After FATF grey list exit, focus shifts to Afasa By Andrea E. San Juan
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OLLOWING the country’s exit from the Financial Action Task Force’s (FATF) grey list, the European Chamber of Commerce of the Philippines (ECCP) is urging the Philippines to “effectively implement” measures in place that would strengthen “integrity” of financial accounts and combat financial account scamming. “The Chamber reiterates its support for the effective implementation of Anti-Financial Account Scamming Act [Afasa], which will further empower financial institutions to protect client accounts and combat financial account scamming,” ECCP said in
EDSA@39: PEOPLE POWER LIVES ON Quezon City Mayor Josefina “Joy” Belmonte leads the 39th
anniversary commemoration of the EDSA People Power Revolution at the EDSA People Power Monument in Quezon City on February 25, 2025. The event, themed “EDSA@39: Sama-samang Pagsulong, Lakas ng Bayan,” highlights the enduring legacy of unity and democracy that led to the peaceful uprising in 1986. Amid present-day challenges, leaders and citizens reaffirm the spirit of People Power as a beacon of national resilience. NONOY LACZA
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a statement on Tuesday. The European business group said the passage of Afasa signifies the government’s proactive approach to addressing financial crimes and ensuring a “secure” financial environment. The business chamber said it remains “committed to working with the government and private sector to further strengthen the Philippines’ [Anti-Money Laundering and Counter-Terrorism Financing] AML/CTF regime.” Afasa was passed in July 2024. The European business chamber said this measure “strengthens” the integrity of financial accounts and the overall financial system. This came on the heels of an announcement by FATF, the Paris-based
global financial watchdog, that the country has been delisted after a plenary session last Friday, citing the Philippines’s completion of its action plan within the agreed timeframe. Since June 2021, the Philippines has been put under the FATF’s grey list for increased monitoring. The list identifies countries with strategic deficiencies in their regimes for countering money laundering, terrorist financing and proliferation financing but are actively working with the FATF to address their deficiencies. (See: https://businessmirror.com. ph/2025/02/22/phl-exits-fatfsdirty-money-grey-list/) With the Philippines’s delisting, the European business group
said this will “no doubt improve the overall investment climate and enhance investor confidence, further creating sustainable economic growth in the country.” “The ECCP believes that the Philippines’ exit from the FAFT grey list will significantly enhance its attractiveness as a prime destination for local and foreign investments, fostering a more stable and secure business climate,” the business group noted. ECCP is a bilateral foreign chamber that promotes European interests in the Philippines and vice versa. It has over 830 members. The chamber has been involved in initiatives that promote a “more competitive” environment for EuropeanPhilippine trade and investments.
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A broader look at today’s business
Wednesday, February 26, 2025 Vol. 20 No. 137
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Busway line stations to be upgraded first–DOTr
By Reine Juvierre S. Alberto @reine_alberto
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HE Bangko Sentral ng Pilipinas (BSP) could “let the US Federal Reserve (Fed) go” and tolerate a weaker peso to pump up the economy by increasing exports, manufacturing and investment inflows and attracting more tourists, according to economists from HSBC Global Research. In a commentary, HSBC Global FX Strategist Lenny Jin said electronics exports are deteriorating while manufacturing capacity signals a “gloomy outlook” for electronics. Services exports have also plateaued as tourism exports failed to sustain above pre-Covid-19 levels. HSBC Economist Aris Dacanay said a weaker peso can increase the economy’s trade competitiveness, by making the Philippines’s exports cheaper to importers and helping manufacturers expand their markets abroad. The country’s services exports will also be boosted, which, Dacanay said is “an opportunity the archipelago does not want to miss.” Such progress can be made by allowing the BSP’s policy rate differential with the Fed to narrow to 50 to 75 basis points (bps), according to Dacanay. The BSP mirrored the Fed’s decision in its monetary policy stance during its last rate-setting meeting, unexpectedly holding key policy rates steady. HSBC expects the central bank See “Experts:,” A2
By Lorenz S. Marasigan
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A BISHOP’S PLEDGE: FOR GOD AND COUNTRY Balanga, Bataan Bishop-elect Rufino C. Sescon Jr. lies prostrate before the altar as Lingayen-Dagupan Archbishop Socrates B. Villegas leads
the ordination rites at the Manila Cathedral on February 25, 2025. In his acknowledgment speech, Sescon underscored the deep connection between faith and patriotism, declaring, “Ang Maka-Diyos ay dapat Makabayan.” His ordination comes amid growing discussions on the Church’s role in national affairs. Story in A12, ‘Lessons of Edsa can’t be forgotten–Sescon’ BERNARD TESTA
HE government is delaying the privatization of the Edsa Busway system as it prioritizes upgrading the line’s stations before turning over its operations and maintenance to a private entity. Transportation Secretary Vince Dizon said the Department of Transportation (DOTr) will first bid out contracts for the improvement of the existing stations, with construction expected to begin in the second half of the year. “What we’re going to do, we’re going to start the process of bidding out for the improvement of the stations for this year. There’s a budget allocated for that and we will use the model station of SM North Edsa and SM Megamall and replicate those in all 21 remaining stations,” he said. Dizon targets to complete the terms soon and start the auction in May. “By June, hopefully we can award and construction can start in the second half of the year,” he said. “And hopefully sometime next year—I’m going to push them the timeline as fast as we can—hopefully between February and March busway stations have been improved.” In addition to the station improvements, the government plans to build dedicated concourses to enhance passenger flow and accessibility, particularly near MRT stations like Santolan. See “Busway,” A2
FORBES TRAVEL GUIDE FETES 4 MLA HOTELS By Ma. Stella F. Arnaldo Special to the BusinessMirror
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OURTEEN hotels and other tourism-related establishments in Manila made the prestigious 2025 Forbes Travel Guide (FTG) Star Award Winners. Three of the hotels that received a five-star rating from FTG are located in Parañaque City: Okada Manila, Nüwa Manila at the City of Dreams Manila, and Skytower at Solaire Resort Entertainment City. The Peninsula Manila in Makati City, also received a fivestar rating from FTG. Wellness centers and spas which likewise received a five-star rating included Nüwa Spa at the City of
Dreams Manila and the Retreat Spa at Okada Manila. Properties which received a four-star rating were: Fairmont Makati, Hyatt Regency City of Dreams Manila, Marco Polo Ortigas Manila in Pasig City, Nobu Hotel at the City of Dreams Manila, Raffles Makati, and Shangri-La at the Fort in Bonifacio Global City in Taguig City. Conrad Manila in Pasay City and the Makati Shangri-La Manila both received a “recommended” rating. Details of the results of the FTG inspectors available here: https://tinyurl.com/u6hp72d7
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LAST year, 14 properties made
the list; missing this year was the Sofitel Philippines Plaza, which was closed on June 30, 2024. (See, “Sofitel owner wants 25 years more on its lease with GSIS,” in the BusinessMirror, May 10, 2024.) Fairmont Makati joined this year’s list of rated properties. In a news statement celebrating their win, City of Dreams Manila Property President Geoff Andres said, “We are deeply honored by these recognitions from the prestigious Forbes Travel Guide, marking another milestone in our journey as we celebrate our 10th year of delivering exemplary service. These awards, made possible by our hardworking and passionate See “Forbes,” A2
NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S) Notice is hereby given that the following companies/Employers have filed with this Regional Office application/s for Alien Employment Permit/s: ESTABLISHMENT / ADDRESS No.
NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION
QUALIFICATION AND SALARY RANGE
CGI IT UK LIMITED INC. 2nd Floor One World Square Bldg., Mckinley Hill, Pinagsama, City Of Taguig
RODRIGUES TEIXEIRA, DIEGO Multilingual Service Desk Member 1.
Brief Job Description: Assisting management with development of training plans for new and existing members.
Basic Qualification: Proficient in written and verbal communication in English language. Excellent knowledge in Portuguese language. Proficient in computer and with good technical skills. Salary Range: Php 60,000 - Php 89,999
See “dole ncr” on A7
PESO EXCHANGE RATES n US 57.8630 n JAPAN 0.3865 n UK 73.0578 n HK 7.4423 n CHINA 7.9849 n SINGAPORE 43.2426 n AUSTRALIA 36.7314 n EU 60.5768 n KOREA 0.0405 n SAUDI ARABIA 15.4310 Source: BSP (February 25, 2025)