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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

Metro Retail eyes expansion of neighborhood grocery stores

BW FILE PHOTO

METRO Retail Stores Group, Inc. (MRSGI) is aiming to expand its presence in the retail sector by transitioning some of its stores into Metro Value Mart, a small-format store.

“By locating our stores in the heart of communities, we bring everyday essentials closer to home while maintaining the value and quality that customers expect from the Metro brand,” Metro Retail President and Chief Operating Officer Manuel C. Alberto said in a statement on Tuesday.

Metro Retail currently has 70 stores across Luzon and the Visayas. It operates store formats such as Metro Supermarket, Metro Department Store, Super Metro Hypermarket, and Metro Value Mart.

To date, the company has five Metro Value Mart stores operating under the new branding in key locations: Lancaster (General Trias, Cavite); Gun-ob (Lapu-Lapu City, Cebu); Poblacion (Talisay City, Cebu); Tangke (Talisay City, Cebu); and Marigondon (Lapu-Lapu City, Cebu).

“In addition to these stores, MRSGI is transitioning several others into the Metro Value Mart format as part of its broader strategy to modernize its offerings and reach more customers nationwide,” the company said.

Metro Value Mart offers a “carefully curated selection of fresh produce, household essentials, and quality products — all at competitive prices.”

“The format fills the gap between traditional convenience stores and larger supermarkets, ensuring that communities have easy access to essential goods without compromising affordability or quality,” the company said. — Sheldeen Joy Talavera

Balance and transition in the Philippine energy sector

FREEPIK

It is tempting to say that transitioning to renewable energy must be done at the soonest possible time, for the sake of the environment. There is no argument with this lofty goal. Dirty sources of energy, for centuries, have brought the planet the scourge of global warming. The impact has been devastating; the threats it poses, existential.

There are certain realities, however, that one must contend with. The Philippine population is growing, and its economy is rapidly expanding. Stable, sufficient, reliable, and affordable power is a requisite to our ability to respond to the needs of the people and to the demands of economic development.

Thus, a sudden shift, while environmentally desirable, is not yet realistic at the moment. Renewable energy (RE) sources are not yet as affordable and accessible as we would like them to be. At this point, these will not yet be able to provide the stability, sufficiency, reliability, and affordability that the country needs.

As a result, the Philippine Energy Plan (PEP) has identified a target balanced energy mix that the country would work towards at the start of every decade. Specifically, renewable energy sources are required to make up 35% of the total energy mix by 2030, increasing to 50% by 2040, and exceeding 50% by 2050. Having a balanced energy mix means utilizing diverse resources to reduce dependence on any single energy source.

The PEP also provides for the integration of RE and nuclear power. Nuclear power capacity is planned to increase to 1,200 megawatts (MW) by 2032, 2,400 MW by 2035, and 4,800 MW by 2050.

These goals are commendable, but ultimately the question boils down to whether they are even attainable at all. And they are — if we acknowledge that we cannot do it on our own and that we need to forge partnerships with like-minded nations. The transition requires massive investments in infrastructure, advanced technology, and policy innovation.

For instance, the Philippines’ growing relationship with Canada, a nation globally acknowledged as a leader in energy transition, bolsters our chance of achieving these targets and having a truly diverse and balanced energy mix. Canada itself has successfully phased out coal while integrating RE and nuclear energy into its energy mix. Its expertise in responsible mining and grid modernization also aligns perfectly with the Philippines’ needs.

Moreover, in a recent survey conducted by Pulse Asia, Canada ranked third among the most trusted partners for the Philippines’ national development.

It is thus with much enthusiasm and optimism that we at the Stratbase Institute, in partnership with the Embassy of Canada to the Philippines and Natural Resources Canada, recently held a Philippines-Canada Forum on Energy Transition.

During the forum, Department of Energy Undersecretary Rowena Guevara said: “Canada’s expertise in renewable energy and nuclear power and grid modernization presents immense opportunities for knowledge sharing and economic transfer. By cooperating with Canadian entities, we can accelerate the deployment of cutting-edge solutions for the Philippines. Joint ventures in energy technologies like hydrogen production can also strengthen both nations’ decarbonization efforts.”

She added that Canada’s development assistance and commercial initiatives could provide critical support for our energy transition that includes nuclear power starting 2040, ensuring that the shift to a low-carbon future is equitable and inclusive.

Partnerships likewise unlock crucial financing. According to Department of Environment and Natural Resources Undersecretary Analiza Teh, implementing the country’s Nationally Determined Contributions (NDCs) under the Paris Agreement will require approximately $72 billion.

“The greatest financing needs are in the energy sector, estimated to require an investment of $36.5 billion,” she said, adding that Canada’s stature in responsible mining would truly help the Philippines develop our own critical minerals industry to become a player in the global transition value chain.

International collaboration is also fully grasped by the private sector. Janssen Dela Cruz of Prime Infrastructure emphasized that the country’s grid is struggling to keep pace with its rapid energy expansion.

Jonathan Back, Group Chief Finance Officer and Chief Strategy Officer at ACEN, acknowledged the intermittence of renewable energy and emphasized his belief that nuclear power will play a significant role in shaping the Philippines’ energy landscape.

Canada has recently demonstrated its commitment to supporting the development of nuclear energy in the Philippines. During the inaugural Philippine International Nuclear Supply Chain Forum held last month, Canadian Ambassador to the Philippines David Hartman announced that Canada and the Philippines are nearing the conclusion of negotiations for an Administrative Arrangement, which will operationalize the 1983 Canada-Philippines Nuclear Cooperation Agreement.

Meanwhile, Jimmy Villaroman, President of Aboitiz Renewables, highlighted the challenges of integrating renewable energy into the grid. “Substantial investments in transmission and distribution infrastructure, as well as advanced energy storage solutions, are needed to ensure reliable and resilient energy systems,” he said.

Perhaps the best manifestation of Canada’s willingness to partner with the Philippines is the sheer size of its delegation to the trade mission — 300 Canadians from over 190 business organizations. Paul Thoppil, the Indo-Pacific Trade Representative for the Canadian government, emphasized Canada’s readiness to collaborate. Jean-Sébastien Fabry, Global Trade Policy Director at Natural Resources Canada, echoed this sentiment, affirming Canada’s willingness to “work alongside the Philippines in advancing its energy transition.”

Achieving a balanced and diverse energy mix according to plan is a challenge. Fortunately, for the Philippines, global leaders such as Canada are ready and willing to share its expertise and provide support. Through this, we can do right by our planet while also ensuring the economic security of the nation and our people.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

BSP to require all banks, VASPs to use digitized supervisory platform by 2025

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) will require all banks and virtual asset service providers (VASP) to use a digitized regulatory and supervisory engine starting next year.

In a memorandum posted on its website, the central bank said it is expanding the use of the Advance Suptech Engine for Risk-based Compliance (ASTERisC*) to cover all banks and VASPs.

The engine was initially rolled out in January 2023 among select financial institutions that met the BSP’s criteria.

The platform aims to streamline and automate regulatory supervision, reporting, and compliance assessment of BSP-supervised financial institutions’ (BSFIs) cybersecurity risk management systems and processes, the central bank said.

“This is a cloud-based solution which supports BSP’s end-to-end process on cybersecurity supervision and oversight, including cyber-profiling, cyber incident reporting and cybersecurity control self-assessments, among others.”

“With this platform, BSFIs can directly access and transmit cybersecurity-related reports and information in real-time. The system likewise enables deeper analyses and correlation capabilities to help the BSP implement risk-based and proactive supervisory decisions and set policy direction on cybersecurity.”

Through the system, authorized users can submit certain regulatory reports. It will also allow them to access global reports predefined by the BSP.

The BSP said it will directly coordinate with the targeted BSFIs for the provision of login credentials, authentication setup and schedule of training on the use of the system.

Users of ASTERisC* will require internet access, whitelisting of the cloud-based application components of the engine in the BSFI’s network, latest versions of web browsers, and a mobile device to be used for multi-factor authentication.

The covered regulatory reports in ASTERisC* include the IT profile report, event driven report and notification, report on crimes and losses and cybersecurity control self-assessment.

“For newly enrolled BSFIs, reporting through ASTERisC* shall be effective starting Jan. 1, 2025. Meanwhile, BSFIs may access the system in advance to prepare the IT Profile data for submission on Jan. 25, 2025,” it added. — Luisa Maria Jacinta C. Jocson

Italy’s La Scala opens season with Verdi opera about tragedy of war

TEATROALLASCALA.ORG

MILAN — Milan’s famed La Scala opera house kicks off its new season on Saturday with a Giuseppe Verdi drama adapted to the modern day to tell the tragedy of war, as conflicts rage around the world from Ukraine to the Middle East.

The original plot of La Forza del Destino (The Force of Destiny) was set against 18th century wars in Spain and Italy and told the story of the ill-fated love between Don Alvaro and Leonora, which was frustrated by Leonora’s brother Don Carlo.

For the latest La Scala Edition Director Leo Muscato decided to set the opera in four conflicts starting from 1700, incorporating the First World War and arriving at the present day.

“The last act takes place in a contemporary world… the audience sees what the media shows us every day, only rubble,” Mr. Muscato told reporters ahead of the opening night, adding that he was not referring to any specific ongoing conflict.

French baritone Ludovic Tezier, who stars as Don Carlo, said the message the 19th century Italian composer was sending in one of his last operas was “to stop wars and hate.”

At the tragic end of the opera, Don Carlo, in his dying breath following a duel with Don Alvaro, fatally stabs his sister, leaving Alvaro alive but alone.

Russian soprano Anna Netrebko acts as Leonora and US-born tenor Brian Jagde has taken over the role of Don Alvaro from German Jonas Kaufmann, who was forced to withdraw in November for personal reasons.

The opening night at La Scala is a highlight of the social calendar for Italy’s political and business elite, coinciding with Milan’s St. Ambrose holiday celebrating the city’s patron saint.

This year’s opening night was the last under La Scala’s French Artistic Director Dominique Meyer, who steps down in February to be replaced by Fortunato Ortombrina, currently at the helm of Venice’s La Fenice opera house. — Reuters

Philippine Merchandise Trade Performance

THE PHILIPPINES’ trade-in-goods deficit ballooned to nearly $6 billion in October, the biggest trade gap in over two years, as exports continued to decline while imports grew at its fastest pace in six months, the Philippine Statistics Authority (PSA) reported on Tuesday. Read the full story.

Philippine Merchandise Trade Performance

RCBC appoints Cariaso as deputy CEO, announces other leadership changes

RIZAL COMMERCIAL Banking Corp. (RCBC) has appointed its executive vice-president, Reginaldo Anthony B. Cariaso, as deputy chief executive officer (CEO) effective Jan. 1.

The Yuchengco-led bank’s board of directors approved Mr. Cariaso’s appointment along with changes to key group leadership positions in a meeting on Dec. 9, it said in a disclosure to the stock exchange on Tuesday. All the appointments are subject to the necessary regulatory approvals.

Mr. Cariaso is currently RCBC group head of operations. He will work alongside Eugene S. Acevedo, who was appointed as the bank’s president and CEO in July 2019, who is reportedly set to retire by mid-2025.

Mr. Acevedo in 2019 also served as deputy CEO for six months to his predecessor Gil A. Buenaventura.

RCBC Senior Vice-President 2 and Chief Risk Officer and Risk Management Group Head Juan Gabriel R. Tomas IV will take over the group head of operations post.

RCBC Executive Vice-President and Head of the Credit Management Group Bennett D. Santiago will replace Mr. Tomas as chief risk officer and head of the bank’s Risk Management Group.

Meanwhile, RCBC Executive Vice-President and Head of Corporate Banking Group Elizabeth E. Coronel was appointed as the Group Head of Institutional Banking, which will now be comprised of the Small and Medium Enterprise (SME) Banking and Corporate Banking Groups.

Anna Christina M. Vicente, senior vice-president 2 and the current head of the bank’s SME Banking group, will resign effective Jan. 1.

On the other hand, RCBC’s board also approved the secondment of Simplicio B. Dela Cruz, Jr., senior vice-president 1 and division head for SME Central & Eastern Visayas, to Rizal Microbank, Inc. (A Thrift Bank of RCBC) and his appointment as the thrift unit’s president and CEO starting Jan. 1.

“Ismael S. Reyes, currently the President & CEO of Rizal Microbank, will be recalled and will now report to the Office of the RCBC President & CEO to be responsible for coordinating the bank’s Retail and Microbank transformation efforts,” the listed lender said.

RCBC Senior Vice-President 1, Chief Audit Executive and Internal Audit Group Head Sheila Ricca G. Dioso has also been appointed as Chief Compliance Officer (CCO) and Head of Regulatory Affairs Group.

She will replace First Senior Vice-President Brent C. Estrella, who will report to RCBC’s Office of the President & CEO to handle Control and Governance transformation initiatives starting next year.

RCBC’s net income decreased by 37.01% year on year to P1.77 billion in the third quarter as its non-interest income was dragged down by foreign exchange losses.

This brought its net earnings for the first nine months to P6.22 billion, 31.12% lower than P9.03 billion in the same period last year.

RCBC’s shares dropped by P1.15 or 4.65% to end at P23.60 apiece on Tuesday. — A.M.C. Sy

Manila Water, MSpectrum partner for solar power project

Balara Treatment Plant 2 — FACEBOOK.COM/MANILAWATER

MANILA Water Co., Inc. has tapped MSpectrum, Inc., Meralco’s solar subsidiary, to install 4.27 megawatt-peak (MWp) of solar power systems at its facilities.

In a statement on Tuesday, Manila Water said it signed a power purchase agreement with MSpectrum for the installation of the Phase 2 solar power project at its 10 facilities.

Construction of the solar power facilities is scheduled to begin in the first quarter of 2025.

Once completed, these are expected to generate 6.2 million kilowatt-hours (kWh) of power per year, reducing Manila Water’s grid demand to the equivalent consumption of 2,600 households.

“About two-and-a-half years ago, we started trying to germinate the idea of having solar [energy] inside the fence because it’s the responsible thing to do,” Manila Water President and Chief Executive Officer Jose Victor Emmanuel A. de Dios said.

“It makes sense not just for the environment and sustainability, but because power is a very large component of our operating expenses,” he added.

Earlier this year, Manila Water started the installation of Phase 1 solar power systems at three facilities: the Cardona Treatment Plant, East La Mesa Treatment Plant, and San Juan Compound.

With a total capacity of 2.5 MWp, the solar power systems are estimated to generate 3.6 million kWh per year.

“These facilities will not only deload the power grid; they will also reduce greenhouse gas emissions by approximately 2,564 tons of CO2 equivalent (CO2e) annually,” the water company said.

MSpectrum offers tailor-fit solar solutions for industrial, commercial, and residential customers “through an in-depth understanding of energy consumption behaviors and strategic partnerships with world-class technology partners.”

Manila Water serves the east zone network of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province. — Sheldeen Joy Talavera

Petitioners statement against the defunding of social health insurance

FREEPIK

We, the group that petitioned the Supreme Court to declare unconstitutional the transfer of PhilHealth (Philippine Health Insurance Corp.) funds to the National Government, once again raise our grave concern over the action of both the Executive and Congress to defund the state health insurer as manifested in the 2025 budget bill that the Bicameral Conference Committee (Bicam) is deliberating. As we will explain, the budget bill’s provisions for PhilHealth, as they currently stand, violate the Universal Health Care Act (UHC Act), the Sin Tax Law, and above all, the people’s Constitutional Right to Health.

We urgently call on the members of the Bicameral Conference Committee on the 2025 Budget from the House of Representatives and Senate to immediately act on the following:

1. Restore PhilHealth’s budget to provide the full premium coverage of indirect contributors based on the correct rate. For Fiscal Year (FY) 2025, PhilHealth requested a budget of P150.92 billion to cover the premiums of 25.28 million indirect contributors. However, this has been radically reduced in the National Expenditure Program (NEP) to P53.13 billion.

The significant defunding of the PhilHealth budget, which also occurred in the FY 2024 national budget, adversely impacts the benefits to be provided for all the PhilHealth members. Reducing the PhilHealth budget allocation meant for the premium of the indirect contributors destroys the whole nature of PhilHealth as a social health insurance. It harms the whole membership; not only does this degrade the membership of indirect contributors, but it also makes the direct contributors, majority of whom are from the working class, bear a much heavier burden of providing the financial risk protection of all.

The State must ensure the payment of the premium contributions of those who cannot afford to pay through proper budget allocation in the General Appropriations Act (GAA). PhilHealth, as our social health insurance provider, operates on the principle of fund pooling and risk sharing where the government should shoulder the premiums of indirect contributors.

And while in early 2024, PhilHealth increased the premium payments of direct contributors — the wage earners, office workers, government employees, OFWs, self-earning individuals including those with small businesses —, Congress slashed the budgetary support for the premium of indirect contributors or those who have no capacity to pay for PhilHealth coverage. The government is abandoning its duty under the Universal Health Care Act to cover the PhilHealth premiums of disadvantaged Filipinos, leaving the working class to carry the burden of funding PhilHealth through contributions deducted from their monthly paychecks. This is the same working class that already pays income taxes and other social security contributions in addition to PhilHealth premiums. Leaving the working class to carry most of the burden of PhilHealth funding is indeed not just contrary to the Universal Health Care Act, it is clearly unjust and unfair to our government and private sector workers and other paying contributors.

Moreover, taking away the budget allocation for the premium of indirect contributors exacerbates PhilHealth’s financial crisis. PhilHealth’s financial statement reveals that the state insurer does not have “excess” funds. While PhilHealth may have the cash to pay current benefits, which are limited, it does not have enough financial assets to fund future liabilities, which include new benefits and programs like the Konsulta package. The Konsulta program, which is being gingerly piloted in so-called “sandboxes,” and into which even private centers have already been recruited, is a pillar of UHC because it constitutes the primary healthcare of the health system. Through Konsulta, all Filipinos are eligible to avail themselves of outpatient benefits like free consultation, health risk screening and assessment, selected laboratory and diagnostic tests, and selected drugs and medicines. So important is this aspect of UHC that the UHC Act specifies that all Filipinos must be enrolled in a Konsulta Center two years after the passage of the UHC Act. Yet, despite all the hype and the claims to expanded packages for Konsulta, the program is being treated by PhilHealth like a state secret; and Filipinos who try to avail of the benefits of Konsulta are being turned away all over the country. Turns out this is because it has no funding for this vital part of the UHC.

The Konsulta package will cost P194 billion for it to be rolled out completely and in accordance with the vision and mandate of UHC. This amount is currently part of PhilHealh’s insurance contract liabilities (ICL). PhilHealth’s financial statements show that its ICL reached P1.252 trillion in March 2024. But the Department of Finance (DoF) excluded PhilHealth’s ICL in the computation of PhilHealth’s fund balance.1

The liabilities (ICL) amounting to P1.252 trillion far exceed PhilHealth’s reserve funds at P488 billion as shown in its March 2024 Financial Statements. This shows the truth that PhilHealth faces a serious deficit. The drastic reduction of the 2025 PhilHealth budget for the indirect contributors, together with the previous massive transfer of PhilHealth funds to the National Government, will only worsen the deficit. This means that at some point in the future, PhilHealth may not have the funds to pay for the medical needs of its members, leaving Filipinos who are grappling with the high healthcare costs and out-of-pocket medical expenses without a safety net. The increasing gap in PhilHealth funding is a clear and present danger to the health and lives of Filipinos, which Congress is allowing to worsen through its shortsighted understanding of PhilHealth financing.

2. Fully allocate to PhilHealth the premium of indirect contributors the earmarked funds from Sin Tax reform laws. Provide the exact allocation for the premium of indirect contributors in the 2025 budget, as mandated by the law. Since 2023, PhilHealth has not been receiving the entirety of the earmarked funds mandated in the Sin Tax Law. Section 14 of Republic Act 11346 mandates that 80% of 50% of the total revenue from tobacco and sweetened beverages shall be allocated to PhilHealth to implement UHC Act.

The Sin Tax Law earmarks funds for PhilHealth from tobacco and sweetened beverage excise taxes equivalent to P69.81 billion2 in 2025.

For FY 2025, the General Appropriations Bill passed by Congress allocates P53.13 billion for the premium payments of indirect contributors. The Senate version proposed an even lower allocation of P47 billion. Not only do these amounts fall way below the budget of P150.92 billion that PhilHealth requested, they also violate what PhilHealth should be getting from the Sin Tax Law earmarking. The sin taxes were designed to support the implementation of universal healthcare and PhilHealth, but instead of keeping true to the mandate of these laws and letting government coffers pay for our healthcare, Congress is passing the buck to workers and other contributors who contribute monthly premiums to PhilHealth.

3. Protect and strengthen the mandate of the Health Technology Assessment Council (HTAC) in the implementation of the UHC Act. Disallow any insertion in the 2025 GAA that will bypass health technology assessment.

We oppose any attempt to insert a Special Provision in the Medical Assistance to Indigent and Financially Incapacitated Patients (MAIFIP) budget that will allow the purchase of medicines not approved by HTAC and not included in the Philippine National Drug Formulary. This violates Section 34 of the UHC Act, which mandates that the determination of entitlements such as drugs, medicines, pharmaceutical products, and other devices, procedures, and services shall have undergone a fair and transparent HTAC process. The goal of HTAC is to ensure that health care that is being provided to Filipino patients is safe, effective, efficient, fair, affordable, and responsive.

We believe that it is unconstitutional for Congress to use the appropriations law as a vehicle for changing the Sin Tax Laws and Universal Health Care Act. Congress is inserting these riders, amending, and weakening laws that guarantee our health, and doing so through the backdoor. They are using the appropriations act to make substantive changes to the laws providing for our health protection and supporting our social health insurance fund, without sufficient notice to our citizens and absent the public scrutiny and debate demanded by our Constitution. Congress should not make these policy turnarounds that negatively impact the life and health of Filipinos, and hide and bury them in the volumes of our national budget. The public and PhilHealth members that pay monthly premiums from their own pockets deserve the right to have a say on these policy changes through the appropriate, focused, and transparent policy deliberations required by our Constitution. We therefore ask Congress, as it goes to the bicameral budget deliberations, to eliminate all these unconstitutional riders and adhere to the language and spirit of our universal healthcare and sin tax laws.

In the event that Congress does not heed this call and passes a degraded PhilHealth budget in the 2025 GAA, the petitioners will be compelled to once again seek redress from the Supreme Court and the protection of our Constitution. We reiterate that the 2025 GAA’s PhilHealth provision violates the Universal Health Care Act and the Sin Tax Law. It is unconstitutional for Congress to insert riders in the GAA and to have the GAA amend these statutes. Considering its negative impact to our social health insurance program and the protection that it is supposed to guarantee for our people, we assert that 2025 GAA’s debasing of PhilHealth violates the constitutional right to health of all PhilHealth members — the Filipino people.

Petitioners:
Aquilino Pimentel III
Ernesto Ofracio
Junice Melgar
Cielo Magno
Minguita Padilla
Dante Gatmaytan
Ibarra Gutierrez
Sentro ng mga Nagkakaisa at Progresibong Manggagawa (SENTRO)
Public Services Labor Independent Confederation Foundation, Inc. (PSLINK)
Philippine Medical Association (PMA)

1 Villanueva, E (Nov. 4, 2024). “State of the PhilHealth fund: Claimed excess ignores reserve deficit and service gaps,” BusinessWorld, retrieved from https://tinyurl.com/27ls5apc on Dec. 2, 2024.

2 The calculation of earmarked funds for PhilHealth based on RA 11346 from data from BIR and BoC.

Filipino students urged to pursue entrepreneurship

FREEPIK

STUDENTS should learn from industry experts and strive to become entrepreneurs themselves, according to the Department of Education (DepEd).

Youthpreneur, a joint project of DepEd and Go Negosyo, a nonstock and nonprofit organization of the Philippine Center for Entrepreneurship, encourages students to become entrepreneurs through mentorship.

“I hope you realize what a big opportunity this is for you, dear students, because not all of you can have the opportunity to interact personally with very successful businessmen,” Education Secretary Juan Edgardo “Sonny” M. Angara said in a statement at the weekend.

The Youthpreneur program aims to build the skills of the younger generation through mentorship focused on financial literacy, agricultural awareness, entrepreneurial agriculture and facilitating industry connections, according to its website.

The group has mentored 2,952 micro, small and medium enterprises  and aspiring entrepreneurs. It has also conducted seven Youthpreneur events since its launch in November 2023.

The program aims to offer entrepreneurship to the youth as an alternative path away from traditional employment.

“It will be part of the job immersion of our students in line with President Marcos’ instruction to have our graduates job-ready, even if they are just in senior high school,” Mr. Angara said in Filipino.

The Education chief, a former senator, is one of the authors of the Enhanced Basic Education Act of 2013 or K-12 Program, which seeks to “create a functional basic education system that will develop productive and responsible citizens equipped with the essential competencies, skills and values for both lifelong learning and employment.”

Last month, he said his agency was reviewing the senior high school curriculum to help students focus more on work immersion instead of other subjects.

“If we reduce the subjects of our senior high school curriculum, the students will have more time for the on-the-job training or work immersion needed by the industry,” Mr. Angara said in a statement.

“Our senior high school graduates will become more employable even if they lack work experience,” he added. — Almira Louise S. Martinez

New York museum unveils ‘Apex’ — an almost complete Stegosaurus

AMNH.ORG

NEW YORK — The American Museum of Natural History revealed the identity of its latest resident last week — “Apex,” one of the most complete specimens ever discovered of the plant-eating dinosaur Stegosaurus, known for the upright plates on its back and a spiky tail.

To excited gasps from an audience of school children, the museum pulled back a beige curtain to reveal the 11-foot (3.4-meter) tall, 20-foot (6-meter) long skeleton of the Jurassic Period dinosaur.

“People are really excited about this fossil because Stegosaurus is an iconic dinosaur,” said the museum’s dinosaur curator Roger Benson.

Stegosaurus walked on four legs and lived in North America around 150 million years ago during the Jurassic Period. Its fossils were first discovered in the 1870s.

“Although it was a herbivore, Stegosaurus wasn’t like a cow or a sheep,” Mr. Benson said. “It’s a herbivore that could look after itself. It has these wicked spikes on its tail. It has plates along its back.”

Those would have been useful as protection against meat-eating dinosaurs like Allosaurus.

This Stegosaurus fossil was found in Colorado and fetched a record $44.6 million at a Sotheby’s auction in July. The buyer has loaned it to the New York museum, one of the leading natural history museums in the United States.

“Everyone has their own favorite dinosaur, but Stegosaurus is up there in the top five. So it’s hard not to get excited about a really complete, large individual of this animal,” Mr. Benson said. — Reuters

Net Foreign Direct Investments

NET INFLOWS of foreign direct investments (FDI) fell to their lowest level in over four years in September, data from the Bangko Sentral ng Pilipinas (BSP) showed. Read the full story.

Net Foreign Direct Investments

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