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PAGASA issues storm surge warning

PHILIPPINE STAR/MIGUEL DE GUZMAN

BAGUIO CITY — State-run weather bureau Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) issued on Thursday morning a storm surge warning for coastal areas in Cagayan and Isabela provinces as Typhoon Crising approaches.

PAGASA urged residents to take precautions, warning a storm surge of one to two meters is possible.

Affected areas in Cagayan include Abulug, Aparri, Baggao, Ballesteros, Buguey, Calayan, Claveria, Gattaran, Gonzaga, Lal-lo, Pamplona, Peñablanca, Sanchez-Mira, Sta. Ana, and Sta. Teresita. In Isabela, Dinapigue, Divilacan, Maconacon, and Palanan.

PAGASA urges the public to avoid shorelines and cancel all sea activities due to potential danger. The agency also advises continuous monitoring of advisories for possible expanded warnings. — Artemio A. Dumlao

Taal spews 2.5-km plume of smoke

TAAL VOLCANO emitted a plume of dark smoke on Thursday, Phivolcs reported. — PHILVOCS-DOST OFFICIAL FACEBOOK PAGE

RESTIVE TAAL volcano emitted a plume of dark smoke on Thursday, the Philippine Institute of Volcanology and Seismology (Phivolcs) reported.

Manila’s seismology agency said that a steam emission from the Taal Volcano in Batangas province happened after magma came into contact with water within its main crater, according to a post on its official Facebook page.

There were three “eruptive activities” each lasting four to six minutes based on visual and seismic monitoring, it added.

“The events were preceded by a strong tremor and produced a plume that rose 2,400 meters above the MCL (main crater lake) before drifting southeast,” Phivolcs said. Taal, located about 70 kilometers (km) south of Manila, is one of the world’s smallest active volcanoes, but some of its previous eruptions had affected the capital and air travel.

The Philippines is along the so-called Pacific Ring of Fire, a belt of volcanoes around the Pacific Ocean, putting it at risk of volcanic eruptions and earthquakes. It also lies directly on the path of the northwestern Pacific’s typhoon belt, experiencing about 20 storms per year.

Authorities have kept Taal Volcano under Alert Level 1 since 2022. It maintained the status despite recent steam emissions triggered by what the seismology agency described as a “minor phreatomagmatic activity.”

In its Thursday bulletin, Phivolcs warned that hazards such as sudden volcanic explosions, earthquakes and the accumulation or release of lethal volcanic gas remain a threat around Taal Volcano. — Kenneth Christiane L. Basilio

PSEi sinks to 6,200 range as tariff concerns linger

BW FILE PHOTO

PHILIPPINE SHARES declined further on Thursday, with the main index retreating to the 6,200 level, due to lingering uncertainties caused by the United States’ shifting trade policies.

The benchmark Philippine Stock Exchange index (PSEi) dropped by 0.66% or 41.93 points to close at 6,295.55, while the broader all shares index went down by 0.67% or 25.11 points to 3,723.14.

This was the PSEi’s worst close in more than three weeks or since it finished at 6,292.75 on June 24.

“The local market extended its decline as uncertainties over the US’ tariff policies continued to weigh on investors’ sentiment,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

“The peso’s further depreciation also contributed to the market’s drop,” he added.

US President Donald J. Trump said on Wednesday that a trade deal might soon be reached with India, which faces a 26% tariff. He added that letters will be soon sent to dozens of smaller countries, informing them that their goods would have a tariff rate of over 10%.

Meanwhile, the peso dropped for a fourth straight day on Thursday, closing at P57.29, down by 20.5 centavos from Wednesday’s close. This was a new three-week low for the local unit as this was its weakest close since it ended at P57.58 on June 23.

“Philippine shares continued to tumble as concerns surfaced from a rumor regarding a potential Federal Reserve leadership change,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan added in a Viber message.

Mr. Trump said on Wednesday he is not planning to fire Federal Reserve Chair Jerome H. Powell, but he kept the door open to the possibility and renewed his criticism of the central bank chief for not lowering interest rates, Reuters reported.

A Bloomberg report earlier Wednesday saying that Mr. Trump was likely to fire Mr. Powell soon sparked a drop in stocks and the dollar, and a rise in Treasury yields.

All sectoral indices closed lower on Thursday. Mining and oil went down by 2.34% or 220.76 points to 9,175.61; holding firms retreated by 1.41% or 77.50 points to 5,417.43; industrials sank by 0.77% or 70.26 points to 9,023.2; financials fell by 0.72% or 15.99 points to 2,179.63; property dropped by 0.61% or 14.53 points to 2,364.26; and services decreased by 0.58% or 12.61 points to 2,137.14.

“Converge ICT Solutions, Inc. was the day’s index leader, climbing 4.32% to P18.84. Bloomberry Resorts Corp. remained as the worst index performer, dropping 5.62% to P4.03,” Mr. Tantiangco said.

Value turnover dropped to P7.33 billion on Thursday with 2.41 billion shares traded from the P20.78 billion with 3.43 billion shares exchanged on Wednesday.

Decliners outnumbered advancers, 112 versus 75, while 56 names were unchanged.

Net foreign selling declined to P24.38 million on Thursday from P3.47 billion on Wednesday. — Revin Mikhael D. Ochave with Reuters

PSA: PHL population now 112 million

PHILIPPINE STAR/WALTER BOLLOZOS

THE COUNTRY’S total population grew to 112.73 million in 2024, higher than the 109.04 million recorded in 2020, Census of Population data showed.

Latest data from the Philippine Statistics Authority (PSA) showed that these represented a population growth of 0.8% between 2020 and 2024, decelerating from the 1.63% rate in 2015-2020.

“The slowdown of growth of the population seems to reflect the global trend of declining birth rates. This may be driven by economic pressures that discourage the formation of families with children,” Reinielle Matt M. Erece, an economist at Oikonomia Advisory & Research, Inc., said in an e-mail.

How population growth compared across regions in 2024

He added that the relatively expensive and inefficient healthcare system has impacted mortality rates, especially after the pandemic and several local outbreaks of some diseases.

The Bangsamoro Autonomous Region of Muslim Mindanao (BARMM) grew at the fastest pace among regions with 3.43% to 5.69 million from the 4.94 million in 2020.

Other regions that outpaced the national average were Central Luzon (1.08%), Calabarzon (1.07%), and Metro Manila (0.91%).

Meanwhile, the slowest average increases in population were posted by Mimaropa (0.13%), Cordillera Administrative Region (0.15%), and Ilocos Region (0.19%).

Broken down by region, Calabarzon had the largest population by 2024, growing to 16.93 million from 2020’s 16.2 million.

Following this were the National Capital Region (NCR) at 14 million (from 13.48 million), and Central Luzon at 12.99 million (from 12.42 million).

In absolute terms, BARMM gained the most to its population by 746,783 in 2024. Other significant rises were seen by Calabarzon (738,192), Central Luzon (566,902), and NCR (517,289) within the period.

The Bicol Region saw the only population contraction, shrinking by 0.07% or 17,739 to 6.06 million from 6.08 million previously.

At the provincial level, Cavite was the most populous with 4.57 million. This was followed by Bulacan (3.88 million), Laguna (3.69 million), Rizal (3.42 million), and Pangasinan (3.19 million).

The least populated were Batanes (18,937), Camiguin (94,892), Siquijor (107,642), Dinagat Islands (120,533), and Apayao (126,583).

Among highly urbanized cities, Quezon City had the largest number of people by 2024 with 3.08 million. It was followed by the City of Manila with 1.9 million, and the City of Davao with 1.85 million people.

Within Metro Manila, the highest growth rate was seen by Mandaluyong at 2.18% to 465,902. This was followed by the cities of Taguig (1.61% to 1.31 million) and San Juan (1.61% to 134,312).

The laggards among NCR localities were the cities of Valenzuela (0.34% to 725,173), Las Piñas (0.36% to 615,549), and Muntinlupa (0.39% to 555,225).

Mr. Erece said that declining birth rates may be a persistent trend not just in the country but globally as well, primarily due to increasing living costs.

“Supporting job generation, upskilling and improving productivity and overall quality of life for citizens are all necessary to promote formation of families,” he added.

The latest figures reflect the total number of persons living in the 18 administrative regions of the country, including Filipinos in Philippine embassies, consulates, and missions abroad, as of 12:01 a.m. on July 1, 2024. — Matthew Miguel L. Castillo

GSIS signs deal with Dragonpay

GSIS FACEBOOK PAGE

THE GOVERNMENT Service Insurance System (GSIS) has signed a memorandum of agreement (MoA) with payment solutions provider Dragonpay to expand digital payment channels for the state pension fund’s members.

“What we have just signed is proof of GSIS’ commitment to provide ease of doing business for our members and pensioners,” GSIS President and General Manager Jose Arnulfo “Wick” A. Veloso said in a statement on Thursday.

Signed on July 16, Dragonpay will add to GSIS’ roster of payment partners including Bayad Center, MLhuillier, Maya, UnionBank of the Philippines, and Land Bank of the Philippines.

Under the agreement, Dragonpay will provide electronic payment channels for the collection of GSIS loan repayments, accessible through the GSIS Touch app and designated GSIS information booths during the launch.

GSIS and Dragonpay will also integrate their systems, including the establishment of technical specifications, reporting protocols, and regular testing to ensure accountability.

“Dragonpay is required to submit daily reports and proof of transactions, which GSIS will verify against settlement records,” GSIS said.

“Both parties have committed to fully comply with the Data Privacy Act of 2012, and relevant regulations of the Bangko Sentral ng Pilipinas and the Commission on Audit. Robust security protocols will be enforced to protect the confidentiality and integrity of all personal and financial data.”

The state pension fund said any convenience fees will be shouldered by the payors, based strictly on agreed terms, with all charges to be disclosed at the point of transaction.

“At GSIS, we are always finding new ways to use technology to serve our members better. This partnership with Dragonpay is another milestone toward faster, more convenient, and more secure service for everyone we serve,” Mr. Veloso said. — Aaron Michael C. Sy

Nov. 7 declared working holiday

PRESIDENT FERDINAND R. MARCOS, JR. — PCO.GOV.PH

PRESIDENT Ferdinand R. Marcos, Jr., signed Republic Act No. 12228 on July 9, declaring every Nov. 7 a special national working holiday in honor of the establishment of the Philippines’ first mosque and the arrival of Islam in the country.

The day, now called Sheikh Karim’ul Makhdum Day, will commemorate the establishment of the Philippines’ first mosque and the introduction of Islam in the country.

The first mosque was built in Tawi-Tawi following the arrival of Shariff Karim’ul Makhdum, an Arab missionary who played a pivotal role in spreading Islam in the region.

“It is the policy of the State to instill inclusivity for all regardless of religious beliefs, in line with the constitutional right to freely exercise and enjoy their religion,” the law stated.

“Moreover, it is the State’s policy to provide due recognition to the indispensable contributions of Muslim Filipinos in the development of Philippine culture and civilization.” — Chloe Mari A. Hufana

Floating drugs found in Batanes waters

BAGUIO CITY — A local resident found a kilo of crystal meth, or shabu, in Sabtang, Batanes, the Philippine Drug Enforcement Agency (PDEA) said.

The 46-year-old male residing in Barangay Chavayan reportedly found the illicit drugs packed inside a transparent plastic bag labeled “66,” which was further enclosed in an open gold and black aluminum bag marked “freeso dried durien.”

PDEA said the recovery on July 13 was reported to authorities, prompting the Batanes Provincial Police Office (BPPO), PDEA RO2 Batanes Provincial Office, Sabtang Police Station, Philippine Coast Guard, and the Provincial Intelligence Unit to head to the area where the shabu was formally turned in the next day.

The shabu is now with the PDEA Batanes Provincial Office and will undergo laboratory analysis. — Artemio A. Dumlao

Maharlika taps Ausenco for Makilala feasibility update

MAKILALAMINING.COM

MAHARLIKA Investment Corp. (MIC) said it engaged Australian engineering firm Ausenco to update the feasibility study and front-end engineering design (FEED) for a copper-gold project with Makilala Mining Co., Inc.

In a statement, MIC Chief Executive Officer Rafael D. Consing, Jr. said Ausenco will lead the technical groundwork for the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in Kalinga province.

Maharlika had announced that it signed a binding term sheet that will provide a $76.4-million bridge loan facility to Makilala to fund the early-stage development of the copper-gold project.

“This includes tendering of work packages and long-lead equipment procurement,” Mr. Consing said.

The feasibility study update and FEED program are expected to be completed by the end of 2025, according to Celsius Resources Ltd, Makilala’s parent.

Celsius is listed on both the Australian Securities Exchange and the London Stock Exchange.

These preparatory activities will lead to the development of the project, with main construction starting in 2026 and production in 2027.

“In this program, Ausenco will finalize the process for plant design, including crushing, grinding, flotation, copper concentrate production and handling,” Maharlika said.

“As part of this, additional metallurgical test work will be conducted to support the design and optimization of the process plant flow sheet,” it added.

Ausenco is expected to provide an estimate for new project costs and project valuation for the MCB Project, it said.

Mr. Consing has said Maharlika is planning to acquire a stake in Makilala, with the deal expected to close in the second half of 2025. — Aubrey Rose A. Inosante

CMEPA tax rules not applicable to SSS, GSIS, Pag-IBIG savings — DoF

FINANCE SECRETARY RALPH G. RECTO — PHOTO FROM DEPARTMENT OF FINANCE FACEBOOK PAGE

THE Department of Finance (DoF) said government-backed savings schemes are exempt from the tax provisions of the new Capital Markets Efficiency Promotion Act (CMEPA).

“The unified rate does not apply to provident savings programs under the Social Security System (SSS), Government Service Insurance System (GSIS), and Pag-IBIG (such as MP2). These savings programs remain exempt from tax,” the DoF said in a statement on Thursday.

The DoF was responding to a backlash against CMEPA, amid claims that its tax provisions apply to funds held in government savings schemes, which it called “fake news.”

“The standardized tax rate is not retroactive and does not apply to financial instruments that were issued or transacted prior to July 1, 2025. Therefore, existing long-term deposits made prior to the effectivity of the law will continue to enjoy the preferential rate until their maturity,” it added. 

CMEPA, which sets a flat 20% tax rate on interest income, is not a new levy but rather “corrects an unfair system that favored the wealthy,” it said.

The DoF also noted that before the law was signed, the National Internal Revenue Code of 1997 had imposed a 20% final tax on interest earned from bank deposits with a maturity of less than three years.

The rate for deposits with maturities of between four years and under five years was 5%, and those with maturities of between three years and under 4 years had been 12%.

“This special tax treatment favored depositors who can afford to park their savings in long-term deposits, making the tax system unfair for short-term depositors who face liquidity issues and need immediate access to their funds,” it said.

Citing the Bangko Sentral ng Pilipinas, the DoF said more than 99.6% of total deposits are already subject to the 20% tax rate, with only 0.4% enjoying preferential rates.

President Ferdinand R. Marcos, Jr. signed CMEPA into law on May 29. — Aubrey Rose A. Inosante

Taiheiyo Batangas cement facility seen operational by Q2 2026

TAIHEIYO-CEMENT.COM.PH

TAIHEIYO CEMENT Philippines, Inc.’s (TCPI) distribution terminal in Batangas is on track to begin operations by the second quarter next year, the Department of Trade and Industry (DTI) said.

With an estimated cost of P3.72 billion, TCPI’s Luzon Distribution Terminal in Calaca, Batangas, is part of the Japanese group’s P21 billion in planned Philippine investments.

“The DTI welcomed the long-term investment, which is poised to meet growing demand for high-quality cement throughout Luzon,” the DTI said in a statement on Thursday.

“The new terminal will also facilitate the wider distribution of blended cement, an environmentally conscious product that helps reduce carbon emissions by using recycled materials like fly ash and slag,” it added.

According to the DTI, the project will raise its production capacity to 4 million tons per year and generate 26,000 jobs.

“Taiheiyo’s contributions go beyond production, as this project exemplifies the type of investment that Bagong Pilipinas champions: one that creates jobs, drives innovation, and supports our sustainability goals,” Trade Secretary Ma. Cristina A. Roque said.

TCPI is a subsidiary of Taiheiyo Cement Corp. which holds a 40% domestic market share in Japan and employs around 13,000 globally.

TCPI is headquartered in Cebu.

Dita Angara-Mathay, special trade representative and commercial counselor of the DTI field office in Tokyo, said the TCPI project supports the Philippines’ ongoing infrastructure goals.

“As infrastructure continues to be a pillar of national growth, industry leaders like Taiheiyo will be at the forefront of helping us meet both  current and future demand,” she added. — Justine Irish D. Tabile

Safeguard duty on imports of HDPE pellets, granules frozen

JGSOC.COM

THE Department of Trade and Industry (DTI) said it suspended the safeguard duty on imports of high-density polyethylene (HDPE) pellets and granules in response to industry clamor as well as the indefinite shutdown of the Philippines’ sole HDPE producer.

In Department Administrative Order (DAO) No. 25-08, the DTI said that it is suspending the definitive general safeguard measure on imports of products under ASEAN Harmonized Tariff Nomenclature 2017 Code 3901.20.00 from various countries.

JG Summit Holdings, Inc. announced on Jan. 30 the indefinite commercial shutdown of its petrochemical business, JG Summit Olefins Corp. (JGSOC), due to “unfavorable global market conditions.”

The DTI added that the Philippine Plastics Industry Association, Inc. has requested the suspension of the safeguard duty on imported HDPE in a letter to DTI on Feb. 14.

“The request is being made in light of JGSOC’s indefinite commercial shutdown and in order to stabilize the local supply of plastic resins,” the DTI said.

On March 14, JGSOC confirmed its indefinite commercial shutdown in a reply to the DTI and noted that it will continue selling HDPE products from its existing inventory until the third quarter.

In May, JG Summit said JGSOC will remain shut down for at least two years “due to ongoing challenges in the global market.”

“In view thereof, and in order to avert any supply disruption of HDPE products, the DTI hereby orders the suspension of the imposition of the definitive general safeguard measure on importations of HDPE from various countries,” it said.

“The suspension shall be effective for the remaining period of the imposition or until such time that JGSOC resumes its normal operations, whichever comes earlier,” it added.

According to the DTI, the suspension of the safeguard duty will take effect upon the issuance of an order and circular by the Bureau of Customs (BoC).

The DTI issued DAO No. 22-13 on Sept. 30, 2022, which imposed a definitive general safeguard measure on imports of HDPE pellets and granules.

On Jan. 20, 2023, the BoC issued a Customs Memorandum Order which implemented the DTI DAO 22-13 for three years. — Justine Irish D. Tabile

PCIC rolls out parametric insurance scheme

THE Philippine Crop Insurance Corp. (PCIC) said on Thursday that it will roll out a parametric insurance program to facilitate the settlement of claims by rice farmers affected by weather disruptions.

The program will tap remote sensing technology to automatically trigger payouts based on measurable conditions — such as wind velocity during typhoons — rather than relying on field inspections, PCIC President Jovy Bernabe said in a statement.

Parametric insurance schemes pay out pre-determined amounts when a condition, or trigger event, is met.

“This innovation will usher in a faster and more objective claims settlement system that not only protects farmers during climate-related calamities but also strengthens the resilience and sustainability of our agricultural sector for years to come,” she said.

Under the new system, the PCIC will tap satellite imagery to verify crop conditions after planting. Weather data on typhoon paths and wind intensity are then used to determine affected areas.

Using pre-established damage and indemnity factors, the system computes compensation within three to five days once a typhoon exits.

Parametric insurance complements, rather than replaces, traditional indemnity-based systems, the PCIC noted.

“This hybrid approach enhances transparency, reduces delays, and offers a more efficient disaster response framework,” it said.

A pilot test of the parametric insurance product is now being readied for the 2025 wet season cropping. — Kyle Aristophere T. Atienza

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