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How hard have US agencies been hit by Trump and Musk’s layoffs?

STOCK IMAGE | Image by Rosy / Bad Homburg / Germany from Pixabay
STOCK IMAGE | Image by Rosy / Bad Homburg / Germany from Pixabay

U.S. President Donald Trump and billionaire Elon Musk, one of his closest advisers, have mounted a sweeping campaign to slash the size of the 2.3 million-strong federal workforce, firing at least 9,500 employees in an unprecedented effort that shows no sign of slowing.

The layoffs were primarily aimed at workers with less than a year of service who have fewer job protections than longer-tenured staffers. In addition, about 75,000 workers have accepted buyouts from the Trump administration.

Here are details on some of the layoffs at federal departments and agencies:

 

DEPARTMENT OF THE INTERIOR

Around 2,300 workers were laid off from the Interior Department, sources said, including about 800 people from the Bureau of Land Management, which manages millions of federally owned acres for uses ranging from oil and gas development to timber harvesting, recreation and cultural preservation.

Overall, the department employs more than 70,000 people and oversees 500 million acres of public lands, including dozens of national parks.

 

DEPARTMENT OF ENERGY

Around 1,200 to 2,000 workers were laid off at the Energy Department, sources told Reuters. The affected employees included more than 300 at the department’s National Nuclear Security Administration, which manages the U.S. nuclear weapons fleet and works to secure radiological materials around the world, two of the sources said.

Some of those layoffs were partly rescinded to retain essential nuclear security workers, one source said, though it was unclear how many.

The department has approximately 14,000 employees and 95,000 contractors.

 

DEPARTMENT OF AGRICULTURE

The U.S. Forest Service, a division of the Agriculture Department, has fired 3,400 workers, Politico reported, nearly 10% of its workforce.

In addition, workers at two Agriculture Department research agencies and its farm loan agency were fired, sources told Reuters. The exact number of staff members who lost their jobs was unclear.

The affected research staff worked at the National Institute of Food and Agriculture, which supports agricultural science and technology research, and the Economic Research Service, which produces reports and data on the farm economy.

The department employs nearly 100,000 people in all.

 

DEPARTMENT OF HEALTH AND HUMAN SERVICES

About 45% of recently hired employees still considered probationary at the Centers for Disease Control and Prevention were laid off, a source told Reuters.

The Associated Press reported on Friday that nearly 1,300 CDC staff members had been fired, comprising one-tenth of the agency’s workforce.

At the National Institutes of Health, 1,165 people, mostly probationary employees, were laid off, according to an internal email seen by Reuters.

Workers at the Food and Drug Administration were also let go, STAT News reported. The exact number of FDA staff members who lost their jobs was unclear.

The Department of Health and Human Services, which oversees the CDC, NIH, FDA as well as Medicare and Medicaid, has more than 80,000 employees. Around 5,200 of them have lost their jobs, STAT News reported.

 

CONSUMER FINANCIAL PROTECTION BUREAU

The independent Consumer Financial Protection Bureau, which is responsible for consumer protection against banks, debt collectors and other companies in the financial sector, has been largely shuttered after the Trump administration ordered it to halt all activity.

As many as 70 of the agency’s probationary employees have been fired, and notices of termination were also sent to dozens of workers with fixed-term contracts, signaling that Trump officials were moving to lay off broader categories of staffers.

 

DEPARTMENT OF VETERANS AFFAIRS

More than 1,000 workers were let go from the Department of Veterans Affairs, which provides health and other benefits to millions of military veterans. The department employs more than 450,000 people and oversees more than 1,500 healthcare facilities.

 

OFFICE OF PERSONNEL MANAGEMENT

All probationary employees at the Office of Personnel Management, which handles human resources for the U.S. government, were fired on Thursday in a group call that included around 100 people, sources said.

 

SMALL BUSINESS ADMINISTRATION

At least 45 probationary employees at the Small Business Administration were fired in a letter seen by Reuters. The agency, which employs several thousand people, provides support for small businesses and entrepreneurs.

 

DEPARTMENT OF EDUCATION

At least 160 recent hires at the Department of Education have been notified of their termination, according to a letter seen by Reuters. Trump has called for the dissolution of the entire department and its 4,400 employees, though Congress would need to approve.

While local and state governments hold sway over most educational issues in the United States, the federal department provides billions of dollars in student loans and grants for higher education as well as funding for students with disabilities and economically disadvantaged students. The department also enforces civil rights laws.

 

GENERAL SERVICES ADMINISTRATION

About 100 employees at the General Services Administration received termination letters, according to sources. The independent agency, which manages the government’s real estate portfolio and oversees most government contracts, has more than 12,000 workers.

 

INTERNAL REVENUE SERVICE

The Internal Revenue Service is preparing to fire thousands of workers, a source told Reuters. The agency, which collects tax revenue and administers the federal tax code, has more than 80,000 workers.

 

FEDERAL AVIATION ADMINISTRATION

The FAA fired fewer than 400 employees out of its workforce of 45,000, Transportation Secretary Sean Duffy said on X, as questions rise around air traffic safety amid a spate of recent plane accidents. – Reuters

China’s current environment conducive to private economy, state planner says

RAWPIXEL.COM

 – China’s political, economic and social environment is “very conducive” to the development of the private economy and policies will be implemented to help ease difficulties faced by private firms, an official from the country’s state planner told state broadcaster CCTV on Tuesday.

The comments come after Chinese President Xi Jinping held a rare meeting on Monday with some of the biggest names in China’s technology sector, urging them to “show their talent” and be confident in the power of China’s model and market.

China will further break down investment barriers and will revise its negative list for market access which restricts investment in certain sectors as soon as possible, Zheng Bei, deputy head of the National Development and Reform Commission (NDRC), told CCTV in a program aired on Tuesday.

Measures will be taken to promote more open and fair access to infrastructure in competitive sectors and major national scientific research infrastructure to private enterprises, she added.

At the same time, the NDRC and relevant authorities will work on alleviating some of the urgent challenges such as accessing affordable financing, Zheng said.

Monday’s meeting between Mr. Xi and corporate leaders reflected policymakers’ concerns about a slowdown in growth and efforts by the United States to limit China’s technological development, analysts said.

U.S. tariffs threaten more pressure on the world’s second-largest economy, which has been reeling from weak domestic consumption and a destabilizing debt crisis in the property sector.

In remarks aimed at boosting private sector sentiment, Xi said there are “broad prospects and great promise” in China’s private economy to create wealth and opportunity and China’s governance and the scale of its market give it an inherent advantage in developing new industries.

“Beijing is repositioning the private sector as a pillar of national competitiveness amid economic and geopolitical headwinds,” Robin Xing, Chief China Economist at Morgan Stanley, wrote in a research note.

“But China still needs more consumption-centric reform and stimulus to sustain the return of corporate confidence.”

The private sector in China competes with state-owned companies and contributes more than half of tax revenue, more than 60% of economic output and 70% of tech innovation, official estimates show.

Agribusiness giant New Hope Group founder Liu Yonghao said he was “very excited” to attend Monday’s meeting with Xi.

He said many private enterprises in traditional industries have also new paths for development, but warned challenges still exist in complex domestic and external conditions, according to state-owned news outlet Yicai.

“We must cherish the favorable policies of our nation, not shying away from difficulties nor resigning to inaction amidst complex situations to strive diligently and drive the enterprise towards better transformation and development,” Mr. Liu was quoted as saying. – Reuters

FDA staff reviewing Musk’s Neuralink were included in DOGE employee firings, sources say

By Steve Jurvetson - https://www.flickr.com/photos/jurvetson/50280652497/, CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=93666208

U.S. Food and Drug Administration employees reviewing Elon Musk’s brain implant company Neuralink were fired over the weekend as part of a broader purge of the federal workforce, according to two sources with knowledge of the matter.

The cuts included about 20 people in the FDA’s office of neurological and physical medicine devices, several of whom worked on Neuralink, according to the two sources, who asked not to be identified because of fear of professional repercussions. That division includes reviewers overseeing clinical-trial applications by Neuralink and other companies making so-called brain-computer interface devices, the sources said.

Both sources said they did not believe the employees were specifically targeted because of their work on Neuralink’s applications.

The loss of roughly 20 employees will hamper the agency’s ability to quickly and safely process medical device applications of all sorts, including Neuralink’s, according to the sources and outside experts.

“It’s intimidating to the FDA professionals who are overseeing Neuralink’s trial,” said Victor Krauthamer, a former FDA official for three decades, including a stint as acting director of the office that reviews human-trial requests for brain implants.

“We should be worried about the whole trial, and the protection of the people in the trial.”

The FDA, White House and Mr. Musk did not immediately respond to comment requests. Mr. Trump has said that Mr. Musk will excuse himself from any conflicts of interest between his various business interests and his efforts to cut costs for the federal government.

Similar to other government agencies, the cuts affected scientists reviewing medical device applications who were probationary, one of the sources said. Probationary employees typically have less than one year or in some cases less than two years of service and have fewer legal protections.

Neuralink is currently testing its device, which allows paralyzed people to use digital devices solely via thought, in a small number of disabled patients. The company is also working on an implant aimed at restoring vision. Last year, the FDA gave that device a designation aimed at speeding up development and federal review, the company has said.

After spending more than $250 million to get President Donald Trump re-elected, Mr. Musk has been leading a sweeping effort to cut government spending, including at agencies that regulate his companies, such as Tesla and SpaceX.

The dismissal letters sent to the FDA reviewers cited performance reasons, even though the employees had no issues on their prior performance, and had received top-notch rankings several weeks ago, according to the two sources familiar with the matter. The supervisors of the cut employees weren’t consulted before the mass layoffs and found out from their employees, the sources said. – Reuters

New York Governor Hochul to meet for talks on stability for New York City

The west side of Manhattan is seen from a building in New York, U.S. Sept. 17, 2019. — REUTERS

 – Governor of New York Kathy Hochul said on Monday she will meet key leaders on Tuesday for a conversation about “the goal of ensuring stability” for New York City.

Her comments come amid calls for the resignation of New York City Mayor Eric Adams after President Donald Trump’s Justice Department asked to drop criminal charges against Adams.

“In the 235 years of New York State history, these powers have never been utilized to remove a duly-elected mayor; overturning the will of the voters is a serious step that should not be taken lightly,” Ms. Hochul said in a statement.

“That said, the alleged conduct at City Hall that has been reported over the past two weeks is troubling and cannot be ignored.” – Reuters

Remittances jump to record $34.49B

CUSTOMERS receive money from their families working abroad at a remittance center in Makati City in this file photo. — REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

CASH REMITTANCES from overseas Filipino workers (OFWs) hit an all-time high of $34.49 billion in 2024, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Money sent home by OFWs through banks rose by 3% to $3.38 billion in December from $3.28 billion in the same month in 2023. This was the highest-ever monthly level for cash remittances.

This brought the full-year remittance level to a record-high $34.49 billion, up by 3% from $33.49 billion posted in 2023.

2024 Cash Remittances Hit Record High

This was in line with the BSP’s 3% remittance growth forecast and its full-year projection of $34.5 billion.

“The increase was observed in remittances from both land-based and sea-based workers,” the BSP said.

In December alone, remittances from land-based workers jumped by 3.7% year on year to $2.71 billion from $2.61 billion.

For the full year, remittances from land-based workers increased by 3.4% to $27.55 billion from $26.64 billion in 2023.

Meanwhile, money sent by sea-based workers inched up by 0.6% to $669.28 million in December and rose by 1.3% to $6.94 billion for the full year.

Personal remittances, which include inflows in kind, rose by 3% to $3.73 billion in December from $3.62 billion in December 2023.

As of end-2024, personal remittances increased by 3% to $38.34 billion from $37.21 billion in the year prior. This also marked an all-time high for personal remittances.

The remittances accounted for 8.3% and 7.4% of the country’s gross domestic product (GDP) and gross national income (GNI), respectively.

“The growth in cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates, mainly contributed to the increase in remittances in 2024,” the central bank said.

The US was the top source of cash remittances last year, accounting for 40.6% of the total.

This was followed by Singapore (7.2%), Saudi Arabia (6.4%), Japan (4.9%) and the United Kingdom (4.7%).

Other sources of remittances include the United Arab Emirates (4.4%), Canada (3.6%), Qatar (2.8%), Taiwan (2.7%), and South Korea (2.5%).

“The growth in cash remittances in 2024 reflects the continued resilience of OFWs in supporting the Philippine economy,” John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said.

“Sustained economic recovery in the US, Middle East, and Asia-Pacific led to higher wages and employment opportunities for OFWs, boosting remittances,” he added.

Mr. Rivera said the weaker peso in the last few months of the year also increased the value of remittances sent home.

At end-2024, the peso closed at P57.845 against the dollar, depreciating by 4.28% from its end-2023 finish of P55.37. It also fell to the record-low P59-per-dollar level thrice last year.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the surge in remittances was also due to seasonal factors amid the holidays.

“December saw a seasonal uptick in remittances as OFWs sent additional funds for holiday-related expenses and family support. The adoption of digital remittance platforms made transfers faster and cheaper, encouraging higher remittance flows,” Mr. Rivera added.

For this year, Mr. Rivera said remittances are likely to remain a stable growth driver.

“Continued overseas labor demand, particularly in healthcare, tech, and skilled trades. More favorable exchange rates could encourage higher remittance volumes. Government agreements and labor deployment policies could open new job markets.”

Mr. Ricafort said remittances have been “growing consistently around 3% year on year in recent months and years and still expected to similarly grow, going forward, being demographic based.”

However, global uncertainties stemming from US President Donald J. Trump’s trade policies could weigh on remittances, Mr. Ricafort said.

“Mr. Trump’s threats of higher tariffs and America-first policies could also slow down global trade, investments, employment including OFW jobs, and overall world economic growth,” he said.

Mr. Trump is eyeing to impose reciprocal tariffs across all US imports. This after slapping a 10% tariff on all Chinese imports into the US, which took effect earlier this month.

Mr. Rivera likewise noted that geopolitical tensions and a possible global economic downturn could dampen the growth in remittances.

“Overall, remittances are expected to maintain modest growth in 2025, barring major economic disruptions. The steady inflows will continue to support household spending, helping drive consumption-led growth,” Mr. Rivera added.

The central bank expects cash remittances to grow by 3% this year.

World Bank prepares $2.75-B lending program for Philippines in 2026

The World Bank logo is seen at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, US, April 13, 2023. — REUTERS

By Aubrey Rose A. Inosante, Reporter

THE WORLD BANK is committed to extending around $2.75 billion in loans to the Philippines for fiscal year 2026.

In an e-mail interview, World Bank Country Director for the Philippines, Malaysia, and Brunei Zafer Mustafaoğlu said the amount is 3.7% lower than the $2.857-billion lending program for the country for fiscal year 2025, which started in July 2024 and ends in June.

Mr. Mustafaoğlu last December said that the World Bank is finalizing the new country partnership framework for the Philippines, which will cover 2025-2028.

World Bank data showed the $4-million Roads to Development project is scheduled to be approved on Feb. 28. The project aims to improve rural road access in six formally acknowledged Moro Islamic Liberation Front camp communities.

Also up for approval on March 5 are the $454.94-million Mindanao Transport Connectivity Improvement Project (MTCIP) and the $495.6-million Health System Resilience Project.

The MTCIP focuses on local road improvements, climate resiliency, and road safety in the Cagayan de Oro, Davao, and General Santos corridor.

The health system project aims to strengthen provincial health systems, as well as improve the prevention, preparedness and response to health emergencies, including climate-driven adverse events.

The $67.34-million Civil Service Modernization Project, which is set to be approved on March 10, seeks to improve human resource management in National Government agencies.

The $800-million First Energy Transition and Climate Resilience development policy loan is also up for approval on March 31. It involves ramping up the adoption of clean energy technologies; boosting the security and competition of electricity markets; and improving water management.

The Department of Agriculture’s $1-billion Sustainable Agriculture Transformation Program is also up for approval on June 5. It aims to promote climate-resilient agri-food systems for increased productivity, enhanced diversification, and efficient use of public resources in the Philippines.

The $240.6-million Accelerated Water and Sanitation Project in selected areas is scheduled for approval on June 27. It aims to boost access to safe water and sanitation services, as well as strengthen the efficiency of local government-run water service providers.

The Department of Education’s $600-million Project for Learning Upgrade Support and Decentralization seeks to “improve the foundational literacy and numeracy of kindergarten and primary education learners, as well as the learning outcomes in reading and mathematics of lower secondary education learners in public schools nationwide.” It is up for approval on July 16.

The $700-million Community Resilience Project, scheduled for July 28, aims to “enable participatory community-driven resilience planning and investments in vulnerable areas.”

In its annual report for fiscal year 2024, the World Bank said the Philippines was the fifth-biggest borrower with $2.35 billion in approved loans from the International Bank for Reconstruction and Development.

Ukraine was the World Bank’s biggest borrower with $4.086 billion in loans, followed by Turkey with $3.191 billion, Indonesia with $3.028 billion, and India with $2.943 billion.

The total amount of loans secured by the Philippines in 2024 was 0.6% higher than $2.336-billion loans in 2023.

Recto says PHL is ‘Trump 2.0-ready’

US PRESIDENT Donald J. Trump speaks at an event in Kenosha, Wisconsin, US, April 18, 2017. — REUTERS

THE PHILIPPINES is ready to face the uncertainties brought by US President Donald J. Trump’s trade policies as it implements the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, Finance Secretary Ralph G. Recto said.

Mr. Recto and Trade Secretary Ma. Cristina Aldeguer-Roque on Monday signed the implementing rules and regulations (IRR) of the CREATE MORE law.

“With the signing of this IRR, we now send a clear message to the world: the Philippines means business. We are ready to compete. We are a dependable economic ally. We offer stability amid uncertainty. And yes — we are Trump 2.0-ready,” he said in a speech at the signing ceremony.

President Ferdinand R. Marcos, Jr. last November signed into law the CREATE MORE Act, which seeks to make the country more competitive and attractive to investors.

“On the part of the government, we are committed to making CREATE MORE not just a tool to attract more investments — but a magnet to keep them here, grow them here, and give every reason for investors to place their trust in the Philippines. Again and again,” Mr. Recto said.

Last month, Mr. Recto said the CREATE MORE will convince companies operating in China and Taiwan to move operations to the Philippines amid Mr. Trump’s aggressive tariffs.

Mr. Trump has already announced tariffs on all steel and aluminum imports beginning on March 12 and imposed 10% tariffs on goods from China.

The US president is also seeking to impose reciprocal tariffs across all countries that tax US imports, raising fears of a broader trade war.

The Department of Finance (DoF) said in a statement that the IRR provides clearer guidelines on the transitory rules for pre-CREATE registered business enterprises (RBEs) to continue receiving their previously granted tax incentives. The RBEs may also avail of additional incentives or measures under CREATE MORE.

“It also directly addresses investor concerns regarding the issuance of the value-added tax zero-rating certificate by providing detailed guidelines on eligibility and compliance criteria and clarifying the certificate’s covered period,” the DoF said.

One of the features of the IRR is prohibiting double registration of projects to deter redundant incentives and ensure responsible fiscal management.

Meanwhile, the Philippines is targeting to conduct a series of roadshows to promote CREATE MORE starting March this year.

“It is useless to have a law and to have IRR that nobody knows about. So, our job now is to announce it to the world,” Office of the Special Assistant to the President for Investment and Economic Affairs Secretary Frederick D. Go told a press briefing on Monday.

“We have scheduled trips to Korea, to the United States, to Japan, to Europe, to the Middle East, and to China,” he added.

Mr. Go also said the CREATE MORE’s rules “stayed true and consistent” with the intent of the law. — Aubrey Rose A. Inosante and Justine Irish D. Tabile

Trump tariffs may hurt investment flows to EMs

TRUMP hats are displayed at a flag store at the Yiwu International Trade Market in Yiwu, Zhejiang province, China on Feb. 9, 2025. — REUTERS

UNCERTAINTIES from US trade policies could impact investment flows in emerging markets (EMs), S&P Global Ratings said in a report, as well as prompt central banks to remain cautious.

“Increased uncertainty surrounding US trade policy may delay investment decisions and impact emerging markets linked to countries that have been targeted by US tariffs.”

US President Donald J. Trump is seeking to impose reciprocal tariffs across all countries that tax US imports, fueling fears of a global trade war.

“Trade flows could be brought forward in anticipation of future tariff impositions,” the credit rater added.

The United States is typically the Philippines’ top destination for exports.

“EM central banks are likely to adopt a cautious approach to monetary policy normalization, as the US dollar strength could exacerbate capital outflows if interest rates are cut too aggressively,” S&P Global said.

Aggressively lowering borrowing costs could “amplify capital outflows from EMs,” it added.

The Bangko Sentral ng Pilipinas (BSP) last week decided to keep interest rates on hold, citing global uncertainties stemming from the US’ proposed tariff plans.

“Trade tariff threats represent the main source of downward risk for EMs, along with an uncertain path for the Fed’s monetary easing, which may lead to worsening financing conditions across EMs in 2025,” it added.

Meanwhile, Nomura Global Markets Research said that higher nontariff barriers “increase the likelihood of the reciprocal tax being imposed across a broader swath of emerging and developed Asian economies.”

These countries may need to arrange bilateral agreements with the United States, it said in a report.

Reuters reported that Mr. Trump has signed a memo ordering his team to start calculating duties to match those other countries charge and to counteract nontariff barriers such as vehicle safety rules that exclude US autos and value-added taxes that increase their cost.

“US reciprocal tariffs will be levied not just based on tariffs imposed by partner countries, but also the VAT, exchange rate deviation from market value and nontariff barriers,” Nomura said.

“Unlike tariffs, nontariff barriers are harder to quantify. They include import policies, sanitary and phytosanitary measures, technical barriers to trade, export subsidies, a lack of intellectual property protection, etc.”

Nomura said the Philippines, China, India, Indonesia, and Thailand are among the economies with higher nontariff barriers.

The Philippines’ nontariff barriers include rules prohibiting used motor vehicle imports; burdensome requirements to submit a utilization report concerning ingredients used in the manufacture of animal feed; requirements to obtain import permits; and cold chain regulations.

“Now, with reciprocal tariffs likely to also be used against nontariff barriers, along with other factors like the value-added tax and currency manipulation, this creates another level of opacity on how the reciprocal tariffs will be estimated across countries and products,” Nomura said. — Luisa Maria Jacinta C. Jocson

Rise of dollar forwards builds risk for Asian central banks

REUTERS

CENTRAL BANKS across Asia are increasingly using derivatives to protect their currencies against a strong dollar, raising questions over how long they can do so and whether they are just storing up trouble for the future.

The Reserve Bank of India’s (RBI) net dollar short forward position — the amount of dollars that will be sold at a future date for a pre-set price — hit an all-time high of $68 billion in December. Meanwhile Bank Indonesia’s (BI) net short book reached $19.6 billion, its highest since at least 2015, show the latest official data.

The swelling forward books point to a shift in strategy among central banks intervening to defend their currencies. But the use of derivatives in addition to spot trades to push back against the dollar is raising concerns about the risk that selling pressure is being deferred rather than removed.

“It’s basically pushing out currency depreciation to a later date and in the meantime, keeping headline reserves high as a way of displaying confidence,” said Dhiraj Nim, a currency strategist at Australia and New Zealand Banking Group. “I’m a bit worried about that scenario.”

BI and the RBI didn’t immediately respond to Bloomberg’s request for comment. Both institutions have previously confirmed use of derivatives.

The Indian rupee and the Indonesian rupiah have been two of Asia’s worst performing currencies over the past 12 months, both losing more than 3.5% of their value against the dollar.

POLITICAL RISK
The election of US President Donald J. Trump has ramped up pressure on emerging-market central banks. Mr. Trump’s threats of tariffs have fueled waves of currency depreciation against the dollar, while his willingness to label other countries as currency manipulators has raised the political scrutiny of intervention.

“It’s clearly a very sensitive issue, particularly in the environment we are now in, when there’s a lot of scrutiny by the US with regards to fair trade and currency manipulation,” said Claudio Piron, co-head of currency and rates strategy at Bank of America Corp. “I don’t think there’s a real desire to be in the market excessively intervening.”

In the wake of Mr. Trump’s inauguration on Jan. 20, a fact sheet circulated detailing his plans, including a call for federal agencies to address currency manipulation by other countries. The designation comes with no immediate penalties, but it can rattle financial markets. Mr. Trump labeled China a currency manipulator during his first term, while India has previously been on the US watchlist

Forwards have a number of key advantages for central banks, including potentially lower costs and the fact that they don’t drain the money supply. But they also allow central banks to mask their interventions. The derivatives don’t eat into official reserves, something that may minimize the risk of attracting Mr. Trump’s ire. The strategy also allows central banks to keep traders guessing.

Malaysia has also adopted the strategy of using currency forwards. Its net short forward book was around $27.5 billion by November, after swelling about $4 billion last year. The Philippines reduced its net long forward to just $874 million, the IMF data show.

Bank Negara Malaysia told Bloomberg on Monday that it uses instruments such as foreign exchange swaps and reverse repos to manage onshore market liquidity. The Philippine central bank did not immediately respond to a request for comment.

On Feb. 11, the RBI was suspected of a heavy intervention to push up the rupee. The currency rose nearly 1%, its biggest gain since November 2022, triggering stop-losses among rupee bears. The central bank intervened across spot and forward markets, traders said.

DOLLAR DECLINE
In theory, a recent decline in the dollar offers central banks a reprieve. Mr. Trump has canceled or delayed tariffs on Canada, Colombia and Mexico, fueling doubts that he will deliver on his biggest threats. A broad gauge of the dollar has lost roughly 1.7% so far this year.

There are also signs that policy makers are changing tack, with new RBI Governor Sanjay Malhotra appearing to adopt a more flexible approach to managing the exchange rate. The RBI has dialed down its bets in the non-deliverable forwards market, according to strategists, and is instead conducting onshore operations in a bid to boost domestic liquidity.

But the advantages of forwards mean the strategy is likely to remain popular among central banks.

“I see very few cons” to using the forward market, said Aaron Hurd, a senior portfolio manager in the currency group at State Street Global Advisors. Central banks need to be careful not build up a forward book that is too large, but right now that isn’t a big worry, he said. — Bloomberg

SM Prime profit up 14% to P45.6B in 2024, driven by new malls, strong holiday sales

SM City J Mall in Mandaue City — BW FILE PHOTO

SY-LED property developer SM Prime Holdings, Inc. reported a 14% increase in its consolidated net income for 2024, reaching a record-high P45.6 billion, up from P40 billion in 2023, driven by strong holiday spending, the opening of two new malls, and higher real estate sales.

“The double-digit improvement was driven by higher contributions from all business segments,” SM Prime said in a statement to the stock exchange on Monday.

Consolidated revenue also grew by 10%, reaching an all-time high of P140.4 billion in 2024, compared to P128.1 billion in 2023, due to increased rental income, real estate sales, and revenues from services and experiential offerings.

Broken down, the malls business contributed 55% of the revenue, followed by the residences segment at 34%, the hotels and convention centers businesses at 6%, and the offices and warehouses businesses at 5%.

“The results we achieved in 2024 provide a solid foundation for future growth. We have several key projects in development that we expect will benefit from this positive momentum,” SM Prime President Jeffrey C. Lim said.

For the fourth quarter, SM Prime’s net income grew by 19%, reaching P11.8 billion, up from P9.9 billion in 2023.

Consolidated revenue climbed 14% to P40.6 billion, compared to P35.5 billion a year ago.

“Strong holiday spending, the opening of two new malls, increased real estate sales, and blockbuster film releases led to the outstanding results,” SM Prime said.

SM Prime previously stated that it is allocating up to P33 billion this year to expand its commercial real estate portfolio.

Of this, P21 billion will be earmarked for expanding the gross floor area of the company’s malls, while P6 billion will be allocated for expanding its hospitality and meetings, incentives, conferences, and exhibitions (MICE) operations.

Another P6 billion will be used for the development of new office towers and workspaces.

On Monday, SM Prime shares fell by 5%, or P1.15, to P21.85 apiece. — Revin Mikhael D. Ochave

Ayala Land’s Virendo Phase 1 in Davao set for 2029 turnover

AYALA LAND, Inc. (ALI) said the first phase of its 37.4-hectare Virendo luxury horizontal residential development in Davao is set for turnover by the second quarter of 2029, as the real estate developer expands its portfolio in Mindanao. 

The development, carried out by ALI’s luxury residential brand Ayala Land Premier, is located in Toril, the property developer said in an e-mail statement on Monday.

Virendo marks ALI’s first luxury horizontal residential development in Davao. It will offer 150 residential lots ranging from 450 to 1,803 square meters, with views of the Mt. Apo-Talomo range and Davao Gulf.

“With the launch of Virendo, we are introducing a new neighborhood that creates a vibrant community embodying the heart of Davao,” Ayala Land Premier President Joseph Carmichael Z. Jugo said.

“The design features expansive green spaces with carefully integrated waterways flowing throughout the development. Positioned between the Davao Gulf to the east and the Apo-Talomo mountain range to the west, it offers unparalleled views of the horizon,” he added. 

Virendo is designed as an exclusive, low-density community within a master-planned, mixed-use estate.

The project’s amenities are designed by BAAD Studios. It will include two amenity centers and a residents’ lounge near the main entrance, with indoor and outdoor spaces for gatherings.

It will also feature a sports and leisure center with a social hall, pool complex, and a multi-purpose court.

“This development reflects our commitment to excellence and our deep appreciation for the unique culture and landscape of this remarkable city. We envision Virendo as a place where families can thrive, connections can flourish, and dreams can take root,” Mr. Jugo said.

Aside from Virendo, Ayala Land Premier has other mixed-use estates in Davao, such as the 10-hectare Abreeza development and the 25-hectare Azuela Cove waterfront estate.

ALI shares dropped by 3.66%, or 85 centavos, to P22.40 apiece on Monday. — Revin Mikhael D. Ochave

Love and marriage for real-life couple

DENNIS TRILLO and Jennylyn Mercado in a still from Everything About My Wife.

CreaZion Studios presents Everything About My Wife

A ROMANTIC comedy featuring celebrity power couple Dennis Trillo and Jennylyn Mercado is hitting the big screen this “love month.”

Everything About My Wife, produced by CreaZion Studios and GMA Pictures, explores themes of love and marriage, with the acting duo bringing real emotions to the fictional narrative.

It follows Dom (played by Mr. Trillo), an unhappy married man who tries to get his wife Imo (played by Ms. Mercado) to divorce him. To do this, he enlists the help of womanizer Miguel (played by Sam Milby) to seduce her. When the two fall in love, Dom regrets the whole scheme and realizes what exactly he could lose.

Director Real S. Florido said in a press conference on Feb. 13 in Quezon City that romantic comedies have an important place in the cinema landscape.

“Filipinos are suckers for love. Gustong-gusto natin ang kinikilig, umiiyak, at nasasaktan (We really like feeling butterflies, crying, and getting hurt) with the main character onscreen,” he said.

THE UNIVERSALITY OF LOVE
On the two leads being a real-life couple, Mr. Florida added, “It’s easy to work with them because they’re so open, so confident in what they’re doing, and there’s so much trust in the team.”

As a husband, Dennis Trillo said that he hopes to bring authenticity to his role as Dom.

“It’s important to tell stories with universal themes. Because we’re husband and wife, we know what actually happens, from arguments to happy moments to dealing with problems,” he explained.

For Jennylyn Mercado, their growth as actors and as people has helped them take on very personal roles in a professional manner.

Their last film together, Rosario (2010), had a completely different background. “Noong time na ‘iyon, lagi kami nag-aaway. Buti na lang heavy drama ang ginagawa namin (At that time, we were fighting a lot. It’s a good thing we were making a heavy drama)!” she said.

Now, the two have matured enough to be able to depict “the real highs and lows of marriage” in a fictional narrative.

ROMCOM EXCITEMENT
Having a third party always makes an interesting conflict in romcoms, according to Sam Milby, who plays the Casanova antagonist Miguel.

“He’s a man with many lovers, a womanizer. It was a challenge for me because I’m the opposite. I’m a shy, introvert type, and I have to play an outgoing ladies’ man,” he said.

“But I do shine in kind of evil roles.”

“It was a challenge, and I was out of my comfort zone, but as an actor you always have to put yourself out there,” he added.

Also in the cast are Carmi Martin, Polo Laurel, Alex Agustin, Joyang, Chico Alicaya, and Karlo Aranza.

Ms. Mercado told the press that the whole set, with the cast and crew, made a good team — which is the key to a great romcom.

Ang importante ay na-enjoy namin kung papaano ginagawa ang bawat eksena (What’s important is we enjoyed making each scene),” she said. “At napakasarap katrabaho si Dennis (And it was so good working with Dennis)!”

Everything About My Wife opens in cinemas on Feb. 26. — Brontë H. Lacsamana