National Food Month kicks off in Quezon province

March 27, 2025 | 12:05 am

THE NEW LOGO for Filipino Food Month features figures of meat, fish, fruit, and vegetables. — ADONIS V. BUHAYAN/DA-AFID/DA.GOV.PH

FILIPINO FOOD MONTH, celebrated each April — due to Proclamation No. 469, which in 2018 designated the month for the celebration — will kick off on April 4 and will feature a variety of activities.

This year’s theme is “Sarap ng Pagkaing Pilipino, Yaman ng Ating Kasaysayan, Kultura, at Pagkatao” (which roughly translates to “The taste of Filipino food; the wealth of history, culture and self”), was announced at a press conference on March 21 at the Manila Prince Hotel. The new logo for Filipino Food Month was also unveiled, featuring figures of meat, fish, fruit, and vegetables. According to a statement by the Department of Agriculture (DA; one of the agencies in charge of the celebration) says that the new logo “embodies the rich agricultural and culinary heritage of Luzon, Visayas, and Mindanao by showcasing key agricultural products from each major island group. It is also inspired by the colors of the Philippine flag, symbolizing unity, pride, and resilience in preserving and promoting Filipino cuisine.”

Its partner agencies include the Department of Tourism, the National Commission on Culture and the Arts, and the non-government organization, the Philippine Culinary Heritage Movement (PCHM).

Kickoff ceremonies will commence on April 4 at the Quezon Provincial Capitol Grounds.

“This year, we’re going down south to Quezon because we also have major food hubs in Quezon,” said DA Assistant Secretary for Agribusiness, Marketing, and Consumer Affairs Genevieve Velicaria-Guevarra during the press conference. “Not many people know that most of our vegetables, especially here in Metro Manila — we think it’s coming from the north, no — most of them are coming from Quezon… that’s what we want to highlight.”

She talked about the tangible effects the festival has had on the food industry since debuting in 2019. “This is a form of market linkage, and right after we do this. We (look) for partners.”

“We look at it as a form of opening the market and telling them that you can get ingredients here, better, or more premium, ingredients that they can also promote. That’s one gauge for us. That’s also giving our farmers better income and better opportunities for them to be able to sell their produce,” said Ms. Velicaria-Guevarra.

“For our farmers to continue planting, we have to show them that (there is a) market.”

PCHM Founder and President Jose Antonio Miguel Melchor, meanwhile, said that one of the food month’s highlight events, the KAINCON Filipino Food Conference, continues to attract academic papers from here and abroad, saying that there were 60 submissions this year.

The month-long celebration will feature various activities including an official opening ceremony at the DA Central Office and Mines Elementary School in Quezon City on April 7; the Department of Trade and Industry’s National Food Fair: Philippine Cuisine and Ingredients Show at SM Megamall’s Megatrade Hall on April 9; the KAINCON Filipino Food Conference on April 12, and the AngSarap! Philippine Food Festival from April 25 to 27 at Ayala Malls. — Joseph L. Garcia

FDC earnings climb 36% to P12.1 billion

March 27, 2025 | 12:05 am

GOTIANUN-LED Filinvest Development Corp. (FDC) recorded a 36% rise in attributable net income for 2024 to P12.1 billion from P8.9 billion in 2023, reflecting growth across all business segments.

Total revenue and other income rose by 22% to P113.4 billion in 2024 from P92.8 billion in 2023, FDC said in a statement to the stock exchange on Wednesday.

Consolidated net income grew by 29% to P15.7 billion.

The banking and financial services segment accounted for 39% of FDC’s net income, followed by the power business at 29%, real estate and hospitality at 27%, and other businesses at 5%.

“2024 was by far Filinvest’s strongest year. As we celebrate our 70^th anniversary, this record performance anchors our growth plans and gives us confidence in our continued growth in the years ahead. It is a testament to our ability to adapt to changes over the decades and take advantage of opportunities when they arise,” FDC President and Chief Executive Officer Rhoda A. Huang said.

The banking business, led by East West Banking Corp., posted a 25% increase in net income to a record-high P7.6 billion, driven by sustained consumer loan growth and strong deposit generation.

Net interest income rose by 19% to P33.5 billion, while non-interest income expanded by 20% to P8.9 billion.

The real estate segment, comprised of Filinvest Land, Inc. and Filinvest Alabang, Inc., recorded a 3.2% increase in net income contribution to P3.8 billion.

Revenues from the residential segment climbed 9% to P17.6 billion due to a higher percentage of project completion in mid-rise condominiums and housing developments, as well as a growing number of accounts recognized as revenue.

Mall and rental revenues improved by 11% to P8.5 billion, driven by higher occupancy rates and improved net effective rents.

The power subsidiary, FDC Utilities, Inc., posted a 26% increase in net income contribution to P4.3 billion as revenues grew 40% to P24.5 billion on higher volume and average selling prices.

Filinvest Hospitality Corp. contributed P266 million in net income as revenue rose 26% to P4.3 billion, supported by stable domestic tourism and higher average room rates across its seven properties.

The company operates approximately 1,800 rooms across seven hotels in seven cities and five regions under the Crimson, Quest, and Timberland Highlands brands.

“Armed with a strong foundation, we are now ready to embrace change and move forward on this pivotal growth path for the Filinvest group,” Ms. Huang said.

FDC shares rose 1.06% or five centavos to P4.75 per share on Wednesday. — Revin Mihael D. Ochave

UnionBank set to exercise call option on P6.8-billion Tier 2 bonds

March 27, 2025 | 12:04 am

THE BANGKO Sentral ng Pilipinas (BSP) has cleared Union Bank of the Philippines, Inc.’s (UnionBank) plan to buy back P6.8 billion worth of bonds due 2030.

“Please be informed that the Bangko Sentral ng Pilipinas approved Union Bank of the Philippines’ request to exercise its voluntary redemption option on its P6.8-billion unsecured subordinated debt eligible as Tier 2 capital scheduled on May 24, 2025,” it said.

“All noteholders on record shall be notified of the said voluntary redemption option prior to the voluntary redemption date in accordance with the Manual of Regulations for Banks and the terms and conditions of the notes,” the bank added.

UnionBank in February 2020 raised P6.8 billion from the Tier 2 notes, higher than the initial P5-billion target. The issue was listed on the Philippine Dealing and Exchange Corp. that same month.

The Tier 2 notes have an interest rate of 5.25% per annum, payable in arrears quarterly, and were set to mature on May 24, 2030.

They have a tenor of 10 years and three months and are callable in 5.25 years from the issue date or starting May 24.

UnionBank’s attributable net income rose by 31.5% year on year to P11.93 billion in 2024 from P9.07 billion in 2023 on the back of its strong consumer business, improved margins, and higher revenues.

Its shares went up by 25 centavos or 0.76% to close at P33.25 each on Wednesday. — AMCS

Jollibee to issue $300-M notes with 5.332% coupon

March 27, 2025 | 12:04 am

JOLLIBEE FOODS CORP. (JFC) has set the terms for its $300-million note issuance, with the five-year senior unsecured notes carrying a fixed coupon rate of 5.332%.

The Regulation S notes will carry semi-annual interest payments, JFC said in a regulatory filing on Wednesday.

The company said the transaction had a final orderbook exceeding $2 billion, equivalent to an oversubscription rate of seven times.

The notes will be issued by JFC’s subsidiary, Jollibee Worldwide Pte. Ltd. (JWPL). The notes are unrated and will be listed on the Singapore Exchange Securities Trading Ltd.

“The significant investor demand played a key role in allowing JFC to tighten 35 basis points (bps) from initial price guidance, eventually landing at a spread of 125bps over the five-year US Treasury,” JFC said.

“The notes offering is expected to settle on or about April 2, subject to the satisfaction of customary closing conditions,” it added.

The company will use the proceeds for general corporate purposes and refinancing of JWPL’s existing borrowings. Regulation S issuances are securities offered outside the United States that are not registered under the US Securities Act or any US state securities laws.

“This landmark transaction represents JFC’s first return to the US dollar primary bond market since 2020. JFC is also the first Philippine corporate issuer to access the international bond market in 2025…,” JFC said.

In a separate e-mail statement, financial research firm CreditSights said it sees little room for the new JFC issuance to tighten in the secondary market.

“We expect the new Jollibee bond to price close to where we see fair value, with little room for meaningful spread compression in the secondary market,” it said.

JFC Chief Financial Officer Richard Shin said in a virtual media briefing on Tuesday that the company would convert the planned issuance to senior bonds from perpetual bonds.

“The reason for that is it’s more cost effective as a senior bond versus a perpetual bond. Our covenants are all in a very good place. We want to do best for shareholders by getting the lowest cost,” he said.

“This is our perpetual bond in the amount of $396 million that was due in January… We’ve taken the $96 million out of the $396 million and we converted that into very favorable rate term (peso) loans onshore,” he added.

JFC allotted a capital expenditure budget of P18 billion to P21 billion this year, which will be used to open up to 800 new stores.

As of end-2024, the fast-food giant has 9,766 stores globally, of which 3,382 are in the Philippines and 6,384 are international branches.

JFC shares rose by 0.34% or 80 centavos to P233.60 per share on Wednesday. — Revin Mikhael D. Ochave

Securing democracy in the digital age: how technology safeguards modern elections

March 27, 2025 | 12:04 am

vote-counting-machines — PHILIPPINE STAR/ RUSSELL PALMA

By Karthick ChandraSekar

AS TECHNOLOGY continues to become more integral to electoral processes, there is a pressing need to educate voters about how to use new systems effectively. For example, electronic voting can make elections more accessible, especially for overseas voters, but it also raises security concerns and vulnerabilities.

That is why the role of technology in electoral processes cannot be overstated. It has the power to make elections secure, free, and fair. However, if misused, it can compromise a key pillar of a democratically elected government. In this article, we will look at how technology is transforming the way elections are done — and what’s at stake if security measures aren’t properly implemented.

THE IMPORTANCE OF CYBERSECURITY IN ELECTORAL PROCESSES
With the rapid evolution of AI and the emergence of high-quality deepfakes, there’s a heightened risk of misinformation during elections. Cyberattacks such as phishing, denial-of-service, and malware attacks can compromise election integrity by tampering with voter data or disrupting voting processes.

Phishing e-mails are still potent in this day and age. A well-structured e-mail can fool even the most steadfast election official into revealing sensitive information and compromising the security of election databases. With just one security breach, a hacker can gain access to sensitive data and engage in voter suppression (such as removing voters from voter lists and committing identity theft).

Unfortunately, there is real cause for concern, as this has happened before. In 2016, two separate cyberattacks on the same day targeted the Commission on Elections (Comelec), revealing its susceptibility to digital attacks. A website defacement attack was followed by a data breach, in which a link to the Comelec’s entire database was posted online.

Protecting against these cybersecurity threats is a key part of election security, demanding the implementation of multi-factor authentication and strong encryption. These security solutions are essential to keeping official accounts secure and election databases protected. This is why it is important for governments and electoral bodies to work together with cybersecurity experts in establishing protocols that can identify and respond to threats quickly and effectively.

WHAT IT TAKES TO KEEP ELECTIONS SECURE, FAIR, AND FREE
The Philippines has had an automated election system since 2010, utilizing optical scan vote counting machines and the electronic transmission of results. This system has enhanced the speed and accuracy of vote counting, reducing opportunities for manual tampering and expediting the reporting of election outcomes.

Electronic voting machines (EVMs) have significantly reduced the time it takes to count ballots and deliver the results to voters in the Philippines. Voters mark their ballots using devices like touch screens, keyboards, or styluses. The ballots are then scanned and electronically recorded. The results are transmitted digitally, and in some cases, a paper receipt is provided to help voters confirm their choices.

EVMs can then transmit this data from the polling stations to the central servers, allowing election bodies to report the results through live dashboards with real-time updates. Because the information comes in real time, users can view detailed results (by the region and candidate) on special websites set up by election bodies. Some election bodies even allow voters to actually view the counting of their votes in real time so that the process remains transparent.

Transparency is a critical part of building trust in the Philippine electoral process among the general population, especially as the midterm election approaches. By closing security gaps, reducing the potential for errors, and combating misinformation, the government can foster the public’s faith in the electoral process.

ELECTION SECURITY IS THE CORE OF A DEMOCRATIC SYSTEM
Although EVMs and real-time dashboards promise greater speed, accuracy, and public engagement, they also expose electoral processes to cyberthreats such as phishing attacks on officials, database manipulation, and misinformation. Such threats can weaken voter confidence and compromise the fairness of elections.

Evolving technologies like artificial intelligence and quantum computing will further reshape how votes are cast, tallied, and reported. Harnessing these innovations without jeopardizing public trust will require a collaborative approach between governments, electoral bodies, and cybersecurity experts. Failure to do so risks undermining the transparency, stability, and legitimacy of elections, ultimately threatening the core of democratic systems.

Karthick ChandraSekar is the associate director at ManageEngine.

Dining In/Out (03/27/25)

March 27, 2025 | 12:04 am

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PAL offers Filipino desserts

ON ITS 84^th Anniversary, Philippine Airlines (PAL) celebrates its legacy through a special dessert selection which is available until May 31 in select destinations. The special 84^th-anniversary desserts include the Trio Bite-Sized Dessert Plate consisting of the Classic Leche Flan Topped with Cantaloupe Syrup, Candied Orange, and Coconut Cream; a Southern Chocolate Ganache Cake Slice (made with premium cacao beans grown and sourced in Davao); and Pacencia with Mango Butter Cream Filling. The Trio Bite-Sized Dessert Plate will be available to business class passengers in North American destinations that include Los Angeles, San Francisco, Seattle, and New York. They can also opt for a halo-halo, another classic Filipino dessert; a mix of sweetened fruits, various toppings, and milk, or have it served with a cheese platter or an ice cream. Passengers flying business class in the Honolulu and Australia destinations, meanwhile, can enjoy the Southern Chocolate Ganache Cake Slice, a cheese platter, or an ice cream. To book a business class flight, visit www.philippineairlines.com or download the Philippine Airlines app.

Culinary Class Wars comes to Solaire

HIT cooking series Culinary Class Wars’ celebrity chef Choi Hyun-seok will visit Solaire in April. Mr. Choi and Solaire Resort will begin their collaboration with back-to-back dinners at Finestra, with five-course dinners prepared by Mr. Choi himself, featuring Italian-Korean fusion cuisine. These will happen at Solaire Resort Entertainment City on April 5 and 7, and on April 6 at Solaire Resort North. Highlights include his Jang Trio Steak, with an assortment of three different Korean jang sauces with one of each complementing its own dish, such as a Korean beef steak, kkakdugi (diced radish kimchi), and white asparagus, as featured on Culinary Class Wars. Alongside this is his critically acclaimed Vongole (with the garlic this time) which became a memorable dish on the show by garnering an excellent ranking despite missing a key ingredient. To spice things up, Mr. Choi brings his Amuse Bouche and dessert dishes with a symphony of flavors exclusively for Solaire Resort diners. For those who are unable to dine with Mr. Choi in person, his signature dishes will be available for a limited time until July 6, exclusively at Solaire Resort. For more details, visit https://www.solaireresort.com/chef-choi-hyun-seok/ or contact 8888-8888.

Grand Hyatt Manila does tea

GRAND HYATT MANILA introduces two afternoon tea offerings at The Lounge: the new Merienda Cena Grand Afternoon Tea menu and Wings of Spring Afternoon Tea. The Merienda Cena Grand Afternoon Tea reimagines the cherished Filipino merienda tradition with an elegant twist. The Merienda Cena Grand Afternoon Tea is available Fridays to Sundays from 2:30 to 6 p.m. It features unlimited servings of Filipino-inspired light bites, bao bun sandwiches featuring lumpia sariwa, pork asado, and chicken adobo, as well as savories such as kinilaw na tuna and shrimp cocktail. The menu also features waffles accompanied by Amarena Fabbri compotes, vanilla chantilly, chocolate sauce, and caramel sauce. Traditional homemade scones are served with strawberry jam, ube jam, and clotted cream. Homemade cakes complete the indulgence, including the Calamansi Tart, Strawberry Chiffon, Cheesecake, and the Grand Hyatt Manila Chocolate Cake. Sweet treats such as Namelaka Chocolate Parfait and Mango Coconut Parfait, complemented by a selection of freshly brewed coffees and premium tea blends, add to the experience. Prices start at P1,850 net per person for the free-flow food menu, P2,600 net per person for the free-flow food menu with rosé wines, and P3,300 for a two-person Afternoon Tea Set. Meanwhile, The Wings of Spring Afternoon Tea celebrates the beauty of Japan’s spring season through a limited time offering available on Fridays to Sundays between 2:30 and 6 p.m. until April 27. This exclusive menu includes bao bun sandwiches inspired by Filipino flavors, alongside Japanese delicacies such as grilled tuna, assorted maki rolls, and chirashi sushi. Desserts inspired by springtime artistry include Cherry Blossom and Yuzu Choux, Cherry Blossom Mousse, Cherry Blossom Cheesecake, and Cherry Blossom Roulade. Traditional homemade scones and affogato are also an option. With an add-on of P1,700 net, both menus also offer Homemade Mango Bingsu, a refreshing Korean treat of shaved condensed milk, fresh mango, and coconut ice cream. For inquiries, call 8838-1234 or e-mail manila.grand@hyatt.com.

KitchenAid unveils heavy-duty mixer collection

KITCHENAID has introduced the all-new Heavy-Duty, 6QT Commercial Stand Mixer Collection. Distributed in the Philippines by Focus Global Inc., the new collection has cutting-edge features including an innovative ½ speed setting allows for gentle mixing of delicate ingredients like blueberries and egg whites without overbeating. It comes with 11 distinct speeds for precise control and power for any mixing need, from whipping cream to kneading tough bread dough. Designed for home cooks with big families and small to medium business owners, the Bowl-Lift design makes it easy to handle larger batches and tougher doughs with ease. Unlike tilt-head mixers, which require tilting the head back to add ingredients or adjust the bowl, the Bowl-Lift design features a lever that raises and lowers the mixing bowl into position. This not only keeps the bowl stable during heavy mixing but also allows for larger ingredient capacity and more powerful mixing without strain. The increased power comes from the mixer’s robust motor, which delivers consistent torque even when handling stiff doughs or thick batters. The mixer has greater capacity thanks to its 5.6L (6QT) bowl that can hold up to 14 cups of flour and produce up to 13 dozen cookies in a single batch — significantly more than the five-quart model, which holds only 7 cups of flour and yields approximately 9 dozen cookies. The new mixer has a soft start technology that gradually accelerates to any of the 11 speed settings. The all-new 6QT Commercial Stand Mixer Collection (5.6L / 6QT) is available now on shop.kitchenaid.ph.

Sub-Zero and Wolf introduce new appliance features

SUB-ZERO AND WOLF are introducing new appliances: Sub-Zero has two new refrigeration collections, the Classic Series and Designer Series, and Wolf offers advancements in oven technology. The Sub-Zero Classic Series features the iconic stainless-steel exterior, while the Designer Series offers a fully integrated, seamless look that blends effortlessly into any kitchen. The refrigerators feature ClearSight LED lighting that illuminates every corner, minimizing shadows and ensuring optimal visibility, and it has a Night Mode which automatically dims the lighting by 90%, offering a gentle glow for late-night snacking without straining the eyes. They come with an intuitive Touch Control Panel which allows users to customize multiple settings from lighting to humidity with a tap. Flexible storage solutions, such as adjustable shelves and a flip-up dairy compartment, make organizing and storing food seamless. There is also a NASA-inspired air purification system, now housed behind a convenient sliding door, that filters out odors and ethylene gas. The new Split Climate Intelligent Cooling System ensures even cooling across two independent zones, providing tailored storage conditions. Enhanced humidity control in crisper drawers further protects the integrity of fresh produce. Meanwhile, Wolf appliances have the new Dual VertiFlow Convection System which transforms how heat circulates in the oven, ensuring even temperature control and eliminating hot and cold spots. Sub-Zero and Wolf are exclusively distributed by Focus Global Inc. For inquiries, call 8705-9999 or visit subzero-wolf.com.ph.

Chivas Regal and Formula 1 driver Charles Leclerc

CHIVAS REGAL has announced that leading Formula 1 driver Charles Leclerc is its Global Brand Ambassador in a multiyear partnership. The partnership will celebrate the achievement of personal goals and creativity along the way, exploring Mr. Leclerc’s passions off the racetrack, with the first being music. As a self-taught pianist and composer, he has been sharing his love of music with fans over the past few years, releasing multiple tracks. The time, precision, and passion he puts into mastering the notes on a piano reflect the craftsmanship required to blend the notes of an iconic whisky. Nick Blacknell, global marketing director for Chivas Regal at Chivas Brothers, says: “It’s no secret Charles has had incredible success in his life, but it is his tenacious spirit, commitment to excellence, and off-track passions that inspired this partnership. The 88 notes of the piano draw perfect parallels with the 85 flavor notes of our iconic Chivas 18-Year-Old expression, showing how both music and whisky blend passion with precision.” Fans can keep up to date with the new partnership by following @ChivasRegal on Instagram or visiting Chivas.com.

US allies get a Signal chat’s worth of red flags

March 27, 2025 | 12:04 am

BLOOMBERG-Pete Hegseth — PETE HEGSETH, US SECRETARY OF DEFENSE — AL DRAGO/BLOOMBERG

IF EUROPEANS didn’t already know what the new administration in Washington thinks and wants of them, they now do: “PATHETIC” and cash, respectively. This is thanks to the hard-to-credit decision of President Donald Trump’s top security officials to chat about an imminent military strike against targets in Yemen on a publicly available texting app, and to include a journalist by mistake.

For a continent already worried that Trump may not honor any NATO Article 5 request or would be willing to shake down allies by withholding the spare parts and software upgrades needed to keep their F-35 Joint Strike Fighters flying, the content of this unintentionally leaked discussion has provided confirmation.

In the short term, that may have few real consequences.

Although insulting, the administration’s assessment of Europe’s weak military capabilities is correct. The resulting dependency on US military might has made European states highly vulnerable to extortion by their now-former ally. Longer term, though, the drive to move away from buying US arms and build European will be overwhelming. Charles de Gaulle, the postwar French president who in 1966 pulled France out of the North Atlantic Treaty Organization’s integrated command structures to avoid just such dependencies, has been vindicated from his grave.

US allies in the Asia Pacific and Middle East can only conclude that this might soon be them, too, should Trump and his officials ever decide that they aren’t paying enough for their defense or making sufficient trade concessions.

Russia and China, meanwhile, will also draw conclusions, though viewed from their perspective this offers exploitable opportunities. At least as important as all this is that America’s friends and foes alike are finding out what happens when you get a group of poorly qualified ideologues to run the most powerful military in the world. The short answer is either recklessness or, under a more generous interpretation, a group with a steep learning curve.

John Ratcliffe, director of the Central Intelligence Agency, was on the call. He never thought, however, to question the exposure to potential foreign espionage in discussing the most highly classified subject possible — an imminent military operation — on personal cell phones open to loss or hacking, and while using Signal, a public, albeit encrypted, messaging service.

It’s because of those vulnerabilities that the US government has a dedicated secure communications system. It’s less convenient than a phone chat, but that’s because it’s safe. Ratcliffe, a Texas lawyer, had no intelligence qualifications for the job when he was appointed, either this year or for a brief stint as director of national intelligence in Trump’s first term. It shows.

Mike Waltz, the national security adviser now heavily involved in negotiating an end to the war in Ukraine, set up the Signal chat and included Jeffrey Goldberg, editor-in-chief of the Atlantic magazine, by error. Waltz has an impressive military background as a former special forces officer, and he served as a policymaker in the George W. Bush administration. Yet this isn’t a mistake you could imagine Henry Kissinger, Brent Scowcroft, or Zbigniew Brzezinski making. On Tuesday, Trump backed Waltz, telling NBC News his adviser had “learned a lesson, and he’s a good man.”

Defense Secretary Pete Hegseth, a former major in the National Guard and Fox News commentator, distributed operational plans for the strike to the group, including, inadvertently, to Goldberg. It was Hegseth who described the Europeans as “PATHETIC” for lacking the capabilities required to carry out the coming Houthi strike alone.

Twice in the chat, parts of which Goldberg published on Monday, Hegseth assures his colleagues on this inherently leak-prone forum that he had OPSEC (operational security) firmly under control. Hegseth served tours in Iraq and Afghanistan, if at a relatively low rank, whereas some US defense secretaries have had no military experience at all. Yet concerns over his judgment that were raised in Senate approval hearings now seem relevant.

Trump has said the March 16 air and missile strikes on Yemen were designed to end Houthi attacks on Israel and international shipping lanes once and for all, where numerous less extensive strikes ordered by the Biden administration had failed. More than 50 people were killed in the operation, according to the Houthis, who vowed to continue their campaign and to retaliate.

It’s hard to know whether this strategy of bigger air strikes will succeed. The Houthis had already shown signs of reduced capabilities in recent months as a result of dozens of smaller US attacks, and more might do the trick without a need for boots on the ground. But it’s hard to defeat any enemy with airstrikes alone. It’s also unclear how they might retaliate. What’s more interesting is that the political appointees in charge raised none of these questions of effectiveness and potential blowback. They don’t appear to have been discussed.

Instead, the chat focused on how to persuade US taxpayers that this was the right and necessary thing to do. The conclusion was that messaging should focus relentlessly on Joe Biden’s failures and the Iranian threat, because so few Americans would know who the Houthis are. Vice-President JD Vance’s main concern was whether the strike would send the wrong message, by defending an international seaway through which far more European than US trade passes. Vance said he just didn’t want to be “bailing Europe out again.” If he was aware that European ships and aircraft have taken part in patrols and previous punitive missions against the Houthis, it didn’t show.

I have never served in any military or intelligence agency, so I can’t judge from experience just how unusual or shocking this kind of sloppiness around a mission would seem to those who do serve. But as my colleague Paul Davies reminds me, when employees at some of the world’s leading investment banks used WhatsApp for messaging without authorization just a few years ago, it cost several senior executives their jobs and the banks $200 million in fines each.

Mick Ryan, a retired major general in the Australian army, had this to say in a Substack post: The “shortfall in security is appalling. In normal times, this would see people sacked. I don’t expect that in this case though because these are not normal times.”

That seems about right. Or, to use the US defense secretary’s less careful language, this whole episode was pathetic.

BLOOMBERG OPINION

Edwin Bautista is PNB’s new president and CEO

March 27, 2025 | 12:03 am

PHILIPPINE NATIONAL Bank (PNB) has appointed former Union Bank of the Philippines, Inc. chief Edwin R. Bautista as its new president and chief executive officer (CEO).

Mr. Bautista will succeed Florido P. Casuela effective April 29, PNB said in a disclosure to the stock exchange on Wednesday. The former will also take the latter’s seat on the bank’s board of directors.

“This impending leadership transition marks a key milestone in PNB’s ongoing strategic transformation. The board expressed its deep appreciation for Mr. Casuela who skillfully led the bank through the challenges of the post-pandemic period,” the bank said. “Mr. Bautista brings with him a wealth of experience from Union Bank of the Philippines (UnionBank), where he played a pivotal role in driving the bank’s digital transformation and expanding its retail banking.”

“His appointment signals PNB’s commitment to innovation, customer-centric banking, and long-term sustainable growth. PNB remains dedicated to modernizing its operations, enhancing financial services, and strengthening its position as one of the country’s premier banking institutions,” it said.

Mr. Bautista stepped down as UnionBank president and CEO on Jan. 1 but stayed on as director. UnionBank said in a separate disclosure on Wednesday that it has accepted his resignation as director effective immediately.

The ex-UnionBank chief spent 27 years at the Aboitiz-led lender, joining as senior vice-president in 1997 and holding various senior leadership roles in transaction, institutional, consumer, and retail banking throughout his career.

He oversaw UnionBank’s acquisition of Citigroup Inc.’s Philippine retail banking business in 2023.

Mr. Bautista began his career as a brand manager at Procter & Gamble. Prior to his UnionBank stint, he also served as head of Global Transaction Banking at Citibank Philippines.

He graduated from De La Salle University with a degree in BS Mechanical Engineering. He is also an alumnus of the Advanced Management Program of Harvard Business School.

PNB’s attributable net income grew by 17.1% year on year to P21.05 billion in 2024 on continued core business growth.

Its shares ended at P47.90 each on Wednesday, rising by P1.90 or 4.13% from the previous close. — AMCS

SEC says no filing yet on lower MPO requirement

March 27, 2025 | 12:03 am

Emilio Aquino — SEC Chairperson Emilio B. Aquino — AMLC.GOV.PH

THE Securities and Exchange Commission (SEC) said it has not received any formal proposal to reduce the minimum public ownership (MPO) requirement for large initial public offerings (IPOs).

“It didn’t reach us. Once it reaches us, that’s the time we will tell you. But for now, there’s none,” SEC Chairperson Emilio B. Aquino told reporters on the sidelines of the 2025 International Tax and Investment Conference hosted by the Asian Consulting Group in Pasay City on Wednesday.

“The issuer has to apply. But so far, there’s no filing yet… They should go to us first,” he added.

Mr. Aquino said any proposal to amend the MPO rule would undergo regulatory review, with the SEC evaluating multiple factors within a 45-day period before reaching a decision.

“There are different regulatory objectives in mind. One is to promote. As much as possible, we want to get more listings. But at the same time, we should also balance protection. There are many factors that we have to consider,” he said.

Mr. Aquino’s statement follows Philippine Stock Exchange (PSE) President and Chief Executive Officer Ramon S. Monzon’s announcement last week that the exchange had secured SEC approval to lower the MPO threshold, aiming to encourage more companies to proceed with public listings.

According to Mr. Monzon, IPO-bound companies may initially comply with a 15% public float, provided they commit to a follow-on offering or private placement within two to three years to meet the 20% MPO requirement.

He said the adjustment is temporary and will be reassessed.

“We have a two-year window, then if that’s not working, we will extend it for another two years,” Mr. Monzon said.

The PSE’s initiative aligns with GCash’s planned IPO later this year. GCash is controlled by Globe Fintech Innovations (Mynt).

Globe Telecom, Inc. President and Chief Executive Officer and Mynt Chairman Ernest L. Cu previously said the GCash IPO would partly depend on regulators allowing a reduced public float of 10-15% for larger offerings. He added that the IPO could target an $8-billion valuation.

Mr. Monzon said GCash qualifies for the exemption as its IPO exceeds the P5-billion threshold.

The PSE anticipates six IPOs in 2025, though no listings have taken place so far.

Among the expected IPOs are Cebu-based fuel retailer Top Line Business Development Corp., GCash, and Pangilinan-led water concessionaire Maynilad Water Services, Inc. — Revin Mikhael D. Ochave

Apple set to stave off EU fine into browser options, sources say

March 27, 2025 | 12:03 am

BRUSSELS — Apple is set to stave off a possible fine and a European Union (EU) order over its browser options on iPhones after it made changes to comply with landmark EU rules aimed at reining in Big Tech, people with direct knowledge of the matter said on Tuesday.

The European Commission (EC), which launched an investigation in March last year under the Digital Markets Act (DMA), is expected to close its investigation early next week, the people said.

It had been concerned that Apple’s design of the web browser screen on its iPhones may hinder users from switching to a rival browser or search engine.

The EU decision will come amid tensions with US President Donald J. Trump who has threatened to slap tariffs against countries that levy fines against US companies.

The EU competition enforcer declined to comment.

The DMA sets out a list of dos and don’ts for Big Tech, aiming to make it easier for people to move between competing online services like social media platforms, internet browsers and app stores and open up space for smaller rivals to compete.

Companies risk fines of as much as 10% of their global annual sales for DMA breaches.

The EC’s decision to close the investigation early next week will come at the same time as it hands out fines to Apple and Meta Platforms for DMA violations and orders to comply with the legislation, the people said.

In this second Apple case, the issue is whether the company imposes restrictions that hinder app developers from informing users about offers outside its App Store free of charge.

The Meta case concerns its no-ads subscription service in Europe in November 2023 that has triggered criticism from rivals and users, with regulators saying the company should offer free alternative options. — Reuters

Oscar-winning Palestinian director injured in attack by Israeli settlers released after arrest

March 27, 2025 | 12:03 am

SUSIYA, WEST BANK — The Oscar-winning director of a documentary on the Israel-Palestinian conflict was released from detention on Tuesday, a day after being injured and arrested during a raid by Israeli settlers on his village in the occupied West Bank.

Hamdan Ballal, co-director of the award-winning No Other Land, said he had been assaulted by settlers after filming them attacking a neighbor’s house and then returning to make sure his own house was not attacked.

“I was just waiting outside, if any settlers or any army were attacking my home,” he told Reuters after being released from police custody.

He said he had been pushed to the ground, while soldiers yelled at him to stand up and pointed their guns at him. “It’s crazy, you can imagine your family, your kids inside the home and you need to protect them,” he said.

Shortly before the incident, in which he ended up being arrested by Israeli security forces, a group of settlers attacked a gathering for Iftar, the end of the daily Ramadan fast, at Susiya village near Hebron.

“Dozens of settlers attacked the gathering at Iftar,” Jihad Nawajaa, head of the Susiya local council, told Reuters by phone. “The young men came out to prevent them, and there were about eight injuries on our side.”

Israeli police arrested three men, including Mr. Ballal, who was injured during the standoff.

“This is not the first time that the settlers attacked our gathering, but in the recent period the attacks have increased,” Mr. Nawajaa said, adding that the settlers had stolen around 10 sheep from the village during the attack.

Monday’s incident was the latest in which Israeli settlers have been accused of raiding Palestinian or Bedouin villages and encampments in the West Bank, sometimes to steal livestock. Palestinians and activists who monitor such attacks say the police and army typically stand by without intervening.

Lamia Ballal, the filmmaker’s wife, said settlers had gathered around the family house and her husband had gone outside to prevent them from breaking in.

“The settlers attacked him and started beating him, and then they arrested him,” she told Reuters.

Anna Lippman, an American-Canadian from a group called the Center for Jewish Nonviolence, said her group had been attacked by settlers after arriving in the village around 15 minutes after the violence began.

‘TARGETED’
The Israeli military said police and soldiers intervened after Palestinians threw rocks at the vehicles of Israeli citizens and later at Israeli security forces.

“In response, the forces apprehended three Palestinians suspected of hurling rocks at them, as well as an Israeli civilian involved in the violent confrontation,” it said in a statement.

It denied reports that at least one of the Palestinians was arrested in an ambulance.

Asked for an update on Mr. Ballal’s condition and status on Tuesday, the Israeli police sent the statement first issued by the army the previous night.

No Other Land, a film about Israeli displacement of a Palestinian community, co-directed by Palestinian and Israeli directors, won the Oscar for best documentary at this year’s Academy Awards.

Mr. Ballal said one of the settlers who took part in the assault was well known to him.

“This is not the first time,” he said. “He has attacked my home many times and also has grazed his cows in the garden of my house.”

Basel Adra, one of the film’s other co-directors, said he believed the settlers had taken the army to the family house as revenge for the film’s depiction of the Masafer Yatta area near where Monday’s incident occurred.

“Because he carries his camera and documents what is going on, I think he is targeted and he was avenged this way at night,” he said.

European countries and the previous US administration of President Joseph R. Biden have imposed sanctions on violent Israeli settlers, but under President Donald J. Trump, the White House has removed them. — Reuters

Restoring order on our roads

March 27, 2025 | 12:03 am

MMDA-traffic-enforcer — PHILIPPINE STAR/MIGUEL DE GUZMAN

Urban congestion and traffic violations pose a major challenge to public safety and governance globally, particularly in the Philippines. A significant part of this issue stems from reliance on traditional traffic enforcement involving human enforcers, who are prone to corruption, inconsistent application of laws, and questionable judgment due to inadequate training.

I have consistently advocated for a shift toward technology-based enforcement — specifically, the no-contact apprehension program (NCAP). However, this system has remained in limbo for nearly three years since its suspension in various Metro Manila cities following a Supreme Court restraining order in August 2022.

Despite its imperfections, I firmly support NCAP, believing in the effectiveness of technology in enforcing traffic rules. Technology is dispassionate, impartial, and free from personal discretion when determining violations. Although technology cannot be held personally accountable, it also cannot be corrupted. Thus, the Philippines should consider adopting a national law to institutionalize NCAP.

Oral arguments regarding NCAP have already been presented before the Supreme Court, and the necessary comments have been submitted. While it is unclear if the issue is now ready for a decision, I hope the Supreme Court resolves the matter promptly and restores the use of NCAP in traffic enforcement.

Meanwhile, according to submissions by the Metropolitan Manila Development Authority (MMDA) and the Land Transportation Office (LTO), the average monthly number of traffic violations recorded by surveillance cameras increased threefold since the suspension of NCAP in August 2022.

As previously mentioned in another column, no-contact apprehension is not a new concept. Other countries have utilized camera-based traffic enforcement since the 1960s. The Dutch company Gatsometer BV introduced the first film-based red-light camera in 1965, followed by the first road traffic radar in 1971 and the first mobile speed camera in 1982.

Globally, many cities adopting camera-based enforcement systems report significant improvements in traffic compliance, accident reductions, and increased transparency in administrative processes. In London, extensive camera enforcement has substantially reduced traffic-related fatalities and violations.

Similarly, Singapore employs a comprehensive automated enforcement system with cameras strategically placed citywide, ensuring consistent compliance, enhancing discipline, and significantly reducing opportunities for corruption.

The advantages of automated, camera-based enforcement are clear. Firstly, it provides impartiality and consistency — two essential elements often missing from human-led enforcement. Cameras enforce traffic rules uniformly, without regard to drivers’ socioeconomic or political backgrounds. This transparency significantly reduces bribery and corruption risks, issues frequently encountered in enforcement systems reliant on human discretion.

Additionally, automated systems generate substantial efficiency gains. Cameras operate continuously, accurately documenting violations and providing reliable evidence for adjudication. In the United States, cities like New York and Washington, DC, effectively use traffic cameras, reducing the workload for enforcement personnel and allowing officers to focus on more critical law enforcement tasks.

For NCAP to reach its full potential, however, we must establish robust judicial or administrative frameworks to swiftly and fairly handle disputes. International best practices suggest specialized traffic adjudication boards or dedicated traffic courts as efficient mechanisms for managing contested citations.

Continued reliance on poorly trained human enforcers exacerbates inefficiency and inconsistency. Human-led enforcement often results in arbitrary decisions and selective enforcement, eroding public confidence and weakening overall effectiveness. Automated enforcement mechanisms, by contrast, apply rules consistently, enhancing public trust.

Cities such as Dubai and Tokyo demonstrate that combining automated enforcement with rigorous adjudication standards significantly improves traffic compliance cultures.

Once the Supreme Court resolves the current issue, the Philippines must adopt and rigorously enforce NCAP, supported by stricter penalties. Higher fines, clear communication of consequences, and systematic enforcement will be crucial to the program’s success.

Moreover, as Congress possibly considers legislation to institutionalize NCAP nationwide, it should also explore creating dedicated traffic adjudication boards in urban areas to ensure fair and swift resolution of disputes, improving overall acceptance of automated enforcement.

Updating the current Land Transportation Code is necessary to accommodate emerging technologies and set clear national standards for road use and traffic enforcement. Additionally, regulations should be rationalized, especially regarding public utility vehicles, motorcycles, bicycles, and other personal mobility devices sharing roads.

Legislative reviews can align NCAP systems with existing traffic enforcement laws and introduce scientific and data-driven standards for fines. A common argument against NCAP highlights the arbitrary nature of fine setting. Although legally grounded, fines rarely reflect scientific studies or algorithmic analysis. Traffic fines typically remain static and are seldom adjusted to inflation or evolving driver behavior.

As previously argued, if fines aim to correct behavior and prevent violations effectively, penalties should adapt to changing behaviors over time. If a specific violation persists or grows, its penalty should correspondingly increase. Current fines are legally set without considering their long-term effectiveness.

Furthermore, within Metro Manila, consistency and alignment of regulations, violation lists, and fine amounts across different territories are essential. Regular reviews of fines, based on data-driven assessments of policy effectiveness, should become standard practice.

As emphasized before, the primary goal is enforcement, not entrapment. Cities should aim to improve traffic flow and ensure public safety. NCAP should not serve primarily as a revenue-generating tool; fine collection is merely a consequence of effective enforcement. Effective fines should lead to improved traffic flow and compliance.

Lastly, effective NCAP systems require simultaneous improvements in road conditions, markings, signage, and signals. With support from Public Works, these enhancements can be implemented at local, national, and tollway levels.

Enforcement remains the primary objective — not entrapment. The ultimate goal is improving public safety, traffic flow, and quality of life. NCAP systems should strive to positively influence driver behavior rather than merely punish wrongdoing.

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com