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Cemex Holdings completes sale of reinsurance unit

CEMEX PHILIPPINES FACEBOOK ACCOUNT

CEMEX Holdings Philippines, Inc. (CHP) has completed the sale of its shares in a foreign subsidiary.

The payment for the sale of all CHP shares in Falcon Re Ltd. to Torino Re Ltd. was completed on Nov. 29, the cement producer said in a stock exchange disclosure.

The deal was valued at $3 million. The share purchase agreement between CHP and Torino was signed on Nov. 14.

Falcon is a CHP subsidiary established in Barbados which reinsures third-party insurers of CHP covering risks associated with property insurance coverage, with political violence and non-damage business interruption pro-grams, professional liability program and cyber risks.

Torino is an affiliate of Cemex, S.A.B. de C.V.

CHP recently sold its entire stake in Swiss-based Cemex Asia Research AG (CAR) to Cemex Innovation Holding AG for $900,459 (P53 million) to streamline its business.

Meanwhile, CHP said in a separate disclosure that its indirect parent company, Cemex Asia B.V., has signed an amendment agreement with DMCI Holdings, Inc., Semirara Mining and Power Corp. (SMPC) and Dacon Corp. on Dec. 1.

The agreement amends the sale and purchase of shares in CHP’s principal stockholder, Cemex Asian South East Corp. (CASEC), to waive the condition precedent in relation to the solid expansion.

CASEC owns about 89.86% of CHP’s outstanding capital stock.

“The parties agreed to conduct certain standard confirmatory testing related to the solid expansion after closing, and the same is expected to be completed within the first quarter of 2025 or soon thereafter,” CHP said.

In April, DMCI, SMPC, and Dacon announced the acquisition of CHP for $305.6 million under a share purchase agreement.

DMCI acquired the entire share of Cemex Asia B.V. in CASEC. Under the deal, DMCI will acquire a 56.75% stake in CASEC, Dacon will secure 32.12%, and SMPC will purchase the remaining 11.13%.

On Monday, CHP stocks rose by 5.59% or 10 centavos to P1.89 per share while DMCI stocks improved by 1.13% or 12 centavos to P10.78 apiece. — Revin Mikhael D. Ochave

Peso may hit P60 early next year — DBS

THE PHILIPPINE PESO could hit the P60-per-dollar level in the first half of 2025, DBS Bank said.

In a recent report, DBS said the local unit could settle at P60 against the greenback from the first quarter to the second quarter of 2025.

It then expects the peso to rebound to P58.90 by the third quarter and to P57.30 by end-2025.

DBS said it adjusted its currency forecasts to “reflect a bias towards a stronger US dollar at the onset of Trump’s second term.”

“Although markets viewed Trump’s tariffs as a transactional policy approach to extract leverage in negotiations, not all countries would be willing or able to meet his demand, resulting in retaliatory measures, straining US rela-tions with key allies and trading partners,” it said.

“Apart from undermining business confidence and investments, tit-for-tat trade wars would also hamper or halt the Fed’s ability to lower interest rates. Overall, Trump’s policy agenda is a complex mix of initiatives that sparked much debate seeking coherence. Their impact remains as uncertain as its implementation and global responses.”

US President-elect Donald J. Trump has promised to impose restrictive tariffs on Chinese imports as well as a universal tariff. Markets are anticipating the inflationary pressures that could come from these duties.

This year, DBS expects the peso to average P59.10 against the dollar.

The peso closed at its all-time low of P59 per dollar on Nov. 21 and 26.

FED EASING CYCLE
In a separate report, the ASEAN+3 Macroeconomic Research Office (AMRO) noted several shocks that could cause the peso to weaken further versus the greenback.

“The peso may continue to experience high volatility amid uncertainties over monetary policy decisions both at home and abroad, the global growth outlook, and geopolitical concerns,” it said.

“Against this backdrop, the peso should continue to be determined by the market and serve as a shock absorber for the economy. Judicious foreign exchange interventions should be employed from time to time to address ex-cessive volatility.”

AMRO said possible delays in the US central bank’s easing cycle could affect the local currency.

“A slower-than-expected monetary policy easing in the US compared to market expectations can trigger a peso depreciation and an increase in Philippine government bond yields,” it said.

“Even though the Federal Reserve already started cutting the federal funds rate in September, there remain uncertainties in the pace of further easing for the rest of this year and into 2025. As a result, the pace of US monetary policy easing still warrants close monitoring, as a slower-than-expected pace can trigger renewed peso depreciations.”

AMRO said that while a weaker peso would benefit overseas Filipino workers and exporters, this would place the country at risk as “large depreciations can exert upward pressures on the prices of imported goods.”

“Higher import prices can cause significant burdens on importers and manufacturers, and potentially consumers if the higher prices are passed on,” it said.

“Moreover, slower US monetary policy easing can contribute to an increase in the Philippine government bond yields, which are highly correlated with US Treasury yields. This will raise the government’s funding costs.” — Luisa Maria Jacinta C. Jocson

Taylor Swift fans turn out on Black Friday for vinyl album, new Swift book

LOS ANGELES/CHICAGO/NORTH BERGEN, N.J. — Young Taylor Swift fans and their parents lined up outside some of Target’s nearly 2,000 US stores early on Black Friday to buy copies of her new Eras Tour book and vinyl album. Hoping to buck a long stretch of slowing sales at Target stores — with penny-pinched shoppers making purchases at rival retailers — the big-box chain teamed up with Ms. Swift to build on the fan momentum she experienced following her Eras Tour concerts.

Several customers queued up outside Target stores as early as 5 a.m. in freezing temperatures, with most of them there to snap up Swift merchandise.

“Yeah, it’s really cold, but we’re here to get Taylor Swift’s tour book and her latest vinyl drop,” Carlos Miracle, a 31-year-old Swift fan, said while waiting outside a Chicago store.

Parents of teenage daughters and youngsters in their late 20s were up and about to buy Ms. Swift’s Eras Tour book priced at $39.99 at Target. The retailer is also making available a vinyl and CD version of The Tortured Poets Department: The Anthology for the first time, containing 35 tracks including four acoustic bonus songs.

The vinyl version is being sold for $59.99 and CDs for $17.99, according to Target’s website.

In Los Angeles, Landon McCall, a 31-year-old accountant, said “I originally came for the vinyl, and I saw the book there, too.”

A Target store employee “was like, ‘Hey, this is going to go by fast. It’s what everyone’s wanting. I already sold 30 this morning within the first 30 minutes,’” Mr. McCall said. “So, I was like, I might as well just get both … My daughter likes Taylor Swift, too, so I thought it’d be something for her and her mom to kind of, like, go through the book and look at it together.”

Ms. Swift, 34, has been setting music industry milestones and boosting local economies with The Eras Tour, with the last leg of the concert happening in Canada currently, a phenomenon that some economists have termed “Swiftflation.”

Ms. Swift had released her latest Tortured Poets album in May during Target’s first quarter, boosting its sales in its entertainment category by a high-single-digit percentage.

On Friday, Julia Corrin, a 39-year-old from Pittsburgh bought the Era Tour book. The tour was a “really special moment … and it’ll be great to have something to remember it by,” she said.

In New Jersey, 28-year-old Amy Webb was in line to get her hands on the new Eras Tour book. “I usually don’t buy anything during the holiday season, but wanted to get my hands on this before it sells out,” she said.

On X, formerly known as Twitter, users shared images of long queues to grab Swift merchandise, while some noted that a few Target stores saw nearly empty shelves for the Eras Tour book and were out of Tortured Poets vinyl by 9:30 a.m.

To boost sales during the holiday season, which is shorter than in previous years with only 26 days between Thanksgiving and Christmas, Target will offer the Eras Tour items on its app and website beginning Saturday.

“That’s the only reason I am here, we don’t want to go online and see that it is sold (out),” said a 35-year-old Marriott Hotel employee Adrian Antuna, who was waiting to get his hands on the Eras Tour book and a couple vinyl albums. — Reuters

IDC Prime, Dusit to develop 2 upscale hotels in Mindanao

Dusit Thani Manila

IDC Prime, Inc., a subsidiary of real estate developer Italpinas Development Corp., has partnered with Thai hospitality group Dusit International to develop two new upscale hotels in Northern Mindanao.

IDC Prime signed agreements with Dusit Thani Public Co. Ltd. and Dusit Thani Philippines, Inc. on Monday to establish Dusit Princess Moena in Bukidnon and Dusit Princess Firenze in Cagayan de Oro.

Under the partnership, IDC Prime will be the developer and owner of the projects, while Dusit will provide its brand and expertise in guest experience.

“We are delighted to strengthen our presence in the Philippines with these two remarkable projects,” Dusit International Chief Operating Officer Gilles Cretallaz said in a statement.

“As one of Asia’s fastest-growing economies, the Philippines presents tremendous opportunities, and we look forward to introducing our unique brand of Thai-inspired gracious hospitality to these dynamic and promising desti-nations, delivering lasting value for all stakeholders,” he added.

Expected to open by the last quarter of 2029, the 1.5-hectare Dusit Princess Moena is a mixed-use development that will have an eight-storey green building as well as a grouping of luxury villas.

The property is located at a hilltop site within IDC’s Moena Mountain Estate in Manolo Fortich town and will complement attractions such as Dahilayan Adventure Park and the Del Monte Pineapple plantations.

Also set to open by the last quarter of 2029, the 14-storey Dusit Princess Firenze mixed-use green building will be located within IDC’s Firenze Green Tower project in the Limketkai area.

The property will have commercial, residential, and hotel areas, as well as first-class amenities and parking.

IDC Prime said that both Firenze Green Tower and Moena Mountain Estate are pre-existing joint ventures between IDC as the property developer and the Go family as the original owners of the two sites.

“IDC was founded on our belief in the Philippines’ growth story, particularly in areas such as these, which are already full of energy and have great potential for game-changing growth. Apart from being recognized for their ar-chitecture and sustainability, our projects have all been located in places where they are ahead of the curve and deliver a ‘level-up’ in elegance and quality of experience,” IDC Chief Executive Officer and Chairman Romolo V. Nati said.

“To us, partnering with Dusit for new hotels in Cagayan de Oro and Bukidnon is an extension of this, and we look forward to having these world-class hotel experiences in our new locations,” he added.

Dusit has 301 properties across 18 countries. Dusit-branded hotels in the Philippines include Dusit Thani Manila, Dusit Thani Mactan Cebu Resort, Dusit Thani Residence Davao, dusitD2 Davao, and Dusit Thani Lubi Plantation Re-sort.

On Monday, IDC shares were unchanged at P1.35 per share. — Revin Mikhael D. Ochave

Peso slips vs dollar before US labor reports

FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken February 8, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

THE PESO slightly depreciated against the dollar on Monday ahead of the release of US labor data, and after US President-elect Donald J. Trump threatened to impose tariffs against BRICS countries.

The local unit closed at P58.655 per dollar on Monday, weakening by 3.5 centavos from its P58.62 finish on Friday, Bankers Association of the Philippines data showed.

The peso opened the session weaker at P58.68 against the dollar. Its intraday best was at P58.62, while its weakest showing was at P58.82 versus the greenback.

Dollars exchanged decreased to $1.36 billion on Monday from $1.73 billion on Friday.

“The peso-dollar traded with an upward bias on market caution ahead of US nonfarm payrolls and ADP employment data this week, and on risk sentiment from Trump’s tariff threats on BRICS countries if they veer away from the dollar,” a trader said by phone.

BRICS is made up of Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.

The dollar was supported by expectations of strong US jobs data, which would support future Federal Reserve rate cuts, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Tuesday, the trader sees the peso moving between P58.50 and P58.90 per dollar, while Mr. Ricafort expects the peso to range from P58.55 to P58.75.

The dollar pushed higher again on Monday in what is shaping up to be a critical week for the prospect of US rate cuts, while drawing verbal support from Mr. Trump.

In a surprise change of tone, Mr. Trump on Saturday demanded that BRICS member countries commit to not creating a new currency or supporting another currency that could replace the dollar or face 100% tariffs.

That marked a shift from his prior advocacy of a weaker dollar to fight trade wars and the Chinese yuan quickly slipped to a three-month trough at 7.2662 per dollar, while the Indian rupee hit record lows.

“Given the continued resilience of the US economy and a worsening outlook elsewhere, we don’t think this is the start of a deeper setback for the dollar,” said Jonas Goltermann, deputy chief markets economist at Capital Eco-nomics.

“But the bar for a further shift in expected interest rates in favor of the US in the near term is quite high,” he added. “A period of consolidation into yearend looks to us like the most likely scenario, although the risks remain skewed in favor of the dollar over the course of 2025.”

Key to the outlook for rates will be the November payrolls report due Friday where median forecasts favor a rise of 195,000 following October’s weather and strike-hit report, which could also be revised given a low response rate for that survey.

The jobless rate is seen edging up to 4.2% from 4.1%, which should keep the Federal Reserve on course to cut by 25 basis points on Dec. 18.

Markets imply a 65% chance of such an easing, though they also only have two more cuts priced in for all of 2025.

A host of Fed officials are due to speak this week, including Fed Chair Jerome H. Powell on Wednesday, while other data include surveys of manufacturing and services.

The dollar regained 0.4% on the yen to 150.71, having shed 3.3% last week in its worst run since July. Support lies around 149.47 with resistance at 151.53.

Over the weekend, Bank of Japan Governor Kazuo Ueda said the next interest rate hikes are “nearing in the sense that economic data are on track,” following figures showing Tokyo inflation picked up in October. — A.M.C. Sy with Reuters

Knorr credits PHL market for part of €5-B global turnover

FOOD BRAND Knorr has reported €5 billion (about P308 billion) in global turnover as it looks to further expand its global and domestic presence.

Knorr, a brand of British fast-moving consumer goods company Unilever PLC, said the achievement could be traced to its growth over the past years.

“We’re a global brand, anchored in regional top dishes,” Knorr Global Vice-President Frank Haresnape said in a statement on Monday.

“This deep local knowledge allows us to design products that meet the needs of people all around the world,” he added.

Knorr claimed that around 600 cubes are sold globally every minute, led by the brand’s “glocal” approach that has allowed it to become known for being an ingredient in dishes across 90 countries.

“The Philippines is a vital part of Knorr’s global success and Unilever intends to keep driving the growth of Knorr in the market through relentless focus on flavor, quality, and innovations, from everyday dishes to top food trends,” it said. — Revin Mikhael D. Ochave

Members of K-pop group NewJeans say they are leaving agency after dispute

SEOUL — Members of NewJeans, one of the most popular K-pop groups, said on Thursday that they were leaving their agency, a subsidiary of powerhouse label HYBE.

ADOR said however the agreement between it and the band members “remains in full effect.”

“Therefore, we respectfully request that the group continue its collaboration with ADOR on upcoming activities, as has been the practice to date,” the firm said in a statement.

NewJeans has been caught up in infighting between executives of the parent HYBE and ADOR’s former chief executive who is the band’s creative director. The latest controversy in the K-pop scene has gripped South Korea this year, with accusations, audits, and an emotional press conference making headlines.

The five NewJeans members held a late-night press conference to announce their departure from the agency and said they would like to work with Min Hee-jin, ADOR’s former chief who left the agency this month.

“Once we leave ADOR, we’ll aim to proceed freely with the activities that we really desire,” said Danielle, one of the band members.

“We really wish to be able to release new music for Bunnies, next year, as soon as possible, whenever,” she said, referring to their fans. “We really hope that we have the opportunity to meet you guys from all around the world.”

The members said they might not be able to use the band’s name once they terminated the contract with ADOR. — Reuters

My Baguio retreat

FREEPIK

I am writing this article in my room at Chalet Baguio while enjoying the cool weather, the scent of pine trees, and the beautiful mountain view. This morning, I took a short cab ride to the revitalized Baguio Botanical Garden for my daily 30-minute morning walk. Tomorrow morning, I will go for a walk at Burnham Park or Camp John Hay, have breakfast at a nearby café, and start reading Raymond Chandler’s The Long Goodbye.

Ordinarily, I would not be able to take a vacation towards the end of the school trimester, during which time the academic and administrative workload is reaching its peak. Over the past few days, I took care of the final set of interviews of applicants to our DBA Program, handled various inquiries about our MBA Program, sat on a doctoral dissertation panel, attended a budget proposal meeting to defend several items we need for our new EMBA Program, and checked some of the final papers of my graduate students. On top of these, I have been working on several manuscripts that my doctoral mentees and I intend to submit to academic journals for publication. In other words, I had been doing work off-campus, five hours away from Manila.

I am fortunate because MBA and DBA classes at De La Salle University (DLSU) are predominantly online, which means that I do not have to be physically present on class days. And because we are operating under a hybrid work ar-rangement, we have a lot of flexibility in terms of whether to do our work at home, in school, or wherever we choose as long as we have a strong internet connection. This does not mean that I am working less. In fact, I had spent more hours on work-related stuff in the past few weeks and had not been able to allocate enough time to learning the Korean language, reading fiction, and upgrading my guitar-playing skills.

What inspired me to write this article is the dissertation of one of my doctoral mentees, Jessica Jaye Ranieses, who earned her doctorate last year. In her dissertation, entitled “Navigating the Work-Nonwork Interface: A Critical Realist Case Study on Female Employee Wellbeing,” she talked about the blurring of boundaries between work and non-work domains in the post-pandemic era.

In particular, Ranieses called for a broader understanding of the dynamics emerging from the interconnection and gendered nature of work and non-work responsibilities. Early research was conducted on the premise that the work and family domains have clear boundaries, and that simultaneous demands from these domains could lead to conflict and stress, especially among women professionals. However, our understanding of the interplay between work and non-work domains has since expanded to include potential complementarities between the two domains. For example, emotional support from the family, especially the spouse, allows women professionals to deal with work-related demands more effectively. Thus, the benefits in one domain can positively influence the other.

One of Ranieses’ findings is that workplace flexibility emerged as a crucial mechanism for ensuring well-being, especially if it is supported by a culture of trust and respect. Flexible work arrangements allow individuals to balance work demands and non-work demands, thus reducing stress and enhancing job satisfaction. One of Ranieses’ respondents, “Jennifer,” highlighted how the flexibility provided by her company encouraged loyalty and deterred misuse: “It’s the care for the people, the flexibility [that I appreciate]. I don’t think I’d find another company as flexible. But because I care for the company, I don’t abuse it. Flexibility is the number one factor why I stay.”

In her dissertation, Ranieses came up with the Multidimensional Work-Non-Work Well-Being Model, which extended the classical Job Demands-Resources Model. In this model, she identified six primary mechanisms that influence the in-terplay of entities and structures in both the work and non-work domains, namely: (a) workplace dynamics; (b) workplace flexibility; (c) role complexity; (d) family dynamics; (e) spiritual faith; and (f) individual reflexivity. All of these play a role in shaping well-being outcomes.

I’d like to end this article by highlighting individual reflexivity, which Ranieses defined as the internal dialogue through which individuals interpret and act upon their circumstances. This mechanism allows individuals to appraise and manage demands and resources, and to align their life plans with their actions. In my case, going to Baguio for a “work retreat” is my way of decompressing. Somehow, the pleasant weather and the tranquil atmosphere allow me to release stress, to re-flect upon what truly matters, and to enjoy life’s simple pleasures while I fulfill my professional responsibilities remotely.?

 

Raymund B. Habaradas is a full professor and the Graduate Program coordinator of the Department of Management and Organization at the Ramon V. del Rosario College of Business of De La Salle University.

raymund.habaradas@dlsu.edu.ph

How bamboo meets construction needs

RIZOME PH aims to construct high-rise buildings using bamboo products. -- EDG ADRIAN A. EVA

By Edg Adrian A. Eva, Reporter

RIZOME PH, a sustainable materials company in Cagayan de Oro City, converts bamboo fiber into structural materials for constructing houses and buildings.

“The bamboo grass, with the application of science and technology, is being turned into beams, columns, and panels,” Christopher Ua-o, head of manufacturing at Rizome PH, told reporters during a factory visit in Cagayan de Oro on Nov. 28.

“Basically, you create a building with a wood finish that looks beautiful, but you didn’t cut down any trees,” he added.

Mr. Ua-o also said that the bamboo materials developed by Rizome PH have passed durability and suitability tests conducted by the Department of Science and Technology-Forest Products Research and Development Institute and Washington State University.

“Our tagline is strong like steel, tough like concrete, beautiful as wood,” he said.

Rizome PH’s bamboo building materials include slats, veneers, panels, laminated veneer lumber, and strand lumber, designed to meet the structural and aesthetic requirements of house and building projects.

Mr. Ua-o said that bamboo is a sustainable material because it is a fast-growing grass that can be harvested within a year and regrows after being cut, helping to preserve forest trees. In contrast, trees take 10 to 20 years to mature.

The company aims to revive the timber industry without cutting any trees by using bamboo, a sustainable grass, he noted.

Using bamboo in construction helps store carbon, and as bamboo regrows, it absorbs more carbon dioxide and releases oxygen, he added.

According to the Climate Change Commission, bamboo captures over five tons of carbon dioxide per hectare annually, storing more carbon than most tree species and making it an effective tool in combating climate change.

Mr. Ua-o said that Rizome PH, having built a one-story structure so far, also targets to construct high-rise buildings using bamboo products to demonstrate the material’s strength and sustainability.

How PSEi member stocks performed — December 2, 2024

Here’s a quick glance at how PSEi stocks fared on Monday, December 2, 2024.


Entertainment News (12/03/24)

Coca-Cola holds PHL’s biggest drone show

COCA-COLA Philippines recently hosted the country’s largest drone show in Sta. Rosa, Laguna, home of its largest bottling plant, captivating the audience with a synchronized display of over 1,300 drones. The dazzling spectacle combined technological innovation with the rich traditions of a Filipino Christmas. Through intricate drone formations, iconic holiday symbols such as parol lanterns, Santa Claus, and the Coca-Cola Christmas Truck illuminated the night sky, bringing the festive spirit to life. The Philippines, known for celebrating the longest Christmas season in the world, is one of six locations worldwide chosen to host Coca-Cola’s drone show.


GMA Network shows stream for free on Viu Philippines

GMA Network is bringing its popular programs to Viu Philippines, allowing fans to watch select shows for free starting Monday. This initiative is made possible through a premium catch-up service that lets viewers enjoy some of the network’s most popular shows on the streaming platform. The lineup of GMA’s hit series includes Magkaagaw (Broken Faith), Las Hermanas, Babawiin Ko Ang Lahat (All or Nothing), The Better Woman, Inagaw Na Bituin (Written in the Stars), The Gift, Bihag (The Silent Thief), Bilangin Ang Bituin Sa Langit (Stars of Hope), To Have and To Hold, and the iconic comedy show Bubble Gang. In addition to the newly added titles, viewers can also enjoy a variety of other GMA shows already available on the platform. These include I Left My Heart in Sorsogon, Legal Wives, Artikulo 247, Return to Paradise, Nagbabagang Luha (Flame of Love), The Fake Life, Nakarehas na Puso (Prisoners of the Past), Lolong, Widows’ Web, First Yaya and its sequel First Lady, Anak ni Waray vs. Anak ni Biday (Hidden Lies), Hanggang sa Dulo ng Buhay Ko (Obsession), Sahaya, Onanay (The Way to Your Heart), Pamilya Roces (Family Jewels), and Ika-5 Utos (Revenge).


Mark Rivera releases debut single

PRIMARILY known as an actor, Mark Rivera is diverging from the world of movies and TV to explore music. Managed by ALV Talent Circuit and recently welcomed to the Media Quest Artists Agency, Mr. Rivera has released his first single titled “Wag Siya” under Universal Records. The song is about wanting someone who wants someone else. It is available on all streaming platforms.


Higher Brothers member KnowKnow releases first EP

IN collaboration with 88rising and following the success of the singles “Velvet” and “No Pressure,” the member of the group Higher Power, KnowKnow, has released an EP, Mr. Enjoy Da Melody, which is out now. The EP weaves together five distinct tracks into a vibrant musical journey. Its focus track, “No Halo,” has a bonus Chinese version on the record. Mr. Enjoy Da Melody is out now on all digital music streaming platforms.


We Are Imaginary releases new single

 

INDIE rock duo We Are Imaginary is coming from their 15th anniversary and 4th studio album with a brand-new single. Comprised of founding members and brothers Ahmad Tanji (vocals and guitars) and Khalid Tanji (guitars), the band has dropped “Pinkish Hue,” the first single marking a new chapter in their musical journey. The guitar-pop track blends shoegaze and 1990s alt-rock influences. The lyrics explore the slow erosion of a love once vibrant and full of promise. “Pinkish Hue” is out now on all digital music streaming platforms.


Disney+ announces new Tempest cast members

DISNEY+ has unveiled new additions to the cast of its highly anticipated original series, Tempest, a Korean spy thriller. Joining the lineup of US stars, the new cast members include Korean actors Gang Dongwon (Peninsula) and Jun Gianna (My Love from the Star), both of whom have earned critical acclaim for their roles in various successful series. Also joining the cast are John Cho, Michael Gaston, Spencer Garrett, and Christopher Gorham, as well as Joel De La Fuente, Alicia Hannah-Kim, Brooke Smith, Jacob Bertrand, Tom Lenk, among others. Tempest is one of the highly anticipated Korean series featured at the recent Disney Content Showcase, set to premiere for streaming in 2025.

Sighting of Russian submarine within Philippine EEZ ‘worrisome,’ Marcos says

A RUSSIAN SUBMARINE, UFA 490, was detected 80 nautical miles west of Cape Calavite, Occidental Mindoro, on Nov. 28, according to the Armed Forces of the Philippines. -- ARMED FORCES OF THE PHILIPPINES

By Kyle Aristophere T. Atienza, Reporter

PRESIDENT Ferdinand R. Marcos, Jr. on Monday confirmed the sighting of a Russian submarine within the Philippines’ exclusive economic zone (EEZ) and said it’s “worrisome.”

“All of that is very concerning. Any intrusion into the West Philippine Sea, of our EEZ, of our baselines is very worrisome. Yes, it’s just another one,” he told reporters on the sidelines of a gift-giving event in Marikina City.

In a statement, the Armed Forces of the Philippines (AFP) said that Russia’s UFA 490, an underwater vessel, was sighted 80 nautical miles west of Cape Calavite, Occidental Mindoro on Nov. 28.

It said it had immediately deployed assets to monitor the submarine’s presence, with a Navy vessel establishing radio communications with the submarine, which confirmed its identity, crew complement, and navigational in-tent.

The Russian vessel stated it was awaiting improved weather conditions before proceeding to Vladivostok, Russia, according to the AFP.

It said the Philippine ship named BRP Jose Rizal and other naval forces monitored the submarine’s operations to ensure “compliance with maritime regulations” within the Philippine EEZ.

The 74-meter submarine is armed with a missile system that has a range of 12,000 kilometers, according to Russian state-run news agency TASS.

“Submarines navigating on the surface in the high seas are not common,” said Jay L. Batongbacal, director of the Institute for Maritime Affairs & Law of the Sea at the University of the Philippines.

The fact that the submarine was on the surface, instead of being submerged, means that “it poses only a minimal threat, if any,” he added in a Viber message.

“Reports indicate it is sailing along a well-used route, proceeding from activities in MY (Malaysia) and ID (Indonesia), and the fact that it has been in communication with Philippine Navy vessels shows the situation is normal.”

The submarine was spotted within the West Philippine Sea, which refers to parts of the South China Sea that fall within Manila’s EEZ.

The South China Sea has been a geopolitical hotspot in recent years, as China claims the waterway almost in its entirety and seeks control of it using gray zone tactics, or actions that fall short of a military confrontation but allows it to intimidate other actors and establish control over a geographical space.

Joshua Bernanrd B. Espeña, who teaches foreign relations at the Polytechnic University of the Philippines, said the sighting of the Russian submarine within Philippine waters is “but a normal occurrence.”

But it should raise concerns in the region as it shows Russia’s ability to launch cruise missile strikes, which have been the central focus of tensions between Moscow and Washington, he said.

“The Russian Navy’s compliance and coordination with the Philippine Navy showcases the ability of Manila and Moscow to show common courtesy in following the standard operating procedures of the United Nations Convention on the Law of the Sea at sea,” Mr. Espeña said.

“It can mean Manila’s rising importance in the region.”

He said Russia has the ability to launch cruise missile strikes against American allies in the event of a wider war scenario involving China and Russia in the Indo-Pacific.

This highlights the “pressing need” for the AFP to “competently increase detection and interdiction capabilities from the coast, at sea, and under the sea,” Mr. Espeña said.

FF-150’s ability to detect and escort the submarine is a welcome development, highlighting “the Philippine Navy’s growing ability to cover the archipelagic sea lanes as any proper navy should have,” he added.

The longstanding conflict between the United States and Russia has reached new heights after Moscow’s invasion of Ukraine, which received an additional $100 million in military financing from the US earlier this year.

With just two months left in his term, US President Joseph R. Biden pivoted from a policy barring Ukraine from using US-provided long-range Army Tactical Missile Systems (ATACMS) inside Russian territory.

In mid-November, Moscow confirmed that the ATACMS weapons had been fired at its Bryansk region, calling the action a “new phase” in the war.

As in the case of Ukraine, the US is also the Philippines’ No. 1 security ally, with the American government reiterating its Mutual Defense Treaty with Manila amid China’s assertiveness in the South China Sea.

China’s expansionist agenda has pushed the Philippine government under the Marcos administration to boost ties with the US and other Indo-Pacific powers such as Japan and Australia.

Japan and Australia are among countries that have been joining the US in its condemnation of Russia’s missile attacks in Ukraine.

Josue Raphael J. Cortez, a lecturer at the School of Diplomacy and Governance of De La Salle-College of St. Benilde, said the Russian submarine’s entry into the Philippine EEZ should be a concern for the Philippines given the growing Russian-Sino ties.

“If one delves into the realm of cybersecurity ops, for example, these two countries work together and share best practices,” he said via Messenger chat.

“Therefore, in cognizance with their alliance and the fact that our geopolitical tensions with China continue to worsen, then it is no surprise that the public sector is alarmed by this sighting.”

Mr. Cortez cited the possibility of Russia testing Western reaction to its action, “which in turn could serve as an impetus to an armed tension.”

“Because at the end of the day, we have to acknowledge the fact that whoever gains dominance over these bodies of water can also serve as shapers of trade-related norms in the region,” he said, noting that the South China Sea is likely to remain as one of the world’s flashpoints in the near future.

Mr. Espeña said the Association of Southeast Asian Nations should remain vigilant, especially if such an occurrence becomes regular.

The incident provides “opportunities for agenda-shaping the ASEAN-Russia relations at a more compliant level,” he added, noting that the 10-member grouping should be able to manage similar incidents at the strategic level.

“Still, it remains to be seen whether Russia will sustain its operations in the South China Sea to foster a credible Sino-Russian alignment in this part of the world given how stretched the Russian Pacific Fleet is,” Mr. Espeña said.

He noted that Russia is focused on enhancing its Arctic and Black Sea Fleets to boost its efforts against Ukraine and the US-led North Atlantic Treaty Organization.

It also remains to be seen whether China’s People’s Liberation Army (PLA) Southern Theater has the capability to host these submarines in its berthing areas in the South China Sea, he added.

“It is here that the Philippines’ detection and interdiction capabilities should be at the top of the line to verify the regularity of these occurrences.”

This followed the China Coast Guard’s confirmation that it conducted patrols around the Scarborough Shoal, Reuters reported last week.

Reports of an alleged harassment of Filipino fishermen by a Chinese Navy helicopter have also prompted the Philippine Coast Guard (PCG) to deploy two of its vessels to Rozul Reef, it said on Monday.

“This deployment also aims to provide evidence of the active presence of Filipino fishermen in the West Philippine Sea,” its spokesman for the West Philippine Sea Jay Tristan Tarriela said in a statement.

He said the PCG had received video footage and photographs from a fishing boat that returned to Quezon, Palawan, “which captured the harassment of Filipino fishing vessels by a PLA Navy helicopter in Rozul Reef.”

“Despite the potential harassment from the Chinese Coast Guard, their confidence in fishing in the West Philippine Sea has significantly increased due to the firm stance and commitment of the President not to surrender a square inch of our territory to any foreign power, “ Mr. Tarriela said.