Pulse of the Day

A RATINGS upgrade for the Philippines remains largely dependent on efforts to reduce deficits and debt along with improvements in the country's reserves, an S&P Global Ratings official said on Tuesday. The impact of US protectionist policies on the economy, S&P Global Ratings Director YeeFarn Phua said in a briefing on Tuesday, "are largely not key factors for us to look for in terms of the upgrade for the Philippines." "As we stated in our outlook statement for the Philippines, we are really looking at two factors here. First is the continued building of external buffers. The second is the continued consolidation of its fiscal positions." The debt watcher last November signaled the likelihood of a ratings upgrade for the country by raising its outlook to "positive" from "stable." S&P currently rates the Philippines as "BBB+", with the next step up an "A-." "We may raise the ratings if our expectations of current account deficits tapering over the forecast period are realized such that buffers in the Philippines' narrow net external asset position are maintained and if the government achieves more rapid fiscal consolidation," it said in a report. The outlook, meanwhile, could be reverted to "stable" if an economic recovery stalls and causes a worsening of the government's fiscal and debt standing, and also erodes long-term growth prospects. "If persistently large current account deficits lead to a structural weakening of the Philippines' external balance sheet, we would also revise the outlook to stable," S&P also said. Phua noted that the country's medium-term fiscal framework (MTFF) had been adjusted to more realistic projections, which he said "are more in line with what we were looking for ..." "[W]e believe that this new forecast actually goes to quite a certain extent to help to maintain a sustained Philippines economic growth," he added. "At the same time, we think the slower pace of fiscal consolidation announced by the government over the MTFF last year, those numbers, as I mentioned earlier, are more realistic." While fiscal tightening is proceeding at a slower pace, Phua said that was still on track toward meeting long-term targets. As for the current account deficit, however, he said that S&P had marked a widening that "in turn has started to shave down some of the external buffers that the Philippines currently has..." "[W]e are looking to seeing the Philippines maintain the current account deficits at a moderate level and to rebuild those external buffers before the ratings could then be upgraded from its current triple B plus rating level." The country, however, was noted as standing out in the region as one of the few economies maintaining a trade surplus with the United States, which is keeping it largely unaffected by talk of higher US tariffs against Asian exporters. Phua said that while countries like China, Vietnam, Malaysia and Taiwan face potential tariff hikes, the Philippines has remained outside the equation and could potentially position itself as an alternative investment destination. This, however, will depend on the types of goods that are affected by tariffs. "If we're talking about high-tech, cutting-edge technology, the Philippines might not be in a position to capitalize on it yet," Phua said. "But for lower value chain activities like assembly and packaging of electronic goods, there could be an opportunity to attract production and boost foreign direct investments," he added. The United States was the Philippines' top export destination last year based on government data. Philippine exports to the US totaled $12.12 billion while imports from the US reached $8.17 billion, resulting in a $3.95-billion trade surplus.

LONDON — Donald Trump has so far sent comparatively fewer market-moving social media posts since being reelected than during his first term in power, a study by US investment bank JPMorgan has estimated. The bank's analysts found that only 10 percent of the 126 posts Trump had published this time around on sensitive topics such as trade tariffs, foreign relations and economics had caused clear currency market moves. The numbers are picking up though. Last week he sent more than 20 posts linked to those issues, double January's average. That, however, is still well below the 60-a-week he peaked at during his 2018-19 trade rows with Mexico and others. "Among the different topics, the posts on tariffs have been the biggest market movers," JPMorgan's note published on Monday said, adding that closer to a third of those ones had been market moving. The largest impact so far has been the more than 2- and 1-percent falls in Mexico's peso and Canada's dollar, respectively, seen at the start of February when Trump posted he had used emergency powers to implement 25-percent tariffs on Mexico and Canada — a move he postponed two days later. Others focused on China, meanwhile, have caused moves in both directions depending on their tone. The yuan dipped after Trump threatened tariffs over fentanyl supply shortly after his reelection. But the currency also rose in mid-January after the US president said he had "a very good" phone call with China's President XI Jingping. JPMorgan's analysts said their backtesting showed that trading on Trump's posts wouldn't have been very profitable either so far. Buying the dollar versus a basket of G10 high beta currencies, or the most directly-impacted individual currency for between five and 180 minutes after each post would have been "disappointing" they said, estimating no more than a 4-percent gain even under "highly optimistic" assumptions. While Trump is sending fewer market moving social media messages at this stage, he has stepped up direct communications from the Oval Office with almost-daily question and answer sessions with journalists.

THE Philippines remains one of the most promising economies in Asia despite global volatility, Ayala Corp. Chairman Jaime Augusto Zobel de Ayala told a gathering of the US-Philippines Society last week. "We in the Philippine business community remain hopeful at the country's prospects for growth, which have not dimmed despite a volatile global environment," an Ayala Corp. statement quoted Zobel de Ayala as having told the nonprofit organization's board. The Feb. 10-11 meeting of the society, the first since a new US government took office, came as US President Donald Trump launched a trade war against China, Mexico and Canada, and also threatened to raise duties for all other countries. Zobel, who is co-chairman of the US-Philippines Society, said that the country's prospects were underpinned by its strong macroeconomic fundamentals and a young, fast-growing population, with gross domestic product likely to hit $855 billion by 2035. "Recent economic reforms have also made the country even more investment-friendly," Ayala Corp. said. "These include liberalized foreign investment policies in retail, infrastructure and strategic industries, as well as incentives for high-value sectors such as technology, renewable energy and advanced manufacturing." In his speech, Zobel called on foreign investors to capitalize on the country's growth trajectory, saying that the Philippines "is certainly ready to accept high levels of partnerships and investments from our friends around the region, most especially the United States." "Consistent 6-percent growth is certainly a respectable achievement but imagine what more can be achieved if we hit a continuous growth rate of 8 percent or more over a sustained period, which economists feel is possible if we align the government and private sectors," he added. Society Co-Chairman John Negroponte, who was US ambassador to the Philippines from 1993 to 1996, led the US delegation, which also included former ambassadors Thomas Hubbard and Paul Jones. The American side was said to be "committed to promoting 'win-win' outcomes on trade and investment, sustaining shared security interests and strengthening people-to-people ties through educational and cultural exchanges." The society was also said to have recognized the diplomatic leadership of Ambassadors Jose Manuel Romualdez and MaryKay Carlson during the transitional period in Washington and saw bilateral relations strengthening moving forward.

Bargain-hunting and positive earnings results allowed the stock market to post a rebound on Tuesday, but the peso fell for a second straight trading day. The currency weakened by 12 centavos to P58.15 while the benchmark Philippine Stock Exchange index (PSEi) added 101.48 points, or 1.69 percent, to end the day at 6,094.96. The broader All Shares also rose, by 67.78 points or 1.88 percent, to 3,678.94. The peso opened at the day's trading low of P58.08:$1 and rose to as high as P58.285. Volume for the day was P1.667 billion, higher than Monday's P1.164 billion. Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso weakened as the dollar continued to strengthen against major global currencies. Philstocks Financial Inc. research manager Japhet Tantiangco, meanwhile, said "the local market bounced back this Tuesday as investors hunted for bargains after two consecutive days of decline." "Optimism [over 2024] corporate results also helped in driving the market higher following sound earnings reports" Bank of the Philippine Islands, Asia United Bank and SM Prime Holdings Inc., he added. "Also helping in Tuesday's trading was the overseas Filipinos' cash remittance data for 2024 which posted a 3 percent increase," he continued. The day's trading, however, was said to be tepid with net value turnover at P4.74 billion, below the year-to-date average of P5.21 billion. "Foreigners were net sellers with net outflows at P199.76 million," Tantiangco added. DragonFi Securities, Inc. equity research analyst Jarrod Tin, meanwhile, said that "a strong oversold bounce" led by Ayala Land Inc. and SM Prime had boosted the market. "The market appeared to pause from heavy selling, lacking cues from the US market due to its trading holiday," he said, adding that "we expect PSEi to maintain a cautious stance until a clear catalyst emerges." Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said "Philippine shares closed higher as investors welcomed the signing of the IRR (implementing rules and regulations) on corporate tax cuts." All sector indices but one closed in the green, with property up the most by 3.32 percent. Mining and oil was the sole decliner, down 0.17 percent. On a company basis, gainers outnumbered decliners, 101 to 72, while 64 were unchanged.

HONG KONG — Asian markets were mixed Tuesday with Hong Kong resuming its tech-led rally after a meeting between President Xi Jinping and China's top business leaders fanned hopes that a long-running crackdown on the private sector is coming to an end. The Hang Seng Index's gains extended an impressive start to the year, with the emergence of a new chatbot from Chinese startup DeepSeek stoking optimism in the country's AI drive. The tech revival has also helped offset worries about the impact of US President Donald Trump's hardball foreign policies and decision to impose sweeping tariffs on trade partners. Among the luminaries meeting Xi in Beijing were Alibaba co-founder Jack Ma, Huawei founder Ren Zhengfei and Wang Chuanfu, CEO of electric vehicle giant BYD. Since taking the helm, Xi has strengthened the role of state enterprises in the world's second-largest economy and waged crackdowns on areas of the private sector undergoing "disorderly" expansion. The drive has hammered some of the country's biggest names in recent years, sending their share prices plummeting. State news agency Xinhua reported that Xi had "stressed that the difficulties and challenges currently faced by the development of the private economy have generally appeared during the process of reform and development, and industrial transformation." "They are partial rather than general, temporary rather than long-term, and surmountable rather than unsolvable," Xi said, according to Xinhua. He added that Beijing was focused on removing obstacles to commerce, promoting fair competition, cracking down on arbitrary fines and protecting business interests. Monday's gathering provided some much-needed relief to investors and fanned hopes for a sector revival. "This was seen as a strong signal that his crackdown on the tech sector is over and with forthcoming pro-business policies to help revive the economy," said National Australia Bank head of market economics Tapas Strickland. Ma's inclusion hinted at the billionaire magnate's potential public rehabilitation after years out of the spotlight following a tangle with regulators. Alibaba's surge Asian markets started the day fast out of the blocks, though they struggled to maintain momentum and some turned negative. Hong Kong pared an early flurry as traders took cash off the table after a strong run-up so far this year. Still, Alibaba rose more than two percent and has now piled on more than 50 percent since the turn of the year. Games developer XD Inc surged more than 10 percent, while Tencent added two percent and NetEase nearly three percent. "As this tech-led rally continues, investors are left wondering: Can the upward momentum of Chinese tech stocks sustain as the flood of positive news subsides?" asked Pepperstone research analyst Dilin Wu. "Has the market reached an inflection point for a full-scale 'Buy China' strategy? And what risks lie ahead?" Tokyo, Singapore, Seoul, Taipei, Manila and Jakarta also rose with Frankfurt extending Monday's record gains. London and Paris were also higher. However, there were losses in Shanghai, Wellington, Bangkok and Mumbai. Sydney fell as the Reserve Bank of Australia announced its first interest rate cut since late 2020 but warned global uncertainties would make it hard for officials to follow up with any more anytime soon. Wall Street was closed for a holiday. Meanwhile, Federal Reserve governor Christopher Waller suggested the US central bank could cut interest rates this year if inflation performs as it has in the past, pointing to last year's spike in the winter followed by a quick easing. "If this wintertime lull in progress is temporary, as it was last year, then further policy easing will be appropriate," he said in prepared remarks that were due to be delivered on Tuesday in Sydney. "But until that is clear, I favor holding the policy rate steady." With prices showing signs of ticking back up in recent months, traders have scaled back their bets on how many reductions officials would make this year. "The data are not supporting a reduction in the policy rate at this time," Waller said. "But if 2025 plays out like 2024, rate cuts would be appropriate at some point this year." His remarks come amid fears that Trump's plans to impose tariffs and slash taxes, regulations and immigration will reignite inflation.

SMUGGLED alcohol is costing the government up to P40 billion annually in lost taxes, beverage industry stakeholders said in a statement on Tuesday. Citing a 2023 report from the Transnational Alliance to Combat Illicit Trade (Tracit), three groups — the Alcoholic Beverages Alliance of the Philippines (Abapi), Asia Pacific International Spirits & Wines Alliance, and Alliance Against Counterfeit Spirits (AACS) — said as much as 31 percent of alcohol consumed in the country did not go through legal means. This affects legitimate and tax-paying businesses, and, in turn, tarnishes the reputation of authentic brands and reduces their market share, the groups asserted. "Addressing the spread of smuggled and counterfeit goods requires collaboration across the public and private sectors, as well as active participation from consumers," Abapi chairman Nick Sonderup said. "Counterfeiting and smuggling are crimes themselves and these can finance serious criminal activity," AACS managing director David Francis said. "The new year marks a fresh start to address illegal activities that undermine the rule of law. When people buy counterfeit alcohol, they may be inadvertently supporting a network of criminal operations." In 2024, the National Committee on Intellectual Property Rights (NCIPR) seized a new record value of counterfeit goods worth P41 billion, including alcohol. It was almost double the amount of P26 billion in 2023. The Intellectual Property Office of the Philippines (IPOPHL) has reminded consumers to be cautious when buying alcoholic products. "Counterfeit goods, including alcohol, are often marketed at a discount that seems hard to resist. If these 'bargains' put your health and life at risk, what you're really getting is a gamble with a bigger price to pay," IPOPHL Director General Brigitte da Costa-Villaluz said. Awareness campaign One health risk is methanol poisoning, said the stakeholders, which has launched an awareness campaign to combat the spread of counterfeit and smuggled goods, calling on the government, businesses, and consumers to join hands for a unified response. The campaign, dubbed "Drink Authentic, Enjoy Responsibly," seeks to educate the public about the dangers and economic implications of bootleg alcohol while raising awareness about counterfeit products. "Consumers can make safer choices by following a few simple steps," Francis said. "This includes purchasing only from reputable sellers, carefully comparing prices with local supermarkets, diligently inspecting the product and packaging, and only paying through recognized payment channels." The stakeholders likewise noted that the P40 billion in annual lost taxes due to smuggled alcohol could otherwise be used for projects beneficial to Filipinos, like, for instance, building over 36,000 new public school classrooms, more than 1,300 kilometers of roads, or opening new public hospitals.

THE Philippine Nickel Industry Association (PNIA) in a statement acknowledged the importance of a new administrative order from the Department of Environment and Natural Resources (DENR), which requires mining companies to adapt the United Nations' Sustainable Development Goals (UN SDGs) in their respective social development and management programs (SDMP). In 2024, the PNIA released a follow-up to its first SDG report published in 2020. The nickel mining group said its members remain committed to the SDGs, particularly in environmental protection, community well-being, and inclusive development. The members' commitment to the SDGs is reflected in their investments and programs across the country, the PNIA said, noting that its members' initiatives continue to make an impact in their respective host and impact communities. The initiatives focus on SDG 1 (No Poverty), SDG 3 (Good Health and Well-being), and SDG 15 (Life on Land), in which the mining sector plays a pivotal role in promoting sustainable practices. The PNIA said that, in 2023, its members invested P4.3 billion in health programs, educational scholarships, job creation and environmental protection projects, including the planting of some 4.3 million trees. The group called for stronger partnerships and collaboration among mining industry stakeholders — encouraging partnerships with stakeholders at the local level to ensure the effective and efficient use of SDMP funds. Working with local communities can guarantee alignment between the real needs of people on the ground and investments — which can lead to long-term benefits and self-sufficient, resilient communities, the PNIA said. The key to ensuring that SDGs are met at the national level, and in host communities where their members operate, is to maximize the impact of resources, such as SDMP funds. The Philippines remains one of the world's top producers of nickel. Global use of nickel consists of 68 percent in stainless steel; 10 percent, nonferrous alloys; 9 percent, electroplating; 7 percent, alloy steel; 3 percent, foundries; and 4 percent, others, including batteries.

GOTIANUN-LED property developer Filinvest Land, Inc. (FLI) has received Securities and Exchange Commission (SEC) approval to issue up to P12 billion in fixed-rate bonds. In a disclosure, FLI said it received on Tuesday the SEC certificate to offer P9 billion in securities with an oversubscription option of up to P3 billion, to be issued in three subseries of five-year, seven-year and 10-year bonds due in 2030, 2032 and 2035. Interest rates were set at 6.2916 percent for the five-year bonds, 6.6550 percent for the seven-year bonds, and 6.8312 percent for the 10-year bonds. The offering comprises the second tranche of a P35-billion shelf registration. The proposed bond offer has been rated PRS Aaa with a stable outlook by Philippine Rating Services Corp. BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., Land Bank of the Philippines, RCBC Capital Corp., and SB Capital Corp. are the joint lead underwriters and bookrunners for the issue. Metropolitan Bank & Trust Co. was tapped to serve as trustee. FLI reported a 23.6-percent year-on-year increase in net income to P3.5 billion as of end-September last year as revenues grew by 17.3 percent revenue to P18.4 billion. The company's shares closed 2.76 percent higher on Tuesday at P9.72 apiece amid a 1.69-percent advance for the benchmark Philippine Stock Exchange index.

ABOITIZ Power Corp. (AboitizPower) on Tuesday said that SN Aboitiz Power Group (SNAP), a joint venture with Norway's Scatec, had secured financing for the expansion of two battery energy storage system (BESS) projects. The BESS facilities will be co-located with the Magat hydroelectric power plant in Isabela and the Binga hydroelectric plant in Benguet. The financing agreements with the Bank of the Philippine Islands, China Banking Corp. (Chinabank) and Banco de Oro Unibank, Inc. (BDO) were signed on Monday. AboitizPower told the stock exchange that BPI and Chinabank would be financing the 16-megawatt (MW) Magat BESS-Phase 2, while BDO and BPI will provide funding for the 40-MW Binga BESS. The loan amounts were not disclosed. SNAP said the projects were expected to be completed in 2026 and that the engineering, procurement, and construction (EPC) contracts for both Magat BESS Phase 2 and Binga BESS had earlier been awarded to GEDI China Energy, a subsidiary of China Energy Engineering Group. "Overall, we are proud to reach these milestones in the development of our energy portfolio, with the scaling up of our BESS initiatives with Magat BESS Phase 2 and also our first BESS in Benguet," SNAP President and CEO Joseph Yu said. "This technology will provide much-needed storage capacity to support the integration of renewable energy and improve grid reliability," he added. The energy storage system uses a set of batteries to collect electrical energy from the grid and then releases it when needed to augment supply or improve power quality. SNAP's first energy storage system project was the 24-MW Magat BESS, and its first phase began commercial operations in January 2024. Scatec, AboitizPower's JV partner in SNAP, is an international renewable energy solutions provider headquartered in Oslo, Norway. AboitizPower's shares went up by P1.60, or 3.81 percent, to P43.60 each on Tuesday.

FIGARO Coffee Group Inc. (FCG) saw its consolidated profit for its fiscal first half ending December 2024 grow by 15 percent to P325.53 million from P282.94 million a year earlier. For the second quarter alone, FCG posted a net income before tax of P291.8 million, up 12.4 percent from P259.66 million the previous year. Revenues for the October-December period dipped slightly to P1.44 billion from P1.45 billion, and FCG Chief Financial Officer Pet Español III said the result was "closely aligned" with the previous year's performance. Revenues for the first six months to December, meanwhile, rose 2.46 percent to P2.84 billion from P2.77 billion. "While global inflation pressured raw material costs, we successfully managed overhead and operating expenses while increasing capacity," Español said. Second-quarter systemwide sales were flat at P1.47 billion as same-store sales dipped by 14 percent. FCG said this was due an industry-wide decline in sales that were offset by 13 new stores opened during the quarter. Total assets reached P5.47 billion, and FCG said that it was well-positioned for continued growth this year. The company is earmarking P1.2 billion in capital expenditures for the opening of 40-60 new stores across all FCG brands, with 80 percent of these to be under the Angel's Pizza brand. As of end-December 2024, FCG operated a total of 216 stores nationwide with Angel's Pizza outlets numbering 142 and Figaro Coffee (63), Tien Ma's (eight), Café Portofino (two) and Koobideh Kebabs (one) following. It opened 34 new stores last year, comprising 28 Angel's Pizza outlets and six Figaro Coffee shops. "We are looking forward to continuing our prudent expansion strategy together with launching more exciting and innovative menu, and promos this 2025," FGC Chairman Justin Liu said. FCG shares shed 3 centavos, or 3.70 percent, to P0.78 apiece on Tuesday.

AYALA Land Inc. (ALI) has signed a memorandum of understanding with the city government of Santa Rosa to develop a two-hectare civic complex within the property developer's Nuvali Estate. "This partnership is a significant milestone in advancing Nuvali's role as the heart of progress in the South," Ayala Land Estates Inc. Senior Vice President Christopher Maglanoc said. "The presence of the Santa Rosa Civic Complex within Nuvali enhances access to government services while aligning with our vision of creating a world-class, future-proof development," he added. The complex, which will feature a convention center, one-stop shop, sports facilities, and a command center, will be positioned as a future-ready economic hub. "We are excited to collaborate with Nuvali in bringing essential government services closer to the people," Santa Rosa City Mayor Arlene Arcillas said. "This initiative not only enhances governance but also strengthens Santa Rosa's position as a progressive city, ensuring a seamless and efficient experience for our constituents, promoting public-private partnership," she added. The 2,400-hectare Nuvali Estate is ALI's largest sustainable estate south of Metro Manila, spanning the cities of Santa Rosa, Cabuyao, and Calamba in Laguna. The property developer said the partnership with Santa Rosa would set a benchmark for integrated urban planning, sustainability and regional economic development. ALI shares on Tuesday climbed by P1.15, or 5.13 percent, to close at P23.55 each.

ONE of the greatest threats to any organization is one that comes from within: corporate fraud and misconduct. Often, organizations are more concerned about the external threats they face such as market competition or economic downturns. However, internal threats like fraud can be just as, if not more, damaging. Corporate misconduct is a pervasive issue that can undermine the very foundation of a business. Fraud encompasses a wide range of unethical activities. From falsifying key records to embezzlement and insider trading, fraud can take many forms, all bringing dire consequences. Small businesses and organizations are the most vulnerable to this: without the proper controls in place, they can easily fall victim to fraudulent activities. Today, especially with the emergence of new technology that both aids and complicates fraud detection, organizations of all sizes must remain vigilant. At P&A Grant Thornton, we recently hosted a fraud forum with the theme "Building Integrity and Resilience Against Corporate Misconduct." Experts and government officials shared their strategies and best practices as they tackled topics such as the importance of anti-fraud governance, navigating regulatory compliance and developing an anti-fraud playbook. In this article, let's go through the key insights shared during the forum, all toward helping you build a fraud-resistant organization. Develop social consciousness within One common misconception is that the responsibility of detecting and dealing with fraud lies solely with key individuals or teams within an organization. During the forum, Heidi Mendoza, former Commission of Audit commissioner and former United Nations Office of Internal Oversight Services undersecretary general, stressed that involving and putting people at the center by developing a social consciousness within the organization was key. Part of addressing corporate fraud is understanding the needs and sentiments of your people. After all, fraud has four components to thrive: incentive, rationalization, opportunity and capability. Get to the bottom of this by implementing internal audits to detect discrepancies, reviewing financial records and procedures, interviewing employees and management to understand the context behind unusual behaviors and enhancing training for staff on fraud prevention and vigilance. Building a partnership between your community, corporation and auditors is essential for fostering a culture of integrity. However, developing this required consciousness is easier said than done. With so many moving parts in any organization, things often get busy in the front end of things, and it's hard to emphasize ethical practices and awareness for people who are simply trying to get by. This is why developing this social consciousness must start from the top: leadership must set the tone by modeling ethical behavior and prioritizing integrity in all business practices. Compliance and transparency Did you know that according to the Association of Certified Fraud Examiners (ACFE), organizations lose up to 5 percent of their annual revenue to fraud? However, this loss in revenue is not the only cost that businesses incur when they allow fraud to persist. Damaged credibility, legal penalties and loss of stakeholder trust are also significant consequences. To that end, corporate compliance remains a key motivator in ensuring ethical business practices. With the emergence of digital fraud, cybercrime and insider threats, regulatory scrutiny continues to increase in today's business landscape. In order to keep up with this continued emphasis on compliance, there must be a paradigm shift between the mindset of compliance for the sake of avoiding fines, to a genuine desire for transparency and integrity. Oliver Leonardo, director of the Markets and Securities Regulation Department of the Securities and Exchange Commission, head of the commission's Internal Affairs Unit, and supervising director of the Anti-Money Laundering Division, after discussing case studies on global incidents of fraud, cited two key takeaways: the importance of transparency and governance, and the need for strengthening compliance mechanisms. He emphasized that compliance not only reduces financial and legal risks but also enhances investor trust and corporate reputation. Creating tailored anti-fraud solutions In truth, there is no one-size-fits-all solution to prescribe for organizations to minimize fraud. Each business differs in risk appetite, scale, industry and operational complexity that influence their specific vulnerabilities and needs. Still, it is helpful to view successful organizations' anti-fraud playbooks as a framework to build upon. Christopher Ferareza, my fellow advisory partner and chief sustainability officer at P&A Grant Thornton, discussed the anti-fraud playbook co-developed by Grant Thornton with ACFE. It encompasses 10 major steps anchored on these five components of an effective fraud risk management program: fraud risk governance, fraud risk assessment, fraud control activities, fraud investigation and corrective action, and fraud risk management monitoring activities. Chris highlighted the need for identifying and understanding your organizations current state and long-term goals, creating a culture based on integrity, identifying blind spots based on thinking like a fraudster, utilizing data analysis and laying the groundwork for the future. A necessary step is viewing all of these actions as the necessary foundation for the continued battle against fraud. The path forward That is not to say that we should accept fraud as an inevitability in every business. Rather, as we move toward our goal of creating a business landscape fueled by integrity and transparency, we must actively implement and uphold robust anti-fraud measures. Let's continue to stay vigilant and foster a culture of honesty and accountability! Mhycke Gallego is the practice leader of the Advisory Services Practice Area and knowledge management leader at P&A Grant Thornton. One of the leading audit, tax, advisory and outsourcing firms in the Philippines, P&A Grant Thornton is composed of 29 partners and 1,500 staff members. We'd like to hear from you! Connect with us on LinkedIn and like us on Facebook at P&A Grant Thornton, and email your comments to business.development@ph.gt.com. For more information, visit our website at www.grantthornton.com.ph.

IN the 2020s, BS Management Accounting (BSMA) emerged as a newly introduced program in various colleges and universities, serving as an alternative to the BS Accountancy (BSA) program. The shift was driven by the stringent academic policies imposed on accountancy students, including grade retention requirements, departmental exams and rigorous screening processes. These measures were primarily implemented in response to persistently low passing rates in the Licensure Examination for Certified Public Accountants (Lecpa), prompting schools to refine their approach to accounting education. As a result, students who struggle to meet the demanding standards of the BSA program often transition to BSMA, ensuring that the institution's Lecpa performance remains unaffected while still providing students with a solid foundation in accounting and financial management. BSMA is increasingly becoming a fallback option for students who are unable to meet the rigorous demands of the BSA program. Many experience feelings of discouragement or inferiority when they are mandatorily shifted to BSMA, as if it were a lesser choice rather than a distinct and valuable field of study. In my opinion, this perception is misguided. The BSMA program is not a downgrade, but rather a specialized discipline that plays a crucial role in the accounting and business landscape. Unfortunately, the way it is introduced to students often reinforces the notion that it is merely a fallback, rather than a strategic and equally significant career path. The BSA program is a mandatory path for students aspiring to become certified public accountants (CPAs). A closer look at the curricula of BSA and BSMA reveals that the primary difference lies in the inclusion of auditing and assurance subjects, which are extensively covered in BSA but are either limited or absent in BSMA. This distinction is particularly significant for those who intend to pursue a career in public practice, where obtaining a CPA license is essential. CPAs are legally required to sign audit reports on financial statements, a responsibility exclusive to licensed professionals in the field. In most cases, auditors in public practice resign after one or two busy seasons, transitioning to private companies as management accountants, where they often build long-term careers. Many accountants eventually realize that the fast-paced and high-pressure environment of public practice is not for everyone. While some thrive in auditing and compliance, others find greater job satisfaction, stability and work-life balance in corporate finance, cost management and strategic decision-making — core areas of management accounting. Not all accountants are meant for the rigorous demands of public practice and that's completely fine. Some excel in business analysis, financial planning and internal decision-making, which are just as critical in shaping an organization's success. I find fulfillment in public practice, but I also recognize that accounting offers diverse career paths — each with its own rewards and opportunities. If BSMA were only properly introduced to the students, this course could have been a subject of choice for those who wish to become management accountants rather than public practitioners. The BSA course prepares students for careers in public accounting, external and internal auditing, taxation and financial reporting. The curriculum is designed to meet the requirements for the CPA licensure exam. BSMA focuses on managerial and cost accounting, financial planning, business decision-making and strategic management. It is designed for careers in corporate accounting, finance and business analysis. Graduates often pursue certifications like that of certified management accountant (CMA). In today's rapidly evolving financial landscape, businesses don't just need accountants — they need strategic financial experts who can analyze costs, drive profitability and support decision-making. BSMA is the ideal program for students who aspire to lead businesses, optimize financial performance and make impactful financial decisions. If you're thinking about a career in accounting but don't see yourself spending years in auditing and compliance, it might be the perfect path for you. Unlike BSA, which mainly prepares students for external audits and regulatory work, BSMA focuses on business strategy, cost management and financial decision-making — skills that are highly valued in corporate finance, multinational companies and even entrepreneurship. With a BSMA degree, you can jump-start your career in exciting fields like financial planning and analysis, cost management, corporate finance and management consulting. Unlike BSA students, who need to pass the Lecpa to practice public accounting or become a firm partner, BSMA graduates can step right into corporate roles or pursue global certifications like the CMA, which is a highly respected credential that opens doors to international career opportunities and competitive salaries. BSMA isn't just a backup plan — it's a smart, strategic choice for those who want to lead in business, make impactful financial decisions and shape the future of companies. As a public practitioner in the academe, I am writing this article to encourage and uplift students in the BSMA program. You deserve to pursue accounting, and the opportunities waiting for you after graduation are immense. For those in senior high school enrolled in the ABM strand, choosing between BSA and BSMA depends on your career goals. If you aspire to work in public practice — conducting audits, signing financial reports and eventually becoming a CPA — then BSA is the right path for you. If you see yourself in corporate accounting, handling financial management, strategic decision-making and cost control in private companies, then BSMA is the smarter choice. Regardless of the path you take, remember that BSMA is not just an alternative — it is a valuable and strategic choice that can lead to success in the field of accounting and finance. Floyd C. Paguio, CPA, MBA, is the chairman of Paguio, Dumayas & Associates, CPAs (PDAC), the Philippine member firm of PrimeGlobal International. He is also an assistant professor at the University of Perpetual Help Las Piñas and the author of several intermediate accounting textbooks. He previously held leadership roles as a national director of the Acpapp and a trustee of the Acpapp Foundation. The views and opinions expressed are his own and do not reflect those of the mentioned institutions.

HONDA Motor will resume talks with Nissan Motor to form the world's fourth-biggest automaker provided Nissan CEO Makoto Uchida steps down, the Financial Times (FT) reported on Tuesday citing a person familiar with discussions. Japan's second- and third-largest automakers by sales after Toyota Motor had been in talks to create a $60 billion firm after a lack of hybrid models in the United States and competition from local rivals in China had sent Nissan's earnings diving. Those talks collapsed last week, plunging Nissan into further uncertainty and highlighting the pressure on legacy automakers, particularly from emerging Chinese giants disrupting the industry. Nissan declined to comment to Reuters on the FT report. Honda said the report was not something it had announced. Uchida has been under pressure to turn Nissan around after years of faltering sales and management turmoil left the company a diminished force. Reuters reported in December that subsequent months would be critical for Uchida and Nissan's future. Merger talks with Honda unraveled in a little more than a month due to Nissan's pride and insufficient alarm about its predicament, as well as Honda's proposal to make its smaller peer a subsidiary, sources previously told Reuters. The FT reported that Honda is willing to revive negotiations with a Nissan boss who can more effectively manage internal opposition. Honda CEO Toshihiro Mibe last week said his company had no plan to launch a hostile takeover bid for Nissan. Nissan has been working on a turnaround program under which it plans to reduce its workforce by 9,000 people and global manufacturing capacity by 20 percent. It said on Thursday it would provide an update on the program within a month. Uchida has expressed his intention to stay until 2026, but is facing pressure to step down in coming months from board members and French partner Renault following the failure of negotiations with Honda, the FT reported.

TOKYO — Japan's economy grew at a better-than-expected annual rate of 2.8 percent in October-December, underlined by steady exports and moderate consumption. On a quarter-to-quarter basis, the world's fourth-largest economy grew 0.7 percent for its third straight quarter of growth, the Cabinet Office reported Monday in its preliminary data. For 2024, the Japanese economy eked out 0.1-percent growth in seasonally adjusted real GDP, or gross domestic product, which measures the value of a nation's product and service. That's the fourth straight year of expansion. Private consumption grew at an annual rate of 0.5 percent during the three months through December, holding up while losing momentum. Exports jumped 4.3 percent, and capital investment increased 0.5 percent. The positive data sent Japan's benchmark Nikkei 225 higher, as well as other Asian markets. Some analysts think the anticipation of President Donald Trump's tariffs may have lifted trade. Unlike the United States and some other nations, Japan has been dogged by deflation, and these lower prices stifle growth. But recent wage growth has kept deflationary trends in check. Recent data show inflation is at about the Bank of Japan's target of 2 percent. Higher prices are crimping consumer spending, which makes up for more than half the economy. The central bank may move to further raise interest rates, which were at zero or below zero for years to wrest the economy out of deflation. It raised its key interest rate to about 0.5 percent from 0.25 percent last month, noting that inflation is holding at a desirable target level. The next monetary policy meeting is in March. "Stronger growth may reinforce expectations for the Bank of Japan to push through with further hikes, while the slowdown in private consumption growth may be addressed by the prospects of higher wages ahead," said Yeap Jun Rong, market strategist at IG. AP

PARIS — From sizing advice via selfies to robot stock-takers, online shopping behemoths have increasingly turned to artificial intelligence (AI) in a bid to stem the flow of bad-for-business clothes returns. Up to 30 percent of fashion items bought on the internet are sent back, according to a late 2024 study by consulting firm McKinsey and the Business of Fashion website — not least because "clients are buying several sizes or styles and returning most of them." That practice drags down profit margins. Each returned package costs between $21 and $46 on average given the costs of transport, treatment and making the item fit for selling again, according to a separate McKinsey study. "Seventy percent of returns are linked to a sizing issue," said Zoe Tournant, whose company Fringuant markets an AI-driven algorithm to fix that, charging clients between 5,000 and 100,000 euros ($5,250 to $105,000) a year. Armed with the customer's height, weight and a quick selfie taken on the phone, the French-based startup promises shoppers a better idea of what size would fit them best. "With the selfie, we detect their age, gender," to help "refine" the image of the customer's body fed into its AI model, trained for a year on thousands of photos, Tournant explained. Within seconds, that model is then matched up with the garment's dimensions provided by the brand to tell shoppers whether a jumper "falls perfectly on the shoulder" or if there are "doubts at the level of the hips" for a pair of trousers. Tournant said her firm has some 20 clients, including upmarket womenswear label Maje, which she claimed has seen a dramatic drop in returns. 'Avoid returns' Similarly tempted by AI's promise, Zalando acquired Swiss startup Fision in 2020, one of a raft of companies working in the size-prediction niche. Since July 2023, the German heavyweight retailer has adopted its own AI-driven sizing tool where customers help avoid returns "by taking two photos of themselves with their phone while wearing tight-fitting clothes," Zalando told Agence France-Presse (AFP). Besides sizing, e-commerce firms are also counting on AI to help avoid returns caused by shipping errors and automate their stock counts. At ID Logistics, which operates in 18 countries, the order pickers' trolleys are equipped with a smart camera to check that the color or size of the product retrieved from the shelves matches the order. The device immediately alerts the worker if they have picked up the wrong item. In less than two years, this camera has "reduced by 90 percent" the number of incorrect parcels, explains Ludovic Lamaud, ID logistics director of Development and Innovation. Elsewhere in the warehouse, an independent robot "rammed with AI" likewise maps the premises to "update the stock according to what it sees," processing "6,000 to 30,000 pallets a night." "The right stock prevents preparation errors and therefore returns," said Lamaud.

LONDON — Fast-fashion retailer Shein's executive chairman Donald Tang told investors in a letter on Monday that "growth remains strong" despite the United States ending duty-free treatment of low-value e-commerce packages from China and hiking tariffs. Shein is working toward an initial public offering (IPO) in London, but US President Donald Trump's decision to end the "de minimis" duty-free provision for imports from China worth less than $800 triggered concerns about its business model, with some analysts saying Shein and rival PDD Holdings-owned Temu would have to raise prices. The letter, seen by Reuters, seemed aimed at reassuring investors that Shein, known for $10 dresses and $15 sneakers, will maintain its edge in a fiercely competitive environment for discount apparel in the US, its biggest market. "As I am writing this note to you, despite the recent challenges, our growth remains strong, driven by our ability to offer a diverse selection of fashion and lifestyle products at consistently affordable prices," Tang wrote. Shein is investing in "supply chain advancements to boost efficiency and responsiveness," as well as better logistics "to ensure faster, more reliable deliveries," he said in the letter. Shein did not immediately reply to a request for comment. The letter gave no growth figures or financial information. Shein investors include Sequoia Capital, General Atlantic, Declaration Partners, Brookfield and Claure Group, according to PitchBook. The investors couldn't be immediately reached for comment. Reuters reported earlier this month, citing three sources with knowledge of the matter, that Shein is set to cut its valuation in its London IPO to around $50 billion. The end of de minimis, a rule that had allowed American shoppers to avoid paying customs on most Shein purchases, was widely expected. But Trump's executive order gave barely three days' notice for the complex international supply chains to adapt, causing delays to customers' orders as packages piled up at airports. Trump ended up reinstating the duty-free provision temporarily and put the Commerce Department in charge of figuring out how to make the shift workable. It is not clear how long that will take. In his letter, Tang said he supports de minimis reform, a stance he first made public in July 2023. "I have long advocated for de minimis reform that prioritizes American consumers — because at Shein, our focus is on customers, not customs policy," he wrote.

PARIS — Airbus is delaying the arrival of a freighter version of its A350 jet by up to a year and faces hurdles in increasing output of its wider A350 aircraft family in coming months as it wrestles with supply problems, industry sources told Reuters. The delay in the industry's latest dedicated cargo aircraft could be announced as early as Thursday when the European planemaker posts annual results, they said, asking not to be named because the discussions remain confidential. Airbus declined to comment on the schedule for the freighter, which is currently due to enter service in 2026. The setback to the A350F comes as Airbus also struggles to increase output of existing A350 passenger jets, particularly due to ongoing delays in the arrival of fuselage parts from Spirit AeroSystems, industry sources said. Those delays could effectively place an informal cap on A350 production through the rest of this year, with Airbus struggling to increase A350-family production above current rates of around six jets a month, the sources said. However, Airbus is still expected to stick to a published target of hitting 12 A350s a month during 2028, including both passenger and freighter models, they added. An Airbus spokesman declined comment on production but referred back to comments given with its nine-month results in October when Airbus said it was keeping the 2028 target while "actively managing specific supply chain challenges" in 2025. Spirit AeroSystems declined to comment. Despite friction over trade, freighter planes are in high demand as major cargo carriers in the Gulf and elsewhere look to renew their fleets and fill a gap left by delays in certifying programs to convert passenger jets into cargo planes. The potential freighter delay is the latest evidence of disruption in global supply chains since the pandemic. Spirit AeroSystems is at the center of a rare carve-up of its operations between Airbus and its archrival Boeing as the two planemakers act to rescue a critical supplier, which has voiced uncertainty over its future in the absence of the deal. Boeing agreed last year to buy back its former subsidiary in a deal that hinges on Airbus taking on the supplier's loss-making Europe-focused activities, including a North Carolina plant that makes a central fuselage section for the A350. Reuters reported in October that supplies to Airbus of the A350 fuselage sections from Spirit's Kinston plant were running behind schedule and Airbus later confirmed concerns over the pace of the ramp-up in 2025. Now, it looks increasingly doubtful whether any significant increase in output of the long-haul A350 family will be possible at all in 2025 and possibly part of 2026, the sources said. Airbus halved A350 output to five a month during the pandemic and partially restored it to six a month in 2023, since when it has struggled to stay above that level, sources said. In January this year, Airbus delivered two A350s.

HONG KONG/SYDNEY — HSBC has laid off around 40 investment bankers in Hong Kong, according to a person with direct knowledge of the matter, as part of a global restructuring exercise at the Asia-focused lender to cut costs. The job cuts in its regional hub Hong Kong started on Monday, said the person and another source with knowledge of the matter, and comes ahead of the London-headquartered bank releasing its full-year results on Wednesday. At least four managing directors were let go, with three of them based in Hong Kong and one in Singapore, said one of the sources, who declined to be named as the job cuts at the bank were not public. HSBC declined to comment on the latest round of job cuts in Hong Kong. IFR first reported the layoffs on Monday. Hong Kong-listed shares of HSBC were up 1.7 percent on Tuesday, underperforming a 2.1-percent gain in the benchmark Hang Seng Index. The shares hit an 11-and-a-half-year high earlier on Tuesday. The investment banking job cuts also come after HSBC last month announced plans to wind down its mergers and acquisitions, and some equities businesses in Europe and the Americas in a bid to boost returns. HSBC's latest restructuring is being led by its CEO Georges Elhedery, who took the helm in September. He has been taking steps to boost returns and tighten its focus on Asia, where it earns the bulk of its profit. As part of the overhaul, the bank said in October that it would combine some of its commercial and investment banking businesses, and install a new leadership structure. It also planned to carve up its operations into four business lines, namely the United Kingdom, Hong Kong, corporate and institutional banking, and wealth banking.

BEIJING — China's political, economic and social environment is "very conducive" to the development of the private economy, and policies will be implemented to help ease difficulties faced by private firms, an official from the country's state planner told state broadcaster CCTV on Tuesday. The comments come after Chinese President Xi Jinping held a rare meeting on Monday with some of the biggest names in China's technology sector, urging them to "show their talent" and be confident in the power of China's model and market. China will further break down investment barriers and will revise its negative list for market access which restricts investment in certain sectors as soon as possible, Zheng Bei, deputy head of the National Development and Reform Commission (NDRC), told CCTV in a program aired on Tuesday. Measures will be taken to promote more open and fair access to infrastructure in competitive sectors and major national scientific research infrastructure to private enterprises, she added. At the same time, the NDRC and relevant authorities will work on alleviating some of the urgent challenges such as accessing affordable financing, Zheng said. Monday's meeting between Xi and corporate leaders reflected policymakers' concerns about a slowdown in growth and efforts by the United States to limit China's technological development, analysts said. US tariffs threaten more pressure on the world's second-largest economy, which has been reeling from weak domestic consumption and a destabilizing debt crisis in the property sector. In remarks aimed at boosting private sector sentiment, Xi said there are "broad prospects and great promise" in China's private economy to create wealth and opportunity, and China's governance and the scale of its market give it an inherent advantage in developing new industries. "Beijing is repositioning the private sector as a pillar of national competitiveness amid economic and geopolitical headwinds," Robin Xing, chief China economist at Morgan Stanley, wrote in a research note. "But China still needs more consumption-centric reform and stimulus to sustain the return of corporate confidence." The private sector in China competes with state-owned companies and contributes more than half of tax revenue, more than 60 percent of economic output and 70 percent of tech innovation, official estimates show. Agribusiness giant New Hope Group founder Liu Yonghao said he was "very excited" to attend Monday's meeting with Xi. He said many private enterprises in traditional industries have also new paths for development, but warned challenges still exist in complex domestic and external conditions, according to state-owned news outlet Yicai. "We must cherish the favorable policies of our nation, not shying away from difficulties nor resigning to inaction amid complex situations to strive diligently and drive the enterprise toward better transformation and development," Liu was quoted as saying.

CHINESE automakers are making significant strides in their global expansion, with Chinese brands attracting a multitude of attention at the Indonesia International Motor Show, and some companies reporting robust sales in overseas markets. The growing influence of Chinese automakers was on full display at the ongoing Indonesia International Motor Show, which is being held from Feb. 13 to 23 in Jakarta, Indonesia. Notably, Chinese brands, including industry heavyweights like Wuling, BYD, Chery, Neta and Denza attracted a multitude of attention, the Global Times observed at the show. Liu Yan, Wuling Indonesia's marketing director, told the Global Times that the brand has sold over 26,000 vehicles in Indonesia in 2024, with new energy vehicles (NEVs) making up nearly half of those sales. Chery's booth showcased several models including the star model J6, which has already garnered 3,500 orders since its launch in November 2024. Meanwhile, some Chinese carmakers are reporting robust growth in overseas sales. Dongfeng Motor Corp. said on its official WeChat account on Sunday that the Dongfeng Box model topped the electric vehicle (EV) sales charts in the Netherlands in January, becoming the most popular Chinese-brand EV in the country, highlighting the growing popularity of Chinese-branded EVs in international markets. As economic globalization continues to advance, Dongfeng is doubling down on its focus on independent brands and NEVs to bolster its international presence, the company said, adding that it is rapidly expanding into strategic markets across Europe, South America, the Middle East and Southeast Asia. In 2024 alone, Dongfeng exported 250,000 vehicles, an impressive 8.2-percent year-on-year increase, according to the company. Zhang Xiang, director of the Digital Automotive International Cooperation Research Center of the World Digital Economy Forum, told the Global Times on Feb. 16 that Chinese NEVs have a clear technological advantage, particularly in smart cabins and autonomous driving systems, which helps Chinese automakers accelerate their global expansion. On the supply chain side, China boasts the world's most mature supply chain, with a highly efficient and well-established ecosystem, which not only reduces production costs but also enhances the reliability and safety of vehicles, Zhang said. Emerging markets in regions like South America, Africa and Southeast Asia are showing immense potential as their NEV sectors shift from the initial stages to a phase of accelerating growth, Zhang added. According to data from the China Passenger Car Association (CPCA), China's auto exports have maintained their growth momentum from 2014. In January, passenger vehicle exports reached 380,000 units, marking a 3-percent year-on-year increase. Notably, exports of NEVs surged to 139,000 units in January, up 29.4 percent year on year and 13.9 percent month on month. These models accounted for 36.6 percent of total passenger vehicle exports in January, an 8-percentage-point increase compared with the same period last year. Pure EVs made up 66 percent of NEV exports, according to the CPCA. As Chinese NEVs achieve greater scale and expand into international markets, the global recognition of Chinese-made NEV brands is steadily increasing, the CPCA said. Cui Dongshu, secretary-general of the CPCA, told the Global Times that China has a clear advantage in small EVs due to strong international demand, and this segment has been performing exceptionally well. "Southeast Asia is increasingly focused on environmental protection and sustainable, green, low-carbon development. This presents significant growth opportunities for Chinese NEVs in the region. Europe also offers room for improvement and potential opportunities," Cui said. Auto industries in China and Europe have solid foundations and great potential for cooperation, Chinese Commerce Minister Wang Wentao said on Friday, the Xinhua News Agency reported. China welcomes European car manufacturers to increase investments and deepen their presence in the Chinese market, Wang said during a video call with Ola Kallenius, president of the European Automobile Manufacturers' Association and chairman of the board of management of Mercedes-Benz Group AG. Wang said that a proper settlement of the EU's anti-subsidy case against Chinese EVs aligns with the interests of both China and Europe, as well as the broader expectations of the industry, according to Xinhua.

STANDING beneath a "flower cascade," visitors felt like they had entered a floral wonderland. The display of thousands of butterfly orchids mesmerized everyone and became a popular photo spot. It was a standout attraction at Beijing Garden of World's Flowers during the Spring Festival. This year, the garden has been bursting with vibrant colors and fragrant blooms, making it a must-visit destination. Another highlight of the garden was the Hippeastrum exhibition, which featured 35 varieties from around the world and nearly 1,000 plants. Hippeastrum, known for its auspicious name "Zhu Ding Hong" (a homophone for "certain to thrive" in Chinese), symbolizes good luck and prosperity, according to Shi Wenfang, director of the Beijing Garden of World's Flowers. "This is our first time displaying so many Hippeastrum varieties, half of which are imported. Their unique shapes, bright colors and symbolic meanings have made them a major attraction," said Shi. "During the Spring Festival holiday, we welcomed around 35,000 visitors, a 20 percent increase from last year." As China's Spring Festival gains global attention, it has become an opportunity for the world to share in the Chinese market. Throughout the holiday, flowers from both domestic and international growers decorated parks, malls and homes, adding to the festive vibes and driving economic growth. Statistics show that Beijing's parks welcomed about 9.38 million visits during the eight-day holiday. Popular flower-related events, like the family flower arrangement at Yuyuantan Park and the orchids exhibition at Zhongshan Park, attracted many visitors to enjoy the beauty of flowers.

CHINA'S demand for talent in artificial intelligence (AI)-related sectors is surging this year, according to data from a job-search platform. Industry observers noted that the nation's advancement in AI-related technologies is shoring up the need for talent. In the second week after the 2025 Spring Festival holidays, job openings in the computer hardware industry increased by 10.8 percent week on week, ranking No.1 among all industries, according to Zhilian Zhaopin on Monday. The growth is closely related to the nation's strategy of AI development, such as robotics. Specifically, there is a high demand for technical talent in areas such as communication and hardware research and development, operations and maintenance support, and pre-sales and post-sales engineers within the computer hardware sector. The number of jobseekers in the computer hardware industry was 49.9 percent higher than in the previous week, and for the computer software industry, the rise was 38.6 percent, ranking first and second, respectively. In addition, IT services, telecommunications and network equipment sectors also saw a growth of around 30 percent week on week. The average monthly salary for computer hardware positions was 10,660 yuan ($1,469), up 5.9 percent week on week, and for computer software positions it was 11,360 yuan, up 8.3 percent. The data suggested that AI advancement is demonstrating its beneficial influence on the IT sector, with the talent pool in associated fields experiencing a significant expansion, the report stated. Given the rapid advancement of AI and related technologies, nearly every industry is accelerating its digital transformation, leading to a surge in demand for infrastructure such as data centers, cloud computing and edge computing, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times. After rapidly emerging as a key player in the global AI industry, Chinese AI firm DeepSeek has started a rapid expansion, as it made high-paying job offers for both fresh graduates and experienced professionals to attract top-tier talent, according to a China Fund News report on Feb. 4. The firm offers 14-month pay for various positions, and the highest offer is for deep-learning researchers for artificial general intelligence, with a monthly salary of 80,000 yuan to 110,000 yuan, which could mean an annual income of up to 1.54 million yuan, the report said. As the application of AI becomes more widespread, profound changes are taking place in various industries as well as in people's lifestyles, said Liu Dingding, a technology industry observer.

CHINA'S successful launching of the Long March-8A on Feb. 11 marked the transition from experimental exploration of China's commercial aerospace launch to a new phase that is characterized by high-frequency launches and increasingly diversified space services. On Feb. 12, the 2nd Beijing Commercial Space High-quality Development Conference was held in the Economic-Technological Development Area (Beijing E-Town) in Yizhuang, which brought multiple space-related enterprises, with visible enthusiasm of all the participants at the venue. Home for over 160 aerospace companies, Beijing E-Town plans to conduct over 40 space launches, sending some 130 satellites into space this year, said an official from Beijing E-Town, who noted that the conference would lay a solid foundation for the high-quality development of Beijing's commercial aerospace sector. As the satellites of GalaxySpace's "Little Spider Web" experimental constellation passed over Yizhuang's Tongming Lake Convention Center, where the conference was being held, on-site staff used ordinary smartphones to connect to the satellites via terminal equipment installed on the rooftop of the venue and the satellites connected with the ground staff working at the Beijing "Rocket Street" project, as well as in Thailand. Lately, Beijing-based satellite internet solution provider and private satellite maker GalaxySpace and Thailand's major telecom operator True Corp. inked a deal to carry out in-depth cooperation in LEO satellite communication technology and space-to-ground integrated network solutions to jointly promote the research and development, and verification of satellite-based communication innovations. This cooperation marks a significant step for China's commercial space industry's global expansion as a new quality productive force to propel the construction of a space information corridor under the Belt and Road Initiative, which also underlines the progress of China-Thailand digital-economy cooperation and partnership, according to a statement from the company. Meanwhile, another Chinese private aerospace company Galactic Energy signed cooperation agreements respectively with Germany's FEM-Composites and Malaysia's Distant Blue Aerospace, marking the start of deep collaboration between Galactic Energy and overseas companies to jointly explore new frontiers in space. FEM-Composites, a German aerospace player in high-performance materials research, plans to expand its commercial space business in Africa, while Distant Blue, founded in Malaysia by entrepreneurs from China, Malaysia, Singapore and other countries, is dedicated to building a complete commercial space industry chain. Both companies have designated Galactic Energy as their primary partner. To further ramp-up the commercial aerospace sector's high-quality development, multiple key laboratories in Beijing tasked with researching and developing the world's most innovative and disruptive technologies in the aerospace sector — were revealed during the conference in Beijing.

BEIJING — Chinese authorities unveiled several measures on Monday to promote the new-type energy storage manufacturing sector, as part of efforts to accelerate the development of emerging industries and the country's modern industrial system. According to an action plan jointly issued by the Ministry of Industry and Information Technology, and seven other government organs, the new-type energy storage manufacturing industry refers to the sector that produces energy storage, information processing, safety control and other products related to new energy storage methods. By 2027, the sector is expected to demonstrate international competitive advantages across the entire manufacturing chain, with a greater number of leading enterprises, marked improvements in industrial innovation capabilities and overall competitiveness while also achieving advancements in high-end, intelligent and green development, according to the plan. According to the document, China will launch initiatives to boost technology innovation in the new-type energy storage sector. These initiatives will include measures to speed up the upgrading of mature technologies such as lithium batteries and support disruptive technological innovations. The country will also promote coordinated industrial development. Efforts should be made to strengthen the monitoring and early warning of lithium battery production capacity, prevent reckless investment and guard against the risk of disorderly development. The document underlined the importance of supporting upstream and downstream enterprises in the new-type energy storage manufacturing sector to optimize their energy consumption structure, improve energy utilization efficiency and expand the proportion of renewable energy in the manufacturing process.

ADMINISTRATIVE burdens associated with paper-based seafarer endorsement and verification will soon be lessened through a pilot project entered into by the International Chamber of Shipping (ICS), Lloyd's Register OneOcean (LROO) and the Maritime Industry Authority (Marina). The landmark memorandum of understanding (MOU) outlines the collaboration to explore the integration of seafarer certification systems and to develop a new mobile application. Signed at the International Maritime Organization (IMO) Headquarters in London, the initiative ensures efficiency for key stakeholders in the industry, including flag Administrations, Port State Control, seafarers, and shipping and ship management companies. The pilot project will assess potential pathways for digitizing certification processes with a focus on security, streamlined collaboration, and ease of use. It will also test the feasibility of a system where all seafarer certificates can be securely stored and consolidated, allowing real-time access for all key stakeholders. This will also allow seafarers to take ownership of their data and control how it is used, with the system facilitating travel and movement for the benefit of the entire industry. Paper certificates continue to dominate the industry despite seafarer documentation requiring regular renewal, with differing requirements and processes between countries. Such causes challenges such as increased risk of errors and vulnerabilities and longer delays. "At the International Chamber of Shipping, we are excited to be moving forward with this pilot project. The world is changing, and in support of the digital transition, we believe this is the imperative next step to support the entire sector with a new solution that will not only minimize administrative burden but maximize efficiency for a safe and sustainable industry. The Philippines is the world's largest provider of seafarers, and working together with Marina is key to this pilot project. We look forward to collaborating with Lloyd's Register (LR) OneOcean and Marina in making this a success," ICS Secretary General Guy Platten said. "LR has an established role in maritime compliance and safety. Through LR OneOcean, we are now applying our expertise to explore how digital solutions can streamline certification, making processes more efficient for seafarers, flag administrations, and the wider industry. Working alongside ICS and Marina on this pilot project is an exciting opportunity to bring together different perspectives and expertise to explore a digital certification approach that could benefit the entire maritime sector, improving accessibility, security, and regulatory compliance in a meaningful way," Lloyd's Register OneOcean Co-CEO and CPTO Nicholas Goubert added. "The pilot project marks a significant step in providing a global platform for a streamlined and seamless certification process for the Filipino seafarers. This collaboration reinforces the Philippines' commitment to aligning with global maritime standards and moving towards digital transformation in the maritime industry." Marina Administrator Sonia Malaluan said. Upon successful validation of the concept, Marina will engage with its seafarer community — approximately 400,000 Filipino seafarers — to gather insights on digital certification.

RETAINING seafarers has improved slightly over the past year, thanks in part to salary raises, the annual Crew Managers' Survey by Danica Crewing Specialists has revealed. In its survey of in-house crew managers in ship owning and ship management companies, almost 90 percent reported that they had increased salaries in 2024. Only seven percent said they had not raised crew wages over the past year. Companies were more generous, too, — with increases above those reported in the 2023 survey, except for junior ratings. Henrik Jensen, CEO of Danica Crewing Specialists PHOTO FROM DANICA In the companies responding to the survey: - Seventy-five percent of senior officers benefited from an increase in remuneration in 2024, up from 63 percent in 2023. - Sixty-seven percent of junior officers got an increase, against 59 percent in 2023. - Sixty-five percent of senior ratings (Bosun, Fitter, Cook) saw their wages increase, compared to 54 percent in 2023. - A little over 50 percent of other ratings also enjoyed increases in both 2023 and 2024. Not surprisingly, retention rates are reported to have improved. The survey reveals that the fluctuation of seafarers has generally reduced, with 41 percent of crew managers reporting that the retention rate has improved during the past 12 months, compared to only 29 percent in the previous survey period. However, 23 percent of companies did say they felt the retention rate has worsened, although this is a decrease compared to the 36 percent in the 2023-2024 survey. Overall, the findings of Danica's Crew Managers' Survey 2024 showed a positive improvement, with fewer respondents saying the recruitment situation had worsened over 2024. However, still about a third (31 percent) found that the intake of new competent hands has become worse or much worse in the past 12 months, although this is down from the 46 percent saying the same in 2023. Henrik Jensen, CEO of Danica Crewing Specialists, commented: "This indicates that it is not a shortage of seafarers which concerns crew managers but rather a shortage of competent seafarers." Crew managers are mitigating risk in their crew supply chains by expanding the number of countries they recruit from — a strategy also identified in Danica's 2023 survey and a result of global issues such as the Covid-19 pandemic. Crew managers responding to Danica's survey came from a range of company sizes and a wide geographical spread, with particular input from Greece, UAE, Denmark and Germany. They were largely working within crewing departments and in a senior position, 83 percent having worked in crewing for more than six years. There was a notable increase in the number of respondents working in larger crewing departments, compared to those taking part in the 2023 survey. From the detailed data, it appears that 80 percent of the crew managers/directors report to the highest level in the organization and are on the same level as technical and financial heads. This is an increase compared to the 2023 survey. Jensen remarked: "This could indicate a trend that shipping companies have elevated the prioritizing of the crewing of their vessels." Danica's 2023 survey identified that crew managers were finding their job harder than in the past. In the 2024 results, 38 percent reported they felt the complexity of their job had not increased, while only 4 percent said their job had become easier. Only 4 percent responded to say they felt crewing vessels had become easier. Jensen commented: "Of course this doesn't mean that finding crew has become easy!"

THE International Transport Workers' Federation (ITF) and the Maritime Industry Authority (Marina) have signed a memorandum of understanding (MOU) to integrate mental health training into maritime education. Marina Administrator Sonia Malaluan and ITF Maritime Operations Coordinator John Canias signed the agreement on Feb. 12, 2025, during the International Maritime Organization's (IMO) Sub-Committee on Human Element, Training and Watchkeeping (HTW) session. The MOU established collaboration in training programs that integrate the module "Mental Health and Stress: Understanding Early Management and Coping" into faculty training programs. This initiative aims to equip maritime instructors with the skills to help future seafarers manage psychological challenges at sea. As a global organization representing transport workers, ITF plays a central role in advocating for better working conditions in the shipping industry. ITF and Marina will collaborate on developing training materials, implementing capacity-building programs, and conducting joint research on occupational well-being. Malaluan underscored the importance of mental health preparedness alongside technical training, saying: "Mental health is an essential component of a seafarer's overall well-being. By empowering our educators with the necessary knowledge and tools, we are taking a proactive step in safeguarding our maritime workforce." Marina STCW Office Executive Director Samuel Batalla and Maritime Education and Training Standards Supervisor (METSS) Presca Lee Lugo served as witnesses to the signing of the MOU. This partnership strengthens seafarer support, enhancing workforce resilience and sustainability amid labor shortages and rising industry concerns.

THE National Maritime Polytechnic (NMP) and the Philippine Association of Maritime Institutions (PAMI) have formalized their commitment to advancing maritime research through a memorandum of agreement (MOA) signing held on Feb. 13, 2025, at the Asian Institute of Maritime Studies (AIMS), Pasay City. The agreement solidifies both institutions' commitment to collaborative research efforts aimed at addressing priority issues in maritime education, ensuring data-driven studies, policy recommendations, and innovations that will benefit students, professionals, and various stakeholders in the sector. NMP Executive Director III Victor Del Rosario underscored the importance of this collaboration in strengthening the country's maritime sector. "This partnership with PAMI is particularly significant as it bridges the gap between academic research and policy implementation," he said. "Our collaboration will inform decisions that impact not only maritime institutions but also the broader industry, reinforcing the Philippines' position as a leading provider of world-class maritime professionals." Meanwhile, PAMI President Sabino Czar Cloma-Manglicmot II expressed enthusiasm over the agreement, highlighting the role of academic institutions in shaping the future of the maritime workforce. "We believe that through research, we will be able to guide students and [...] develop sound policies and programs for our students, preparing them for a future we have not seen yet. And this collaboration strengthens that direction, strengthens that action," he said. The MOA signing was witnessed by key officials from NMP, PAMI, and AIMS, led by Chief Executive Officer Felicito Dalaguete, Ed.D., who expressed their support for the initiative. Under the agreement, NMP and PAMI will conduct joint research projects, organize knowledge-sharing events, and explore innovative approaches in maritime education and training. This partnership reinforces the shared commitment of NMP and PAMI in strengthening the country's maritime research landscape and ensuring continuous development of the Philippine maritime sector.

A SUCCESSFUL field trial of a new laser-based rust and coating removal system has raised hopes for a more environmentally friendly and efficient approach to ship maintenance. Furukawa Electric, in collaboration with Mitsui O.S.K. Lines (MOL), MOL Drybulk, and Tsuneishi Shipbuilding, conducted the trial on an actual MOL vessel in December 2024. The "InfraLaser" system, developed by Furukawa Electric, utilizes laser technology to remove rust and coatings, offering a potential alternative to traditional sandblasting. Sandblasting, while effective, generates significant dust and debris, posing environmental and health concerns. The InfraLaser system aims to minimize waste, dust, and noise, leading to improved working conditions and reduced environmental impact. Furukawa Electric has been developing the InfraLaser system since 2021, leveraging its expertise in industrial laser technology. MOL and MOL Drybulk have provided support and feedback from a ship operator's perspective, while Tsuneishi Shipbuilding has contributed its shipbuilding and ship repair expertise. The December trial focused on the outer hull of an MOL-operated vessel, using paint manufactured by Kansai Paint Marine. The results demonstrated the effectiveness of the laser application in removing the existing coating. The partners will use the trial data to further refine the InfraLaser system, optimizing it for real-world ship repair environments. "This successful field trial marks a significant step towards a more sustainable future for ship maintenance," said a representative from one of the participating companies. "We are excited about the potential of the InfraLaser system to reduce environmental impact and improve working conditions for those involved in ship repair." Beyond environmental benefits, the project partners are also exploring the automation potential of the InfraLaser system. The laser's zero reaction force opens possibilities for automated processes, which could lead to significant labor savings and increased efficiency in ship maintenance and repair. The development of the InfraLaser system aligns with the broader sustainability initiatives of the participating companies. Furukawa Electric's "Vision 2030" emphasizes establishing a social infrastructure that integrates information, energy, and mobility to protect the global environment. Tsuneishi Shipbuilding is committed to ESG and SDG initiatives, focusing on environmental conservation and sustainable practices in the maritime industry. MOL has also publicly affirmed its commitment to environmentally friendly practices. The companies hope that this technology will represent a major step forward for the shipping industry.

THE National Maritime Polytechnic (NMP) will offer the revised and streamlined Management Level Course (MLC) for Marine Deck Officers starting March 2025, following official approval from the Maritime Industry Authority (Marina). Previously conducted over 55 days, the course has been shortened to 28 days to enhance training efficiency while ensuring compliance with the latest standards. This initiative aligns with Marina's efforts to revamp the MLC, streamlining the pathway for maritime officers aspiring to senior positions. The revised course removes redundant topics previously covered in earlier training or practiced onboard, focusing instead on essential managerial and operational skills needed in the maritime industry. Following Marina's evaluation and inspections, NMP's revised course package was found compliant with Memorandum Circular SC-2022-05 and MC-2022-05-TG-04. The updated curriculum optimizes time allocations per topic with enhanced Intended Learning Outcomes (ILOs) to strengthen decision-making, leadership, and ship management skills. This course is open to Marine Deck Officers who are holders of a Certificate of Competency (COC) under Regulation II/1 of the Standards of Training, Certification, and Watchkeeping (STCW) Convention, 1978 as amended, and have an approved seagoing service as an Officer-in-Charge of a Navigation Watch on ships of 500 gross tonnage or more for not less than 12 months. MLC Function 1 will be offered starting March 2025, with Functions 2 and 3 to follow accordingly. This phased rollout ensures a structured transition while maintaining the highest training standards.

THE Philippines and Georgia have expanded maritime ties through mutual recognition of Standards of Training, Certification, and Watchkeeping (STCW) certificates, boosting workforce opportunities amid shifting global demands. Maritime Industry Authority (Marina) Administrator Sonia Malaluan and LEPL Maritime Transport Agency (MTA) Director Aleksi Akhvlediani signed the memorandum of agreement (MOA) on Feb. 12, 2025, at a Philippine-hosted event during the International Maritime Organization's (IMO) Sub-Committee on Human Element, Training and Watchkeeping (HTW) session. Philippine Ambassador to the IMO Teodoro Locsin Jr. and Georgia's Chargé d'Affaires George Saganelidze witnessed the signing, highlighting the diplomatic and economic significance of the partnership. The agreement enables mutual recognition of seafarers' certificates, allowing maritime professionals from both countries to serve on vessels under each other's jurisdiction. It strengthens regulatory alignment, ensures compliance with international standards, and facilitates the seamless deployment of trained maritime professionals. The Philippines remains the world's largest supplier of seafarers, while Georgia, strategically positioned along key global shipping routes, continues to expand its maritime capabilities. By improving labor mobility, the agreement helps address workforce shortages in global shipping. As regulatory requirements tighten and shipping firms seek a stable supply of qualified crew, the MOA enhances both countries' maritime labor contributions. It also strengthens the global competitiveness of their seafarers as the industry adapts to evolving international standards and operational demands.

SINCE going into service in 2015, the MF Ampere has now sailed an astonishing distance equivalent to 17 times around the equator on batteries alone, solidifying its place as a groundbreaking achievement in sustainable maritime transport. A decade on and the Ampere continues to showcase the transformative potential of electric technology. Many people initially doomed the project, but despite this, the vessel has successfully demonstrated a model that has now been adopted in hundreds of ferries across the globe. Bold decision results in game-changing advancements Norway has earned an undisputed reputation as the innovative leader in green shipping due to electrification of its ferry fleet from north to south. It all started with the Ampere and a bold decision by the Norwegian Public Roads Administration to require sustainable technology onboard the newbuild destined to transport passengers and vehicles across the Sognefjord on Norway's west coast. Ferry operator Norled began exploring electric alternatives and initiated a collaboration with Fjellstrand Shipyard to find the best solution. Norled went on to win the ferry tender based on the cutting-edge design of the Ampere "When Fjellstrand Shipyard first started looking at electric ferries back in 2010, we knew that a fully electric ferry would be a challenge on this route due to the distance and power demands. However, when the tender came out, and Norled wanted to make this ferry all-electric, we revisited the idea and found solutions that we thought could work. By leveraging existing, proven vessel designs from previous projects and using our expertise in lightweight and optimized energy designs, we managed to create a vessel that is not only efficient but also fully aligned with the future of sustainable transport," said Edmund Tolo, R&D and sales manager at Fjellstrand. He added: "We faced a series of challenges, as nobody had done this previously. We had no idea about the actual lifetime of the batteries, and we did not have the needed rules and regulations. However, by collaborating closely with Siemens as integrator, battery supplier Corvus Energy, the shipowner Norled, as well as the Norwegian Maritime Authorities and DNV, we managed to make this a success." For Norled, the MF Ampere was the start of environmentally friendly operations. "Our experience with this vessel shows that it pays off to invest in electric ferry operations, both for the environment and for society by creating new jobs in the maritime industry and because electric operation is cheaper than diesel in the long term," said Heidi Wolden, CEO of Norled. "Ampere earlier accounted for 4 percent of our fleet with zero emissions, but we now have close to 50 percent of our fleet with low to zero emissions. Going forward we will work on getting more vessels to low and zero emissions." Significant emissions and cost savings Launched on the Lavik-Oppedal route, MF Ampere's electric propulsion system has delivered exceptional results, drastically reducing the environmental impact of ferry travel. CO2 emissions were reduced by 5,700 tons annually, marking a significant step towards decarbonizing Norway's transport sector. Compared to a traditional fossil-fueled ferry, the operational cost per crossing has been reduced by an impressive 85 percent to 90 percent, generating total savings of nearly US $15 million. Using electric power, the cost per crossing is comparable to the cost of a waffle and a cup of coffee. "Since 2015, the Ampere has crossed the Sognefjord more than 124,000 times and proven that electrical vessels are both economical and sustainable," said Fredrik Witte, CEO of Corvus Energy. "The demonstrated cost and emissions savings paved the way for the electrification of another 80-90 ferries in Norway. It has also accelerated the technology development enabling lightweight and more energy-dense systems. To compare, the MF Ampere has 1 MWh of our first-generation batteries installed, but our largest system to date, which will power the Incat ferry in South America, will have almost 42 MWh of our lightweight Dolphin batteries onboard. But without the MF Ampere as our pilot project, we wouldn't be where we are today in marine electrification." The ripple effect The MF Ampere serves as a beacon of what can be achieved when innovation, sustainability and cost-effectiveness come together. The ferry's success has not only demonstrated the practicality of electric ferries in Norway, but has also accelerated the adoption of similar technology in coastal cities and island communities worldwide. The ripple effect of Ampere's groundbreaking journey continues to inspire sustainability-focused initiatives in the maritime sector and beyond. With the recent installation of additional batteries to prolong the vessel's lifetime, the MF Ampere will continue to sail until the next groundbreaking innovation is in place: Four autonomous ferries are set to operate the route from 2026.

THE recent case involving a missing seafarer raises the alarm on the risks attendant to shipboard employment that leads to practical questions being asked and which government and industry operators must answer. Cases of missing Filipino seafarers onboard ships are not new occurrences, rather, these have happened in the past but hardly discussed in the maritime sphere, at least in this archipelago. Despite the supposed active participation of government and seafarers representatives in many international maritime organizations, there is nothing that would show that the Philippines ever raised the issue of dealing with missing seafarers. If there has been such manifestation in these fora, this should have been publicized to make people, especially the seafarers, aware of the efforts to protect them from becoming victims of "man overboard" (MOB) incidents. Nonetheless from a non-seafarer point of view, allow me to offer possible steps by which to deal with missing seafarers. If one is to look at how international maritime conventions, as formulated and adopted by the International Maritime Organization (IMO), there are three distinct phases by which to achieve the ultimate treaty objectives: prevention, response and compensation. The International Convention on the Prevention of Pollution from Ships (Marpol) for example provides the guidelines on how to prevent oil pollution from ships, the Oil Pollution Response Convention deals with containing oil pollution during an incident, while the Civil Liabilities Convention and the Fund Convention answer to compensating those who suffer damage from oil pollution. Prevention, response and compensation could very well apply to cases of missing seafarers. In the prevention phase, the government must institute policies that will ensure seafarers and maritime students receive dedicated instructions/information on the risks that go with shipboard employment including those of cases of missing cadets/seafarers. It is presumed that a subject/topic in cases of MOB forms part of the instructions delivered for the education and training of maritime students. As part of the prevention phase, agencies and enterprises engaged in the hiring and employment of seafarers must, before deployment, give advice on the need to be conscious about preventing occupational accidents and risks. These risks could include work-related accidents such as, among others, deck work during bad weather, work overside or during drills. The International Convention for the Safety of Life at Sea (Solas) has provisions relating to onboard drills which must necessarily include MOB as such exercises could also result in a crew being thrown overboard. The regulatory framework for this Solas provision must be provided by the flag administration. A requirement under the International Safety Management Code (ISM) on preventing accidents onboard should be part of the ship's safety manual. Regulation 4.3 – on Health and safety protection and accident prevention of the Maritime Labour Convention 2006 (MLC, 2006) embraces provisions that pertain to accident prevention which is most relevant to MOB. Unfortunately, the subject of accident prevention was not made part of the Magna Carta of Filipino Seafarers or Republic Act (RA) 12021, the reason of which is not clear. There was never any public consultation on the Magna Carta bill that this matter was discussed. For the response phase during MOB, it is expected that ships have established codes of procedures and instructional materials on how to deal with such incidents; immediate rescue operation is expected when there is a witness to the incident. It is in cases when the disappearance of a crew becomes known only after a considerable lapse of time that could prove most difficult in responding to the incident. Seafarers must have a good appreciation of the rescue/response in cases of MOB as it is one way of ensuring their safety at the workplace. Part of the response phase should, in cases of MOB, that of providing information to the family or next of kin of the seafarer as mandated by RA 12021 under Section 11, Chapter III on Seafarer's Rights. At this age of advanced technology when reaching a crew onboard should be easy, failure to get in touch with the seafarer creates anxiety and restlessness on the part of the next of kin. In any case, those dealing with the affected family must promptly disclose the circumstances of the case and provide transparent and thorough updates on the response/rescue action being undertaken. Compensation, which is a sensitive issue for families of missing seafarers, is covered by MLC 2006 specifically under Regulation 4.2 on Shipowners liability. RA 12021 and other existing legislation substantially cover compensation for damage, injury, or death of a seafarer. Nonetheless, concerned agencies such as the Department of Migrant Workers, the Department of Labor and Employment, the Overseas Workers Welfare Administration, and the Maritime Industry Authority need to review the matter of MOB cases. Take note though, the popular dictum "prevention is better than cure" requires in the sphere of seafaring a slew of maritime legislation.

MONEY sent home by overseas Filipino workers (OFWs) hit a record $3.73 billion in December, the Bangko Sentral ng Pilipinas (BSP) reported on Monday, bringing the full-year total to an all-time high of $38.3 billion. December's count was 3.0 percent higher than the year-earlier $3.62 billion and $3.12 billion recorded in November 2024. The BSP, in a statement, said that it was driven by "remittances from both land-based and sea-based workers." The 2024 tally, meanwhile, was also 3.0 percent higher than $37.21 billion recorded in 2023. It also exceeded the central bank's $34.5-billion target for the year. Full-year remittances were equivalent to 8.3 percent and 7.4 percent of gross domestic product and gross national income, respectively. In December alone, cash remittances rose by 3.0 percent to $3.38 billion from $3.28 billion recorded in the same month in 2023. For the full-year, these hit $34.49 billion, also 3.0 percent higher than the $33.49 billion registered in 2023. The cumulative growth in cash remittances was attributed to flows from the United States, Saudi Arabia, Singapore, and the United Arab Emirates. The US accounted for the biggest share (40.6 percent) of overall remittances for the year, followed by Singapore (7.2 percent), Saudi Arabia (6.4 percent) and Japan (4.9 percent). Other countries that contributed to overall remittances were the United Kingdom (4.7 percent), the UAE (4.4 percent), Canada (3.6 percent), Qatar (2.8 percent), Taiwan (2.7 percent) and South Korea (2.5 percent). The US accounted for the bulk as remittance centers in many cities abroad course funds to correspondent banks that are mostly in that country. Sought for comment, Philippine Institute for Development Studies senior research fellow John Paolo Rivera said that the growth in remittances highlighted the continued role that OFWs play in supporting the economy. "Sustained economic recovery in the US, Middle East, and APAC (Asia-Pacific) led to higher wages and employment opportunities for OFWs, boosting remittances," Rivera added. "Also, the weak PHP (peso) against the USD (dollar) in certain months increased the monetary value of remittances, prompting some OFWs to send more money home." Rivera also said that the adoption of digital remittance platforms had made transfers faster and cheaper, encouraging higher remittance flows. Remittances are likely to remain a stable growth driver, he continued, amid more favorable exchange rates that could encourage higher remittance volumes. "However, this can be disrupted by geopolitical tensions or economic downturns in host countries could affect job security," Rivera said. "Overall, remittances are expected to maintain modest growth in 2025, barring major economic disruptions. The steady inflows will continue to support household spending, helping drive consumption-led growth."

SY-LED integrated property developer SM Prime Holdings Inc. (SMPH) on Monday said that consolidated net income had hit a record P45.6 billion last year, 14 percent higher than 2023's and driven by higher contributions across all its businesses. In a disclosure, SM Prime said that consolidated revenues also hit an all-time high of P140.4 billion from 2023's P128.1 billion due to higher rental income, real estate sales and revenues from services and experiential offerings. "The results we achieved in 2024 provide a solid foundation for future growth," SMPH President Jeffrey Lim said in a statement. "We have several key projects in development that we expect will benefit from this positive momentum," he added. The mall business contributed 55 percent of SMPH's revenues, followed by residences (34 percent), hotels and convention centers (6 percent), and offices and warehouses (5 percent). SM Prime said that for the last three months of 2024, it also posted record revenues and net income at P40.6 billion and P11.8 billion, respectively, from P35.5 billion and 9.9 billion, amid strong holiday spending, the opening of two new malls, increased real estate sales and the release of blockbuster films. The company earlier this month said that it would be spending P33 billion this year to expand its commercial property businesses on expectations of strong economic growth fueled by a sustained consumer demand recovery. It will be allocating P21 billion for the expansion of its malls' gross floor area, P6 billion for the meetings, incentives, conventions, exhibits businesses, and P6 billion for SM Offices. "We expect moderating inflation, easing interest rates and election-related spending to fuel our growth in 2025. Our malls should do well and our office, hotel and convention centers could provide additional upside," Lim said. The earnings results failed to lift SM Prime's share price, which fell by 5 percent, or P1.15, to P21.85 on Monday, outpacing the benchmark Philippine Stock Exchange index's 1.12-percent fall.

THE government is planning to conduct a series of overseas roadshows to tout recently implemented reforms aimed at making the Philippines an attractive investment destination, particularly the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act that was signed into law last November. Rules implementing the Create More Act were signed on Monday and Frederick Go, Special Assistant to the President for Investment and Economic Affairs, said: "Right now, our responsibility is to let the investors know about this and how it will benefit them so we will have scheduled international trips for this." "We plan to go to Korea, US, Japan, Europe, Middle East, and China to spread the word. Initially, we plan to start in March or April with Korea as the first destination," he added. The implementing rules and regulations (IRR) of Create More were signed by Finance Secretary and Fiscal Incentives Review Board (FIRB) Chairman Ralph Recto and Trade Secretary and FIRB Co-Chairman Ma. Cristina Aldeguer-Roque on Monday at the Department of Finance's (DOF) headquarters in Manila. "The DOF and DTI (Department of Trade and Industry) recently signed the IRR of the Create More Act and I was there as a witness," Go said. "Personally, I am happy with it as it stayed consistent with the intent of the Create More law." "[O]verall, the goal of the Create More is to provide more jobs for the Filipinos and the IRR stayed true to that," he added. Signed into law on Nov. 8, 2024, the law aims to enhance the ease of doing business in the country, clarify value-added tax (VAT) rules, provide more attractive tax incentives, strengthen governance and accountability; and make transitory rules clear for pre-Create registered business enterprises. Interim rules were issued in December to enable investment promotion agencies to register projects and offer incentives. The Finance department said the IRR clarified and refined provisions in the law, including investor concerns regarding the issuance of value-added tax (VAT) zero-rating certificates, and would also uphold fiscal prudence in the administration of tax incentives. The FIRB has been tasked to conduct impact evaluations to guide the president in deciding whether to grant fiscal and non-fiscal incentives to highly desirable projects. "On the part of the government, we are committed to making Create More not just a tool to attract more investments, but a magnet to keep them here, grow them here, and give every reason for investors to always place their trust in the Philippines," Recto said. "Together, let us make Create More happen. Let us make it deliver. Let us ensure that its gains are felt by every Filipino, and build a lasting impact on future generations to come."

THE peso returned to the P58:$1 level and the stock market again also fell below 6,000 on Monday amid continued worries over US trade policies and the pace of central bank interest rate cuts. The currency weakened by 20 centavos to P58.03 against the dollar while the benchmark Philippine Stock Exchange index (PSEi) shed 67.85 points, or 1.12 percent, to close at 5,993.48 on Monday. The broader All Shares also fell, by 18.12 points or 0.50 percent, to 3,611.16. The peso opened at the day's trading low of P57.777:$1 and rose as high as P58.05. Volume was P1.164 billion, up slightly from Friday's P1.657 billion. Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso weakened as the dollar had corrected higher against major global currencies. Philstocks Financial Inc. research manager Japhet Tantiangco, meanwhile, said "the local bourse extended its decline as investors continue to deal with the uncertainties on the global economy caused by the US' recent tariff moves." "Investors are also concerned with the pace of the BSP's (Bangko Sentral ng Pilipinas) policy easing following its pause in their latest meeting," he added. Tantiangco said the day's trading was tepid with net value turnover at P4.72 billion, below the year-to-date average of P5.23 billion. "Foreigners were net sellers with net outflows at P991.98 million," he added. DragonFi Securities Inc. equity research analyst Franco Fernandez, meanwhile, said that the bourse's decline was weighed down by heavyweights SM Investments Corp. (SMIC), SM Prime Holdings Inc. and Ayala Land Inc. SMIC and SM Prime both closed the day down 5 percent while Ayala Land fell by 3.66 percent. "The property sector led the decline as stocks adjusted to the BSP's unexpected decision to keep rates steady last week, prolonging the high-interest rate environment," Fernandez said. He added that given a lack of positive catalysts, "market sentiment remains pressured by President Trump's ongoing tariff threats and retaliatory tariffs from other countries." Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said "Philippine shares kicked off the trading week in the red as the local bourse closed below the 6,000 mark as investors remained cautious despite higher-than-expected [overseas Filipino worker] cash remittances at $3.38 billion." "Meanwhile, Wall Street had mixed results as investors took a breather from the week's strong gains, assessing developments in global trade and inflation," he added. All sector indices but two closed in the red, with property down the most by 3.06 percent. Mining and oil and services rose by 2.70 percent and 0.51 percent, respectively. On a company basis, decliners outnumbered gainers, 114 to 74, while 61 were unchanged.

AGRICULTURE Secretary Francisco Tiu Laurel Jr. wants to meet with Public Works and Highways Secretary Manuel Bonoan to discuss improvements to the country's roads, bridges and other infrastructure to lower logistics costs and boost food security. "The importance of a strong road and bridge network in agriculture, especially in an archipelago like the Philippines, cannot be overstated," Tiu Laurel said in a statement. "Agriculture relies heavily on logistics, and transport infrastructure directly affects the cost and efficiency of moving farm inputs and produce," he added. Bonoan was not immediately available for comment. Tiu Laurel noted that neighboring Thailand and Vietnam had lower transport costs due to better road conditions, with trucks in both countries able to carry 8 to 10 tons more than the Philippine limit of 41 tons. "Better infrastructure enables a more efficient supply chain, reducing costs from farm to market," he said. The Agriculture department said that in the Philippines, farmers and traders resort to overloading trucks to cut transport costs, which leads to damaged roads or bridges. It added that there were even cases of bridge collapses in Luzon and the Visayas in recent years due to overloading. While the Public Works department orders regular bridge inspections and load rating updates, reinforcement was said to be weak. The Agriculture department said the problem would continue to exist as long as there is overloading and a lack of road networks in the country. Tiu Laurel said well-maintained roads and bridges would speed up delivery of goods to markets, reduce spoilage and lower transport costs, resulting in more stable prices for consumers.

BEIJING — President Xi Jinping held a rare, highly choreographed meeting on Monday with some of the biggest names in China's technology sector, including Alibaba founder Jack Ma, in what analysts saw as a show of support to rally private companies. The event, a turnaround in Beijing's approach to its tech giants from a regulatory clampdown four years ago, reflected policymakers' concern about a slowdown in growth and efforts by the United States to limit China's technological development. Xi's move to gather business leaders, including those behind breakout successes despite US pressure in recent months, underscores the importance of private sector innovation for China to gain ground in technology, analysts said. "It's a tacit acknowledgement that the Chinese government needs private sector firms for its tech rivalry with the United States," said Christopher Beddor, deputy China research director at Gavekal Dragonomics in Hong Kong. "The government has no choice but to support them if it wants to compete with the United States." The private sector in China, which competes with state-owned companies, contributes more than half of tax revenue, more than 60 percent of economic output and 70 percent of tech innovation, official estimates show. US tariffs threaten more pressure on the world's second-largest economy, which has been reeling from weak domestic consumption and a destabilizing debt crisis in the property sector. Liang Wenfeng, founder of DeepSeek, a startup that threatens to upset American AI ventures with its lower-cost AI model, attended, two sources familiar with the meeting said. Xi called the meeting in the ceremonial Great Hall of the People, the same setting he used in 2018 for a similar meeting during the trade war at the time of the first administration of US President Donald Trump. The first images from Chinese state media showed Xi speaking to assembled executives pictured from behind and aligned in rows before him. The images prompted a scramble by investors to see who was in and out among top business leaders. Huawei founder Ren Zhengfei and BYD's Wang Chuanfu sat directly in front of Xi, images showed, seats of honor for national champions in electric vehicles and chip development. Shares of Baidu dropped more than 8 percent, making it the largest loser on the Hang Seng index, after no top executive was spotted. Founders of Baidu and ByteDance were among those who did not attend, two sources familiar with the matter said. Neither company's officials immediately responded to requests for comment. On Friday, Reuters reported, citing sources, that Xi planned to chair a business meeting. Xi had been expected to encourage company chiefs to expand their businesses amid the China-US technology rivalry, the sources had said. Xi delivered a speech after listening to executives on Monday, official news agency Xinhua said, but gave no details of his remarks. 'Sputnik moment' In addition to DeepSeek, whose AI breakthrough has been described as a "Sputnik moment" for China, other participants showcased recent business success stories with a wide public following in China. Those included Xiaomi's Lei Jun, a celebrity CEO who pushed his smartphone and appliance company into EVs, and Wang Xingxing, founder of Unitree. One of the most popular moments of CCTV's Lunar New Year's gala broadcast featured dozens of Unitree humanoid robots dancing in a spectacle that seemed aimed at Tesla's earlier efforts and showcasing China's homegrown innovation. Other executives present included CATL's Robin Zeng, Meituan's Wang Xing, China Feihe's Leng Youbin and Will Semiconductor founder Yu Renrong, CCTV video showed. Tencent's Pony Ma was also there, two sources familiar with the meeting said. 'Inject confidence' Tech shares in Hong Kong have jumped in recent weeks on a combination of optimism about the DeepSeek AI breakthrough and a thawing of authorities' approach to internet giants. The Hang Seng technology index hit a three-year high in morning trade on Monday. It slipped in volatile afternoon trade and was last down 1.3 percent. Xi first chaired a high-profile symposium for the private sector in 2018, six years after he came to power. At the time, he pledged tax cuts and access to financial backing. Xiaoyan Zhang, a finance professor at Beijing's Tsinghua University, said Monday's meeting was intended to send a similar message about the importance of private industry and to try to "inject confidence." "I think the purpose is to tell them we want to support you. We need you to boost innovation, technological innovation, and we need you to boost consumption," Zhang told Reuters. Attendance by Jack Ma, in particular, has the potential to boost confidence, analysts have said. The once high-profile entrepreneur largely withdrew from public life after the IPO of his fintech company Ant was halted by authorities in 2020 — a move triggered by a speech he gave that year criticizing China's regulatory system. His business empire and the wider technology industry were then targeted by a regulatory crackdown, and his time out of the limelight represented a reversal of fortunes for China's private sector.

THE Association of Southeast Asian Nations (Asean) Capital Markets Forum (ACMF) reaffirmed its commitment to fostering sustainable, resilient, and interconnected capital markets in the region, during its 42nd Chairs' Meeting last week, hosted by the Securities Commission Malaysia (SCM) in Penang. The ACMF is a high-level group of capital market regulators from Brunei Darussalam, Cambodia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Tackled in the meeting on Feb. 13 was the endorsement of strategic thrusts and a set of key principles that will shape the ACMF Action Plan 2026-2030 (AP2026), scheduled for release in October 2025; and building on the achievements of ACMF Action Plan 2021-2025 to ensure that the region's capital markets remain robust, inclusive, and adaptive to evolving financial landscapes. The new action plan will be crafted in collaboration with member states, incorporating stakeholder feedback, and leveraging specialized expertise to address emerging trends and challenges. The ACMF also acknowledged a new technical assistance collaboration with the Economic Research Institute for Asean and East Asia (ERIA) to develop a Carbon Market Ecosystem roadmap. Discussions are likewise underway to establish a Mitigation, Adaptation, Resilience, and Sustainable Finance (MARS) Framework, which aims to enhance climate adaptation finance measures across the region. Mentioned as well was the significant progress on sustainability-related disclosures, reinforcing the ACMF's engagement with the IFRS Foundation's International Sustainability Standards Board (ISSB). Further initiatives were approved to expand technical training on greenhouse gas (GHG) emissions measurement and disclosure. To enhance cross-border investment opportunities, the ACMF reviewed key developments under the Asean collective investment schemes (CIS) framework, including efforts to harmonize disclosure standards and update the memorandum of understanding (MOU) and standards for qualifying CIS. The meeting also took stock of the progress of the Asean taxonomy for sustainable finance, with version 3 officially implemented as of Dec. 20, 2024. As part of its commitment to talent development and regulatory excellence, the ACMF reviewed outcomes from its governance, stewardship, and sustainability capacity building event held in Hanoi, Vietnam last December. The temporary assignments in the Asean Young Regulators (AYR) program, along with internal capacity-building sessions conducted in Phnom Penh, were discussed, too, in recognition of the rapid evolution of digital assets.

ENVIRONMENT Secretary Maria Antonia Yulo-Loyzaga has signed a new administrative order directing mining companies to integrate the United Nations' Sustainable Development Goals (UN SDGs) into their social development and management programs (SDMPs). The UN SDGs, part of the 2030 Agenda for Sustainable Development, consist of 17 goals and 169 specific targets, adopted by UN member states in 2015. The goals include no poverty; zero hunger; good health and well-being; quality education; gender equality, clean water and sanitation; affordable and clean energy; decent work and economic growth; industry, innovation, and infrastructure; reduced inequalities; sustainable cities and communities; responsible consumption and production; climate action; life below water; life on land; peace, justice, and strong institutions; and partnership for the goals. The SDGs serve as a blueprint to end extreme poverty, reduce inequality, and protect the planet by 2030. The SDMP is a five-year plan that the Department of Environment and Natural Resources (DENR) requires from mining companies to ensure sustained improvement of living standards of their operations' host and neighboring communities. Mining firms must implement programs that institutionalize climate action in host and impact communities, and improve biodiversity conservation and protection. DENR Administrative Order (DAO) 2010-21, or the Revised Implementing Rules and Regulations of the Philippine Mining Act of 1995, compels mining contractors and permit holders to allot 1.5 percent of their operating expenses to SDMPs. LGUs use the funds for development programs in the host communities of the mining projects. In particular, 10 percent is set aside for information, education, and communication initiatives; 15 percent for the development of mining technology and geosciences; and 75 percent for projects that are carried out directly by the LGUs, including, but not limited to, roads, water supply, health facilities, school buildings and scholarships, and livelihood projects. The total approved SDMP commitment from 2002 to 2027 is P28 billion, with P17.7 billion allocated from 2002 to 2022. SDMPs include livelihood programs, health and medical assistance, educational support, public infrastructure, and sociocultural and religious support. "We're also looking at labor practices, gender equity, social services, along with reforestation, rehabilitation, restoration of ecosystems to address biodiversity loss," Loyzaga said, adding that these efforts align with President Ferdinand Marcos Jr.'s call to utilize the country's natural resources for sustainable development. "The goal is to ensure that the wealth generated from mineral extraction is shared equitably, that ecosystems are protected, and that local communities gain empowerment," she said.

THE Intellectual Property Office of the Philippines (Ipophl) is boosting its capacity to quickly deal with fake Japanese products entering the country, with support from the Japanese government and private companies. Ipophl members, in partnership with the Japan External Trade Organization (Jetro) and the Japan Patent Office (JPO), held a training seminar which included members of the National Committee on Intellectual Property Rights (NCIPR). "The Ipophl recognizes the challenges posed by lengthy judicial proceedings in the aftermath of criminal crackdown," Director General Brigitte da Costa-Villaluz said, noting the agency's ongoing efforts to build an enforcement system with faster and more efficient results — [including] strengthening collaboration with e-commerce platforms to facilitate prompt removal of counterfeit listings under the E-Commerce MOU (memorandum of understanding) and settling IP (intellectual property) disputes through alternative dispute resolution mechanisms." The official proposed to use the mechanism of Ipophl's mediation outside litigation and rules of procedure on resolution actions without provisional remedies (Rapid Rules) under its Bureau of Legal Affairs. Japan is the Philippines' second-largest trading partner, with total merchandise transactions reaching $20.74 billion in 2023.

THE Department of Agriculture's (DA) Bureau of Plant Industry (BPI) is hosting the International Seed Testing Association (ISTA) executive committee meetings in Manila, which opened on Feb. 16 and runs until Feb. 22. The event is a platform for sharing insights on seed quality assurance, future initiatives, and stronger partnerships among member countries. BPI Director Gerald Glenn Panganiban and Assistant Director Herminigilda Gabertan, Ph.D., welcomed the delegates, along with Assistant Director Ruel Gesmundo, ISTA executive committee member-at-large and the chief of the National Seed Quality Control Services (NSQCS). The BPI's NSQCS is the first ISTA-accredited government seed testing laboratory in the Philippines. The accreditation was granted in June 2024 after an audit conducted in March of the same year. The ISTA accreditation confirms that BPI's NSQCS has passed international standards on seed testing. It ensures accuracy, reliability, and consistency in NSQCS laboratory processes, and that NSQCS personnel are equipped with the necessary skills and competence required at a global level.

LISTED Asia United Bank Corp. (AUB) posted a consolidated net income of P11.3 billion in 2024, up 36 percent from the P8.3 billion recorded in 2023 and driven mainly by growth in its loan portfolio. The bank on Monday said that revenues rose by 26 percent to P254.4 billion from P194.5 billion as its loan portfolio surged 26 percent to P245.4 billion from P194.5 billion in 2023. "We managed to sustain the growth in our profitability since the pandemic, thanks to our robust core business and digital partnerships," AUB President Manuel Gomez said in a statement. "AUB is able to reach out to many Filipinos, including the unbanked and underserved, to offer digital payment solutions, such as our all-in-one digital payment acceptance product AUB PayMate ... and our cross-border digital payments through our HelloMoney e-wallet, among others," he added. AUB said net income in 2024 translated to a return on equity of 21 percent and a return on assets of 3 percent. Asset quality also improved as its nonperforming loan (NPL) ratio stood at a record low of 0.3 percent. Loan loss provision was 74 percent lower than the previous year, with NPL coverage ratio at 113.7 percent, higher than 2023's 107.9 percent. Net interest margin increased by 11 percent to P16.8 billion and the net interest margin ratio improved to 5 percent from the previous year's 4.8 percent. Meanwhile, interest expense on deposits dipped by 3 percent while operating expense grew by 6 percent to P6.8 billion, while cost-to-income ratio decreased to 32.8 percent from 36.2 percent. AUB said that 71 percent of its total deposits last year were low-cost CASA (current account/savings account). Non-interest income grew 48 percent year-on-year to P4.1 billion mostly due to foreign exchange gains, recovery income, and service charges and other fees. As of end-2024, AUB had total assets of P386 billion, up 9 percent from 2023, while total equity had increased 19 percent to P58.4 billion. Capital adequacy ratios were also healthier, with its indicative common equity tier 1 ratio at 17 percent and its capital adequacy ratio at 17.8 percent, higher than 2023's 16.9 percent and 17.5 percent, respectively. "We hope to sustain our growth momentum as we start reaping the full benefits of the government's National ID system, which will hasten our account opening process and know your customer compliance, reduce paperwork, improve loan application and approval processes, and enhance security for financial transactions," Gomez said. AUB shares on Monday rose by P1.40, or 1.81 percent, to P78.80 apiece, bucking a 1.12-percent drop for the benchmark Philippine Stock Exchange index.

BASIC Energy Corp. (BEC) and Japanese firm Renova Inc. on Monday said that they had finalized a partnership to develop the Mabini wind project under BEC's wholly owned RDG Energy Corp. (RWEC). In disclosure, BEC said that a joint development and shareholders' agreement had been completed following compliance with certain conditions. Renova has now become an official partner in RWEC, BEC said, and will contribute its expertise and resources to the Mabini project. Both companies will now focus on advancing the project to its next phase following the completion of a wind resource assessment and the issuance of a favorable system impact study by the National Grid Corp. of the Philippines. "We are thrilled to collaborate with Renova on this important initiative," BEC said. "Together, we are dedicated to advancing the country's renewable energy efforts, and we are confident that RWEC will play a pivotal role in meeting the Philippines' growing energy demands." The Mabini wind power project, to be built on a 4,860-hectare area under Wind Energy Service Contract 2021-01-142, is projected to have a capacity of 50 megawatts. The plant is expected to generate approximately 250 gigawatt-hours per year. The service contract covers a 25-year term, including a five-year pre-development phase and an option for a 25-year extension. The project had off with the installation of a 120-meter meteorological mast in Barangay San Teodoro, Mabini, in November 2022. BEC shares on Monday dropped 4.65 percent to P0.123 each.

ST. Luke's Medical Center (SLMC) and Converge ICT Solutions Inc. on Monday rolled out an in-room digital concierge service that they claimed would bring innovation-driven patient care and guest experiences to the former's hospitals. "Converge is proud to debut the FTTR (fiber to the room) technology and Converge Content+ in the Philippines' foremost hospital, St. Luke's Medical Center," Converge CEO and co-founder Dennis Anthony Uy said at the launch at SLMC-Global City. "With their focus on patient-centered care and our mission for excellent digital experiences, this partnership will really set the standard for patient hospitality in the health care industry," he added. Converge said that it deployed over 400 FTTR solutions in SLMC-Global City to equip rooms with access to health records, entertainment, billing, and interactive features via smart TVs. Patients will be able to view their medical records, lab test results, and treatment plans in real time; stream TV, on-demand movies and music, or play interactive games, and review and pay their hospital bills. "At St. Luke's, we constantly seek innovative ways to improve patient care, [and] we are revolutionizing the patient experience with this in-room digital concierge powered by Converge, a first for Philippine hospitals," SLMC President Dennis Serra said. "This is in recognition of the fact that, increasingly, hospitality is becoming a focus of health care institutions; ensuring a pleasing and healing environment is becoming a priority for hospitals that want to go the extra mile." The partnership between the two companies will also see the integration of Converge's FTTR technology at SLMC's hospital in Quezon City and the upcoming SLMC-Parañaque. Uy said that work at SLMC-Quezon City, which has about 400 rooms, was currently at 20 percent. Serrano said that by 2030, all of SMLC's hospitals were expected to be fully digitized.

DIGIDO Finance Corp. and PalawanPay — the digital wallet unit of the Palawan Group of Companies — are teaming up to integrate Digido's lending services into PalawanPay's e-wallet platform. The two companies signed a memorandum of agreement to integrate the digital lending platform's services with PalawanPay's app. "This landmark partnership reflects the synergy of both companies' products and our aligned goal in promoting financial inclusion through access to safe and trusted digital financial services," Digido President Aleksei Kosenko said in a statement. PalawanPay users will be able to avail of Digido loans for digital transactions and QR Ph-accepting merchants, and also repay their loans through their PalawanPay account. Digido will be rolling out customized advertisements across the Palawan Group of Companies network for its loan services. The company offers loans of up to P6,000 for first-time borrowers and a standard personal loan up to P25,000 for repeat clients. PalawanPay, described as one of the fastest-growing digital wallet applications in the country, was said to have 20 million users. "Anchored in [the group's] thrust to foster financial inclusion among Filipinos, we at PalawanPay are very keen to kick off this partnership with Digido," PalawanPay President and CEO Third Librea said.

"MY biggest fear when using any AI (artificial intelligence) tool is that it weakens my ability to think critically," confessed a student during a discussion in my sustainability management class. Her words stopped me in my tracks. Having just introduced freely accessible custom AI chatbots to help students design business models and causal loop diagrams, I wondered: Had I inadvertently set up my students for intellectual dependence? But as I read through the discussion posts, I discovered something unexpected. My students weren't passive consumers of AI — they were thoughtful critics wrestling with AI's role in their learning. Like teenagers navigating a complicated friendship, they saw AI as both ally and potential adversary: a "frenemy" in their educational journey. The friendship part comes easy. Students appreciate how AI helps them grasp difficult concepts and kickstart their thinking. "All the custom GPT models help smoothen our brainstorming by providing an initial draft," one student noted. Another found that AI made sustainability frameworks more approachable: "It opened my eyes to see things differently and made my brain think — really think — of what more I can do." Wariness But beneath the appreciation lurks wariness. Students worry about becoming too dependent on AI's polished answers. "I noticed that the more I relied on AI-generated responses, the more I doubted my own logic, thought process, and ideas," one student admitted. Others described the temptation of accepting AI's "too perfect" answers without questioning them. What struck me most was how some students explicitly fought back against this dependency. They developed their own strategies to maintain their autonomy. One student's approach particularly impressed me: "I decided to let AI tear apart its own framework, then force myself to defend whether or not it actually made sense... This back-and-forth turned AI into less of an answer machine and more of a sparring partner." Others set firm boundaries around their AI use. "I now make it a rule to think on my own first," a student explained. "If 30 minutes pass and I still have no concrete ideas, only then do I consult AI for guidance." Some students deliberately challenge AI's outputs, cross-reference its claims, or use it to generate questions rather than answers. Wisdom This pushback reveals a kind of wisdom beyond their years. My students, at least three years into college, seemed to recognize that while AI excels at organizing information and suggesting possibilities, it cannot replace human judgment. As one student put it: "AI can process information, but it can't weigh the human cost of environmental damage or recognize when efficiency comes at the expense of equity." Their reflections remind me that the real challenge isn't AI itself, it's how we use it. How to teach how to use it. These students show us that, with the right mindset, AI need not diminish critical thinking. Instead, it can prompt deeper questions and sharper analysis. For management educators, this suggests a shift in how we guide students through the AI era. Beyond than just teaching them how to use AI tools, we need to create space for them to question these tools, set boundaries, and develop their own strategies for maintaining intellectual independence — all while being available to provide feedback, coaching, or even just providing a safe space to make sense of these tools. The student who feared losing her critical thinking skills ended her discussion with hope: "If we challenge AI as much as we use it, then meaning isn't lost — it's forged into something uniquely ours, shaped by a generation defining its place in the age of AI." She's right. Like any friendship worth keeping, the relationship between students and AI needs boundaries, respect, and wisdom. My students are showing us how to build that relationship, one thoughtful question at a time. Patrick Adriel H. Aure, PhD (Patch) is the founding director of the PHINMA-DLSU Center for Business and Society and assistant dean for quality assurance of the DLSU Ramon V. del Rosario College of Business. Email him at patrick.aure@dlsu.edu.ph