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Hong Kong, Thai officials in talks to combat Southeast Asian scam centers

HONG KONG — Hong Kong officials held rare talks in Bangkok this week with Thai counterparts to find ways to bring home those lured from the Asian financial hub and trapped in illegal work in Southeast Asia, seeking to combat a growing trend. 

Tuesday’s talks follow last week’s high-profile case of a Chinese actor believed to have been a victim of human trafficking, who went missing after traveling to Thailand, but was later tracked to Myanmar and rescued.  

The United Nations says border towns in Thailand, Laos and Myanmar have become regional hubs for telecom and other online fraud, with hundreds of thousands trafficked to work in scam centers there. 

“There have been signs of a resurgence in the situation where Hong Kong residents are suspected of being lured to Southeast Asian countries and detained to engage in illegal work,” the city’s government said on Sunday. 

Such signs have grown since the second quarter of 2024, it added in a statement. 

A team led by Hong Kong security official Michael Cheuk met Thai police and government officials on Tuesday to help assist with the safe return of Hong Kong residents as soon as possible, the government said in a subsequent statement. 

Of 28 requests for help from authorities, 16 of the individuals involved had returned home, while the remaining 12 had “reported restrictions on their movement,” it said.  

On Friday, China’s embassy in Myanmar urged vigilance by its citizens against telecom and online fraud following reports of compatriots lured to Myanmar’s border town of Myawaddy by online scams that promised “high-paying overseas jobs”. 

Most of the trafficking victims hail from Southeast Asian countries as well as China, Taiwan and Hong Kong, but some also from as far away as Africa and Latin America, the United Nations has said. — Reuters 

BingoPlus Foundation brings joy to over 1,000 beneficiaries with Make-a-Wish Program

Joyful smiles and heartfelt moments: Beneficiaries celebrate their dreams coming true during the gift-giving day of BingoPlus Foundation’s Make-a-Wish Program.

Joyful smiles and heartfelt moments: Beneficiaries celebrate their dreams coming true during the gift-giving day of BingoPlus Foundation’s Make-a-Wish Program. With wishes grounded on the Foundation’s advocacies on education and livelihood, healthcare and resilience, the initiative reflects how the true spirit of Christmas can last even beyond the holiday season.

A garbage collector in Pampanga finally comes home to a house with complete walls and roofing.

DigiPlus Interactive and its social development arm, BingoPlus Foundation, donned the mantle of Santa Claus to bring joy and hope to Filipinos nationwide through their heartwarming Make-a-Wish program. With the support of BingoPlus Studio’s “Sagot ng Bingo Ang Regalo Mo” program, and local community engagement of the brand’s different stores, the initiative’s annual Christmas program expanded from seven cities in 2023 to 37 cities in 2024, reaching over 20 provinces across the country.

The Mangyan community in Mindoro will receive solar lights and generators for a brighter new year ahead.

Wishes for loved ones, community members and nonprofit organizations were gathered from BingoPlus and PeryaGame players and employees, resulting in 45 exceptional wishes after meticulous screening. Through the efforts of “Digibuddy” volunteers, these fulfilled wishes painted a vivid picture of compassion and generosity.

A college student from the Matigsalug Tribe in Davao receives a laptop to support his educational journey.

“The Make-a-Wish program is our way of embodying the true spirit of Christmas,” shared Angela Camins-Wieneke, executive director of BingoPlus Foundation. “Every wish granted represents not just a gift, but a beacon of hope, love, and community. The greatest reward is seeing the smiles and the transformative impact on our beneficiaries.”

In celebration of the inspiring stories from the Make-a-Wish program, DigiPlus and BingoPlus Foundation have created “ChristPLUS Stories,” a docu-series that highlights tales of love, sacrifice, and the true spirit of Christmas. These heartwarming stories of the beneficiaries can be viewed on the official social media pages of BingoPlus Foundation.

 


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Jury orders Bayer to pay $100 million over PCBs in Washington school

BAYER.COM

A Washington jury on Tuesday ordered Bayer pay $100 million to four people who say they were sickened by toxic chemicals known as PCBs at a Seattle-area school, but found the company was not liable for injuries alleged by 1others.

The verdict, which follows a two-month trial, is the latest in a string of trials against the chemical company over the alleged contamination at the Sky Valley Education Center in Monroe, Washington.

More than 200 students, employees and parents have said they developed cancer, thyroid conditions, neurological injuries and other health problems from polychlorinated biphenyls, or PCBs, leaking from the school’s light fixtures. The chemicals were made by Monsanto, which Bayer acquired in 2018.

Monsanto said in a statement it will pursue post-trial motions, and an appeal if necessary, to overturn the verdict or reduce the “excessive” damages awarded to the four plaintiffs.

Evidence at trial showed low to non-existent level of PCBs, which could not have caused the injuries alleged, Monsanto said.

The jury concluded that Monsanto intentionally concealed information about PCBs. It awarded $25 million in compensatory damages and $75 million in punitive damages.

“Every case is different and the juries are clearly working very hard to try to get things right for the generational harm caused by PCBs,” said Henry Jones, an attorney for the plaintiffs.

Verdicts in previous trials over the alleged contamination at the school, which have involved different groups of plaintiffs, have totaled more than $1.5 billion, though some have been reduced or overturned. The remaining judgments are also the subject of appeals, Monsanto said.

Last year, a verdict for $185 million in favor of three teachers and a teacher’s spouse was overturned on appealin favor of Monsanto on multiple grounds.

The state appeals court agreed with Bayer that the trial court wrongly applied the laws of Missouri, where Monsanto was based, allowing the claims to be filed decades after the company stopped producing PCBs in 1977. The company said Washington law should apply instead, and it would block the plaintiffs’ claims as filed too late.

Washington’s highest court is expected to hear an appeal of that ruling.

In August, an $857 million verdict was slashed to $438 million, after a judge found it included excessive punitive damages.

Bayer acquired Monsanto for $63 billion in 2018. Since then, lawsuits over PCBs, and more significantly over claims that the weedkiller Roundup caused cancer, have weighed heavily on the company’s shares.

PCBs were once used widely to insulate electrical equipment, and were also used in such products as carbonless copy paper, caulking, floor finish and paint. They were outlawed by the U.S. government in 1979 after being linked to cancer and other health problems. Monsanto produced PCBs from 1935 to 1977.

Plaintiffs have said Monsanto knew of the dangers of PCBs for decades, but concealed them from the public and from government regulators.

Bayer has argued plaintiffs have failed to prove their injuries were caused by PCBs, and that the levels found in the school were deemed safe by the Environmental Protection Agency. It has also said the school ignored warnings from government officials that the light fixtures in the aging building needed to be retrofitted. – Reuters

Beyond BMI: global commission proposes new way to diagnose obesity

STOCK PHOTO | Image by Michal Jarmoluk from Pixabay

 – Doctors worldwide should diagnose obesity differently, relying on broader criteria and taking into account when the condition causes ill-health, according to a new framework drawn up by experts and endorsed by 76 medical organizations internationally.

At the moment, clinicians use BMI or body mass index to diagnose obesity, a calculation based on a person’s weight and height. But this tool is not precise enough and they should also take other measurements, such as waist circumference, to avoid misdiagnosis, the 56 experts who took part in the global commission said.

Obesity should also be split into two categories, ‘clinical obesity’ and ‘pre-clinical obesity’, the commission said, in a paper published on Tuesday in The Lancet Diabetes and Endocrinology journal.

Clinical obesity involves excess body fat plus symptoms of reduced organ function – like breathlessness or heart failure – or problems going about daily life. It should be considered as a chronic disease and treated accordingly, the experts propose.

Pre-clinical obesity is obesity or excess body fat without any signs of ongoing illness, and normal organ function. It should be considered a risk factor both for clinical obesity and other illnesses like diabetes, the commission said, and patients should be supported to reduce that risk, either through monitoring or active treatment.

“Obesity is a spectrum,” said commission chair, Francesco Rubino, a professor at King’s College London, at a press conference earlier this week.

More than one billion people are currently estimated to have obesity globally.

The experts said they aimed to make diagnosis more precise, which could help better use healthcare resources. They said it was not yet clear if it would lead to more or fewer people being diagnosed, but they hoped it would settle the polarizing debate within the medical establishment over whether obesity is a disease.

“We cannot afford to have a blurry picture of obesity,” said Mr. Rubino.

The guidelines were backed by organizations including the American Heart Association and the Chinese Diabetes Society, as well as the World Obesity Federation.

World Health Organization experts served on the commission, which began work in 2019.

The advent of the GLP-1 class of drugs to treat obesity, first developed by Eli Lilly and Novo Nordisk, had changed the landscape since then, Rubino said, but the use of the drugs was not the commission’s focus. However, he said clearer diagnosis, if adopted by healthcare systems worldwide, could help doctors decide when best to prescribe them based on individual risk.

The commission also said it could mean health insurers may consider covering the drugs for clinical obesity as a standalone illness. Many currently require another related condition to be present, like diabetes.

“We hope this leads to a change in practice, and maybe even before that, a change in mindset,” Mr. Rubino said. – Reuters

Staring blankly at your screen? You probably have post holiday blues. The good news is you can get through it

STOCK PHOTO | Image by Jan Vašek from Pixabay

THE CONVERSATION

Senior Lecturer in Clinical Psychology, Swinburne University of Technology

 

Sad, anxious or lacking in motivation? Chances are you have just returned to work after a summer break.

January is the month when people are most likely to quit their jobs after having had time off.

And even though most people experience the return to work blues, the good news is there are ways to get through them. But first we have to understand why we experience them at all.

Holidays often promote idealized expectations of life, such as the freedom and joy that comes from reduced responsibilities and expectations from others.

Unsurprisingly, returning to work clashes with these expectations due to its inherent pressures and responsibilities. This mismatch between one’s expectations and reality creates psychological discomfort, or “cognitive dissonance”, which includes feelings of disappointment or frustration.

Cognitive dissonance can also occur when there is a mismatch between perceived identities or roles in life. For example, during the holidays I become “an avid watcher of TV shows I missed throughout the year” and “someone who is readily available to others”.

However, the return to work quickly shifts me to being “productive worker (who has no time for TV)” and “someone who needs to be mindful of how they spend their limited downtime and energy”. Managing this shift can be mentally taxing and quite stressful!

Self-determination theory further highlights the importance of autonomy, competence, and relatedness in maintaining psychological well-being.

People often have greater autonomy over their time and activities during the holidays, leading to a stronger sense of control and fulfilment. In contrast, returning to work may restrict this autonomy which in turn reduces feelings of competence and satisfaction.

An abrupt return to a demanding workplace can amplify cognitive dissonance and the negative consequences of reduced autonomy.

According to the effort-recovery model, the holidays are a time for people to replenish their physical and mental resources.

Not having enough time for a smooth transition back into work can make us feel any recovery and pleasure from being away has been lost. This makes us feel fatigued, unmotivated and less able to manage psychological stressors like cognitive dissonance.

Understanding why we experience “return to work blues” can help with managing this very common phenomena. Here are five strategies to make it easier.

 

1. Ease back into work gradually

Schedule a day between your return from vacation and your first day back at work to unpack, rest, and mentally prepare. If you have already started work, then consider taking the first few Fridays or Mondays off so you have a longer weekend. Also, break down your workload into manageable chunks, focusing on high-priority tasks to avoid feeling overwhelmed.

 

2. Incorporate elements of your holiday into daily life

Really enjoyed watching TV shows, being out in nature or trying new restaurants during the break? Then schedule time to regularly engage in these activities. You can even organize your next break so that you have something to look forward to.

 

3. Set meaningful goals

Use what you have learnt over the holidays to set personal and professional goals that align with your values and aspirations. For example, you might have discovered you really value social connection. So you could set a professional goal of connecting more with your colleagues by organizing after-work drinks.

 

4. Reframe your perspective

Celebrate routine by recognizing the stability and structure that work provides. You can also focus on the parts of your job that provide you with joy and fulfilment.

 

5. Maintain connections and prioritize self-care

Share holiday stories with your co-workers to foster camaraderie and ease the transition. Make healthy lifestyle choices, such as adopting a balanced diet, regular exercise and adequate sleep to support your mental and physical well-being.

 

Know that you are not alone in feeling sad or apprehensive about returning to work after the break. However, if these feelings persist or worsen, speak with a trusted friend, family member, call a support line like Beyond Blue, or seek support from a mental health professional such as a psychologist. – Reuters

Philippines’ zero-waste bid relies on informal workers

Workers clean and segregate assorted plastic bottles inside a junk shop along Mel Lopez Boulevard in Tondo, Manila. -- Photo by Ryan Baldemor, The Philippine Star

MANILA – Plagued with discarded face masks, plastic bottles and other trash during the COVID-19 pandemic, a small riverside community in Manila created its own waste management service, giving its workers, mostly women, a chance to boost their livelihoods.

The Tagumpay 83Zero Waste Association’s network of street sweepers, drivers and creek rangers clean up waterways and collect recyclable waste from the community’s 5,700 residents as well as 24 nearby villages and five schools.

They also run a junkshop where they earn money by selling collected trash, such as single-use plastic bottles and hard plastics, to recycling facilities.

“Aside from reducing plastic waste in our community, we also help our members earn extra income for their family,” Catherine Gabriel, president of the association of informal waste workers in the district of Barangay 830, told the Thomson Reuters Foundation.

The association is one of two community groups in Manila chosen by the United Nations Human Settlements Programme, or UN-Habitat, to receive training on waste management and funding to expand their operations.

Most communities struggle to collect and repurpose waste in a country that devotes insufficient resources to tackle the mountain of trash it produces every year.

The Philippines is among the top waste generators in Southeast Asia, with 18.05 million tons of garbage in 2020 that is projected to reach 23.61 million tons in 2025, according to the National Solid Waste Management Commission.

Local administrations in villages and barangays, or neighborhoods, are tasked with garbage removal but often lack the money, skilled labour and infrastructure to support such operations.

Community organizations often fill the gaps, but their workers earn low pay and lack job protection.

The waste association of Barangay 830 began with no funding but has since received millions of pesos from nongovernmental organizations, as well as UN-Habitat, to purchase equipment and operate facilities.

“If we only depended on the association’s income, we will not be able to purchase delivery trucks or to put up an office to sustain our system,” said Gabriel.

The Philippines marks Zero Waste Month this January to promote sustainable production and consumption practices, part of its bid to keep industrial and post-consumer packaging waste out of nature by 2030.

A government poster for the campaign touts its theme of “integrating sustainability and circularity into the informal waste sector.”

It remains unclear, however, how informal waste workers, the backbone of the country’s current recycling efforts, will be a part of the shift.

WASTE MANAGEMENT GAPS

The Philippines requires 42,000 barangays and villages to set up their own materials recovery facility and door-to-door collection of segregated waste.

But only 39% of villages have such facilities, according to the Commission on Audit.

The task of managing local waste is often delegated to more than 100,000 informal waste workers in the country. Some of them earn less than a dollar a day.

The Department of Environment and Natural Resources has said it wants to to do more to protect waste collectors’ rights and “transform the collection and sorting facilities into formal activities and establishments.”

In Dumaguete, a city on Negros Island in southern Philippines, Aloja Santos and other waste pickers were trained in 2018 by the Mother Earth Foundation, an NGO working to reduce waste and pollution.

The idea was that after a year of NGO support, the local administration would adopt the practices.

“But the barangay could not shoulder our expenses. So we provide our own sacks, gloves, boots and other materials. We use only bicycles to collect heavy waste from households,” said Santos.

Santos and other female waste workers formed a group that services 400 households a day to collect and sort biodegradable and plastic waste, often without enough protective equipment.

The group charges each household 50 pesos, or less than a dollar, a month.

Because its operations are independent from the local authorities, the workers have to pay the government 3 pesos per sack of waste. Philippines law bars the “unauthorized removal of recyclable material” intended for formal collection.

“We are part of the solution in reducing plastic waste in landfills, but we want proper compensation. We are literally doing the dirty work for manufacturers, and we want to be part of the talks on how to better handle our waste,” said Santos, who is an advocate for workers’ rights.

She said informal waste workers were excluded from discussions on the Philippines’ extended producer responsibility (EPR) rules. The government passed a law in 2022 that holds plastic packaging makers and brands financially responsible for the collection and recycling of their products.

“For instance, we don’t know the actual value of our collected waste that’s being sold to plastic credit markets,” she said.

WORKERS’ RIGHTS

Enterprising informal waste workers provide an affordable solution for communities in the Philippines that struggle with basic waste segregation, studies show.

But they are exposed to health and safety risks.

In February, a coalition of 12 waste worker organizations representing more than 1,000 members formed a nationwide alliance to push for legal protections.

The Philippine National Waste Workers Alliance, headed by Santos, is calling for labour safeguards such as hazard pay, health insurance and job security as well as training and participation in policymaking.

Last April, a senator filed the Magna Carta for Waste Workers bill, containing demands from informal waste workers.

Environmentalists want a global treaty to reduce plastic and have called for informal workers to be included in the framework. But a U.N.-backed effort to forge such an agreement late last year fell short.

The delay in crafting the treaty means waste workers are still unprotected, working in dangerous conditions and exposed to toxic fumes from burning plastics, said Marian Ledesma, zero waste campaigner for Greenpeace Southeast Asia.

“Waste workers are often discriminated against and left behind by society,” said Ledesma.

“We must ensure that they … have a say in planning and implementation, and they have access to decent work opportunities as we end the age of plastic.” – Thomson Reuters Foundation

ABS-CBN Corporation to hold Special Stockholders’ Meeting on Feb. 11

 

 


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2024 car sales rise but miss target

A parking lot is full of vehicles in Mandaluyong City, June 30, 2024. — PHILIPPINE STAR /MIGUEL DE GUZMAN

NEW VEHICLE SALES in the Philippines hit a record-high 467,252 in 2024, but fell short of the full-year target, according to an industry group.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed total vehicle sales last year jumped by 8.7% from 429,807 units in 2023.

It missed the industry’s 468,300 sales target by 0.2% last year.

Auto Sales (December 2024)For the January-to-December period, commercial vehicle sales increased by 8.1% to 346,482 units, while passenger car sales rose by 10.5% to 120,770 units.

Sales of commercial vehicles, which accounted for 74.15% of the total, were driven by Asian utility vehicles (AUV) and light commercial vehicles.

AUV sales jumped by 33.7% to 81,818 units, while sales of light commercial vehicles rose by 2.1% to 253,412 units.

Sales of light-duty trucks went up by 1.7% to 6,545 units, while those of medium-duty trucks grew by 5.8% to 3,970 units.

On the other hand, sales of heavy-duty trucks dropped by 27.3% to 737 units.

Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said vehicle sales would continue to grow this year.

“Philippine car sales in 2025 are likely to grow by 6-8%, driven by demand for passenger cars and commercial vehicles, especially AUVs and light commercial vehicles,” he said in a Viber message.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the electric vehicle (EV) segment would be another sales growth driver.

“The Philippines has yet to catch up with other countries in increasing the demand for EVs and hybrid vehicles, given increased competition in terms of lower prices from China, Vietnam and other countries,” he said in a Viber message.

The Board of Investments had projected EV adoption in the country to have reached 5% by the end of 2024, based on the projections of the Accelerating the Adoption and Scale-up Electric Mobility for Low-Carbon City Development in the Philippines project.

CAMPI President Rommel R. Gutierrez said in August he expected EV sales to account for fewer than 10% of the total industry sales.

DECEMBER SALES
Meanwhile, CAMPI-TMA data showed a 7.4% increase in sales in December to 42,044 from 39,153 units in December 2023.

“In December 2024 alone, the industry recorded 42,044 units sold, a 2.8% [increase] month over month,” said Mr. Gutierrez.

“The positive results in December reflect the continued strength of the industry, with strong growth in both passenger cars and key commercial vehicle segments. The overall market remains on track to sustain growth into 2025,” he added.

Passenger car sales rose by an annual 5.5% to 10,125 in December. Month on month, passenger vehicle sales were up by 2.94%.

However, the bulk came from sales of commercial vehicles that grew by 8% to 31,919 in December. Month on month, commercial vehicle sales were up 2.8%.

Sales of AUVs grew by 4.1% year on year to 6,829 units in December. However, month on month sales fell by 13.4%.

Sales of light commercial vehicles went up by 9% to 24,099, while those of light trucks jumped by 11.2% to 616 units.

Heavy truck sales surged by 83.3% to 99 units, while sales of medium trucks dropped 3.5% to 276.

MARKET LEADERS
In 2024, Toyota Motor Philippines Corp. remained the market leader with a 46.66% share. Toyota’s full-year sales rose by 9% to 218,019 units.

Mitsubishi Motors Philippines Corp. came in second with a 13.7% increase in sales to 89,124 units.

In third spot is Ford Motor Co. Phils., Inc. whose sales dropped by 10.6% to 27,997 units.

Rounding out the top five were Nissan Philippines, Inc., which saw a 1.3% decline in sales to 26,774 units, and Suzuki Phils., Inc. whose sales jumped 10.4% to 20,371 units.

“Manufacturers with diverse product lines and strong dealership networks will have an edge,” said Mr. Arce.

He said Toyota would likely remain the market leader this year.

“Toyota is expected to maintain dominance, while competitors like Mitsubishi and Suzuki will likely leverage the growing AUV and light commercial vehicle markets,” he added.

However, Mr. Arce said there are risks to sustained car sales growth in 2025, which include “economic headwinds, potential interest rate hikes and supply chain issues.”

CAMPI earlier set an “aspirational” sales target of 500,000 for 2024. However, Mr. Gutierrez said late last year that if the industry fails to breach the 500,000 level in 2024, it would likely reach it in 2025. — Justine Irish D. Tabile

Penalties for motorists without RFID to be implemented by March

VEHICLES pass through toll gates at the South Luzon Expressway. — PHILIPPINE STAR/RUSSELL PALMA

By Ashley Erika O. Jose, Reporter

MOTORISTS passing through expressways without electronic toll collection (ETC) devices or radio frequency identification (RFID) tags would be fined starting March, the Toll Regulatory Board (TRB) said.

The new tollway guidelines, which were supposed to be enforced last year, are tentatively scheduled to be implemented by March 1, TRB Executive Director Alvin A. Carullo told BusinessWorld on Tuesday.

Mr. Carullo said the government is only targeting to fine motorists without RFID tags first. Fines on motorists with insufficient wallet balance will not yet be implemented, he added.

“Fines for no valid ETC device will be implemented, but fines for (motorists with) no sufficient load balance will not yet be implemented,” Mr. Carullo said in a Viber message.

The tollway guidelines under Joint Memorandum Circular (JMC) No. 2024-001 were supposed to be enforced starting Oct. 1 last year.

However, the Department of Transportation (DoTr) deferred the implementation to 2025 to give tollway operators and concerned agencies time to fine-tune their operations.

All motorists entering an access highway without an ETC device will face a fine of P1,000 for the first offense, P2,000 for the second offense and P5,000 for subsequent offenses, according to the memo issued last year.

The circular also stated that motorists exiting toll expressways with insufficient account balance will be fined P500 for the first offense, P1,000 for the second offense and P2,500 for subsequent offenses.

Rene S. Santiago, former president of the Transportation Science Society of the Philippine, said imposing penalties for motorists without RFID tags is a bad policy due to defective RFID readers and delayed gates at expressways.

“It would be fair if TRB also penalizes tollway operators for malfunctioning systems and deficient interoperability,” Mr. Santiago said in a Viber message.

SMC Infrastructure, which operates San Miguel Corp.’s (SMC) toll road network, said the company is prepared to implement a cashless toll payment and that all of its toll roads are equipped to support its implementation.

The company also said the transition to cashless toll payment would also help ease traffic congestion.

SMC Infrastructure has been ready for cashless toll payments since last year, with all our toll roads equipped to support it,” it said, noting that its teams are also on standby to install RFID tags for motorists who do not have it yet.

BusinessWorld also sought comments from toll road operator Metro Pacific Tollways Corp. (MPTC) but had not received a response as of the deadline.

The implementation of a cashless toll collection is needed for the planned electronic toll collection interoperability, the TRB said.

The TRB also plans to introduce a unified RFID wallet system that can be used in various tollways.

Mr. Carullo said previously the TRB and tollway operators were just ironing out the implementation of the planned interoperability.

He said they are doing some tests to fix some technical glitches to ensure its seamless implementation.

Easytrip is used on MPTC’s North Luzon Expressway, Subic–Clark–Tarlac Expressway, Manila-Cavite Expressway and Cavite-Laguna Expressway.

Meanwhile, Autosweep is used on the San Miguel group’s Skyway, South Luzon Expressway, NAIA Expressway, Southern Tagalog Arterial Road Tollway and Tarlac-Pangasinan-La Union Expressway.

MPTC is the tollway unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

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

BIR says it exceeded 2024 collection goal

TAXPAYERS line up to file their income tax returns at the Bureau of Internal Revenue office in Manila. — PHILIPPINE STAR/EDD GUMBAN

THE Bureau of Internal Revenue (BIR) on Tuesday said it exceeded its revised P2.85-trillion collection goal in 2024, mainly driven by value-added tax (VAT) collection.

“Although the numbers are still being finalized, the BIR confirmed that they have definitely reached the P2.848-trillion mark for 2024,” BIR Commissioner Romeo D. Lumagui, Jr. said in a press release.

The BIR’s collection target for 2024 was 22% higher than the P2.34-trillion collection in 2023, when revenue rose by 8% annually but missed its P2.64-trillion target.

“The exact figures will be finalized by around mid-February, and by then, the collection figures will only increase past the DBCC (Development Budget Coordination Committee) target,” he added.

The BIR said 2024 would mark the first time the agency surpassed its collection target in two decades, excluding 2020 when the target was significantly lowered due to the pandemic.

Last year’s target was lowered from the original P3.05-trillion goal.

The BIR said revenues were mainly driven by VAT collections, as it failed to hit the goal for other tax types.

“Moreover, this was accomplished despite the country’s gross domestic product (GDP) growing by a weaker-than-expected 5.2% in the third quarter,” the BIR said.

In the first 11 months of 2024, BIR revenue collections increased by 13.88% to P2.67 trillion, which already accounted for 93.64% of the full-year program.

Last year, the BIR implemented a 1% withholding tax on online sellers to address tax leakages in the digital economy. It also created a task force to go after taxpayers using “fake transactions” and “ghost receipts” to avoid the payment of income tax and VAT liabilities.

“Our dedication to good governance reforms, manifested by our shift to a taxpayer-oriented agency, has increased the voluntary compliance of taxpayers. This goes to show that if government agencies improve their services, processes and programs, our countrymen will do the right thing and pay their proper share of taxes,” Mr. Lumagui said.

Last week, the BIR told a Senate hearing its tobacco excise tax collections reached P134 billion in 2024, falling short of its P185.3-billion target by 28%.

The BIR attributed the lower excise tax collection to the illicit tobacco trade and consumer preference for vape products. Aubrey Rose A. Inosante

BMI forecasts 6.3% growth for PHL this year

High-rise buildings tower over shanties in Parola, Tondo, Manila, Jan. 11, 2025. — PHILIPPINE STAR/RYAN BALDEMOR

By Luisa Maria Jacinta C. Jocson, Reporter

FURTHER monetary easing is seen to prop up gross domestic product (GDP) growth in the Philippines, Fitch Solutions’ unit BMI said, as this would provide much-needed support to domestic demand.

“For the Philippines, we are expecting growth to accelerate from 5.8% in 2024 to 6.3% in 2025. The main driver is monetary policy loosening,” BMI Asia Country Risk Analyst Shi Cheng Low said in a webinar on Tuesday.

The government is targeting 6-8% GDP growth this year.

For the first nine months of 2024, growth averaged 5.8%. Preliminary fourth-quarter and full-year GDP data will be released on Jan. 30.

“Keep in mind that investment has been quite weak in the first quarter and third quarter. So about 150 basis points (bps) of cuts by the end of 2025 should help boost the Philippine economy going forward,” he added.

The Bangko Sentral ng Pilipinas (BSP) began its easing cycle in August last year, delivering 75 bps worth of cuts for 2024.

The central bank has signaled further easing this year as the current policy rate at 5.75% is still in “restrictive territory,” BSP Governor Eli M. Remolona, Jr. said.

Mr. Low said another growth driver is the rebound in private consumption as inflation continues to ease.

Headline inflation averaged 3.2% in 2024, within the 2-4% central bank target.

“We expect inflation to stay within the target for the rest of the year, obviously barring external shocks and also because the labor market has actually been improving,” he said.

This year, the BSP expects inflation to average 3.3%.

However, Mr. Low said their growth forecast for this year hinges on the expectation that US President-elect Donald J. Trump would not be aggressive in the implementation of his tariff proposals.   

“If that’s the case, we are going to lower our projections downwards. And I think that’s the biggest risk for the Philippines because the US is one of [its] biggest trading partners,” he said.

Mr. Trump, who is set to assume the presidency on Jan. 20, has pledged to impose import tariffs of up to 10% across the globe and 60% for Chinese goods.

“In sum, we expect the growth outlook to improve at least for the Philippines over the coming quarters,” Mr. Low added.

SERVICE BOOST
Meanwhile, HSBC in a separate commentary said the Philippines is expected to be one of the fastest-growing economies in Southeast Asia, mainly driven by a boost in services.

HSBC Global Private Banking and Wealth Chief Investment Officer for Southeast Asia and India James Cheo said the Philippine economy is “expected to deliver one of the strongest growths in the region this year.”

HSBC expects the Philippines’ GDP to expand by 6.3% this year and 6.7% in 2026.

“Philippine economic growth in 2025 will be driven by robust domestic consumption, a thriving business process outsourcing (BPO) sector, and increasing investments in digital services.”

“The country’s unique strength in service exports, including IT and BPO services, provides a buffer against global trade uncertainties and tariff risks.”

Data from the BSP showed the Philippines booked $37.4 billion worth of services exports in the first nine months, up 6.25% from a year earlier.

“Service exports and overseas remittances, which remain key economic pillars, will continue to contribute significantly to economic resilience and stability in the Philippines,” Mr. Cheo said.

He also said the country’s monetary and fiscal policies are “aligned to support growth while managing risks.”

Mr. Cheo said the central bank would likely deliver further rate cuts this year.

“We forecast the BSP to cut the policy rate to 5% in the third quarter of 2025, as it cautiously navigates external risks like potential volatility in the peso and the US Federal Reserve’s easing cycle.”

“On the fiscal side, the government’s infrastructure agenda remains a key growth driver, supported by revenue-enhancing measures,” he added.

Meanwhile, HSBC expects the peso to “face volatility from a stronger dollar but its high carry will be a buffer.”

“We are bullish on the peso and expect it to stay resilient at P59.8 against the US dollar by end-2025.”

The peso closed at P58.62 a dollar on Tuesday, strengthening by eight centavos from its P58.70 finish on Monday. Last year, the peso fell to a record-low P59-a-dollar level thrice.

MONETARY POLICY BUFFER
Meanwhile, Bank of America (BofA) Global Research in a separate report said economies in Southeast Asia might need to deploy varying policies to cushion the spillovers from Mr. Trump’s tariff plans.

“If trade shocks materialize, we reckon that the fiscal-monetary policy mix to cushion any softening of external demand may differ across countries,” it said.

“We think that policy mix may be more balanced in the case of Malaysia and Singapore, more skewed towards fiscal policies for Indonesia and Vietnam, and more skewed towards monetary policies for the Philippines and Thailand.”

For the Philippines, BofA said monetary policy “may have to play a greater role.”

“Inflation is at more manageable levels after the reduction of rice import duties in mid-2024, and BSP is less sensitive to FX (foreign exchange) movements compared with Bank Indonesia,” it said.

“As such, BSP could pursue deeper policy rate and RRR cuts. On the other hand, the government has less scope to raise spending significantly, with the fiscal deficit target for 2025 already above 5% of GDP and government debt at record high levels.”

Abstract dimensions

MECHANICAL KOMOREBI by Walther Ocampo

ABSTRACTION challenges people to examine and imagine, with the varying perceptions of shapes, colors, and forms in a painting reflecting the viewer’s inner thoughts. This interplay of ideas sets abstract works apart from the representational.

Conrad Manila’s first exhibit in its regular “Of Art and Wine” series this year features the works of The Authenticity Zero Collective (TAZC), a Filipino architect-artist-educator group focused on abstraction.

Titled Machine of Thoughts, the exhibit aims to transport viewers to different dimensions through the abstract works on display. Before this exhibit, the collective mainly showed their works at art fairs and galleries including Art Fair Philippines, Gateway Gallery, The Grey Space, and the Manila Bang Show.

The group’s five members — Cocoi Base, Gab Brioso, Almi Domingo, Walther Ocampo, and Robin Ravago — each contributed pieces to Machine of Thoughts. The show invites visitors to interact with the material and the immaterial present in their works.

There are 53 works on view at Conrad Manila’s Gallery C.

The Tiny Dwellings collection of acrylic-on-canvas paintings are by Cocoi Base. His use of lines and dots orient the viewer amid splashes of colors and shapes, evoking a kind of organized chaos. Then there’s the Hyper Proun series by Gab Brioso, utilizing acrylic on 3D-printed polyester and plaster, an interesting intersection of a digital process and a tactile, amorphous output.

Almi Domingo provided three acrylic panel etchings that explore geometric compositions, while the series of painted “constructionals” by Robin Ravago dives into the formal qualities of the wooden material.

Walther Ocampo’s Mechanical Komorebi collection of paintings is multi-dimensional in its elements. At the exhibition opening, he said that everyone in TAZC is curious about where abstraction can take them.

“For me, my interest lies in anything with contrast, for example absence and presence,” Mr. Ocampo told members of the press at the exhibit’s launch on Jan. 7.

“I see the dimensions in the contrasting colors and elements in each work. It’s exciting for us as artists,” he said.

Nestor O. Jardin, the hotel’s resident exhibition curator, added that he had set out to look for an abstract artist to feature in the “Of Art and Wine” series. Thanks to TAZC, he ended up with five.

Mr. Base told BusinessWorld that their group usually shows in art fairs and art galleries. However, in hotels, there is a “well-established art market” that they’re able to penetrate.

“We venture into all kinds of platforms. This year you can also find us at the Xavier Art Fair, in February,” he said.

Of Art and Wine: Machine of Thoughts at Conrad Manila’s Gallery C runs until March 8. — Brontë H. Lacsamana