Pulse of the Day

NEW YORK — Stock markets wavered Thursday despite another interest rate cut by the European Central Bank as investors remain on edge over the fallout from President Donald Trump's tariffs blitz. In New York, the Dow and the tech-heavy Nasdaq extended losses while the broad-based S&P 500 edged up. Wall Street had slumped on Wednesday as Federal Reserve chief Jerome Powell warned that Trump's sweeping tariffs were "highly likely to generate at least a temporary rise in inflation." He said it could put the US central bank in the unenviable position of having to choose between tackling inflation and unemployment. Trump hit back Thursday, slamming Powell for not lowering interest rates as the ECB has done and saying his "termination cannot come fast enough." "All-in-all, the trade news and Powell's comments provided a tough backdrop for markets," said a Deutsche Bank analyst note. The Paris and Frankfurt stock exchanges closed in the red ahead of the Easter holiday as the ECB warned that rising trade tensions could weigh on eurozone growth. While Trump's tariffs have increased the risk that growth could slow in the eurozone, ECB President Christine Lagarde said their impact on inflation was "less than clear." The ECB decided to lower interest rates by a quarter point to 2.25 percent, the sixth consecutive time it has moved to ease borrowing costs. Trump imposed 10 percent tariffs on all imports this month, although he suspended higher duties on dozens of nations for 90 days. He has also placed 25 percent levies on imported steel, aluminium and cars. Shares in French luxury giant Hermes fell more than three percent after the Birkin handbag maker said it would raise prices at its US stores to offset the tariff impact. Elsewhere, the London stock exchange finished flat. 'Big Progress!' Investors found solace in Trump declaring "Big Progress!" in tariff negotiations with Japan, with Tokyo leading Asian stocks higher. Tokyo's envoy Ryosei Akazawa said: "I understand that the US wants to make a deal within the 90 days. For our part, we want to do it as soon as possible." With Japanese companies the biggest investors into the United States, Tokyo's negotiations are of particular interest to markets. While Japan's Prime Minister Shigeru Ishiba warned that the talks "won't be easy", he said the president had "expressed his desire to give the negotiations... the highest priority." Elsewhere, safe-haven investment gold hit a fresh record above $3,357.78 an ounce before paring back gains, while the dollar and oil prices firmed. Hopes that Trump's blistering tariffs could be pared back have helped temper some of the disquiet on markets after a rout at the start of the month fuelled by talk of a global recession and an upending of historic trading norms. "But don't get carried away -- the market remains jittery," said Fawad Razaqzada, market analyst at City Index and Forex.com. Key figures at 2030 GMT New York - Dow: DOWN 1.3 percent at 39,142.23 points (close) New York - S&P 500: UP 0.1 percent at 5,282.70 (close) New York - Nasdaq: DOWN 0.1 percent at 16,286.45 (close) London - FTSE 100: FLAT at 8,275.66 (close) Paris - CAC 40: DOWN 0.6 percent at 7,285.86 (close) Frankfurt - DAX: DOWN 0.5 percent at 21,205.86 (close) Tokyo - Nikkei 225: UP 1.4 percent at 34,377.60 (close) Hong Kong - Hang Seng Index: UP 1.6 percent at 21,395.14 (close) Shanghai - Composite: UP 0.1 percent at 3,280.34 (close) Euro/dollar: DOWN at $1.1370 from $1.1395 on Wednesday Pound/dollar: UP $1.3268 at $1.3235 Dollar/yen: UP at 142.39 yen from 142.12 yen Euro/pound: DOWN at 85.67 pence from 86.06 pence Brent North Sea Crude: UP 3.2 percent at $67.96 per barrel West Texas Intermediate: UP 3.5 percent at $64.68 per barrel dan-bcp-lth-bys/tgb

WASHINGTON, D.C. — A US judge on Thursday ruled that Google illegally wielded monopoly power in the online ad technology market, in a legal blow that could rattle the tech giant's revenue engine. The federal government and more than a dozen US states filed the antitrust suit against Alphabet-owned Google, accusing it of acting illegally to dominate three sectors of digital advertising -- publisher ad servers, advertiser tools, and ad exchanges. "Google's monopolies allow it to soak up excessive profits, leaving less for the workers and businesses whose livelihoods depend on online advertising," said New York attorney general Letitia James, whose state took part in the suit. "Everyone from major news organizations to small independent bloggers has taken a financial hit because of Google's conduct." It is one of two federal suits targeting Google that could ultimately see the company split up and curb its influence -- and part of a wider government push to rein in Big Tech. The vast majority of websites use Google ad software products that, combined, leave no way for publishers to escape Google's advertising technology, the plaintiffs alleged. District Court Judge Leonie Brinkema agreed with most of that reasoning, ruling that Google built an illegal monopoly over ad software and tools used by publishers, but partially dismissed the argument related to tools used by advertisers. "Google has willfully engaged in a series of anticompetitive acts to acquire and maintain monopoly power in the publisher ad server and ad exchange markets for open-web display advertising," Brinkema said in her ruling. The judge concluded that Google further entrenched its monopoly power with anticompetitive customer policies and by eliminating desirable product features. "In addition to depriving rivals of the ability to compete, this exclusionary conduct substantially harmed Google's publisher customers, the competitive process, and, ultimately, consumers of information on the open web," Brinkema wrote. Google quickly vowed to appeal the ruling. "We won half of this case and we will appeal the other half," the company's vice president of regulatory affairs Lee-Anne Mulholland said in a statement. "The court found that our advertiser tools and our acquisitions, such as DoubleClick, don't harm competition," Mulholland said. For Emarketer senior analyst Evelyn Mitchell-Wolf, "the bigger picture is crystal clear: the antitrust tides have turned against Google and other digital advertising giants." "The extent of the fallout will depend on the legal remedies employed," Mitchell-Wolf told AFP. What to do? Launched under the presidential administrations of Donald Trump and Joe Biden, five major antitrust cases from the Federal Trade Commission and the US Justice Department are proceeding against major US technology companies. These cases represent an aggressive shift in antitrust enforcement, after a relatively quiet period in antitrust prosecution since the Microsoft case in the late 1990s. In August last year, a US judge ruled that Google maintained a monopoly with its dominant search engine. The company has appealed that ruling as well. Online advertising is the driving engine of Google's fortune and pays for widely used online services such as Maps, Gmail, and search offered free. Money pouring into Google's coffers also allows the Silicon Valley company to spend billions of dollars on its artificial intelligence efforts, as it tries to keep up with rivals. Brinkema gave attorneys on both sides of the online ad tech case seven days to submit a schedule for arguing their positions regarding what remedies should be imposed on Google. Ordering Google to spin off its ad publisher and exchange operations is likely to be among the plaintiffs' proposals. For Mitchell-Wolf, the ruling has "profound implications for the advertising industry." "The open web is so deeply rooted in Google's advertising technology that any change to the status quo could crush vulnerable publishers," the analyst said. Nicole Gill, co-founder of advocacy group Accountable Tech, called Brinkema's decision a "massive victory," while Amnesty International Secretary-General Agnes Callamard called for a "rights-respecting structural break-up of Google."

MOUNTING risks to economic growth from global trade tensions could prompt the Bangko Sentral ng Pilipinas (BSP) to implement more policy rate cuts than expected, Capital Economics said. "With inflation set to remain under control, we think the central bank will loosen policy further over the coming months and by a bit more than most analysts expect," the consultancy said in an April 10 note. After the BSP's policymaking Monetary Board resumed easing this month via a 25-basis-point cut, Capital Economics said "our view is for 75 bps (basis points) of further easing in 2025, which is more dovish than that of the consensus." Many analysts have penciled in cuts totaling 50 bps this year, possibly as much as 75 bps, amid uncertainties over inflation and economic growth. BSP Governor Eli Remolona Jr. has said that further reductions were likely, but would be done in baby steps and probably not during successive Monetary Board policy meetings. Fitch unit BMI Country Risk & Industry Research on Monday, however, said another 25 bps cut could be ordered during the next policy meeting in June. The Monetary Board is scheduled to conduct three more policy meetings after that, in August, October and December. Capital Economics said the downside risks to economic growth had increased on the back of US trade policy, which justifies a shift toward a more "accommodative" monetary policy stance. While US President Donald Trump has announced a 90-day suspension of reciprocal tariffs — the Philippines was slapped a 17-percent duty — the continued implementation of a 10-percent base rate and slower growth in key trade partners such as the US and China could still dampen the country's export performance. Remolona has pointed out that the BSP had plenty of room to ease, Capital Economics noted, given reduced inflationary pressures. The consumer price growth of 1.8 percent in March, in particular, fell below the central bank's 2- to 4-percent target range. "We expect a combination of easing food price inflation and lower transport price inflation to keep inflation contained over the coming months, it said. "As a result, we think that policymakers will cut interest rates further this year." During this month's policy meeting, the Monetary Board lowered its risk-adjusted forecast for 2025 to 2.3 percent from 3.5 percent. That for 2026 was also trimmed to 3.3 percent from 3.7 percent. The outlook for 2027 was set at 3.3 percent, and the BSP said that inflation expectations "also remain within target."

FITCH Ratings continues to hold a neutral outlook for the Philippine banking sector but sees risks mounting due to escalating global trade tensions. In a commentary, the credit ratings agency warned that while the Philippines' direct exposure was limited compared to other Asia-Pacific markets, the banking sector could be hit by indirect fallout from sweeping tariffs announced earlier this month by US President Donald Trump. The Philippines was hit with a 17-percent reciprocal tariff, relatively low compared to neighboring countries and its exports to the US were said to be just 2.9 percent of gross domestic product. After global financial markets tanked in the wake of his tariff pronouncement, Trump was forced to declare a 90-day pause. A 10-percent base rate still went into effect, however, and the US president has said that more tariff hikes will follow. Fitch cautioned that further tariff increases — particularly the suspended tariffs targeting country-specific sectors like electronics — could trigger a broader regional slowdown. While countries such as China, South Korea, Taiwan and Vietnam are expected to bear the brunt due to their high levels of US-bound exports, the Philippines may also feel the strain through diminished regional demand and supply chain changes. Neutral banking sector outlooks, which include the Philippines, "are more resilient to a higher US tariff regime," Fitch noted. "This reflects these economies' generally lower direct export exposure to the US." "However, there is still risk in these markets that bank asset quality in specific sectors could be adversely affected by further US tariff hikes, or that they could be hit by indirect trade effects," it added. India, Indonesia, Malaysia, Mongolia, the Philippines and Thailand are among the countries with a neutral banking sector outlook. Those for China and Hong Kong, however, were revised to "deteriorating" on expectations of subdued loan growth, rising nonperforming loans and continued property market weakness. Vietnam, whose economy is the most export-dependent in the US in the region, was flagged as particularly vulnerable. Fitch said it could revise Vietnam's "improving" outlook to "neutral" if the full impact of US tariffs materializes. Fitch also warned of weaker loan demand and slower economic growth in trading partner economies like China — one of the Philippines' top export markets. A China slowdown could reduce demand for Philippine goods and affect business activity, leading to higher credit risks and softer bank profits. "The trade war could also prompt national authorities to cut policy interest rates faster than we had assumed, which would lower banking sector NIM (net interest margins) in most markets," Fitch said. If the trade war drags on and hurts economic growth, central banks may be pressured to slash policy rates more aggressively, it added. "There is a risk that policy interest rates could be lower than we had anticipated under a higher tariff scenario, which would weigh on net interest margins in these markets," Fitch said. "Any changes in sector outlooks should have little impact on our banking system operating environment scores, which remain relatively stable, although China's would potentially face the most downward pressure."

PALAY (unmilled rice) production has been projected to increase marginally, while that of corn may decrease, in the first quarter (Q1, January to March), compared to the same period in 2024, according to the Philippine Statistics Authority. The forecast for palay output is 4.72 million metric tons (MT) based on standing (growing) crop as of March 1. This is a 0.7-percent increase from the actual amount of 4.69 million MT in the same period last year. However, this is also a 0.6-percent decline from the 4.74 million MT estimate as of Jan. 1. Based on standing crop, the projected palay harvest in Q1 is 1.15 million hectares (ha) or 2.4 percent lower than the 1.17 million ha of actual harvested area in the same period last year. But the yield per hectare may reach 4.11 MT or 3.0 percent more than the previous year's 3.99 MT, still based on standing crop in Q1. About 634.64 thousand ha or 56.1 percent of the 1.15 million ha of updated harvest area of standing crop have been harvested as of March 1. This is equivalent to 2.61 million MT of palay production. Of the 502.86 thousand ha total area of standing palay that have yet to be harvested as of March 1, 90.7 percent were in the maturing stage, while 9.3 percent were in the reproductive stage. Corn production Estimated corn production in Q1 may drop to 2.41 million MT based on standing crop as of March 1. This is a 4.8-percent decline from the actual harvest projection of 2.53 million MT in the same period in 2024. However, this updated corn production estimate is a 0.7-percent increase from the 2.40 million MT estimate as of Jan. 1. Harvest area based on standing crop in Q1 may drop to 644.68 thousand ha or 8.6 percent less than the actual harvest area of 705.52 ha in the same period last year. But the yield per hectare may amount to 3.74 MT or 4.2 percent higher than the 3.59 MT last year. About 395.78 thousand ha or 61.4 percent of the 644.68 thousand ha of updated harvest area of standing corn have been harvested as of March 1. This means a yield of about 1.45 million MT of corn. Of the 248.90 thousand ha of standing corn not yet harvested as of March 1, 94.5 percent were in the maturing stage, while 5.5 percent were in the reproductive stage.

THE average retail price of rice and other agricultural commodities dropped, while those of pork and cooking oil went up in the first phase of this month (April 1-5), according to the Philippine Statistics Authority. Data showed a kilogram (kg) of regular milled rice sold for P44.92, lower than the P46.02/kg in last month's second phase (March 15-17). It is also lower than the P46.39/kg in the first phase (March 1-5). Special rice and well-milled rice prices also declined from their March levels. Fresh pork liempo (pork belly) retailed at P387.13/kg nationwide in April phase 1. This is an increase from the P385.05/kg in March phase 2, and P384.08/kg in March phase 1. Price increases were also seen in pure beef meat, pork kasim (pork shoulder), and chicken egg, while those of beef meat with bones, pork meat with bones, and dressed chicken decreased. Galunggong had an average retail price of P219.64/kg in April phase 1. This is lower than the P237.80/kg in March phase 2 and P235.27/kg in March phase 1. Tilapia was also cheaper, while bangus was more expensive in April phase 1. Carrots sold for P106.79/kg in April phase 1, lower than the P116.96 in March phase 2, and also cheaper than the P124.97/kg in March phase 1. Prices of ampalaya, cabbage, eggplant, Baguio beans, string beans, tomato, and white potato all dropped, while that of native pechay increased in April phase 1. Red onion was priced at P149.80/kg in April phase 1, cheaper than the P165.57/kg in March phase 2, and the P180.56/kg in March phase 1. Prices of native garlic and Hawaiian ginger also went down, while that of imported garlic rose in April phase 1. Carabao mango retailed for P161.25/kg in April phase 1, lower than the P169.13/kg in March phase 2, and the P175.98/kg price level in March phase 1. Cooking oil sold for P173.99 per liter (l) in April phase 1, higher than the P172.15/l and P171.18/l in March phase 2 and 1, respectively. Other commodities such as brown sugar and refined sugar were also more expensive in April phase 1.

THE Department of Energy (DOE) has embarked on a series of policy initiatives aimed at accelerating the country's shift to renewable energy. Speaking before industry stakeholders earlier this month, Energy Undersecretary Rowena Cristina Guevara emphasized the government's commitment to a sustainable energy transition. She noted key developments, including the full commercial operations of the renewable energy market (REM), that allow mandated participants to comply with renewable portfolio standards obligations. Guevara also cited the expanding implementation of the Green Energy Option Program and highlighted the Green Energy Auction Program, said to have successfully secured approximately 5,000 megawatts of committed capacity since the first auction was held in June 2022. Additional initiatives to support the country's energy goals are also in the pipeline. These include the capacity market targeted for launch in December this year and the development of policies for carbon credits and a futures market. While the voluntary REM is currently under evaluation, Guevara said the forthcoming programs represented the next wave of innovation in the sector. "We are also committed to making sure that our consumers find electricity to be affordable," she continued. "We are committed to adopt technological advancements and foster collaborations as a way to transform energy with renewables and unlock the full potential of the Philippine energy sector. With your help, all of these will be possible," Guevara told industry stakeholders.

WHILE much has been said about impeachment in the news and self-proclaimed experts have discussed the matter at length, not every Juan really understands its purpose, and even less its implications. Whether you belong to the Boomer, X, or millennial generation, you have likely encountered at least one impeachment proceeding. With impeachment proceedings again looming at the Senate, Generations Z and Alpha will be acquainted with it as well. Other than the Senate debating on whether to hold special sessions to accommodate the proceedings, what do we really know about impeachment? Impeachment has for its purpose the removal of a public official for serious crimes or misconduct as provided in the Constitution. Under the charter, the president, vice president, members of the Supreme Court, members of the constitutional commissions and the Ombudsman are all impeachable, and culpable violation of the Constitution, treason, bribery, graft and corruption, other high crimes or betrayal of public trust are grounds for impeachment. An impeachment case is initiated exclusively by the House of Representatives. The Articles of Impeachment are prepared by the chamber, and these contain all the grounds for impeachment, conviction and removal from office of the impeachable official. Once approval of the articles by at least one-third of all members is obtained, proceedings will end at the House. At this point, the official is considered impeached. The articles will then be transmitted to the Senate, which shall act as a tribunal and decide the case. Once before the Senate, the impeached official will have to answer or plead to each charge, and the Senate will hear arguments from both the prosecution — the House as represented by a panel of prosecutors chosen from among its members — and the defense, which comprises officials who will be represented by counsel of his choice. Unless the Senate rules change, trials of all the articles should be completed before senators vote on the final question on whether or not the impeachment should be sustained. Once trial is concluded, each article is separately voted upon by members of the Senate. If none is given a vote of guilty by at least two-thirds of all senators, the trial will result in an acquittal. But if at least two-thirds of the Senate votes guilty on one article, this is sufficient to result in a conviction. What if an impeached official resigns after he is impeached by the House but before he is convicted by the Senate? Based on earlier impeachment proceedings, the Senate will terminate the trial. Nevertheless, many law experts maintain that it can proceed even after such an event as the consequence of impeachment, apart from removal from office, is disqualification from holding public office in the future. Should the official be acquitted, this will not preclude the filing of further impeachment proceedings, subject only to a one-year prohibition. If the official is convicted, meanwhile, he/she will be removed from office and disqualified from holding any government post. To be clear, an impeachment conviction cannot be pardoned. With the Senate having adjourned and currently in recess, can it try an impeachment case? This matter is debatable, with one side arguing that the chamber can only hold proceedings while it is in session, and the other side claiming that the trial must be held immediately. Those in favor of proceedings while in recess say that the manner utilized by the House to impeach the vice president is that trial by the Senate should proceed forthwith, a word that means without delay, as is used in other parts of the Constitution. So far, members of the Senate and law experts continue to debate this matter. What is likely on everyone's minds today is that if the vice president is convicted and removed, who then becomes her replacement? The Constitution has a ready answer — the president should nominate a vice president from among the members of the Senate and the House. If a majority of all the members of both houses of Congress, voting separately, confirms the nominee, he/she will become the vice president. Yes, all members of the Senate and the House of Representatives have an equal chance of becoming vice president at this point, a position that is literally a heartbeat away from the presidency. Let that sink in.

(UPDATE) NASHVILLE, Tennessee — China-founded e-commerce sites Temu and Shein say they plan to raise prices for US customers starting next week, a ripple effect from President Donald Trump's attempts to correct the trade imbalance between the world's two largest economies by imposing a sky-high tariff on goods shipped from China. Temu, which is owned by the Chinese e-commerce company PDD Holdings, and Shein, which is now based in Singapore, said in separate but nearly identical notices that their operating expenses have gone up "due to recent changes in global trade rules and tariffs." Both companies said they would be making "price adjustments" starting April 25, although neither provided details about the size of the increases. It was unclear why the two rivals posted almost identical statements on their shopping sites. Since launching in the United States, Shein and Temu have given Western retailers a run for their money by offering products at ultralow prices, coupled with avalanches of digital or influencer advertising. The 145-percent tariff Trump slapped on most products made in China, coupled with his decision to end a customs exemption that allows goods worth less than $800 to come into the US duty-free, has dented the business models of the two platforms. E-commerce companies have been the biggest users of the widely used exemption. Trump signed an executive order this month to eliminate the "de minimis provision" for goods from China and Hong Kong starting May 2, when they will be subject to the 145-percent import tax. As many as 4 million low-value parcels — most of them originating in China — arrive in the US every day under the soon-to-be canceled provision. US politicians, law enforcement agencies and business groups lobbied to remove the long-standing exemption, describing it as a trade loophole that gave inexpensive Chinese goods an advantage and served as a portal for illicit drugs and counterfeits to enter the country. Shein sells inexpensive clothes, cosmetics and accessories, primarily targeting young women through partnerships with social media influencers. Temu, which promoted its goods through online ads, sells a wider array of products, including household items, humorous gifts and small electronics. Last year, the companies were among the largest advertising spenders on social media platforms, but they've both slashed that spending in recent weeks, according to data analytics provider Sensor Tower. That could be bad news for the platforms such as Facebook, Instagram, Snap, X and TikTok that rely on advertising. In November, American e-commerce giant Amazon launched a low-cost online storefront featuring electronics, apparel and other products priced at under $20. Many of the electronics, apparel and other products on the storefront Wednesday resembled the types of items typically found on Shein and Temu. In their customer notices about the pending price increases, the companies encouraged customers to keep shopping in the days ahead. "We've stocked up and stand ready to make sure your orders arrive smoothly during this time," Temu's statement said. "Were doing everything we can to keep prices low and minimize the impact on you."

FORD Motor may raise prices on its new vehicles if United States President Donald Trump's auto tariffs continue, according to a memo sent to dealers on Wednesday that was reviewed by Reuters. The Dearborn, Michigan automaker offered deep discounts across its lineup starting earlier this month through June 2. The program will continue, but pricing on new models produced in May and beyond may change, the memo said. Automotive News first reported news of the memo. "Customers will have a lot of choices, and we have plenty of inventory to choose from through June 2. The tariff situation is dynamic, and we continue to evaluate the potential impact of tariff actions," a Ford spokesman said, adding that if prices changed on vehicles produced in May, customers likely would not see an increase until early July. Both US and foreign automakers have rushed to alleviate consumer concerns about tariffs inflating costs at dealerships by offering price assurances and substantial discounts. While the short-term effects of tariffs have driven up sales, US automakers have privately warned lawmakers that they will be forced to drastically raise prices if the tariffs remain in place. "In the absence of material changes to the tariff policy as articulated to date, we anticipate the need to make vehicle pricing adjustments in the future, which is expected to happen with May production," Ford executive Andrew Frick said in the memo. Ford will not increase the sticker price on any vehicle currently in inventory at Ford and Lincoln dealers, the memo said. An analysis by the Center for Automotive Research published earlier this month revealed that Trump's 25-percent tariffs on automotive imports, implemented on April 3, will escalate costs for US automakers by about $108 billion in 2025. Ford is among the best-placed automaker to weather tariffs, as it produces about 80 percent of its US-sold vehicles domestically. Earlier this week, Trump had floated the idea that he was considering a modification to the auto-related tariffs, suggesting he might grant exemptions on levies already in place.

WASHINGTON, D.C. — US retail sales jumped in March, according to government data published on Wednesday, powered by the auto sector as consumers rushed to buy goods before new tariffs kicked in. Overall sales grew 1.4 percent last month to $734.9 billion, the commerce department said in a statement. That was slightly above market expectations of a 1.3-percent rise, according to Briefing.com. The data covered the period immediately before United States President Donald Trump's steep new levies on trading partners came into effect, unleashing volatility in the financial markets. Days later, Trump abruptly and temporarily rolled back the import tariffs to 10 percent for many countries, while sharply hiking them for China, the world's second-largest economy. Tariffs were likely top of mind for consumers, whose spending at motor vehicles and parts dealers rose 5.3 percent from a month earlier. Spending at restaurants and bars increased by 1.8 percent from February. "Consumers have to have willingness to buy and the ability," Allianz Trade North America senior economist Dan North told Agence France-Presse (AFP). "The ability is provided by disposable income, and that's slowing down as well. So the outlook after this month isn't particularly encouraging," he said. Consumers are an important driver of the world's biggest economy, and spending has been supported by wage growth and a robust jobs market even as households drew down on savings from the Covid-19 pandemic. But consumer confidence has tanked in recent weeks, surveys showed, as people fretted about the effects of President Trump's new tariffs. "Faced with extreme uncertainty, consumers rushed to buy durable goods in March to avoid price hikes from steep tariff increases," EY senior economist Lydia Boussour wrote in a note to clients. "But with the economy set to cool sharply in the coming months as tariffs take their toll, price-sensitive consumers are poised to become more judicious with their spending and reduce their nonessential purchases," she added.

KUALA LUMPUR — Malaysia Aviation Group (MAG), the parent company of Malaysia Airlines, on Thursday reported a net profit of 54 million ringgit ($12.24 million) for its 2024 financial year. Malaysia Airlines has struggled to recover from two deadly disasters in 2014, and last year temporarily reduced its flight capacity by 18 percent after it was investigated by Malaysia's civil aviation authority, which found several significant safety and maintenance issues. "Despite the capacity cuts, passenger traffic remained robust in the premium segment with stronger load factors from both passengers and cargo segment," MAG managing director Izham Ismail told a media briefing. MAG said the capacity cuts in the fourth quarter of 2024 were driven by supply chain disruptions that extended maintenance times and delays in new aircraft delivery. Malaysia Airlines was delisted in 2014. Sovereign wealth fund Khazanah Nasional then took over ownership of the restructured parent company, MAG. In 2023, MAG reported its first net profit after interest and tax since the 2015 restructuring. MAG has been steadily growing and renewing its fleet. Last month, it said it would buy 18 737 MAX 8 and 12 737 MAX 10 aircraft from Boeing, with an option to purchase a further 30 jets. Izham said MAG was committed to renewing its aging fleet but that operational disruptions remained a challenge. "Global supply chain disruptions and delivery delays have impacted the pace," he said. The MAG group includes Malaysia Airlines, short-haul airline Firefly and pilgrimage airline Amal.

SINGAPORE — Singapore's non-oil domestic exports rose 5.4 percent in March from the same month a year earlier, government data showed on Thursday, with shipments of both electronics and nonelectronics increasing. The rise compared with a Reuters poll forecast of growth of 14.1 percent for March, and followed a 7.6-percent rise in February. Details of the month-on-month seasonally adjusted change in exports were not included in Enterprise Singapore's statement. Exports to Taiwan, Indonesia, Hong Kong, Thailand, Japan and South Korea increased in annual terms in March, while exports to China declined. The trade minister said on Wednesday a recession could not be ruled out in the trade-driven city-state because of US President Donald Trump's tariff policy. Also on Wednesday, Prime Minister Lawrence Wong said there was little comfort in the US postponing most of its proposed "reciprocal" tariffs for three months, saying the changes had already created great uncertainty around the world. On Monday, the central bank loosened monetary policy for the second time this year, and the trade ministry lowered its economic growth forecast for 2025.

"You have to constantly develop, innovate and learn forever. That's the new trend... We're in the midst of recreating our business model. To be ready not for them — not for me — but for the future generation. It's a reinvention. It's a process. It's not an overnight thing." HE walks into Sunnies Café in Bonifacio Global City clad in an all-white outfit. There's an air of extraordinary confidence about him. You wouldn't have guessed that this man in white had just turned 60. He actually looks younger than the last time I saw him a decade ago when he had just opened Food Hall by Todd English at SM Aura. And you also wouldn't have known that he had just been through a war of sorts, courtesy of the Covid-19 pandemic. "We shut down 38 stores, big and small. The high-end concepts were the first to go," Foodee Group CEO Rikki Dee tells The Manila Times. "Our revenue was down by 80 percent. We had to furlough 2,000 employees. It created a big dent on our resources," he recalls. "We prepared for any eventualities. We were ready for casualties. This is part of our threat assessment," he shares. However, admittedly, "we were not that prepared." The preparations they had were for a big calamity or a war, "but not as big as Covid; and not as long. It was like experiencing World War II!" However, Dee acknowledges that "the pandemic taught us a lot: To always be prepared for any unforeseen circumstances and [to] be ready for rainy days." And having gained wisdom from this "war," he reflects: "The good side of Covid is that it taught us a big lesson. It taught us to pivot. I'm glad that my kids experienced it," so that they'd be prepared for any eventuality and for them to realize that "it's not a good time every day. Hindi Pasko araw-araw." It also brought the entire clan together. They had the "best times of our lives" — as the Dee clan spent the pandemic in a beach house. And they haven't stopped smelling the flowers since, in a manner of speaking. Family man The fifth among the seven children of Amado and Liza Dee, the food "magnate" grew up in a lumberyard in Red V, Lucena, Quezon, where logs from Atimonan and Banahaw were processed into wood products or lumber. The family was also into distribution of construction materials. They lived with — and he was close to — his grandparents. Apart from his father, among the people Dee admired growing up was his grandfather Santiago Dee. Dee had a peripatetic childhood. He had to be uprooted from his hometown because of the growing agrarian unrest in the area. Their family eventually moved to San Lorenzo and Bel-Air villages in Makati, and he studied at St. Stephen's School in Binondo, and shifted from regular school to evening classes halfway through college at San Beda College. All this moving around made him "well-connected," with a new set of friends now and then. Eating together as a family Eating together as a family is a must. On time. "Usually, we start at 7ish. It's a long dinner. The younger generation goes up before 9 p.m. because of school the following day. The older ones stay on." "I have seven grandchildren. I have meals with them almost every night," he says proudly. As for his own clan now, "We love doing vacations. We have two to three whole family vacations every year. My wife imposes it. It's cast in stone!" he quips. Interestingly, "the whole family loves to eat: my father, my mother, my siblings. But nobody went into the food industry." He started with Chin Chin, a hole-in-a-wall restaurant off San Lorenzo Village; followed by Chin's Express, Inihaw Express and Handaan Express, most of which were located in SM and other major malls. For these, he worked on thin margins. In time, Dee entered the higher socioeconomic bracket with restaurants such as Krokodile, Mangan, Kai, Isogi, Cerveseria and Food Hall by Todd English. The Filipino market became more sophisticated and sought global brands, with the growing expatriate market that's been exposed to cuisines in Europe, North America, Australia, Asia and the Middle East. Bouncing back "We were lucky we bounced in a year or two," Dee says. "Today, we're hitting more than our targets," he says with a sigh of relief. Since 2014, Dee says, "Our restaurant business has transformed a lot. The new young management team started to be very involved. We shifted to and brought in a lot of foreign brands. It's the right path to pursue." To wit: Tim Ho Wan in 2016; Hawker Chan and llaoIIao (pronounced as "yaoyao") in 2018. Hong Kong-based Tim Ho Wan, "the most affordable Michelin-star restaurant in the world" which has "a few ownerships on the principal side," is growing into 16 stores this year, with branches in North EDSA, Opus Mall in C5 and Gateway. Although IlaoIlao came in 2018, it was hit by the pandemic. But this Spanish yogurt brand is "the fastest-growing among our brands," proof of which is the opening of its 120th store. Locally, they have Sunnies; and burger place Pound, which has 11 stores. "Mesa grew to about 80 stores, and will hit 100 stores by the end of the year," he says. "Most of our brands are in these malls: Mall of Asia, Megamall and North EDSA." "We're ending this year with more than 300 stores. Coming in this year as well are coffee chain 10,000 Café — a coffee/croissanterie chain from Korea — which serves almond tiramisu and all-flavored croissants. "We also just signed up with Momo Paradise, a 30-year-old Japanese premium Sukiyaki/Shabu-Shabu all-you-can-eat concept," he reveals. Dee says that they are "starting a new phase." "I'm still involved, but my kids run the day-to-day operations. We also have professional managers." His eldest, Eric — now 40 — runs all the restaurants. Food is his passion. He went to business school in San Francisco. The rest of his children went to Ateneo de Manila University. The second child, Eric Jr., 37, runs Sunnies group nationwide, in Vietnam and other countries abroad. "He's the founder of Sunnies Group, which has an optical shop, eyewear, cosmetics and water flasks," he beams. Eldest daughter, Erica, 34, on the other hand, "runs IlaoIlao, our fast-food division and food court division. His wife — childhood sweetheart Elizabeth — used to be the COO for their fast-food business, but today, "It's my daughter running it." Youngest daughter, Erica Therese, 27, runs and organizes sustainable vintage events. "She started doing her own thing: vintage clothing. As it grew, she became an organizer. She also brought in Editors' Market, a casual RTW (ready-to-wear) brand from Singapore that's very hip, very young. They have about six stores, just in Metro Manila." "The kids are all OK. They're all doing their own tasks very diligently. There's no conflict. Each one owns their business unit. Their own turf. I handle the real estate business, the Central Mall Group," Dee says. "We develop office buildings, malls, community centers in Luzon: We are in Binangonan; Dasmariñas, Cavite; Biñan and Santa Rosa, Laguna. We have one in C6, C5 and Boni." You'd think that having been into one's own business for over four decades, Dee would impose his ideas on his children. But it does pay to listen to the younger generation. "They used to be very young. Today, they're no longer young. Their age now was my age 20 years ago!" he exclaims. They have a family forum twice a year, where they get to share what they know, and have experienced and learned. This helps seasoned entrepreneur Dee so much "we have to deal with the younger generation," and listening to his children enables him to "understand their generation and succeeding 'generations.' I get a totally different perspective," he explains. "You have to constantly develop, innovate and learn forever. That's the new trend," he says. "Brick and mortar works, but there's an easier way than brick and mortar. Digitizing is key. Not in the future, but today. Dependence on too much manpower is a thing of the past because of AI (artificial intelligence)," he states. "We're in the midst of recreating our business model. To be ready not for them — not for me — but for the future generation. It's a reinvention. It's a process. It's not an overnight thing," he opines. Retirement plans As for his succession and retirement plans, "I did that in my 50s, and revised it every five years. Succession is already there. Transition is in the works. But it's hard to imagine me doing nothing. I guess I'll still be around. My son says, 'I don't think my dad is going to retire.' I give them wings to fly on their own. In short, I give them independence to run things." Seems there's no stopping this 2010 Most Distinguished Bedan awardee from finding new things to do, and whipping up excellent and innovative food choices for Filipinos. Carry on! *** Quick questions What is your biggest fear? The untimely demise of a loved one. Losing someone you love. The first one was my father. What really makes you angry? Repeated mistakes; faults. Betrayal What motivates you to work hard? For me and my wife. Second, my kids. Legacy for my grandchildren. What makes you laugh the most? When you've overcome something that you've been working on. What did you want to be when you were a kid? Just a businessman. An entrepreneur. Not a foodie. I belong to a family that's more inclined to business. What would you do if you win the lotto? If I win the lotto, I will add in to my FEED advocacy, a program to feed hungry stomachs and families, one bowl at a time. If you could share a meal with an individual, living or dead, who would it be? Today, I want to pick the mind of Elon Musk. What he wants to do to America. He's behind "Make America Great Again." What is the most daring thing you have ever done? Done a lot of crazy things, that I don't dare do again. Crazy rides. A lot of ensorables. Hahaha. What was the last book you read? I'm an avid reader. I read a lot of magazines. I'm not a book person; I hardly read books. But I read the biography of Lee Kuan Yew, "The Singapore Story: Memoirs of Lee Kuan Yew." I finished it when I was in a hotel in Singapore. Who is the celebrity you would like to meet for a cup of coffee? Xi Jinping, to pick his brain. What is the one thing you will never do again? Crazy stuff. My crazy adventures in my younger days. Where do you see yourself in 10 years? I wanted to retire at 60. But I'm starting all over again because of new opportunities. The transition is taking longer than expected — not because of inability of next generation — but more business opportunities that come along when I'm about to retire. At 70, I'll try to slow down. I'll try.

SAN FRANCISCO, California — TikTok on Wednesday said it is testing a feature that would let people add "Footnotes" providing informative context to videos that might be misleading. The feature being tested in the United States, where the short-form video sharing app has some 170 million users, appears similar to Community Notes on X, formerly Twitter. Unlike X though, TikTok will continue its own fact-checking program to fight misinformation, head of operations Adam Presser said in a blog post. "Footnotes will draw on the collective knowledge of the TikTok community by allowing people to add relevant information to content on our platform," Presser said. "It will add to our suite of measures that help people understand the reliability of content and access authoritative sources, including our content labels, search banners, our fact-checking program, and more." Adult US users who have been on TikTok for more than six months and haven't violated its community guidelines were invited to apply to contribute to Footnotes. Contributors will also be able to rate Footnotes left by other people. Footnotes deemed as "helpful" will be made visible on TikTok, at which point any users can vote on them as feedback regarding their merit, according to Presser. "Whether the content discusses a complex STEM-related concept, shares statistics that could misrepresent a topic, or updates about an ongoing event, there may be additional context that could help others better understand it," Presser said. "That's why we're building Footnotes." Footnotes will augment TikTok's existing integrity measures such as labeling content that can't be verified and partnering with fact-checking organizations such as Agence France-Presse to assess the accuracy of posts on the platform. Meta early this year ended its third-party fact-checking program in the United States, with chief executive Mark Zuckerberg saying it had led to "too much censorship." As an alternative, Zuckerberg said Meta's platforms, Facebook and Instagram, would use "Community Notes," similar to the Elon Musk-owned X. Community Notes is a crowd-sourced moderation tool that X has promoted as a way for users to add context to posts, but researchers have repeatedly questioned its effectiveness in combating falsehoods. Supporters of President Donald Trump, among others, have contended without proof that conservative voices were being censored or stifled under the guise of fighting misinformation, a claim professional fact-checkers vehemently reject. TikTok is adding Footnotes as its China-based parent company ByteDance faces a deadline to sell the app or have it banned in the United States. Trump has said there was a deal on the sale of TikTok, but tariffs recently imposed by Washington on Beijing derailed it. ByteDance, while confirming recently that it was in talks with the US government on finding a solution, warned that there remained "key matters" to resolve.

NEW YORK — Spotify experienced a widespread outage Wednesday — with tens of thousands of users reporting problems with the popular music and audio streamer. But the platform said it was back up and running hours later. "All clear — thanks for your patience," Spotify wrote on X, the social media platform formerly known as Twitter, just after noon E.T. The company pointed to its support account, @SpotifyCares, for users who might need further assistance. Earlier in the day, many Spotify users said that they were having difficulty loading both the app and desktop site, playing or hearing songs and using its search function. In addition to loading and playback issues, downtime updates noted that some users were also having problems accessing the platform's support site. Spotify told The Associated Press that the outage began around 6:20 a.m. ET on Wednesday — but said it was "back up and functioning normally" by 11:45 a.m. ET. Outage reports appeared to peak just after 9:30 a.m. ET, when more 48,000 users shared problems with Spotify, per data from Downdetector. As of the early afternoon, just under 1,500 reports lingered. Spotify did not immediately provide more information about what might have caused the outage. But the Stockholm-based company previously said that "reports of this being a security hack are completely inaccurate." Spotify currently boasts having a total of more than 675 million users around the world, including 263 million subscribers across over 180 markets.

WASHINGTON, D.C. — Japan failed Wednesday to secure any immediate relief from US tariffs, with Prime Minister Shigeru Ishiba saying after his envoy held talks in Washington that future negotiations "won't be easy". The talks between Ryosei Akazawa and President Donald Trump and other senior US officials were closely watched as a barometer for Washington's negotiations with other countries reeling from US tariffs. "Of course, the discussions going forward won't be easy, but President Trump has expressed his desire to give the negotiations with Japan the highest priority," Ishiba said in Tokyo. "We recognise that this round of talks has created a foundation for the next steps, and we appreciate that," Ishiba said, calling Akazawa's discussions in Washington "frank and constructive". "Of course there is a gap between Japan and the US," he said. Top investors Japanese companies are the biggest investors into the United States and Japan is a vital strategic ally for Washington in the Asia-Pacific region. But Japan is subject to the same 10-percent baseline tariffs imposed by Trump on most countries as well as painful steeper levies on cars, steel and aluminum. One in 10 jobs in the world's fourth-biggest economy is tied to the automotive industry. Trump has suspended for 90 days so-called reciprocal tariffs on a slew of countries, including Japan which faced a further 24 percent, but imposed them on China. In addition to taking more US goods, Trump reportedly wants Japan to buy more US defense equipment and to do more to strengthen the yen against the dollar. 'Big progress' Trump said on his Truth Social Network after meeting Akazawa that the two men had made "big progress". The Japanese minister later held talks with Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer. Akazawa told reporters afterwards in Washington that Trump's administration wants a trade deal within the current 90-day freeze on "reciprocal" levies. "I understand that the US wants to make a deal within the 90 days. For our part, we want to do it as soon as possible," Akazawa said. He declined to comment in detail on the negotiations but said that the strength of the Japanese currency was not discussed. Akazawa said after talks with Bessent and Greer that he told the US side the tariffs on Japan were "extremely regrettable". "After explaining Japan's thoughts on the impact on Japanese industry and the expansion of investment and employment in both Japan and the US, I strongly requested that the US review the series of tariff measures," he said. He said both sides aimed to reach an agreement "as soon as possible" which Trump and Ishiba would announce. "Second, we will work to schedule the next consultation to be held within this month. And third, we will continue to hold discussions at the working level in addition to the ministerial level," he said. "Based on the results of this consultation, we will continue to work together as a government with the highest priority and full effort," he said.

GENEVA, Switzerland — Global trade is expected to plummet this year in the wake of President Donald Trump's tariff offensive, fuelling uncertainty that threatens "severe negative consequences" for the world, the World Trade Organization warned Wednesday. Since returning to office, Trump has imposed a 10 percent tariff on imports of goods from around the world along with 25 percent levies on steel, aluminium and cars. While Trump made a U-turn on steeper tariffs for dozens of countries, he has escalated a trade war with China, slapping 145 percent levies on Chinese goods while Beijing retaliated with a 125 percent duty on US products. "I'm very concerned," WTO chief Ngozi Okonjo-Iweala told reporters, adding that the organisation expected to see trade volumes between the United States and China crumble by a whopping 81 percent. "The enduring uncertainty threatens to act as a brake on global growth, with severe negative consequences for the world, the most vulnerable economies in particular," she warned in a statement. At the start of the year, WTO expected to see global trade expand in 2025 and 2026, with merchandise trade seen growing in line with global GDP, and trade in services growing even faster. But in the organisation's annual global trade outlook published Wednesday, it determined that as things stand, world merchandise trade is on course to fall 0.2 percent this year, "before posting a modest recovery of 2.5 percent in 2026". The 2025 number, calculated in line with the tariff situation on April 14, is already nearly three percentage points lower than what would have been expected without the tariffs Trump has slapped on countries around the globe. 'Severe downside risk' The WTO warned that "severe downside risks" could see trade "shrink even further, to 1.5 percent in 2025, if the situation deteriorates". The WTO also cautioned that services trade, while not directly subject to tariffs, was also "expected to be adversely affected". The global volume of commercial services trade was now forecast to grow by 4.0 percent -- around a percentage point less than expected. This year, the impact of the tariffs was expected to be felt quite differently in different regions, the WTO said. "Under the current policy landscape, North America is expected to see a 12.6-percent decline in exports and 9.6-percent drop in imports in 2025," the organisation said. "The region's performance would subtract 1.7 percentage points from world merchandise trade growth in 2025, turning the overall figure negative," it pointed out. Asia was projected to post "modest growth", with both exports and imports set to swell by 1.6 percent. Chinese merchandise exports in particular were forecast to rise by between four and nine percent across all regions except North America, "as trade is redirected", WTO said. And European exports were on track to grow by one percent, and imports by 1.9 percent. 'Decoupling' The WTO said its economists expect global gross domestic product (GDP) to grow 2.2 percent this year, and 2.4 percent in 2026. The organisation said it expected tit-for-tat tariffs to have only a "limited" direct impact on that figure. But Okonjo-Iweala told reporters the "sharp projected decline in US-China bilateral trade" risked more "far-reaching consequences". While US-China trade accounts for just around three percent of world merchandise trade, she warned that what appears to be the ongoing "decoupling of the two economies" could lead to "a broader fragmentation of the global economy along geopolitical lines into two isolated blocks". In that scenario, "our estimates suggest that global... GDP would be lowered by nearly seven percent in the long term", by 2040, she said. "This is quite significant and substantial." Faced with this crisis, Okonjo-Iweala called for reform, urging countries to "inject dynamism" into the WTO. In particular, she called for the organisation, which only acts through consensus -- a painstakingly slow process --, to "streamline decision-making, and adapt our agreements to better meet today's global realities". "We shouldn't waste this crisis."

NEW YORK — Wall Street traders were back in sell-off mode Wednesday while the dollar fell further as downcast comments from Federal Reserve Chair Jerome Powell added to weakness in semiconductor giant Nvidia. After a relatively peaceful couple of days on markets following tariff-related volatility last week, investors were once again on the defensive. Gold, a safe-haven asset in times of uncertainty, climbed above $3,300 an ounce for the first time. US equities opened lower, shrugging off solid retail sales data. But the market dropped much more after Powell warned that Trump's tariffs could put the Federal Reserve in the unenviable position of having to choose between tackling inflation and unemployment. Powell said that while the Fed's employment and inflation goals were largely in balance at this point, policymakers could find themselves in the "challenging scenario" depending on how things evolve. "Tariffs are highly likely to generate at least a temporary rise in inflation," Powell told the Economic Club of Chicago, warning that the inflationary effects "could also be more persistent." US stocks hit session lows shortly after Powell's comments before recovering a bit in the final minutes of trading. The Nasdaq finished down more than three percent. Nvidia ended down around seven percent after earlier slumping more than 10 percent. The chip company disclosed in a securities filing that it expects a $5.5 billion hit connected to export licenses for technology that the US government determined could be used for a Chinese supercomputer. Powell's comments "sparked stagflation concerns," said Jack Ablin of Cresset Capital. Powell "took what was a moderately down day into a pretty dramatic slide," Ablin added. The dollar also weakened further after Powell's remarks, retreating about one percent against the euro. "Markets are increasingly convinced that the US economy is losing steam," said a comment from Forexlive published ahead of Powell's remarks that pointed to market speculation about Fed interest rate cuts. The battering on Wall Street followed a mixed session in Europe. London's benchmark FTSE 100 stock index closed 0.3 percent higher, as official data showed UK inflation slowed more than expected in March. Frankfurt also finished 0.3 percent in the green while Paris fell almost 0.1 percent. Last week Trump backed off his most onerous "reciprocal" tariffs for every country except China, while maintaining a range of other levies, including on car imports. There has been little sign of rapprochement between Washington and Beijing, which has responded with increased levies of its own. "Markets continue to suffer from the White House's tariff flip-flopping," said Fawad Razaqzada, market analyst at City Index and Forex.com. "The stop-start nature of US trade policy this month has made long-term positioning something of a fool's errand, with volatility dominating the landscape." Key figures at 2050 GMT New York - Dow: DOWN 1.7 percent at 39,669.39 (close) New York - S&P 500: DOWN 2.2 percent at 5,275.70 (close) New York - Nasdaq: DOWN 3.1 percent at 16,307.16 (close) London - FTSE 100: UP 0.3 percent at 8,275.60 (close) Paris - CAC 40: DOWN 0.1 percent at 7,329.97 (close) Frankfurt - DAX: UP 0.3 percent at 21,311.02 (close) Tokyo - Nikkei 225: DOWN 1.0 percent at 33,920.40 (close) Hong Kong - Hang Seng Index: DOWN 1.9 percent at 21,056.98 (close) Shanghai - Composite: UP 0.3 percent at 3,276.00 (close) Euro/dollar: UP at $1.1395 from $1.1282 on Tuesday Pound/dollar: UP at $1.3235 from $1.3231 Dollar/yen: DOWN at 142.12 yen from 143.21 yen Euro/pound: UP at 86.06 pence from 85.26 pence Brent North Sea Crude: UP 1.8 percent at $65.85 per barrel West Texas Intermediate: UP 1.9 percent at $62.47 per barrel

WASHINGTON, D.C. — Concern over the economic fallout from US President Donald Trump's global tariffs mounted Wednesday, with Fed Chair Jerome Powell's warning of higher inflation sending stock markets tumbling. Trump remained upbeat, posting on social media that there'd been "Big Progress!" in talks with Japan on a trade deal. He is banking that his strategy, in which tariffs are meant to lead to multiple individual country agreements, will lower barriers to US products and shift global manufacturing to the United States. But those negotiations are running parallel to a deepening confrontation with top US economic rival China -- and concern over widespread disruption. Powell said tariffs are "highly likely" to provoke a temporary rise in prices and could prompt "more persistent" increases. He also noted the "volatility" on the markets in a "time of high uncertainty." That volatility was visible on Wall Street where the Nasdaq at one point plummeted more than four percent, the S&P more than three percent and the Dow Jones more than two. Leading the downward charge was Nvidia, which momentarily dropped more than 10 percent after disclosing major costs due to new US export restrictions on semiconductors imposed as part of Trump's tussle with China. World Bank chief Ajay Banga echoed Powell, telling reporters that, "uncertainty and volatility are undoubtedly contributing to a more cautious economic and business environment." China says 'no winner' While the rest of the world has been slapped with a blanket 10 percent tariff, China faces levies of up to 145 percent on many products. Beijing has responded with duties of 125 percent on US goods. "If the US really wants to resolve the issue through dialogue and negotiation, it should stop exerting extreme pressure, stop threatening and blackmailing, and talk to China on the basis of equality, respect and mutual benefit," Chinese Foreign Ministry spokesman Lin Jian said. "There is no winner in a tariff war or a trade war," Lin said, adding: "China does not want to fight, but it is not afraid to fight." China said on Wednesday that it saw a forecast-beating 5.4 percent jump in growth in the first quarter as exporters rushed to get goods out of factory gates ahead of the US levies. But Heron Lim from Moody's Analytics told AFP the impact would be felt in the second quarter, as tariffs begin "impeding Chinese exports and slamming the brakes on investment." World Trade Organization head Ngozi Okonjo-Iweala said the uncertainty brought by the tariffs "threatens to act as a brake on global growth, with severe negative consequences for the world, the most vulnerable economies in particular." Japan test case? Ahead of the Japan talks, Trump posted on his Truth Social platform that he hoped "something can be worked out which is good (GREAT!) for Japan and the USA!" Japan's envoy said he was optimistic of a "win-win" outcome for both countries. South Korea, a major semiconductor and auto exporter, said Finance Minister Choi Sang-mok would meet US Treasury Secretary Scott Bessent next week. "The current priority is to use negotiations... to delay the imposition of reciprocal tariffs as much as possible and to minimize uncertainty for Korean companies operating not only in the US but also in global markets," Choi said on Tuesday. But Stephen Innes at SPI Asset Management called the discussions with Japan the "canary in the tariff coal mine." "If Japan secures a deal -- even a half-baked one -- the template is set. If they walk away empty-handed, brace yourself. Other nations will start pricing in confrontation, not cooperation," he wrote in a newsletter. The Daiwa Institute of Research warned on Wednesday that Trump's reciprocal tariffs could cause a decline of 1.8 percent in Japan's real GDP by 2029. Although popular among Republicans, the tariffs war is politically risky for Trump at home. California Democratic Governor Gavin Newsom announced he was launching a new court challenge against Trump's "authority to unilaterally enact tariffs, which have created economic chaos, driven up prices, and harmed the state, families, and businesses."

WASHINGTON, D.C. — Meta chief executive Mark Zuckerberg on Wednesday denied in court that his company bought rival services Instagram and WhatsApp to neutralize them, as his testimony in a landmark antitrust case came to a close. The case could see the Facebook owner forced to divest itself of the two apps, which have grown into global powerhouses since their buyouts. During his third and final day on the stand in a federal courtroom in Washington, Zuckerberg took aim at the Federal Trade Commission's main argument -- that Facebook, since renamed Meta, devoured what it saw as competitive threats. The co-founder of Facebook responded "No" when asked by Meta attorney Mark Hansen if his intent was to eliminate rivals with the purchases of photo sharing app Instagram and messaging service WhatsApp. He explained that Instagram, purchased in 2012, was attractive for "its camera and photo sharing experience" but added that he "didn't view it as a broad network really competitive with where we were." As for WhatsApp, bought two years later, Zuckerberg testified that he saw the app as technically impressive but its founders as "unambitious" in terms of "maximizing the impact that they could potentially have." "I basically ended up pushing to add things," he told the court. Zuckerberg testified that Facebook put its scale and resources to work building Instagram and WhatsApp into apps now used by billions of people. Former Meta chief operating officer Sheryl Sandberg testified after Zuckerberg, echoing much of what he told the court. Meta has had to take on an array of rivals including internet colossus Google as internet competition has become increasingly competitive, according to Sandberg. "Every time you go on your computer or phone, you have a choice of what you spend your time on," Sandberg said. "That's what all these producers are competing for: your time and attention." TikTok as new threat A key part of the courtroom battle is how the Federal Trade Commission convincingly defines Meta's market for the judge. The US government argues that Facebook and Instagram are dominant players in apps that provide a way to connect with family and friends, a category that does not include TikTok and YouTube. Meta's defense attorneys counter that substantial investments transformed these acquisitions into the blockbusters they are today. They also highlight that Meta's apps are free for users and face fierce competition. The case was originally filed in December 2020, in the last days of President Donald Trump's first administration. Zuckerberg, the world's third-richest person, has made repeated visits to the White House as he has tried to persuade the president to choose settlement instead of fighting the trial. As part of his lobbying efforts, Zuckerberg contributed to Trump's inauguration fund and overhauled content moderation policies. He also purchased a $23 million mansion in Washington in what was seen as a bid to spend more time close to the center of political power. Zuckerberg wrapped some 12 hours of testimony on Wednesday with an assessment of TikTok, which he said has emerged as perhaps the biggest competitive threat for Instagram and Facebook. Meta has seen the growth of its apps slow as the China-based video-snippet sharing sensation has boomed, so the US tech titan added a TikTok-like Reels feature to fire back in the marketplace, according to Zuckerberg. "That said, TikTok is still bigger than either Facebook or Instagram, and I don't like it when our competitors do better than us," he told the court. And as video has evolved into a favorite form of online media, particularly on smartphones, YouTube has become serious competition for Meta, the chief executive testified.

PUBLIC-PRIVATE partnership (PPP) projects in the pipeline have increased to 187 as of last Friday from 176 a month earlier, the PPP Center said, with their combined worth also rising to P2.64 trillion from P2.60 trillion. The expansion was primarily driven by the inclusion of 14 new projects — three national and 11 local — either through unsolicited proposals endorsed for further evaluation or via submissions from implementing agencies, the agency said on Wednesday. These new projects span a wide range of sectors, including energy, health care, transportation, tourism and infrastructure, it added. The national projects added to the list are the P3.97-billion Last Mile Schools Green Energy and Connectivity Project of the Department of Education and WeGen Energy Philippines; the P4.3-billion Philippine Coast Guard Maritime Modernization Program proposed by the Maritime Technology Group; and the P5.31-billion Subic International Airport Project of the Subic Bay Metropolitan Authority and Cerberus Asia Pacific Investments LLC. Almost all, or nine of the 11 new local projects, are under the provincial government of Palawan: the expansions of the facilities of the El Nido and Buliluyan ports (P1.75 billion and P1.7 billion, respectively), Sandoval Airport Development Project (P580 million); a solar power garden project (P3 billion); a sewage and solid waste treatment plant (P600 million); a multi-specialization hospital (P400 million); improvements to the Calauit Safari Park (P150 million); development of Dumaran Mangrove Forest River Cruise (P100 million); and the development of farm tourist sites (P100 million). Iloilo, however, accounted for the bulk of the overall local project cost with its P18.27-billion Iloilo Global City and the P17-million Tagbilaran City Dialysis Center projects. The PPC center said that two awarded projects, the P2.1-billion Bacolod Super City and the P2.54-billion Uswag Condominium Complex initiatives, had transitioned from the pipeline to the list of projects under implementation. The Kalibo International Airport upgrade and operations/maintenance project, an unsolicited proposal under the Department of Transportation that was to cost P3.26 billion, was dropped from the pipeline. The PPP Center said it was delisted after negotiations failed.

BEIJING — China's first-quarter economic growth outstripped expectations, underpinned by solid consumption and industrial output, but analysts fear momentum could shift sharply lower as US tariffs pose the biggest risk to the Asian powerhouse in decades. President Donald Trump has ratcheted up tariffs on Chinese goods to eye-watering levels, prompting Beijing to slap retaliatory duties on US imports that have raised the stakes for the world's two biggest economies and rattled financial markets. Data on Wednesday showed China's gross domestic product (GDP) grew 5.4 percent in the January-March quarter from a year earlier, unchanged from the fourth quarter, but beat analysts' expectations in a Reuters poll for a rise of 5.1 percent. Growth momentum is expected to cool sharply in the next few quarters, however, as Washington's tariff shock hits the crucial export engine, heaping pressure on Chinese leaders to roll out more support measures to keep the world's second-largest economy on an even keel. Government stimulus boosted consumption and supported investment, said Xu Tianchen, senior economist at the Economist Intelligence Unit, calling the 5.4-percent pace "a very good start." "In each of the past two years, China had a high-flying first quarter and an underwhelming second quarter," Xu said, adding that "a forceful and timely policy response" is needed given the additional pressure stemming from US tariffs. Exports have remained a lone bright spot in China's economy, with a trillion-dollar trade surplus last year helping to underpin growth even as a prolonged property sector slump and sluggish domestic demand continue to undercut a solid recovery. That complicates the policy challenge for Beijing as Trump's relentless focus on China's vast trade engine chokes off a key growth driver. China's Premier Li Qiang said this week the country's exporters would have to cope with "profound" external changes, and vowed to support more domestic consumption. Investors in China looked past the better-than-expected data, pushing the benchmark Shanghai Composite Index down nearly 1.0 percent and denting the yuan, as confidence remained frail amid a darkening growth outlook. 'Unprecedented' challenge Indeed, quarter-on-quarter momentum highlighted a softer underbelly, with the economy expanding 1.2 percent in the first quarter, slowing from 1.6 percent in October-December. For 2025, the economy is expected to grow at a subdued 4.5 percent pace year on year, the Reuters poll showed, slowing from last year's 5.0 percent and falling short of the official target of around 5.0 percent. Many analysts have sharply slashed their GDP forecasts for this year. Citing the punitive US duties, ANZ on Wednesday cut its China 2025 GDP forecast to 4.2 percent from 4.8 percent and to 4.3 percent from 4.5 percent for 2026. UBS was even more pessimistic, having this week downgraded its 2025 growth forecast for the Asian giant to 3.4 percent from 4 percent, on the assumption that Sino-US tariff hikes remain in place and that Beijing will roll out additional stimulus. "We think the tariff shock poses unprecedented challenges to China's exports and will set forth major adjustment in the domestic economy as well," analysts at UBS said in a note. While several other countries have been swept up in US tariffs, Trump has targeted China for the biggest levies. Last week, Trump lifted duties on China to 145 percent, prompting Beijing to jack up levies on US goods to 125 percent and dismissing US trade actions as "a joke." Unemployment, deflation woes The spiralling trade war with the United States took some of the shine off brighter notes in separate data. Retail sales, a key gauge of consumption, rose 5.9 percent year on year in March after gaining 4.0 percent in January-February, while factory output growth quickened to 7.7 percent from 5.9 percent in the first two months. Both numbers topped analysts' forecasts. The retail sales uptick was driven by sharp double-digit gains in home electronics and furniture sales, helped by the government's consumer goods trade-in scheme. But China's property downturn remained a drag on overall growth. Property investment fell 9.9 percent year on year in the first three months, extending the 9.8 percent drop in January-February. March new home prices were unchanged on month. The broader impulse from Wednesday's data still pointed to an uneven economic recovery, particularly as elevated unemployment and persistent deflationary pressures heighten concerns over weak demand. "Good GDP does not represent the overall economic health of an economy," said Raymond Yeung, chief China economist at ANZ. "Deflation and youth unemployment remain the primary concerns." Moreover, analysts say a surge in China's March exports — driven by factories rushing shipments to beat the latest Trump tariffs — will reverse sharply in the months ahead as the hefty US levies take effect. Ample room for stimulus Policymakers have repeatedly said the country has ample room and tools to bolster the economy, and analysts expect further support measures in coming months following a blitz of monetary easing steps late last year. Earlier this month, Fitch downgraded China's sovereign credit rating, citing rapidly rising government debt and risks to public finances, suggesting a tricky balancing act for policymakers seeking to expand consumption to guard against a trade downturn. "The current situation is similar to the negative shocks China experienced in the past, such as the Covid-19 outbreak in 2020 and the global financial crisis in 2008," ANZ's Yeung said. "We see limited options for Chinese authorities against the tariff shock except a large fiscal expansion."

THE Asian Development Bank (ADB) has approved the release of $1.45 billion as the second and final tranche of financing for the Malolos–Clark Railway Project (MCRP), a key component of the Philippine government's flagship North–South Commuter Railway (NSCR) system. The MCRP, a 53.1-kilometer segment of the 163-km NSCR, will connect the northern provinces of Luzon to Metro Manila and the southern parts of the island. ADB Philippines Country Director Pavit Ramachandran said in a statement on Tuesday that the financing for the railway project was one of the Manila-based multilateral institution's biggest in the Asia and Pacific region. "We are proud to partner with the government in making the vision of a world-class mass transportation system in the country a reality," Ramachandran said. "This major transformative project will spur more investments, create jobs, and contribute to sustaining the country's growth momentum." The ADB approved a first tranche of $1.3 billion in 2019 and the amount was said to have been fully utilized. The final tranche will bring the total financing commitment for the MCRP to $2.75 billion. The project is envisioned to feature three types of commuter services: regular commuter trains, express trains that stop only at high-demand stations, and the country's first dedicated airport express service that will link to the Clark International Airport. Once operational, the project is expected to significantly reduce travel time between Malolos in Bulacan and Clark in Pampanga. In addition to easing congestion in Metro Manila, the project is expected to support regional economic integration by linking urban and industrial hubs along the Central Luzon Corridor. A shift to rail-based mass transit is also anticipated to reduce greenhouse gas emissions by lowering a dependency on private vehicles. The ADB said it would continue to support the project via implementation assistance and technical support for livelihood programs targeted at vulnerable communities that will be affected by construction work. The Japan International Cooperation Agency (JICA) is cofinancing the MCRP, with its responsibilities including the supply of rolling stock and critical railway systems such as track infrastructure, electrical and mechanical components. The ADB is also funding the NSCR's southern leg, known as the South Commuter Railway Project, which will connect Metro Manila to Calamba in Laguna. More funding in the pipeline Ramachandran told reporters that the government was also set to secure substantial financing for several priority programs this year, with at least three major initiatives topping the list in terms of loan amount. One of the largest planned projects is the Walang Gutom Program, which will be supported through the Reducing Food Insecurity and Undernutrition with Electronic Vouchers (Refuel) Project, with an estimated funding of $400 million. This will hopefully be approved in the second quarter of this year, Ramachandran said. Also in the pipeline is the Marine Ecosystems for Blue Economy Development Program that is also expected to receive around $400 million in funding. Another major item is the Accelerating Expansion and Sustainability of Health Services for Universal Health Care (Access UHC) program, which has a proposed funding of $300 million.

THE country's antitrust agency has raised the mandatory notification thresholds for merger and acquisition (M&A) deals following an annual review. M&A plans where the size of party (SOP) or size of transaction (SOT) reaches P8.5 billion or P3.5 billion, respectively, will have to be reported and approved by the Philippine Competition Commission (PCC). These replaced the P7.8 billion SOP and P3.2 billion SOT thresholds that were in effect from March 1, 2024, to Feb. 28, 2025, the PCC said on Tuesday. "Notifications filed before March 1, 2025, ongoing M&A reviews, and transactions already decided by the Commission will not be affected," it said in a statement. The revisions were the eighth since the Philippine Competition Act took effect in 2015. At that time, the thresholds were set at P1 billion. SOP refers to the total assets or revenues of the ultimate parent company of any party involved in the M&A deal, while SOT is the total value of the assets or revenues of the entity to be acquired. The thresholds for compulsory notification are adjusted annually based on the prior year's nominal gross domestic product growth. The PCC said that to date, it had received notification for a total of 328 transactions worth a combined P6.27 trillion. Manufacturing accounted for 57 of the M&A deals, followed by finance and insurance (53), real estate (47), electricity and gas (45) and transportation and storage (32). The PCC said it reviewed 17 transactions worth P784 billion last year. "As the Philippines' antitrust authority, the PCC reviews M&As to prevent deals that could substantially lessen competition in the relevant market," the agency said. "Even if a transaction falls below the notification thresholds, the PCC may still initiate a review motu proprio, or on its own initiative, if it has reasonable grounds to suspect that the transaction could significantly harm competition, or preliminary findings suggest it already has," it added.

THE peso edged down and the stock market also fell as sentiment again soured due to worries over US tariffs and as the country headed into a Holy Week break. The currency closed at P56.8 to the dollar, weaker by 3 centavos, while the benchmark Philippine Stock Exchange index (PSEi) shed 51.48 points, or 0.83 percent, to end the shortened trading week at 6,134.62. The broader All Shares, however, gained 10.34 points, or 0.28 percent, to 3,656.99. Local financial markets will be closed on Thursday and Friday due to the Holy Week holidays. Trading will resume on Monday, April 21. The peso opened at the day's high of P56.8:$1 and traded as low as P56.5. Volume reached P2.303 billion, higher than Tuesday's P2.125 billion. Rizal Commercial Banking Corp. chief economist Michael Ricafort said the currency slightly weakened as the PSEi fell on tariff concerns. Philstocks Financial Inc. research manager Japhet Tantiangco said "the local bourse pulled back this Wednesday as investors took a cautious stance, booking gains ahead of the long weekend." "The local market also took cues from Wall Street's overnight decline," he added. Tantiangco described the day's trading as "tepid" as net value turnover was P3.67 billion, lower than the year-to-date average of P5.41 billion. "Foreign investors turned sellers with net outflows at P11.66 million," he added. Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said "local shares ended the Holy Week-shortened trading week in the red as investors booked profits amid low volumes." "On the economic front, markets absorbed the latest OFW (overseas Filipino worker) remittance data, which rose 2.7 percent to $2.72 billion — its slowest pace in nine months — amid seasonal headwinds and global uncertainty," he added. All sector indices but two closed in the red, with services down the most by 1.86 percent. Mining and oil, and industrial rose 0.71 percent and 0.17 percent, respectively. On a company basis, gainers outnumbered decliners, 110 to 79, while 51 were unchanged.

THE Bangko Sentral ng Pilipinas (BSP) on Wednesday said that it had signed a memorandum of understanding with the World Bank Group's International Finance Corp. (IFC) to jointly develop the country's movable asset finance (MAF) market and expand credit access for micro, small and medium enterprises (MSMEs) and the agricultural sector. The two-year agreement will promote the use of movable assets — such as equipment, inventory and accounts receivable — as collateral for loans. It aims to ease financing constraints among businesses that lack real estate assets which is a traditional requirement of lenders. It aims to broaden financial access for underserved sectors, particularly in rural areas where access to traditional banking services is still limited. The BSP noted the MAF market remained underdeveloped despite the country having a legal framework in place — the Personal Property Security Act. "The partnership is meant to complement the law and significantly increase loans secured by movable assets. MSMEs and agri-enterprises can now use their available assets to access financing for their working capital and other needs," BSP Governor Eli Remolona Jr. said. The initiative is aligned with the country's National Strategy for Financial Inclusion 2022-2028 and the vision to promote inclusive growth and financial resilience, BSP Deputy Governor Bernadette Romulo-Puyat said. The agreement likewise authorizes the BSP and IFC to push for regulatory reforms, strengthen sectoral capacities and promote the development of supporting services crucial to the success of MAF in the Philippines. A 2022 IFC study found that loans secured by movable assets accounted for less than 5 percent of total financing in the country. The BSP-IFC collaboration seeks to bridge this gap and encourage more lenders to consider movable assets as viable collateral.

INVESTMENT holding firm DoubleDragon Corp. (DD) is expanding into the retail market after its board approved the acquisition of a 35-percent equity interest in MerryMart Consumer Corp. for P1.28 billion. In a disclosure on Wednesday, DoubleDragon said it would be acquiring some 2.66 billion common shares of MerryMart at P0.48 per share from shareholder Injap Investments Inc., subject to all applicable regulatory approvals. As a result of the transaction, DoubleDragon will have to conduct a mandatory tender offer for stocks held by the remaining shareholders of MerryMart. MerryMart, which operates retail stores in the supermarket and household essentials category, is chaired by DoubleDragon Founder and Co-Chairman Edgar Injap Sia II. Half of the acquisition cost will be paid in DoubleDragon shares and remaining will be in cash, or P637.97 million. Valuation of the DoubleDragon shares will be based on the past 30-day value-weight average price of P9.30 per share. DoubleDragon expects the acquisition of MerryMart, said to generate more than P7 billion in recurring revenues annually, to "complement its ecosystem as an investment holding company," and help create long-term value and synergy. "This is in accordance with the vision of DD Chairman Edgar Injap Sia II and Co-Chairman Tony Tan Caktiong [four] years ago in April 2021 when it officially changed its corporate name from DoubleDragon Properties Corp. to DoubleDragon Corporation and amended its articles from a real estate company into an investment holding company," DoubleDragon saud. MerryMart is also seen as adding value to the existing investment portfolio of the DoubleDragon Group in line with its goal of generating P500 billion in revenues by 2035. DoubleDragon shares on Wednesday surged 17.2 percent to close at P9.88 apiece while MerryMart shares rose 25 percent to P0.60 each amid a 0.83-percent drop for the benchmark Philippine Stock Exchange index.

AYALA Corp. has filed a registration statement with the Securities and Exchange Commission (SEC) for an offering of preferred shares to raise up to P20 billion in fresh capital. In a disclosure on Wednesday, the country's oldest conglomerate said the proposed offering and reissuance of "B" shares would have a base size of P10 billion and an oversubscription option of up to P10 billion. Ayala said it also submitted the corresponding application for the listing of stocks with the Philippine Stock Exchange Inc., adding that both filings are "subject to the review of the relevant regulatory body and compliance with their corresponding requirements." The proposed share issuance was approved last month by the company's board of directors, which also greenlit a $200-million samurai loan facility with Mizuho Bank Ltd. and Sumitomo Mitsui Banking Corp. to help fund group expansion plans. Ayala has said it was looking to spend P230 billion in capital expenditures this year to further grow its businesses. The company booked a record core net income of P45 billion last year (excluding one-offs), up 10 percent from a year earlier and driven by strong revenues across business segments. Accounting for one-offs, net income rose 10 percent to P42 billion while return on equity was at 15.1 percent. Ayala shares on Wednesday closed up P8.50, or 1.5 percent, at P573.50 each.

METRO Retail Stores Group Inc. (MRSGI) posted a net income of P609.42 million in 2024, slightly lower than the P618.02 million it recorded in 2023, as noncash charges related to its expansion tempered firmer sales. Net sales in 2024 rose 3.5 percent to P39.62 billion from P38.27 billion in the previous year, buoyed by higher food retail sales and new store openings. "In 2024, MRSGI showed its capability to achieve balanced growth. We expanded our network and increased net sales while maintaining a focus on operational efficiency," Metro Retail President and COO Manuel Alberto said. Food retail revenues rose 4.9 percent while the addition of eight new branches in Samar, Negros and Cebu helped push up sales in the Visayas by 5.8 percent. Same-store sales edged up by 0.5 percent as the company decided to scale down low-margin wholesale transactions. The company's blended gross margin dipped slightly to 21.4 percent from 21.6 percent in 2023, as it cleared aging inventory. Operating expense-to-sales ratio was stable at 19.5 percent, supported by cost-saving initiatives such as wider adoption of solar energy in key locations. Earnings before interest, taxes, depreciation and amortization climbed 7.8 percent to P2.34 billion from P2.17 billion the year before. Metro Retail closed the year with 71 stores, expanding its presence via the launch of Metro Home Improvement and Lifestyle formats in Angeles, Pampanga; Hinigaran, Negros Occidental; and Catbalogan, Samar. Its supply chain capabilities also grew with the opening of the 3-hectare Metro Distribution Center in Santa Rosa, Laguna. The company recently declared regular cash dividends amounting to P194.54 million, equivalent to P0.06 per share. The dividends are payable on May 21, 2025 to shareholders on record as of April 24 this year. Metro Retail shares rose 1.59 percent on Wednesday to close at P1.28 per share.

THE Securities and Exchange Commission has approved the corporate name change of Golden MV Holdings Inc. to Villar Land Holdings Corp. In a disclosure on Wednesday, Golden MV said it had received the certificate of filing of amended articles of incorporation last April 15. When it announced board approval of the name change last year, Golden MV said that it would support the development of the Villar City project. The company's stock symbol will be changed to VLC from HVN. Stock certificate replacements have not started, but the company said it would shoulder the cost of issuance. Golden MV reported a net profit of P999.72 billion in 2024, compared to P1.46 billion a year earlier, driven by fair value gains on investment properties. Lower sales caused revenues to drop by 25 percent from P4.759 billion to P3.577 billion, while residential unit sales also declined 26 percent from P3.047 billion to P2.361 billion. Operating profit, meanwhile, decreased 29 percent from P1.71 billion to P1.22 billion. On Wednesday, Golden MV's share price rose by P150 to P2,350.

Third of a series IN a previous article, we explored the concept of establishing a global technology center — a "T-hub" — in the Philippines. The vision is ambitious yet achievable: to position the country as an international player in digital innovation, research and entrepreneurship. However, while the idea is gaining traction, its implementation faces several challenges. We have discussed the critical issue of the talent and skills gap. Today, we examine another significant roadblock: limited access to venture capital for tech startups. Startups are the lifeblood of any thriving tech ecosystem. They bring disruptive ideas, innovation and energy that can reshape entire industries. Yet, in the Philippines, despite a growing pool of tech entrepreneurs and a youth-driven digital culture, many struggle to secure the financial backing needed to bring their ideas to scale. The local venture capital landscape remains underdeveloped compared to regional neighbors like Singapore or Indonesia, where robust startup funding ecosystems fuel a dynamic digital economy and where government policies actively encourage innovation through grants, subsidies and incentives. The scarcity of early stage funding impedes the growth of local tech enterprises, forcing many innovators to either abandon their projects or seek capital abroad. Unfortunately, when startups are forced to relocate or register outside the Philippines to access funding, we lose not only potential local employment but also intellectual property and homegrown innovation. Consequently, this stunts the development of a sustainable innovation pipeline — one that a T-hub depends on. Without a vibrant startup scene continuously injecting fresh ideas into the system, the very core of what makes a T-hub viable is compromised. Philippine conglomerates To overcome this drawback, we must look inward. One promising avenue is the strategic collaboration of Philippine conglomerates. These giants of various industries possess not only the financial muscle but also the infrastructure, networks and operational expertise necessary to support a national innovation agenda. By forming venture arms or contributing to a unified innovation fund, conglomerates can actively participate in nurturing startups. Their investment will not only de-risk startup ventures but also align them with real-world business challenges and opportunities. Moreover, such partnerships would offer mutual benefits: startups receive much-needed capital and mentorship, while conglomerates gain access to cutting-edge technology, fresh thinking and potential new revenue streams. Imagine a scenario where conglomerates pool their existing assets — real estate, logistics, IT capabilities and talent development programs — into a shared innovation platform. This could serve as both a physical and digital backbone of the T-hub, dramatically lowering startup entry barriers while providing fertile ground for scalable solutions. Co-working spaces, accelerators, incubators and test beds for new technologies could be embedded within this platform, offering a supportive ecosystem where startups can collaborate, prototype and iterate rapidly. Moreover, by investing in this national development program, conglomerates would be creating employment opportunities across the digital economy spectrum — from artificial intelligence and cloud computing to cybersecurity and financial technology. This would be a strategic input to the country's digital growth, helping us move up the global value chain while addressing job creation and inclusive development. It also aligns with the broader goals of sustainability and national competitiveness, as a thriving tech sector can help modernize legacy industries and create ripple effects across sectors including education, health care, agriculture and logistics. Public-private collaboration To catalyze this vision, public-private collaboration is essential. Government policy can play a supportive role by offering tax incentives to corporations that invest in tech startups, simplifying regulatory frameworks and ensuring data protection laws are aligned with global standards. Similarly, financial institutions and development banks could introduce innovative financing instruments tailored for high-growth startups, such as revenue-based financing, convertible notes or credit guarantees. The country has no shortage of entrepreneurial spirit. In fact, Filipinos have a unique value proposition that can only strengthen this further. We are an English-speaking, digitally-savvy population with a high social media usage rate, making us ideal early adopters and digital creators. What we need is a coordinated, well-funded push to build the ecosystem that will enable these ideas to thrive. The challenge of limited venture capital is real, but it is not insurmountable. With collective effort, particularly from homegrown conglomerates, we can turn this constraint into a catalyst — accelerating the birth of a thriving technology hub that can serve as a cornerstone of the country's future. The time to act is now, and the opportunity has never been more crucial. Kay Calpo Lugtu is the chief operating officer of Hungry Workhorse, a digital and culture transformation firm. Her advocacies include food innovation, nation-building and sustainability. She may be reached at kay.lugtu@hungryworkhorse.com.

TARIFF, in general, is a government-imposed tax on imported goods and, in some cases, on services. Its primary function is to hollowly increase the price of foreign products, subtly influencing consumer preferences toward domestic substitutes. This mechanism not only protects domestic industries but also generates revenue and influences trade negotiations by making domestic products competitive. The recent resurgence of protectionist policies, particularly the United States' imposition of substantial tariffs, has generated deep concern within the global economic community. These actions, recalling the detrimental effects of the 1930 Smoot-Hawley Tariff Act, raise fears of a trade war and economic isolation. The US' "reciprocal tariff" methodology, which links tariff levels to a particular country's trade surplus with the US relative to its overall exports, further intensifies this controversy. This "true-up" or "catch-up" system appears incompatible with the World Trade Organization's Most-Favored-Nation principle, which mandates free competition and nondiscriminatory trade treatment. The discriminatory nature of reciprocal tariffs undermines this core principle by creating unequal treatment among trading partners. While the economic soundness and political motivations behind these tariffs remain contentious, their potential implications for Asian economies, particularly the Philippines, require meticulous scrutiny and strategic planning. Analyzing US-Philippines trade requires careful consideration of multiple factors, moving beyond simple deficit/surplus figures. The Philippines' substantial imports of US capital goods, including machinery, pharmaceutical products, and essential inputs for semiconductors and electronics manufacturing, directly fuel its industrial development. These imports contrast with its export portfolio, which is largely composed of finished and agricultural products. While Philippine trade surpluses can generate foreign exchange and support domestic industries, they risk US protectionist responses, as seen with reciprocal tariffs. Conversely, deficits may signify reliance on US imports, potentially impeding local industry development. A balanced Philippine trade strategy requires fostering mutually beneficial partnerships, reducing trade barriers and promoting sustainable economic growth, including leveraging comparative advantages and strategically investing in import substitution. Trade diversion The current global trade landscape, marked by its uncertainty, geopolitical realignments and the imposition of fluctuating tariffs, presents the Philippines with a unique strategic window. Specifically, the potential for trade diversion, in which importers seek alternative sources due to tariff differentials, offers the Philippines a significant opportunity to expand its export markets within the US and other countries as well. The Philippines' comparatively favorable tariff rates on specific goods entering the US market could translate into a substantial competitive advantage for key industries. Sectors such as coconut product manufacturing, copper refining, integrated circuit fabrication, pharmaceutical production, gold mining, and the extraction and processing of other mineral resources are well-positioned to experience notable growth. Other industries may have growth potential, too. Success, however, hinges on the Philippines' ability to rapidly scale production to meet the anticipated demand surge. Strategic approach To capitalize on this opportunity and strengthen its global market position, the Philippines must adopt a strategic, multifaceted approach. This includes: 1) resolving critical infrastructure gaps in transportation, energy and digital connectivity; 2) streamlining bureaucracy (which is ongoing) and increasing regulatory transparency to improve the business environment; 3) investing in technology, innovation and workforce development to support high-value manufacturing and exports; and 4) diversifying its industrial base to mitigate sectoral overreliance. By prioritizing these actions, the Philippines can convert current trade volatility into sustainable economic growth. To navigate global trade wars, small, open economies like the Philippines must adopt a strategic, multifaceted approach. Instead of risky unilateral retaliation, coordinated negotiation within regional blocs like Asean and Free Trade Agreements is crucial. Building strategic alliances with similarly positioned nations strengthens bargaining power, enabling advocacy for fair trade and equitable market access. Furthermore, the Philippines must also proactively mitigate the adverse impacts of tariffs, such as increased input costs, which threaten domestic production, inflation and competitiveness. Effective strategies include diversifying supply chains, providing targeted support to affected industries through subsidies and tax incentives, and investing in research and development to enhance domestic production and promote import substitution. To thrive in the volatile global trade landscape, the Philippines must prioritize long-term competitiveness and sustainable growth. This requires a strong government-business partnership focused on improving the investment climate, boosting productivity and meeting rigorous global quality standards. Mark Anthony P. Tamayo is a CPA lawyer and a partner of Mata-Perez, Tamayo & Francisco Law Offices (MTF Counsel). He is a recipient of the 2016 Asia Tax Practice Leader award and is consistently voted as one of the recognized indirect tax leaders in the Philippines by the International Tax Review. You may reach him at info@mtfcounsel.com or visit the MTF website at www.mtfcounsel.com.

SAN FRANCISCO, California — Nvidia on Tuesday notified regulators that it expects a $5.5 billion hit this quarter due to a new US licensing requirement on the primary chip it can legally sell in China. US officials last week told Nvidia it must obtain licenses to export its H20 chips to China because of concerns they may be used in supercomputers there, the Silicon Valley company said in a Securities and Exchange Commission (SEC) filing. Shares of Nvidia, which have seen high volatility since US President Donald Trump made a major tariffs announcement on April 2, were down more than 6 percent in after-market trades. The new licensing rule applies to Nvidia GPUs (graphics processing units) with bandwidth similar to that of the H20. The United States had already restricted exports to China of Nvidia's most sophisticated GPUs, tailored for powering top-end artificial intelligence (AI) models. Nvidia was told the licensing requirement on H20 chips would last indefinitely, it said in the filing. Nvidia's current fiscal quarter ends on April 27. "First quarter results are expected to include up to approximately $5.5 billion of charges associated with H20 products for inventory, purchase commitments and related reserves," Nvidia said in the filing. Nvidia CEO Jensen Huang has said publicly that the AI chip powerhouse will balance legal compliance and technological advances under Trump, and that nothing will stop the global advancement of artificial intelligence. "We'll continue to do that, and we'll be able to do that just fine," the Taiwan-born entrepreneur told reporters late last year. Trump's predecessor Joe Biden restricted Nvidia from selling some of its top AI chips to China, which the United States sees as a strategic competitor in technology. Global markets have been on a roller coaster since Trump's April 2 announcement, declining sharply before partially recovering with his 90-day pause on the steepest tariff rates last week. Trump warned on Sunday that no country would be getting "off the hook" on tariffs despite a 90-day reprieve on some levies, while also downplaying exemptions for Chinese technology. Most nations will now face a baseline 10 percent tariff for the near-three-month period — except China, which launched a tit-for-tat escalation. China has sought to present itself as a stable alternative to an erratic Washington, courting countries spooked by the global economic storm.

(UPDATE) WASHINGTON, D.C. — Social media titan Mark Zuckerberg testified for a second day on Tuesday in a landmark US antitrust trial, defending his conglomerate Meta against accusations it took over Instagram and WhatsApp to devour budding competitors. The federal court trial in Washington has dashed Zuckerberg's hopes that the return of President Donald Trump to the White House would see the government let up on the enforcement of antitrust law against Big Tech. Federal Trade Commission (FTC) attorney Daniel Matheson showed Zuckerberg emails from 2012 in which Facebook's former chief financial officer listed possible reasons for buying startups like Instagram, including "neutralizing a competitor." Zuckerberg sidestepped commenting on the role of competitive pressure, instead playing up the ability of Facebook to improve features, user numbers and revenue. "Instagram integration ended up going very well; we were able to add way more value to Instagram than we would have expected," Zuckerberg testified. "After that, we basically felt more confident that we could identify other social apps, potentially acquire them and grow them faster [than they would have on their own]." Zuckerberg said he believes that if Snapchat had accepted Facebook's buyout offer in 2013, it would now have billions of users. Snapchat ended last year with about 450 million daily users. "For what it's worth, I think we would have accelerated their growth," Zuckerberg said of Snapchat. The case could see Meta forced to divest of Instagram and WhatsApp, which have grown into global powerhouses since their buyout. It was originally filed in December 2020, during the first Trump administration, and all eyes were on whether the Republican would ask the FTC to stand down. Zuckerberg, the world's third-richest person, has made repeated visits to the White House as he tried to persuade the president to choose settlement instead of fighting the trial. As part of his lobbying efforts, Zuckerberg contributed to Trump's inauguration fund and overhauled content moderation policies. He also purchased a $23-million mansion in Washington in what was seen as a bid to spend more time close to the center of political power. 'Really scary' Central to the case is Facebook's 2012 billion-dollar purchase of Instagram ― then a small but promising photo-sharing app that now boasts 2 billion active users. An email from Zuckerberg cited by the FTC showed him depicting Instagram's emergence as "really scary," adding that is "why we might want to consider paying a lot of money for this." In his first day of testimony on Monday, Zuckerberg downplayed those exchanges as early talk before plans for Instagram came together. But the FTC argues that Meta's $19-billion WhatsApp acquisition in 2014 followed the same pattern, with Zuckerberg fearing the messaging app could either transform into a social network or be purchased by a competitor. Meta's defense attorneys counter that substantial investments transformed these acquisitions into the blockbusters they are today. They also highlight that Meta's apps are free for users and face fierce competition. FTC attorney Matheson said in opening remarks that Facebook "decided that competition is too hard, and it would be easier to buy out their rivals than to compete with them." Meta attorney Mark Hansen countered in his first salvo that "acquisitions to improve and grow an acquired firm" are not unlawful in the United States, saying that is what Facebook did. A key part of the courtroom battle will be how the FTC defines Meta's market. The US government argues that Facebook and Instagram are dominant players in apps that provide a way to connect with family and friends, a category that does not include TikTok and YouTube. But Meta disagrees. When asked about Facebook and Instagram's main competition, Zuckerberg named Google-owned YouTube and China-based sensation TikTok because video "is the primary way people share content." On the video front, Meta has a lot of catching up to do, Zuckerberg told the court.

BEIJING — China's industrial output in March rose 7.7 percent from a year earlier, quickening from 5.9-percent growth in the January-February period, official data showed on Wednesday, as the world's second-largest economy braced for the impact of hefty US trade tariffs. The data released by the National Bureau of Statistics beat a 5.8-percent expansion forecast in a Reuters poll of 35 economists. Retail sales, a gauge of consumption, grew 5.9 percent in March, up from 4.0-percent growth in the first two months. Analysts polled had expected a 4.2-percent increase. Fixed asset investment expanded by 4.2 percent, compared with a 4.1-percent growth forecast. It grew 4.1 percent in the first two months of the year.

SHANGHAI, China — Chinese sellers of items from lunch boxes to appliances have taken to social media platform Rednote to generate sympathy purchases, telling domestic consumers they are offloading stock at bargain prices amid US tariffs. Over the past week, dozens of sellers have broadcast livestreams showing goods produced for US customers, which they said they could no longer sell because of tariff rates of 145 percent for made-in-China goods imposed by President Donald Trump's administration. In one livestream, user "Dingding Cloud Foreign Trade Warehouse" sells small appliances, including rice cookers, juicers and toasters by telling viewers: "The US has breached its contract. No more shipments! Everything is on sale at 90 percent off!" In another video, by user "Muzi Has Good Goods," a host hawked appliances while surrounded by boxes marked "trade transit containers," saying they had no more space in their warehouse because of orders they could no longer send to the US. Some of the sellers sold items such as Costa Coffee mugs, but most were brands not widely known abroad, such as OSTMARS and APLX, which are sold on Amazon. The push comes as China has declared that it will help Chinese exporters sell goods domestically, touting its giant, though of-late sluggish, domestic consumer market as an alternative to the US market after Trump's tariffs. JD.com and Alibaba-owned supermarket chain Freshippo have been among retailers and e-commerce platforms that have joined the push, with JD.com saying it would launch a 200-billion-yuan ($27.35-billion) fund to help the country's exporters to sell their products domestically over the next year. At the Canton Fair, China's biggest trade expo held twice a year in the southern city of Guangzhou, exporters told Reuters on Tuesday that US markets were "frozen" for them. Some sources involved in the export business said they were skeptical of the Rednote sales livestreams, describing them as pure marketing. Exporters tended to have a variety of target markets and would shift focus to other countries if the United States were not an option, one Chinese exporter, who declined to be named for privacy reasons, told Reuters. Reuters reached out to 12 of the Rednote sellers but did not receive any responses. Analysts said that the livestreams were in line with how China reacted to external pressure and that even if they were just marketing, it would be effective. "In China, there is this sentiment that we need to come together, and we need to resist US bullying," said Ashley Dudarenok, founder of digital consultancy Chozan, adding that hashtags like "resist," "China can make it" and "save factories" have all emerged in the wake of the newest outbreak of trade conflict between the world's two largest economies. "Somehow, Trump tariffs might actually help China's boost consumer sentiment, it will give people a very strong reason why they should consume... because it's now bigger than just about themselves," she said.

PARIS — Worldwide consumption of wine fell in 2024 to its lowest level in more than 60 years, the main trade body said Tuesday, raising concerns about new risks from US tariffs. The International Organization of Vine and Wine (OIV) said that 2024 sales fell 3.3 percent from the previous year to 214.2 million hectoliters (hL). The OIV, whose report was based on government figures, said this would be the lowest sales figure since 1961, when sales were 213.6 million hL. Production is also at its lowest level in more than 60 years, having fallen 4.8 percent in 2024 to 225.8 million hL. OIV statistics chief Giorgio Delgrosso said the wine industry had been hit by a perfect storm with health concerns driving down consumption in many countries while economic factors had added to troubles. "Beyond the short-term economic and geopolitical disruptions," said the IOV's annual report, "it is important to consider the structural, long-term factors also contributing to the observed decline in wine consumption." The OIV said that the consumer is now paying about 30 percent more for a bottle now than in 2019-2020 and overall consumption has fallen by 12 percent since then. The United States, the world's top wine market, saw consumption fall 5.8 percent to 33.3 million hL. Delgrosso said that tariffs ordered by US President Donald Trump, even though temporarily suspended, could become "another bomb" for the wine industry. Sales in China remain below pre-Covid-19 levels, despite a rebound since the pandemic. Europe, which accounts for nearly half of worldwide sales, saw consumption fall 2.8 percent last year. Even in France, one of the key global producers, 3.6 percent less wine was knocked back last year. Spain and Portugal were among rare markets where consumption increased. The OIV said production had been hit by environmental extremes such as above average rainfall in some key regions and droughts in others. Italy was the world's top producer with 44 million hL, while France's output fell 23 percent to 36.1 million hL, its lowest level since 1957. Italy is also the biggest wine exporter and its trade increased because of the popularity of sparkling wines such as Prosecco. Spain produced 31 million hL, while US wine output fell 17.2 percent to 21.1 million hL, mainly because of extreme heat. The OIV could not predict if consumption would take off again, and wine industry players, such as the French retail chain Nicolas, say there is a "generational" fall in drinking. "People do not drink in a festive way anymore, and young people consume less than their parents," the company said in a statement to Agence France-Presse (AFP). But it added, "people drink less, but better" and so are ready to spend more.

NEW YORK — US aviation giant Boeing, fresh off a crippling labor dispute and quality control crisis, has now found itself drawn into the escalating trade conflict between Washington and Beijing. The largest US exporter, Boeing has been caught in the crossfire after President Donald Trump imposed new tariffs of up to 145 percent on many Chinese products, sparking retaliatory 125-percent levies from Beijing. The duties more than double the cost of aircraft and spare parts manufactured in the United States. On Tuesday, Trump accused China of reneging on a "big Boeing deal," following a Bloomberg News report that Beijing ordered airlines not to take further deliveries of the company's jets. The report also said that Beijing requested Chinese carriers to pause purchases of aircraft-related equipment and parts from US firms. Boeing has declined to comment on the matter. Last week, Bloomberg reported that China's Juneyao Airlines was delaying delivery of a Boeing wide-body aircraft as the growing trade conflict drives up costs of big-ticket products. 'Not surprised' Boeing's website shows its order book at the end of March contained 130 aircraft due to Chinese customers, including airlines and leasing companies. But as some buyers prefer to remain anonymous, the true figure could be higher. Bank of America (BofA) analysts note that Boeing is scheduled to deliver 29 aircraft this year to identified Chinese companies, but added that a large portion of unidentified customers who bought aircraft are actually Chinese. "China represents about 20 percent of the market for large civil jets over the next 20 years," BofA Securities said in a note. It added that the US administration cannot ignore Boeing when it considers trade balances. "Boeing is the US' largest exporter, as such, we are not surprised by China's move; however, we do see this as unsustainable," BofA Securities said. Boeing's main competitor Airbus cannot be China's only supplier of large commercial jets given its capacity constraints, it said. The Commercial Aircraft Corp. of China (Comac) is also "highly dependent on US suppliers," the analysts said. If China stopped buying aircraft components from the United States, Comac's C919 program ― a competitor to Boeing's 737 or Airbus' A320 ― would be halted, they said. A delivery blockage would affect the United States' trade balance further as well. Boeing's production slowed significantly after quality issues that emerged with an in-flight incident in January 2024, and two factories were subsequently paralyzed by a strike in the fall. According to US official data, commercial aircraft exports reached $4.2 billion in August last year but dropped to $2.6 billion in September. They slipped further in October and November. In December, when Boeing deliveries gradually resumed, the amount rose to $3.1 billion. Airline customers Boeing CEO Kelly Ortberg previously stressed that the company supports 1.8 million jobs in the United States. A delivery freeze would have direct consequences for the group, which traditionally receives 60 percent of the price upon delivery. With its difficulties of 2024, Boeing is already dipping heavily into cash flow that has been depleted by the Covid-19 pandemic and other issues. Besides concerns surrounding Beijing, Boeing will likely be squeezed by higher duties too. Michael O'Leary, CEO of Ryanair, Europe's largest airline by passenger numbers, said on Tuesday his company might postpone delivery of 25 Boeing jets expected from August if they cost more customs duties. Ryanair, a major Boeing customer, notably placed an order in May 2023 for 300 737 MAX 10s, including 150 firm orders, for a list price estimated at over $40 billion. Ed Bastian, CEO of Delta Air Lines, said last week that he does not intend to pay customs duties on the Airbus aircraft he expects this year.

THE Department of Agriculture Regional Field Office 2 (DA-RFO2) recently inaugurated a P2.7-million protective cultivation facility under the department's National Urban and Peri-Urban Agriculture Program (Nupap). The facility, dubbed as the Protective Cultivation Project, is located at the Isabela Livelihood and Skills Training and Assessment Center in Samonte in Quezon, Isabela. Ferdinand Cortez of the DA-RFO2 Regional Agriculture and Fisheries Information Section (Rafis) said Nupap seeks to "improve the food supply in communities to ensure citizens' equitable access to healthy food, particularly in urban and peri-urban areas." Aligned with the Nupap's core objective, Cortez noted that the protective cultivation facility includes a greenhouse with hydroponics, nursery, mushroom growing house, and poultry house to improve food security, create livelihood, and promote healthy nutrition. Nupap Focal Person Carol Albay said that she was inspired by neighboring Southeast Asian countries in her advocacy to move forward the Philippines' self-sufficiency in food production through sustainable farming practices. "The department shall further invest its budget in building greenhouse infrastructures just like the current model farm, in line with the promotion of urban agriculture technologies," Albay said. She also mentioned the education sector's crucial role in promoting agriculture among the youth. "We will collaborate with state universities at the university level so that our college students can value agriculture investments. And of course, we will also continue our partnership with the Department of Education," Albay added. For her part, Research and Development, Extension and Training Director Janet Cunanan reminded the members of the educational sector who were present during the inauguration of the Protective Cultivation Project that they should all work together to hone the skills of students in agriculture. "Isabela State University conducts risk assessment to farmers and offers technological solutions and advice as needed. Through this, they can help the local farmers in coping with the challenges of climate," Cunanan said. Noemi Valdez of Agricultural Training Institute – Region 2 Training Center said their organization sends scholars who are descendants of farmers to Taiwan, Japan and Israel to undergo agricultural training. Through Albay, DA-RFO2 Executive Director Rose Mary Aquino also extended her message to the attendees of the event wherein she emphasized sustainability in agriculture. In her message, Aquino said that the project is not just an infrastructure but a concrete step towards a more stable, sustainable and abundant agricultural sector. She added that through innovative and environment-friendly technologies, farming will be more efficient while protecting natural resources. Cortez said the Quezon local government is the main beneficiary of the initiative. "Through this strategic partnership, the DA seeks to highlight the importance of reaching out to various communities to ensure food sufficiency and economic development as forwarded by agriculture," he added. Municipal Agriculturist Roger Ocampo thanked the DA for its continuous support in advancing the agricultural sector in the province, referring to projects that have been established in the areas since the 2010s. He said the greenhouse has solar-powered systems with advanced drip irrigation technology, and various hydroponic methods that are integrated within the structure's systems including nutrient film technique or NFT, a-frame hydroponics, thick bed, and grow-out systems. "These facilities are currently cultivating high-value crops such as Japanese melons, honeydew, lettuce and many other plants which are crucial in enhancing the region's agricultural system," Ocampo said. Cortez said that more than P400,000 worth of assistance were also handed over to Quezon local government including 10 kilograms (kg) of assorted vegetable seeds, 50 pieces fruit-bearing trees, 50 bags of fertilizers, 112.5 kg of potting mix, 150 pieces of seedling tray, 50 pieces of plastic crate, 10 units of plastic drum, two wheelbarrows, two soil augers, and two mini tilling machines.

THE Department of Agriculture–Agricultural Training Institute (DA-ATI), in partnership with the Southeast Asian Regional Center for Graduate Study and Research in Agriculture (Searca), recently launched the project titled "Evaluation of the Rice Competitiveness Enhancement Fund-Rice Extension Services Program (RCEF-RESP) 2019-2024" to evaluate farmers' gains under the RCEF-RESP. DA-ATI is responsible for the RESP to upgrade rice farmers' knowledge, attitudes and skills; increase access to modern, science-based farming techniques, knowledge and technology transfer; and offer training opportunities through scholarships. After five years of program implementation, DA-ATI and Searca through its Emerging Innovation for Growth Department (EIGD) have begun evaluating RESP's outcomes to determine whether it is meeting its targets and development objectives. According to Searca, the initiative that formally kicked off during an inception meeting last March brought together the technical working group (TWG), the Searca project team, and representatives from DA-ATI, the Philippine Rice Research Institute (PhilRice), Philippine Center for Postharvest Development and Mechanization (PhilMech), Bureau of Plant Industry (BPI), and Technical Education and Skills Development Authority (Tesda). Searca said the meeting aligned expectations, discussed project objectives, and finalized the technical approach and also addressed initial concerns and clarified the evaluation methodology for seamless project implementation. Ernesto Brown, Searca project team leader, led the discussions on the evaluation scope and data collection methods to ensure a shared understanding of the project's goals and processes. Searca said its involvement in the evaluation project underscores its commitment to supporting evidence-based decision-making for sustainable agricultural and rural development in the Philippines and across Southeast Asia.

THE Philippine Society of Agricultural and Biosystems Engineers (Psabe) will hold its annual convention on April 20 to 25, 2025, at Grand Xing Imperial Hotel, Iloilo City, highlighted by plenary sessions on global trends in agricultural and biosystems engineering. The convention is held simultaneously with the celebration of the Philippine Agricultural Engineering Week, and the International ABE Conference and Exhibition. Dr. Muhammad Hazwan Hamzah, senior lecturer, from the Department of Biological and Agricultural Engineering, Univirsiti Putri Malaysia, will discuss technological innovations in food and agricultural processing. Dr. Mauel Garcia-Perez, department head of Biological Systems Engineering of Washington State University in the United States, will speak on opportunities and roles of agricultural engineers in sustainable fuel development and production. Another topic that centers on the application of sensors in agriculture will be discussed by Dr. Colin Campbell, vice president for Research, Development, Engineering and Software of the Meter Group based in Pullman, Washington in the US. Roshnah Shamsudin, president of the Malaysian Society of Agricultural and Food Engineers, will highlight his work on the extraction of antioxidants from agricultural bi-products. "Likewise, breakout sessions will feature local strategies for agricultural and renewable resource management, and sustainable systems for food, water and energy security," Psabe said in a statement. Participants to the annual convention can also earn credits for their continuing professional development.

LAOAG CITY — The province of Ilocos Norte is set to construct more small water impounding dams, as well as farm reservoirs and solar-powered irrigation systems, to cushion the effects of climate change, especially on farmers. A P305-million People's Survival Fund (PSF) from the Climate Change Commission will be utilized for the project, dubbed Ilocos Norte Climate Resilient Intervention Towards Sustainable Agriculture and Natural Resource Management, according to an interview Tuesday with Hashler Garalde, provincial government's focal person for social and environmental safeguards. For the first time, Ilocos Norte has secured a grant from the PSF, which aims to enhance people's resilience in dealing with floods and other environmental challenges. The project, to be implemented starting this year, is in collaboration with state-run Mariano Marcos State University (MMSU), several local government units, Department of Environment and Natural Resources and farmers' groups. "The project is composed of four components to be implemented in five years. The first component is the establishment of a Small Water Impounding Project (SWIP), 30 small farm reservoirs and six solar-powered irrigation projects," Garalde said. The second component includes the improvement of the soil laboratory of the MMSU, aiming to develop a soil information system that will improve productivity, sustainability and resilience of key cropping systems through soil health management. Garalde said this project will support farmers and various stakeholders in managing soil for sustainable agricultural production. An organic fertilizer production facility, agro-forestry and a tree nursery project will be established under component 3. Component 4 will include site development, construction and acquisition of materials and equipment for the Climate Field School, deployment of 50 automated weather station and field sensors, and the development of wave applications and a weather database. Established under Republic Act 10174 in 2012, the PSF had an initial capitalization of P1 billion to finance adaptation programs and projects of local government units and accredited local and community organizations.

SEOUL — South Korea's finance minister Choi Sang-mok will meet US counterpart Scott Bessent to discuss trade issues, Seoul said Wednesday, as the semiconductor and auto export powerhouse seeks to avoid steep new tariffs. The country is a major exporter to the United States and chipmakers such as Samsung Electronics and car producers Hyundai and subsidy Kia would suffer from President Donald Trump's threatened 25 percent levies. Concerns about the chip sector specifically have hammered the Seoul-listed shares of Samsung, the world's largest memory chip maker, and largest memory chip supplier SK Hynix. "The US Treasury Department has proposed holding a meeting on trade issues between Treasury Secretary Scott Bessent and Deputy Prime Minister Choi during his visit to the United States next week," a finance ministry spokesperson said in a statement Wednesday. "Specific participants and scheduling details are currently being coordinated," he added. The finance minister said on Tuesday that his priority was to delay the tariffs "as much as possible" while South Korea prepares. "The current priority is to use negotiations with the United States to delay the imposition of reciprocal tariffs as much as possible and to minimise uncertainty for Korean companies operating not only in the US but also in global markets," Choi said at a National Assembly plenary session. Choi added that the "immediate focus" should be on "initiating ministerial-level talks (to) lay the groundwork for formal negotiations," for the next government. South Korea has been effectively leaderless since ex-president Yoon Suk Yeol was impeached by lawmakers in December and finally removed from office earlier this month. Trump last week spoke to South Korean Prime Minister Han Duck-soo, who has been acting as president since Yoon was removed from office for attempting to subvert civilian rule.

BEIJING — China on Wednesday said its economy grew a forecast-beating 5.4 percent in the first quarter as exporters rushed to get goods out of factory gates ahead of swingeing new US tariffs. Beijing and Washington are locked in a fast-moving, high-stakes game of brinkmanship since US President Donald Trump launched a global tariff assault that has particularly targeted Chinese imports. Tit-for-tat exchanges have seen US levies imposed on China rise to 145 percent, and Beijing setting a retaliatory 125 percent toll on US imports. Official data Wednesday offered a first glimpse into how those trade war fears are affecting the Asian giant's fragile recovery, which was already feeling the pressure of persistently low consumption and a property market debt crisis. Beijing's National Bureau of Statistics (NBS) said that "according to preliminary estimates, the gross domestic product in the first quarter... (was) up by 5.4 percent year on year at constant prices". That was above the 5.1 percent predicted by analysts polled by AFP ahead of the data release. Retail sales, a key gauge of consumer demand, climbed 4.6 percent year-on-year, the NBS said, while industrial output soared 6.5 percent in the first quarter of the year, up from 5.7 percent in the final three months of 2024. But Beijing warned the global economic environment was becoming more "complex and severe" and that more was needed to boost growth and consumption. "The foundation for sustained economic recovery and growth is yet to be consolidated," the NBS said, adding there was a need for "more proactive and effective macro policies". Figures released Monday showed Beijing's exports soared more than 12 percent on-year in March, smashing expectations, with analysts attributing it to a "frontloading" of orders ahead of Trump's so-called "Liberation Day" tariffs on April 2. Trump said this week that the "ball is in China's court" when it comes to drawing down those eye-watering tariffs. China's economy, the world's second-largest, was already struggling to rebound from a pandemic-induced slowdown, with the double-digit growth that fuelled its rise now a distant memory. Beijing in 2024 announced a string of aggressive measures to reignite the economy, including interest rate cuts, cancelling restrictions on homebuying, hiking the debt ceiling for local governments and bolstering support for financial markets. But after a blistering market rally last year fuelled by hopes for a long-awaited "bazooka stimulus", optimism waned as authorities refrained from providing a specific figure for the bailout or fleshing out any of the pledges. China's top leaders last month set an ambitious annual growth target of around five percent, vowing to make domestic demand its main economic driver. Many economists consider that goal to be ambitious given the problems facing the economy.

Starbucks is imposing new limits on what its baristas can wear under their green aprons. Starting May 12, employees will be required to wear a solid black shirt and khaki, black or blue denim bottoms. Shirts can be short- or long-sleeved and collared or collarless, the company said in a memo released Monday. Starbucks will give each employee two free T-shirts. Starbucks said the new dress code will make its green aprons stand out and create a sense of familiarity for customers. It comes as the company is trying to reestablish a warmer, more welcoming experience in its store. "By updating our dress code, we can deliver a more consistent coffeehouse experience that will also bring simpler and clearer guidance to our partners, which means they can focus on what matters most, crafting great beverages and fostering connections with customers," the company said in a post on its website. But some workers protested the move. Starbucks Workers United, a labor group that has unionized workers at more than 550 of Starbucks' 10,000 company-owned US stores, said it told the company last week that it has already negotiated a tentative dress code agreement during bargaining sessions with the company. The union said it opposes any changes to the dress code until bargaining concludes and a labor agreement is reached. Jasmine Leli, a Starbucks barista and union bargaining delegate, said the company should be focusing on things that improve store operations, like appropriately staffing stores and giving workers a guaranteed number of hours. "Instead of addressing the most pressing issues baristas have been raising for years, Starbucks is prioritizing a limiting dress code that won't improve the company's operation," Leli said in a statement provided by the union. "They're forcing baristas to pay for new clothes when we're struggling as it is on Starbucks wages and without guaranteed hours." The new guidance comes nearly a decade after Starbucks loosened its dress code to give employees more opportunity for self-expression. In 2016, the company expanded the color of shirts employees could wear, adding gray, navy, dark denim and brown to the previous guidance of black or white. It also allowed patterned shirts in those colors. In 2019, the company tweaked the dress code again, allowing one facial piercing as long as it was no larger than a dime. The new dress code still allows one facial piercing.

THE Philippines remains one of the region's more resilient economies, the Asean+3 Macroeconomic Research Office (AMRO) said on Tuesday, but growth could again fall below target this year given mounting global trade tensions. "In our various scenarios of tariff actions, as per the Liberation Day and Pause scenarios, growth in the PH will be negatively affected and likely will fall below 6.0 percent," AMRO group head and principal economist Allen Ng said in a briefing on Tuesday. Ng was referring to reciprocal tariffs against trading partners unveiled by US President Donald Trump last April 2, which he called "Liberation Day," and a subsequent pause — a 90-day reprieve — announced a week later as global markets tanked. The Philippines was hit with a 17-percent duty, lower than neighboring countries that were slapped with particularly high rates such as Vietnam (46 percent), Indonesia (32 percent), Thailand (36 percent), and Cambodia (49 percent). Officials have said that this could help boost exports, and have also claimed that the overall impact would be limited as the economy is mostly driven by domestic consumption. Ng echoed this, saying "the Philippines economy is one of the more resilient economies in the region given its relatively lower exposures to the tariffs and continued robust domestic demand." AMRO chief economist Hoe Ee Khor also said the Philippines would be less affected by rising tariffs compared to other Asean economies given its status as a service-oriented economy. "The manufacturing sector is less important, but it's a much smaller share of the economy compared to the other Asean countries. So because of that, I think the tariff impact on the Philippines will be much lower," Khor said. He said that the country's strong services sector, particularly business process and knowledge process outsourcing, would help cushion the impact. "We think that the Philippine economy generally will emerge from this tariff war quite well," Khor said. AMRO is keeping a baseline forecast of 6.3 percent growth for the country this year, but warned that this was finalized before key global developments earlier this month. It also expects growth to remain unchanged in 2026. "Given the fluidity of the situation, we will be updating our baseline in the coming months," Ng said. The projections fall within the government's 6.0- to 8.0-percent target for 2025 to 2028. If realized this year, it would be a rebound from two straight years of below-target growth in 2024 (5.5 percent) and 2023 (5.7 percent). Ng said that the Philippines had the potential to significantly boost long-term economic growth if it focused on productivity-enhancing reforms and adopted new technologies. "I think it's a similar diagnosis for long-term growth for the Philippines as with the rest of the region, especially in the middle-stage economies," he said. "The Philippines, we are categorizing it as a middle-stage economy. One of the key factors that could actually improve the Philippines' potential growth is actually productivity," he added. He noted the rapid pace of technological advancement and urged the country to explore how the changes could be harnessed to transform the economy. "For example, in the services sector, how can we use technology to actually upgrade services ... to create more value-added ... higher-paying jobs, and so on, and not just in services but also in agriculture and so on and so forth?," Ng said. "I think those would be key things to improve potential growth for the Philippines."

WASHINGTON — The United States opened the door on Monday to tariffs targeting high-end technology and pharmaceuticals, feeding the uncertainty gripping the global economy in a trade war that Chinese leader Xi Jinping warned can have "no winner." After weeks of indications such a move was coming, the US commerce secretary formally announced "national security" investigations into pharmaceutical imports, and another on semiconductors and chip-making equipment. The specter of a broadening tariffs onslaught came as Treasury Secretary Scott Bessent touted momentum in talks with individual countries on reaching trade deals — but with little detail offered. On China, he said "there's a big deal to be done" but was notably vague about the timing or chances of it happening. Talks have begun with Vietnam and were to start with Japan on Wednesday, then South Korea next week, Bessent told Bloomberg TV. Investors were relieved at the apparent easing of pressure in President Donald Trump's wide-ranging but often chaotic attempt to reorder the world economy by using tariffs to force manufacturers to relocate to the United States. Wall Street stocks finished solidly higher on Monday as markets greeted more conciliatory signs from the Trump administration on exemptions for key electronics. Asian and European markets were also boosted. Trump remains firm that the tariffs will bring critical manufacturing back, with White House spokesman Kush Desai telling AFP Monday that "the entire administration is committed to working on Trump Time" — apparently referring to moving quickly — on the matter. Tit-for-tat exchanges have seen US levies imposed on China this year rise to 145 percent, and Beijing setting a retaliatory 125 percent barrier on US imports. Late Friday, US officials announced exemptions from the latest duties against China and others for a range of high-end tech goods such as smartphones, semiconductors and computers. But Trump suggested Sunday that the exemption would be only temporary and that he still planned to put barriers up on imported semiconductors and much else. In response, South Korea — a major exporter to the United States and home to the world's largest memory chip maker Samsung — announced on Tuesday plans to invest an additional $4.9 billion in its semiconductor industry. The South Korean finance ministry said "growing uncertainty" over US tariffs had left the country's powerful industry clamoring for support. On Monday, Trump once again pivoted to suggesting possible compromise, saying in remarks at the White House that he was "very flexible" and "looking at something to help some of the car companies" hit by his 25-percent tariff on all auto imports. "I don't want to hurt anybody," he said. China's Xi, who kicked off a Southeast Asia tour with a visit to Vietnam, warned Monday that protectionism "will lead nowhere" and a trade war would "produce no winner." Short-lived relief? Trump initially unveiled huge tariffs on countries around the world on April 2. He then made an about-face a week later when he said only China would face the heaviest duties, while other countries got a global 10-percent tariff for a 90-day period. The trade war is raising fears of an economic downturn as the dollar tumbles and investors dump US government bonds, normally considered a safe haven investment. And the latest wrangling over high-tech products — an area where China and other East Asian countries are key — illustrates the uncertainty plaguing investors. Washington's temporary exemptions will benefit US tech companies such as Nvidia and Apple, which makes iPhones and other premium products in China. But any relief could be temporary. The US president said he would announce tariffs rates for semiconductors "over the next week," and Commerce Secretary Howard Lutnick said they would likely be in place "in a month or two." Negotiations The White House says Trump remains optimistic about securing a trade deal with China, although administration officials have made it clear they expect Beijing to reach out first. And EU trade chief Maros Sefcovic said "the EU remains constructive and ready for a fair deal" after meeting with Lutnick and US trade envoy Jamieson Greer in Washington. Sefcovic said this deal could include reciprocity through a "zero-for-zero" tariff offer on industrial goods, but added in a social media post that "achieving this will require a significant joint effort on both sides." The Trump administration also says that dozens of countries have already opened trade negotiations to secure deals before the 90-day pause ends. Japanese Economic Revitalization Minister Ryosei Akazawa will visit Washington for negotiations this week, with his country's automakers hit by Trump's 25 percent tariff on the auto sector.

MONEY sent home by overseas Filipino workers (OFWs) hit a nine-month low in February this year, data from the Bangko Sentral ng Pilipinas (BSP) showed on Tuesday. At $3.02 billion, personal remittances for the month fell from $3.24 billion in January. It was slightly higher than the $2.95 billion recorded in the same month last year, but was also the lowest since May 2024's $2.88 billion. Year to date, remittances rose to $6.27 billion, up 2.7 percent from the $6.10 billion recorded in January-February 2024. Of the February result, money sent home via banks totaled $2.72 billion, 2.7 percent more than the $2.65 billion posted in February 2024 but lower than January's $2.92 billion. The US continued to account for the biggest share of overall remittances at 40.9 percent, followed by Singapore at 7.6 percent; Saudi Arabia, 6.0 percent; Japan, 5.2 percent; and the United Kingdom, 4.8 percent. Rounding out the top 10 were the United Arab Emirates (4.0 percent), Canada (3.2 percent), Taiwan (2.9 percent), Qatar (2.8 percent), and Hong Kong (2.6 percent). Sought for comment, Philippine Institute for Development Studies Senior Research Fellow John Paolo Rivera said the decline was due to the usual slowdown after the holiday season and "Slower global growth and labor market adjustments in key host economies might have also tempered remittance flows," he added. "Moving forward, remittances are likely to remain resilient, supported by stable overseas employment and the continued demand for OFWs. However, geopolitical risks, currency volatility, and potential slowdowns in advanced economies may keep growth moderate in the coming months."