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MoreFIVE VPLOCAL intel HOLIDAYS IN OCT. fund recipients NEWS / A3 lack birth records
ISRAEL CONTINUES TO POUND HEZBOLLAH NEARLY two-thirds of individuals listed By Rio N. Araja
as recipients of P500 million in confi/ A6 of the Vice dential funds WORLD from the Office President (OVP) have no birth records, fueling suspicions that they may all be fictitious, much like “Mary Grace Piattos.” The Philippine Statistics Authority, tasked by the House committee on good
VOL. XXXVIII • NO. 227• 3 SECTIONS 16 PAGES • P20 •MONDAY, SEPTEMBER 30, 2024 •
PNP resurrecting probe INSIDE into PCSO official's slay Next page
AN 8-PAGE MS BUSINESS YEAR-END SPECIAL ISSUE: FILIPINOS STAY RESILIENT DESPITE 2024 CHALLENGES D1
MONDAY, DECEMBER
BUSINESS YEAR-END
SPECIAL
ISSUE
16, 2024
0@gmail.com extrastory200 CRUZ, Editor T. DELA RODERICK Asst. Editor S. FLORES, ALENA MAE
t ain resilien Filipinos remllenging 2024 despite cha
BUSINESS PSE bullish on 2025 IPOs, eyes P120b in new capital YEAR-END SPECIAL ISSUE
By Jenniffer B. Austria
—“—
T
HE Philippine Stock
reforms Exchange (PSE) and ongoing and investing last two years, business expects a significant to support S&P said in its report, rebound in capital-raising may be raised conditions,” the ratings rapid adding that achieves more activity in 2025, with an “if the government estimated target of P120 Management fiscal consolidation.” of Budget and expressed Department billion, representing a Pangandaman rating Secretary Amenahcan achieve an ‘A’ remained 51-percent increase from “we ILIPINOS confidence rating agencies.” Secretary the P79 billion expected to for all credit resilient despitethat of Finance optimistic is Department be raised this year. meanwhile, the challengeslocally Ralph Recto, Philippines’ economic both recent about the 2025, fueled by the PSE president and chief executive defined 2024, in laws in recent prospects Ramon Monzon expressed optimism and globally. of several MORE and enactment about the market’s recovery, especially trends, as the CREATE for events, months, such Refund Mechanism Philippine following a slower year in 2024. Major shaped the are Act, the VAT Monzon said that while 2024 saw and the Amendments developments year, and they this Filipino Foreign Tourists, Tariffication Act. a lukewarm IPO market, 2025 is economy continue affectingnext year. the Philippines to the Agricultural expected to time that around the and householdsand interest “It is high businesses with countriesimplemented inflation up and catches From elevated market volatility have long global system. This world that rates to stock fluctuation to that VAT refund to encourage a standard aims foreign exchange in our THE Organisation for Economic Coextreme temperatures strategic initiative to spend moredomestic conflicts and prices, challenges operation and Development (OECD) our foreign tourists Philippines shook commodity stimulating tourism recommended shortening the approval to keep the country, were aplenty its goals this year. With increased revenues process for initial public offerings higher economy. have from achieving hurdles, the economy will (IPOs) and strictly enforcing existing we this more jobs, robust, with spending, Despite these resilience we can create corporate governance policies to bolmarket is also3.9 percent as remarkable to collect and and accelerate economic ster investor confidence in the PhilipEconomic The labor has shown rate at to National (NEDA) of 2 percent raise incomes, said. the unemployment year, according Authority target range has a pine capital market. its 2024. gross growth,” Recto the Philippines government’s the year. of October Commissioned by the Securities and and Development Balisacan. The Ratings upgraded said for to stay upper middle- Exchange Commission (SEC) in 2023, Balisacan labor market S&P Global Philippines to positive to 4 percent expected Secretary Arsenio grew 5.8 percent of attaining the 2025. inflow and the 6-percent the product of 2024, good chance (UMIC) status by With inflation the target range, the OECD conducted a detailed asremittance outlook on reflecting the economy’s that domestic the within target three quarters due income countrythis status will require sessment of the Philippine capital marfueling confidence comfortably ng Pilipinas (BSP) reduced from stable, growth potential and in the first prolonged dry season updated growth points target this ket and made key recommendations strong the “Attaining to 6.5-percent reach. Bangko Sentrala cumulative 50 basis above-average our growth surviving of by improvements. to boost and the consecutive that we achieve maintain our growthto improve the market framework for remains within the Philippine economy policy rates significant to El Niño the strengthening we reserve requirements spending, La Niña. “We expect during the last quarter, year, that “We believe institutional settings, and our currencysustainable economic growth. and cut the in private typhoons amid these disruptions, in 2025, back relative spur growth consumer items holiday us as one trajectory to bounce to a significant liquidity to the country’s increase in “Notwithstanding significantly on big-ticket capital-intensive contributed in credit rate still positions will not weaken of our major trading given the anticipated disaster recovery particularly which had in the sovereign’s economies in our growth will continued a robust labor to the currencies spending, and investments enhancement the past decade, by to our people’s of the fastest-growing he said. inflation, and Budget the a testament partners,” efforts, low infrastructure. is expected to support metrics over demonstrated the Asia. It is and dedication and our the Development (DBCC), This is in by This move market,” recovery continue. making borrowing hard work Committee implemented economic growth by businesses and Coordination challenging economic the strong of the government’s for sound policies despite such which is composed said. more affordable said. government from managers, Balisacan about the economic consumers. 3.2 percent the conditions,” optimistic Inflation averaged 2024, within NEDA is economic performance, November stable January to fourth-quarter spending, more robust with holiday prices, and a commodity
Next year, I think we can do about P120 billion. This year, we only have three initial public offerings, and these are small ones.
F
E1
MONDAY, DECEMBER 16, 2024
extrastory2000@gmail.com RODERICK T. DELA CRUZ, Editor ALENA MAE S. FLORES, Asst. Editor
expected to see a surge in capitalraising activities. “Next year, I think we can do about P120 billion. This year, we only have three initial public offerings [IPOs], and these are small ones. But we also had big preferred and follow-on offerings,” Monzon said. The P120-billion target for 2025 will include a mix of IPOs, follow-on offerings, stock rights offerings and private placements, he said. Monzon noted that despite the slow IPO market this year, the exchange saw large offerings in the preferred shares and follow-on categories, which contributed to the overall capital-raising activity. This year, three companies went public—OceanaGold Philippines Inc., renewable energy firm Citicore Renewable Energy Corp. and NexGen Energy Corp. The PSE also saw some delays, with Top Line Business Development Corp., a Cebu-based fuel retailer, postponing its planned P3.2-billion IPO due to volatile market conditions. The company now aims to launch its IPO in the first quarter of 2025. Among the big companies expected to go public next year are Philippine e-wallet GCash, which is looking to potentially raise $1 billion to $1.5 billion, Maynilad Water Services Inc. and integrated resort Okada Manila. Other highly anticipated companies that deferred their public listing plans include the real estate investment trust of SM Prime Holdings Inc. and Razonled Prime Infrastructure Capital Inc. With capital raising expected to pick up next year, Monzon remains confident that the PSE will continue to play a pivotal role in supporting economic growth by providing companies with access to essential funding and offering investors more opportunities in the market.
Speaker grateful for PMA Class '83 vote of confidence in Quad Comm PSE president and chief executive Ramon Monzon
OECD: Shorter IPO process to boost capital market Among the main recommendations, the OECD emphasized strengthening the enforcement of current corporate governance policies to ensure transparency and accountability within companies. It also advocated for a shorter approval process for IPOs, arguing that it would provide companies with more certainty and encourage them to go public. The OECD highlighted the potential of around 400 private enterprises, including state-owned enterprises, to go public if the SEC and the Philippine Stock Exchange (PSE) work together to streamline the listing process.
Carmine Di Noia, OECD director for financial and enterprise affairs, expressed optimism about the Philippine economy’s momentum and the government’s willingness to address areas for improvement. The OECD’s review involved gathering input from various market stakeholders, including government officials, industry groups, investors, and securities exchanges. The goal was to provide an objective and informed perspective on the Philippine capital market. The OECD also cited the need to
deepen the investor base by relaxing certain measures for institutional investors to increase their market participation. SEC chairman Emilio Aquino welcomed the OECD’s findings, saying the report aligns with the SEC’s priorities to bring the Philippine capital market at par with Asian peers. The OECD’s key recommendations include strengthening corporate governance enforcement, particularly through the publication of corporate governance reports to ensure transparency and accountability. Jenniffer B. Austria
By Rio N. Araja
SECTIONS D & E
T
HE Philippine National Police (PNP) is reopening its investigation into the 2020 murder of Philippine Charity Sweepstakes Office (PCSO) board secretary Wesley Barayuga.
On Sunday, PNP Chief Police General Rommel Francisco Marbil said he ordered the reopening of the cold case after whistleblower Police Lt. Col. Santie Mendoza told the House Quad Committee that he helped carry out the killing at the behest of ex-PCSO general manager Royina Garma. Mendoza narrated before congressmen how Garma allegedly facilitated the PCSO official’s roadside assassination on July 30, 2020 by providing the necessary information about his schedule, details about his vehicle and the funding necessary to carry it out. The whistleblower also implicated By Ralph Harvey Rirao incumbent National Police Comand RioEdilberto N. Araja missioner Leonardo in the planning of the murder. EDUCATION Secretary Sonnypolice Angara Barayuga was a retired said he received assurance from Presigeneral and lawyer who supposedly dent Marcos the reduction in the Dethreatened tothat expose corruption withof Education’s (DepEd) 2025 inpartment the PCSO shortly before he was budget would be addressed. City. shot dead in Mandaluyong This came after the Garma, herself an Bicameral ex-police ConLt. ference Committee lower alColonel, allegedlyapproved gained athe top location forPCSO the agency, citingofinefficienspot at the because her inNext page cies in its past spending. “In past years, Congress has always approved a higher budget than what the President requested. For whatever reason, this will not be the case in 2025. Fortunately, the President himself told us that he will remedy the matter,” Angara said in a statement on Sunday. The education secretary was not specific on what Mr. Marcos promised to do to compensate for the diminished funding. A budget of P748.6 billion was initially proposed for DepEd, but it was cut down to P737 billion in the reconciled General Appropriations Bill (GAB) following the Bicameral deliberations concluded last week. “After all the promises and nice words, sadly Congress cut the President’s
Angara hopeful for restoration of DepEd's 2025 budget
DOTr’s Bautista says online news report‘unfounded'
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VOL. XXXVIII • NO. 304• 5 SECTIONS 24 PAGES • P20 •MONDAY, DECEMBER 16, 2024 •
Gov’t readies P1.48b aid as 'Julian' strengthens
DA, hog raisers call for more 'border control' stations
THE government has readied P1.48 billion worth of aid for communities that may be hit hard by typhoon ‘Julian’ which PAGASA says could turn into a supertyphoon. As of 5:00 PM on Sunday, PAGASA raised Tropical Cyclone By Miguel C. Gil Wind Signal No. 3 over Batanes and the northeastern portion of BaSTAKEHOLDERS in the private and buyan Islands. public sectorsiswelcomed ad“’Julian’ forecastthe to Marcos continue ministration’s “all-out war”next against agriintensifying over the 24-36 culturalassmuggling part of a Batanes renewed hours it movesastowards Next page and/or Babuyan Islands. With the current trend in its intensification, the possibility of reaching super typhoon category is not ruled out,” PAGASA said in its advisory. Meanwhile, the National Disaster Risk Reduction and Management Council (NDRRMC) said that a total of 1.9 million family food packs worth P1.48 billion, other food items worth P276 million, and non-food items (NFIs) worth P919 million were already prepared by the Department of Social Welfare and Development (DSWD). Some P171 million in standby fund is also available for utilization by the DSWD, including P123 million which can be allotted as Quick Response Fund (QRF) in the central office of the DSWD. In Batanes, the Provincial DiBy Rio Araja and Managesaster RiskN.Reduction ment Office (PDRRMO) advised residents toOUSE secure Speaker their roofs and install window shutters as Typhoon MartintoRomualdez Julian is expected make landfall
Says prices of staple should fall to P30 to P40 per kilo NCRPO to deploy 10k cops to secure dawn Xmas masses
A WEB OF CRIME? House leaders Aurelio Gonzales and David Suarez presented this matrix during the last QUAD Comm hearing which shows the operations of a criminal syndicate allegedly led by fugitive Michael Yang, then economic adviser of former President Rodrigo Duterte, that controlled illegal activities METRO Manilathepolice chief of the POGOs and was involved in the drug trade and extrajudicial killings. Brig. Gen. Anthony Aberin said he will deploy more than 10,000 cops to secure the traditional dawn masses or Simbang Gabi, which begins on December 16 until Christmas Eve. Aberin said aside from churches, policeofpersonnel would alsoRodrigo adviser former President be stationed at transportation Duterte. hubsFortun, where asnatching casesoften finds lawyer who and "salisi"atincidents wouldhigh-profile himself the center likely again, as to mock cases, increase apparently sought these mostly occur in congressmen, calling their probe crowded areas. Next page “unacceptable.” However, House members argued they did not come by their suspicions about Yang recklessly. On Friday, Senior Deputy Speaker Aurelio Gonzales Jr. of Pampanga and Deputy Speaker David Suarez of Quezon presented a matrix showing Yang’s first appearance and his subsequent activities at the Quad Comm hearing. “We saw a pattern, and we tracked it to the top of these corporations... we stripped it of its layers , to get to the top and through it all, we have discovered and identified at least two main actors or players in the issue
Yang's lawyer mocks probers amid heated inquiry THE legal counsel of Chinese businessman Tony Yang sought to disparage lawmakers’ conclusions about his client’s supposedly sketchy past and his alleged ties with Philippine Overseas Gaming Operators (POGOs) and even organized crime. Lawyer Raymond Fortun questioned the House Quad Committee’s impartiality and its ability to pin Chinese national Yang down for ay wrongdoing in a real criminal court. “I am very interested in how they [Quad Comm members] can prove this criminal network in court. In Congress, lawmakers act as both prosecutor and judge,” he said. Yang, who already admitted having a fake Philippine birth certificate, is the brother of Michael Yang, a presidential economic
BAUTISTA
Next Nextpage page
Full Moon and Jupiter appear over the eastern skies of Baguio City and Benguet Province as visitors, inset, watch the celestial display at the Jesuit-run Villa Retreat House and Ecopark. Dave Leproz
Speaker calls for task force vs. rice cartels
UP beats La Salle Navy spokes debunks China claim to reclaim UAAP of military exercises in Scarborough shoal basketball crown By Rex Espiritu By Darwin Amojelar By Peter Atencio TRANSPORTATION Secretary Jaime Bautista denied an online news report THE University of the Philippines claiming that Malacañang wasFighting angry Maroons finally broke theirfees silver medal with the increase in airport without curse, reclaiming UAAPmembers. Season 87 the approval of thethe Cabinet men’s basketball title with a thrilling 66-62 “The Bilyonaryo article is malivictoryand overunfounded,” dethroned champion La said Salle cious Bautista Green Archers in a do-or-die Game on in a Viber message, referring to 3the Sunday atthat the Smart Araneta website published theColiseum. said story. After twoisconsecutive seasons of fall“Bilyonaryo inconsistent,” he added. ingBilyonaryo short, the Maroons returned to thethat top reported online of the UAAP throne, securing “Bautista and basketball his long-time protege in their fourthAirlines, overall title and their second Philippine Undersecretary for in the lastand fourAirports years. Bobby Lim, are Aviation Francis Lopez, hadafter a shaky perat the center of thewho storm it was formance in the previous game, redeemed
GIBBOUS FULL PAGASA Waxing Gibbous MOON.
THE Philippine Navy debunked on Sunday the recent announcement by China that it conducted military exercises off Bajo de Masinloc, also known as Scarborough Shoal, in the West Philippine Sea (WPS). China reportedly made the announcement coinciding with the fourth Multilateral Maritime Cooperative Activity between the Philippines, Australia, Japan, New Zealand, and the United States within Manila’s exclusive economic zone (EEZ) in the regional waters over the weekend. Philippine Navy Spokesperson for WPS Rear Admiral Roy Vin-
cent Trinidad told reporters that Manila troops did not monitor any such activity, adding that Beijing’s statement was meant only for its internal audience. “Our troops did not observe any exercise, we have to understand that sometimes, China is doing this for their internal audience, right? For them not to look weak and embarrassed,” Trinidad said. Two Chinese warships were monitored at a distance ranging from eight to 14 nautical miles. One of these went up to 1,000 yards at the MMCA site but eventually went away. “It was not threatening, just normal,” accordNext page
of illegal drugs and illegal activities associated with POGOs,” Suarez said in a mixture of Filipino and English. The solons explained how the matrix details Yang’s connections to other individuals involved in illicit activities, including the operations of illegal POGOs. Among the companies implicated are Brickhartz Technology Inc. and Xionwei Technology Co. Ltd., which are being linked to alleged kidnapping. The two firms supposedly have connections with the Baofu Compound in Bamban, Tarlac, which, in turn, can be directly traced to disgraced ex-mayor Alice Guo. During Friday’s Quad Comm hearing, lawmakers cited Tony Yang in contempt for “lying” to about his businesses and business partners. Next page
H
proposed theNext crepage ation of a mega task force to pursue market manipulators and bring down the price tags of rice.
PH lobbies UN for Security “A call to immediate action is needed toCouncil force a decrease in rice prices for seat the benefit of the Filipino consumer,”
he said in a statement on Sunday. THEThePhilippine government on afSpeaker made the proposal Sunday publicly called for the Unitter the House Quinta Committee led edbyNations (UN)Means to givechairperson it a seat onand Ways and the UN Security Council, highlightAlbay Rep. Joey Salceda uncovered ing the country’s strong record andand alarming evidence of collusion dedication to upholding the rule of price manipulation in the rice induslaw. try despite supposed oversupply and Department Foreign Affairs reduced importoftariffs. (DFA) Secretary Enrique Manalo in An economist, Salceda explained a that speech delivered at the UN Genrice prices should already staeral Assembly New York said the the bilize at P35 inper kilo, following Philippines to landed emphasize significant continues drop in the cost of the “importance of upholding the imported rice, now averaging P33.95 rule of law and the integrity of the per kilo. multilateral system in the face of Romualdez explained that thetoenviday’s global sioned task challenges.” force may be composed of Quoted by reports, Manalo also representatives from the Department said: “The Philippines has consisNext page tently pursued peace, the sovereign equality of states, the rights and dignity of all persons.” He added that the country is also recognized as the “first Asian Re-
PH to provide free tickets to TNTs in US
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By Rex Espiritu PHILIPPINE consulates in the U.S. are preparing to assist undocumented Filipinos who may face potential deportation under Donald Trump’s second term as U.S. President. The Department of Foreign Affairs (DFA) has allocated funds through the THE BIRTHING. The Assistance to Nationals (ATN) proiconic Belen, top photo, with gram to cover plane tickets for those Mary and Joseph and the newwho choose to return to the Philipborn child Jesus in a creche is pines. the focal point of the Christmas Consul General Senen Mangalile season for Christians. With of New York emphasized that undocunine days until AWARD. Hans Sy,Christmas, Chairman of the Executivemented Committee of SM Prime Filipinos shouldHoldings, not fear apshoppers flock to the Divisoria was honored by the Philippine Retailers Association (PRA) with its Outstanding proaching consulates. They will not bargain center, bottom left for his visionary leadership in retail development. Filipino Retailers President Award face detention and can receive help photo, in Binondo, Manila as a (From left to right): PRA Director and Director of SM Retail Jorge T. Mendiola, PRA with documentation and repatriation. Vicestorekeeper President andprepares Presidentcuts andof COO of Golden, ABC, Inc. (The Penshoppe Group) forSM buyers a popular “Filipino citizens Hans in theT. Sy, U.S. who Aliceham T. Liu, Primeat Holdings Chairman of the Executive Committee ham store in Quiapo, Manila. need help for repatriation may be eliPRA President and Chairman of Quorum International, Inc. (Toby’s Sports) Roberto Museoand Diocesano FB page, gible to access the ATN S. Claudio, PRA Director and President of Sportshouse Int’l. Leisure, Inc.Fund. and Once Norman have made the decision to go proponent ofCruz PRA OFR President’s Award Marsthey C. Chua Next page