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Marcos postpones budget signing amid backlash

President Ferdinand R. Marcos, Jr. reviews the proposed 2025 national budget with his economic managers in this photo provided by the Presidential Communications Office. — COURTESY OF PRESIDENTIAL COMMUNICATIONS OFFICE

By Kyle Aristophere T. Atienza, Reporter

PRESIDENT Ferdinand R. Marcos, Jr. has postponed the signing of the proposed 2025 national budget that was originally scheduled for Dec. 20, according to his office.

The postponement was announced just as workers’ groups staged a protest near Malacañang against what they called as the “most corrupt” spending plan in Philippine history.

Executive Secretary Lucas P. Bersamin said in a statement on Wednesday that the delay in the signing would “allow more time for a rigorous and exhaustive review of a measure that will determine the course of the nation for the next year.”

“While we cannot yet announce the date of the signing, we can now confirm that certain items and provisions of the national budget bill will be vetoed in the interest of public welfare, to conform with the fiscal program, and in compliance with laws,” he added.

Mr. Marcos held a meeting on Wednesday afternoon with his economic managers to ensure next year’s budget is aligned with key development priorities, according to the Presidential Communications Office.

Present during the meeting were Finance Secretary Ralph G. Recto, Budget Secretary Amenah F. Pangandaman, Public Works Secretary Manuel M. Bonoan, and National Economic and Development Authority Secretary Arsenio M. Balisacan. No other details were available.

Mr. Marcos on Monday said he’s not keen on issuing a line-item veto, which is allowed by the 1987 Constitution in bills related to appropriations or tariffs.

Major issues hounding the P6.35-trillion national budget for next year are the cut in the Department of Education’s (DepEd) budget and the removal of state subsidy for the Philippine Health Insurance Corp. (PhilHealth), the key agency in implementing the Universal Health Care program.

In the bicameral conference committee report ratified by Congress, the funding for DepEd and its agencies was cut by P11.15 billion, while PhilHealth will not receive its P74-billion government subsidy amid concerns on its failure to use its reserves in the past years.

DepEd, in particular, was denied its proposed P10-billion funding for its computerization program for 2025 due to its failure to spend previous budgets for a similar program as early as 2022.

It reported an obligation rate of 41.9% as of August, ranking 11th among government agencies in terms of budget utilization. Still, the rate is still higher than that of Congress, which had the lowest obligation rate at 8.8% but has received a P16.35-billion increase in the bicam’s version.

Anthony C. Leachon, a health reform advocate who had worked with the Department of Health (DoH) in the first year of the Marcos administration, said the President had likely “felt the mounting pressure from the civil society, business sector and other stakeholders and the public interest is paramount.”

“What’s the legacy of (Mr. Marcos) as a president if he would turn a blind eye,” he said. “I believe he has been misguided by lawmakers who wanted to shift the formal funding for PhilHealth for pork barrel.”

Some economists have discussed in public fora the implications of removing the subsidy for PhilHealth, which they said had assets lower than its liabilities.

“(Mr. Marcos) stands at a crossroads and his decision on this budget will define his character and presidency,” Mr. Leachon said. “He should veto the 2025 GAA (General Appropriations Act) and prioritize the health and dignity of the Filipino people.”

Senator Mary Grace Natividad S. Poe-Llamanzares, who was part of the bicam, said the President’s decision to postpone the budget signing is “a sign of a healthy democracy.”

“We have to support the checks and balances of our budgetary process,” she said in a Viber message. “I believe his economic managers are giving the President the best advice possible given the situation.”

Speaking to reporters on Monday, Mr. Marcos said PhilHealth has “sufficient funds to carry on” despite the removal of state subsidy.

‘USELESS’
Public finance expert Zyza Nadine Suzara said the President should restore the funding for all the development programs that were cut from the budgets of DepEd, Department of Social Welfare and Development (DSWD), DoH, and the Commission on Higher Educations, among “many others.”

“But the way to do that is not through an ‘assessment’ with department heads or a presidential veto. Neither an assessment nor a direct veto will cure the grave mistakes of the bicam,” she said in an X message.

“This process will not restore the slashed funds from the various major departments, and most especially, the line items that were struck down,” she added.

The DPWH’s allocation in the Congress-approved budget rose by P288 billion from the initial proposed P1.1-trillion funding.

As the agency responsible for most of the government’s flagship infrastructure projects became a net gainer, agencies responsible for key social services faced massive cuts.

The budget of DSWD declined by P95 billion from its initial proposed P217.3-billion funding, while that of DoH fell by P25.7 billion from P247 billion.

Ms. Suzara said the President can only cure the budget by returning the ratified budget to the bicam and asking them to “reconvene so that they can swiftly remedy the most corrupt and anti-poor budget we have ever had.”

“They should prioritize the needs of taxpayers and not their personal political ambitions.”

Enrico P. Villanueva, who teaches money at the University of the Philippines Los Baños, said the massive budget increase for DPWH is highly questionable as only 11 or 6% of the 186 flagship infrastructure projects of the government are expected to be ongoing by 2025 and only 51 of them are to be funded by the GAA.

Eighty-six out of the 186 flagship projects are funded by official development assistance, while 43 of them are under the private-public partnership scheme, he added.

“Legislators cited the low budget utilization rate of DepEd and PhilHealth as basis for reducing their budget, but these same legislators also castigated DPWH for its low budget utilization rate at 58% in 2023 and ineffective flood control projects,” Mr. Villanueva pointed out.

Meanwhile, the Nagkaisa Labor Coalition, which held an indignation protest near Malacañang on Wednesday, dubbed the proposed 2025 national budget as the “most corrupt” spending plan in the country’s record, citing the diversion of funds to patronage-driven programs such as the Ayuda sa Kapos ang Kita program and the Medical Assistance for Indigent and Financially Incapacitated Patients program.

Lawmakers, which are mandated by the 1987 Constitution to legislate laws, have been present in the distribution of these cash-aid programs.

Nagkaisa Chair and Federation of Free Workers President Jose Sonny Matula said the government is “using workers’ own contributions against them while leaving them burnt to a crisp.”

“Perceptions by the general public that basic services are being taken away from citizens would lead to an increase in public protests, so it is important the President is aware of the needs of the populace,” said Ateneo School of Government Dean Philip Arnold “Randy” P. Tuaño.

Absolut Vodka & SPRITE Ready-To-Drink Alcoholic Cocktail makes its exciting debut in the Philippines

No plan? No problem, as Absolut Vodka & SPRITE transforms the Philippines pulling off for the ultimate, unplanned hangout — celebrating the arrival of the new alcoholic ready-to-drink (ARTD) cocktail in the country: Absolut Vodka & SPRITE.

Highlighting that the pre-mixed alcoholic cocktail is the perfectly planned mix for life’s greatest unplanned moments, Absolut Vodka & SPRITE is set to instigate spontaneous hangouts with friends, without the need for wristbands, dress code, or formal invitation this season.

Bringing together two iconic brands that have grown to have a global footprint, the new pre-mixed alcoholic cocktail is made with the perfect mix of Absolut Vodka’s full-bodied, smooth character with the highly refreshing lemon and lime flavor of SPRITE. Truly, the perfect blend of premium quality and refreshing taste has arrived.

Mark Dee, Senior Director of Frontline Marketing at the Coca-Cola Company for ASP East Region, shares, “In today’s world where planning dominates, Absolut Vodka & SPRITE encourages people to relish life’s unplanned moments. We’re thrilled to bring the ‘Planned for the Unplanned’ campaign to life, offering our adult consumers a unique and interactive experience. We hope that our consumers across the Philippines will be inspired to embrace the unexpected and spark spontaneous gatherings with friends throughout the season and beyond.”

This innovative new beverage brings together the smooth sophistication of Absolut Vodka with the refreshing crisp, lemon-lime zest of SPRITE. Conveniently pre-mixed and packaged in a sleek 320mL can with a 7% ABV, it is designed for those spontaneous moments and social gatherings, ensuring you’re always ready to enjoy a perfectly balanced alcoholic cocktail.

Debasree Dasgupta, VP Global Marketing, Absolut Vodka added, “We’re delighted to see the next iteration of the Absolut Vodka & SPRITE journey, with the launch of this campaign platform. Absolut Vodka has always been the key player for the perfect mix in any social occasion, so inviting consumers to try Absolute Vodka & SPRITE while enjoying their spontaneous unplanned hangouts with friends couldn’t be truer to our brand.”

Discover the Perfect Mix

The Absolut Vodka & SPRITE Ready-To-Drink Alcoholic Cocktail is available in select stores in Metro Manila and will soon roll out to other areas nationwide. Clear responsibility symbols on the cans indicate that the drink is to be enjoyed only by consumers of legal purchasing age. Both The Coca-Cola Company and Pernod Ricard are committed to adhering to responsible marketing practices.

Whether planning a gathering or embracing an unplanned moment, the Absolut Vodka & SPRITE Ready-To-Drink Alcoholic Cocktail offers the perfect blend of premium taste and convenience for only PHP 55 SRP at supermarkets and PHP 65 SRP at convenience stores. It is also available at the official Coca-Cola Flagship Store on Lazada: https://s.lazada.com.ph/a.jbn.

To know more about our responsible marketing practices, and what’s the latest on Absolut Vodka & SPRITE, follow us on Facebook, Instagram, or visit www.coca-cola.com/ph. Always drink responsibly.

 


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Aviation growth expected in 2025 despite challenges — analysts

THE global air industry is still slated for profitability next year despite persisting supply chain issues, according to the International Air Transport Association. — PHILIPPINE STAR/ WALTER BOLLOZOS

By Ashley Erika O. Jose, Reporter

THE PHILIPPINE AVIATION industry is poised for growth in 2025, driven by the maintenance, repair, and overhaul (MRO) sector and increasing travel demand, despite ongoing global supply chain issues, according to analysts.

“Cost and supply chain issues may still persist in 2025, but there will definitely be reasonable growth in profitability worldwide,” Nigel Paul C. Villarete, senior adviser on public-private partnerships at the technical advisory group Libra Konsult, Inc. and former chief executive officer of Mactan-Cebu International Airport Authority, said in a Viber message to BusinessWorld.

The country’s aviation industry has a bright outlook, Mr. Villarete said, adding that the country’s air sector will be driven by promising gross domestic product forecasts and the country’s emerging attractiveness as a maintenance, repair, and overhaul choice for regional airlines.

The Development Budget Coordination Committee trimmed the economic growth target for this year to a range of 6-6.5% but widened the target band to 6-8% for 2025 until 2028.

He said both the Mactan-Cebu International Airport and the Clark International Airport have adequate MRO capabilities to further develop their capacities.

“This is a subsector worth looking forward to,” he said.

While global supply chain issues will continue to hamper growth in 2025, there is still room for growth, Mr. Villarete said.

According to a report by the International Air Transport Association (IATA) dated Dec. 10, the global air industry is still slated for profitability next year despite persisting supply chain issues.

“Overall financial performance is expected to improve in 2025 on the back of lower jet fuel prices and efficiency gains. Further increases are being held back by forced capacity discipline resulting from unresolved supply chain issues,” IATA said.

Global supply chain constraints have disrupted operations of airlines, such as shortages of parts, labor, and new planes, especially as airline companies are on the path to recovery from the pandemic.

PROFITABILITY OF LOCAL AIRLINES
“Philippine airline companies are positioned at a critical juncture in 2025. Their profitability will likely depend on several factors: recovering travel demand, fuel price stability, government regulations, and competitive dynamics in the Southeast Asian market,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a Viber message.

For the nine months ended September, both listed local airlines posted lower income and gross revenues for the period.

Earlier, market watchers said that listed airline companies are expected to deliver mixed results for 2024, mainly due to the anticipated recovery in the sector but possibly outweighed by the volatility of the airline industry.

Mr. Arce said recent trends suggested cautious optimism due to strong economic growth and rising tourism in the Philippines.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that airline companies’ profitability would highly depend on the further recovery and growth of passenger and cargo volume.

“[This comes after] as foreign tourism numbers move closer to pre-pandemic levels,” Mr. Ricafort said.

For the January-to-September period, air passenger volumes at the Ninoy Aquino International Airport (NAIA) exceeded those of the equivalent period in the last pre-pandemic year, mainly driven by growth in domestic travel, according to the Manila International Airport Authority (MIAA).

The MIAA reported that air passenger volume totaled 37.38 million for the nine months, up 10.7% and 4.2% higher than the total recorded in the first nine months of 2019.

For the first nine months, MIAA reported 17.29 million international passengers, of which 8.9 million were departing passengers and 8.39 million arriving. Domestic travelers for the period amounted to 20.09 million, MIAA said.

For December, the Civil Aeronautics Board has kept the passenger and cargo fuel surcharge for domestic and international flights at Level 4, the third time it remained at this level this year.

Rino E. Abad, director of the Oil Industry Management Bureau at the Department of Energy, said fuel movement, including aviation fuel, will always remain volatile and would be hard to predict.

However, key factors such as the expected extension of oil cuts by the Organization of the Petroleum Exporting Countries and their allies, including Russia (OPEC+), will likely affect demand, thereby increasing fuel prices.

“So supposedly by December, OPEC+ will increase the supply. But they are delaying it, so if they start increasing the supply, then we will be confident that the market will see lower prices,” Mr. Rino said in a phone interview.

Meanwhile, Jayniel Carl S. Manuel, an equity trader at Seedbox Securities, Inc., said Cebu Pacific and Philippine Airlines are set to experience growth in 2025.

He said the resurgence of global travel demand will undeniably contribute to this growth.

“There’s a palpable eagerness among people to travel again, especially during peak seasons like the summer vacation months. This pent-up demand is expected to translate into higher passenger volumes for airlines,” Mr. Manuel said in a message.

For the third quarter, both listed airlines saw their third-quarter attributable net income decline.

Cebu Air, Inc., the operator of Cebu Pacific, incurred an attributable net loss of P173.19 million from an attributable net income of P1.28 billion in the same period last year as higher expenses put pressure on the company’s profit for the period.

PAL Holdings, Inc. saw its third-quarter attributable net income plunge to P789.79 million, more than fivefold lower than last year’s P4.28 billion due to lower passenger revenue during the period.

Fundamentally, both Cebu Pacific and Philippine Airlines have taken strategic steps to strengthen their market positions, she said, noting that, for instance, Cebu Pacific has been aggressively expanding its fleet and route network.

In October, Cebu Pacific finalized its landmark deal of 152 aircraft from Airbus SE valued at a total of P1.4 trillion ($24 billion), making it the biggest aircraft order in Philippine history.

“Philippine Airlines, on the other hand, has undergone restructuring efforts to optimize operations and reduce debt, positioning itself for sustainable growth,” he said.

“Recent developments also bolster this optimistic scenario. The government has announced investments in tourism infrastructure, aiming to enhance airport facilities and connectivity to key destinations,” Mr. Manuel said.

Ayala Corp. secures €50 million from European lender

FROM LEFT, Wing Bayoneta, product management & development lead, ING Philippines; Lenin Dueñas, head of corporate sector coverage and financial institutions, ING Philippines; Jun Palanca, country manager and head of wholesale banking, ING Philippines; Albert de Larrazabal, chief finance officer, Ayala Corp.; and Estelito Biacora, treasurer, Ayala Corp., during the signing ceremony.

LISTED conglomerate Ayala Corp. has secured a social loan worth €50 million (P3.1 billion) from European bank ING Group to support its subsidiary Ayala Healthcare Holdings, Inc.’s (AC Health) portfolio growth.

“As a global bank with deep expertise in sustainable finance, we are proud to play a crucial role in enabling Ayala to address pressing challenges in the healthcare sector,” ING Philippines Country Manager Jun Palanca said.

“This social loan marks an important milestone for ING and our partnership with Ayala Corp. ING’s commitment to sustainability goes beyond financing; it is about empowering businesses to drive meaningful, long-term impact,” he added.

The €50-million social loan is the first Euro-denominated social loan that ING has structured for a Philippine conglomerate.

The social loan is structured in adherence to the latest Social Loan Principles published by the Loan Market Association, Asia Pacific Loan Market Association, and the Loan Syndications & Trading Association, paving the way for other foreign banks, including European banking institutions, to come in and participate in financing the growth of sustainable projects in the Philippines.

“This social loan from ING will enable us not only to build and scale our AC Health portfolio, but it will also enable us to serve more Filipinos by providing them access to quality and affordable healthcare,” Ayala Corp. Chief Finance Officer Alberto M. de Larrazabal said.

Ayala Corp. recorded a 5% increase in its nine-month net income to P34 billion.

Core net income rose by 19% to P36.7 billion, led by its core units Bank of the Philippine Islands, Ayala Land, Inc., Globe Telecom, Inc., and AC Energy and Infrastructure Corp.

At the local bourse on Wednesday, shares dropped by 0.33% to close at P2 each. — Sheldeen Joy Talavera

7 energy projects cleared for system impact study

A man inspects solar panels in this file photo. — PHILIPPINE STAR/EDD GUMBAN

THE Department of Energy (DoE) endorsed seven energy projects in November to undergo a system impact study (SIS) with the National Grid Corp. of the Philippines.

“In November 2024, the DoE issued seven SIS endorsements, which are composed of one amendment and six new applications,” the department said in a document posted on its website.

Such studies are conducted to determine the adequacy and capability of the grid to accommodate the new connection.

The power projects have a combined potential capacity of more than 800 megawatts (MW).

The department issued SIS endorsements for five solar power projects, one wind power project, and one biomass project.

For solar power, those endorsed for SIS are Embrace Nature Power1 Corp.’s 180-megawatt-peak (MWp) Agrovoltaic Solar Power Project and 192 megawatt-hour battery energy storage system; Fortune Renewable Energy Corp.’s 120-MWp Fortune Lal-lo Solar Energy Power Project; and Zamboanguita Solar Power Corp.’s 60.012-MWp Zamboanguita Solar Power Project.

The list also includes Upgrade Energy Philippines, Inc.’s 47-MWp Pontevedra Solar Power Project and Enfinity Philippines Renewable Resources Third, Inc.’s 11.22-MWp Butuan City 1 Solar Power Project.

The DoE also endorsed CleanTech Global Renewables, Inc.’s 187.20-MW Tayabas South Wind Energy Project and Pilipinas Renewable Energy Corp.’s 15-MW Panay Biomass Power Project in Iloilo.

This year, the department has issued 179 SIS endorsements, including 174 for renewable energy projects and five for energy storage systems. — Sheldeen Joy Talavera

President Marcos sustains aid for farmers and fisherfolks

PBBM delivers cash aid to Mindoro and Cavite typhoon victims

President Ferdinand R. Marcos, Jr., on Nov. 14, 2024, distributed P46.14 million in financial assistance to farmers, fisherfolk, and families affected by Severe Tropical Storm Kristine and Super-Typhoon Leon in Oriental Mindoro. In his speech, President Marcos emphasized the resilience of Filipinos through their cooperative endeavors and unwavering unity in facing hardships and challenges brought by any calamity.

Meanwhile, the President also delivered a total of P42.33 million in financial assistance to 4,233 farmers and fisherfolk in Cavite affected by Severe Tropical Storm Kristine and Super-Typhoon Leon.

 


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Blueleaf in talks with Chinese firms for floating solar projects

PROPOSED DESIGN for NKS Solar One, a 250-MW floating solar project situated in Caliraya and Lumot lakes in Laguna. — PHILSTAR FILE PHOTO

RENEWABLE ENERGY company Blueleaf Energy Philippines is eyeing to tap two Chinese firms for the construction of its 250-megawatt (MW) floating solar project in Lake Caliraya and Lake Lumot in Laguna.

The company is in talks with Xian Electric Engineering Co. Ltd. and China Energy Engineering Corp. for its engineering, procurement, and construction contract, Blueleaf Energy Senior Manager Pradeep Gopalakrishnan told reporters late Tuesday.

“We are in talks with others, but we are almost finalizing these two here,” he said.

Blueleaf is aiming to build a 250-MW floating solar project in Caliraya and Lumot Lakes in Laguna with NKS Energy Utilities, Inc.

The construction of the floating solar project consists of two phases.

Phase 1 involves the 162-MW Caliraya floating solar project, while Phase 2 focuses on the 88-MW Lumot floating solar project.

Xian Electric will be in charge of the substation and transmission, while Energy China will work on the panels for the floating solar project.

The NKS Solar One project is targeted for construction by the first quarter of 2025 and is scheduled to come online by the second quarter of 2026.

Blueleaf Energy is also developing a 1,300-MW floating solar facility in Laguna Lake with solar energy company SunAsia Energy, Inc.

The BlueSolar project is scheduled for construction and operations by 2025 and 2026, respectively. It will span the towns of Cabuyao, Sta. Rosa, Calamba, Victoria, and Bay.

The company is estimating a project cost of P15 billion for NKS Solar One and P66 billion for BlueSolar.

Blueleaf Energy is a portfolio company of Australia-based Macquarie Capital “operating on a stand-alone basis.” It specializes in onshore renewable energy business that develops and operates utility-scale solar projects. — Sheldeen Joy Talavera

GenAI will help streamline firms’ tax, finance functions

FREEPIK

MAJORITY of chief financial officers (CFOs) and tax leaders in Southeast Asia (SEA) are only in the early stages of adopting generative artificial intelligence (GenAI) to streamline their workflows, according to a survey by professional services firm SGV & Co.

The latest EY Tax and Finance Obligations survey showed that 92% of Southeast Asian CFOs and tax leaders said their organizations are only beginning to adopt GenAI, higher than the global average of 75%, SGV said.

This, even as 82% of the respondents in the region said they believe GenAI will drive “increased efficiency and effectiveness” in tax and finance functions, up from 14% in 2023.

The 2024 survey covered 1,600 CFOs and tax professionals across 32 jurisdictions and 18 industries, including 66 in Southeast Asia, with respondents coming from Indonesia, Malaysia and Singapore.

The report said that “tax and finance functions will need to transform to contend with growing cost pressures, a talent deficit and compliance with new tax regulations.”

“Technology, including GenAI, is revolutionizing the tax and finance function by helping to manage complex reporting tasks and large amounts of data. It helps to empower tax professionals to adopt a transformative mindset, allowing them to be more efficient, focus on more strategic tasks, and make better and quicker decisions. This will help them unlock value for their organizations,” EY Asean Tax and Finance Operate Leader Elaine Yeo said in a statement.

“For tax and finance professionals in SEA, they need to consider future-proofing the tax function by developing a plan to deploy GenAI responsibly and with confidence. This plan should consider allocating financial resources efficiently to the tax function. Effective change management strategies should be implemented to guide the embedding of technology into tax processes. By doing so, organizations in SEA can strive to stay ahead of the curve, and be well-positioned to navigate in the modern and complex world of digital tax administration,” Ms. Yeo said.

The survey showed that cost was the top concern for respondents as cost-cutting and inflation are eroding tax and finance functions’ budgets. Some 40% of respondents in Southeast Asia said effectively managing budgets is their top priority and 80% are looking to cut costs.

“The survey further highlights that tax functions face an increasing urgency to manage more complex and data-heavy tax responsibilities. This includes real-time digital tax filings and e-invoicing that is soon to be required in nearly 100 countries,” SGV said. “These obligations also include complying with the adoption of recommendations by the OECD (Organisation for Economic Co-operation and Development), such as Pillar Two of the base erosion and profit shifting project (BEPS 2.0), which urges countries to set global minimum tax of at least 15% for large corporations.”

The sector is also dealing with talent shortage, as 77% of tax and finance leaders in Southeast Asia said they are feeling the impact of fewer accountants entering the profession while their seniors retire.

“More than half (SEA 55%, global 53%) say they are struggling to retain and attract qualified people. The survey further reports that 64% of SEA respondents (global 62%) believe that employees without a university degree are an increasingly important source of talent.”

Still, 56% of respondents in Southeast Asia said they believe that GenAI will not lead to a reduction in the tax function workforce, as firms will instead reallocate employees’ time to “more strategic, high-value activities and away from routine compliance tasks,” SGV said.

“The talent gap has reached crisis proportions. Employees are being called on to do more with less, but businesses also want tax professionals to spend twice as much time on strategic tasks than they do on routine work. To facilitate this, many businesses are looking to co-sourcing as a solution, particularly with budget constraints and the need to invest in technology and GenAI,” Ms. Yeo said.

“Generative AI is poised to significantly impact the tax and finance functions in the Philippines, helping to streamline processes and enhance compliance with evolving tax regulations. As businesses in the Philippines navigate the complexities of digital tax administration, BEPS, and global minimum tax requirements, the adoption of GenAI will be crucial in addressing talent shortages and improving operational efficiency,” SGV Tax Partner Frances Rose J. Villamayor said. — B.M.D. Cruz

Unilever plans to boost local manufacturing, supply chain

REUTERS

UNILEVER PLC is eyeing to expand its local manufacturing and supply chain capabilities in the Philippines, the consumer goods company said on Wednesday.

“Unilever is further developing its local manufacturing capabilities and supply chain strategies to meet the needs of its significant Filipino market,” the company said in a statement.

The company said that more than 90% of the products being sold in the market to date are locally manufactured through its factories in Pasig City, Cavite, and Laguna.

Unilever’s brands include Rexona, Sunsilk, Selecta, Breeze, and Knorr, among others.

“Supply chain is the operational backbone of Unilever. We live in a world where consumers increasingly want faster, customized, and personalized products,” Unilever Philippines Chairman and Chief Executive Officer Fredy S. Ong said.

“We must always have a reliable stock of high-quality products and a supply chain that will deliver superior products and services at an excellent value,” he added.

It added that products made in the Philippines are also being shipped to overseas markets like the United States, Africa, Australia, the Middle East, and other Southeast Asian countries.

Unilever said that production capacity for its products has increased by 60% after the operationalization of its Beauty & Wellbeing and Personal Care factory in late 2023.

“Unilever has been in the Philippines for almost a century, and we’re optimistic about the next hundred years,” Mr. Ong said.

“By empowering our operations, harnessing advanced technologies, and investing in our people, we position ourselves at the forefront of innovation. This ensures that consumers, both locally and globally, have seamless access to the high-quality products and services they rely on,” he added. — Adrian H. Halili

22 Prime names new head chef

22 PRIME’S USDA Ribeye steak — EDG ADRIAN A. EVA

HAILED as Metro Manila’s top steakhouse by popular travel site TripAdvisor and renowned for its mastery of US Prime Angus Steaks, 22 Prime ushers in a new chapter with the appointment of Albee Jay T. Dedal as its new executive chef. With over 18 years of culinary experience both locally and internationally, Mr. Dedal aims to bring innovation and passion to Discovery Suites Manila’s flagship restaurant.

Mr. Dedal’s decorated career perfectly complements 22 Prime’s multi-awarded reputation. His accolades include gold medals from culinary competitions across Asia, such as the FHAM — Food and Hospitality Asia Maldives (Hot Cooking Seafood category) and the Hotel Asia Exhibition & International Culinary Challenge (Team Challenge category), both awarded in 2014.

“It’s all about passion, it’s about what you like, it’s about what you love. Achievement will come if your passion is there,” Mr. Dedal said in an interview during an introductory dinner, emphasizing that his accomplishments are like a garnish to a fulfilling career, with his true achievements reflected in the inspiration he provides to future cooks.

Mr. Dedal told BusinessWorld that his vision for 22 Prime promises an elevated and diverse menu while staying true to the classic 22 Prime high-quality steak experience.

“The concept of the menu is focused more on prime cuts, but there are also a variety of options. We are concentrating on meat, of course, but the variety is much wider. We offer Australian and American prime cuts, and we will also be introducing Japanese Wagyu. We categorize these into three main categories,” Mr. Dedal said.

The new 22 Prime menu, set to debut on March 1, will also feature a selection of premier global seafood options, including lobster, seabass, and Alaskan King crab.

A DINING EXPERIENCE WITH THE ORTIGAS SKYLINE
On Dec. 11, guests and members of the press enjoyed 22 Prime’s exclusive steak dining experience on the 22nd floor of Discovery Suites. The Ortigas skyline provided a stunning visual backdrop to the delectable feast, expertly arranged by Mr. Dedal.

The dinner started with a refreshing mixed green salad, drizzled with a light honey mustard dressing. For those who enjoy a touch of sweetness in their greens, this option offers just the right balance, with a subtle hint of mustard.

This was followed by a velvety cream of capsicum soup, where the natural flavors of the capsicum subtly lingering beneath the soup’s creamy richness.

At the heart of the dining experience was the USDA Ribeye steak, perfectly cooked to medium-rare. Its tenderness allowed the knife to glide effortlessly, delivering rich, flavors enhanced by a touch of sea salt and freshly ground pepper — a classic pairing that beautifully highlighted the steak’s natural flavor.

As a perfect complement to the main dish, the steak is served with a choice of two side dishes: a rich and creamy Truffle Mac and Cheese and sautéed broccoli.

The feast concluded with a rich chocolate cake topped with smooth chocolate ice cream and a delicate meringue crisp. Its deep, velvety flavors and elegant presentation evoke the warmth and elegance of Mocha Mousse, Pantone’s color of the year for 2025 — a perfect balance of taste and visual appeal.

As the evening came to a close, Mr. Dedal shared his heartfelt gratitude, expressing his joy on seeing guests savor his creations and the stories and laughter shared over each plate. Despite running on just four to five hours of sleep each night, he and his team remain committed to refining their craft daily — further solidifying 22 Prime as one of the top dining destinations in town. — Edg Adrian A. Eva

Bottomline of bottomlines

FREEPIK

In all likelihood, few of us will be able to recall the first time we set eyes on a belen (a tableau of the Nativity) as kids. I do remember the cutout belen my parents always put up every December at the center of our home, the more elaborate dioramas we would design and assemble as students in university residences, not to mention the animated display that would draw crowds to what was then COD department store at the (then) Araneta Center in Cubao, Quezon City.

It is a scene that has never failed to uplift spirits in a period seasonally marked by snarled traffic, yearend deadlines at the office, and frenetic activity like making a gift list and checking it twice to make sure that no one important is missed.

More than that, this period is also an excellent time to remember that Christianity is not just a set of beliefs and rules to be observed only on Sundays, but is a way of life that ought to guide the way one spends time with spouse and kids; fulfills personal and professional obligations; handles business transactions; deals with superiors, subordinates, and friends; plays sports, etc. Yup, it comes in handy for everything of consequence that one does.

Where was it that I read: that the conflicts and tensions that now wrack almost every corner of the globe could have been prevented/resolved if only those in power were to observe the Decalogue and the Beatitudes? That’s one tall order — one can imagine eyes rolling in sarcasm and skepticism at this point — but then, who can argue against those principles?

Thus, it was instructive in December 2020 to relive a bit of the first Christmas — in uncertainty, isolation, discomfort and without the usual fanfare — as the COVID virus rampaged worldwide.

And so, without forgetting the primary, fundamental message without which the season loses its sense — that God became man in order to satisfy divine mercy and justice (which are not contradictory) and so open the gates of heaven to all – let’s look at what we heads of families and professionals can take away from the nativity scene.

Let me cite just a few.

The first is the central role family plays in life, for in the final analysis, even when one loses his/her job or business, one will always have family as the fortress to which he/she can retreat in order to fight another day.

Hence, it is but logical to do what one can to strengthen that core of any society: not only by avoiding giving in to anger, irritation, or frustration after one comes home at the end of a hectic day, but by being on the lookout for the slightest opportunity to serve individuals in the family (in much the same way that one would think little of going the extra mile to attend to anything of great value).

The family is also the primary (though not the only) venue where one serves society. As the “saint of the gutters” — St. Teresa of Calcutta — said: “If you want to change the world, go home and love your family.”

It has never ceased to amaze me that the two greatest saints of the Catholic Church did not belong to royalty nor to any social, professional, or intellectual elite, but were an impoverished, simple couple who spent the first Christmas as refugees fleeing from a threat to their life (a story played out in the tens of millions in almost every continent to this day).

Secondly, each member of the family in that manger offers practical tips for dealing with the opportunities and challenges that an ordinary day brings us:

• From the Child (who was “a sign of contradiction” — from the crib as a refugee from persecution, to his 30s, and right to the end when even His closest friends deserted Him), we learn that doing the right thing is never about winning a popularity contest, that going with the crowd does not necessarily mean we are in the right (hence, there ought to be a stable source of one’s convictions), as well as dogged, single-minded determination to achieve any good objective (“He resolutely determined to journey to Jerusalem” where He was to die for all).

• From His mother, we learn to always be alert for opportunities to serve others wherever we find ourselves (she noticed that the wine had run out even before the newlyweds and the steward of the feast at Cana were alerted to a brewing catastrophe), to serve discreetly and without fanfare, to be habitually introspective (she “kept all these things, reflecting on them in her heart”), and to be courageous against all odds (she stood at the foot of the cross after almost everyone else had run away).

• From his foster father, we learn the value of silent, hard work (he was known as “the carpenter” by the community, reflecting widespread respect for the quality of his products) and of being “a good and a just man” (he displayed dignity when he decided to separate from Mary privately when he thought she had been unfaithful, rather than expose her to public scorn and certain execution).

Third is the example given by the three wise men (from Parthia and/or some other empire east of the Roman Empire’s borders in what is now West Asia, according to scholars) when it comes to being committed to a worthwhile objective. Such commitment is operationalized in the details, i.e., careful planning for an arduous, perilous trip that could have taken weeks or even months, and flexibility in the face of fluid situations (warned of Herod’s intent to kill the Child, they took another way back to their own country).

The apostolic letter, “Admirabile Signum” (“A Wonderful Sign”), which Pope Francis issued in December 2019 — practically on the eve of the pandemic — also said that “[t]he magi teach us that people can come to Christ [and, as a corollary, any good] by a very long route,” hence, the need for patience and perseverance in the face of obstacles when working for anything worthwhile.

THE USE OF WEALTH
Finally, “Admirabile Signum” also reminded readers of the value of poverty and the role of wealth.

Poverty, far from the negative connotation it has for many folks, is actually a virtue, since it puts personal possessions in proper context and frees owners from crippling dependence on them.

The manger, the papal letter said, “asks us to meet Him and serve Him by showing mercy to those of our brothers and sisters in greatest need.

“The presence of the poor and the lowly in the nativity scene reminds us that God became man for the sake of those who feel most in need of His love and who ask Him to draw near to them. Jesus… was born in poverty and led a simple life in order to teach us to recognize what is essential and to act accordingly. The nativity scene clearly teaches that we cannot let ourselves be fooled by wealth and fleeting promises of happiness.”

The Compendium of the Social Doctrine of the Church says that “wealth exists to be shared.” Specifically, this doctrine provides that:

• “Goods, even when legitimately owned, always have a universal destination,” and, thus, “any type of improper accumulation is immoral, because it openly contradicts the universal destination assigned to all goods by the Creator.”

• “Wealth is a good that comes from God and is to be used by its owner and made to circulate so that even the needy may enjoy it. Evil is seen in the immoderate attachment to riches and the desire to hoard [by the way, he who has ears to hear — especially when it comes to strategic farm products like rice — let him hear].”

• “Those who work in the economic sphere and who possess goods [ought] to consider themselves administrators of the goods that God has entrusted to them,” and “[t]he rich man… is only an administrator of what he possesses; giving what is required to the needy is a task that is to be performed with humility because the goods do not belong to the one who distributes them. He who retains riches only for himself is not innocent; giving to those in need means paying a debt.”

At this point, one need not be overwhelmed by the enormous task of poverty alleviation (here we speak of how “poverty” is more commonly understood: as a social ill of people not having enough to make ends meet) in our country. These principles are best applied to all those in need in one’s immediate surroundings (starting with time spent with family members in need rather than binge-watching your favorite shows or movies on streaming services), radiating further out in society according to one’s capacity.

To end: hopefully, more of us will no longer look at the belen the same old, tired way.

By this time, most organizations will have completed their plans for 2025. But even the best-laid plans constitute just the first step. Much depends on quality of execution, and that in turn depends on the quality of those implementing plans.

Take it from the humble belen, which most of us have taken for granted for so long: Catholic teachings offer solid principles to guide responses to society’s needs across time.

 

Wilfredo G. Reyes was editor-in-chief of BusinessWorld from 2020 through 2023.

Epson to ramp up sustainability investments to become carbon negative

PIXABAY

EPSON plans to invest 100 billion yen ($700 million) in sustainability efforts over the next decade to eliminate underground resources and become carbon negative by 2050.

“Epson will focus its management resources on developing solutions that help customers minimize their environmental footprint,” the company said in a statement on Monday.

It aims to invest in decarbonization and resource recycling initiatives, developing innovative environmental technologies, and offering products and services that mitigate environmental impacts, it said.

It added that the company is also working towards reducing greenhouse gas emissions in the supply chain by over two million tons.

In 2016, the electronics company began procuring renewable energy despite the high capital investments needed to transition. After six years, Epson transitioned completely to renewable energy and cut 250,000 tons of CO2 emissions.

In its Philippine branch, Epson utilizes local geothermal and hydroelectric sources as its renewable energy source.

“With commercial and industrial sectors responsible for half of global end-use electricity, it is essential for businesses to drive the transition to renewable energy,” the company said. — Almira Louise S. Martinez