country’s flag bearer in the opening ceremony for the second straight edition.

He got enough points from the International Ski Federation (ISF) to be quota eligible.

There is also hope Brandon Leitner, a 17-year-old skier, would also make the cut should the Philippine Olympic Committee (POC) earn another slot. — Joey Villar

Fitbit Luxe

December 23, 2021 | 12:01 am

AFTER two years of working from home and living with restrictions caused by the pandemic, the lack of physical mobility has led to a shift to indoor workouts for those who make or have time. Staying isolated also resulted in increased stress from juggling personal and professional life at home. Navigating these uncertain times has reinforced the value of health and well-being.

In April, Fitbit launched Fitbit Luxe designed “to help you take a more holistic approach to your health and wellness,” it said in a press release.

BusinessWorld had the opportunity to try out the wellness tracker from mid-October to mid-December.

This was my first time to use a Fitbit watch. The tracker I received came with an orchid platinum silicon band. My first impression was it looks sleeker compared to regular watches and their wristbands. The Luxe also is also available in gorjana bands, which transform its style to look like jewelry.

THE FEATURES
To monitor your activity, you have to create an account on the Fitbit app and sync your device with your tracker.

The Luxe gives insights into your daily activities and well-being through its Health Metrics dashboard in the Fitbit app. The dashboard shows daily steps taken, miles covered, calories burned, exercise, resting heart rate, water intake, food calories, menstrual cycle, and sleep activity.

Personally, my favorite features of the Luxe are the sleep tracker and Relax.

The Sleep feature allows the user to set their target duration of slumber. It is advised that the user wears the tracker on the non-dominant hand while sleeping.

Once the user taps “Sleep” on the Fitbit app, the sleep timer is activated and prohibits the user to navigate the app. Upon waking up, the user needs to tap “I’m Awake” which then records the duration (hours and minutes) of sleep. The tracker is also able to monitor the user’s sleep quality by monitoring the duration and at which hour when the user was awake, restless, in light or deep sleep; as well as their rapid eye movement.

I wore the Luxe to three morning walks that I managed to squeeze in on weekends. Those three separate morning walks lasted for an hour. The Exercise feature on the tracker allows the user to set a goal of distance covered with a maximum option until 5 miles or 8 kilometers and its maximum duration is three hours. During the user’s exercise, the tracker vibrates to alert the distance and time covered, and occasionally flashes of motivation. While wearing it during the day but not exercising, the tracker will also vibrate to alert that you have been idle for too long.

Meanwhile, the Relax feature on the tracker has a breathing exercise. The user chooses the duration of the exercise between one and 10 minutes, which requires the user to inhale-exhale following the expansion of a blue circle on-screen. I enjoyed it as it’s similar the breathing practice when doing yoga. It also helped me calm down when needed.

I also appreciated how every weekend, a summary of your “Weekly Stats” is sent via e-mail. It shows your total steps, miles covered, average daily calorie burn, average restful sleep, average resting heart rate, number of exercises, and weight change.

The Luxe also offers a six-month Fitbit Premium trial which allows access to more wellness features, but only if you pay P3,114.

THE DESIGN
The 0.76-inch AMOLED display is convenient to read in a well-lit room. However, reading text under the sun was a challenge, also due to the watch’s small screen.

One good point is that the watch’s features are easy to navigate through the touchscreen by swiping and tapping.

As for its battery life, the product claims its power lasts for five days. For me, it ran out of juice after four days if I used it for an hour of exercising or if I forgot to turn off Bluetooth when sleeping.

As for its P8,490 base price point, with its wellness features, this is a reasonable amount to spend for an active person with an established fitness routine, but might be too much for the average person who can’t maximize its features.

The Fitbit Luxe is available at Fitbit.com and major retailers, such as Digital Walker, Lazada, and Shopee. Luxe retails for P8,490 with a six-month Fitbit Premium trial at P3,114. Premium is available for P519 per month or P4,190 per year in 18 languages and in more than 40 countries. Luxe’s accessory colors and styles range from P1,690 to P5,990. The gorjana for Fitbit Luxe Special Edition is also available for P12,990. — Michelle Anne P. Soliman

EEI completes follow-on offering, raises P6 billion

December 23, 2021 | 12:01 am

EEI CORP. raised P6 billion from its follow-on offering as listed construction firm exercised its oversubscription option following strong demand from investors.

In a statement on Wednesday, the company said its preferred shares offering saw an oversubscription of 4.85 times its P4-billion base offer. Its sole issue manager, RCBC Capital Corp., said the offer attracted both institutional and retail investors

“We’re grateful for the public’s faith and trust in our company despite the challenges that we face. This fund-raising exercise positions the company to more actively participate in projects that contribute to nation-building,” EEI Chief Financial Officer Cris Noel E. Torres said in a statement on Wednesday.

The company issued 40 million preferred shares for P100 apiece, with an oversubscription option of 20 million preferred shares.

Series A preferred shares have an initial dividend rate per annum (p.a.) of 5.7641%, while Series B shares have an initial dividend rate of 6.9394% p.a. EEI’s preferred shares will be listed on the Philippine Stock Exchange on Dec. 23 under ticker symbols “EEIPA” and “EEIPB.”

The company said proceeds from the issuance of its preferred shares will be used to finance its existing and future projects as well as fund its capital expenditures for new equipment.

It also plans to use funds raised for the repayment of existing short-term loans and for general and working capital requirements.

RCBC Capital and SB Capital Investment Corp. were assigned joint leader underwriters and bookrunners for the issuance.

Meanwhile, EEI shares at the stock exchange closed 0.31% or two centavos higher to finish at P6.42 apiece. — Keren Concepcion G. Valmonte

Dining In/Out (12/23/21)

December 23, 2021 | 12:01 am

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Holiday celebrations at Diamond Hotel

DIAMOND Hotel Philippines helps guests be merry this holiday season with dining specials. Dishes from around the world are offered at Corniche with Christmas Eve and Christmas Day lunch and dinner buffets, made more special with a complimentary glass of wine. On both days, tunes from a solo pianist will regale the guests. The Christmas Eve Lunch and Christmas Day Dinner Buffets are at P3,180 net per person, while the Christmas Eve Dinner and Christmas Day Lunch Buffets are at P3,380 net per person. Meanwhile, the Yurakuen Japanese Restaurant has an authentic spread of Japanese specialties with the Christmas Set Menu available during lunch and dinner on Dec. 24 and 25 for P1,980 net per person. The set menu includes a glass of wine. A solo violinist will perform. On Dec. 24, 25 and Jan. 1, the Lobby Lounge will offer a Christmas Set Lunch and Dinner for P1,980 net per person complemented with a glass of wine with a solo violinist serenading the diners. After all the yule feasts on Dec. 24 and 25, enjoy cocktails at Bar 27, for P1,280 net per person consumable. For queries and reservations, call Diamond Hotel at (632) 8528-3000 ext. 1121.

Tim Hortons partners with Nestlé for plant-based menu

TIM Hortons Philippines has partnered with Nestlé Professional Philippines to develop dishes featuring the newly launched Harvest Gourmet plant-based products. The restaurant’s menu now carries meat-free Classic Barbecue Sensational Burger, and meat-free Grilled Quesadilla with Barbecue Sauce. Launched in all 31 Tim Hortons Philippines stores on Dec. 8, these offerings provide consumers more options and access to plant-based products. The meat-free Classic Barbecue Sensational Burger contains a Harvest Gourmet patty, barbecue dressing, fresh tomato, onion, lettuce, and cheese, sandwiched in a brioche bun, and is priced at P230. The Grilled Quesadilla with Barbecue Sauce uses Harvest Gourmet Schnitzel pieces, enveloped in a grilled tortilla with barbecue dressing, onion, green peppers, and cheese, priced at P190. Harvest Gourmet products are available through Nestlé Professional Philippines and e-commerce partners: Rare Food Shop, Lazada, Shopee, and Wholemart PH. For more information on Harvest Gourmet products, visit the official Nestlé Professional Philippines Facebook page.

Mang Inasal for holiday feasts

SINCE no Filipino celebration is complete without great food, Mang Inasal is offering its ihaw-sarap favorites (and more) this Christmas in family-sized pans good for four to six people. These bulk orders allow people to spend more time with the people they love and bond over a meal without all the fuss that comes with preparing a feast. Get the classic favorite Chicken Inasal Large Paa (or Pecho). As a Filipino spread requires a noodle dish, there is Mang Inasal’s Family-sized Palabok with its flavor-packed palabok sauce, pork chunks, smoky tinapa, crunchy chicharron, boiled egg, and green onion. Get the Family-sized Liempo or Sisig for more variety. Mang Inasal has also introduced its new Pork BBQ with the addition of peanut sauce and java rice. And then there is the Chicken Empanada which comes in a box of six. Each of these Mang Inasal family-sized favorites are available via take-out and delivery through the Mang Inasal website, Grab Food, and foodpanda. For more information, visit the Mang Inasal Facebook page and order by visiting www.manginasaldelivery.com.ph or the Mang Inasal app.

Red Ribbon for Christmas

TO CELEBRATE the Holiday cheer, Red Ribbon’s Chocolate Dedication Cake can come with a personalized Christmas message. Instead of the usual Christmas card, why not write “Season’s Greetings’’ right on Red Ribbon’s Chocolate Dedication Cake, an affordable option at P535 for the 8×12 variant. Other celebratory favorites include Red Ribbon’s Black Forest (P600), Tiramisu Meltdown (P590), and Mango Sunrise (P720), among many others. Send loved ones a Triple Chocolate Full Roll (P300), a light dessert choice after a hefty holiday dinner or gift a five-piece pack of Assorted Ensaimada (P155). Red Ribbon’s sweet, shareable treats are available in all stores nationwide or available via delivery through the new Red Ribbon delivery website, Red Ribbon app, RIA FB Messenger, Hotline #8-7777, and the GrabFood and foodpanda apps. There are also ReGALO eGift cards.

El Real suggests holiday dishes

NOCHE Buena is easily everyone’s favorite tradition, with family joining and enjoying their favorite festive dishes. Pasta purveyor El Real is helping people plan their Noche Buena menu with the recipes it has uploaded on the Real Pastabilities website. Discover recipes like Pork Belly Pasta, Pasta Valenciana, Pizza Pasta, Sushi Bake, and more on the site. For more information, visit www.realpastabilities.com.

McDonald’s opens biggest store

QUICK service restaurant giant McDonald’s Philippines has opened its newest and biggest branch in Cavite, McDonald’s Maple Grove in General Trias, in its bid to provide more dining options for Caviteños to enjoy their favorites safely. Owned and operated by real estate businessman Kyle Lao, McDonald’s Maple Grove is now open and ready to serve customers 24/7 via Dine-in, Take-out, Delivery and Dual Lane Drive-Thru. The two Ride-Thru lanes mean faster queuing for customers and more time for them to enjoy their food. The branch also includes a Bike and Dine zone for cyclists where they can easily mount their bikes while they enjoy their food. The area is also equipped with a Bike Repair Station. Under the store’s M Safe program, stringent health and safety protocols are set in place. Customers who will visit the store will also be subjected to contact-tracing and temperature checks, and are required to wear a face mask. Social distancing will be followed, from queueing for orders and while dining in. Cashless payment options are also available in stores to minimize physical contact. The new branch in General Trias, Cavite is easily accessible via the Manila–Cavite Expressway (CAVITEX, also known as Coastal Road).

Noche Buena at RWM

Resorts World Manila (RWM) is setting its Christmas tables with sumptuous festive feasts for Noche Buena. The integrated resort’s premier signature restaurant, Casa Buenas, has a menu of braised beef shank with tomato salsa and vegetables, roasted whole fish with garlic butter, house smoked ham with balsamic glaze, paella con carnes mixtas, baked goat cheese and mixed green salad with beets and walnut, and pumpkin pie for P8,500 net. Casa Buenas is also roasting a Cochinillo de Buenas to spruce up holiday gatherings for P9,500 net ala carte or make it a set with paella mixtas, sticky rice suman with sweet chorizo, and mixed vegetables and adlai with garlic butter for P10,000 net. These special offers are available for a limited period until Dec. 31 at Casa Buenas, Ground Floor Newport Grand Wing, available for dine-in and delivery. For reservations, allow at least two days lead time. For delivery, contact: +63 (2) 7908-8885 or 0917-878-8856. RWM partner hotels are also setting their dining rooms for Noche Buena celebrations. Marriott Hotel Manila’s Marriott Cafe is serving up a special Noche Buena Buffet complete with roast suckling pig, available from Christmas eve, 11:30 p.m. to 1 a.m., for P2,462 net per person. There’s also a Christmas day buffet the next day for lunch and dinner highlighted by lechon, pan-seared goose liver and waffles for P3,200 net per person. Over at the Cru Steakhouse, a Christmas Day Shortened Menu of Australian Mulwarra Wagyu, Grilled Australian lamb rack, and seared goose liver is available on Dec. 24-25. Hilton Manila is celebrating with a true “Surf & Turf” feast at Kusina Sea Kitchens. Fill up on a selection of grilled lobsters, prime rib, and Christmas classics like turkey, ham, lechon, and favorite Filipino desserts for P3,200 net per person on Christmas Eve and P2,900 net per person on Christmas day. Gather with the family at Sheraton Manila for Christmas and try S Kitchen’s Christmas Eve dinner buffet that boasts of a roasted ribeye, honey glazed leg of ham, and fresh seafood. The Christmas Day lunch and dinner buffet, on the other hand, is highlighted by lechon. Enjoy the special Christmas buffet menus for P3,888 net per person. For an authentic Japanese fine dining experience, Hotel Okura Manila serves Yamazato Christmas meals. Try the Christmas Kaiseki Dinner for P8,800++ per person until Dec. 25. Festive Teppanyaki Kaiseki dinners Suisen (P6,800++ per person) and Botan (P8,500++ per person) are also available until Jan. 7, 2022. For more information on Noche Buena offerings and Grand Fiesta Manila visit www.rwmanila.com and follow @rwmanila on Facebook and Twitter, and @resortsworldmanila Instagram.

Festive celebrations by Discovery Primea

From at-home kits offering multicourse spreads, to al fresco dining under the stars, Discovery Primea has delicious options for guests to celebrate the holidays and the New Year. Make the holiday season even more magical with festive dining experiences at Flame Al Fresco. Celebrate Christmas Eve or wait for the New Year with a carefully curated, five-course menu. For Christmas Eve, Dec. 24, there is a tasting menu highlighting modern Asian cuisine including tuna carpaccio, miso brulée, Josper-grilled prawns, soy-braised US beef short ribs, and frosted chocolate sphere for dessert. Meanwhile, for New Year’s Eve, Dec. 31, feast on a sophisticated menu featuring Flame Al Fresco’s bestselling dishes: lobster tartare, seared foie gras, pan-seared Chilean sea bass, Josper-grilled Wagyu beef rib-eye, and a decadent chocolate tart. Available at P2,888++ per person. Interested guests may choose between the first seating at 6 to 8 p.m. or second seating at 9 to 11 p.m. Advance reservations are highly recommended. For table reservations, call 7955-8888 or e-mail primea.restaurants@discovery.com.ph. Make intimate celebrations at home delicious and convenient with Primea At Home: Holiday Edition Kits. Each kit features a multicourse feast good for four to five persons at P5,000 nett. For Noche Buena, savor a Spanish-inspired, multicourse feast, with a medley of appetizers, as well as highlights such as Paella de Mar y Montaña with chicken, chorizo, shrimp, and more, or cochinillo asado with braised peaches. Welcome the New Year with the Media Noche Kit with highlights such as roasted pork loin with garlic, thyme and apple sauce, and grilled black bass with anchovy tapenade, harissa, pine nuts, and oranges. Dessert comes in the form of a tiramisu cheesecake with coffee sponge and mascarpone. Holiday platters are also available, with bestsellers such as Wagyu beef paella, sugar-crusted ham, and Lengua Sevillana, to name a few. To view the complete menu and for more information on the hotel’s holiday offers, visit https://bit.ly/PrimeaHolidayBrochure2021 or follow Discovery Primea on Facebook and Instagram.

Deadliest & costliest typhoons in the Philippines (so far)

December 23, 2021 | 12:00 am

PHILIPPINE President Rodrigo R. Duterte placed six regions devastated by Typhoon Rai under a state of calamity, in order to expedite aid to the affected areas. Read the full story.

How PSEi member stocks performed — December 22, 2021

December 23, 2021 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, December 22, 2021.

Duterte expected to sign 2022 budget after Dec. 25

December 22, 2021 | 10:47 pm

By Kyle Aristophere T. Atienza, Reporter

THE BUDGET department said on Wednesday that it expects President Rodrigo R. Duterte to sign the proposed P5.024-trillion budget for 2022 after Christmas.

“We expect the 2022 budget measure will be signed before the year ends, so it’s between, perhaps, after Christmas until the 29^th,” Budget Undersecretary Tina Rose Marie L. Canda said in a televised Palace briefing.

Mr. Duterte late Tuesday said he plans to raise P10 billion for the recovery effort in the wake of Typhoon Odette (international name: Rai).

About P6 billion is expected to come from the 2022 national budget, Ms. Canda said. “It will be available in a couple of days once the GAA or the General Appropriations Act is signed for 2022.”

At the briefing, Cabinet Secretary Karlo Alexei B. Nograles said the Palace has yet to receive a copy of the spending plan, which was ratified by the House of Representatives and the Senate last week.

“It will go through a vetting process; only then can we say when it will be signed,” he said.

Senate President Vicente C. Sotto III and Senate Finance Committee Chairman Juan Edgardo M. Angara told BusinessWorld that the President is set to sign the spending plan on Dec. 28.

Mr. Sotto said in a text message that he will sign the budget bill on Thursday. “I was informed he is scheduled to sign on the 28^th.”

Mr. Angara, meanwhile, said the devastation from Typhoon Odette, the strongest storm to hit the country this year, is one of the reasons for the budget bill’s early approval.

“I’m sure that’s one reason,” he said in a Viber message. “But even in normal times, governments want to have a budget in the new year in order to function properly.”

Typhoon Odette is estimated to have taken about 150 lives, according to government reports.

The storm tracked through northeast Mindanao, the Visayas, and Palawan last week, adding to the burden of dealing with the coronavirus pandemic.

On Dec. 15, health authorities confirmed the detection of the country’s first cases of the highly mutated Omicron variant.

PHL recovery could lag Asia’s because of election spending ban

December 22, 2021 | 10:47 pm

ELECTION-RELATED government spending restrictions could prove to be a drag on economic expansion next year, bucking the trend in emerging Asia, Pantheon Macroeconomics said in a report.

Pantheon Senior Asia Economist Miguel Chanco said the Philippines is the only economy in which it expects growth to slow down next year, which would force the central bank to remain accommodative.

“History shows indisputably that government spending hits a brick wall when Presidential elections take place, shaving 40% off quarterly trend growth, on average, in the same quarter of the last three elections,” he said.

“Fiscal policy is likely to impose a persistent drag beyond the ballot, given that the country is the only one left in the region which has yet to engineer a nominal consolidation of its COVID-era budget blowout.”

The Commission on Elections said the public works ban for the May national elections will run from March 25 to May 8, 2022.

Aimed at preventing politicians from using public resources for their election campaigns, the ban covers disbursement and spending as well as construction activity.

Pantheon estimates gross domestic product (GDP) growth of 5.5% this year, and 4.5% next year.

The 2021 forecast is at the high end of the government’s projection of 5-5.5%, but Pantheon’s 2022 projection is lower than the government’s 7-9%.

In contrast, Pantheon expects more rapid GDP growth in other emerging Asia economies next year. It expects the Indian economy to grow 7.2% this year and 9.2% in 2022, while Indonesian GDP is seen expanding 3.8% this year and 5% next year.

Mr. Chanco said that investment in the Philippines will likely “remain on the sidelines” until after the May elections.

“Elections in the Philippines are rarely fought on economic policy. But they still carry significant event risk, particularly if Ferdinand R. Marcos, Jr., the current frontrunner and the son of an ex-dictator, wins,” he said.

Consumption will likely be tepid, he added, in response to household savings that were drawn down during the economic downturn.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said 2022 growth could be slowed down by mobility restrictions imposed in response to any Omicron outbreak, as well as elevated inflation caused by global supply chain disruptions.

He said election-related spending could also be cut down due to the impact of the pandemic on business activities, which would reduce campaign contributions.

“The greater shift to social media amid social distancing and the observance of minimum health protocols/standards (could also) reduce the election year’s contribution to GDP, compared to previous Presidential elections,” he said in a Viber message.

“Increased government spending, especially on infrastructure, could still be a growth driver/major pillar for economic recovery program for 2022, as it may be accelerated before the election ban.” — Jenina P. Ibañez