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INTERNATIONAL NEWS
New York to fine fossil fuel companies $75 billion under new climate law
NEW YORK, January 1 ------ New York state will fine fossil fuel companies a total of $75 billion over the next 25 years to pay for damage caused to the climate under a bill Governor Kathy Hochul signed into law. The law is intended to shift some of the recovery and adaptation costs of climate change from individual taxpayers to oil, gas and coal companies that the law says are liable. The money raised will be spent on mitigating the impacts of climate change, including adapting roads, transit, water and sewage systems, buildings and other infrastructure. "New York has fired a shot that will be heard round the world: The companies most responsible for the climate crisis will be held accountable," New York Senator Liz Krueger, a Democrat who co-sponsored the bill, said in a statement.
Fossil fuel companies will be fined based on the amount of greenhouse gases they released into the atmosphere between 2000 and 2018, to be paid into a Climate Superfund beginning in 2028. It will apply to any company that the New York Department of Environmental Conservation determines is responsible for more than 1 billion tons of global greenhouse gas emissions. New York becomes the second state to pass such a law after Vermont passed its own version this summer. The laws are modeled after existing state and federal superfund laws that require polluters to pay to clean up toxic waste. Repairing damage and adapting for extreme weather caused by climate change will cost New York more than $500 billion by 2050, Krueger said in her statement. Major oil companies made more than $1 trillion in profits since January 2021 and have known since at least the 1970s that the extraction and burning of fossil fuels contribute to climate change, she said.
Energy companies are expected to file legal challenges to the new law, arguing that it is preempted by federal law regulating energy companies and polluters.
Source: reuters.com
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How investments may fare during Trump 2.0 and Fed easing
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NEW YORK, January 1 ------ U.S. investors are preparing for a swathe of changes in 2025, from tariffs and deregulation to tax policy, that will ripple through markets as President-elect Donald Trump returns to the White House, putting the focus on whether the U.S. economy can continue to outperform. The changing of the guard in Washington has big implications for how stocks, bonds and currencies fare in the new year and may require investors to rejig portfolios. Forecasts call for another buoyant year for stocks, the dollar to maintain its recent strength over the coming months and Treasury yields to march higher.
U.S. EXCEPTIONALISM
Investors largely expect U.S. economic exceptionalism to persist in the new year, as robust consumer spending and a resilient labor market put U.S. growth on a firmer footing than that of many of its developed market peers. The U.S. economy is expected to find further support from any potential tax reform, including a reduction in the corporate tax rate. Such tax cuts - which would need to pass Congress - could support company earnings and sentiment on stocks.
In contrast, although the euro-zone economy grew faster than anticipated in the third quarter, its outlook remains weak due to potential large tariffs from the Trump administration, escalating trade tensions with China and low consumer confidence. "We do expect U.S. growth to outperform the rest of the world in 2025, on the back of potentially favorable monetary and fiscal policy," said Sonu Varghese, global macro strategist at Carson Group.
THE FED
Front and center for investors in 2025 is how rapidly or deeply the U.S. Federal Reserve can cut rates. The Fed cut rates in December, continuing reductions after a period of aggressive rate hikes, but indicated it would slow the pace of further cuts. Stocks have been buoyed by expectations of easier monetary policy. But with benchmark Treasury yields rising sharply after the Fed meeting, the rate outlook threatens to undermine the momentum for stocks.
KING DOLLAR
Dollar bears have taken a battering this year and most FX market strategists forecast continued strength for the greenback. Many of the factors that powered a 7% gain for the currency against a basket of peers this year, including relatively robust U.S. economic growth and rising Treasury yields, are expected to continue supporting the dollar. Trump's tariffs and protectionist trade policies are also likely to bolster the buck. Prospects of heightened inflation could also hinder the Fed from keeping up with interest-rate cuts, even as other central banks proceed with cuts, further lifting the dollar. Getting the dollar's trajectory right is crucial for investors, given the currency's central role in global finance.
A strong dollar could weigh on the outlook for U.S. multinationals as well as complicate other central banks' efforts to fight inflation as it makes their currencies cheaper. "Another year of spectacular gains in the dollar might break something in the global economy - but with major uncertainties clouding the horizon and another round of American exceptionalism largely priced in, further outperformance could be difficult to achieve," said Karl Schamotta, chief market strategist at payments company Corpay.
VOLATILITY WATCH
Investors got a taste on Wednesday of how quickly market stability can shift to turmoil. U.S. stocks fell sharply after the Federal Reserve projected fewer interest-rate cuts than expected and as concerns grew about a potential partial government shutdown. Global financial markets may extend generally tranquil trading conditions into the new year but analysts warn that a volatility shock is overdue. Analysts at BofA Global Research said they do not expect a repeat of the record-low stock-market volatility levels set in 2017, the beginning of Trump's first term. FX markets could be in for higher volatility next year as the twin forces of tariffs and central-bank actions come to bear. "The shock absorber in financial markets is going to be foreign exchange next year," said Fredrik Repton, senior portfolio manager with the global fixed income and currency management teams at Neuberger Berman.
CRYPTO FEVER
The speculative fever that gripped bitcoin and crypto-related stocks in 2024 is unlikely to abate in the new year, strategists said. "2024 was a banner year for speculation, which had morphed into a self-fulfilling frenzy in recent weeks," Steve Sosnick, chief strategist at Interactive Brokers. While these trades have sometimes run into trouble, most recently after the Fed's December meeting, investors have been willing to buy the dip. "When something has been working for so many people for so long, they are loath to give it up," Sosnick said. And work the trades have. Bitcoin hit a record high above $100,000 in December on expectations that Trump's election will usher in a friendly regulatory environment for cryptocurrencies. Crypto-related stocks have also been on a tear, with software company and bitcoin stockpiler MicroStrategy (MSTR.O), opens new tab leading the charge with a more than 400% rise for the year.
Source: reuters.com
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MARITIME NEWS
New York unpacks new zero-emission by 2040 vision for port operations
January 1 ------ The New York City Council has introduced a new bill that calls for a feasibility study of zero-emission port operations by 2040, environmental organization Pacific Environment revealed. As disclosed, the feasibility study comprises all aspects of port transportation, maintenance, loading and unloading, handling equipment as well as ocean-going vessels, trucks and locomotives. It is understood that the study, the introduction of which was reportedly led by councilmembers Alexa Avilés and Shana K. Hanif, would be delivered one year from its enactment.
“Conducting a feasibility study regarding the transition of our city’s ports to zero-emissions by 2040 is an important step forward for our climate future and one we need to consider urgently, especially as we consider a revisioning process at the Brooklyn Marine Terminal in an age of climate collapse,” Avilés, who is a council member at New York’s District 38, highlighted.
The international maritime shipping sector is a major polluter. According to the EU’s Transport and Environment, the shipping industry is responsible for 3% of global emissions. Moreover, as per experimental estimates that the OECD released last year, there were approximately 858 million tons of CO2 emissions worldwide in 2022 alone, compared with 739 million tons exuded from air transport.
In parallel, fossil-fueled ports and ships also pose a ‘significant’ threat to the health of portside communities; namely, Pacific Environment revealed that across the New York metro region, in particular, air pollution has been estimated to cause over 21,000 cases of childhood asthma annually.
Dawny’all Heydari, Climate Campaign Advocate at Pacific Environment, emphasized that port cities like Los Angeles, Long Beach and Seattle have helped ‘catalyze’ the transition to cleaner ocean shipping and that New York has an ‘important’ role to play here as well. “With federal climate action going to be stymied in the next four years, it is more important than ever for local governments to carry the torch forward on the Biden-Harris Administration’s climate progress,” she commented. “By introducing the call for a comprehensive feasibility study of zero-emission port operations by 2040 with Bill LS 17648, the New York City Council is addressing a critical need to modernize port activity while protecting New Yorkers’ health and combating climate change in a timely way.”
As explained, should the bill be enacted, the resulting feasibility study would aim to:
• assess the readiness of city ports to transition to zero-emission port operations;
• identify whether a transition to zero-emission port operations can be completed by 2040;
• evaluate the technology available to assist in this transition;
• explore the investments needed to achieve this goal;
• gauge if it is possible to supply ‘sufficient’ shore power to all commercial vessels by 2027;
• pinpoint any barriers to achieving enough shore power for those vessels by 2027;
• study if the port operations workforce is prepared to make this transition and, if not, whether training programs can be made available to them;
• explore whether it is practicable to provide incentives, such as reduced docking fees or docking order benefits, to zero-emission commercial marine vessels or commercial marine vessels that have ‘greatly’ reduced emissions of greenhouse gases and criteria air pollutants.
Reflecting on the proposed bill, Fern Uennatornwaranggoon, Climate Campaign Director, Ports, Pacific Environment, underscored: “New York can lead the way in reimagining our ports for a sustainable future, and we look forward to seeing actionable policies emerge from this important effort.”
Regarding the maritime environmental efforts made in the region, New York launched a $10 million solicitation for clean hydrogen research, development and demonstration projects in May last year. The all-embracing goal of the solicitation was said to be providing support to the Climate Leadership and Community Protection Act targets which aim to slash emissions by 85% by 2050 and transition to 100% zero-emission electricity by 2040. More precisely, one ‘major’ goal within this endeavor was seeing how fossil fuel usage could be replaced in hard-to-electrify sectors, with funds available to projects proposed by New York-based entities that are also actively applying for federal clean hydrogen funding opportunities.
Zeroing in on specific ports, it is worth noting that the Port Authority of New York was among the recipients of funding from the U.S. Environmental Protection Agency (EPA) via a program that intended to incentivize and speed up the upgrade or retirement of older diesel engines to cleaner and zero-emission solutions for marine vessels. Namely, a total of circa $125 million was granted to around 70 applicants as part of the Diesel Emissions Reduction Act (DERA) National Grants Program, which prioritizes the environmental efforts made in areas that face air quality impacts, especially those projects that benefit disadvantaged communities.
Source: offshore-energy.biz
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Maritime works begin at $1.2 billion port in Senegal
January 1 ------ AE-based logistics giant DP World has commenced maritime works at the $1.2 billion Port of Ndayane in Senegal. The arrival of the dredger Willem Van Rubroeck of Jan De Nul Group marked the start of construction. The vessel will dredge a 5-kilometer-long shipping channel, DP World said, noting that this is an essential step in building the high-capacity port designed to elevate Senegal’s trade infrastructure.
As disclosed, phase 1 of the project includes an 840-meter quay and a 5-kilometer channel capable of accommodating the world’s largest container ships. The construction in this phase is expected to create a capacity to handle 1.2 million TEUs annually. Phase 2 will add a further 410-meter quay. During construction, the project is expected to create over 1,800 jobs, and once operational, 2.3 million jobs across Senegal, including 22,000 tied directly to expanded trade. DP World is collaborating with British International Investment (BII), the UK’s development finance agency, to deliver the job.
Note that the Port of Ndayane builds on DP World’s work at the Port of Dakar. This port has grown from handling 300,000 TEUs in 2008 to 800,000 TEUs in 2023, the company said, however adding that the Dakar port’s location within a densely urbanized area limits expansion, making Ndayane a strategic solution to support Senegal’s long-term trade and economic growth ambitions.
Ahmed bin Sulayem, DP World’s Chairman and CEO, commented: “We believe in Senegal’s economic potential and fully support the government’s ambitions for the nation. The Port of Ndayane will elevate Senegal and impact trade across the African continent. We are proud of our achievements with the Port of Dakar, and Ndayane marks the next level—positioning Senegal as a key trade hub for the region. Our plans extend beyond the port. We will develop an economic zone near the port and Blaise Diagne International Airport, which is expected to create even more employment than the port itself.”
To remind, DP World and the government of Senegal laid the first stone to mark the construction of the Port of Ndayane a few years ago.
Source: offshore-energy.biz
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​Finnish Police Carry Out Tactical Boarding of Suspected Sabotage Ship
January 1 ------ Authorities in Finland reported that a tanker has been detained in connection with the subsea cable damage incident that occurred on Christmas Day. Out of three cable damage incidents in the Baltic over the past year, this is the first in which the coastal state detained the suspects - and the first time that the response involved a tactical boarding operation.
Like the two previous suspected sabotage incidents, Wednesday's outage affected multiple cables. In addition to Fingrid's EstLink 2 DC power transmission cable from Finland to Estonia, a set of subsea cables operated by Elisa between Helsinki and Tallinn have been severed. The Cinia submarine cable from Helsinki to Germany has been damaged, as well as the CITIC submarine cable between Helsinki and Tallinn.
The Finnish Transport and Communications Agency, Traficom, is investigating the technical aspects of the cable breaks. Finnish police are conducting a parallel law enforcement investigation and have identified the suspect vessel as the Cook Islands-flagged tanker Eagle S. The tanker was diverted to Finnish waters and boarded, and the authorities found that it is missing an anchor. At this point, Finnish police treating the cable outage as a case of "aggravated criminal mischief."
"Due to actions taken by the authorities, Eagle S, a tanker registered in the Cook Islands, entered Finland's territorial waters. The vessel's involvement in causing the rupture is under investigation," the Finnish police said in a statement. "The Helsinki Police Department and the Border Guard have conducted a tactical operation on the vessel. The authorities have taken investigative measures on the vessel, with access there provided by the Finnish Border Guard and the Defense Forces helicopters."
Customs authorities are also looking into the details of the vessel's cargo for any irregularities. The ship last called in Ust-Luga, Russia, where tankers typically load Urals crude - a grade restricted by G7 sanctions.
Eagle S is an 18-year-old LR1 tanker with a capacity of 75,000 dwt. After a recent change in ownership, name and flag registry, she is currently tied to operating interests in India and the UAE. Combined with her recent call at a Russian oil port and a poor inspection record, these factors point to her involvement in Russia-linked "dark fleet" operations.
Lloyds List's Michelle Wiese Bockmann, a specialist in the dark fleet, released Eagle S' latest independent vetting report in a social media post Thursday. The inspectors who compiled the report noted a slew of serious deficiencies - like a broken inert gas generator, oil leaks in machinery spaces, unmaintained fire doors, and multiple alarms and meters disconnected or out of order. The vessel's ownership structure is linked to a pool of 26 old, anonymously held Cook Islands-flagged tankers - four of which are under UK or EU sanctions, Bockmann said. For these reasons, the Eagle S is on Lloyds List's "dark fleet" list, along with seven other tankers managed by the same Indian company.
Finnish authorities have reached the same conclusion. “We assume at this stage that the vessel in question is a member of the shadow fleet," Finnish customs chief Sami Rakshit told the New York Times on Thursday.
For now, the disruption from the Christmas Day cable break incident is limited. Traficom said that Finnish data connections have rerouted to other cables, though data speeds may be temporarily reduced. Cable repair work on the severed communications lines will begin by the end of the week, and the schedule for bringing the cables back online will depend on the weather. "Internet use does not depend on a single cable or even its backup connection. The system as a whole can withstand several simultaneous disruptions," said Traficom CEO Jarkko Saarimäki.
Source: maritime-executive.com
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PHILIPPINE NEWS
New year, no change in airfares
MANILA, Philippines, January 1 ------ Filipinos will enter the new year paying roughly the same for flight tickets, with the government deciding to keep fuel surcharge unchanged for the fourth consecutive month.
In an advisory, the Civil Aeronautics Board (CAB) announced it is retaining the fuel surcharge at Level 4 in January 2025, making it the fourth straight month at that rate. CAB has lowered the fuel surcharge to Level 4 since October, the lowest it reached this year, and has kept it that way throughout the fourth quarter.
Based on CAB’s matrix, Level 4 means airlines can collect a fuel surcharge of P117 to P342 for domestic flights, depending on distance. Moreover, they can slap a fuel surcharge of P385.7 and P2,867.82 for international flights. As protocol, carriers wishing to impose the fuel surcharge have to submit an application to CAB before January. The agency set an exchange rate of P58.66 to $1 for airlines operating in foreign currencies.
According to the International Air Transport Association’s tracker, jet fuel prices have decreased by 0.5 percent to $90.04 per barrel as of Dec. 20 from a month ago. Airlines are allowed to collect fuel surcharge voluntarily to recover petroleum costs arising from price fluctuations in the international market.
CAB determines the fuel surcharge based on the monthly average of jet fuel, and may increase or reduce it depending on price movements. Philippine air travel will gain from lower fuel prices next year, as airlines expect flight demand to go further upward. Low-cost carrier Cebu Pacific, for one, is ending 2024 reaching an all-time high, surpassing the 80,000 mark for passengers flown in a single day last week.
Likewise, Cebu Pacific is keeping its foot on the gas in terms of fleet and network expansion. By Jan. 16, 2025, the airline will fly direct between Manila and Sapporo, bridging the two cities thrice a week, every Tuesday, Thursday and Saturday. Similarly, flag carrier Philippine Airlines (PAL) sees air travel expanding in 2025, and is betting on the potential of aviation hubs outside of Metro Manila to support growth. Recently, PAL has restored direct flights between Cebu and Osaka to capture the steady demand for business and leisure travel to Japan.
Source: philstar.com
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Peso seen hovering around 59:$1 in 2025
MANILA, Philippines, January 1 ------ The peso is expected to weaken further in 2025, with analysts predicting the exchange rate to hover around 59 per dollar by midyear. This outlook is driven by a mix of global uncertainties, including US economic policy under the anticipated Trump administration and persistent geopolitical tensions.
Reinielle Matt Erece, an economist from Oikonomia Advisory & Research Inc., said one of the major concerns for the foreign exchange is the impact of protectionist policies potentially pursued by the US government once President Donald Trump is formally inaugurated into office. “If Trump’s administration pushes through with his protectionist policies, additional tariffs will cause higher inflation expectations for the US. This can push the US Federal Reserve to refrain from cutting rates too much. A relatively high-interest rate setup means a stronger dollar,” he told The STAR.
Erece also cited the destabilizing effects of geopolitical tensions. “If wars and tensions are persistent, global supply chains and trade are at risk. This can lead to more expensive imports, leading to higher foreign currency demand to buy those imports, which leads to further peso depreciation,” he said. “With these risks ahead, 2025 may be a year where we see the peso further depreciate. We expect the exchange rate to hover around 59 pesos per dollar by mid-2025,” he added.
During the last policy meeting of the Bangko Sentral ng Pilipinas (BSP) on Dec. 19, the peso sank to an all-time low of 59 to $1 anew. This was the third time the peso hit its historic low this year, following its 59 close on Nov. 21 and 26. It has yet to breach this record, which was first set in October 2022.
According to Erece, if the BSP sees inflation continuing its downtrend, they might try to help boost economic growth through further rate cuts next year. “If we lower interest rates further next year while the Fed slows down in their monetary easing path, then the dollar may further strengthen against the peso,” he said. Erece said that the central bank could utilize the country’s dollar reserves to mitigate the volatility in the foreign exchange market. He added that it is also crucial to develop the country’s exporting industries, such as the information technology and business process management (IT-BPM) sector, semiconductors and even tourism, which can be useful not just in generating employment but also in stabilizing foreign exchange.
In a commentary, BPI lead economist Jun Neri said that while the Federal Reserve’s latest dot plot suggests rate cuts next year, the expected magnitude of easing has diminished compared to previous months. “The BSP’s pace of rate cuts must align reasonably with the Fed’s trajectory to avoid exacerbating dollar strength against the peso,” Neri said. He also cautioned against aggressive rate cuts by the BSP in 2025, citing global price risks that could challenge outsized monetary easing actions. “The behavior of the dollar-peso rate may remain manageable if the BSP’s pace of rate cuts aligns reasonably with the Fed’s trajectory,” he said.
Neri said the Philippine central bank may have room to cut borrowing cuts further in the first half next year, supported by a favorable inflation outlook. Barring any unexpected supply shocks, inflation is expected to remain with the two to four percent target in 2025. “However, the BSP will avoid cutting rates aggressively in 2025 as global price risks could thwart outsized monetary easing actions,” he said. “While the first half of the year may present opportunities, cutting rates in the latter half could be more challenging, as the Federal Reserve’s outlook could shift in response to President Trump’s potentially inflationary policies,” he added.
Neri said that in a worse-case scenario, higher tariffs and mass deportations may cause inflation in the US to pick up again, which could prompt central banks globally to pivot back to monetary tightening. “Considering these upside risks to inflation, we continue to see the BSP reducing the key interest rate by a mere 50 basis points as a base case for 2025,” Neri said.
The BSP implemented a cumulative 75 basis points reduction in interest rates this year, signaling a pivot to a less restrictive monetary stance. This adjustment lowered the benchmark rate to 5.75 percent from 6.50 percent at the beginning of the year. Previously, the central bank held rates steady across six consecutive meetings from November 2023 to August this year. This pause followed an aggressive tightening phase between May 2022 and October 2023, during which rates were raised by 450 basis points to combat soaring inflation.
Source: philstar.com
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DOT to launch 'layover tours' for international tourists
MANILA, Philippines, January 1 ------ The Department of Tourism will soon introduce layover tours designed for international travelers with extended layovers in the Philippines, Secretary Christina Garcia Frasco announced. The initiative aims to transform transit time into "meaningful" tourism experiences for passengers waiting for connecting flights, Frasco said during the department's year-end media briefing. "Perfect for those with several hours to spare before their connecting flights, the Layover Tours promise to provide unforgettable moments that showcase the essence of the Philippines and leave a lasting impression," Frasco said.
The layover tours are part of DOT's broader efforts to diversify the Philippines' tourism offerings and improve their accessibility next year. It will be launched alongside other key initiatives including the establishment of Tourist First Aid Facilities, Tourist Courts, and Medical Concierge services at airports to improve safety and security for travelers. "Additionally, we will soon launch Hop-On-Hop-Off Layover Tours to make layovers more enjoyable and provide seamless access to our iconic attractions," Frasco said.
In her year-end report, Frasco said international visitor arrivals in the Philippines reached 5.6 million as of December 17. The tourism sector also generated approximately P712 billion in revenue from January to December 15, representing a 119% recovery rate compared to 2019 or pre-pandemic figures. The department recently launched other programs such as the Hop-On Hop-Off Bus Tours in Metro Manila, with plans to expand these services nationwide. The department is also strengthening its Muslim-friendly tourism initiatives and has enhanced its digital presence through the Travel Philippines mobile app, which has garnered over 71,000 downloads since its launch.
The DOT chief said they will also introduce new programs such as the Golf Experience, following the success of the Philippine Dive Experience program. "As we move forward into 2025, we remain committed to creating innovative, sustainable tourism initiatives that attract global travelers and uplift local communities," Frasco said, adding that these new programs aim to showcase why "there's always more to love in the Philippines."
The specific launch date and details of the layover tours program have yet to be announced.
Source: philstar.com
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PBBM optimistic on strengthening PH-Japan defense, economic ties
MANILA, January 1 ------ President Ferdinand R. Marcos Jr. has expressed optimism about strengthening the partnership between the Philippines and Japan in areas of defense, security, and economic collaboration, the Presidential Communications Office (PCO) said.
According to a PCO news release, Marcos made the remark during a courtesy call by Japan’s National Security Adviser Akiba Takeo at Malacañan Palace on Thursday. “I’m very optimistic of the continuing strengthening of our partnership, not only in terms of defense and security but even in the economic (area),” Marcos said.
The President underscored the robust ties between the two nations, which, he said, bolster their ability to address regional and global challenges. “It helped to strengthen our position when it comes to confronting all of these different issues that we are all facing,” he said.
Marcos further highlighted the ongoing cooperation in defense security, focusing on interoperability, as well as exercises in strengthening the position of both nations in the South China Sea. He also lauded the ratification of the Reciprocal Access Agreement (RAA) by the Philippine Senate on Dec. 16. “I’m also very happy to be able to note that the Reciprocal Access Agreement has already been ratified by our Senate. And as soon as we are all ready, we can operationalize the agreement that we have come through between Japan and the Philippines,” Marcos said.
The RAA, signed in July, aims to enhance military cooperation and interoperability between the Armed Forces of the Philippines (AFP) and Japan Self-Defense Forces. The agreement marks Japan’s first defense pact in Asia. Japanese Prime Minister Ishiba Shigeru, through a message delivered by Akiba, expressed elation over the progress in Japan-Philippines cooperation. The Prime Minister cited key milestones, including the Japan-Philippines-US Summit Meeting in April, the Foreign and Defense Ministerial Meeting in July, and the Senate’s recent approval of the RAA.
Ishiba said Japan, the Philippines, and the US are natural partners, being maritime nations connected by the Pacific Ocean. The Prime Minister emphasized shared commitments to the rule of law, maritime security, economic security, and enhanced connectivity to maintain peace and stability in the Indo-Pacific region.
Source: pna.gov.ph
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DOLE releases pay rules for 2025 holidays, special days
MANILA, Philippines, January 1 ------ The Department of Labor and Employment (DOLE) reminded employers of the proper payment of wages on regular holidays, special non-working days, and special working days in 2025. DOLE released the rules through Labor Advisory No. 16, series of 2024, signed by Labor Sec. Bienvenido Laguasma. “The Labor Advisory is pursuant to Proclamation No. 727, Series of 2024 declaring the regular holidays and special (non-working) days for the year 2025,” DOLE said.
The following pay rules outline the wages employees are entitled to for working on holidays and special days, including provisions for overtime, rest days, and non-working days.
Regular holiday pay rules
If the employee does not work:
- The employee is entitled to 100 percent of their wage for the day, provided that they report to work or are on leave with pay on the day immediately preceding the regular holiday.
- If the day before the holiday is a non-working day or the employee’s scheduled rest day, they are still entitled to 100 percent of their wage if they report to work or are on leave with pay on the previous working day.
If the employee works on a regular holiday:
- For work done during the regular holiday, the employee is entitled to 200 percent of their wage (basic wage x 200%).
- For work beyond 8 hours, the employee will receive an additional 30 percent of the hourly rate (hourly rate x 200% x 130% x number of hours worked).
- If the regular holiday falls on the employee’s rest day, they are entitled to an additional 30 percent of the basic wage of 200 percent (basic wage x 200% x 130%).
- For work exceeding 8 hours on a regular holiday that is also the employee’s rest day, the employee will receive an additional 30 percent of the hourly rate on said day (hourly rate of the basic wage x 200% x 130% x 130% x number of hours worked).
Special non-working day pay rules:
If the employee does not work:
- The “no work, no pay” principle applies, unless there is a company policy, practice, or collective bargaining agreement (CBA) that grants payment for special days.
If the employee works on a special non-working day:
- For work done during the special day, the employer shall pay the employee an additional 30 percent of the basic wage on the first eight hours of work (Basic wage × 130 percent).
- For work exceeding 8 hours, the employee will receive an additional 30 percent of the hourly rate (hourly rate x 130% x 130% x number of hours worked).
- If the special non-working day falls on the employee’s rest day, they are entitled to an additional 50 percent of their basic wage for the first 8 hours (basic wage x 150%).
- For work beyond 8 hours on a special day that is also the employee’s rest day, the employee will receive an additional 30 percent of the hourly rate (hourly rate x 150% x 130% x number of hours worked).
Special working day pay rules:
- It shall be considered an ordinary working day for the purpose of payment of wage and wage-related benefits.
If the employee does not work:
- The “no work, no pay” principle applies, unless there is a company policy, practice, or CBA that grants payment for special working days.
If the employee works on a special working day:
- For the first 8 hours, the employee will receive 100 percent of their basic wage (basic wage x 100%).
- For work exceeding 8 hours, the employee will receive an additional 25 percent of the hourly rate (hourly rate x 125%).
Source: inquirer.net
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Comelec starts printing training ballots for 2025 polls
MANILA, January 1 ------ The Commission on Elections (Comelec) has started the printing of training ballots at the National Printing Office (NPO) in Quezon City for the conduct of the 2025 national and local elections.
According to Comelec spokesperson John Rex Laudiangco, the training ballots are similar to the test ballots and will be used for the training of the trainers, technical support, and electoral boards for local and overseas voters. Laudiangco said the actual printing of the official ballots would commence once the official list of candidates for the national and local positions is finalized.
The Comelec targets to release the final list of candidates on its official website by January 2025. "Una po naming ilalabas ang final list of national and local candidates sa website this January po then 'yung final ballot face templates, then print na po tayo more or less 68,697,596 official ballots po," Laudiangco said.
For the training ballots, a total of 444,400 training ballots will be printed, he said.
Source: news.abs-cbn.com
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DSWD eyes adding 1.2M poor households to 4Ps
MANILA, Philippines, January 1 ------ The Department of Social Welfare and Development (DSWD) is considering soon including a total of 1,184,768 households in the Pantawid Pamilyang Pilipino Program (4Ps), the agency said. DSWD spokesperson Irene Dumlao said that more than 400,000 households had already qualified for the conditional cash transfer scheme, the government’s flagship antipoverty program.
According to Dumlao, the 424,317 households were next in line to replace the beneficiaries who recently exited the program in the recent “Pugay Tagumpay” ceremony. “All of them were validated based on the needed number to be replaced,” Dumlao told the Inquirer in a Viber message. “This is one of the highest numbers that we have validated so far because of the high number of beneficiaries that exited due to improved level of well-being and natural attrition,” she added.
According to the program’s criteria, a household must be at or below the poverty threshold of its province to be eligible. Dumlao said the DSWD was using the proxy means test, a statistical model that estimates the income of poor families according to variables such as family composition, education of family members, and access to basic services. Urban and rural poor incomes are estimated separately, she said.
The Philippine Statistics Authority (PSA) reported that in 2023, the poverty threshold was highest at P16,046 a month in Central Luzon, P15,713 in Metro Manila, and P15,457 in Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon). The lowest was P12,241 in Soccsksargen (South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and General Santos City). Among the other conditions a household must meet is that it must have a family member who is zero to 18 years old and/or a pregnant member at the time of registration. If validated, this particular household will replace by next year the beneficiary family that had graduated from the program, according to Dumlao.
Source: inquirer.net
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IMF sees 36% of PH jobs eased or displaced by AI
MANILA, Philippines, January 1 ------ Nearly four out of 10 jobs in the Philippines are “highly” exposed to artificial intelligence (AI) and its potential to either displace workers or support various tasks to boost the productivity of employees, the International Monetary Fund (IMF) said.
In a country report dated Dec. 20, the Washington-based institution estimated that 36 percent of jobs in the Philippines are “highly exposed” to AI, which can either replace human workers or “complement“ tasks to boost the efficiency of employees. The good news is that “more than half” of those highly impacted jobs were also rated as “highly complementary”—where AI can augment rather than take over the tasks performed by the worker. This means that 14 percent of the total workforce in the Philippines are at risk of being replaced by AI, the IMF warned, adding that the business process outsourcing (BPO) sector might experience shifts amid recent advances in such a technology.
The IMF specifically noted the proliferation of AI-driven chatbots and virtual assistants that now handle more customer service tasks. IMF staff estimated that roles such as technicians, services and sales, and clerical support have large exposures to AI. At the same time, these positions may also see the highest risk of job displacement due to the low potential for AI to just provide support to—and not replace—the workers in these occupations.
On the flip side, there are a lot of opportunities for AI to augment the tasks of managers, professionals, and machine operators. Workers in craft and trades, skilled agriculture, and elementary occupations were the least impacted by AI. The IMF also said that AI exposure varies by gender in the Philippines. It estimated that approximately half of all jobs held by women were highly exposed to the disruptions, compared to a quarter by men. “It is due to more women being employed as clerical support, service, and sales workers, whereas men have a higher share in trades, agriculture, machine operations, and elementary occupations, which are less likely to be impacted by AI at this stage,” it added.
Source: inquirer.net
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ENTERTAINMENT NEWS
GMA Public Affairs goes big in the new year
January 1 ------ As we turn over a new page in 2025 – and as another big moment looms in the coming elections – GMA Public Affairs shares the nation’s hope in everyday heroes, in telling the important stories, and in the power of ordinary people to change things for the better.
Primetime Series
2022’s “Most Watched Television Series” makes its big comeback on Jan. 20. Primetime Action Hero Ruru Madrid returns as Lolong in the show’s much-awaited new season “Lolong: Bayani ng Bayan.” Lolong dreams of a world where everyone is equal, regardless of their differences. But tragedy strikes on his wedding day just as the people’s hero begins to live in peace with his fellow Atubaw. To save his beloved Elsie (Shaira Diaz) and his people, Lolong must embark on a perilous quest to recover the legendary Ubtao, a gem with miraculous powers.
Top-rating teen queen Jillian Ward stars in her first primetime rom-com as an unassuming Ilongga suddenly thrust into the spotlight as the doppelganger of a missing celebrity. This fun and light-hearted comedy set in beautiful Iloilo is a must-watch with your palangga. Not just one, but two Jillians? We’re seated. “My Ilonggo Girl” premieres on Jan. 13. Gen Z series “MAKA” starring Zephanie and Romnick Sarmenta returns for Season 2. This time, the talented kids of MAKA High move to a private school where they meet a new set of characters that provide complexity to their story. Their coming-of-age journey of navigating teenage love and family continues this January. Also coming to primetime: an international co-production that dares to go beyond skin-deep. “Beauty Empire” is a series that explores the skin and beauty industry headed by powerful female moguls.
Public Service
With Eleksyon 2025 right around the corner, GMA Public Affairs and GMA Integrated News join forces in “Tanong ng Bayan: The Senatorial Face Off” coming in January. Hosted and moderated by Jessica Soho, the country’s most trusted broadcast journalist, this special will uncover the candidates’ views and positions on today’s most pressing issues. Perhaps no other name in Philippine television is as revered as Jessica Soho who celebrates 40 years in journalism next year. Public Affairs launches an online archive of Soho’s most iconic stories to mark this milestone – from her mission to the Spratlys, her exposé on the underground organ trade, and her interviews with past presidents. A special featuring the highlights of Jessica Soho’s career – including little-known stories from her early years – hits television and digital platforms this February. In “Philippine Defenders,” Matteo Guidicelli pays tribute to the brave men and women who protect our sovereignty. Matt, a Philippine Army reservist, joins our unsung heroes in missions to defend our land, seas, and skies. Philippine Defenders airs March 2025.
Cinema
Fresh from its MMFF entry “Green Bones,” GMA Public Affairs is set to release two new films for GMA Pictures in the first half of 2025. This time, the category is horror: “KMJS’ Gabi ng Lagim” makes its big screen debut, and “P77” starring Barbie Forteza and Euwenn Mikaell arrives in theatres in the summer of 2025. Gabi ng Lagim takes inspiration from chilling real-life accounts to craft three unforgettable tales of horror and redemption. And P77, set in a luxurious yet otherworldly penthouse, discusses the realities of urban housing while promising a mind-bending cinematic experience. In keeping with the spirit of “Lost Sabungeros” in 2024, a new film focuses on justice in the animated feature “58th”. The film examines the Maguindanao Massacre fifteen years on and sheds light on the story of Reynaldo Momay, the 58th victim whose body was never found.
2025 is the year of bringing big stories to the screen. Catch these Tatak GMA Public Affairs titles starting January.
Source: mb.com.ph
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Sue Ramirez earns ‘approval’ of Dominic Roque’s friends
January 1 ------ Sue Ramirez has seemingly earned the stamp of approval of Dominic Roque’s inner circle after the pair recently spent quality time with the latter’s real-life friends Kathryn Bernardo and Alora Sasam.
Sasam took to social media to share her point-of-view video on their recent visit to Judy Ann Santos’ restaurant. The Instagram reels showed Ramirez and Roque intimately talking about the menu, with the actor’s hand seemingly on the “The Kingdom” actress’ lap, before the camera panned to Sasam and Bernardo feasting on good food.
In the comments, fellow actress Chienna Filomeno gushed upon the sight of Ramirez and Roque’s sweet moment. “DominSue!!” Filomeno wrote, adding an affectionate emoji to the witty blending of their name, referencing Dao Ming Si, a character in the phenomenal 2001 TV drama series, “Meteor Garden,” played by Taiwanese singer-actor Jerry Yan. Netizens also expressed their positive reactions about the tandem of Ramirez and Roque.
“Basta, I’m happy. We’re enjoying each other’s company. That’s all I can say for now. We’ve been seeing each other,” she told reporters at the time. In a separate interview, Roque confirmed the dating news himself. “We’re dating,” he revealed. “Happy naman kami together. We’re going out and, ayun, kinikilala namin ang isa’t isa.
In her latest interview, Ramirez expressed her joy upon learning that Roque also revealed the real score between them. “Ah talaga, sabi niya? Inaamin ko na rin naman. What’s new? Charet. Enjoy that information. Enjoy lang rin kami. I’m happy,” she stated.
Source: inquirer.net
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‘Squid Game’ returns looking for win with season 2
NEW YORK, January 1 ------ Stepping onto the set of “Squid Game” season two, Lee Jung-jae felt like he had never left. “Including promotion, I’d been living with Gi-hun for about two years,” said Lee in a recent interview. “I really felt like I was him,” he said in a recent interview. “Squid Game” follows an underground competition in Korea that recruits people in debt to participate in childlike games for money. Once the games begin, the contestants realize there are deadly consequences.
The show was a global hit when it was released in 2021, becoming Netflix’s most-watched series. It also won numerous accolades including Primetime Emmy Awards for acting for Lee Jung-jae and directing for Hwang Dong-hyuk. Lee’s career catapulted, taking him to the Cannes Film Festival and giving him his first English-language role in the “Star Wars” series “The Acolyte” for Disney+. Lee says when Netflix ordered a second season of “Squid Game,” he questioned the timeline because it took Hwang years to work on the first one. “I wondered, ‘How many years will it take him to write season two,’” said Lee. Hwang, in turn, surprised everyone — including himself — by taking just six months to write season two and a third and final season. “I’m not sure I’ll ever be able to write something that fast again,” he said.
Creating new characters and their individual stories came easily. The biggest, challenge, Hwang said, was deciding what should happen with Gi-hun. Lee says when he read the scripts he thought Hwang “really is a genius.” It’s rare for even successful TV shows in Korea to have more than one season so it was a big swing, even for the new cast. “There’s a Korean phrase, ‘there’s not a sequel that does better than its prequel,’ said actor Yang Dong-geong, whose character debuts in season two. “I’ve been careful because we aren’t really sure what the reaction will be.” The outlook is positive. Season two has already been nominated in the best drama series category at the upcoming Golden Globe Awards.
The opportunity to work on a project with worldwide appeal is a dream come true for a performer. Lee Byung-hun, who reprises his villain role from season one, has appeared in big budget English-language films like “G.I. Joe: The Rise of the Cobra” with Channing Tatum and Dennis Quaid and “Red 2” with Bruce Willis. It’s “Squid Game” that he credits for taking his career to another level. “I’ve been an actor for over three decades and ... maybe most people outside of Korea have never seen anything that I’ve been in. If anyone through ‘Squid Game’ wishes to see more of me or becomes more curious about my previous works, as an actor, nothing would be more rewarding or bring me greater joy.” The audition process moved slowly. Jo Yu-ri recalls waiting two months between the first and second-round. When she finally got the part Jo says, “I actually remember crying.” The actors were asked to not speak publicly about their casting to wait for Netflix to make an announcement. “There were a couple of close friends that popped champagne for me when they found out,” said Yang.
Netflix’s “Squid Game” universe is also growing. A second season of a reality competition show based on the series has been ordered and an English version is in development. Season three of the original has also completed filming and is in post-production. Season two is not without controversy. The new episodes feature a transgender character played by Park Sung-hoon. Hwang says he understands why hiring a trans actor would have been ideal, but that the casting is a reflection of how the LGBTQ community and gender identity is viewed in Korea. “To be honest with you, in Korea, when it comes to the LGBTQ and gender minority community and culture compared to the Western worlds, it’s not as widely socially accepted yet. Unfortunately, a lot of the groups are marginalized and neglected from society, which is heartbreaking,” said Hwang. “We don’t have a very large pool of actors that allow for authentic casting when it comes to transgender characters. We did our research. We tried to find someone who we thought could be the best fit. However, we weren’t able to.” Hwang also went on to say that Park’s talent and approach to the character ended up making him “the perfect fit.”
Source: mb.com.ph
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SPORTS NEWS
Rianne Malixi playing against men in Philippine Open not the best advice
January 1 ------ TEEN golfer Rianne Malixi and her camp wasted no time in accepting the idea, first suggested by a sports site, of competing in the Philippine Open scheduled for January 2025.
Malixi’s father, Roy, has said his daughter is “very willing” to play in the Open now being revived as part of the Asian Tour after being abandoned by the National Golf Association of the Philippines (NGAP) for lack of funds in the past six years. Rianne herself appeared excited to participate, saying just hours after Inquirer Golf broached the idea: “That’s a good gift my country can give in my preparation for my upcoming LPGA and USGA major-exempt events and other elite amateur tournaments.”
Indeed, competing at the highest level is normally deemed beneficial, especially for Rianne whose current trajectory shows signs that she may be the country’s best hope for a global force in women’s golf. At 17, she rocked women’s amateur golf in 2024 by winning the US Women’s Amateur Open and US Girls’ Junior, a feat achieved by only one other player, not a Filipina, in USGA history. Organizers of the Philippine Open cannot be begrudged their enthusiasm. Rianne, being the country’s most accomplished amateur golfer, has the gravitas to secure an invite and perhaps even give the NGAP good press. But this is not a step in the right direction.
If the NGAP is tickled by the prospect of a woman playing in the Open, Rianne, to my mind, is just not the right person. If anyone has to be sent, I will go out on a limb here and name Yuka Saso and Bianca Pagdanganan, two golfers already molded by tough and demanding competition abroad, as the persons to send. Not to belittle Rianne’s accomplishments, or her talents, but I doubt she would make a dent in the competition that will require her to play from the men’s tees. What’s likely to happen, should she get to play, is that Rianne will become simply a distraction whom golf fans will egg on and then be disappointed with when she fails to deliver.
True, she is not expected to win; true again that making the cut is the first and real objective. But this alone is a huge mountain to climb. Why? Well, we only have our recent past history to look at. And this one tells us that in no instance have women golfers — pro or amateur, here or abroad — ever made the cut when competing in a men’s professional golf tournament. Locally, we can look at the disaster that the RPGA wrought in 2004 when two amateurs— Ria Quiazon and Heidi Chua — were allowed to play in the Philippine Open. Though both were accomplished amateurs, having won medals in the Southeast Asian Games and Asian Games, both finished dead last or close to dead last after two rounds.
Even legends of women’s golf from other countries did not stand a chance when they got the opportunity. Michelle Wie famously bombed out when she played in eight events in the PGA Tour. In one, she actually withdrew. And this is Wie, a female golfer who terrorized the amateur ranks with drives approaching 300 yards! Then there was Annika Sorenstam, a global superstar who ruled women’s pro golf for more than a decade. In 2003 she tried to pit talents with male pros at The Colonial. After two rounds she was 2-over and missed the cut. After this, she proclaimed that she did not have it in her to compete with men golfers.
Twenty years later, in 2023, Lexi Thompson, winner of 11 LPGA Tour events, also teed off with the men at the Shriners Children’s Open in Las Vegas. She suffered the same fate as Wie and Sorenstam. I take liberties by mentioning Rianne in the same breath as Wie and Sorenstam and Thompson. These are three professionals who are practically icons in women’s golf. It’s a stretch to speak of Malixi’s journey as coming close to theirs. However, one thing going for Malixi is that the Asian Tour is not the PGA Tour. That may be a plus for Rianne who will be going up against less formidable rivals.
But all of today’s professional men’s golf tours are sometimes separated only by the millions on offer as prizes. A good four days of an Asian Tour player can match up with the best efforts of PGA Tour pros. For her part, Rianne is looking at the Open at Manila Southwoods as a chance to pick up new tricks here and there, not to mention creating a good buzz around her should she beat one or two pros. But this still does not justify her entry into what’s expected to be a very tough tournament, an entry that can at the same time deny a deserving male pro from participating who has a chance at winning.
Learning new tricks is a good agenda as it goes. But it may make for a smarter agenda to try her skills first against the pros in our own men’s professional circuit, and then go from there. To bring Maliksi into a field of pro men golfers from around the world, for the purpose of gaining publicity and social media mileage, is the worst kind of promotion for the coming Open, an event that needs to be taken seriously and given respect by all parties. Getting women to play in men’s professional events might have inspired interest in the past, but has become an outdated move after the notoriously weak showing of women professionals. If Malixi eventually plays and fails grandly, the NGAP and the country can become the laughing stock of the international golfing community that knows when something is more gimmickry than genuine play.
Source: spin.ph
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Stephen Curry says ‘end is near’ for career
January 1 ------ NBA great Stephen Curry said he is appreciating his 16th season, knowing he is closing in on the end of his record-setting career. "It's OK to accept and acknowledge that the end is near," Curry said in a clip of an interview posted to the NBA on ESPN's account on X. "But only because it allows you to enjoy what's happening right now. But I think the more you talk about it and the more you acknowledge it, the more it levels up the sense of urgency in the moment, now."
Curry, 36, has led the Golden State Warriors to four NBA titles. He's a two-time league Most Valuable Player, a 10-time All-Star and the all-time leader in 3-point shots made with 3,841. And despite being limited to two points in a blowout loss to the Memphis Grizzlies last week he was 0-for-7 shooting Curry remains a highly productive NBA player.
This season, he's averaging 21.8 points, 5.0 rebounds and 6.6 assists per game. And while his scoring output is down from 29.4 points per game in 2022-23 and 26.4 last season, he's exceeding his career averages in rebounds (4.7) and assists (6.4).
Source: gmanetwork.com
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PH football team gets additional ammo this year
January 1 ------ The management of the Philippine men’s football team said it expects to have new pieces added to the mix by the time the third round of the Asian Cup Qualifiers rolls on in March, even as it rues the absence of several players in the ongoing Asean Mitsubishi Electric Cup.
Director for senior national teams Freddy Gonzalez sees at least five players becoming available for the continental qualifiers, with names such as Randy Schneider, Josef Baccay and Andre Leipold as among those set to begin the process of securing their Philippine passports. “We’re working hard behind the scenes to make sure that we increase the quality of the team,” Gonzalez said.
Brothers Anthony and Nick Markanich, both based in the United States, have also been mentioned multiple times in the past as those being eyed to play for the Philippines. While the prospects of seeing these players look pleasing on paper, Gonzalez, on the other hand, couldn’t hide his disappointment in missing the likes of Patrick Strauss, Kevin Ray Mendoza, Manny Ott and Jefferson Tabinas. All four, seen as vital players in the squad in recent friendlies, are suiting up for clubs within the Southeast Asian region, but were not released for the regional competition. “It’s really a pity because we don’t have access to a lot of our Asean players, which is really ridiculous,” said Gonzalez. “It’s like this is the Asean Championship, why are they (leagues) scheduling games in December? The AFF (Asean Football Federation) has to do more to make sure that the best Asean players are available.”
Strauss plays for Muangthong United and Tabinas for Buriram United in Thailand’s Thai League 1, while Mendoza suits up for Persib Bandung of Indonesia’s Liga 1. Both leagues did not take a break during the Mitsubishi Electric Cup. Ott is with the Tampines Rovers of the Singapore Premier League, which is not holding games until the end of the tournament.
Source: inquirer.net
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