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AI will bring even faster change to politics, healthcare, economy

FREEPIK

ONE of the most reliable observations any opinion writer can make, myself included, is that the pace of change has accelerated. But in the last few years it actually has — as evidenced by the war and conflict around the world, the politics in the US, and major advances in artificial intelligence (AI). I expect this trend to continue in 2025, especially as it relates to technology.

Advances in AI, including artificial general intelligence, are very likely to continue — but it’s unclear how much of a difference they’ll make. As I have lately taken to asking: “What if they gave an AGI and nobody came?” (It’s a riff on the old query about war.)

By the end of 2025, it will be evident to most educated observers that the best AI models can beat most experts on intellectual tests. It will beat me on an economics test, I have no doubt. More than that, AI will outdo the experts in its use of expertise: It is already outperforming human doctors at medical diagnosis, for example.

The bigger surprise will be how little all this matters, at least at first. Sadly, our society is not arranged in such a way that additional increments of intelligence, even if inexpensive, can be smartly deployed. Instead, this new intelligence bumps up against systems that are all too human, with their rules, regulations, and need for permissions. As Matt Clifford puts it: “There is no AI-shaped hole in most organizations.”

So, AIs will continue to proliferate as therapists and conversation companions, where users can just let them rip. Otherwise, we will just barely begin to start on a decades-long process of reshaping institutions to use AI better. By the end of 2025, you will hear more voices (unjustly) expressing despair over the lack of real-world progress in making AI systems operable and effective.

One exception, which I alluded to above, may be health care. The usual question/complaint about the US health-care system is why we spend such a high percentage of our GDP on it. In 2025, we may begin to wonder why we are not spending more. And we will, especially as AI systems enable more new drug discovery.

In fact, no matter how high the level of public resentment, the US health-care system will continue to rise in performance relative to the rest of the world. Worsening waits and investment shortfalls in Canada and the UK will make universal single-payer systems less desirable options. In America, overdose deaths will continue to fall, as will rates of obesity, the latter advance due largely to GLP-1 drugs. Progress against cancer will continue.

As for technology and how it relates to financial and economic issues: Stablecoins will continue to grow in US payments systems as well as foreign ones, as more institutions will want access to dollar-based transactions. While the Federal Reserve will worry that monetary institutions are evolving beyond the scope of its control, Donald Trump’s pro-crypto administration will celebrate the innovation. The role of the dollar as a reserve currency will strengthen.

More broadly, I expect labor markets to continue to weaken. But the US economy is likely to have enough forward momentum to avoid a recession.

And finally, one technology issue that has little to do with the economy: Expect to see more attention paid to UAPs, or unidentified aerial phenomena. The numerous drone sightings over New Jersey and other states have captured the imagination of the public and piqued the interest of politicians. Meanwhile, the president-elect has pledged to be more transparent about the machinations of the federal government.

It is easy enough to believe he will not deliver on that promise, as transparency is easier when someone else has to manage the fallout. Nonetheless, he has nominated so many outsiders that it is not unreasonable to expect more leaks, or at least more political freelancing. That means outrageous claims about UAPs will surface in greater numbers, and it will be hard to know what exactly to believe.

Many more questions remain about weighty geopolitical issues, such as the fate of various wars around the world, whether the Chinese and European economies can reboot, and whether politically motivated assassination attempts will prove contagious. My only prediction about all that, as I mentioned at the beginning, is that there will be lots to watch in 2025.

BLOOMBERG OPINION

Tesla opens Supercharger facility

Formally inaugurating the Tesla Supercharger facility are (from left) Fort Bonifacio Barangay Chairman Jorge Bocobo, Department of Energy Undersecretary Felix William Fuentebella, Department of Energy Undersecretary Sharon Garin, Tesla Regional Director Isabel Fan, Department of Energy Assistant Secretary Ronald Conquilla, Megaworld Vice-President and Head for Mall Operations Support Department Rene Arnobit, and Board of Investments Director Ernesto Delos Reyes, Jr. — PHOTO BY HAZEL NICOLE CARREON

By Hazel Nicole Carreon

A MONTH after its arrival in the Philippines, Tesla opened its first Supercharger station in the country. Located at the Basement Parking 2 of Uptown Mall in Taguig City, the station offers high-speed charging capabilities, allowing Tesla owners to quickly replenish their vehicle’s battery.

Four Tesla-exclusive chargers are installed at the facility, offering up to 250kW of power. An outlet can provide a Tesla with a range increase of 120km in just five minutes. The use of the Supercharger costs P19 per kWh. A full charge of a Model 3 rear wheel drive (RWD) amounts to around P1,140.

“This is the fastest and largest 250-kW charging station in the Philippines so far,” said Tesla Regional Director Isabel Fan to guests at the launch event. “We have plans to build more across the country to enable (greater) EV travel.”

Also present at the launch of the new Supercharger station were representatives from the Department of Energy, underscoring the government’s support for the EV industry. The government has been actively promoting the adoption of EVs through various incentives and policies. The availability of a robust charging infrastructure, such as Tesla’s Supercharger network, is crucial to this move.

“Tesla’s mission is to accelerate the world’s transition to sustainable energy. Tesla enables the use of EVs by building charging infrastructure around people’s lifestyles,” Ms. Fan added. Aside from the Superchargers available at Uptown Mall, Tesla owners will also be able to charge their EVs at home as every purchase will come with a free wall connector for a limited time.

When Tesla was officially launched in the Philippines last November, it introduced its popular Model 3 sedan and Model Y SUV to the local market. The two EV models are now available for order at the Tesla Experience Center located at Uptown Parade just across Uptown Mall.

Both models are available in RWD, Long Range, and Performance variants, with the Model 3 priced from P2.109 million to P3.099 million, and the Model Y valued at P2.369 million to P3.299 million.

The entry of Tesla in the Philippine market is expected to stimulate competition and innovation in the local EV sector. Other car manufacturers are likely to follow suit, introducing more EV models and expanding their charging networks, said the company.

For more information, visit www.tesla.com/en_ph.

Unilab eyeing economic zone investment, says PEZA

THE PHILIPPINE Economic Zone Authority (PEZA) said Philippine drug company Unilab, Inc. has expressed interest to invest in economic zone (ecozone) development.

In a statement at the weekend, the agency said it met with Unilab officials on Dec.11 to explore ecozone investment opportunities.

“The meeting is in line with PEZA’s thrust to increase pharma and medical-related investments in the country, aligned with President Ferdinand R. Marcos, Jr.’s call to localize and bring down the cost of medicines for Filipinos,” PEZA said.

It said that its partnership with the Food and Drug Administration (FDA) for an exclusive green lane arrangement for PEZA locators undergoing FDA-related processes would benefit drug companies like Unilab.

“This partnership goes hand in hand with PEZA’s one-stop-shop facility that allows pharma companies like Unilab to benefit not just from the fiscal incentives offered by the government but also in enhanced ease of doing business within the PEZA zones,” it added.

Earlier this year, PEZA and FDA revisited their decade-old deal after Mr. Marcos sent out an order to set up pharmaceutical ecozones to lower the cost of drugs and medical devices.

Unilab makes consumer healthcare products such as prescription and over-the-counter medicines, vitamins and food supplements, and biotechnology.

Unilab has other registered ecozone projects with PEZA including the Philippine Packing Agricultural Export Processing Zone in Cagayan de Oro, which hosts the operations of unit Del Monte Foods. — Justine Irish D. Tabile

Weather issues to crush Indian hopes of raising sugar production, exports

REUTERS

MUMBAI — Sugarcane yields in India are declining due to last year’s drought and this year’s excessive rains, which could reduce the country’s sugar production below consumption levels for the first time in eight years, farmers and industry officials said.

Lower-than-expected output by the world’s second-largest sugar producer could eliminate the possibility of India allowing exports in the current season ending in September 2025, supporting global sugar prices.

Maharashtra, Karnataka, and Uttar Pradesh account for more than 80% of the country’s total sugar production, with lower cane yields in these states prompting trade houses to reduce their output estimates for the 2024/25 season.

The production could fall to around 27 million metric tons from the last year’s 32 million tons and below annual consumption of more than 29 million tons, said India head of a global trade house, who declined to be named.

“During the summer months, the cane crop faced prolonged stress due to the lack of water,” B.B. Thombare, president of the West Indian Sugar Mills Association told Reuters.

“When the monsoon season began, there was excessive rainfall and limited sunshine, which also adversely affected the crop’s growth.”

The adverse weather curtailed cane yields by 10-15 tons per hectare, Mr. Thombare said.

The western state of Maharashtra and neighboring Karnataka, which together produce nearly half of India’s sugar, received lower-than-average rainfall in 2023, bringing down reservoir levels.

“Usually, we harvest 120 to 130 tons of cane from one hectare of land, but this year yields have fallen to 80 tons despite all our efforts,” says Shrikant Ingle, who cultivated cane on five acres of land in Maharashtra’s Solapur.

Drought did not affect the crop in Uttar Pradesh, the country’s leading sugar-producing state in the north.

However, plantations in the state were impacted by red rot disease, which reduced sugarcane yields, a senior state government official said.

“To control the spread of the disease, we are advising farmers to adopt new cane varieties,” the official said.

The downward revision in the production estimate has eliminated the possibility of any exports in the current season, the head of the trade house said.

The sugar industry is seeking 2 million tons of exports, while the government says it may allow limited exports, if any surplus remains after ethanol needs are met. — Reuters

Debt yields climb on year-end caution

YIELDS on government securities (GS) mostly climbed during the last trading week of the year as market players repositioned ahead of the start of 2025 and priced in policy hints from the US Federal Reserve.

GS yields, which move opposite to prices, went up by an average of 4.7 basis points (bps) week on week at the secondary market, based on the PHP Bloomberg Valuation Service Reference Rates as of Dec. 27 published on the Philippine Dealing System’s website.

GS volume traded decreased to P29.61 billion last week from P24 billion a week prior. The market was closed on Dec. 24 and 25 for the Christmas holidays.

Rates at the short end of the curve were mixed. Yields on the 91- and 182-day Treasury bills (T-bills) decreased by 5.07 bps to 5.894% and 2.55 bps to 6.051%, respectively. Meanwhile, the 364-day tenor rose by 10.6 bps to 6.1776%.

At the belly, yields rose across all tenors. The rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) climbed by 4.22 bps (6.0453%), 4.31 bps (6.0529%), 5.52 bps (6.0748%), 7.26 bps (6.0984%), and 10.7 bps (6.1397%), respectively.

At the long end, the 10- and 20-year T-bonds climbed by 16.63 bps and 0.13 bp to yield at 6.1764% and 6.0934%, respectively, while the 25-year tenor inched down by 0.1 bp to end at 6.0933%.

“The shortened week coupled with the holiday season move basically contributed to the lack of interest in the secondary market,” Dino Angelo C. Aquino, vice-president and head of fixed income of Security Bank Corp., said in an e-mail. “2024 is all but done and most players are now looking ahead to 2025 where more uncertainties may arise.”

Bets on the Fed’s policy stance also affected yields, he added.

“Hawkish forward guidance from US Federal Reserve Chair Jerome H. Powell pushed US Treasury rates higher, creating ripple effects in global bond markets. Locally, heightened dollar-peso volatility prompted a defensive stance among investors. This combination of external and domestic factors contributed to a steepening of the local yield curve as investors grew more cautious about holding long-duration bonds,” ATRAM Trust Corp. Vice-President and Head of Fixed Income Strategies Lodevico M. Ulpo, Jr. said in an e-mail. 

Mr. Powell said earlier this month that US central bank officials “are going to be cautious about further cuts” after an as-expected quarter-point rate reduction, Reuters reported.

The US economy also faces the impact of President-elect Donald J. Trump, who has proposed deregulation, tax cuts, tariff hikes and tighter immigration policies that economists view as both pro-growth and inflationary.

Traders are pricing in 37 bps of US rate cuts in 2025, with no reduction fully priced into money markets until May.

Higher US rate expectations pulled the 10-year Treasury yield, which rises as the price of the fixed-income instrument falls, to its highest since early May early on Thursday, at 4.641%. It was last up 4.6 bps at 4.625%.

The two-year Treasury yield, which tracks interest rate forecasts, eased 0.4 bp to 4.328%. US debt trends also sent euro zone yields higher.

Meanwhile, on Friday, the peso closed at P57.845 versus the dollar, strengthening by 12.5 centavos from Thursday’s P57.97 finish, supported by holiday-driven remittance inflows.

This was the local unit’s best close in three weeks or since it ended at P57.735 on Dec. 6.

Week on week, the peso jumped by 96.5 centavos from its P58.81-a-dollar finish on Dec. 20.

“Additionally, the announcement of increased bond supply, coupled with lingering concerns over inflation and uncertainties surrounding the US labor market, continued to weigh on the bond market, amplifying the cautious tone in trading,” Mr. Ulpo added.

“The National Government’s planned borrowings contributed to upward pressure on yields, particularly on the medium to long-tenor securities, as investors priced in the anticipated increase in bond supply.”

The government is looking to borrow P629 billion from the domestic market in the first quarter of 2025, the Bureau of the Treasury said last week. Broken down, it wants to raise P264 billion from T-bills and P365 billion via T-bonds.

GS yields may climb further to start 2025, both officials said. The local market is closed for holidays on Dec. 30, Dec. 31, and Jan. 1.

“Overall, yields may adjust higher with a yield steepening bias. We expect to see short-end rates likely to remain steady due to reduction in monetary policy rates, while medium to long tenor bond yields may rise in anticipation of increased supply,” Mr. Ulpo said.

“We could see further consolidation at current elevated levels… We do expect flows to pick up [this] week with decent two-way interest. As US markets will still be open until Dec. 31, movements in rates locally would highly depend on how rates in the US close for 2024,” Mr. Aquino said.

However, hawkish monetary policy expectations “would not bode well for bonds,” he said.

“Positive guidance from the Bangko Sentral ng Pilipinas (BSP) on inflation and liquidity conditions could provide some relief for front-end bonds, particularly as market participants begin to price in the possibility of another rate cut in the near future. However, concerns over supply and external developments will continue to shape trading dynamics, keeping investors cautious,” Mr. Ulpo added.

BSP Eli M. Remolona, Jr. this month said that the Monetary Board is open to delivering another rate cut at their first meeting of 2025 as the Philippine central bank remains in an easing cycle and is “neither more dovish nor less dovish.”

However, delivering 100 bps worth of cuts next year may be “too much,” Mr. Remolona said.

The Monetary Board on Dec. 19 cut benchmark interest rates by 25 bps for a third straight meeting to bring the policy rate to 5.75% from 6%.

The BSP has reduced borrowing costs by 75 bps so far since the start of its easing cycle in August. — Pierce Oel A. Montalvo with Reuters

E-labeling to improve patient safety

FREEPIK

Electronic labeling or e-labeling (also known as digital labeling) can improve patient safety. Medical product information is designed with the intent to ensure prescription and nonprescription healthcare products are used in an effective and safe manner. This information is a culmination of clinical development data and post-marketing lessons and data, translated into descriptive text for healthcare professionals (HCPs) and in some cases specifically for the patient. It plays a pivotal role in ensuring patient’s understanding of their treatments while also supporting HCPs in their decision-making.

To make this information even more effective, new, digital-enabled tools for delivery of labeling that facilitate access, understanding, and usability are key components in enabling more effective use of available treatments and helping raise overall health literacy. E-labeling is the dissemination of approved product information for medicinal products including those in a dynamic digital format.

E-labeling makes information readily accessible to HCPs, patients, and regulatory agencies. This accessibility can improve patient safety by providing accurate and up-to-date information about medications. HCPs can use this information to identify and mitigate potential risks associated with the use of medicines, vaccines, and diagnostics, ultimately improving patient outcomes.

Aside from improving patient safety, e-labeling offers numerous benefits, including improved accessibility, real-time updates on product information, cost savings, improved compliance with regulatory requirements, enhanced patient engagement, and environmental sustainability.

The global biopharmaceutical industry’s commitment to innovation and patient safety is aligned with the implementation of pioneering solutions to improve speed in information sharing and educating patients and HCPs. Not only is this a response to the need for more interconnectivity between stakeholders in the health systems, but also a way of simplifying and accelerating regulatory information management and process while helping to reach environmental sustainability goals.

In a paper published by Richard Simon Binos et al. entitled “Advancements in regulatory agility, regional collaboration, and digital transformation: Insights from APAC,” it was found that eight out 12 Asia-Pacific countries have been implementing e-labeling. These countries are Japan, Singapore, Taiwan, Thailand, China, Indonesia, Malaysia, and South Korea. The Philippines can also pilot its implementation as a joint effort by the Philippine Food and Drug Administration and the biopharmaceutical industry.

The complexity of industry’s globalized supply chains had also been put to the test during the COVID-19 pandemic, which provided a case study on how e-labeling could be leveraged. E-labeling will increasingly play a role in facilitating fast deployment of product information and enhancing health literacy and patient adherence. One of the most important advantages offered by e-labeling is accessibility to the most up-to-date product information approved and validated by the local national regulatory agency virtually in real time and in the corresponding local language. Alerts about major changes to the product information can be added and highlighted, raising awareness and protecting patients more effectively. This will go a long way in protecting patient safety.

E-labeling promotes better patient and HCP understanding. Poor understanding and adherence to product information has been directly linked to poor health outcomes and increased costs for already burdened healthcare systems. It can be used to help improve patient understanding, ultimately leading to increased adherence and better use of the medicines, vaccines, and diagnostics.

As e-labeling is dynamic, in the sense that it can be adjusted to each user’s preference using authoritative information, it could enhance health literacy by changing how a patient is able to interact with product information through a variety of ways.

E-labeling ensures the availability of both HCP and patient-type-centric information. It provides a wide range of regulatory-approved translations (where available), in the language preferred by the patient or HCP. It can leverage new formats such as audio, and/or visual. Patients already consult a significant amount of health-related information online, using different kinds of electronic devices. E-labeling provides patients the opportunity of doing so through a trusted channel.

Meanwhile, e-labeling provides the ability to search label content to easily find information, especially relevant for the partially sighted or patients with any sort of visual impairment. Font size can be customized to improve readability. E-labeling makes it easy to share approved information with wider audiences. It also facilitates sharing of comprehensible information between patients, their families, and caregivers.

E-labeling can also strengthen health systems by improving supply chain resilience and efficiency. Platforms that allow for streamlined ways of sharing new product information will lead to an acceleration and simplification of processes for post-approval changes to label information. In addition, it offers the opportunity to share labeling between countries when appropriate. This will have a positive effect in better managing drug shortages and further strengthening global pharmaceutical supply chains. The use of e-labeling also cuts out a substantial lead time for leaflet printing and packaging, granting patient faster access to new medicines, vaccines, and diagnostics.

As illustrated by the COVID-19 pandemic, labeling flexibility is particularly important when increased demand, disruptions in transport, and other factors impact the normal flow of products. With this, e-labeling can have a positive impact on the availability of up-to-date national regulatory agency-approved product information that will result in improved health outcomes for the people.

 

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

Metro Manila Film Festival 2024: A kind of touch

By Joseph L. Garcia, Reporter

Movie Review
Hold Me Close
Directed by Jason Paul Laxamana

TWO good-looking people and a stunning location don’t always a good film make.

The film stars Carlo Aquino as Woody, and Julia Barretto as Lynlyn. They’re both Filipino migrants to Japan, but Woody definitely lives better.

Lynlyn, an unconvincingly too-pretty vendor at a seafood market, crosses paths with Woody. She has the power to know how a person will impact her life through touch: the power has many gaps though. It gives her an electric shock when a person will affect her negatively, and a feeling of bliss envelops her when a person will affect her positively (the film doesn’t explain how; it just shows Ms. Barretto in pain or in bliss). Woody, much to her deadpan reception, only gives her a neutral charge.

Woody, in love at first sight, tries to win her over to gain a positive charge. He has a power of his own: money. When he feels that a place no longer suits him, he places his finger on a globe and moves to wherever it lands (which is how he found himself in Japan after living in several nations).

Mr. Aquino acts like a smitten high school-aged hero, despite pushing 40; and Ms. Barretto is the melancholy black cat to his Golden Retriever, and with an age gap of more than 10 years. Mr. Aquino is convincingly young and beautiful; but perhaps less of an age gap between our leads would have been more convincing?

After several days of frolicking in Japan, Lynlyn gets a negative charge from Woody after touching him. Her overprotective siblings forbid him from seeing her (Ms. Barretto, looking even younger than her 20-plus years, is supposed to be their older sister, and doesn’t even look like them). They all iron out a deal: Woody has three chances to get his positive charge back when Lynlyn touches him again.

To do this, he has to turn his life around: one, stop running from places; and two, forgive and forget his traumatic past. I have a problem with this setup, because one, the film has a running gag where when things around Woody break, he throws them away instead of repairing them, and also takes this as a sign that he might have to move out soon. Since this film has an element of magic in it, we had thought that this was something magical at work (turns out the magic is a man who can’t be bothered).

Number two, I’m suddenly less sympathetic for Lynlyn, because do you really only stay with someone when they can promise you bliss? Her character is also awfully infantilized: her two brothers jump in to save her every time she gets a negative charge. To be fair, the film establishes in a flashback that she got her power after a ruffian lured her into the woods and attempted to savage her, and thus may prove to be an explanation as to her family’s cloying clinginess. Still, the woman has two hands, feet, and a whole lot of sass: I think she can make it to the next alley on a walk with her lover. During a scene when they’re all present, with Woody’s negative status still hanging over them, they bind Woody’s hands before he can speak to their sister, while they’re watching. What is he going to do, stare at her to death?

Anyway, they break up; and her powers now say her brother has a negative charge. Pissed off that her powers have confined her to a life of avoidance, she runs to the woods where she first got her powers, where she finds Woody, drunk as a skunk and waving his globe, looking for a new city. They have a little scuffle, and she wakes up to find that her powers are gone.

Despite not knowing whether Woody would hurt her or not, she resumes her relationship with him; this time without the aid of magic.

(Spoiler ahead!)

He dies in the end (his demise is communicated through a phone call by his lawyer). It showed why he gave a negative charge after all: his death would hurt her. Members of the audience at the screening I attended laughed at this plot twist, and one man walked out before the last scene (where Lynlyn, in a flower field, gets a wave of bliss from Woody’s spirit’s touch — I thought you gave up the gift?).

The film is at least lovingly shot like a slice-of-life anime, with calming visuals. The cast is reasonably good, but I find it hard to feel sympathy for two people and their sidekicks whose emotions swing so childishly. Any deficiencies from the two main actors are exacerbated by a weak script, and a shaky premise at that. That, and they could have bought a better prop globe.

MTRCB Rating: PG

‘Fashion-forward’ G-Shock GM-700 now available

From left are the purple/black, gold, and silver iterations of the Casio G-Shock GM-700. — PHOTO BY KAP MACEDA AGUILA

By Kap Maceda Aguila

COVID-19 was a shock (pun unintended) to the system that disrupted the way we live — in addition to the grief and horror in its wake. As we hunkered down at home while the pandemic raged on, our lives were upended thoroughly — and we made adjustments to keep both sanity and health intact.

Among the curious developments when we sheltered in place was how our buying habits evolved — obviously transitioning to online means versus brick-and-mortar establishments — along with our choice of purchases. For instance, the luxury market saw an uptick. People who suddenly couldn’t travel or partake in outdoor adventures resorted to buying, say, premium cars and/or collecting watches across price points.

The iconic G-Shock line of Casio was one of the brands which benefited in the increased spending diverted to watches. “We saw the rise in sales of G-Shock, along with other brands. We saw that our products resonated very well among teens,” said G-Shock Sales and Service Director Bryan Lim in response to a question from “Velocity.”

But G-Shock, he clarified, has stayed true to its values, and is aware of a multi-generational allure. “Even parents are into G-Shocks because of their durability. Everyone knows G-Shock.”

Now, what we plan to do is to have a lot of choices for these generations. When we release a new model, we offer options.”

That is certainly the case in the just-launched G-Steel GM-700 — the line’s newest addition to local selections. Bearing the classic large case design, the new G-Shock comes in three colorways: silver (P15,530), gold (P17,750), and purple/black (P17,750).

The timepiece capitalizes on the toughness of G-Shock and bestows it with “fashion-forward” appeal and practical features. Starting with shock-proof construction and water resistance for up to 200 meters, the GM-700 boasts a world time feature across 31 time zones (48 cities plus coordinated universal time), and up to five daily alarms (with one snooze alarm), and an hourly time signal. The watch gets a “shift feature” that, when engaged, moves the analog hands out of the way for a better view of the digital display.

“Every year, we will release iconic models with new looks through collaborations, (but) we’ll still be loyal to the look,” joined G-Shock Marketing Head Anj Cayabyab.

The GM-700, as with other watches in the G-Shock G-Steel line, is said to “embody the brand’s commitment to innovation, toughness, and superior design.” It’s now available at all authorized G-Shock stores nationwide, official e-commerce platforms, and https://www.casio.com/ph/. Exodus Time Industries, Inc. is the official distributor of Casio watches here.

ICTSI shares fall amid worries over global trade

By Kenneth H. Hernandez

SHARES of International Container Terminal Services, Inc. (ICTSI) declined last week amid global trade policy uncertainties.

ICTSI was the most actively traded stock in terms of value, with 3.5 million shares worth P1.37 billion being traded on Dec. 23 to 27. The port operator’s shares closed at P386 on Friday, down 1% or 4 centavos from a week earlier.

“The Federal Reserve projected a significantly slower pace of rate cuts next year in response to rising inflation and robust economic growth,” Claire T. Alviar, assistant manager for Research and Online Engagement at Philstocks Financial, Inc., said in a Viber message. “This could negatively affect global economic growth, thereby impacting ICT’s operations.”

“Moreover, many investors were cautious at the moment, waiting for the policies to be implemented by the new administration in the US,” she added.

Aniceto K. Pangan, an equity trader at Diversified Securities, Inc., said the company was in a consolidation phase during the week. “This was driven by the uncertainties behind the new US President’s trading policy, which may affect trading globally, especially his protectionist stance policy,” he said in a Viber message.

US President-elect Donald J. Trump has vowed to increase tariffs on Canada, Mexico and China unless they addressed illegal migration and drug trafficking. He also threatened tariffs on countries that plan to undermine the US dollar by using alternative currencies.

ICTSI has earmarked $100 million and secured a 25-year concession extension to expand the terminal capacity of Mindanao port in Misamis Oriental. Ms. Alviar said there is positive sentiment about the stock as a result.

“The extension of the concession period boosted investor sentiment, as these contracts ensure the long-term stability of ICTSI’s business operations,” she said. “Additionally, plans to expand terminal capacity further enhanced optimism, given its potential to drive revenue growth in the future.”

Mr. Pangan said the port expansion would add more growth opportunities for the company in southern Philippines.

ICTSI’s attributable net income increased 24.2%, to $212.03 million in the third quarter from a year earlier. This brought its nine-month income to $632.58 million, a 30.6% increase.

Mr. Pangan expects the company to post $253.2 million in earnings this quarter and $886.2 million for the full year.

Ms. Alviar put the support level for the ICTSI stock at P380, psychological resistance at P400 and resistance level at P420. The immediate support is P375 per share, while immediate resistance is P400 each, he added.

Philippines’ score inches up in 2024 Quality Infrastructure Index

The Philippines earned an average score of 37.63 out of 100 in the 2024 edition of the Quality Infrastructure for Sustainable Development (QI4SD) Index developed by United Nations Industrial Development Organization. The index provides a framework of indicators that summarizes the overall state of development of a country’s and/or region’s Quality Infrastructure (QI) readiness to support the Sustainable Development Goals.

Philippines’ score inches up in 2024 Quality Infrastructure Index

How PSEi member stocks performed — December 27, 2024

Here’s a quick glance at how PSEi stocks fared on Friday, December 27, 2024.

Central banks, Trump win cause market turmoil

BW FILE PHOTO

By Revin Mikhael D. Ochave, Reporter

PHILIPPINE STOCKS ended 2024 on a cautious note following a tumultuous year for the market as many global central banks began their monetary easing cycles.

The bellwether Philippine Stock Exchange index (PSEi) slipped by 0.15% or 10.23 points to close at 6,528.79 on Friday, the last trading day of 2024, while the broader all shares index gained by 0.44% or 16.73 points to 3,748.51. Week on week, the PSEi rose by 1.9% or 122.41 points versus its 6,406.38 finish on Dec. 20.

Year on year, the PSEi was higher by 1.2% or 78.75 points from its end-2023 finish of 6,450.04.

The index posted its highest close for 2024 on Oct. 7, ending at 7,554.68. On the other hand, its worst showing this year was its 6,158.48 finish on June 21.

“We managed to end the year higher versus the previous year, our first yearly gain since 2019. It’s a small win, but a win nonetheless,” AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message.

“Monetary policy was the key driver this year, with an almost laser focus on interest rates.”

The Bangko Sentral ng Pilipinas in August cut rates for the first time since 2020, reducing benchmark borrowing costs by 25 basis points (bps). It made two more 25-bp reductions at its October and December meetings that brought the policy rate to 5.75%.

Meanwhile, the US central bank began its easing cycle in September with a big 50-bp cut and followed it up with 25-bp reductions at each of its November and December meetings, bringing the fed funds rate to 4.25%-4.5%.

Seven of the world’s 10 major, developed-market central banks cut rates this year, with only Australia and Norway still on hold, Reuters reported. Japan, the outlier, is in hiking mode. The Bank of Japan delivered its first rate hike in 17 years in March, ending years of ultra-loose policy.

“It was a bittersweet culmination to a volatile year marked by steep rallies and corrections as hope turned into caution,” Chinabank Capital Corp. Managing Director Juan Paolo E. Colet added in a Viber message. “Just like 2023, this year again turned out to be fairly good for investors who were able to trade in and out of the major market waves.”

Philippine stocks began 2024 on a positive note “because of falling inflation and optimism regarding the beginning of the rate cutting cycle,” COL Financial Group, Inc. Chief Equity Strategist April Lynn Lee-Tan said.

“However, sentiment turned negative following the release of weaker than expected third quarter gross domestic product, disappointing third quarter earnings results, and concerns regarding the impact of a Trump presidency on Asian economies,” she said.

Donald J. Trump is set to be inaugurated as the 47th US President on Jan. 20. He has vowed to impose steep tariffs on goods coming from China, Mexico, and Canada and to raise levies on European Union nations. — with Reuters

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