Miami Heat’s Tyler Herro wins 3-point contest; Cleveland Cavaliers duo takes skills challenge

February 16, 2025 | 7:36 pm

THE MIAMI HEAT’S Tyler Herro made both of his three-point bonus balls in the final round and won the 3-point contest during All-Star Saturday at San Francisco.

Earlier in the evening, the Cleveland Cavaliers’ duo of Evan Mobley and Donovan Mitchell won the skills challenge.

Herro won the 3-point crown with a score of 24 in the final round to get the best of Darius Garland of the Cleveland Cavaliers, who posted a score of 19, and Buddy Hield of the host Golden State Warriors, with a score of 23.

Herro became the fifth Miami Heat player to win the long-distance shooting competition after James Jones (2011), Daequan Cook (2009), Jason Kapono (2007) and Glen Rice (1995).

Herro went first in the final round, with Garland eliminated when he followed with a 19. Hield could have forced an extra round against Herro if he made all five two-point shots on his final rack but he missed the fourth of the bunch.

“I got lucky,” Herro said on the TNT broadcast. “I thought Buddy was going to run off the last five there, so it was a great competition. Buddy’s a great shooter, a bunch of great shooters that competed, so just happy to be here.”

Hield had the highest score of the first round with a 31, matching the most ever in a round with the Warriors’ Stephen Curry (2021) and the Indiana Pacers’ Tyrese Haliburton (2023).

Five competitors were eliminated in the 3-point first round: Jalen Brunson (New York Knicks), Cade Cunningham (Detroit Pistons), Cam Johnson (Brooklyn Nets), Norman Powell (Clippers) and Lillard.

In the skills challenge, the Cavaliers delivered a final-round time of an even one minute, while the Warriors’ Draymond Green and Moses Moody were unable to top the combined time of Mobley and Mitchell.

The four-team skills challenge consisted of an obstacle-style course that had two passing tests, three shooting stations, one more passing station followed by a half-court drive to the basket and layup.

Mobley also was a part of the Cavaliers’ three-player squad that won the skills challenge in 2022.

The San Antonio Spurs’ duo of Chris Paul and Victor Wembanyama was disqualified from the opening round on Saturday after not making a legitimate shot attempt at any of the three shooting stations, while simply concentrating on time.

The rookie squad of Zaccharie Risacher of the Atlanta Hawks and Alex Sarr of the Washington Wizards also was eliminated in the first round. — Reuters

Anisimova beats Ostapenko in Qatar, wins first WTA 1000 title

February 16, 2025 | 7:35 pm

DOHA — Amanda Anisimova claimed her first WTA 1000 title when she beat Jelena Ostapenko 6-4, 6-3 in the final of the Qatar Open on Saturday which will see the American break into the top 20 for the first time in her career.

Ranked 41 in the world, Anisimova also became the lowest-ranked player to win the tournament as she beat six top-40 opponents en route to her third singles title.

The American was ranked as low as 359 in 2023 when she took a break from the game due to burnout as it took a toll on her mental health but the 23-year-old has been on the rise since her comeback and is set to move up to 18^th in the rankings.

Anisimova is only the second American to win the title, following in the footsteps of Monica Seles in 2002, while Ostapenko has now finished runner-up in Doha for a second time having also lost in the 2016 final.

“With tennis you kind of experience it all but that’s also why I love it. There have been a lot of challenges the last few weeks. I’m very proud of myself and happy with how I’ve dealt with them.” — Reuters

Skills Challenge

February 16, 2025 | 7:35 pm

The Skills Challenge has invariably been one of the more entertaining offerings during the National Basketball Association All-Star Weekend, and the latest edition lived up to expectations. Competition the other day was, mildly put, intense, with the Cavaliers ending up the winners following two rounds of outstanding play. They clearly wanted to prevail; no less than fellow All-Stars Donovan Mitchell and Evan Mobley were on hand to represent the provisional leaders in league standings, and they navigated the obstacles with a clear eye toward putting in the best times possible.

To be sure, the same goal was on the Spurs’ minds when they kicked off the competition. It was just too bad that, in their desire to finish the course as fast as they could, they figured on gaming the system. As things turned out, skipping the shooting requirements by simply tossing the balls aside was not allowed, leading to their disqualification. Needless to say, they argued their case; Chris Paul — 20 years in the league and certainly no stranger to pushing the envelope — even went so far as to plead to an official behind the scenes. For their efforts, they were literally handed a rulebook along with a denial.

Interestingly, sophomore sensation Victor Wembanyama disclosed in the aftermath that he came up with the idea — best described as unsportsmanlike — to shave off precious seconds from their time. “We had the best time,” he said, the misstep notwithstanding. “I’m going to have many more opportunities to win it in the future.” Needless to say, his admission ran counter to conventional wisdom; during the festivities, broadcasters Mark Jones and Reggie Miller took pains to note that the development had Paul’s fingerprints all over it.

In any case, the Cavaliers deserved the hardware. It was also no surprise that they had to beat the host Warriors in the final. Not without irony, they clinched their victory following three uncharacteristic passing miscues from otherwise-superior setup man Draymond Green; he was unable to match teammate Moses Moody’s efforts and didn’t even get to finish the course. Bottom line, they proved to be the best of the best. And when they compete in the event next year, they know they’ll be the favorites and in great shape to defend their title with no need for shenanigans.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

Trump ends climate work inside agency that responds to disasters

February 16, 2025 | 5:06 pm

Hawaii, US-wildfires — THE SHELLS of burned houses and buildings are left after wildfires driven by high winds burned across most of the town in Lahaina, Maui, Hawaii, US Aug. 11. — HAWAI’I DEPARTMENT OF LAND AND NATURAL RESOURCES/HANDOUT VIA REUTERS

TOP OFFICIALS at the US Department of Homeland Security (DHS) received a memo on Friday ordering an immediate stop to work connected to climate change and the elimination of climate-related terms across the agency.

The memo instructs senior office heads to “eliminate all climate change activities and the use of climate change terminology in DHS policies and programs, to the maximum extent permitted by the law,” according to the document seen by Bloomberg News. The changes are meant to bring “alignment” with Mr. Trump’s executive orders that reverse multiple climate-related orders by former President Joseph R. Biden, it said.

The directive from DHS Secretary Kristi Noem marks the latest move by President Donald Trump and his appointees to roll back federal efforts to address global warming and could affect disaster response capabilities which are overseen by DHS.

DHS did not immediately provide a comment outside of regular business hours on the climate-related contents of the memo.

In the three weeks since Mr. Trump’s inauguration, his administration has already moved to withdraw from the Paris Agreement, halted the flow of billions of federal grant dollars funded by two major climate laws, and abruptly fired or put on administrative leave hundreds of Environmental Protection Agency staff who work on climate or environmental justice.

Activities impacted by Ms. Noem’s new directive at DHS include modifying or terminating contracts related to climate change, ending participation in climate working groups, revising or rescinding climate policies and ending reporting requirements. Ms. Noem also ordered agency leaders to remove “climate change terminology in all DHS programs, policies, products, communications, and activities,” according to the document. In her previous job as South Dakota governor, Ms. Noem questioned the established scientific consensus that humans have caused climate change, Politico reported.

With a workforce of more than 260,000, the Department of Homeland Security is an umbrella organization that includes Citizenship and Immigration Services, the Coast Guard, and Customs and Border Protection, among other offices. But perhaps the one most impacted by the new directive is the Federal Emergency Management Agency (FEMA), the nation’s primary means for organizing federal responses to disasters. As wildfires, storms and floods increase in frequency and intensity due as a result of rising temperatures, FEMA has been responding to more disasters and spending more money to help impacted communities.

The climate reversal inside DHS comes against a backdrop of worsening indicators. Experts confirmed last month was the hottest January on record, surpassing a high mark set in January 2024, and scientists published two recent studies concluding that global average temperatures have likely already warmed 1.5C above preindustrial levels. FEMA has been busy, meanwhile, dealing with the aftermath of Los Angeles wildfires that destroyed thousands of buildings and will likely rank among the most expensive disasters in US history.

It’s been a chaotic period for federal workers involved in disaster response. On Feb. 9, Ms. Noem told a CNN interviewer she would seek to “get rid of FEMA the way it exists today.” Shortly thereafter a senior FEMA official allegedly ordered a freeze on grants in defiance of a judicial order, NBC News reported.

Around this same time, DHS announced that it had fired four FEMA staff, including its long-time chief financial officer, over accusations of “circumventing leadership to unilaterally make egregious payments for luxury NYC hotels for migrants,” according to the Washington Post. The payments in question are part of a DHS grant program previously appropriated by Congress.

It’s unclear what will change inside FEMA and elsewhere at DHS as a result of the memo, but experts worried about far-reaching consequences.

“Erasing the words ‘climate change’ is bad,” said Samantha Montano, a disaster researcher at the Massachusetts Maritime Academy. “But there are ways to work around that.” She worried that eliminating any funds to climate-related programs would become “a much bigger kind of operational problem.”

Carrie Speranza, the former chair emeritus of FEMA’s National Advisory Council before the Trump administration disbanded the group last month, raised concerns about how the agency would now respond to big disasters that often have a strong link to rising temperatures.

“We just need to make sure that we acknowledge that these disasters are getting bigger,” she said. “And so that just requires more resources at the end of the day.” — Bloomberg

Australia to put two-year ban on foreigners buying existing homes

February 16, 2025 | 5:06 pm

SYDNEY — Australia will ban foreign investors from buying existing homes in the country for two years, its government said on Sunday, in an effort to boost under-pressure housing supply.

“We’re banning foreign purchases of established dwellings from April 1, 2025, until March 31 2027,” treasurer Jim Chalmers said in a statement with housing minister Clare O’Neil. It added that a review would be undertaken on whether the ban would be extended.

Dissatisfaction with housing in Australia reached an all-time high last year and it is an issue that is expected to dominate a general election due by May.

Ms. O’Neil said in comments televised by the Australian Broadcasting Corp. that the ban would likely free up around 1,800 properties per year for local buyers.

“These initiatives are a small but important part of our already big and broad housing agenda which is focused on boosting supply and helping more people into homes,” the ministers’ statement said.

Housing is the largest contributor to the rising cost of living in Australia and is set to be a key issue at the upcoming election. A recent poll had the center-left Labor government lagging its main conservative political opposition.

The government recently passed housing reforms including a shared equity scheme and tax incentives for developers, to ease cost pressures and achieve a target of building 1.2 million new homes by 2030. — Reuters

Trump: If it saves the country, it’s not illegal

February 16, 2025 | 5:05 pm

WASHINGTON — Echoing France’s Napoleon Bonaparte, US President Donald Trump on Saturday took to social media to signal continued resistance to limits on his executive authority in the face of multiple legal challenges.

“He who saves his Country does not violate any Law,” Mr. Trump, a Republican, proclaimed on his Truth Social network. The White House did not respond to a request for more details.

The phrase, attributed to the French military leader who created the Napoleonic Code of civil law in 1804 before declaring himself emperor, drew immediate criticism from Democrats.

“Spoken like a true dictator,” Senator Adam Schiff of California, a longtime adversary of Mr. Trump, wrote on X.

Mr. Trump, who took office on Jan. 20, has made broad assertions of executive power that appear headed toward US Supreme Court showdowns. Some lawsuits accuse Mr. Trump of usurping the authority of Congress as set out in the US Constitution.

While Mr. Trump said he abides by court rulings, his advisers have attacked judges on social media and called for their impeachment. Vice-President JD Vance wrote on X this week that judges “aren’t allowed to control the executive’s legitimate power.”

Washington lawyer Norm Eisen, who like Mr. Schiff worked on the first of Mr. Trump’s two impeachment trials, said Mr. Trump’s lawyers have repeatedly tried to argue that if the president does it, it’s not illegal.

Napoleon’s saying, he said, excuses illegal acts.

“This is a trial balloon and a provocation,” Mr. Eisen said of Mr. Trump’s message.

Mr. Trump, whose longtime slogan is “Make America Great Again,” attributed his survival of an assassination attempt in July to God’s will.

“Many people have told me that God spared my life for a reason, and that reason was to save our country and to restore America to greatness,” he said after his election victory. — Reuters

Malaysia’s economy ends 2024 on high note amid strong investment, domestic spending

February 16, 2025 | 5:04 pm

Malaysia-buildings skyline — A view of Kuala Lumpur skyline in Malaysia, Feb. 16, 2017. — REUTERS

KUALA LUMPUR — Malaysia’s economy grew faster than expected in the fourth quarter of 2024 amid strong domestic demand and a recovery in exports, the central bank said on Friday, as it expects investment activities and household spending to drive growth this year.

Bank Negara Malaysia said the 5% year-on-year growth in gross domestic product during October-December was driven by domestic demand, strong investment activity, and sustained household spending.

But it cautioned that the outlook remains subject to risks, including an economic slowdown in major trading partners amid heightening expectations of global trade and investment restrictions, as well as lower-than-expected commodity production.

The fourth-quarter reading was above both an official advance estimate and analysts’ forecast in a Reuters poll of a 4.8% expansion, but softer than the 5.4% expansion in the previous quarter.

On a quarter-on-quarter seasonally adjusted basis, the economy contracted 1.1%, compared to a revised 1.9% rise in the third quarter.

“Growth was weighed down by contraction in the commodities sector following lower oil palm output as well as the continued decline in oil production,” the central bank said in a statement.

Full-year growth in 2024 was 5.1%, in line with an advance estimate and the government’s forecast range of 4.8% to 5.3%, and compared to 3.6% in 2023.

The government and central bank have forecast the economy will grow between 4.5% and 5.5% in 2025.

Central bank Governor Abdul Rasheed Ghaffour said economic growth this year will be driven by “robust expansion in investment activity, resilient household spending and expansion in exports.”

Annual headline inflation moderated to 1.8% in the fourth quarter of 2024 from 1.9% in the third quarter, while full-year inflation eased to 1.8% from 2.5% in 2023.

Inflation is expected to remain manageable in 2025 amid easing global cost conditions and the absence of excessive domestic demand pressures, the central bank said, though it cautioned that government policies would contribute to upward pressure on prices.

Last year, the government cut costly blanket subsidies for diesel, electricity, and chicken, among others, and plans to extend the policy to a widely used transport fuel in the middle of 2025.

Capital Economics said growth will ease slightly this year due to tighter fiscal policy and a moderation in investment, adding the government’s plan to further cut subsidies would weigh on consumer spending.

“We think Gross Domestic Product growth will ease to 4.8% this year, from 5.1% last year. But with inflation set to rise on the back of subsidy cuts, we think the central bank will keep interest rates unchanged for the foreseeable future” economist Shivaan Tandon said in a note.

The central bank held its key interest rate unchanged at 3.00% last month, where it has been since May 2023, citing strong economic growth and steady inflation, while warning of potential currency volatility.

The ringgit is expected to remain influenced by external factors, the central bank said, but Malaysia’s positive economic prospects and policies will provide support in the medium-term. — Reuters

Argentina’s opposition threatens impeachment trial after Milei touts crypto coin

February 16, 2025 | 5:03 pm

Javier Milei--reuters — ARGENTINE president-elect Javier Milei addresses supporters after winning Argentina’s runoff presidential election, in Buenos Aires, Argentina, Nov. 19, 2023. — REUTERS

BUENOS AIRES — Argentine President Javier Milei could face an impeachment trial in Congress, opposition lawmakers said on Saturday, after the libertarian leader touted a cryptocurrency which crashed soon after.

Mr. Milei late on Friday posted on X recommending the little-known crypto coin $LIBRE, which soon after shot up to nearly $5 apiece.

Just hours later, the cryptocurrency plummeted to under $1.

Argentina’s fintech chamber acknowledged that the case could potentially be a “rug pull,” in which the developers of a crypto token draw legitimate investments, pumping up the value, only to later dump their stake.

“This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president,” said lawmaker Leandro Santoro, a member of the opposition coalition.

Mr. Milei deleted the post on X, with local media saying the post had been up for a few hours on Friday night. He later said he took down his post after becoming aware of the circumstances, and that he had no relation to the cryptocurrency.

“I was not aware of the details of the project and once I found out, I decided to not continue giving it publicity,” he said. — Reuters

China accuses Australia of deliberate provocation in South China Sea

February 14, 2025 | 7:13 pm

west-philippine-sea-south china — PHILEMBASSY.NO

BEIJING – China accused Australia on Friday of deliberately provoking it with a maritime patrol in the disputed South China Sea this week, saying the latter was spreading “false narratives”, though Australia maintained its action adhered to international law.

The incident, in which Australia’s defense minister said a Chinese PLA J-16 jet released flares within 30 m (100 feet) of an RAAF aircraft, comes amid ties strained by navy and air force interactions that Australia has called dangerous.

Friday’s comments came a day after Australia flagged “unsafe and unprofessional” actions by the jet towards the patrol which it said was on routine surveillance in international waters on Tuesday, an account Beijing disputes.

“Australia deliberately infringed upon China’s rights in the South China Sea and provoked China, yet it was the villain who complained first, spreading false narratives,” said Zhang Xiaogang, a spokesperson for the Chinese defense ministry.

Mr. Zhang accused the Australian military aircraft of ignoring the main routes in the busy waterway, saying it “broke into the homes” of others, and adding that China’s response was reasonable and a legitimate defense of sovereignty.

“We urge Australia to abandon its illusion of speculation and adventure,” Mr. Zhang said.

He urged Australia to restrain its frontline naval and air forces, instead of “stirring up trouble” in the South China Sea to the detriment of others and itself.

Before the Chinese comments, Australia’s Prime Minister Anthony Albanese told reporters, “We regard this action as unsafe. We’ve made that clear.”

Defense Minister Richard Marles said the Australian aircraft was in international airspace, adding, “There was no way that the pilot of the Chinese J16 could have been able to control where the flares then go.”

The Australian military’s exercise of freedom of navigation in the South China Sea comes with increasing risk, Mr. Marles said.

“We do it in accordance with international law,” he told the Australian Broadcasting Corporation in an earlier interview on Friday.

“We’re not the only country that does it. But it is really important that we are asserting the rules of the road, as it were.”

The Philippine foreign ministry expressed concern over the incident, citing “unsafe maneuvers” by the Chinese aircraft.

“All countries are expected to respect freedom of navigation and overflight in and above international sea lines of communication, such as the South China Sea,” it said in a statement.

China claims vast swathes of the South China Sea, despite overlapping claims by Brunei, Indonesia, Malaysia, the Philippines and Vietnam.

China rejects a 2016 ruling by the Permanent Court of Arbitration in the Hague that its sweeping claims were not supported by international law. – Reuters

Price growth of building materials in Metro Manila slows in January

February 14, 2025 | 5:36 pm

Infra-Construction Workers-JR-4 — Workers were seen at a construction site in Manila. — PHILIPPINE STAR/EDD GUMBAN

Price growth of construction materials in the National Capital Region (NCR) eased in January amid lower interest rates and a weaker peso, the Philippine Statistics Authority (PSA) reported on Friday.

According to preliminary data, the January construction materials retail price index (CMRPI) slowed to 1.2% in January, from 1.5% recorded in December and 1.4% reported in the same month last year.

Growth in the CMRPI in the National Capital Region (NCR) was the weakest in five months or since the 1.1% in August 2024.

“A weaker peso has made imported construction materials cheaper,” Cid L. Terosa, senior economist at the University of Asia and the Pacific, said in an e-mail interview.

The peso ended at P58.365 against the dollar in January, weakening from P57.845 at end-December 2024.

Mr. Terosa also said that lower interest rates have restrained the cost of production of construction materials.

Last year, the Bangko Sentral ng Pilipinas brought a total of 75 basis points in rate cuts since the beginning of its easing cycle in August, bringing the key rate to 5.75%.

“Lower demand for construction materials due to relatively fewer construction activities amidst the glut in residential and office buildings and units has contributed to slower price increases in prices across most construction materials,” Mr. Terosa said.

The PSA also said that the main factor behind NCR’s slower annual CMRPI increase was the deceleration in the heavily weighted tinsmithry materials index, which rose by 1.6% in January, down from 2.6% in December 2024.

Tinsmithry materials form the largest commodity group in the index, accounting for 21.76% of the CMRPI.

Other commodity groups also reported slower price growths, such as electrical materials (1.8% from 1.9%), painting materials and related compounds (2.2% from 2.6%), plumbing materials (0.8% from 1%), and miscellaneous construction materials (0.6% from 0.8%).

Only carpentry materials saw price increase at 1%, from 0.8% last month.

In a separate report by the PSA, the construction materials wholesale price index (CMWPI) cooled to a record 0.1%, lower than 0.2% in December and 1.5% in January last year.

The CMRPI is based on 2012 constant prices, while the CMWPI is based on 2018 constant prices.

Of the 20 categories, four commodities saw accelerated price growths, six saw easing growth, four were unchanged, and six commodities posted price declines.

The PSA attributed the slower annual CMWPI growth primarily to prices in reinforcing steel and PVC pipes, which declined by 0.3% (from 1.2%) and 0.1% (from 0.9%), respectively.

Other categories where rates went down were hardware (0.1% from 0.7%), G.I. sheet (0.3% from 0.4%), structural steel (-0.9% from -0.5%), metal products (0% from 0.1%), electrical works (0.3% from 0.4%), plumbing fixtures and accessories or waterworks (0.7% from 1.2%), painting works (1.1% from 1.2%), and fuels and lubricants (-3.4% from -1.2%).

The indices for concrete products, glass and glass products, asphalt, and machinery and equipment rental did not change.

Mr. Terosa said that US President Donald J. Trump’s trade policies and trade wars between major exporters of construction materials are key factors to consider in the coming months.

Since taking office in January, Mr. Trump has imposed tariffs on Chinese imports while putting on hold the duties on products from Mexico and Canada.

He is also mulling on slapping “reciprocal tariffs” on every country taxing US imports, stoking fears of wider global trade war, Reuters reported.

“If the downward trend in prices across most construction materials will continue despite the tense global trade environment, construction activity and real estate development in the NCR will benefit.” — Pierce Oel A. Montalvo

China opposes US missile deployed by Philippines

February 14, 2025 | 5:29 pm

typhon-missile-system-in-the-phillipines — US ARMY PACIFIC

HONG KONG – China has urged the Philippines to withdraw the United States’ “Typhon” intermediate range missile, the defense ministry said on Friday, accusing the Southeast Asian nation of breaking its “promises” by introducing the missile system.

The system is part of a U.S. drive to amass a variety of anti-ship weapons in Asia. The weapon drew sharp criticism from China when first deployed in April 2024 during a training exercise.

The Philippines was not “only giving up its own security and national defense to others, but also introducing the risks of geopolitical confrontation and arms race into the region,” said Zhang Xiaogang, a spokesman for the Chinese defense ministry.

The missile system is a “strategic offensive weapon” and the Philippine side had “repeatedly broken its promises and catered to the U.S. side in introducing this system,” he added.

The comments came as Jonathan Malaya, a spokesperson for the Philippines National Security Council, told a press conference the Typhon missile was only meant for defense, and that the Philippines had never promised to withdraw the Typhon missile.

The Philippines “adheres to its pacifist constitution which renounces war as an instrument of national policy,” Mr. Malaya said.

The Philippines embassy and the U.S. embassy in Beijing did not immediately respond to requests for comment.

The U.S. military moved its Typhon launchers – which can fire multipurpose missiles distances of up to thousands of kilometers – from Laoag airfield in the Philippines to another site on the island of Luzon, Reuters reported in January.

The Tomahawk cruise missiles in the launchers can hit targets in both China and Russia from the Philippines, while the SM-6 missiles it also carries can strike air or sea targets more than 200 km (165 miles) away. – Reuters

Approved foreign investments drop to P544B in 2024

February 14, 2025 | 4:26 pm

PHL Flags — Philippine flags line the road in the City of Dasmariñas in Cavite, June 2, 2023. — PHILIPPINE STAR/EDD GUMBAN

By Abigail Marie P. Yraola, Deputy Research Head

Approved foreign investments in the Philippines fell by 38.9% last year to P543.62 billion, the steepest decline in four years, the Philippine Statistics Authority reported on Thursday.

Preliminary data from the PSA showed the value of foreign commitments approved by the country’s investment promotion agencies (IPAs) in 2024 was lower than the P889.24 billion in 2023.

The annual fall in foreign investments was the lowest since the 71.3% drop recorded in 2020.

In the three months to December, pledges reached P57.70 billion, down 85.4% from P394.46 billion in the same period in 2023.

This was the steepest decline in over 26 years or since the 94.5% slump in the third quarter of 1998. By value, it was the lowest since the P27.46 billion in the third quarter of 2023.

“Global uncertainty due to geopolitical tensions is the primary reason for the large drop in foreign investments for the quarter,” Oikonomia Advisory & Research, Inc. economist Reinielle Matt Erece said in an e-mail.

He added that US President Donald J. Trump’s campaign and eventual win alongside his policies which includes tariff increases, strict immigration regulations, and other trade reforms made investors hesitant to invest outside their home countries.

“Foreign investors are hesitant as they hold on to their capital, re-analyze global risk factors, and is on a ‘wait and-see’ mode on the ongoing developments of the global economy,” Mr. Erece said.

Additionally, he said that the latest approved foreign investments data affected the country’s growth trajectory and while unemployment remains relatively low and stable, economic sentiment is negatively affected by growth print which will carry on towards this year.

“Investors will now be concerned of a slow growth in consumption, and adding global uncertainty to the mix, will make them even more hesitant to invest in the country,” he said.

The Philippine economy expanded by 5.2% in the fourth quarter of 2024, the slowest pace in six quarters or since the 4.3% in the second quarter of 2023.

This brought the country’s gross domestic product (GDP) at 5.6% in 2024, below the revised 6-6.5% government target.

On the other hand, unemployment in the country slowed to 3.1% in December which brought the full year average to an all-time low of 3.8%. This is equivalent to 1.94 million jobless Filipinos.

The December figure was the lowest since April 2005, when the statistics agency revised its definition of unemployed to Filipinos aged 15 years and older without a job, available for work and actively seeking one.

For the fourth quarter, investment commitments were approved by five IPAs — Board of Investments (BOI), BOI-Bangsamoro Autonomous Region in Muslim Mindanao (BOI-BARMM), Clark Development Corp. (CDC), Philippine Economic Zone Authority (PEZA), and Subic Bay Metropolitan Authority (SBMA).

Switzerland was the top source of investment pledges for 2024 after committing P289.06 billion, or 53.2% of the total. It was followed by South Korea’s P100.34 billion (18.5% share) and the Netherlands’ P50.22 billion (9.2% share).

Meanwhile, in the fourth quarter, South Korea had the largest approved investments with P26.16 billion, accounting 45.3% of the total P57.70-billion pledges. This was followed by the Netherlands at P9.19 billion (15.9% share) and Japan with commitments worth P4.11 billion (7.1% share)

The BoI contributed the largest bulk with 70.7% of foreign investment pledges worth P384.44 billion last year.

In the last three months of 2024, BoI had the largest commitments worth P28.10 billion followed by PEZA with P15.44 billion.

SBMA and CDC approved P13.64 billion and P445.10 million worth of pledges, respectively. BoI-BARMM approved P86.66 million worth of commitments.

During the period, the Authority of the Freeport Area of Bataan, Bases Conversion and Development Authority, Cagayan Economic Zone Authority, Clark International Airport Corp., Poro Point Management Corp., John Hay Management Corporation, Tourism Infrastructure and Enterprise Zone Authority, and Zamboanga City Special Economic Zone Authority did not approve any investment pledges during the period.

In 2024, about 62.8% or P341.50 billion of the total approved foreign investments will go to the energy sector.

Meanwhile, in the October to December period, the manufacturing sector cornered the largest approved foreign investments with P30.55 billion, about 52.9% of the total pledges during the period.

Additionally, around 20.6% or P11.87 billion of the approved foreign investments will go into the transportation and storage industry, while 13.3% or P7.68 billion worth of pledges will be invested in the energy industry.

During the period, 34.5% of these foreign investment commitments worth P19.92 billion will be for projects in Central Luzon.

Meanwhile, Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) cornered P13.51 woth of investment commitments while Metro Manila will get P12.86 billion.

In 2024, Calabarzon cornered around P195.67 billion worth of these investment pledges.

Should these foreign commitments materialize, these projects are expected to generate 39,284 jobs, 20.3% higher than the 23,726 projected jobs a year earlier.

Mr. Erece said that in terms of job generation, it is still too early to predict a slowdown but it is important for policymakers to take steps to prevent this slowdown and attract more investments to stimulate job growth and accelerate economic expansion.

“Some of the measures that policymakers can do is to implement more accommodative monetary policy, such as a timely rate cut,” Mr. Erece said.

While this may eventually cause the Philippine peso to depreciate especially against the US dollar, he added that the “economy is much more reliant on domestic consumption and spending so doing a rate cut will improve market sentiment and encourage spending from both businesses and consumers in the country.”

At its first policy meeting last Thursday, the Bangko Sentral ng Pilipinas (BSP) decided to keep it rates steady at 5.75%.

The central bank trimmed rates by a total of 75 basis points last year.

In the fourth quarter, total investment commitments from foreign and Filipino nationals fell by 36.1% to P373.70 billion, lower than P585.17 billion in the same period in 2023. Investment pledges by Filipinos reached P316 billion in the last quarter, accounting for 84.6% of the total.

Mr. Erece sees rising tensions on global trade, and a pause in rate cuts by the BSP, due to slow growth expected in 2025 and “cannot be optimistic for a growth in investments this quarter.”

However, he said that being an economy largely driven by domestic consumers and businesses provides a significant advantage in this uncertain global landscape.

“Stimulating consumption through fiscal spending and accommodative monetary policy can improve business sentiment, thereby inviting more foreign investments in the country,” he said.

The PSA data on foreign investment commitments, which may materialize shortly, differ from actual foreign direct investments tracked by the BSP. The central bank’s monitoring goes beyond the projects and includes other items such as reinvested earnings and lending to Philippine units via their debt instruments.