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Tailoring protection to every life stage

Photo from rawpixel.com | FREEPIK

Life is inherently unpredictable. Unexpected medical emergencies, sudden income loss, or unforeseen damages can quickly disrupt the stability people worked so hard to build.

Take health emergencies, for instance. According to the Philippine Statistics Authority (PSA), out-of-pocket health expenses accounted for 44.4% of total health expenditures in 2023, which is a heavy financial burden for the average Filipino, especially when medical treatment can easily run into the thousands.

This kind of situation exemplifies how insurance acts as a financial safety net, protecting individuals from unforeseen risks and providing stability during adversity. In turn, health insurance covers a significant portion of medical costs. Instead of depleting their savings or relying on loans, individuals can receive the necessary treatment without the overwhelming expenses.

But insurance is much more than just protection against health-related risks, as policies also help individuals save and plan for future milestones like education, marriage, and retirement.

Despite the low insurance penetration rate in the Philippines, the insurance industry saw substantial growth in the first half of 2024, with net income hitting P28 billion, a 24% increase compared to the previous year.

The same report from the Insurance Commission revealed a 14% increase in insurance density, with average individual spending on insurance rising to P1,907.19 from P1,667.50.

Yet, the surge in spending has not translated into broader coverage for Filipinos. For the majority of Filipinos, insurance is still perceived as a non-essential expense rather than a financial safety net.

Insurance as a safety net

As individuals progress through different phases of life, their insurance needs necessitate a tailored approach to coverage.

In the early stages of adulthood, many are just starting their careers and may not yet have significant financial responsibilities. However, this is the ideal time to lock in life insurance rates while they are still low. According to Investopedia, purchasing life insurance early can save people money in the long run, as premiums typically rise with age and increased health risks.

Marriage often brings shared financial obligations, making insurance even more important. According to Bankrate, married couples should consider life insurance essential for protecting their spouse’s financial future. They have the option of obtaining separate life insurance policies or a joint life insurance policy. Along with life insurance, critical illness insurance can provide additional support if one partner faces a severe health crisis while health insurance helps couples avoid the financial strain of medical bills.

Meanwhile, parents naturally begin to think about their children’s future, and life insurance becomes a tool for ensuring that their educational and upbringing needs are met — should the worst happen. Research shows that parents often feel underinsured, which is why increasing life insurance coverage is critical for them.

Under the Philippine Health Insurance Corp., also known as PhilHealth, solo parents and their children are now entitled to free insurance coverage under the National Health Insurance Program.

By midlife, many are facing peak financial responsibilities: mortgages, college expenses, and retirement planning. Adults in this age group often fail to regularly review their insurance policies, which can result in inadequate coverage when life demands the most. This is the perfect time for people at this age to reassess their needs and consider supplemental plans as healthcare costs rise. Retirement planning also becomes a top priority, with many turning to retirement accounts to secure a stable financial future.

When retirement finally arrives, income often decreases, so annuities can offer a steady income stream during this stage. With age, healthcare needs also increase, making comprehensive health insurance essential for managing medical expenses in retirement. — Mhicole A. Moral

Meralco rates climb in December

HOUSEHOLDS CONSUMING 200 kWh will see their monthly electricity bill go up by P21. — PHILIPPINE STAR/KJ ROSALES

By Sheldeen Joy Talavera, Reporter

TYPICAL households in areas served by Manila Electric Co. (Meralco) will have to tighten their belts this month, as the power distributor has announced an increase in electricity rates.

The overall rate will climb by P0.1048 per kilowatt-hour (kWh) to P11.9617 per kWh in December from P11.8569 in November, Meralco said in a statement on Tuesday.

Households consuming 200 kWh will see their monthly electricity bill go up by P21. Those consuming 300 kWh, 400 kWh, and 500 kWh will have to pay an additional P31, P42, P52, respectively.

“This month’s increase was largely due to higher generation charge, which goes to our power suppliers,” said Joe R. Zaldarriaga, Meralco’s vice-president and head of corporate communications.

Generation charge rose by P0.1839 per kWh brought by the increased costs from the Wholesale Electricity Spot Market (WESM) and power supply agreements (PSAs).

WESM charges climbed by P0.2531 per kWh due to the tighter supply conditions in the Luzon grid as average capacity on outage increased by around 396 megawatts.

Charges from PSAs went up by P0.1050 per kWh due to weakening of the peso, which affected 51% of the costs, and lower average PSA dispatch.

The peso closed at P58.62 a dollar on Nov. 29, weakening by P0.52 from its P58.10 finish on Oct. 31.

Despite the impact of peso depreciation, which affected around 98% of the costs of independent power producers (IPPs), charges declined by P0.0410 per kWh as mitigated by higher IPP dispatch.

WESM, PSAs, and IPPs accounted for 31.4%, 40.2%, and 28.3%, respectively, of the company’s total energy requirement for the period.

On other components, transmission charge dropped by P0.0940 per kWh due to lower ancillary service charges from the reserve market, the avenue to procure power reserves from the WESM.

Taxes and other charges, on the other hand, increased by P0.0149 per kWh.

“Pass-through charges for generation and transmission are paid to the power suppliers and the grid operator, respectively, while taxes, universal charges, and Feed-in Tariff Allowance (FIT-All) are all remitted to the government,” the company said.

Meralco’s distribution charge has remained unchanged at P0.0360 per kWh since August 2022.

RECOVERY FOR RESERVE MARKET SUPPLIERS
At a briefing, Mr. Zaldarriaga said that the company will wait for the order from the Energy Regulatory Commission (ERC) to implement the collection of the remaining amount to be recovered by reserve market suppliers.

“Once we get the order, we will include that in our power bills. Whatever the rates will be, it’s going to be a pass-through charge, and the costs will go to the grid operator, which in turn will be paid to the generators,” he said.

In a statement last week, the ERC announced that it had allowed the collection of the remaining P3.05 billion to be recovered by power generators that supplied the power reserve market in February and March.

The collection of the said amount will be collected starting in the billing period of January next year over a staggered period.

“Hopefully, kahit mayroong additional increase in transmission…bumaba naman ’yung generation charge, sana ma-mitigate ’yung impact (Hopefully, even with the additional increase in transmission, the generation charge will go down, and the impact will be mitigated),” Mr. Zaldarriaga said.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.

PLDT seeks site for second South Luzon data center

EPLDT.COM

PLDT Inc., through its unit ePLDT, Inc., is planning to build its next data center in South Luzon to position VITRO Sta. Rosa as a data center hub and maintain a strong market presence in the data center business, according to the company’s president.

“Hopefully, we can already get another lot to build our next data center. It will be no less than 100 megawatts (MW),” ePLDT President and Chief Executive Officer Victor S. Genuino said during a media briefing on Tuesday.

“That’s how bullish we are on the data center industry,” he added.

This followed the announcement of VITRO Sta. Rosa, the company’s 11th data center, now being live.

In July, the company completed the structure of its 50-MW hyperscale VITRO Sta. Rosa, its largest data center to date.

ePLDT now accounts for at least 60% of the market share in the data center business, Mr. Genuino said, adding that the company is planning to build more to retain its market dominance.

“I think our next data center will have to be in Luzon, the reason for that is it has to be South Luzon because we envision VITRO Sta. Rosa to be the hub. We expect other data centers to be built around it,” he said.

He said the company is negotiating with potential real estate providers for its planned data center site.

Hastings Holdings, Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

What happened to the parol makers of Granada Street?

Edg Adrian A. Eva

IN THE bustling street of Granada in Barangay Valencia, Quezon City (a short stretch connecting Ortigas Ave. and Gilmore St.), vibrant lights brighten the night. These are the lights of the parols, the traditional lanterns that have illuminated the area for generations. Through the years, the area has been known for the small parol stores lining the street during the long Christmas season, displaying an array of colorful handcrafted lanterns made of capiz shells.

However, the colorful parols along Granada could soon become a memory, much like a burnt-out bulb in one of the lanterns. From the bustling days when 10 to 20 vendors lined the street, only two remain today, a local parol vendor said.

Weng, the co-owner of the Sato Laxa store, one of the two remaining parol stores, said that the number of vendors started to dwindle in 2023, after the COVID lockdowns. She explained that their permits were no longer renewed by the barangay.

“Marami talaga dito simula ng lockdown from 2020 to 2022. At pagka-start ng 2023 wala na po sila dito dahil sila binigyan ng permiso [There were really many here from the lockdown starting in 2020 until 2022. But at the start of 2023, they were no longer here because they were not given permission anymore],” Weng — who did not want to give her last name — said in an interview.

Weng told BusinessWorld that she was saddened by the sudden disappearance of the vendors, as Granada has long been known for its iconic parols.

“Hindi naman kami katulad ng iba na sasabihin buti walang ng ganon (competitor). Mas gusto namin na meron kasi para malaman ng madlang people na may mga nagbebenta, dudumugin kami [We’re not like others who would say it’s good that there are no competitors. We actually prefer having competitors because if the general public would know that there are sellers, more people will come to us here],” Weng said.

With the disappearance of many parol vendors, Weng is concerned that their store may face the same fate if permits are not renewed and renovations force them out without a nearby relocation option.

“Wala pa kami sa ganon pero nalulungkot na kami. Next year 2025, na ire-renovate itong lugar na to… Sa makatuwid iilang taon na lang kaming meron dito [We’re not at that point yet, but we are already sad. In 2025, this place will be renovated… We may not have much more time here],” Weng said.

At the nearby Nenstar Lantern store, Yan Galicia, one of its parol makers, told BusinessWorld that permits were not renewed for vendors selling on the bridge that take up part of Gilmore, due to concerns about cleanliness. Vendors who were not operating on the bridge were allowed to stay, while those displaced either relocated to other areas or chose not to return to the business.

For the 37-year-old Nenstar Lantern store, the lack of competitors has turned out to be advantageous.

“Pabor sa amin ’yun kasi noong nandito pa sila, pababaan ng price, mahirap makabenta. So ngayon dalawa na lang kami. Wala ng choice ’yung ibang pupunta kundi bumili na lang dito [It’s favorable for us because when they were still here, it was hard to sell because of price competition. Now that it’s just the two of us, people have no choice but to just buy here],” Ms. Galicia said.

Nenstar Lantern store’s sales are recently stable, and the store is recovering from a slow start earlier in the “’ber” months, which was attributable to the consecutive typhoons that hit the country, according to Michael Galicia, another one of the store’s parol makers.

Just as parols cast a warm glow in the dark, Weng believes there is still a spark of hope for the lantern industry of Granada. She believes the parol industry could brighten if the government establishes a one-stop location, similar to the Tutuban Center in Manila’s Divisoria, where vendors can operate legally.

She continues to pray that they won’t be forced to leave, holding on to the hope of preserving the parol legacy started by her husband and his mother. — Edg Adrian A. Eva

ALI raises P2.8B via placement of AREIT shares

GARDENCOURT RESIDENCES at Arca South by Ayala Land Premier — AYALALANDPREMIER.COM

LISTED property developer Ayala Land, Inc. (ALI) has raised P2.78 billion by selling 75 million shares of AREIT, Inc., its real estate investment trust, at P37 per share.

The sale was made through a placement agreement with BPI Capital Corp., the investment banking arm of Bank of the Philippine Islands, and UBS AG Singapore Branch, a global financial services company.

“The transaction was upsized on the back of strong participation from local long only and international investors, and was multiple times oversubscribed,” ALI said in a disclosure on Tuesday.

The offer shares were sold both inside and outside the United States to qualified institutional buyers, according to the company.

“The offer shares were also offered and sold in the Philippines in transactions that do not require registration under the Philippine Securities Regulation Code (SRC),” it said.

“The sale of the offer shares is exempt from the registration requirements of the SRC, and was not registered with the Philippine Securities and Exchange Commission under the SRC,” the company added.

The company said the proceeds from the block sale will be settled on Dec. 12, subject to the terms and conditions of the placement agreement.

“ALI and its subsidiary will submit the required Reinvestment Plan detailing the use of proceeds obtained from the block sale in due course,” it also said.

At the local bourse on Tuesday, shares in the company closed unchanged at P28.15 apiece. — Ashley Erika O. Jose

Painting with precision and peace

PLAZA DE TOROS (Madrid Series) by Arnold Lalongisip, 30x40 inches, 2024.

Arnold Lalongisip unveils The Madrid Collection

FOR Arnold Lalongisip, his first visit to Madrid earlier this year was a huge opportunity to do something new as a painter.

Known for his poetic distillation of nature in monochrome, he now focused his brush on the symphony of lines, roads, structures, calm waters, and birds in flight that caught his attention in Spain’s capital. At Art Underground, 12 of Mr. Lalongisip’s works have been put together in an exhibit titled The Madrid Collection for guests to peruse and purchase.

In the last exhibit for 2024 at Art Underground, the paintings on display offer glimpses of Madrid’s historic architecture and serene landscapes in black and white.

The trip, which took place in May, culminated in an album of hundreds of photos — but Mr. Lalongisip did not take the photos as any regular tourist would. Choosing certain images that he thought would be interesting to paint, he sets out to combine their elements, be it a bird on the ground at a park or the cobblestone location of a historic site.

“I don’t use just one reference photo,” he told BusinessWorld in an interview. “For example, the birds. I can have five to 10 photos of the same bird from different angles in my tablet. Para maaralan ko kung paano atakihin ang light at shadows niya (So that I can study how to paint its light and shadows),” he explained.

“Even the boats. I study the different kinds of boats there and choose which one to use. The one I ended up using is made of an acrylic material.”

Mr. Lalongisip removes the people in the photos, his paintings instead depicting the various places as calm venues for reflection, populated only by the occasional bird.

Precision is key for this artist, whose distinctive viewpoint shines even without color. He experiments with form and texture through every stroke and gradient, exploring the interplay of shadow and light to highlight the grandeur of landmarks like Plaza Mayor and the spires of Madrid’s cathedrals.

His Plaza de Toros, for example, seems straightforward until one leans in and sees every line forming the meticulous details on the walls, windows, and gates, the eyes also drawn to the three birds in flight up in the sky. His Monumento Alfonso paintings bring out different aspects of the structure, the one with a boat on calm water reflecting the trees around proving to be the most serene of the grandiose series.

“I’m very simple, very practical. I like it when you can just stare at a painting and focus on the different elements in it,” said Mr. Lalongisip. “Parang ganoon pakiramdam ko noong ginagawa ko (That’s how I feel while making them).”

“I like to think that’s also how people feel when they see my works.”

The Madrid Collection is on view at Art Underground, 180 Mabini St., San Juan City, until Dec. 23. — Brontë H. Lacsamana

SM Prime board approves up to P10-B share buyback plan

PHILSTAR FILE PHOTO

SM PRIME Holdings, Inc.’s board has approved a share buyback program worth between P5 billion and P10 billion, the property developer said on Tuesday.

“The final terms and implementation of the program have been delegated to management,” the company said in a stock exchange disclosure.

A share buyback is when a company repurchases its own shares from the stock market, returning cash to shareholders.

Asked for additional details, SM Prime said the share buyback was approved because its stock is “currently undervalued.”

Citing yesterday’s closing price, it was down by around 20% year-to-date, “which does not accurately reflect the strength of our current performance and given our growth plans for the coming year.”

“This move demonstrates our confidence in the future of our business and allows us to return value directly to our shareholders,” the company said.

Jayniel Carl S. Manuel, an equity trader at Seedbox Securities, Inc., said that share buybacks have often been a company’s way of “showing confidence in their own long-term prospects and intrinsic value.”

“I guess it’s fair to say that if SM Prime is comfortable spending capital to repurchase its own shares, it’s an indication that they’re not worried about short-term cash crunches or emergency funding,” Mr. Manuel said in an e-mail.

“This can help improve their earnings per share too, since the same profit will be spread over fewer shares, making the numbers look more solid,” he added.

For the third quarter, SM Prime reported an attributable net income of P11.81 billion, up 10.6% from P10.68 billion a year ago.

Gross revenues grew by 6.7% to P35.62 billion from last year’s P33.38 billion.

At the local bourse on Tuesday, shares in the company climbed by 2.1% to close at P26.75 each. — Sheldeen Joy Talavera

Emilia Pérez, The Brutalist lead Golden Globe film nominations

BEVERLY HILLS, California — Musical thriller Emilia Pérez and post-World War Two epic The Brutalist topped the roster of films nominated on Monday for the 2025 Golden Globes, the Hollywood honors that kick off the awards season leading to the Oscars.

Emilia Pérez, a Spanish-language movie released by Netflix, scored 10 nods and independent distributor A24’s The Brutalist earned seven.

Both movies will compete for the top Globes honor — best film drama — with papal selection story Conclave, Bob Dylan biopic A Complete Unknown, sci-fi epic Dune: Part Two, historical drama Nickel Boys, and September 5, the story of sports journalists who covered a hostage crisis at the Olympics.

Box office smash Wicked, adapted from a long-running Broadway play about the witches in The Wizard of Oz, landed four nominations. It faces dark romantic comedy Anora and others in the best movie musical or comedy category.

The Globe nominations can help movies in the race to the Academy Awards in March. Last year’s Hollywood strikes scrambled this year’s release schedule, and awards pundits say there is no clear frontrunner for Best Picture at the Oscars.

Winners of the Globes will be chosen by 334 entertainment journalists from 85 countries, compared with roughly 9,000 voters who select the Academy Awards. The Globes voting body was expanded in recent years and organizers instituted reforms after criticism for ethical lapses and a lack of diversity.

Comedian Nikki Glaser will host the Jan. 5 Globes ceremony for the first time. The show, in the past a booze-fueled and more free-wheeling occasion than the Oscars, will be broadcast live on CBS and streamed on Paramount+.

Emilia Pérez stars Zoe Saldaña as a lawyer who helps a drug cartel leader (Spanish actor Karla Sofia Gascon) fake his death and transition from a man to a woman. Selena Gomez co-stars as the cartel leader’s wife. All three were nominated by Globes voters for acting honors.

Streaming service Netflix, which gives movies only a limited run in theaters and has never won the prestigious best picture Oscar, overpowered traditional studios to grab a total of 13 film nominations from Globe voters. The company also outpaced rivals in Globe TV nods with 23.

“It is a reminder of just how dominant that streaming platform is,” said Michael Schneider, TV editor at the Hollywood publication Variety.

Movie nominee The Brutalist features Adrien Brody, also a Globe acting nominee, in an epic tale of a Hungarian immigrant who flees the horrors of World War Two to rebuild his life in the United States.

Wicked stars Cynthia Erivo and Ariana Grande also received acting nominations, as did Angelina Jolie for her portrayal of opera singer Maria Callas in Maria and Zendaya for sports romance Challengers.

Timothée Chalamet received a nod for his portrayal of music legend Dylan in A Complete Unknown, as did co-star Edward Norton, who plays folk singer Pete Seeger.

Sebastian Stan was nominated for his role as President-elect Donald J. Trump in The Apprentice, along with Jeremy Strong who played Mr. Trump’s  attorney Roy Cohn. Mr. Trump has called the film “a politically disgusting hatchet job.”

In TV categories, restaurant tale The Bear received five nominations. Mystery comedy Only Murders in the Building and historical epic Shogun earned four each. — Reuters

Villar among Forbes Asia’s philanthropy heroes for ‘significant donations from own fortunes’

MANUEL B. VILLAR, JR. — VISTARESIDENCES.COM.PH

TYCOON Manuel B. Villar, Jr. is the lone Filipino included on Forbes Asia’s 2024 Heroes of Philanthropy list.

The unranked list features 15 business leaders “who have made significant contributions and demonstrated commitment to causes they cherish over the past year,” Forbes Asia’s 2024 Power Businesswomen Editor Rana Wehbe Watson said.

According to Forbes, the listed philanthropists supported causes such as education, healthcare, and women empowerment. They were chosen for their “philanthropic efforts in the past year, making significant donations from their own fortunes.”

Mr. Villar currently serves as chairman of listed companies Vista Land & Lifescapes, Inc.; Golden MV Holdings, Inc.; supermarket chain AllDay Marts, Inc.; home improvement chain AllHome Corp.; and Vistamalls, Inc. He is a former politician, having held key positions such as Senate president and House speaker.

In October, Mr. Villar donated P615 million to build a church and school inside Provence, a residential community north of Manila that is being developed by Vista Land.

The Diocese of Malolos, Bulacan also received 1.2 hectares (ha) of land valued at P613 million from Mr. Villar, with the rest of the gift in cash.

Mr. Villar previously donated over two ha of land to Manila’s Saint Jude Catholic School and five ha to his alma mater, the University of the Philippines, with a combined value of P8 billion.

As of the end of September, Vista Land & Lifescapes, Inc. recorded a 10% increase in its net income to P9.08 billion from P8.22 billion a year ago.

In October, Golden MV Holdings, Inc. acquired 396.88 ha of land in Villar City, the Villar group’s large-scale urban development project connecting southern Metro Manila and Cavite.

Forbes said its Heroes of Philanthropy list does not consider corporate philanthropy unless the company is privately held, and the individual is a majority owner. Previous honorees were considered based on their recent significant contributions.

Other Southeast Asians included in the Forbes list are Singapore’s Eduardo Saverin, cofounder of Meta Platforms and cofounder and CEO of B Capital, and Elaine Saverin, co-founder and director at the Elaine and Eduardo Saverin Foundation. — Beatriz Marie D. Cruz

The demographic dividend of the Philippines: Natural Family Planning

FREEPIK

(Part 4)

It is the talk of the ASEAN community that the Philippines was able to reduce its Total Fertility Rate (TFR) from 2.7 babies per fertile woman in 2017 to 1.9 in 2022 as Dr. Jeoffrey Abalos reported in a publication of the Population Association of Singapore. There are all sorts of theories about what explains this dramatic drop to TFR below replacement rate (which is 2.1) in just five years.

The immediate reaction was to attribute it to the recent COVID-19 pandemic. Some pundits, however, expressed some reservations about this explanation since, according to them, the opposite effect should have been produced by the pandemic since sexual activity would have increased when married couples were forced to stay indoors for longer periods of time during the lockdowns. Others opine that the pandemic could just have precipitated fertility postponement rather than childbearing stopping. According to surveys of the Philippine Statistics Authority (PSA) and other agencies, the following is a list of possible explanations for the decline in fertility over a longer time period:

• Delayed marriage (leading to delayed fertility). This may be limited to higher-income and educated couples whereas people in the rural areas still marry at earlier ages.

• Women’s empowerment. This can be measured by the increase in women’s participation in the labor force.

• Easier access to family planning, birth control, and higher contraceptive use.

• Lower desire for large families, mainly among women. Half of currently married women said that they no longer desire more children.

• 17% of women want to delay their next childbirth for two or more years.

In a highly empirical study for the Philippine Institute for Development Studies (PIDS), Michael Abrigo and Katha Ma-i Estopace arrived at the conclusion that the most effective contraceptives may not necessarily be delaying marriage or raising modern contraceptive use. Their analysis, contained in a paper entitled “What drives female fertility in the Philippines?,” indicated that the greatest driver of fertility decline over the last 50 years in the Philippines is improving measures of wellbeing, with marriage and contraceptive use playing only secondary roles.

While raising fertility in the future may be a possibility, this will not go significantly above replacement level of 2.1 babies per fertile woman. There is no escaping the ageing of the Philippine population. The question is whether or not the Philippines can take full advantage of the demographic dividend that we will still enjoy over the next 20 years as our TFR still remains close to the replacement rate of 2.1.

This means that the current president and at least the next three presidents who could possibly bring our country to First World status during the decade spanning 2040 to 2050 (in line with the Ambisyon 2040 vision of the National Economic and Development Authority or NEDA), must concentrate on policies and programs that will not only maintain the 6% to 7% GDP growth that we have attained since 2011, but accelerate that growth to 8% or more by addressing the most important challenges — those of improving the productivity of the agricultural sector, increasing significantly the rate of investment to GDP, and eliminating as much as possible the serious leakages due to corruption in both the public and private sectors. Those are the main means of continuing to improve economic wellbeing so that our poverty incidence can be brought down to a single-digit level of zero to 4%.

As per capita income of the Philippines reaches the $15,000 level required of a high-income economy in today’s prices, and as the poverty incidence is brought down to zero to 4%, the fertility-reducing factors above such as delayed marriages, greater participation of women in the labor force, lower desire for large families, will intensify and lead naturally to lower TFR, without the State having to interfere unnecessarily in decisions about the number of children married couples should have. State intervention in such intimate family matters as the desired number of children has always been proven disastrous in the long run, as experienced in the worst-case scenarios of Singapore, China, and Thailand. In fact, even in countries like Japan, South Korea, and Spain where the Government did not aggressively push birth control programs, there is great consternation about the steep decline in fertility and rapid ageing so that their respective Governments are trying to desperately apply measures to encourage couples, whether married or not, to have more children.

People in our Congress should stop wasting time legislating on what they call Responsible Parenthood or Reproductive Health. In fact, our concern today should be to make sure that success in significantly increasing our per capita income in the next 20 years or so will lead to a more equitable distribution of income and wealth. This will make it possible for the average married couple to be able to afford having at least three children each, which will guarantee the replacement level. We can then conceive of a future Philippines which will reach a peak population (say 150 million) but need not suffer from the consequences (inadequate social security, depleting labor force, loneliness of senior citizens, etc.) of a rapidly ageing population as is now happening in its most acute form in Japan.

It is to be expected that as a society becomes richer and more industrialized and urbanized, there will be fewer families with numerous children (six or more) as we have seen in the past. Delayed marriages (people marrying in their thirties or even forties), the need for both husband and wife to work to support the increasing costs of education of their children, more expensive housing, etc., would lead to lower fertility rates. There could arise circumstances in which married couples may legitimately plan to have fewer children than they could have during the fertility cycle of the wife, but for religious or non-religious reasons do not want to resort to the use of artificial contraceptives. They can resort to Natural Family Planning (NFP) methods which have been perfected to a science by modern medical research.

Here, let us remind practicing Catholics and those who believe in observing the Natural Law about the reasons why the use of artificial contraceptives goes against nature and the dignity of the human person. It was Pope Paul VI in his Encyclical, Humanae Vitae — addressed to Catholics and all men and women of good will — who wrote authoritatively that “direct interruption of the generative process already begun and, above all, direct abortion, even for therapeutic reasons, are to be absolutely excluded as lawful means of regulating the number of children. Equally to be condemned… is direct sterilization, whether of the man or the woman, whether permanent or temporary… Similarly excluded is any action which either before, at the moment, or after sexual intercourse, is specifically intended to prevent procreation — whether as an end or a means.”

The Catholic Church, however, allows for serious and well-grounded reasons for married couples to space birth. These reasons may arise from the physical or psychological condition of husband or wife, or from external circumstances. In these cases, the Church teaches that married people may take advantage of the natural cycles immanent in the reproductive system and engage in marital intercourse only during those times that are infertile, thus controlling birth in a way which does not offend the moral principles explained in Humanae Vitae. NFP, as declared by the US Catholic Conference of Bishops (USCCB), besides being in consonance with natural law (which applies to all human beings), is good for marriage for the following reasons: NFP supports reproductive health, has no harmful effects, is environmentally friendly, is inexpensive, cooperates with a couple’s combined fertility, is useful to either achieving or avoiding pregnancy, can be used throughout the reproductive life cycle, requires shared responsibility and cooperation by husband and wife, fosters mutual communication between husband and wife, encourages respect for and acceptance of the total person, promotes marital chastity, values the child, and, most importantly, honors God’s design for married life.

(To be continued.)

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Arts & Culture (12/11/24)

Merry Christmas with timeless charm

FILIPINO paper engineer Amy Lopez Nayve, founder of Pumapapel Pop-Up Design Studio, has introduced a series of handcrafted pop-up Christmas cards that capture the spirit of Paskong Pinoy. Designed in collaboration with digital illustrator Soleil Fuentes, the three designs highlight key Filipino holiday traditions: Star ng Pasko featuring the iconic parol (lantern), Simpleng Bagay celebrating gift-giving, and Simbang Gabi representing the nine-day Novena Masses. Priced at P300, each card offers space for a handwritten message and comes with a reversible reusable envelope to encourage sustainability. This project channels Ms. Nayve’s commitment to provide a platform for budding creators to showcase their works and receive the recognition and compensation they deserve. The Industrial Design graduate from the De La Salle-College of Saint Benilde noted that proceeds from this initiative will assist to raise funds to expand production capabilities and collaboration opportunities. She is part of the 2024 cohort of the SHE Fellowship, an eight-month leadership and crowdfunding program by The Spark Project and the Tokyo-based Sasakawa Peace Foundation, which supports women entrepreneurs. For details and orders, visit pumapapelcrafts.com.

Textile conservation workshop with Japanese expert

THE Benilde Fashion Museum will host its first public workshop on textile and clothing conservation titled Preservation Across Borders on Dec. 18 and 19. The two-day event will be led by Japanese textile specialist Dr. Mie Ishii, Professor of Art and Regional Design at Saga University and Aesthetic and Art History at Keio University Faculty of Literature.  Dr. Ishii, an expert in cultural assets, art history, and clothing preservation, will provide insights into the basics of textile conservation, including proper storage, display techniques, and preventive conservation methods. Her expertise offers a framework for advancing Philippine fashion and textile heritage preservation. The event, done in collaboration with the Japan Foundation Manila and De La Salle-College of Saint Benilde’s (DLS-CSB) Fashion Design and Merchandising Program, will take place at the DLS-CSB Design + Arts Campus in Manila. Sessions run from 10 a.m. to 4 p.m. on Dec. 18 and 10 a.m. to 2 p.m. on Dec. 19. For more information, visit facebook.com/BenildeCampusArt.

Notre-Dame de Paris: The Augmented Exhibition in HK

VISIONAIRS has launched its first exhibition in Asia, Notre-Dame de Paris: The Augmented Exhibition, at the West Kowloon Cultural District. This is an immersive journey through the 860-year history of Notre-Dame using augmented reality (AR) technology and historical artifacts. Visitors can explore key historical moments, including Napoleon Bonaparte’s coronation and the iconic Viollet-le-Duc spire’s construction, through interactive HistoPadTM tablets available in 13 languages. Highlights include a replica chimera statue, projections of the cathedral’s rose windows, and a unique audio experience featuring Notre-Dame’s iconic organ and bells. The exhibit is currently ongoing until March 7, 2025 at Visionairs, Units GF-01-03, Art Park, 22 Museum Drive, West Kowloon Cultural District, Kowloon, Hong Kong (HK). Early bird tickets are priced at HK$248 per person and are available online at www.visionairsasia.com until Dec. 14.

BTr fully awards 10-year bonds

RJ JOQUICO-UNSPLASH

THE GOVERNMENT made a full award of the reissued 10-year Treasury bonds (T-bonds) it offered on Tuesday amid strong demand as investors locked in high returns on expectations of further monetary easing here and abroad next year.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the reissued 10-year bonds it auctioned off on Tuesday as total bids reached P53.208 billion, or more than triple the amount on offer.

This brought the outstanding volume for the series to P266.9 billion, the Treasury said in a statement.

The bonds, which have a remaining life of nine years and one month, were awarded at an average rate of 5.89%. Accepted yields ranged from 5.873% to 5.895%.

The average rate of the reissued papers inched up by 2 basis points (bps) from the 5.87% fetched for the series’ last award on Oct. 29. However, this was 36 bps lower than the 6.25% coupon for the issue.

This was 1.5 bps above the 5.875% fetched for the same bond series but 5.5 bps lower than the 5.945% quoted for the 10-year bond at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the BTr.

The Treasury said it made a full award of its bond offer as it attracted strong demand and as the issue’s average rate was lower than the prevailing benchmark yield on the 10-year paper at the secondary market.

A bond trader said the average rate fetched for the reissued 10-year bond was within market expectations.

“The demand is not surprising given that this is the last bond auction for the year and investors would like to lock in yields amid the rate cut outlook for next year,” the trader said in a text message.

T-bond yields inched up slightly versus the previous issuance amid the increase in US Treasury rates as markets remain concerned that US President-elect Donald J. Trump’s policies could stoke inflation in the world’s largest economy and result in slower and fewer Federal Reserve rate cuts next year, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

BSP Governor Eli M. Remolona, Jr. last month said the Philippine central bank’s easing cycle is still underway though it may opt to keep rates steady at this month’s meeting, adding that they may not necessarily reduce rates at every quarter or every meeting.

He said the central bank will continue to make rate cuts in gradual 25-bp increments.

The Monetary Board will hold its last meeting for the year on Dec. 19. The BSP has cut benchmark borrowing costs by a total of 50 bps since kicking off its easing cycle in August, bringing its policy rate to 6%.

Meanwhile, Federal Reserve officials appear on track to cut interest rates this month after data showed the US labor market remained strong but continued to cool in November, even as debate emerged over a possible pause to rate cuts in the new year, Reuters reported.

US employers added 227,000 jobs last month, a rebound from a hurricane-impacted slowdown in October, but the unemployment rate ticked up to 4.2%, the Labor department’s monthly employment report showed on Friday.

Over the last half-year average monthly job gains are below 150,000, short of what some policy makers feel is needed to provide enough work to match a growing population, but nothing like the collapse Fed policy makers worried could happen when they began cutting interest rates a few months ago.

Traders after the jobs data put the probability of a rate cut at the Fed’s Dec. 17-18 policy meeting at 85%, up from less than 70% before the release of the report, and added to bets that short-term borrowing costs will drop another 75 bps next year — a slower pace than Fed officials anticipated in a September set of economic projections.

Those projections will be updated at the December meeting.

A quarter-percentage-point reduction this month would bring the Fed’s policy rate to the 4.25%-4.5% range, a full percentage point below where it was in September when the central bank began its easing cycle.

Tuesday’s T-bond offering was the last one for 2024. The BTr will hold its last government securities auction for the year next week, where it will offer P15 billion in Treasury bills. — A.M.C. Sy with Reuters

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