BusinessMirror June 19, 2024

Flagship projects permitting process fast-tracked

Reine Juvierre S. Alberto @reine_alberto

THE infrastructure flagship projects (IFPs) permitting process will now only go through 18 issuing agencies, reduced from 30 agencies, approved within 20 working days with all applications processed simultaneously to speed up the country’s infrastructure drive.

Under Executive Order (EO) No. 59 on “Streamlining the Permitting Process for Infrastructure Flagship Projects” effective on May 5, 2024, applicants may submit their applications to 18 national government agencies and

local government units (LGUs) simultaneously instead of waiting for the approval of one agency to proceed to the next one.

“It doesn’t have to be sequentially so you can get it much faster now. If they fail to approve [the permits] within 20 days, that is deemed approved,” Socioeconomic and Planning Undersecretary Joseph J. Capuno told reporters on Tuesday at the sidelines of the EO 59 launch and ceremonial signing.

EO 59 aims to eliminate the unnecessary delays in the issuance of licenses, clearances, permits, certifications or authorizations to ensure the timely completion of IFPs. The guidelines in EO 59

apply to national government agencies, state-run corporations, other government instrumentalities and local government units issuing such documents.

Moreover, no other permit or clearance shall be required in the construction, installation, repair, operation and maintenance for IFPs except for Environmental Compliance Certificate/Certificate of Non-Coverage from the Department of Environment and Natural Resources (DENR), Building Permit/Certificate of Occupancy from the concerned building official, Excavation Permit from the concerned LGU, National Commission for Culture and Arts

(NCCA), Metro Manila Development Authority (MMDA), Department of Public Works and Highways (DPWH) and Bases Conversion and Development Authority (BCDA).

Despite hastening the approval process of permits, which before took years, Anti-Red Tape Authority (Arta) Director General Ernesto V. Perez assured the public that approvals of the projects won’t be railroaded as Arta is mandated to conduct regulatory review.  “Before, LGUs and other government agencies could implement regulations and ordinances. Any

See “Flagship,” A

IMD REPORT FLAGS PHL RISKS IN PRICES, FOOD

By Andrea E. San Juan @andreasanjuan

WHILE the Philippines’s overall ranking in the 2024 IMD World Competitiveness Ranking did not change, the annual report cited high prices of goods and food security as some of the challenges to watch out for this year.

Based on the 2024 IMD World Competitiveness Ranking, the Philippines ranked 52nd out of the 67 economies surveyed. The country’s ranking did not change, compared to last year’s.

However, the annual report of IMD outlined the challenges that may hound the country this year, particularly on keeping prices

affordable, improving the education system, reducing climate change vulnerability, among others.

The IMD report also noted that the country may have a hard time resolving its territorial rights to the West Philippine Sea “diplomatically

See “IMD,” A

AS the Philippines maintained its rank in the International Institute for Management’s (IMD)  World Competitiveness Ranking for 2024, the government banks on the implementation of Executive Order (EO) No. 59 on “Streamlining the Permitting Process for Infrastructure Flagship Projects” to improve its spot for next year.

Socioeconomic and Planning

Undersecretary Joseph J. Capuno told reporters that the implementation of the guidelines of Executive Order (EO) No. 59 on “Streamlining the Permitting Process for Infrastructure Flagship Projects” would propel the country’s low rank in competitiveness.

The Philippines retained its 52nd ranking of most competitive economy, unchanged for five consecutive years, among 67 countries.

The country was least competitive in the areas of business legislation (60th), basic infrastructure (62nd) and education (63rd) but ranked high in terms of employment (10th), tax policy (15th) and domestic economy (27th).

With infrastructure identified as one of the main challenges for the Philippines, Capuno said, “Hopefully, with the implementation of EO 59, we can notch a bit higher in the next round.”

See “Ranking,” A

DBM okays release of ₧1B for ‘Wash’ projects this year

By Reine Juvierre S. Alberto @reine_alberto

ABOUT P1 billion has been released to earmark the water, sanitation and hygiene (Wash) projects to bring safe and resilient water supply and sanitation services to lagging communities.

The Department of Budget and Management (DBM) said on Tuesday that Budget Secretary Amenah F. Pangandaman has approved the issuance of a Special Allotment Release Order (Saro) and Notices of Cash Allocation amounting to around P1 billion.

The amount will fund the construction, expansion and upgrading of Wash projects identified through local participatory budgeting process, according to the DBM.

San Miguel. . .

Continued from A

Following the conglomerate was the Sy family-controlled SM Investments Corp., ranked 27th with revenues of $10.27 billion; Manila Electric Co. was at 34th with $7.97 billion; JG Summit Holdings at 55th with $5.93 billion; BDO Unibank Inc. was at 57th with $5.83 billion and Aboitiz Equity Ventures Inc. with $5.58b billion. Ayala Corp. was ranked 70th, with $5.21 billion; GT Capital Holdings Inc. at 74th with $5.1 billion; fast food company Jollibee Foods Corp. at 86th with $4.39 billion; Lucio Co’s Cosco Capital Inc. was at 95th with $3.85 billion. Also on the list were PLDT Inc. at 97th,

“It aims to accelerate access safe and resilient water supply and sanitation services in lagging municipalities, in partnership with local civil society organizations [CSOs],” the DBM said.

The program will specifically cover 75 beneficiary municipal local government units (MLGUs) nationwide belonging from the 4th to 6th income classes and/or with established LGU-managed water utility and those that are projectready, with Municipal Water Supply Sanitation and Hygiene Master Plan duly endorsed by accredited CSO and adopted by the LGU, and with identified feasible water sources.

The budget release is in compliance with the DBM—Department of the Interior and Local Government

Globe Telecom Inc at 111th, International Container Terminal Services Inc at 145th, DMCI Holdings Inc. at 159th andChemical manufacturer D and L Industries Inc. ranked at 404th.

The top 10 of the list was dominated by Singapore companies, led by the Trafigura Group as number one with $244.28 billion, followed by Thailand’s PTT with $90.4 billion and Indonesia’s Pertamina with $75.78 billion.

The publication said companies are ranked by total revenues for their latest available respective fiscal years ended on, or before, December 31, 2023.

Revenue figures include consolidated subsidiaries and reported revenues from discontinued operations. For banks, revenue is the sum of gross interest

(DILG) Joint Memorandum Circular No. 1 dated February 21, 2024, which prescribes the guidelines and procedures in the implementation of the LGSF-SAFPB, the DILG consolidated and endorsed the list of eligible and compliant projects to the DBM for fund release.

The DBM underscored that it is the national government’s commitment to contribute to attain the Sustainable Development Goal No. 6 or “Ensure availability and sustainable management of water and sanitation for all.”

Furthermore, the expansion and upgrading of infrastructure under the Philippine Development Plan 20232028 is endeavored to prime economic and social transformation that is built on sustainable, resilient and integrated water resource infrastructure

income and non-interest income. For insurance companies, revenue includes premium and annuity income, investment income, realized capital gains or losses, and other income, but excludes deposits.

“The Fortune Southeast Asia 500 reflects a dynamic and fast-changing region—one whose core economies are growing notably faster than those of Europe or the US This is partly due to Southeast Asia taking on far greater significance in the global economy, not least because a host of Global 500 multinationals have shifted more of their supply chains to Southeast Asian nations,” Clay Chandler, executive editor Asia at Fortune, said.

“We are thrilled to introduce the Southeast Asia 500 to our international readers as we build on the 70-year history

IMD. . .

systems as a solid foundation.

“By supporting the implementation of priority projects of LGUs, we invest in the growth and well-being of our local communities. It’s our commitment to progress and prosperity,” Pangandaman said.

Pangandaman approved the release of funds charged against the FY 2024 LGSF-SAFPB on June 7, 2024.

As of end-March 2024, the DBM has released 83.2 percent of the P5.767trillion national budget for 2024.

The release rate as of end-March has increased by 5.3 percent from the 77.9 percent recorded as of the end of February.

Based on DBM’s latest data, a total of P969 billion, or 16.8 percent, of the national budget remains undistributed.

of publishing the Fortune 500. With this new list, we turn the spotlight on the impressive growth story of Southeast Asia and the largest companies driving this diverse region and its economies,” Khoon-Fong Ang, Fortune’s chief of operations Asia, said.

Capuno also pointed out the budgetary and legal issues in acquiring right-of-way (ROW), which could have also derailed the country’s competitiveness ranking.

“If its not appropriated in the General Appropriations Act [GAA], then there’s no way we can get money for right-of-way issues,” Capuno added.

TheGAA covers the annual operating requirements of government agencies to promote socioeconomic objectives. The budget for 2024 GAA amounts to P5.767 billion, higher by 9.5 percent than last year’s spending level.

Special Assistant to the President for Investment and Economic Affairs Frederick Go has lobbied for the enactment of the right-of-way law to ramp up infrastructure projects in the country.

Capuno said budgetary issues are a common complaint—even if the technical design and feasibility studies are laid out and the market is ready to accommodate offers—and should be covered by the proposed ROW law.

“If the government does not have money, then no deal is made and projects get delayed,” Capuno stressed, adding that sometimes, the fund for ROW are insufficient, delayed or allocated for other purposes.

“If we can find a better way to raise the money, secure it and make it available for ROW issues, then we can solve part of the implementation delays related to infrastructure,” Capuno added.

Meanwhile,Anti-Red Tape Authority (Arta) Director General Ernesto V. Perez told reporters that he also expects the Philippines’ competitiveness ranking to improve next year.

Perez explained that the ranking is a question of perception and submission of data, which are sometimes outdated or nothing at all.

Arta, for its part, will launch the Competitiveness Dashboard, a platform to monitor and analyze the country’s global competitiveness, in collaboration with the Asian Institute of Management (Aim) and Liveable Cities Philippines

“We will closely monitor our competitiveness ranking and then coordinate with the agencies concerned to ensure that data are properly provided and more updated data are provided,” Perez said.

This effort will enable the public to know about the government’s programs and initiatives toward improving the country’s competitiveness ranking.

Reine Juvierre S. Alberto

and peacefully.”

The IMD World Competitiveness Ranking divides its data into four areas: economic performance, government efficiency, business efficiency and infrastructure.

“Together, they capture various aspects of competitiveness, such as macroeconomic stability, fiscal policy, institutional quality, market openness, business dynamism, innovation, education, health, and environmental performance,” the IMD report explained.

To illustrate the competitiveness landscape in the Philippines for 2024, the country ranked 40th in terms of economic performance. Its ranking here remains unchanged compared to last year’s. On government efficiency, the Philippines improved as it climbed three spots from last year’s 52nd to this year’s 49th.

On business efficiency, the country went down three notches from last year’s 40th to this year’s 43rd spot. In terms of infrastructure, the Philippines slipped three rungs from last year’s 58th spot to this year’s 61st.

Zooming in on the sub-pillars of the Economic Performance of the Philippines, it improved in domestic economy, international trade and international investment. In contrast, it performed poorly in employment and prices, as its rankings in these areas declined.

On government efficiency, the country improved its performance in public finance, institutional framework, while its ranking declined in terms of tax policy, business legislation and societal framework.

In the area of business efficiency, the country solely improved in productivity and efficiency while its ranking in labor market, finance, management practices, attitudes and values declined.

On infrastructure, the country’s ranking in four sub-pillars—basic infrastructure, technological infrastructure, scientific infrastructure and education—declined, while its ranking did not change in the area of health and environment.

Arturo Bris, Director of the IMD World Competitiveness Center (WCC) underscored that “the most competitive economies of the future will be those able to anticipate and adapt to this changing global context while simultaneously creat-

ing value and well-being for their people. And that will make them sustainable.”

He also noted that the major competitiveness challenges for the world’s economies in 2024 and beyond were transitioning to a lowcarbon and circular economy, being mindful of emerging markets’ “increasing integration” into the world economy, and keeping up with digital transformation.

According to IMD, the three trends that survey respondents consider as having the “greatest impact” on businesses in 2024 were: AI adoption, with 55.1 percent;  the risk of a global economic slowdown, 52 percent; and geopolitical conflicts, 36.1 percent.

Through the Philippine government’s lens, the Department of Trade and Industry (DTI) told the BusinessMirror in a Viber message on Tuesday that it “remains committed to fostering a business-friendly environment and driving economic development.”

The country’s Trade department said it intends to focus on “enhancing manufacturing with Industry 4.0 technologies and fostering innovation to boost production efficiency and global competitiveness.”

On addressing key challenges, DTI recognized sustainable infrastructure as “vital” for enhancing  competitiveness and mitigating climate change.

“We are dedicated to transform the Philippines into an attractive investment destination, boosting jobs and exports, and maintaining a positive trade balance. This comes with upskilling our workforce to meet the evolving demands of the job market,” said the DTI.  “Through collective efforts and strategic initiatives, we are committed to positioning the Philippines as a leading hub for competitive and sustainable businesses in Southeast Asia, ensuring a prosperous future for all Filipinos,” the DTI said.

IMD explained the importance of competitiveness ranking thus: “An economy’s competitiveness cannot be reduced to just its [gross domestic product] GDP and productivity; political, social and cultural dimensions are a reality for enterprises, too.”

“Governments play a crucial role, by providing an environment characterized by efficient infrastructure, institutions, and policies that can encourage sustainable value creation on the part of enterprises,” said the Switzerland-based independent academic institute.

action that they should be taking, it is required that they should be subjected to proper consultations,” Perez said.

“The first that we do is we require the agency or LGU concerned [to provide] the explanation for the failure to observe the consultation process and the Ease of Doing Business law,” Perez added.  Perez, in his presentation of the salient features of EO 59, said the prescribed processing time to issue permits follows the 3-7-20 rule—simple transactions must be completed within three calendar days; complex transactions within seven calendar days; and highly technical transactions within 20 calendar days.

The EO also directs all covered agencies and LGUs to review their Citizens Charters and remove burdensome requirements, limit the number of signatories to a maximum of three and allow the use of the Department of Information, Communication and Technology (DICT)’s Philippine National Public Key Infrastructure (PNPKI) and electronic signatures.

The EO also requires the establishment of a one-stop shop for IFPs, as the single point of entry, with the agencies and LGUs to consolidate and simplify the application process for all Neda Board-approved IFPs.  It also digitalizes operations to enable online submission and acceptance of applications, facilitate digital payment of fees and automate and computerize databases.  Capuno, who delivered Socioeconomic and Planning Secretary Arsenio M. Balisacan’s keynote message, said three IFPs have been completed since the start of the Marcos administration: the Samar Pacific Coastal Road, the Integrated Disaster Risk Reduction and Climate Change Adaptation Measures in Pampanga Bay and the Flood Risk Improvement and Management in Cagayan de Oro River.  There are 48 IFPs under preproject implementation, which are seeking clearances and permits, which will be covered by EO 59, while the others are already for implementation, according to Capuno.

“Any form of delay is a no-no under this administration, especially, following the directive of the president, specifically, to streamline and digitalize processes and to replace red tape with red carpet,” Perez said.  The EO 59, signed on April 30, is spearheaded by the National Economic and Development Authority (Neda) and Arta, through the Neda Board Committee on Infrastructure (Infracom).

Extradition trial of Teves ends, Timor court expected to issue ruling this month

By Joel R. San Juan @jrsanjuan1573

THE Timor-Leste’s Court of Appeals has wrapped up its proceedings on the request of the Philippine government to extradite expelled Negros Oriental congressman and designated terrorist Arnolfo “Arnie” Teves Jr. back to the country to face trial for several murder charges and other criminal offenses.

Lawyer Ferdinand Topacio, Teves’s lead counsel, told reporters

that the extradition trial ended last week after the presentation of witnesses by the prosecution and the defense.

“Hearings are done. But any assessment from our side would be biased and self-serving,” Topacio said when asked for the defense assessment of the case.

“All I would like to say on record is that we gave it our best shot, and hope and pray that the East Timor [also known as Timor-Leste] court would follow what is in the Constitution, without regard to

Guo pleads for ‘extensive, fair’ probe

By Samuel P. Medenilla @sam_medenilla

SUSPENDED Mayor Alice L. Guo of Bamban, Tarlac, has called on Malacañang for an “extensive and fair” investigation on her alleged direct involvement in Philippine Offshore Gaming Operators (Pogo) and illegal activities.

On Tuesday, Guo’s lawyers submitted a letter addressed to Executive Secretary Lucas P. Bersamin reiterating that she has no links to Pogo and her supposed involvement in kidnapping, human trafficking and money laundering. Pogos are believed to be hubs of such activities in addition to human trafficking and cybercrimes.

Bersamin heads the Presidential AntiOrganized Crime Commission (PAOCC) in a concurrent capacity.

“It is simply a letter addressed to the Executive Secretary as the Chairman of the

PAOCC... just expressing the Mayor’s intention that she is one with the commission to uncover the truth and for justice to prevail,” Lorelei M. Santos, one of the lawyers of Guo told reporters in an interview after submitting the letter.

During the weekend, the PAOCC announced that it will filing “non-bailable criminal charges” against Guo, but it did not give any details on what violations she may have committed. The Senate is conducting a separate investigation on Guo. In her six-page letter to Bersamin, Guo belied the allegations that her divestment from Baofu Land Development Inc., was “simulated” and that she joined the mayoral race to protect the company.

Baofu established Pogo operations in Bamban, Tarlac, just at the back of the town hall, and is linked to money laundering and other criminal activities.

Guo initially denied knowledge of the Pogo operation.

“The Baofu Land Development Inc., was

the diplomatic pressure that the Philippine government has been exerting,” he added.

Teves is facing murder charges

established in line with the law of the Philippines and is legitimately registered in line with the regulations of the Securities and Exchange Commission,” Guo said in Filipino in the letter.

“My decision to run as Mayor was the result of my desire to improve the lives of our compatriots, whom I have been [with] since childhood and not to protect the personal interests of businesses,” she added.

The letter did not address the allegations against Guo’s nationality that she is not a Filipino and is a Chinese spy.

The “baseless” allegations against her, Guo said, is harming her reputation.

Guo said she is prepared to coordinate with the ongoing investigation of PAOCC and other government bodies on the matter.

“I hope PAOCC will be able to resolve this issue with fairness, justice, integrity, and give significance to truth and justice,” Guo said.

The Ombudsman has slapped a sixmonth suspension against Guo due to the graft charges filed by the Department of the Interior and Local Government (DILG) for supposedly allowing illegal Pogos to operate in Bamban.

for his alleged involvement in the killing of Negros Oriental Gov. Roel Degamo and nine others at the governor’s residence on March 4, 2023.

The former congressman, along with several other individuals, have also been charged in connection with several killings in Negros Oriental in 2019.

He was out of the country seeking medical attention when the Degamo killing happened and refused to return since then, citing alleged threats to his life.

Teves had denied the charges against him and claimed being a victim of political persecution by the Marcos administration.

Topacio said the prosecution was given until June 19, 2024 and the defense until June 24, 2024 to submit their respective memoranda, amplifying their arguments.

For its part, the DOJ confirmed that the extradition proceedings against Teves has been concluded.

“Both parties were given time to submit their respective

memorandum/position paper outlining their arguments and positions,” the DOJ said.

“The Court of Appeals of Timor Leste, thereafter, will have five days to render its decision. It is anticipated that a decision will come by or close to the end of June,” it added.

The DOJ also expressed optimism that the decision will be favorable to the government, insisting that its witnesses were able to counter the arguments raised by Teves’s camp.

DOJ files criminal raps vs man caught selling explicit images, videos of minors

THE Department of Justice (DOJ) has filed criminal charges against an individual who was caught selling explicit images and videos of minors online.

In a six-page resolution issued by Assistant State Prosecutor Agnes Farida BagafaroArellano II, the DOJ found no irregularities in the arrest and the subsequent proceedings conducted on the accused identified as Benjie Ortillano also known as “Bench Ortillano Lee.” Ortillano was charged with violation of Section 4 (c) of Republic Act 11930 also known as the “Anti-Online Sexual Abuse of Exploitation of Children (Osaec) and AntiChild Sexual Abuse or Exploitation Materials (Csaem) Act.”

Section 4 (c) of RA 11930 provides that “regardless of the consent of the child, it shall unlawful for any person to commit the following acts through online or offline means or a combination of both: ( c ) To offer, sell, distribute, advertise, promote, export, or import by any means or a combination of both.”

The case stemmed from the complaint

filed by the National Investigation Bureau of Investigation-National Capital Region (NBI-NCR).

Upon scrutiny of the uncontroverted evidence submitted by the NBI, the DOJ said it found probable cause to hold Ortillano liable for the said offenses.

“The narration and recollection of the arresting officers of the NBI-NCR support the legitimacy of the arrest of respondent Ortillano as the latter was apprehended while in the act of committing the imputed offense,” the DOJ resolution said.

In its complaint, the NBI claimed that on March 20, 2024, it received intelligence information that Ortillano was providing online buyers with Csaems.

The next day, NBI agents conducted “open source intelligence” and were able to identify social media accounts associated with Ortillano, including in Twitter and Facebook which were found to be promoting explicit content and offering discounts for access to a VIP Telegram Channel.

Further investigation revealed Ortillano’s

SM Prime bolsters MSME growth and boom in the Philippines

MANILA, Philippines - SM Supermalls continues its commitment to empower and enrich the growth of local Micro, Small, and Medium Enterprises (MSMEs) by building a thriving ecosystem of entrepreneurship and innovation

“MSMEs are our local partners in generating value across all the communities we operate in,” said Steven Tan, President of SM Supermalls. “With 99.59% of the local economy composed of MSMEs, the persistence and vibrancy of local trade as well as the generation of jobs on the micro, small, and medium scale hinges on their success.” In line with this, SM Supermalls continues to implement various programs and plan opportunities for MSMEs to grow their customer base through the vast network of SM malls in the country. With 67% of its tenants being

involvement in maintaining minor models and facilitating the distribution of illicit materials through his Telegram channel.

Shockingly, Ortillano openly disclosed the availability of explicit images and videos, which patrons could access for P499 pesos to be sent to a designated Gcash account. Upon payment, undercover NBI agents received a link from Ortillano, leading to explicit videos, including footage of him engaging in sexual acts with minors. The evidence were used by NBI operatives to secure a warrant to search, seize, and examine computer data from Regional Trial Court (RTC) Branch 4 of Manila City against Ortillano, with residence at Santa Rosa-Tarlac Road, Purok 6, Zaragoza, Nueva Ecija.

“This decisive action underscores our unwavering commitment to protecting children from online exploitation. This sends a clear message to perpetrators that justice will prevail, and the law will be enforced to its fullest extent,” Justice Secretary Jesus Crispin Remulla said in a statement released by the DOJ. Joel R. San Juan

stores. The package provides startup-friendly rental rates within SM malls along with the free usage of kiosks and carts. Marketing assistance is also provided through free exposure in SM online assets and ad spaces within the malls with valuable mentorship from its experts on operations and marketing. SM also offers financial assistance with BDO network bank. This program is currently running across five malls with 30 purveyors

MSMEs, these programs empower entrepreneurs by providing them with accessible and affordable prime retail spaces in SM’s highfoot traffic malls, as well as helpful packages to support their growth.

Marketplace for Success

“Because SM has been an established brand for over three decades, perhaps people have forgotten that we started out as a small enterprise ourselves,” said Tan. “Our own experience emphasizes the value in supporting our MSMEs and has given us valuable insight we can use to further support this crucial sector in line with the government’s efforts.”

Last May, the Department of Trade and Industry (DTI) introduced the fourth iteration of the national MSME Development Plan geared to reduce operational costs and eliminate barriers for new entrepreneurs. Through the plan’s implementation,

and support continual job creation. The “SM for MSMEs” program supports budding entrepreneurs in overcoming three key challenges they usually face–access to a diverse group of customers, the high cost of traditional operational requirements like rent, and competition with established brands for attention and patronage. Serving as a marketplace for entrepreneurs facing difficulties finding the right venue and market, SM aims to be

the incubator of the country’s next big brands. “SM for MSMEs offer scalable packages to businesses in the communities around SM malls–for as low as 500 pesos per day, small scale businesses can rent a booth in SM’s high-foot

Package” in 2021 to assist MSMEs in opening their first brick-and-mortar

ARNOLFO “ARNIE” TEVES JR.

DHSUD execs want sovereign guarantee for housing debts

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Marcos has ordered housing authorities to prepare a study on the proposed funding guarantee to accelerate the implementation of the government’s national housing program.

Marcos issued the order after Department of Human Settlements and Urban Development (DHSUD) officials proposed the funding guarantee that will ensure payments of housingrelated government debts. The housing officials raised the proposal during a sectoral meeting with the National Economic and

Development Authority (NEDA) last Tuesday that Marcos attended.

DHSUD officials said that the funding guarantee will give confidence to government financial institutions and private banks to participate in the Pambansang Pabahay Para sa Pilipino (4PH) program.

Marcos ordered the concerned government agencies to study the risk before he considers the approval of the proposed sovereign guarantee.

“Let’s generate those numbers and see what really in terms of realworld cost is going to be—what is the condition really of the market, how easy or how hard is it going to be to turn—for our guarantee to turn these things around...for the

LNG seen as cleaner transition fuel

By Lenie Lectura @llectura

GOVERNMENT leaders and policy experts on Tuesday urged industry stakeholders to work closely to jumpstart the LNG (liquefied natural gas) industry, saying that the collaboration between the public and private sectors are crucial in ensuring energy security and sustainability in the country, particularly in the development of LNG.

During a forum on Tuesday titled “Advancing Energy Security: Fueling Sustainable Progress with Liquefied Natural Gas (LNG),” organized by the Stratbase Institute, in partnership with CitizenWatch Philippines, Energy Secretary Raphael Lotilla said LNG will serve as the cleaner transitional bridge from fossil fuels to renewable energy (RE).

The government is pursuing a power generation mix target of 50 percent RE by 2040.

“Exploration and development of these [renewable energy] resources including the building of necessary infrastructure will certainly take time, making it essential to have a reliable energy transition source in the meantime.

This is where LNG plays a crucial role, serving as a cleaner substitute for traditional fossil fuels and a more reliable source than renewable energy,” Lotilla explained.

The Department of Energy is formulating a Natural Gas Development Plan to provide investors guidance and policy, the legal requirements, and incentives in putting up LNG facilities and other infrastructure requirements, including the government’s future development plans and programs.

Lotilla also recognized the efforts of lawmakers pushing for the proposed Philippine Downstream Natural Gas Industry Development Act.

“This journey towards energy security and sustainability must be a collaborative effort,” added the energy chief.

Two LNG facilities have

interest subsidy,” the President said.

“So, we [should] have working numbers that we have confidence in. It will not be arbitrary...that we just grab the number out of the air. It has to be based on the historical experience in the housing industry,” he added.

DHSUD also wants the inclusion of the 4PH bill in the State of the Nation Address (Sona) of the President next month as well as the assured budget allocation for support facilities like basketball courts and parks.

The legislation aims to institutionalize the 4PH program of the DHSUD.

The government is targeting to construct 6.8 million new housing units by 2028 through the 4PH.

been constructed in Batangas to support the operations of First Gas and Ilijan power plants. They complement each other and can support around 8,000 megawatts (MW) capacity of natural gas plants. The DOE has likewise issued four permits to construct and three notices to proceed to LNG proponents as of May this year.

Sen. Sherwin Gatchalian, vice chairman of the Senate Committee on Energy, meanwhile said collaborative efforts of the public and private sectors are crucial in embracing cleaner energy sources like LNG.

Gatchalian filed the Midstream Natural Gas Industry Development bill, which aims to fill in the gaps and strengthen existing bridge policies to unlock the potential of natural gas as a vital source of energy for the country.

“This proposed measure allows private sector participation across the entire value chain and provides flexibility for the government to adapt to evolving market conditions, among other provisions. Let us

support this endeavor to fuel sustainable progress and make a lasting impact on the nation’s energy independence,” he said.

Stratbase Institute president Dindo Manhit commented that developing LNG as a stable source of power will foster more infrastructure development, technology transfer, job creation, and trade.

Global Business Power Corporate Chief Operating Officer Dominador Camu Jr. said the development of additional power plants, particularly LNG to power, is a crucial step towards meeting the country’s fragile electricity supply, mounting power demand and influx of variable RE to ensure a resilient, reliable and sustainable energy supply in the next decade.

“Our two-prong strategy for power generation growth is, first, expand our RE portfolio using renewable sources such as solar and wind; then second, build new High Efficiency Low Emissions [Hele] baseload power plants with clear-cut focus on developing and investing in cleaner fuel alternatives, such as LNG [natural gas]and other innovative thermal technologies,” said Camu.

Japan needs more caregivers from PHL

SPEAKER Martin G. Romualdez on Tuesday said Japan is now opening its doors to more Filipino workers especially caregivers for the elderly.

Romualdez made the statement after meeting National Diet of Japan Speaker Fukushiro Nukaga and Vice-Speaker Banri Kaieda at the parliament building in Tokyo.

“Japan is facing a decrease in population, and in this regard, Japan truly appreciates the Filipinos working here, especially elderly care workers,” Kaieda said during the meeting.

“We are looking forward to welcoming more Filipinos to work in Japan,” he added.

There are currently more than 300,000 Filipinos in Japan, of which 164,000 are employed in caregiving, agriculture,

hospitality, and manufacturing. Romualdez and Nukaga also talked about Philippine agricultural products, support for infrastructure projects under the Official Development Assistance (ODA), protection of overseas Filipino workers (OFWs), Japanese investments, and security partnerships. Romualdez, together with other members of the House of Representatives visited Japan to exchange best practices in legislation with his Japanese counterparts. Among the issues, which were discussed during the meeting were digital transformation of legislative processes, effective public consultation mechanisms, and strategies for enhancing legislative oversight.

Samuel P. Medenilla

Philippines, Sweden commit to make mining sustainable amid climate change impacts

By Jonathan L. Mayuga @jonlmayuga

THE Philippines and Sweden have agreed to work together to promote sustainable mining in support of the green transition.

The Philippine mining industry is on track to making mining responsible and sustainable, with some mining companies even going beyond mere compliance with environmental and mining laws, said Environment Secretary Maria Antonia YuloLoyzaga, as she welcomed the initiative of the government of Sweden to invest in mining in the Philippines, to make mining safer and environmentally sound.

At a news conference during the mining forum titled “Pioneering the Green Transition: Advancing Sustainable Mining” co-organized by Sweden and the Philippines in Makati City, Yulo-Loyzaga said the Marcos administration is committed to sustainable mining and works with all concerned sectors, including the industry and mining-affected communities.

In particular, Yulo-Loyzaga said publicly-listed mining companies have demonstrated responsibility in doing business in the Philippines.

“I think that we all need to be quite transparent and I think at this point we know that certain companies are well on the way to becoming sustainable and responsible.

Mining companies that are publicly listed have accountability and global risk in the

way they do business and they commit to their shareholders.

In terms of publicly-listed companies, we do see a higher degree of responsibility and the reporting standards as well are quite high,” says Yulo-Loyzaga.

As for other companies, she said there needs to be stricter compliance monitoring.

“We do have a good deal of responsible and sustainable mining that is ongoing and that is the direction we are headed,” she said. Sweden’s Ambassador to the Philippines, Annika Thunborg, for her part, welcomed the Philippines’ commitment to responsible and sustainable mining, expressing her excitement to partner with the Philippines in mining.

“We welcome the Philippine government’s commitment to responsible mining,” Thunborg said.

“The forum aims to promote mining solutions and green technologies, create a platform to share Swedish technologies and innovations, and engage the academe, public and private sector,” she said. Thunborg added that several Swedish companies that are doing business in the Philippines as well as those that are not yet in the Philippines, are looking at investing in the mining sector in the Philippines. She said a large number of Swedish companies are attending the forum, to showcase their products that can help mining in the Philippines in terms of technology, equipment, and best practices that ensure the safety of the mines and miners.

CARP-covered land subject to distribution, not compromise deal–lawyer

TRACTS of land covered by the Comprehensive Agrarian Reform Program (CARP) are supposed to be acquired by the Department of Agrarian Reform and distributed to landless farmers and are not subject to compromise deals.

This was stressed by the lawyer of farmers from Hacienda Roxas in Nasugbu, Batangas, who are now facing eviction owing to a consolidated order issued by the Department of Agrarian Reform (DAR) in December last year.

More than 1,000 farmers stand to be affected by the consolidated order, which splits a total of 2,600 hectares of CARP-covered lands two ways—1,300 for the owner, publicly-listed Roxas & Company Inc., and 1,300 for farmer beneficiaries under CARP.

“These farmers have been cultivating this land for a long time. It goes against the basic precepts of justice, fairness, and equity to deprive them, through no fault of their own, of the land they till,” said Jobert I. Pahilga, executive director of Sentro para sa Tunay na Repormang

Agraroyo (Sentra) who filed a petition to the DAR to revoke the consolidated order. In the petition, the farmers argued that both the consolidated order and the compromise agreement violate Republic Act 6657 or the Comprehensive Agrarian Reform Law or CARL, as amended by Republic Act 9700 or the Comprehensive Agrarian Reform Program Extension with Reform or Carper. “These laws mandate the acquisition and distribution of agricultural lands to the landless tiller. CARL is a social justice legislation and as such, whether agricultural land is covered in its provision, is not subject to compromise,” the petition said.

The farmers also said that the Katipunan ng mga Magbubukid sa Hacienda Roxas Inc. (Kamahari) and the Damayan ng Manggagawang Bukid sa Asyenda Roxas-National Federation of Sugar Workers (Damba-NFSW), which negotiated the compromise agreement for them, “have no authority to decide for and on [our] behalf.” Jonathan L. Mayuga

June 19, 2024

LIN, ZHOUWU

1 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

2 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

3 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

4

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

5 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

6 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

7 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

8

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

Chinese Customer Service Representative

Brief

WANG, SHUBIN

Chinese

Representative

Brief

ZHANG, DANDAN

Chinese

Brief

JULYANTO

Indonesian - Customer Service Representative

Brief Job Description: Manage incoming calls and customer service inquiries

KYIN TAI

Myanmari Customer Service Representative

Brief Job Description: Manage incoming calls and customer service inquiries

HOANG VAN THAN

Vietnamese - Customer Service Representative

Brief Job Description: Manage incoming calls and customer service inquiries

NGUYEN THI HIEN

Vietnamese - Customer Service Representative

Brief Job

Able

Covelandia

Able to speak, read and write Chinese and Indonesian language

Salary Range: Php 30,000 - Php 59,999

Able to speak, read and write Chinese and Myanmari language

Salary Range: Php 30,000 - Php 59,999

Able to speak, read and write Chinese and Vietnamese language

Salary Range: Php 30,000 - Php 59,999

Able

17 PHILIPPINE MANUFACTURING CO. OF MURATA, INC.

Lot 2A, Phase 1B, First Philippine Industrial Park, Pantay Bata, City of Tanauan, Batangas TANAKA, HIROYUKI

INC.

Lot 2A, Phase 1B, First Philippine Industrial Park, Pantay Bata, City of Tanauan, Batangas

Lot 2A, Phase 1B, First Philippine Industrial Park, Pantay Bata, City of Tanauan, Batangas

TOMS MANUFACTURING CORPORATION

Block 1, Lot 2, Daiichi Industrial Park, Maguyam, Silang, Cavite

KANO, YOSUKE

Specialist-Machine Engineering Department

Job Description:

IWASAKI, SHIGEKI

General Manager-Machine Engineering Department

Brief Job Description: Manage

MASUDA, MASASHI

Production Department Manager

Brief Job Description: Responsible to oversee and control overall activities of administration

Any person in the Philippines who is competent, able and willing to perform the

for which Floors, Andenson Building II, Parian, Calamba City, Laguna, within 30 days after this publication.

by the foreign national.

Have

50.

51.

52. PANG, TIANYI Chinese Speaking Program Designer

Communicate

programming team.

53. SAN YEE WIN Chinese Speaking Program Designer

Communicate

54. SUN, XIANLIANG Chinese Speaking Program Designer

Communicate overall design and approach to a team programming team.

55. WANG, SUPENG Chinese Speaking Program Designer

Communicate overall design and approach to a team programming team.

56. YANG, DI Chinese Speaking Program Designer maintenance and revisions.

57. YANG, ZHIGUO Chinese Speaking Program Designer Communicate overall design and approach to a

Php

Have

Php 30,000

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Php 30,000 - Php

58. ZHONG, JIACHENG Chinese Speaking Program Designer Communicate overall design and approach to a team programming team. Have

CURRENTCORE SERVICES INC.

59. DOU, ZHI carry out tasks. Excellent in foreign language.

DRAGONFLY TECHNOLOGIES INC.

60. NANG TIN MAY MYINT Foreign Language IT Security Specialist

Ensuring security updates are current across all systems. Excellent in a foreign language. Php 30,000 - Php 59,999

DYN EDGE PHILS. INC.

61. FUNG KAI XIN

Oversee the development and placement set for

DYNAMIC STUDIO TECHNOLOGY INC.

5/f, 6/f, 7/f, 8/f Aseana 3 Building D., Macapagal Boulevard Corner Asean Ave., Baclaran, City Of Parañaque

62. CHEN, DIANYOU Chinese Speaking Admin Associate support to the team and he/ she will be assigned to the Chinese team.

Have

BusinessMirror

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192. GIANG UYEN NHI Mandarin Project Planner

The

Evaluate

193. NIE, CHUNHONG Mandarin Project Planner

The Mandarin Project Planner is responsible for planning and scheduling various workloads. Gathers

Evaluate current procedures and recommends changes projects.

In-depth

Php

In-depth

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The Mandarin Project Planner is responsible for planning and scheduling various workloads. Gathers

Evaluate current procedures and recommends changes projects.

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In-depth understanding of materials and project management principles. Must have understanding in

Php

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200. HO SY ANH 18-55 y/o, with at least 6 months of work experience, and with good verbal and skills.

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201. HOANG THI HANH 18-55 y/o, with at least 6 months of work experience, and with good verbal and skills.

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244. LI, YUANQING

245. LI, ZHONGQIANG

246. SHANGGUAN, MEIHUA

247. SHE, SHENGCHAO

XIA, LEI

249. XU, ZHI

250. YE, GENCUN

Php 30,000 - Php 59,999

Php 30,000 - Php 59,999

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languages.

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251. YOON MAY MI WIN Php 30,000 - Php 59,999

252. ZHUANG, HONGHUI

S-W TRADING CORP.

253. WANG, XIFEI

255. QIU, CHEN

languages.

Php 30,000 - Php 59,999

US reasserts defense commitment to PHL

amid escalating South China Sea tensions

By Jim Gomez The Associated Press

MANILA, Philippines—The United States renewed a warning Tuesday that it’s obligated to defend its close treaty ally a day after Filipino navy personnel were injured and their supply boats damaged in one of the most serious confrontations between the Philippines and China in a disputed shoal in the South China Sea, officials said.

China and the Philippines blamed each other for instigating Monday’s hostilities in the Second Thomas Shoal, which has been occupied by a small Filipino navy contingent aboard a grounded warship that’s been closely watched by Chinese coast guard, navy and suspected militia ships in a yearslong territorial standoff. There is fear the disputes, long regarded as an Asian flashpoint, could escalate and pit the United States and China in a larger conflict.

US Deputy Secretary of State

Kurt Campbell discussed China’s actions with Philippine counterpart, Maria Theresa Lazaro, in a telephone call. Both agreed that China’s “dangerous actions threatened regional peace and stability,” State Department spokesperson Matthew Miller said.

Campbell reaffirmed that the 1951 Mutual Defense Treaty, which obligates Washington and Manila to help defend the other in major conflicts, “extends to armed attacks on Philippine armed forces, public vessels, or aircraft—including

those of its coast guard—anywhere in the South China Sea,” according to Miller.

A Philippine government task force overseeing the territorial disputes condemned what it said were “dangerous maneuvers, including ramming and towing,” which disrupted a routine effort to transport food, water and other supplies to the Filipinos manning the territorial outpost aboard the BRP Sierra Madre at the shoal.

“Despite the illegal, aggressive,

Former Thai PM Thaksin granted bail after royal defamation indictment, rattling Thailand politics

By Jintamas Saksornchai The Associated Press

ANGKOK—Former Thai

BPrime Minister Thaksin Shinawatra was granted release on bail hours after he was formally indicted Tuesday on a charge of defaming the country’s monarchy in one of several court cases that have rattled Thai politics. Thaksin, an influential political figure despite being ousted from power 18 years ago, reported himself to prosecutors Tuesday morning and was indicted, Prayuth Bejraguna, a spokesperson for the Office of the Attorney General, said at a news conference.

A car believed to be carrying Thaksin arrived at the Criminal Court in Bangkok but he did not come out to meet reporters. His lawyer Winyat Chatmontree told reporters that Thaksin was ready

to enter the judicial process. The same car left the court a few hours later after Thaksin was granted bail, though again he did not meet with waiting reporters.

A few hours later, the Criminal Court said Thaksin’s bail release was approved with a bond worth 500,000 baht ($13,000) under a condition that he cannot travel out of Thailand unless he receives permission from the court.

A court statement issued later listed several reasons for allowing bail, including Thaksin’s age, his having a permanent address in Thailand and the lack of an objection from the prosecutor. It added that his passport was confiscated.

The law on defaming the monarchy, an offense known as lese majeste, is punishable by three to 15 years in prison. It is among the harshest such laws globally and increasingly has been used in Thai-

land to punish government critics.

Thaksin, now 74, was ousted by an army coup in 2006 that set off years of deep political polarization. His opponents, who were generally staunch royalists, had accused him of corruption, abuse of power and disrespecting thenKing Bhumibol Adulyadej, who died in 2016.

He was originally charged with lese majeste in 2016 for remarks he made a year earlier to journalists in South Korea. The case was not pursued at that time because he went into exile in 2008 to avoid punishment from other legal judgments he decried as political.

He voluntarily returned to Thailand last year and was immediately taken into custody for convictions related to corruption and abuse of power, but served virtually all of his sentence in a hospital rather than prison on medical grounds. He was granted release on parole in February.

Thaksin returned to Thailand as the Pheu Thai party, seen as his political machine, joined hands with its longstanding rivals in the conservative establishment to form a government. The minimal punishment that he faced was interpreted as part of a deal to keep the progressive Move Forward party, which finished first in last year’s election, out of power, though no deal was publicly acknowledged.

Thaksin has maintained a high profile and is seen as the unofficial power behind the Pheu Thai-led government. He has traveled the country making public appearances and political observations that could upset powerful figures on the establishment side. Consequently, prosecution of the long-ago lese majeste case is seen by some analysts as a warning from his powerful enemies that he should tone down his political activities.

His case is just one of the

and reckless actions by the Chinese maritime forces, our personnel showed restraint and professionalism, refrained from escalating the tension, and carried on with their mission,” the Philippine task force said without elaborating.

“Their actions put at risk the lives of our personnel and damaged our boats in blatant violation of international law.”

The Chinese coast guard said the Philippines “is entirely responsible for this.” It said a Philippine

several that have complicated Thai politics since the Pheu Thai government took office after the Senate—a conservative, military-appointed body—successfully blocked Move Forward from taking power last year.

Move Forward is now facing dissolution after the Election Commission asked the Constitutional Court to rule whether it is guilty of attempting to overthrow the system of constitutional monarchy by campaigning to amend the lese majeste law.

Prime Minister Srettha Thavisin, who is from Pheu Thai, meanwhile, is being probed over his appointment of a Cabinet member who had been imprisoned for bribery. If found culpable, Srettha could be forced out of his position.

Thailand’s courts, especially the Constitutional Court, are considered bulwarks of the royalist establishment, which has used them and nominally independent state agencies such as the Election Commission to cripple political opponents.

The Constitutional Court on Tuesday is holding hearings on both Move Forward’s and Srettha’s cases.

The court also ruled on Tuesday that the regulations guiding the partially completed, three-stage voting process to select a new Senate are legal.

The term of the current Senate, appointed by the junta that toppled a previous Pheu Thai government in 2014, expired last month, opening up an opportunity to make its membership more democratic.

The voting process could have been annulled if the court had found it unconstitutional, which would have allowed the militaryinstalled senators to remain on an interim basis until a new process could replace them.

Forty members of the interim Senate were behind the petition against Srettha, a move that is seen as favoring a pro-military political party in the coalition government.

vessel “ignored China’s repeated solemn warnings…and dangerously approached a Chinese vessel in normal navigation in an unprofessional manner, resulting in a collision.”

Two speedboats—attempting to deliver construction materials and other supplies to a military vessel stationed at the shoal—accompanied the supply ship, according to China’s Foreign Ministry, which described its coast guard’s maneuver as “professional, restrained, reasonable and lawful.”

Philippine Defense Secretary Gilberto Teodoro Jr. said Monday night that his country’s armed forces would resist “China’s dangerous and reckless behavior,” which “contravenes their statements of good faith and decency.”

“We will exert our utmost in order to fulfill our sworn mandate to protect our territorial integrity, sovereignty, and sovereign rights,” Teodoro said. “It should now be clear to the international community that China’s actions are the true obstacles to peace and stability in the South China Sea.”

Several incidents have happened in recent months near the shoal which lies less than 200 nautical miles (370 kilometers) from the nearest Philippines coast and where it maintains the

Sierra Madre, which had become encrusted with rust since it was deliberately grounded in 1999 but remains an actively commissioned military vessel, meaning an attack on it could be considered by the Philippines as an act of war.

China has increasingly become assertive in pressing its claim to virtually the entire South China Sea, which has led to a rising number of direct conflicts with other countries in the region, most notably the Philippines and Vietnam. A new law by China, which took effect Saturday, authorizes its coast guard to seize foreign ships “that illegally enter China’s territorial waters” and to detain foreign crews for up to 60 days. The law renewed a reference to 2021 legislation that says China’s coast guard can fire upon foreign ships if necessary. At least three coastal governments with claims to the waters— the Philippines, Vietnam and Taiwan—have said they would not recognize the law. Malaysia and Brunei are also involved in the long-seething territorial disputes, which are regarded as a delicate fault line in the longstanding USChina rivalry in the region.

The Associated Press journalists Aaron Favila and Joeal Calupitan in Manila contributed to this report.

By Kim Tong-Hyung The Associated Press

SEOUL, South Korea—South Korean soldiers fired warning shots to repel North Korean soldiers who temporarily crossed the rivals’ land border Tuesday for the second time this month, South Korea’s military said.

The South’s military observed increased North Korean construction activities along their heavily armed border to install suspected anti-tank barriers, reinforce roads and plant land mines. The work has gone on uninterrupted despite several explosions caused by mines that killed or injured an unspecified number of North Korean soldiers, said the South’s Joint Chiefs of Staff.

According to the Joint Chiefs of Staff, around 20 to 30 North Korean soldiers, while engaging in unspecified construction work on the northern side of the border, briefly crossed the military demarcation line that bisects the countries as of 8:30 a.m. It said the North Korean soldiers retreated after the South broadcasts warnings and fired warning shots and the South’s military didn’t spot any suspicious activity after that.

The South also fired warning shots on June 11 after another group of North Korean soldiers briefly crossed the MDL.

The Joint Chiefs of Staff said that Tuesday’s incident occurred in a different area along the central frontline region. It said it doesn’t believe the North Korean soldiers intruded the border intentionally and that the North did not return fire.

The Joint Chiefs of Staff said it suspects North Korea will expand its border construction activities, which started around April and is possibly aimed at making it harder for North Korean civilians or soldiers to defect to the South as Pyongyang’s leadership attempts to strengthen its control over its people.

“Our military is closely monitoring North Korean military activities in the frontline area while guarding against accidental situations,” the Joint Chiefs of Staff said in a statement. The border intrusions come as tensions rise between the war-divided rivals, who in recent weeks have engaged in Cold War-style psychological warfare and made it clear they are no longer bound by their landmark military agreement in

The South’s military has said the border area is dense with overgrown trees and plants that may have obscured the visibility of North Korean soldiers and caused them to cross the border.

Maxicare breach latest in private sector; NPC probes as data of 1,000 major firms exposed

By Lorenz S. Marasigan

@lorenzmarasigan

& Andrea E. San Juan

@andreasanjuan

CYBERSECURITY watch-

dog Deep Web Konek

reported on Tuesday an alleged data breach involving major healthcare provider Maxicare Philippines, exposing the data of more than 1,000 major companies.

The breach, attributed to a threat actor known as “OPCODE-90,” has exposed over 22,800 lines of sensitive information and is now being sold to the first three buyers in the dark web.

“This breach was already notified to us since yesterday but we cannot

confirm it back then. Today, the breach was posted on a hacker forum,” Deep Web Konek said.

The data includes detailed personal, member, and booking information. Specifically, it reveals sender details such as full names, unit/vendor, company, email, and Go Rewards code.

Member details include full names, company name, 16-digit Maxicare card number, corporate code, account type, date of birth, sex, mobile numbers, email addresses used for confirming schedules and sending results, other remarks, and VIP status.

Member booking details include location information such as province, country, ZIP code, city, barangay, street, village/subdivision,

landmark, preferred dates and times, and a list of requested procedures.

According to Deep Web Konek, over 1,000 major companies, including high-profile organizations such as ABS-CBN, Accenture, Cebu Pacific, Bank of the Philippine Islands, Mercury Drug, Pfizer, and Manulife, among many others, were involved. Other popular companies included in the list whose data were allegedly compromised are: Unilever Philippines, Nestle Philippines, PayPal Philippines, Inc., Pfizer Inc., Allianz PNB Life Insurance Inc., Canva Solutions Inc., Cebu Air, Inc.

Deep Web Konek said Maxicare Philippines informed affected members about the breach on June 16, following the unauthorized

access detected on June 13, 2024. The breach specifically targeted Lab@Home, a third-party provider for laboratory requests from home, which operates a separate database from Maxicare’s systems.

NPC report MAXICARE Healthcare Corporation is the latest addition to the list of alleged data leaks in the country, according to the latest report of the National Privacy Commission (NPC).

“The NPC received a data breach notification report from Maxicare Healthcare Corporation through the NPC’s Data Breach Notification Management System on June 16, 2024 at 12:09 PM,” the country’s privacy watchdog told reporters in

a Viber message on Tuesday.

While the NPC itself cannot provide further information other than the date and time of notification, the privacy body confirmed that they have been notified of the breach after a social media post by Deep Web Konek, a local cybersecurity group, started to lurk online.

With the subject “Notification to Data Subject,” the Maxicare notification posted on the website of DWK read, “On 13 June 2024, Maxicare Healthcare Corporation (“Maxicare”) was informed that an unauthorized person/s may have gained access to the personal information of our members submitted to Lab@Home.”

“Lab@Home maintains a separate database for this process, and Lab@Home’s systems are not integrated with that of Maxicare. Nonetheless, as champion of your privacy rights, Maxicare is making this notification to inform you of the incident and to minimize any further risk on your part,” the notification of Maxicare which was posted on the website of DWK read. Last June 6, NPC provided updates on data breach notifications involving some of the large companies in the country.

“Robinsons Land notified us of a data breach on June 1,2024. Additionally, Toyota notified us of a breach on May 14,2024. The reports are currently under evaluation,” NPC said in a statement on June 6.

4 more cops in Duterte drug war convicted of homicide MAP backs

By Joel R. San Juan @jrsanjuan1573

THE Regional Trial Court in Caloocan City on Tuesday found four policemen guilty of homicide in connection with the killing of a father and his son in September 2015 during the antiillegal drug war campaign of the Duterte administration.

In a 30-page ruling issued by Judge Rowena Violago Alejandria of Caloocan RTC Branch 212, the policemen identified as Msgt. Virgilio Q. Servantes, and Cpls. Arnel De Guzman, Johnston M. Alacre, and Argemio Saguros Jr. were sentenced to a maximum of 10 years of imprisonment for the killing of Luis Bonifacio and his son Gabriel. They were also ordered to solidarily pay the heirs of the victims the amount of P400,000 in actual, civil indemnity, moral, and temperate damages which will earn interest of 6 percent every year from the date of finality of

the decision until fully paid.

Twenty-one policemen were initially charged with two counts of murder in connection with the incident but only four were eventually charged before the court with the downgraded offense of homicide as ordered by the Office of the Ombudsman.

The Ombudsman’s resolution was affirmed by the Supreme Court in a decision issued on October 11, 2023.

Alejandria held that the prosecution was able to establish all the elements of homicide under Article 249 of the Revised Penal Code (RPC) in the case.

The elements of homicide include (a) a person was killed; (b) the accused killed him or her without any justifying circumstance; (c) the accused had the intention to kill, which is presumed; and (d) the killing was not attended by any of the qualifying circumstance of murder, or by that of parricide or infanticide.

The trial court also declared

Rendon, Rosmar persona non grata in Palawan

THE Provincial Board of Palawan has declared social media influencers Rosmar Tan and Rendon Labrador “persona non grata” for bullying an employee in Coron town last week.

All the board members present during the SB hearing Tuesday agreed to co-author one resolution declaring Tan, Labador, Marki Tan and Team Malakas as “persona non grata.”

Local governments may declare one person persona non grata but this is only an expression of dismay and could not be legally enforced as a travel ban. The issue started when Tan, Labrador and their vlogger colleagues confronted an employee of Coron’s Vice Mayor who criticized against their giving of doleouts.

“Ginamit nyo lang mga taga Coron para sa mga vlog vlog nyo at socmed. Dismayado dahil naghintay sila ng isang oras at gutom. At lalong ginamit nyo mga staff para mag assist sa inyo tapos wala kayong inabot kahit singkong duling!” Jho Cayabyab Trinidad posted on her Facebook account.

Labrador called out the employee, Trinidad, and berated her inside the Office of the Mayor.

Despite appeals from other employees in the Mayor’s Office, Labador, Tan and other members of Team Malakas continued with their vicious browbeating. Trinidad was later forced to apologize on cam for her critical post.

The video of their confrontation was posted in Labador’s Facebook Page and became viral. Tan also posted on her Facebook

Page “Never Again, Coron, Palawan.”

This triggered Mayor of Coron Marjo Reyes to order an investigation on the incident.

Coron municipal council Member John Patrick Reyes also filed a resolution proposing that the municipal board declare the vloggers persona non grata.

On Tuesday, Tan, Labrador and Team Malakas posted on Tiktok a posted apology for the hurtful words and actions against the Coron municipal employee. Apparently, their public apology did not appease the board members of the Provincial Board who are based in Puerto Princesa.

Not only was the resolution filed Tuesday, the provincial board suspended the rules to enable them to approve the first and final reading of the resolution in one day.

“ Binastos na po yung institusyon ng ating munisipyo ng Coron,” said Juan Antonio Alvarez, Palawan 1st district board member.

Alvarez conceded that the Coron employee may be wrong in criticizing the vloggers. But he insisted that this was her personal opinion that she posted on her personal social media account, and not on the official Facebook account of the municipality. The reaction of the social media influencers to the criticism, he said, was “excessive” and they passed the resolution for them to “learn their lesson.”

“ Hindi porke’t tumutulong ka, hindi porke’t nagbibigay

that conspiracy among the accused is also present and proven by the prosecution in this case.

“The firing of shots made by all the accused which caused the death of the victims without justifiable cause shows the same criminal intent towards the same criminal design,” the court pointed out.

Alejandria did not give merit to the defense of the policemen that they merely acted in self defense when they fired at the victims.

They insisted that the victims fired shots at them first during the operation, prompting them to retaliate.

“The accused cannot invoke that they acted in defense nor in the fulfillment of duty as justifying circumstance to exculpate them from criminal liability,” the ruling stated.

“First, there was nothing to defend when they suddenly entered the house of the victims. Assuming their versions were true, the firing of their guns, as admitted by them, would not satisfy the requisites of ‘in fulfillment of duty’ as a justifying

circumstance,” it added.

Likewise, the trial court pointed out that it is “highly improbable” that the victims suffered multiple gunshot wounds in the different parts of the body if the accused policemen fired only one shot each to defend and keep themselves safe.

“Such physical evidence, being the highest form of evidence, deserves greater probative value,” the trial court declared.

With regard to the identification of the accused, the trial court did not give weight to the failure of the prosecution’s witnesses to identify the names of the accused nor to recognize their faces.

It stressed that testimonial evidence is not necessary when the documentary evidence offered in court would prove the identities of the persons who were involved in the operation which led to the killing of the victims.

Even the accused, according to the court, did not deny their presence and participation in the said police operation.

Furthermore, the trial court said it found the testimony of Mary Ann Domingo, Luis’s live-in-partner, more credible than the testimonies presented by the defense.

Domingo testified that on September 14, 2016, she, her husband and their three minor children were about to sleep when her son Gabriel arrived.

A few minutes later, Domingo said a family friend arrived and asked her daughter if Luis was in the house.

A group of armed policemen then barged into their home, went to the second floor and she and her children were forced at gunpoint to go downstairs, according to Domingo.

Domingo said she saw her husband on his knees, guns pointed at his head, while her son pleaded for their lives.

Domingo added that she heard gunshots after, prompting her to run to the nearest barangay hall for help.

Village officials told her they could not interfere because it was an anti-drug operation.

UP presents 10 flagship programs, cites inclusivity

Continued from A18

“That’s why, as of the moment, we’re mobilizing the alumni as well,” he noted. “There are 300,000 UP alumni, and they’re very enthusiastic and they’re very excited for this kind of program.”

Those who are keen to get a UP education are also encouraged to consider alternative, nonUPCAT routes to admission, such as associate degree and online education programs, as well as encouraging highly-talented applicants in the arts and athletics.

“After two years, if your grades are good, you can now enter a regular degree program. That’s an equity element that we implement here for those who really can’t pass the UPCAT,” he said. “We are really experimenting in this stage. We want to expand it because what I want is at least 50 percent of our students would come from public schools.”

Several other FPs that are mainly geared towards various aspects of public service are: enhancement of open distance e-learning platforms (FP 4); expansion of public service offices and integration of public service into various functions of the academe (FP 8); enriching the study, creation, and preservation of local arts and culture (FP 7); and active collaborations and partnerships with sectors (FP 6).

For the sixth program, Jimenez

said that they are collaborating with state college and universities (SUCs) for “a concerted effort to improve undergraduate education all over the country.”

“So the idea is we become a university of universities by attracting [or] offering PhD courses for those teachers who will go back to their schools and improve the level of undergraduate,” he underscored.

On the other hand, the UP president wants to retain the socalled UP elitists in the sense of merit and talent as his leadership seeks “to transform UP into a research, graduate, post graduate and post doctoral school.”

The remaining five initiatives emphasize UP’s mandate to build its capacities as the country’s premier tertiary state institution, with focus on: faculty and curriculum development (FP 1), quality management systems and quality assurance standards (FP 9), the development of research and innovation hubs in each campus (FP 3), university-wide digital transformation (FP 10), and the establishment of the UP Archipelagic and Ocean Virtual University (FP 5).

A major academic effort that is now happening is the revision of UP’s core curriculum—the set of all courses that all students need to complete prior to moving to major fields of study.

“Our core offerings will be

recalibrated to cultivate learners equipped with the intellectual acumen and ethical fortitude to address complex societal challenges,” Jimenez said.

Different UP constituent units are also working to increase the number of PhDs, improve teaching methodologies, and enhance the quality of research to meet international standards.

“We will enhance our facilities to include state-of-the-art libraries, laboratories, and resource centers.

Faculty development will be boosted through accessible and comprehensive scholarships, research and creative work, and teaching innovation grants,” he shared.

Currently, the entire UP community is comprised of 85,000 individuals spread across the eight CUs and one autonomous college—65,000 students (50,000 and 15,000 in undergraduate and graduate schools), and 20,000 personnel.

The 10 FPs are not actual projects, but thematics, wherein little projects would fall under any of these initiatives. To fund it all, UP taps its existing budget, which is around P23.5 billion this year.

“My goal is for UP to truly serve the people by ensuring that we not only strengthen our academic capacities as a leading national and global university, but also look beyond the traditional confines of the academe and work towards national development and social justice,” Jimenez stressed.

THE Management Association of the Philippines (MAP) said it backs the AntiRed Tape Authority’s (Arta) mission of fast-tracking the implementation of Infrastructure Flagship Projects (IFPs), saying this is needed to transform the economy.

“We fully agree that there is an urgent need to further streamline the process for issuance of required licenses, clearances, permits, certifications and authorizations to expedite the implementation of Infrastructure Flagship Projects which are needed for meaningful economic transformation,” MAP President Rene D. Almendras said in a statement on Tuesday.

The head of MAP stressed this after he attended on Tuesday the launch of Executive Order No. 59 or “Streamlining the Permitting Process for Infrastructure Flagship Projects” and the ceremonial signing of its implementing guidelines. Almendras congratulated the country’s anti-red tape watchdog as he underscored that Arta’s initiative aligns with one of MAP’s priorities which is on Ease of Doing Business.

“The MAP has been fully supporting Arta’s mission of transforming the way the government serves and enables its citizens and stakeholders through good regulatory practices, streamlining and re-engineering of processes, collaboration, and application of technology,” the business organization said in a statement on Tuesday.

“We congratulate Sec. Ernesto Perez, the Anti-Red Tape Authority (ARTA), and all the government agencies who signed the implementing guidelines. Having served in government, I know how hard it is to get such an alignment in such a short time,” Almendras also noted.

Arta is one of the agencies, along with the Department of the Interior and Local Government (DILG), mandated by EO 59 to issue the guidelines to ensure “effective and efficient implementation” of the order.

Among the tasks of the implementing agencies are to: track and report the compliance of national government agencies (NGAs) and local governments involved in the issuance of licenses, clearances, permits, certifications and/or authorizations for IFPs and encourage NGAs and LGUs to prioritize and facilitate the review and approval of licenses, clearances, permits, certifications or authorizations for the Neda Board-approved IFPs. Perez earlier said the goal of this measure is to “reduce or streamline the requirements, to fast-track the permitting process including the use of digital platform.” Socioeconomic Planning Secretary Arsenio M. Balisacan earlier said in a statement that EO 59 will make it easier for implementing agencies to “execute transformative infrastructure projects that would spur job creation for our people and enable us to sustain our economy’s rapid expansion.” EO 59 was signed by the President on April 30. Andrea E. San Juan

Editor: Angel R. Calso

PHL rubber production struggles amid global shortage, rising demand

LOCAL suppliers grappled with a shortage of rubber three years ago, when they were forced to shell out more money to fill up their requirements. The global shortage caused Philippine companies to pay 40 to 50 percent more for their rubber needs in 2021 compared to what they had to pay in 2019 (See, “Amid tighter supply, rubber prices rising,” in the BusinessMirror, May 31, 2021). Companies told this newspaper that prices of synthetic and natural rubber skyrocketed because of tight supply.

The shortage of rubber was exacerbated by the shipping crisis, which caused spikes in the cost of logistics. The impact of Covid-19 on global supply lines had put pressure on rubber prices and increased the production cost of local firms (See, “Supply stiffness to stay as shipment issues seen spilling past Yule season,” BusinessMirror , May 20, 2021). They had no choice but to cough up the money for expensive rubber if they did not want to disrupt output in their own factories.

Prior to the pandemic, the country’s production of rubber (coagulated cup lump) reached 431,674.76 metric tons, according to data from the Philippine Statistics Authority (PSA). Output of rubber during the next year fell to 422,407.10 MT and this could be due to the mobility restrictions imposed by the government to stop the spread of Covid-19. The sector’s performance improved in 2021, but this was not enough to shield local firms from high international prices caused by the global shortage.

The next two years were bleak for the local rubber sector as output declined after recording improvements in 2021. Data from the PSA showed that rubber production in 2022 declined by 3.45 percent yearon-year to 415,749.65 MT. Last year, output reached 378,818.13 MT, the first time in five years that it fell below the 400,000-MT mark.

As the economy continues to grow, the Philippines needs to expand its rubber output to meet the increasing demand for rubber-made goods. The world is also in need of more rubber, which means that there is an opportunity for local producers to increase their shipments. However, this would require substantial support from the government to encourage local producers to expand output.

Despite the suitability of the country’s soil and climate for rubber production, there was only a slight increase in areas devoted to the crop in the last two years. In 2021, areas planted with rubber reached 239,140.50 hectares. In 2022 and 2023, areas planted with rubber inched up to 239,647.82 hectares and 240,107.62 has, respectively, according to data from the PSA.

The Department of Agriculture wants to encourage more farmers to go into the cultivation of rubber. Thus, it would do well for the government to deliver on its commitment to provide technical support and promote modern technologies and facilities to increase rubber production. As it is mostly grown in Mindanao, where certain provinces recorded a poverty incidence rate of more than 30 percent, rubber has the potential to help the government achieve of its goal of reducing poverty incidence to a single digit by 2028.

Scam-free Philippines

BMark Villar

THE BUILDER

UILDING roads, bridges and communities is crucial to the economy, but so is ensuring a sound financial system. Even minor loopholes can be exploited by criminals seeking to steal people’s money.

That’s why I advocate for stronger regulations targeting scammers, including those behind financial cybercrimes. Modern technology empowers thieves—and it’s our responsibility to enact laws that stop them.

Unchecked financial scams can devastate families and the entire economy. Social media users report falling victim to these online thefts, and many police stations lack cybercrime units to assist them.

The impact goes beyond immediate financial losses. It can erode trust in financial institutions and the market, hindering growth and distorting market environments. When investors are cheated, they become less likely to participate, leading to a decline in investment, a crucial driver of economic progress.

Several deceitful individuals were using technology to mislead the public for their own interest. Recently, a

Founder

Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com www.news.businessmirror@gmail.com

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deepfake video targeted my father, former Senate President Manuel Villar. The perpetrators used AI to manipulate an old video, making it appear that he was endorsing a fraudulent investment scheme. The video is fake and there’s no such investment outlet.

It turned out that the perpetrators of the crime used an old footage of my father and digitally altered it, using AI to change what he was saying. I would like to reiterate that the video is fake, and there is no such investment program being endorsed by my father.

The public should be more discerning and cautious when viewing content that promises easy money. As my father said, “there is no such thing as easy money. There is no substitute to good, old-fashioned sipa g at tiya ga in achieving success in life. Ma g -iingat po tayo sa mga m a nlolo k o.”

Modern technology empowers thieves and it’s our responsibility to enact laws that stop them Unchecked financial scams can devastate families and the entire economy. Social media users report falling victim to these online thefts, and many police stations lack cybercrime units to assist them.

I am deeply bothered by the growing brazenness of scammers targeting investors and consumers alike. While the government promotes digital payments and other financial transactions, some groups are defrauding users through various means. This discourages the public from fully benefitting from the convenience of digital transactions.

The Cybercrime Investigation and Coordinating Center (CICC), for example, warned the public of a scam targeting e-wallet users. CICC Executive Director Alexander Ramos said fraudsters were sending fake e-mails via Viber and Facebook Messenger, claiming to be from GCash.

The e-mail includes a link where the customer is supposed to provide personal and account details. Victims who fall prey to such ploy would end up compromising their financial accounts. Scams like smishing, vishing, phishing and quishing allow fraudsters to consummate their

Ex-Trump adviser urges him to cut ties with China,

By Nick Wadhams

IF Donald Trump returns to the White House, he should sever all economic ties with China, consider deploying the entire US Marine Corps to Asia and resume live nuclear-weapons testing, his former national security adviser writes in an article offering the most detailed account of what foreign policy may look like in a second Trump term.

The proposals are spelled out in an article set to appear in Foreign Affairs magazine written by Trump’s last national security advisor, Robert O’Brien, who may get another top job if Trump wins a new term as president in November. While O’Brien was a hardliner and helped fuel the tougher stance toward China that emerged late in Trump’s time in office, the prescriptions he spells out go far beyond anything he publicly advocated at the time.

“As China seeks to undermine American economic and military strength, Washington should return the favor,” O’Brien writes in the article’s most explosive policy prescription, saying that “Washington should, in fact, seek to decouple its

economy from China’s.”

There’s no guarantee Trump would adhere to the policy proposals on China that O’Brien lays out in the article, especially one that would have such a seismic impact for the US and the world given how interwoven the two countries’ economies have become.

But O’Brien said recently that he remains in “regular contact” with the former president, and he’s taken the public stage more often in recent months, meeting with Prime Minister Benjamin Netanyahu in Israel and criticizing President Joe Biden for what he considered an insufficient response to attacks on US troops in Iraq and Syria.

The article is only the latest in a

O’Brien argues for the US to help expand the militaries of Indonesia, the Philippines and Vietnam, increase military assistance to Taiwan and boost missile defense and fighter jet protection in the region

series of such initiatives from former Trump administration officials and conservative think tanks. But O’Brien’s previous role and the prospect of his return give it more weight than others.

Christian Whiton, a State Department political appointee under Presidents George W. Bush and Trump who helped O’Brien produce the article, said O’Brien gave a copy to Trump campaign adviser Susie Wiles. Whiton said Wiles showed a printed copy to Trump.

But Karoline Leavitt, a Trump campaign representative, disputed that account, saying it wasn’t true that Wiles had shown the article to the former president.

“Let us be very specific here: unless a message is coming directly from

nefarious acts.

To prevent the spread of such scam, the Senate Committee on Banks, Financial Institutions and Currencies, which I previously chaired, approved Senate Bill No. 2560, or the Anti-Financial Account Scamming Act (AFASA), to stop the prevalence of scammers in the country.

The AFASA bill aims to establish these scams as forms of swindling under the Anti-Money Laundering Law. Scammers steal the hardearned money of the Filipino people and weaken the trust of the public in the financial system. When left alone, they could openly harm our economy. Through AFASA, we will have stronger safeguards against fraudulent transactions by arming our financial institutions with risk management systems that will grant them sufficient power and authority to flag suspicious transactions. It also gives the Bangko Sentral ng Pilipinas (BSP) limited authority to examine and investigate individual financial accounts used in the commission of crimes. Under the proposed legislation, existing laws on secrecy of bank deposits and data privacy do not apply to financial accounts subject to the investigation of the BSP.

We need stronger safeguards to protect citizens from fraudulent transactions. I believe it is the re-

See “Villar,” A

President Trump or an authorized member of his campaign team, no aspect of future presidential staffing or policy announcements should be deemed official,” Wiles and Chris LaCivita, a campaign senior adviser, said in a statement that Leavitt provided on Monday evening. At more than 5,000 words, the article—“The Return of Peace Through Strength: Making the Case for Trump’s Foreign Policy”—argues that the 60% tariffs on China that Trump has floated should be only the first step, followed by tougher export controls “on any technology that might be of use to China” and other measures.

“This morass of American weakness and failure cries out for a Trumpian restoration of peace through strength,” O’Brien writes. He also advocates a military challenge to China beyond the additional attention the Biden administration has paid to the Asia-Pacific region. O’Brien argues for the US to help expand the militaries of Indonesia, the Philippines and Vietnam, increase See “Ex-Trump,” A

Ambassador Antonio L. Cabangon Chua

Celebrating Jose Rizal’s birth anniversary through the Portuguese language

By Gilberto Moura

TEmbracing multipolarity for global harmony

By Henry Go

ODAY, 19th June 2024, we celebrate the 163rd birth anniversary of Dr. José Rizal, one of the most prominent heroes of the Philippines and one of the architects of the construction of its national identity. From an early age, Rizal showed an extraordinary talent for literature, philosophy and the arts. He stood out as a writer and thinker. The knowledge he acquired fed his fight for freedom and equality of his countrymen. His actions were based on unbending principles of honor and morality. Truly, it

Rizal’s most famous literary works, “Noli Me Tangere” and “El Filibusterismo” exposed the dark shadows of the then reigning regime and raised awareness among Filipinos of the need for social and political reforms. His ideas influenced the struggle for independence and the formation of a national identity. Yet, this came with a price: his fight for the Filipinos’ right to freedom and self-determination brought him into confrontation with the authorities. On December 30, 1896, Rizal was executed by firing squad, becoming a martyr for the Philippine cause for independence. His sacrifice and commitment to justice and freedom inspired many others to join the fight for political emancipation. His contribution to the national identity is invaluable, and his name is revered as a symbol of courage and commitment in pursuit of national dignity.

Days before his execution, Rizal wrote the poem “Mi Último Adios”. It is one of the masterpieces of the Philippine literature. Deeply patriotic, the poem expresses the author’s love and desire for freedom for his homeland, in particular his desire that his death might inspire others to continue fighting for their country’s independence. The poem is read and studied in Philippine schools as part of the literature curriculum. The life and work of José Rizal, including this poem, continue to be celebrated in the Philippines as a fundamental part of its history and culture.

Inside Fort Santiago, one of the iconic spaces in the historic center of Manila, there is an exhibition in honor of the national hero (Rizal Shrine), which brings together translations of his last poem in several foreign languages, such as Chinese, Czech, English, French, Italian, German, Hungarian and Korean. That place represents a transit point for many national and foreign tourists, as well as a space for civic reflection for Filipinos. In this regard, the “Instituto Guimarães Rosa”—the cultural office of the Brazilian Ministry of Foreign Affairs—and the Embassy of Brazil in Manila, in coordination with the National Historical Commission of the Philippines and Intramuros Administration, has the honor to announce that it is unveiling today a plaque with the translation of “Mi último adiós” into Portuguese language.

Every year on May 5th we commemorate the Portuguese Language Day. This date was officially established in 2009 by the Community of Portuguese-speaking Countries, an intergovernmental

sponsibility of banks and other financial institutions to protect and secure their clients’ financial accounts, such as mandating them to have adequate risk management systems and controls including, but not limited to, multi-factor authentication (MFA), fraud management systems (FMS), other accountholder enrollment and verification processes. The AFASA bill would also provide safety measures to run after financial cybercrimes, such as being a money mule, committing social engineering schemes and economic sabotage.

WHEN assessing the current geo-economic and geopolitical rivalry, it is crucial not only to grasp the reasons for the clashes between the East and the West but should delve into the foundational roles played by their respective traditions, cultures, and values. And, to facilitate appreciation, the mystical figure of a dragon can act as a symbolic lens through which we can examine the roots of this polarity. In Eastern cultures, dragons symbolize power, grace, auspiciousness, and prosperity; they stand for wisdom and longevity. They are revered as protectors and bringers of prosperity, highlighting the interconnectedness of nature and humanity and emphasizing balance and harmony. Conversely, in Western cultures, dragons are typically depicted as wicked creatures representing greed and violence. They are often seen as foes to be defeated, symbolizing obstacles to be overcome for personal gain and heroism, indicating a portrayal of struggle and conquest.

Inside Fort Santiago, one of the iconic spaces in the historic center of Manila, there is an exhibition in honor of the national hero (Rizal Shrine), which brings together translations of his last poem in several foreign languages, such as Chinese, Czech, English, French, Italian, German, Hungarian and Korean. That place represents a transit point for many national and foreign tourists, as well as a space for civic reflection for Filipinos

organization that brings together peoples with a common linguistic heritage central to their identities. Portuguese is part of the IberoRomance group (just like Spanish) that evolved from several dialects of Vulgar Latin in the medieval Kingdom of Galicia and the County of Portugal, and has kept some Celtic phonology. It is a Western Romance language of the Indo-European linguistic family, originating in the Iberian Peninsula of Europe. It is the official language of Angola, Brazil, Cape Verde, Guinea-Bissau, Mozambique, Sao Tome and Principe and Timor Leste, while having co-official language status in Equatorial Guinea and Macau (PRC). As the result of expansion during colonial times, a cultural presence of Portuguese speakers is also found around the world. Nowadays, with approximately 230 million native speakers and 25 to 30 million second language speakers, Portuguese ranked as the fifth-most spoken language in the world.

The installation of the plaque in Portuguese aims to pay a tribute from the Brazilian government to the historic center of the Philippine capital, which highlights the feelings that inspired great historical personalities within the framework of their struggles for independence. The struggle of the Philippine national hero dialogues with the processes in Latin America, which culminated in emancipation from the Iberian metropolises. At the same time that such plaque fills an obvious gap in the exhibition in Rizal Shrine, it is also a gesture of promotion of the Portuguese language in the Philippines. We hope that Filipino citizens and foreign tourists visiting Fort Santiago have the opportunity to check “Mi Último Adiós” in different languages, including Portuguese. Mabuhay!

Gilberto Moura is the Ambassador of Brazil to the Philippines.

If we are to build a stronger foundation for the economy in terms of infrastructure, housing and smart cities, we have to make sure that the financial system and the digital platforms are also free of loopholes that scammers may take advantage of to cheat the public of their money.

A secure financial system is essential alongside infrastructure development. I believe AFASA will contribute to a Philippines where digital transactions occur with trust and security. It is important that we work together for a “scam-free Philippines.”

By analyzing the symbolism of these dragons, insights can be gained into the contrasting values and narratives of East and West. Consequently, we can better discern the general behavior patterns and decision-making processes of the East and the West, a fact evident in the following selected sub-topics.

1. Relationships and Harmony vs. Individual Pursuits and Success:

East: Prioritizes the importance of relationships, mutual trust, and long-term cooperation. Collaboration and good reputation are highly valued.

West: Focuses on personal achievements, amassing wealth, and social recognition. Success is mostly due to one’s efforts and ambitions.

2.Collaboration vs. Expansionism: East: Anchor on joint and collective efforts to advance the economy, create jobs, and improve infrastructure. The emphasis is on sustainable and inclusive growth.

West: Favors expansionism, market monopoly, and protectionism. Policy approach often involve dominating markets and getting hold of competitive advantages through propaganda.

3. General Behavior Patterns and Decision-Making Processes:

East:

A.Relationship centered and Harmony driven.

B.Focus on long-term goodwill.

C. Prioritizes interconnection

and social consequences.

West:

A. Independent and often assertive.

B. Short-term goals with pivot on immediate conquests and personal triumph.

C.Spotlight on innovation, market control, sanctions and domination.

Realizing the essential difference in culture between the East and the West countries is one of the primary reasons that articulate the need to set up positive and mutually beneficial standards of collaboration. Such a focus is important in accepting the differences of the global society and at the same time work for togetherness. While observing the current process of evolution from unipolarity to multipolarity, it is pertinent that this process does not merely

translate into a transfer of power and influence. It must be a progressive spirit and a collective effort to enhance the welfare and well-being of all people without discriminating between cultures.

A Bloomberg analysis of the latest data of the World Bank, it has been observed that in the last 10 years, the global dynamics have shifted in favor of the East and the power of the western countries are constantly declining. This shift is strategic because it brings power balance around the world, which in turn helps minimize chances of domination from one particular entity/bloc. Significantly, trade and commerce are not the only area that changes are taking place; collaboration in areas such as diplomacy, security alignments, and cultural contacts are gradually positively evolving. This development reduces the dangers involved in top-down coercion and increases the prospects for a more peaceful world order with mutual and equal influence and common prosperity. Truly, it is high time that a multipolar world be constructed in which all cultures respect and support each other, and function as friends. It’s not only an excellent idea but also a necessity. The East and the West must unite to develop a world where all of nations could possibly enjoy a life of security, freedom and prosperity. Let all learn to accept, cooperate and work with each other and for each other, to benefit Humanity.

Archegos trader’s testimony sets high stakes for Hwang

By Bob Van Voris & Chris Dolmetsch

FOR most of his trial, Archegos Capital Management founder Bill Hwang hasn’t looked like a man potentially facing decades in prison. Both inside and outside the courtroom, Hwang is often seen with a placid smile on his face.

That smile faded last week when former Archegos head trader William Tomita took the stand as one the prosecution’s star witnesses. When Tomita identified him in court, Hwang straightened in his chair with a rueful look.

In four days on the stand, Tomita has proved to be a highly damaging witness to Hwang. He’s given a painstaking account of how Hwang orchestrated trades to goose stocks to certain prices. He has also vividly depicted his former boss as an overbearing micromanager who screamed at his traders when they got out of line.

Tomita’s withering testimony continued on Monday, when he described how Hwang directed him to lie to Goldman Sachs Group Inc. and other banks where Archegos was seeking trading capacity. Those banks would likely have rejected the firm as a client if they knew its true strategy of trying to manipulate a handful of relatively illiquid stocks like GSX Techedu Inc. and the firm then known as ViacomCBS, Tomita said.

“Throughout my training at the company, I had been taught by Bill when necessary to give misleading pictures about the fund and its positions,” Tomita testified.

Such testimony raises the stakes for Hwang’s defense team on crossexamination, which is expected

military assistance to Taiwan and boost missile defense and fighter jet protection in the region.

O’Brien, who co-founded a consulting firm after leaving the White House, calls for a complete reorientation of US forces, saying the US should consider deploying all its 177,000 Marines to the Pacific region, “relieving it in particular of missions in the Middle East and North Africa.”

Nuclear tests, Ukraine THE US should strengthen its nuclear arsenal by conducting

to start Tuesday. Failing to dent Tomita’s credibility would make it very hard for Hwang to secure an acquittal.

But that may be difficult. Much of Tomita’s testimony about Hwang’s trading was backed up by written communications that were shown to the jury. In a number of chat message exchanges, Hwang is shown closely guiding his traders to hit certain prices, changing his target by the minute.

“These happened on a daily basis, these type of trades,” Tomita testified, adding that many trades were “the opposite” of what a “normal fund” would do. This matches with testimony by prosecution experts that many of Archegos trades made no economic sense except as a means of manipulating share prices.

On Monday, likely his last full day under questioning by the government, Tomita told jurors Archegos approached Goldman as a trading counterparty in the fall of 2020, when the family office was hitting credit limits at other banks.

Tomita testified about an e-mail sent to two Goldman partners seeking more trading capacity with the firm. He claimed Archegos was experiencing organic growth in its portfolio, which wasn’t true.

“Our trading activity, the orders that Bill was giving, were continuing

underground nuclear tests for the first time since a self-imposed ban in 1992, and he argues the US should resume production of uranium-235 and plutonium-239 “if China and Russia continue to refuse to engage in good-faith arms control talks.”

Trump has said he’d end the war in Ukraine within 24 hours. O’Brien writes in the article that Trump has “made clear that he would like to see a negotiated settlement to the war that ends the killing and preserves the security of Ukraine.”

He writes that Trump’s approach “would be to continue to provide lethal aid to Ukraine, financed by European countries, while keeping the door open to diplomacy with

to drive the stock prices higher and higher,” Tomita says. “It was actually us that were driving the prices up, not natural organic performance.”

On an individual level, Tomita has come across differently from other witnesses in the case, starting with his more relaxed style of dress. Rather than a suit, he has generally worn a blazer, T-shirt and New Balance sneakers. He’s also avoided market jargon in his testimony or explained financial terminology to the jury himself without prompting. That could play well with jurors.

US District Judge Alvin Hellerstein has frequently asked witnesses to explain things in common language for fear the panel will be overwhelmed by technical concepts.

‘How dare you’ ON Friday, Tomita showed a vulnerable side, wiping an eye as he described Hwang yelling at him for discussing parameters of a proposed trading algorithm with the compliance department.

“He started yelling at me, like, ‘How dare you go to compliance and do something so stupid,’” Tomita said.

Tomita described Hwang berating one of his traders for being in the bathroom when a stock began to move and discouraging them all from taking breaks. Tomita said Hwang also yelled at traders for failing to meet his price targets or for a variety of other reasons.

Such testimony could make Tomita appear more sympathetic to jurors, but it also highlights the control Hwang had over his traders. Many of these dressings-down took place

Russia—and keeping Moscow off balance with a degree of unpredictability.”

There are moves O’Brien doesn’t call for, and that may be a pleasant surprise to uneasy allies. There’s no mention of withdrawing from Nato—in fact, he says Trump made the defense alliance stronger by demanding that European governments spend more on defense.

O’Brien calls on the North Atlantic Treaty Organization to rotate ground and air forces to Poland to boost its capabilities close to Russia’s border “and to make unmistakably clear that the alliance will defend all its territory from foreign aggression.”

on the ongoing Zoom call Hwang maintained with them throughout the trading day.

“Sometimes he didn’t even need to vocalize because on the Zoom he would just glare, and that glance alone meant we were about to get yelled at or he was annoyed,” Tomita said on the stand.

Cooperation agreement

IN his opening statement, Barry Berke, Hwang’s lead attorney, told jurors that Tomita agreed to testify for the prosecution not because he thought he and Hwang had done anything wrong, but to avoid the possibility of decades in prison.

Tomita has pleaded guilty and is testifying under a cooperation agreement. He testified he faces a maximum of 60 years but hopes he will be able to avoid prison. Defense lawyers frequently try to suggest cooperators will say whatever prosecutors want them to.

“Mr. Tomita did not believe he was doing anything improper in his trading, did not believe he was manipulating the market,” Berke said in his opening statement.

Hwang’s lawyers will also likely try to recast Tomita’s testimony about individual trades to fit with their contention that Archegos built massive positions in companies because Hwang truly believed in their long-term potential.

The prosecution has argued that Hwang changed his approach during the pandemic, and Tomita testified at length about the firm’s reaction to an October 2020 selloff in GSX. Tomita said he burned through nearly $750 million in cash to prop up the GSX.  Bloomberg

O’Brien also takes on what he sees as the Pentagon’s bloated procurement policies. He advocates a push toward “nimble newer defense suppliers such as Anduril and Palantir,” companies that he says are “rooted in the innovative tech sector” to get away from costly and unnecessary programs. Anduril co-founder Palmer Luckey hosted a fundraiser for Trump in California earlier this month.

“There was no authoritative preview of Trump foreign policy 2016,” Whiton said of O’Brien’s thinking about the article. “The audience is foreigners and the establishment. As much as Trump views himself as an insurgent, there’s utility in calming things down and providing some things. I think you’re seeing that.” With assistance from Stephanie Lai / Bloomberg

A18 Wednesday, June 19, 2024

NEBRIDA OPEN TO DIALOGUE WITH PTV-4 EMPLOYEES

By Samuel P. Medenilla @sam_medenilla

NEWLY-appointed People’s Television Network (PTV)

general manager Antonio Balthazar “Toby” Nebrida Jr. said he is open to have a dialogue with the employees of the state broadcast facility, who opposed his appointment.

“I will work with them. If they have any concerns, I will listen. That is part of our society, democracy and free speech,” Nebrida told reporters in an interview.

Malacañang announced the new appointment of Nebrida, former Department Migrant Worker (DMW) spokesman last week.

His designation was opposed by the PTV Employees Association (PTEA).

PTEA maintained its support for Analisa Puod, the PTV GM who was replaced by Nebrida. Puod was a former broadcast journalist like Nebrida, who once worked with PTV4. It said it backed Puod’s continued leadership of PTV citing the improvements in the programming, and support in improving the benefits and working conditions of the stateowned station.

Despite PTEA’s position, Nebrida took his oath of office before

Presidential Communications Office (PCO) Secretary Cheloy V. Garafil last Tuesday and is expected to assume his new role on June 19, 2024.

Nebrida welcomed his new appointment as a homecoming since was a former PTV reporter. He said he was directed by Garafil to improve PTV and make the network more responsive in fulfilling its mandate as the people’s network.

Foremost among his goals is to improve the capabilities and skills of PTV workers and continue their reorganization.

“Anything, anything that will make the state, the status of our employees move to a better condition, that’s what we’re going to do, number one,” Nebrida said.

Also part of his priority is to enhance the programming of PTV by improving its technical capabilities, including hardware and the infrastructure.

“And we hope to be able to engage our partners in the executive, in the legislative, and our other stakeholders so that we can fulfill the mandate that was given to us. Again, I will go back to my first statement. It’s with great humility and gratitude that I thank the President for this appointment,” Nebrida said.

NFA confident of hitting H2 target palay procurement

By Ada Pelonia

THE National Food Authority (NFA) has expressed confidence that the grains agency would reach its target palay procurement for the second half of the year despite La Niña.

The NFA said it wants to procure 6.6 million bags for the wet season, noting safeguards to ensure the safety of the stocks amid the possible threats brought by the weather phenomenon.

“What we prepare are our warehouses, making sure safe ang stocks. Repair ng mga warehouses ang ginagawa namin [We focus on repairing warehouses],” NFA Acting Administrator Larry Lacson told the BusinessMirror via Viber.

Lacson said during a media briefing on Tuesday that the grains agency would use the remaining P12 billion for palay procurement in the second half. The NFA has a budget of P17 billion for its procurement

this year, including rollover funds from the previous year. Pi

Niña] in two ways

papasok [We are preparing for La Nina in two ways because we expect a bigger volume to come in] this coming wet season,” he said.

He noted that the NFA has started milling the palay bought during the dry season for emergency needs and freeing up warehouse space to prepare for the influx of palay during the rainy harvest season.

“[In one] action we’re really targetting to address two concerns: mabig ya n y ung  [give stocks

to] relief agencies and at the same time make way for the incoming harvest,” Lacson said.

The NFA earlier said that its palay procurement reached nearly 3.37 million 50-kilo bags as of June 13, exceeding its target of 3.36 million bags. This translates to about 168,262 metric tons (MT) of palay.

“The total inventory is now sufficient to cover four days of national consumption in case of emergencies or disasters,” the state-run food agency said in a statement.

The grains agency said it exceeded its palay procurement target for the first half due to the increase in its buying prices.

The NFA Council earlier approved raising the buying price per kilo of palay to as much as P30 per kilo for clean and dry palay and as much as P23 per kilo for wet and fresh palay.

Meanwhile, Agriculture Secretary Franciso Tiu Laurel Jr. said farmers are reaping the benefits of the NFA Council’s decision to hike buying prices.

“We are very pleased with the outcome of the NFA Council’s decision to raise palay procurement price. We will continue with this program to ensure our rice farmers enjoy the fruits of their hardwork,” Laurel said in a statement.

TBy Roderick L. Abad @rodrik_28

HE University of the Philippines (UP) is aiming to become more inclusive regardless of the economic status of incoming students, as more than 350 applicants who have passed the UP College Admission Test (UPCAT) for school year 2024 to 2025 across the eight constituent universities (CUs) and one autonomous college under the UP system would come from the so-called geographically isolated and disadvantaged areas (GIDA) nationwide.

This is reflective on one of the 10 Flagship Programs (FP), which UP President Atty. Angelo Jimenez announced on Tuesday under his Strategic Plan 2023-2029 aimed at

strengthening UP’s contribution to the formation of “a just, equitable, and sustainable society.”

According to him, the second FP for more inclusive admissions signifies UP’s resolve to address inequality by making quality tertiary education more accessible since majority of UPCAT qualifiers every year come from private high schools.

“Like [in UP-]Diliman, for example, it’s becoming a factory of the elites, and we have to resist that,” he said during their media briefing at the Malcolm Auditorium in UP College of Law, Diliman, Quezon City.

To address such a systematic imbalance, he said that they will deploy at least one UPCAT testing center in each province and provide

financial and psycho-social support to qualifiers who will need further assistance.

In fact, he told reporters on the sidelines that they have already set aside P50 million of UP’s internal funds to support the basic needs of the 350 plus UPCAT passers from GIDAs for their food, lodging, communications, and transport allowances.

“That’s our focus now because for UP students [who hail from GIDAs], hopefully, they could go back and serve their communities. That’s a good impact,” Jimenez said.   Apart from the initiative’s sustainability, the current UP administration seeks to expand this with the help of graduates who are willing to share.

Editor: Jennifer A. Ng

Meralco seeks bidders for contract to supply 400MW

TBCDA, Clark business groups ink investment promotion agreements

By Lenie Lectura

HE Manila Electric Co. (Meralco) is seeking competitive bids for 400 megawatts (MW) of its mid-merit requirement for next year.

On the sidelines of the “Advancing Energy Security: Fueling Sustainable Progress with Liquefied Natural Gas (LNG)” forum held in Makati City, Meralco Senior Vice President and Head of Regulatory Management Jose Ronald Valles said the utility firm commenced on Tuesday the Competitive Selection Process (CSP) for the mid-merit supply of 400MW to meet the power distributor’s requirements.

With mid-merit power supply, the gap between baseload and peaking plants is filled. Baseload supply is mostly sourced from coal power plants that must run 24-hours a day while peak power is required when demand is at its highest.

Valles said this CSP involves a 15year Power Supply Agreement (PSA), which is targeted to start on August 26, 2025. “This is open to brownfield or greenfield,” the Meralco official said, adding that the bid invite was published on June 18, 2024.

The utility firm also recently started the CSP for 600MW of baseload supply intended for delivery on

August 26, 2025. This CSP also involves a 15-year PSA similar to the 400MW mid-merit CSP. “We encourage all power suppliers to participate here. This is a huge capacity. This will, at least, assure a more reliable and stable supply,” added Valles.

For this, Meralco prefers bidders that can offer natural gas. Pursuant to the Department of Energy’s advisory dated October 11, 2023, the terms of reference indicate that “power suppliers with natural gas fired power plants are highly encouraged to participate in the Bidding and prioritize the use of indigenous natural gas,” Meralco said. The conduct of CSP is part of Meralco’s continuing efforts to ensure the availability of reliable, sufficient, and cost-competitive power for customers.

ERC order

MEANWHILE, Valles lauded the latest order of the Energy Regulatory Commission (ERC) that denied the motions filed by various groups

seeking to reconsider Meralco’s approved actual weighted average tariff (AWAT).

“The ERC, in issuing this order, took the best interest of the consumers and the industry as a whole. As a result of the true-up method adopted by ERC to resolve the Lapsed Period of Meralco, consumers benefitted from the refund of more than P48 billion ordered by ERC, while at the same time, paving the way for the closure of Lapsed Period of all DUs [distribution utilities] and the resumption of the implementation of PBR [performance based-rate setting] to set the future tariffs of the DUs without further delay.”

The ERC order effectively confirms the agency’s earlier final and executory decision in a separate case which reduced Meralco’s tariff during Lapsed Period to P1.3522 per kilowatt hour from P1.3810/ kwh.

The ERC, in a 3-2 vote, issued an order last June 14, denying motions for reconsideration filed in July 2022 by the National Association of Electricity Consumers for Reforms Inc. and Romeo Junia. It also denied a motion for partial reconsideration and clarificatory judgment filed by former ERC Commissioner Alfredo Non Jr.

To recall, the ERC has not set the rules to govern the Lapsed Period of the DUs, hence, no tariff adjustments

were given to the DUs despite their huge investments in terms of capital expenditure, operational expenditure and compliance with regulatory requirements.

Since the PBR is based on forecast of Annual Revenue Requirements, this rule cannot apply to the Lapsed Period without violating due process and the established principle against retroactive rate-making. Hence, Valles said, the ERC correctly exercised its quasi-judicial rate-making power to fix the rate of Meralco, pursuant to the police power granted to it under the law.

“The ERC ensured that the whole process for setting Meralco’s final rate for the Lapsed Period was transparent, fair and complied with all legal requirements and due process as all interested parties were given opportunity to be heard and in fact, submitted their comments and participated throughout the entire proceedings,” Valles added.

The Meralco official said all DUs and the consumers cannot afford any further delay resulting from the prolonged lag in the resolution of the rate cases of all DUs that are pending at ERC.

“Unfortunately, these delays cause grave and irreparable injury to all parties, DUs and consumers alike, and deprive them, especially the consumers, the benefits promised by PBR in terms of more efficient service and reliable supply of power.”

Globe unit ties up with online store

By Lorenz S. Marasigan

G@lorenzmarasigan

LOBE Telecom Inc. said on Tuesday its health-tech arm

KonsultaMD has partnered with online store SendVia to provide overseas Filipino workers (OFWs) access to care products.

With the partnership, SendVia has expanded its range of care products to include KonsultaMD’s Annual Family Health Plan vouchers. These vouchers offer a suite of healthcare services including 24/7 online doctor consultations, in-clinic patient services, same-day medicine delivery, and convenient at-home diagnostics and wellness services.

“Our collaboration with SendVia allows an easy and reliable way for OFWs to take care of their families’ health and wellbeing, no matter

where they are in the world,” said Beia Latay, KonsultaMD CEO. “We understand the challenges faced by OFWs and their families, and we aim to bridge the gap with care and compassion.”

SendVia co-founder Matt Jordan noted that alliance is step forward in ensuring Filipino families worldwide have access to the necessary care and support.

“By integrating KonsultaMD’s Family Annual Health Plan vouchers into our offerings, we are not only enhancing the value we provide to our customers but also reinforcing our mission to support and uplift the lives of every family across the globe.”

KonsultaMD is a portfolio company of Globe under venture builder 917Ventures Inc.

Last February, Globe reported that its profits in 2023 fell by 29 per-

TikTok’s bid to void ban tests secrecy of lawmakers’ briefings

US lawmakers raced to pass a TikTok ban following a series of briefings that remain classified. Now, the app’s Chinese owner is seizing on that secrecy in its high-stakes bid to overturn the new law.

By June 20, ByteDance Ltd must lay out its reasons for bringing the lawsuit. One of its main arguments is that Congress never provided public proof of a national security threat to justify a ban that the Beijing-based company says would infringe the free-speech rights of TikTok’s 170 million US users. Calling the risks cited by lawmakers “hypothetical,” ByteDance said in its initial filing last month

“those speculative concerns fall far short of what is required when First

Amendment rights are at stake.” The case could make its way to the Supreme Court, which has traditionally favored free-speech arguments. ByteDance’s challenge poses a test of whether US agencies will divulge secrets shared with Congress to defend the new law, which calls for banning TikTok unless it’s sold. The company is bracing for a fight, with TikTok Chief Executive Officer Shou Chew promising users that “we’re not going anywhere.” US Senator Richard Blumenthal disputed the company’s contention, saying the burden of proof falls to TikTok. “They’re asking to invalidate an act of Congress, acts of Congress are presumed valid,” Blumenthal, a former US attorney, said in an interview.

cent to P24.58 billion from P34.61 billion, due to higher depreciation expenses coupled with non-operating charges that fully offset the threepercent increase in revenues.

Globe’s top line stood at P162.33 billion, a new record high, from P157.98 billion as its mobile and corporate data businesses as well as non-telco services posted “robust growth.”

Of the five business segments, fixed line voice posted a 20-percent decline in revenues and home broad-

band recorded a 7-percent drop. The three others mobile, corporate data, and non-telco services, grew by 5 percent, 7 percent, and 18 percent, respectively.

Globe’s operating expenses and subsidy grew parallel to its revenues at 3 percent to P80.91 billion from P78.88 billion.

For 2024, Globe is allocating $1 billion in capital expenditures, lower than the $1.3 billion allotted for 2023, as it seeks to free up cash flow in the long term.

By Andrea E. San Juan @andreasanjuan

THE Bases Conversion and Development Authority (BCDA) said it has forged agreements with business organizations in the Metro Clark area for investment studies and promotions.

The state-run firm said in a statement on Tuesday that it signed two separate memoranda of understanding (MOU) last June 8 with the Metro Angeles Chamber of Commerce and Industry, Inc. (MACCII) and the Pampanga Business Development Coordinating Council (PBDCC).

Under the MOUs, BCDA said both MACCII and PBDCC agreed to share knowledge and information on investment opportunities, incentives, facilities and development projects within BCDA properties, especially New Clark City, to enable effective promotion to potential investors.

Moreover, both groups committed to organize joint workshops, seminars, and networking events with BCDA to promote knowledgesharing, business-matching, and exploration of “potential ventures.”

For MACCII, it agreed to use its network and resources to promote investment opportunities inside BCDA properties to local and foreign investors.

“It vowed to represent the interests of the business community in Angeles City and Central Luzon, advocating for policies and initiatives that promote economic growth, investment, and business development in the region, and providing inputs and recommendations to BCDA and other government agencies on matters affecting the business sector,” said the state-run firm.

Meanwhile, PBDCC, an umbrella of 10 business organizations and two universities, also signed to estab-

lish and operate a business incubation facility in New Clark City even as it committed to conduct market research and studies on identified projects, said BCDA.

BCDA, for its part, has agreed to “share knowledge and information on urban planning, infrastructure development, and management of economic zones.”

In addition, the state-run firm will collaborate with both groups in all investment promotion events and activities, market research, and conduct of feasibility studies.

The BCDA said it has agreed to conduct regular consultations with the groups to keep them informed of BCDA’s development projects and to gather valuable business inputs from them.

BCDA Vice President for Investment Promotions and Marketing Erwin Kenneth R. Peralta said the partnership with the business sector is part of BCDA’s commitment to “inclusive” development and sustainability.

“We are very conscious of BCDA’s role and mandate. It is part of our commitment to make sure that the BCDA communities are equally developed and the people are involved. We are not only after the sustainability of urban spaces, but more, we aim for human sustainability,” Peralta said.

BCDA was created under Republic Act 7227 to carry out the declared policy of the government to accelerate the “sound and balanced” conversion into alternative productive civilian uses of the Clark and Subic military reservations and their extensions, and to enhance the benefits to be derived from said properties in order to promote the economic and social development of Central Luzon and the country in general.

Ayala Land acquires stake of Aboitiz in Cebu property

By VG Cabuag @villygc

PROPERTY developer Ayala Land Inc. (ALI) has acquired the 50-percent share of the Aboitiz family in Cebu District Property Enterprise Inc. (CDPEI) for P1.81 billion.

In its disclosure, Ayala Land said it signed a share purchase agreement with Aboitiz Land Inc. and Aboitiz Equity Ventures Inc. (AEV) for their stake in CDPEI.

The agreement involved 18.1 million shares of CDPEI for P100 apiece. Some 1.8 million shares were owned by Aboitiz Land while 16.29 million shares in preferred shares were owned by AEV.

“This acquisition will consolidate ALI’s ownership of CDPEI, the developer of Gatewalk Central. ALI envisions Gatewalk Central to be one of its key Cebu estates that will contribute to ALI’s growing presence in the Visayas region,” Ayala Land said.

The company said the deal would need regulatory approvals from the Securities and Exchange Commission (SEC) and the Philippine Competition Commission. CDPEI is seeking SEC’s nod for the increase in its authorized capital stock.

CDPEI was incorporated by Ayala Land, Aboitiz Land and AEV in 2014 to engage in the business of real estate development. It is the developer of Gatewalk Central Superblock, a 17.5-hectare mixed-use estate in Mandaue City, Cebu.

It is a mixed-use building that highlights a four-storey mall for various retail, food and entertainment establishments; a nine-storey BPO tower; a transit termi-

nal; and two basement levels.

“The transaction is aligned with the company’s strategy to optimize resource allocation and focus on specific segments of the real estate industry,” AEV said. Ayala Land reported last month that its net income in the first quarter reached P6.29 billion, 39 percent higher than the previous year’s P4.51 billion, on brisk demand for its properties.

Consolidated revenues grew 33 percent to P41 billion from the previous year’s P30.9 billion.

Alveo Land, the upscale developer unit of Ayala Land, reported a record income of P12.7 billion, some 42 percent higher than the previous year’s P8.9 billion.

Property development revenues went up by 47 percent to P25 billion, driven by robust residential and commercial lot bookings. Residential revenues surged by 51 percent to P21.4 billion and revenues from commercial and industrial lots jumped 59 percent to P2.8 billion.

Meanwhile, office-for-sale revenues fell 26 percent to P826 million as the lower incremental percentage of completion of the projects offset the sales bookings during the quarter.

Residential reservation sales reached P33.3 billion, 20 percent higher than last year, led by the strong demand for products in the premium and vertical segments.

Momentum is required

SALES teams often encounter dry moments when there seemed to be no forward movement at all. During these times, team members tend to lose focus, shift interests and bicker with one another. Such is the effect of sales inertia. Therefore, as a sales leader, momentum is your best friend. Here are some ways to build momentum for your team.

Intentiona

lly move NOTHING beats inaction than a deliberate forward movement. The operative word is deliberate which means that you need to be intentional about it. Plan what you want to achieve and immediately dive into the action. Adopt the principle of Ready, Fire, Aim—proceed as soon as you’re ready. You can always improve your aim afterwards. The problem with most is that they focus too much on the aiming part, which causes analysis paralysis. So, remember the first rule in building momentum—move.

Set up small victories IN building momentum, you may opt to just start with a small project for the team. Something that the group can easily accomplish. These are also called small wins. There’s nothing elaborate about these undertakings; these are a series of simple tasks that will help build both the confidence and rhythm of the team. Once they get used to achieving these small wins, the team will now be in a better position to accomplish more complex assignments.

Be consistent CONSISTENCY is key to effectively building momentum. You need to keep working on your goals no matter what, until the process becomes part of your system. Just keep pushing forward. And no matter how you feel, every morning you just have to force yourself to get up, dress up, show up, and let everyone know what you’ve got. Be consistent and soon enough, you will find yourself and the rest of the team riding the waves of your momentum.

Celebrate LASTLY, don’t forget to celebrate. That’s right! Celebrate your team’s milestones. It need not be an expensive kind of celebration—a simple pat in the back, a meaningful compliment, or an exciting team huddle will do. What’s important is that you recognize the team’s improvements, from where they used to be during the period of inertia to where they currently are. What’s important is that the team is moving from one milestone to the other. As a sales leader, momentum is definitely your best friend. Build it and make it work for you.

Alexey Rola Cajilig is the President of ARCWAY Consultancy Inc., Executive Director of ARC DOCENDI, and Senior Vice President & Chief Operations Officer of EM-CORE DOTNET Inc. He is a Sales Leadership Coach, Strategic Sales Operations Consultant, Christian Motivational Speaker, Human Ecologist and Author of The effective Seller. He is also the creator of ARCH Styles, a behavioral and personality assessment tool. If you have questions and suggestions, you may send an e-mail to alexey.cajilig@gmail.com.

DOST trains street food vendors in Tanauan City

By John Maico M. Hernandez

THE

Department

of

Science

and Technology (DOST)-Batangas recently trained street food vendors in Tanauan City on food safety with the aim of ensuring food safety and hygiene practices among vendors to protect public health and promote a clean and safe street food environment in the city held at Tanauan City’s Cooperative and Livelihood Development Office (CLDO), Poblacion 1, Tanauan City. The training, organized by CLDO, was part of the city government’s “Tanauan Street Food Vendors Assistance Program,” aimed at improving the quality of street food vending in the city and elevating the standards of food handling practices among vendors. By equipping vendors with proper knowledge and skills, the program seeks to enhance consumer confidence in the street food industry and boost economic opportunities for vendors.

The training covered basic food hygiene and food safety hazards. The discussion underscored the importance of strict compliance with food safety

ADB-Citi team backs $100M additional funding for SMEs

By Roderick Abad @rodrik_28

THE Asian Development Bank (ADB) has executed a master risk participation agreement with Citi to give small and mediumsized enterprises (SMEs) more access to supply chain financing which, in turn, could generate another ninedigit dollar worth of trade annually across Asia Pacific (AsPac).

Signing the pact of partnership were ADB’s Trade and Supply Chain Finance Program and Citibank North America. With this deal, small-scale businesses in the region, including the Philippines wherein they are considered the lifeblood of the economy, can avail of supply chain fundings from Citi through ADB’s TSCFP.

“This partnership harnesses Citi’s expansive network and origination capabilities alongside ADB’s extensive presence in the Asia Pacific

worth of trade, expanding access to finance for SMEs, and contributing to AsPac’s resilience.

Their master risk participation agreement this time is expected to support more than $100 million in additional trade in the region yearly.

region’s developing countries, amplifying the developmental impact of trade and supply chain finance,” said ADB Vice President for Market Solutions Bhargav Dasgupta.

According to him, funding supply chain is important as it bolsters trade by “providing essential capital to suppliers, leveraging relationships with larger corporate partners.”

Both banking and monetary institutions have been working together since 2009, facilitating $6.2 billion

“ADB is a well-established partner for Citi in Asia and the Pacific, and we once again look forward to supporting its efforts in the region with this program,” said Citi Global Head of Public Sector Julie Monaco. “As one of the world’s foremost global trade banks, we are proud to support SMEs in the region with their trade aspirations through the power of our global network.”

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to

eradicate extreme poverty. Established in 1966, ADB is owned by 68 members—49 from AsPac—committed to achieving a prosperous, inclusive, resilient and sustainable region, while sustaining its efforts to eradicate extreme poverty. Backed by its AAA credit rating, TSCFP provides loans and guarantees to more than 200 partner banks to support trade, boosting imports and exports that foster growth. Since 2009, it has supported $57 billion in trade in more than 45,000 transactions in emerging markets. Originated in the United States, Citi operates in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Incentives reforms key to industries joining TVET

INCENTIVES to engage in enterprise-based training (EBT) should be made more attractive to increase companies’ participation in EBT, an effective form of technical and vocational education and training (TVET) in future-proofing Filipino workers’ skills, according to a new report.

The report published recently by the Philippine Institute for Development Studies says that by removing the many barriers that industries face in offering upskilling programs, more firms will be encouraged to participate in TVET efforts, as EBT will go a long way to future-proof the skills and increase the competitiveness of Filipino workers and close the gaping labor-job mismatch.

The paper warns that Filipino workers’ skills sets continue to decline as seen in the prevalence of over education, skills gap, and training-job mismatch. Compounding the skills erosion trend are the closures of technical and vocational institutions (TVIs) to stem the transmission of Covid-19.

“These developments underscore the growing critical role of TVET in upskilling and reskilling the workforce to make their skills future- and- pandemic-proof,” said the report entitled “An Assessment of the Enterprise-Based Training Modality in the Philippines: Barriers, Incentives, and Policy Gaps.”

standards in the handling of food. Using their current practices as examples, the vendors were able to identify areas for improvement and learn how to implement food safety-compliant practices in their daily operations. Common situations where street food vendors may unknowingly compromise food safety were discussed, such as cross-contamination, handwashing issues, non-wearing of personal protective equipment, and inadequate time and temperature control. They were also reminded of the grave risks—from foodborne illness to possible legal liability and reputational damage—that could result from negligence in food safety protocols.

Mr. John Maico M. Hernandez, a member of the DOST-Calabarzon Food Safety Team, facilitated the training. He emphasized the importance of regular training and monitoring to ensure that street food vendors are consistently following proper food safety protocols. Hernandez also provided practical tips and guidelines on how vendors can improve their food handling practices to minimize risks and protect public health.

The document said the Technical Education and Skills Development Authority (Tesda), the national skills authority in the country, seeks to address the skills gaps and develop a globally competitive workforce through its strategy of Area-Based and DemandDriven TVET, which emphasizes the active involvement of industry in crafting policy directions to bridge the skills gaps and create jobs.

Industry-led or demand-driven TVET has been associated with better labor market and skills outcomes of trainees; greater productivity, profitability, and innovation among participating firms and enterprises; and relatively higher levels of overall labor productivity and competitiveness.

“The role of EBT has grown in importance in the context of rapid changes in production technologies [e.g., fourth industrial revolution]. Keeping training programs up-to-date and responsive is also essential to facilitate information on emerging industry adjustments and technological adaptations with the rise in regional qualifications frameworks and international accords,” said the report.

Unfortunately, despite several potential benefits, EBT in the country continues to struggle with low levels of industry engagement, it continued.

This is due to the many barriers to

the involvement of industry in providing training and developing the curriculum in the Philippines, said the publication. Topping these challenges are the lack of clear scope and measure of EBT and the failure of existing financial and non-financial incentive mechanisms to effectively attract firms and enterprises and private TVIs to participate and promote EBT.

“Despite the abundance of financial and non-financial incentives, incentive mechanisms have been found to be ineffective in attracting firms/ enterprises and private TVIs to implement EBT. In fact, there is no record of a firm/enterprise which benefitted from the available tax incentives under DTS [Dual Training System] and Apprenticeship program,” said the report.

“Meanwhile, there are only anecdotal pieces of evidence of private TVIs who were able to avail of the duty-free imported essential equipment and apparatus for training, which have been far and in between over the past three decades of DTS implementation. These have been attributed to the lack of clear policy guidelines and administrative burden associated with program registration and tax availment.”

Aside from these two root causes, other identified deterrents to industry involvement in skills involvement in-

clude the limited operational and technical capacity of EBT implementers, flawed design and arduous development of training programs, prevailing issues within and across interagency and intersectoral bodies, and the restrictive policy and legal framework.

The report urged the government to boost efforts to define and market EBT as well as revamp existing financial and non-financial incentive mechanisms and introduce new ones.

“The latter can include the implementation of alternative financing mechanisms, such as sectoral training levy system, targeted public procurement, and payback clauses, among others, to support the implementation and promotion of EBT, subject to extensive consultations among all stakeholders,” it said.

“The availment and allocation processes of these EBT incentives need to be more efficient and transparent. Other barriers and disincentives can be addressed by unlocking the potential of industry experts in training provision, assessment and development, and improving mechanisms to increase industry involvement. Finally, an enabling policy environment with clear policy direction is paramount to the effective implementation and promotion of EBT,” the paper concluded.

Ukrainian winemakers visit Napa Valley

RUTHERFORD, California—As the head of an association of winemakers in southern Ukraine, Georgiy Molchanov knows a lot about how to cultivate grapes; not so much how to grow them amid undetonated mines.

But that was the situation he found himself in after a Russian rocket dropped the explosives on his vineyard near the port city of Mykolaiv in August 2022, six months after Russia invaded. The damage—and danger—the mines brought to his business marked one of the myriad catastrophic effects the more than 2-year-old war has had on the eastern European country.

Now, thanks to the combined efforts of the international nonprofit organization Roots of Peace, Rotary International, and the Grgich Hills Estate winery in Napa Valley, Molchanov is taking the steps he needs to reclaim and heal his wounded land.

First, Roots of Peace and Rotary International provided him with the expertise and supplies he needed to safely detonate the mines. Then, the groups teamed up to bring him and five other Ukrainian winemakers to Grgich Hills in Rutherford. During a weeklong stay

here, they learned about regenerative organic farming, an agricultural method that prioritizes soil health and ecosystem balance.

“We are discussing how to bring nature, how to bring wines, not harm...into this land,” said Molchanov, who heads the Association of Craft Winemakers in Ukraine’s Black Sea region.

He and his fellow entrepreneurs have another goal as well: to spread the message that, despite the ongoing war, the Ukrainian people remain resilient and look forward to life in peace.

“People in Ukraine are still alive,” said Svitlana Tsybak, Owner and CEO of Beykush Winery, also located in the Mykolaiv area. “Yes, war is in our soul, in our life, but we need...to live our lives so, of course, we need to work.”

Tsybak said Russian troops are staked out about 4 miles (7 kilometers) from her vineyard but the war hasn’t directly affected her operations. Her winery started

Editor: Vittorio V. Vitug

Editor: Dennis D. Estopace

CCAP: Credit card fraud cases rise as AI tools gain popularity

By Reine Juvierre Alberto

AS more Filipinos shift to digital payments, fraudulent credit card activities have been on the rise since the start of the pandemic in 2020.

Credit Card Association of the Philippines (CCAP) said on Tuesday that fraud cases in remote and other digital payment channels involving credit cards have “significantly increased” in the Philippines.

“With the increasing popularity of artificial intelligence (AI) tools and platforms, scammers are finding ways to create smarter, more genuine-looking spam emails, SMS, and other means to deceive credit cardholders,” CCAP Executive Director Alex Ilagan said in a statement.

CCAP said some of the commonly used tactics by credit card fraudsters are sending legitimate-looking

emails (phishing) or text messages (smishing) as well as making a call (voice phishing or vishing for short) to defraud people and entice them to divulge sensitive personal information and credit card details.

Since the messages are often worded strongly and urgently, this would make the recipient panic and act immediately, CCAP added.

The association reminded credit cardholders to look out for an SMS, email or voice call from a prepaid or unknown mobile number.

“A more important safety tip is to never reveal credit card information—especially card verification value (CVV) and one-time password

(OTP)—over email, SMS, and even calls. If one is unsure of the legitimacy of an email or text message they received, they may call their card issuer for confirmation.”

Scammers could also lure credit cardholders through SMS spoofing by making them believe the text message came from a legitimate company. SMS spoofing also sends a link, leading to a fake website where credit card details and OTP are collected like smishing.

“Do not click on unfamiliar links sent via SMS, even if the sender ID looks legitimate,” CCAP said, adding that card issuers would never ask for card details and OTPs through SMS text links.

CCAP said replying to these messages would let the fraudster know the mobile number is active, making it a bigger target for more scams. However, if the scammer gets hold of the cardholder’s card details, they will perform an account takeover to use the credit card for transactions.

It said scammers would contact the issuing bank and use the cardholder’s personal information to access and change the PIN, mailing

address, password, mobile number and other crucial details.

To avoid account takeover, CCAP urged the public not to post one’s personal information on social media as scammers can obtain the details online.

Apart from making passwords hard to guess, consumers must also change it regular and use different passwords across platforms.

Cardholders must keep an eye on their transactions and track notifications about any changes made to their account, CCAP added.

“If one receives notifications or OTPs for transactions they did not perform, the best course of action is to call the bank immediately,” CCAP said.

Ilagan said that as scammers think of “new and smarter methods of tricking people,” credit cardholders should be more vigilant and proactive in safeguarding their credit card information.

“Combating financial crime is a shared responsibility so we need everyone’s cooperation in our continuous fight against these progressive fraudsters.”

‘Financial institutions must protect customer data’

THE Bangko Sentral ng Pilipinas (BSP) reminded all BSP-supervised financial institutions (BSFIs) of responsible data handling as the use of robotic process automation (RPA) and other data scraping methods pose risks to the customer’s data privacy.

RPA uses intelligent automation technologies to extract data, fill in forms, move files and more, while data scraping is a technique used to extract data from human-readable output.

The BSP issued Memorandum M-2024-019 on Tuesday to inform BSFIs on the handling of personal identifiable information (PII) and other sensitive data.

The use of RPA and other data scraping methods to collect PII and access financial accounts and/or perform fi-

IT is informative to recall the Asian Financial Crisis (ACF) which by common reckoning started with the devaluation of the Thai baht on July 2, 1997. This article celebrates the 27th anniversary of the event by way of reminding ourselves of the pitfalls and to mind the guardrails.

In those years between the mid1960s and 1990s, there were those so-called “tiger economies” which were enjoying commendable growth of an average 6 percent-8 percent: South Korea, Taiwan, Hongkong, Singapore, Indonesia, Malaysia and Thailand. The Philippines was not in the league but was striving to be, with its 1.0 GDP growth rate in 1981-90 (ADB Outlook). So what happened? The common story is that Thailand had over-borrowed US dollars short-term and, through its financial system, re-lent to domestic companies long-term in baht. There was a double mismatch, in maturities and currencies, so that when the baht was devalued, the borrowers were squeezed to pay more baht for dollar obligations, causing tremendous losses and bankruptcies. Those who suffered were banks and financial companies and most everybody else.

While Thailand was reporting tremendous export growth averaging 18.8 percent in 1990-95, and budget surpluses too, there were quick developments in 1996. The country’s exports nosedived to just 0.1 percent vs. 22.2 percent-24.5 percent in 1994 and 1995.its foreign debt bloated to USD 80 billion. Its current account deficit widened. The pressure to service external debt grew to be a heavy imminent burden.

nancial transactions would undermine consumer trust in financial service providers and compromise the integrity of the financial system, the BSP highlighted.

“[The] improper and/or unauthorized access end handling of customer data, particularly involving financial information, may expose BSFls to customer complaints and data privacy concerns,” the central bank said.

This, as many institutions leverage on these technologies to gain access, utilize and transform data to also gain deeper insights into the market needs, assess product stability and optimize customer service processes.

“The BSP underscores the importance of responsible data handling in fostering innovation in the financial ecosystem,” it said.

A lot of foreign money flowed into Thailand which led to a spree in local investments, a major part in real estate and property development. But there was over-lending and over-investment in unprofitable ventures. Meanwhile, currency speculators started to attack the baht. The Bank of Thailand fought back, but it had reportedly only $37.2 billion in reserves in December 1996 as against $10 billion which a group of speculators had reportedly accumulated to “bet” against the baht. (Lawrence Au 2016 “Asia’s Financial Indust r y 1986 -2016.” Yoncox ton Publications, p. 69) Thailand was forced to devalue the baht. Before the crisis, the Thai baht was trading at 26 to the dollar; by end 1997 it had dropped to 53 to the dollar, over 100-percent loss in value. The Indonesian rupiah was trading at 2,400 to the dollar in June 1997; it was 14,900 to the dollar in June 1998. The South Korean won was trading at 900 to the dollar; it was 1,695 by June 1997. (Investopedia) The Malaysian ringgit was trading at 2.51 to the dollar in June 1997; it was 3.89 by December 1997. The Philippine peso was trading at 26.40 to the dollar in June 1997; this rate deteriorated to 42.7 by January 1998. (There was some attempt by the Philippines to defend the exchange rate but there was not enough foreign exchange to sustain such defense, so the rate was allowed to float freely. Gabby Singson was BSP Governor and Bobby de

To prevent fraud, identity theft and other financial crimes, the BSP said the PII must be properly handled and protected as this would serve as “cornerstones” of customer privacy.

The BSP stressed that BSFIs, as personal information controllers of their customers’ data, are ultimately responsible for complying with the Data Privacy Act of 2012, such as adherence to the data privacy principles of transparency, legitimate purpose and proportionality.

BSFIs must also meet the requirements, such as the right to data portability, procedures for obtaining and managing consent, data access methods and data sharing arrangements, under the National Privacy Commission’s (NPC) Guidelines on Consent (NPC Circular No. 2023-04 dated November 7, 2023)

Ocampo was Finance Secretary. Fidel V. Ramos was president.)

The crisis contagion reflected in the catastrophic movement of exchange rates can only inflict oppressive consequences to East Asia’s and Southeast Asia’s economies. The IMF and World Bank came to the rescue with emergency loans tied with restrictive conditions and onerous prescriptions.

One big lesson from the AFC is the continuing need for financial resilience grounded on strong macroeconomic fundamentals. Beyond this is the essentiality of a deep and broad capital market which supports resiliency of the economy, more specifically, to balance the over-reliance on bank financing for economic growth.

Commenting on the Asian crisis, then US Federal Reserve chairman Alan Greenspan remarked:

and other NPC issuances about consumer consent, the BSP added.

“BSFls are strongly enjoined to employ robust risk management systems and implement adequate safeguards in handling PIl and other sensitive data, including those covered under outsourcing arrangements,” the BSP said.

Moreover, the BSP said BSFIs must follow relevant laws and BSP regulations on financial consumer protection, data privacy and data protection, anti-money laundering and combating the financing of terrorism (AML/CFT), cybersecurity, outsourcing, and open finance, among others.

The policies and practices of BSFIs must also be regularly reviewed and updated to reflect the changing data governance standards and requirements, the BSP added. Reine Juvierre Alberto

gration under ABMI.” (Asian Regional Integration Center blog) The ADB acts as ABMI’s secretariat.

In 2002 likewise, the Association of Credit Rating Agencies in Asia (ACRAA) was organized as the first and only Asian industry association to promote the credit ratings discipline in Asia’s financial markets, in support of domestic bond issuances. ACRAA’s secretariat is also based in Manila.

In the Philippines, the Capital Market Development Council (CMDC) is the government-private sector body that officially shepherds our capital market development BLUEPRINT. CMDC is chaired by the Secretary of Finance, and co-chaired by the SEC chairman Emilio B. Aquino and by a FINEX representative currently Atty. Francis Ed. Lim. It is CMDC that should take the lead in reiterating the lessons from the Asian Financial Crisis.

Govt

raises ₧15B from sale of Treasury bills

THE national government successfully raised P15 billion from the sale of Treasury bills (T-bills) despite the uptick in investors’ asking yields.

On Tuesday’s auction, the Bureau of the Treasury (BTr) made a full award of the bids for the short-term debt papers as average rates of the 91-day tenor, 182-day T-bills and 365-day government securities are all lower than the prevailing secondary market rates.

The 92-day T-bills’ average yields slid flat to 5.666 percent from 5.667 percent in the previous auction. Bids ranged from 5.645 percent to 5.674 percent for the 91-day T-bills.

Meanwhile, investor’s average asking yield for the 182-day T-bills increased to 5.914 percent compared to last week’s auction at 5.908 percent. The government security rates settled between 5.898 percent and 5.925 percent.

Investors’ average rate for the 364-day T-bills was 6.046 percent with a yield range from a low of 6.035 percent to a high of 6.055 percent. Tbills’ yields averaged 6.039 percent in the Treasury’s previous auction on June 10.

The auction committee raised P5 billion each from the tender of the three-tenor T-bills, with total tenders reaching P40.3 billion across the board.

The amount tendered per tenor was P17.180 billion for the 91-day, P11.360 billion for the 182-day, and P11.742 billion for the 364-day T-bills.

“With its decision, the Committee raised the full program of P15.0 billion for the auction,” the Treasury said, adding the auction was 2.7 times

oversubscribed.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the recent dovish signals from local monetary authorities caused the slightly higher 182-day and 364-day average auction yields.

Finance Secretary Ralph G. Recto, who is also a Monetary Board member, signaled a 150-basis point local policy rate cut within two years, adding that a rate cut in the third quarter of the year is “very much possible” following the US Federal Reserve’s (Fed) easing.

“It’s possible that you may have a rate cut this year and possibly more rate cuts next year. Surely, I don’t expect interest rates to go any higher,” Recto said.

Ricafort said the Fed Fund Futures recently priced in two Fed rate cuts for 2024 but this was offset by more conservative Fed dot plot that estimated one Fed rate cut for 2024, from three, and consistent with higher-for-longer/more conservative stance by most Fed officials recently.

“[This was] also offset by global crude oil prices at new 2-week highs and the US dollar/peso exchange rate among 19-month highs recently,” Ricafort added.

For the month of June, the Treasury will hold an auction every Monday to raise P60 billion through the sale of T-bills and P180 billion in Treasury bonds every Tuesday to borrow a total of P180 billion from the domestic debt market. The government’s borrowings from January to April this year reached P1.163 trillion, with domestic and foreign borrowings amounting to P1.038 trillion and P124.099 billion. Reine Juvierre Alberto

Dollar tests 2024 high

THE dollar is flirting with a new 2024 high as elevated US Treasury yields and investors seeking shelter from political uncertainty in Europe flock to the world’s reserve currency.

“Our heavy reliance on bank financing works – until it doesn’t. This leads us to wonder how severe East Asia’s problems would have been… had those economies not relied so heavily on banks as their means of financial intermediation… Had a functioning capital market existed, the outcome might well have been far more benign.”

Sea Island, Georg ia)

(October 1999

As a collective response to the AFC, the ASEAN+3 Asian Bond Markets Initiative (ABMI) was launched in December 2002 by the ASEAN countries and Peoples Republic of China, Japan and the Republic of Korea. The purpose: “to develop local currency (LCY) bond markets as an alternative source of funding to foreign-currency-denominated bank loans to minimize the currency and maturity mismatch that had made the region vulnerable to the sudden reverse of capital inflows… also aimed to promote regional financial cooperation and inte-

I end this narrative by highlighting the perceptive observation of business authors/journalists Mark L. Clifford and Pete Engardio in their book ‘MELTDOWN. Asia’s Boom, Bust, and Beyond”. (2000)

“Now they must make their financial system as solid as possible. They also need to speed up efforts to broaden their domestic capital markets so that policymakers are better able to heed off bubbes using monetary policy and corporations are less dependent on banks for raising long-term funds. For starters, that means establishing markets for the secondary trading of long-term bonds, something government talked about but did little to implement before the crisis.”

The Bloomberg Dollar Spot Index is a whisker away from levels last seen in November as technical indicators reveal the greenback’s strength has room to run. The premium paid to hedge against the US currency gaining relative to falling over the next three months against a basket of peers has risen to the highest level in over a year.

“Near term, the greenback safe haven appeal could be the catalyst for a topside break,” said Rodrigo Catril, a strategist at National Australia Bank Ltd. in Sydney. While the political uncertainty in France appears to be taking a “breather” for now, “markets like to shoot first and ask questions later—so over coming weeks the French political uncertainty is dollar supportive.”

Leaders of France’s left-wing parties have called for unity in their first campaign rally and European Central Bank officials see no cause for alarm in the market turmoil that gripped the nation last week. The moves have helped somewhat to sooth investors’ jit-

ters, though many remain on high alert for any turn in sentiment that could reignite a stampede for the greenback The dollar has advanced for four weeks as high US interest rates and the recent political upset bolsters the appeal of the currency. A break through its medium-term weekly downtrend was also a bullish signal for investors.

Still traders may be walking a tight rope if data continues to show signs that the world’s biggest economy is cooling, ratcheting up risks the Federal Reserve may cut rates sooner than markets are expecting.

The US currency consolidated in Asian trading Tuesday, and has strengthened against every Groupof-10 peer this month except for the Swiss franc and Swedish krona. Traders will also be keeping a close eye on the looming US election, which is poised to inject fresh uncertainty into markets.

“The dollar is overshooting US yields, so can weaken in the near-term if volatility subsides,” JPMorgan Chase & Co. strategists including Marko Kolanovic wrote in a note. “But US elections will ultimately limit dollar weakness.” Bloomberg News

Navigating high work demands

IN today’s fast-paced business environment, more and more work is demanded from teams. As a people manager, it is your primary responsibility to help your team navigate through these demands while ensuring your team’s well-being

forget their team may have other priorities outside of work. When compounding and increasing workload becomes a problem, your role as a leader is to provide direction on how the team goes through their work without overwhelming them.

their leader losing their head with the workload. Like a lighthouse in turbulent waters, you need to guide your team how to get through the work demands and this starts with how you handle yourself. If the tasks or projects are unavoidable, you need to think ahead on what you can do to negotiate timelines or even resources. When your team is given more than it can handle, start thinking of how you can negotiate for the

The next thing you need to do is to prioritize projects and delegate tasks. What you prioritize is crucial when work demands are high because this will dictate how you divide the tasks based on each of your team member’s strengths. Start by identifying the most critical tasks that align with your team’s goals and your immediate manager’s instructions.

tools that help you categorize tasks based on what is required.

team members based on their strengths. You do this at par with the team’s standards. When delegating, you also need to consider the existing workload so you do not unduly burden those that already have equally important tasks. Depending on prioritization, you other team members who can equally do the task. By setting clear criteria for prioritization and delegation, it becomes easier for your team to have a sense of ownership and responsibility.

Clear and regular communication is the backbone demand periods. Keep your team informed about

goals, deadlines, and any changes in plans. Use an agreed upon communication channel to ensure

door policy where team members feel comfortable misunderstandings and ensure that everyone can

To prevent burnout and maintain good morale, set realistic expectations. Understand your team’s capabilities and avoid overcommitting to deadlines. It is better to under-promise and over-deliver than to stretch your team too thin. Discuss workload and timelines with your team to get their input and buy-in. This collaborative approach fosters a sense of shared responsibility and ensures that expectations are achievable.

Support your team by providing the resources and tools they need to succeed. This might include

Recognize when team members are struggling and arrangements, additional manpower, or simply acknowledging their hard work. Additionally, foster a supportive environment by encouraging collaboration and knowledge sharing to create a cohesive team dynamic.

High work demands can also lead to increased stress and burnout. Be proactive in monitoring your team’s stress levels by looking for signs of burnout, such as decreased productivity, absenteeism, or changes in behavior. Promote a healthy work-life balance by encouraging breaks, setting boundaries around work hours, and promoting wellness initiatives. Regularly check in with your team to

discuss their workload and well-being. Recognition and rewards are powerful motivators. Acknowledge your team’s hard work and achievements, both publicly and privately. This can be done through formal recognition programs, team meetings, or simple thank-you notes. You can or professional development opportunities. These can boost morale and incentivize high performance during demanding times.

As a manager, your behavior sets the tone for your team. Demonstrate a positive attitude, resilience, willing to help out and work alongside your team when needed. By modeling good work habits and maintaining a calm demeanor, you can inspire your team to stay focused and motivated despite high work

your team about what worked well and what could insights and help you prepare for future high-demand times. Document lessons learned and best practices to

Managing high work demands is a challenging but essential aspect of being a people manager. By prioritizing and delegating tasks, communicating clearly, setting realistic expectations, supporting your

navigate these demands successfully. Your leadership plays a crucial role in ensuring your team remains productive, motivated and resilient in the face of challenges.

Are older adults more vulnerable to scams? What psychologists have learned about who’s most susceptible, and when

| University of Florida

ABOUT one in six Americans are age 65 or older, and that percentage is projected to grow. Older adults savings accumulated over the course of their lifetimes, decisions—all of which makes them attractive

embarrassment or lack of awareness keeps some victims from reporting. Financial exploitation represents one of the most common forms of elder victims’ inner social circles—family members, caregivers or friends—but can also be strangers. typically lose more money than younger victims. Those losses can have devastating consequences, especially since older adults have limited time to recoup—dramatically reducing their independence, health and well-being. But older adults have been largely neglected in research on this burgeoning type of crime. We are psychologists who study social cognition and decision-making, and our research lab at the University of Florida is aimed at understanding the factors that shape vulnerability to deception in adulthood and aging.

DEFINING VULNERABILITY

FINANCIAL exploitation involves a variety of

exploitative tactics, such as coercion, manipulation, deception. The majority of current research focuses on people’s ability to distinguish between truth and lies during interpersonal communication. However, deception occurs in many contexts—increasingly, over the internet.

Our lab conducts laboratory experiments and real-world studies to measure susceptibility under various conditions: investment games, lie/truth scenarios, phishing emails, text messages, fake news and deepfakes—fabricated videos or images that are

INDIVIDUAL RISK FACTORS

and brain health are all associated with less susceptibility to deception. Cognitive functions, such as how quickly our brain processes information and how well we remember it, decline with age and impact decision-making. For older, declines in analytical thinking are associated with reduced ability to detect false news stories. Additionally, low memory function in aging is associated with greater susceptibility to email phishing. Further, according to recent research, this adults who carry a gene variant that is a genetic risk factor for developing Alzheimer’s disease later in life.

exploitability may serve as an early marker of diseaserelated cognitive decline.

Deaf awareness, Filipino Sign Language seminar to

be held

at Overdoughs Café + Elait

#THEGOODSIGN, a series of Deaf awareness seminars and Filipino Sign Language workshops, is

Motivated by the mission to bridge gaps and promote inclusivity, #TheGoODSign aims to equip family members, educators, professionals, students, and fundamental skills essential to become more informed advocates and buddies of the Deaf.

The initiative is organized by the Caravan Food providing employment opportunities to persons with disabilities.

It will be conducted in partnership with the De La Salle-College of Saint Benilde-School of Deaf learner-centered institution in Deaf education. The program develops leader advocates who are capable of

The lecture wishes to provide an engaging and educational experience with a comprehensive understanding of the Deaf culture. It familiarizes the participants with the etiquette that will help them interact and establish a genuine connection and relationship with the members of the Deaf community.

Under the guidance of Deaf educators and experts greetings and signs. An introductory course on FSL is included in the program. Following key points on cultural sensitivity, the discourse delves into the diverse perspectives on disabilities, dispels common myths, and tackles legal considerations.

#TheGoODSign is scheduled for Saturday, June

Circuit Lane, Ayala Malls Circuit in Makati City. complimentary drink and pastry from Overdoughs, artisanal doughnuts.

Interested participants may sign up through www. tinyurl.com/TheGoodSign2024.

CEBU PACIFIC CELEBRATES NATIONAL MIGRANTS’ DAY WITH FREE FLIGHTS FOR OFWS

THEPhilippines’ leading carrier, Cebu Pacific (CEB) marked the celebration of National Migrants’ Day by giving back to overseas workers. As a testament to its commitment of honoring the invaluable contributions of Filipino migrant workers, the airline raffled off international tickets to aspiring and current Overseas Filipino Workers (OFWs).

Negative mood can enhance somebody’s ability to detect lies, while positive mood in very old age can impair a person’s ability to detect fake news. Lack of support and loneliness exacerbate susceptibility to deception. Social isolation during the online platforms, and older adults with lower digital literacy are more vulnerable to fraudulent emails and robocalls.

REDUCING VULNERABILITY

exploitation in aging is crucial for preventing victimization.

We believe interventions should be tailored, perhaps machine learning algorithms could someday determine the most dangerous types of deceptive messages that certain groups encounter—such as in text messages, emails or social media platforms—and provide on-the-spot warnings. Black and Hispanic consumers are more likely to be victimized, so there is also a dire need for interventions that resonate with their communities.

a holistic approach to help older adults reduce health and digital literacy are important, but so are programs to address loneliness. People of all ages need to keep these lessons in mind when interacting with online content or

victim.

The raffle, held during the National Migrants’ Day celebration organized by the Department of Migrant Workers, awarded six OFWs with roundtrip tickets to any of CEB’s international destinations. This initiative offers the recipients an opportunity to reunite with their loved ones or enjoy a welldeserved vacation.

“This initiative is part of our commitment to United Filipino Global, our corporate social responsibility partner, in honoring the dedication of OFWs. We are happy to celebrate National Migrants’ Day by awarding a token of appreciation for the immeasurable contributions of overseas workers to our country. Their sacrifices and resilience are an inspiration to us all, and we hope these tickets bring joy and opportunities for meaningful connections,” said Candice Iyog, CEB chief marketing and customer experience officer.

Recently, CEB, alongside select government agencies and United Filipino Global (UFG), kicked off the National Migrants’ Day celebration with an overseas job fair in Tacloban. The event aimed to address the employment needs of Filipinos in various sectors, including healthcare, hospitality, accounting, and skilled trades, offering over 5,000 job opportunities in countries such as Australia, Japan, Malaysia, the Middle East, Thailand, and the United Arab Emirates.

“United Filipino Global is proud to partner with Cebu Pacific in celebrating the hard work and dedication of our Overseas Filipino Workers. These initiatives not only provide joy and recognition but also reflect the importance of their contributions to our country. Let us continue to uplift the lives of Filipino workers and ensure they feel valued and appreciated,” said Gemma Sotto, UFG chairman. CEB continues to prioritize affordable and accessible air travel for every passenger while also reaffirming its social responsibility to actively contribute to the welfare and empowerment of the Filipino workforce.

More information about CEB’s initiatives for OFWs is available at www.cebupacificair.com.

Editor: Gerard S. Ramos

PHOTO BY CHRISTINA @WOCINTECHCHAT.COM ON UNSPLASH

WILCON DEPOT OPENS 95TH STORE IN SANTA BARBARA, PANGASINAN

the benefit of F i ipino students

and fi l mmakers. T his year, w e cha ll enge more aspiring fi l mmakers to push boundaries tack l e ne w matters and experimenta l approaches w hi l e raising F l ipino heritage and v a l ues.

Purego l d CinePana l o has t wo categories: short fi l ms for students and campus - based fi l mmakers and fu ll-l ength fi l ms for amateur and professiona l directors. U n l ike the pre v ious festi v a run , Purego l d CinePana l o no w requires app l icants to submit comp ete screenp l ays for their entries. This a ll o w s the Se l ection Committee to identify the most compe ll ing and we ll- rea l ized stories suited to the festi va l’s theme.

App l ications can be comp eted at the fo ll o w ing: https: // forms.g l e /wNUUQ 62ok YcyW5r3 7 A ll submitted entries must be up ifting stories centered on the theme of “ Mga Kwentong Pana l o ng Buhay.” Purego l d senior marketing manager and festi v a l director Iv y H ayagan - Piedad spoke on the importance of this theme. “ We seek fresh perspecti ves in storyte ll ing. Purego d CinePana l o aims to be a p l atform for l oca l artists to take risks and be bo l d in their craft. Our goa is to bring more outstanding Fi l ipino fi l ms to the nationa l— and e ven g l oba l— stage,” she said. The student shorts have a maximum runtime of 20 minutes, w hi l e the fu ll-l ength fi l ms must have a minimum ength of 90 minutes. A ll w inning entries w i ll be screened during the festi va l proper from March 14 to 25 2025 at the G ate way Cinemas. Furthermore a ll fi l ms in the festi v a l ineup w i ll be e l igib l e for recognition at the Purego l d CinePana o Awards N ight, w hich w ll be he l d on March 1 9 , 2025. The inaugura l Purego l d CinePana l o featured

lll ength fi l ms from directors such as Kurt Soberano Sigrid Bernardo J oe l Ferrer, and more. Student shorts were produced by young fi mmakers from U P Di l iman , Po l ytechnic U ni versity of the Phi l ippines, U

Editor: Tet Andolong

Filinvest offers mountain resort lifestyle at Celestia

By Rizal Raoul S. Reyes @brownindio

JUST 20 minutes from Quezon City, there is a place where one can savor the fresh crisp air, indulge in a much needed break to recharge the body from the rigors of the concrete jungle—Celestia at Timberland Heights is the place to invest.

Prestige by Filinvest, the real estate brand portfolio of the Gotianun family-led Filinvest Group, recently unveiled Celestia, their

newest residential project in the mountain resort township Timberland Heights in San Mateo, Rizal. Celestia is positioned by the

company as its crown jewel location—the highest point within the township, offering breathtaking views and unparalleled exclusivity.

Putting a premium on exclusivity, Celestia at Timberland Heights features only 273 expansive lots, providing a serene and secluded respite for those wishing to connect with nature even in the comfort of their own homes. With its strategic location and amenities, Celestia promises an elevated lifestyle of a mountain resort living experience, where residents can indulge in the panoramic scene of the Sierra Madre Mountain Range and the sparkling cityscapes.

“We put people at the core of our work, so we design our towns with their comfort and convenience in mind. With how fast-paced city life

TAGAYTAY CITY—Roxaco

Land Corp., a wholly-owned subsidiary of Roxas and Company Inc., will begin building late this year the third and last phase of its 7.2-hectare upscale resort-cumresidential project in the so-called “Second Summer Capital” of the Philippines.

“Right now we are working on the permits to start the construction, hopefully, by the end of 2024,” Anya Resort Tagaytay General Manager (GM) Mikel Arriet told reporters in an interview.

Located along Buena Vista Hills Road in Barangay Mag-asawang Ilat, Anya Resort Tagaytay’s luxury residences will be comprised of 17 posh villas scattered in the remaining 2.2-hectare piece of land of the entire property. The project’s high-end housing

component is categorized into two: the Anya Villa, each with four rooms and a heated plunge pool; and the Spa Villa, which is catered for a couple, with a jacuzzi. All of the villas are complete with rooms, a kitchenette, and a washroom.

“We are already bringing guests to sell to them,” he said of their preselling activity for the third phase with each unit costing around P70 million. “And we have already [sold] four of them.”

Similar to the now thriving highend community with exclusive 58 residences at the three-hectare first phase of the project, the GM noted that the unit owners can have the option also to lease their private villas. He noted: “We noticed in Anya [resort], especially during Christmas, Holy Week, or summer, we have the whole families coming and they really look for a whole villa. If we have those villas in phase three, I know for sure, it’s going to be per-

fect. That’s for investment.”

True to Anya’s philosophy called the 3Rs, which is short for “Relax, Rejuvenate, and Reward,” the last phase will have a Wellness Center with a gym studio, a spa, a medical facility, some water therapies, and a paddle court for pickleball—the fastest growing sports in the country today.

These amenities complement Anya’s Niyama Wellness Center at the two-acre second phase, which is a boutique resort sanctuary that currently houses 88 suites. It offers guests with relaxing body massage and facials, osteopathy, sauna, and an aqua gym.

According to the GM, since they put up their own branded wellness hub, around 14 percent of their guests now come to the Anya to avail of such services, up 4 percent from 10 percent prior to Niyama’s establishment. Occupancy in the resort, likewise, has improved “much better” than the pre-pandemic level.

“By now, it’s 65 percent. It’s a good number for Tagaytay, which is usually at 60 percent to 65 percent,” he shared, adding that while 90 percent of their guests are locals that mostly billet overnight, some are long staying for 15 days, especially repatriates and foreign visitors from Canada and the United States.

To entice more of the healthconscious business and leisure markets to come to Anya Resort Tagaytay, Arriet bared that regenerating drips and sleep therapy will become available at Niyama starting in September and December of this year, respectively. He added that business travel guests, in particular, can look forward to their upcoming Corporate Wellness Programs that prioritize psychological health in the workplace.

could be, a home close to nature but still easily accessible from the city is a dream to many, but made possible with Celestia,” said Bong Gonzales, First Vice President under Prestige by Filinvest.

Meanwhile, Daphne Sanchez, Senior Vice President for Residential and Estates at Filinvest Alabang Inc., expressed her excitement. “We are thrilled to launch Celestia at Timberland Heights because this is for people who worked their way to the top and deserve the best home and community where they can fully enjoy both nature and the city. This is for individuals who made it in life and want to enjoy the fruit of their labor.”

Gonzales says Celestia offers an elevated contemporary archi-

THE Philippine Institute of Civil Engineers, Inc. (PICE) proudly announces the groundbreaking of its own new headquarters building at V. Luna Extension, Q uezon City, a day before the organization’s 2024 Midyear National Convention, International Expo and Technical Conference opens in Pasay in Pasay City. The ceremony held on June 12, 2024 was led by PICE National President and Department of Public Works and Highways (DPWH) Senior Undersecretary Emil K. Sadain, alongside esteemed offials and members of the organization and prominent figures in the civil engineering community including PICE Past President and DPWH Undersecretary Eugenio R. Pipo Jr. Under the leadership of National President Sadain, the construction of the PICEowned headquarters will finally commence.

According to Senior Undersecretary Sadain, the construction of the own PICE building is wholly supported by Secretary Manuel M. Bonoan, who is also a Past President of the organization. The unwavering support of the DPWH Secretary highlights the importance of this project and the shared vision of enhancing the infrastructure and professional development within the civil engineering community.

tecture design that is meant to bring the feeling of a serene and cozy sanctuary. He adds the master plan seamlessly complements the generous lot sizes which range from 345 sqm to 1, 148 sqm. Furthermore, Celestia’s open spaces are also perfect for relaxation and leisurely activities. Thus, Celestia residents will not spend a lot of time traveling to distant places to commune with nature and appreciate the beautiful city lights at night.

Aside from providing a picturesque view of the Sierra Madre, Gonzales says the future residents of Celestia will have the benefit of enjoying the carefully created amenities apt for the exceptional lifestyle that the residents deserve. He points out the Central

Park will allow residents to bask in the warm embrace of the sun or admire the beauty of both nature and architecture at The Peak, which features a vantage point of the entire neighborhood and its surroundings. Security is not a problem in Celestia because the town has guarded entryways and an exclusive location near the mountain’s summit.

Sanchez says Celestia promises an experience of high-class contemporary architecture, cozy amenities, mountainscape views, and utmost privacy. Further, she says Celestia will be a great investment if someone is planning to experience a luxurious lifestyle, a perfect reward after working hard to achieve their dreams and aspirations.

Other than Senior Undersecretary Sadain, the following are the PICE National Officers and Board of Directors from government and public sectors: President-Elect Engr. Frederick Francis M. Sison, DPWH Assistant Secretary and Vice President Rey Peter B. Gille, DPWH Assistant Secretary and Secretary Nerie D. Bueno, Treasurer Engr. Albert A. Perfecto, DPWH Regional Director and Business Manager Basir M. Ibrahim, Public Relations Officer Engr. Adam C. Abinales, Auditor Engr. Michael J. David, and Immediate Past President Engr. April Frances Agatha G. Flores. The Board of Directors includes Engr. Arlene J. Adlawan, Engr. Juanito S. Cunanan, Engr. Mark Vincent Y. Nodado, Engr. Aure Flo A. Oraya, Engr. Florencio F. Padernal, Engr. Mark Dale Diamond P. Perral, and Engr. Robinson A. Salenga, II. The facade of the seven (7)-story PICE building with one (1) level basement for parking, symbolizes One (1) PICE representing commitment to advancing the

Story & photo by Roderick L. Abad

Celtics again stand alone among NBA champs

Sports

FORMER champion Brazil overcame Nimir Abdel-Aziz’s 38-point eruption, scoring a 24-26, 25-23, 31-29, 25-20 victory over The Netherlands to open the crucial Week 3 of the Volleyball Nations League (VNL) men’s tournament on a high note Tuesday at the Mall of Asia Arena in Pasay.

Darlan Ferreria Souza fired 28 points on 20 hits while four more players scored at least eight points as the Brazilians neutralized the explosion of Dutch ace spiker Abdel-Asiz.

From sixth place after the first two legs, world No. 4 Brazil leaped to third place at 6-3 with nine

PHL bound to lose

8 golds in Thailand 33rd SEA Games

THE Philippines is bound to lose outright eight potential gold medals in next year’s 33rd Southeast Asian Games unless host Thailand reconsiders weightlifting, wushu, jiu-jitsu and karate which were scrapped from its 40-sport program.

“We already appealed to the Thai hosts the inclusion of weightlifting, wushu, jiu-jitsu and karate,” said Philippine Olympic Committee (POC) president Abraham “Bambol” Tolentino who led a team in the SEA Games Federation meeting in Bangkok over the weekend.

“And it’s not only the Philippines which appealed, but a majority of the games members,” he added.

Thailand is hosting the SEA Games from December 9 to 20 in Bangkok, Chonburi and Songkhla.

Jiu-jitsu athletes Kaila Napolis, Annie Ramirez and Marc Lim, wushu’s Agatha Wong, karate’s courtesy Jamie Lim and Sakura Alforte and weightlifting’s Erleen Ando and Vanessa Sarno won a gold medal each in the 32nd SEA Games last year in Cambodia.

Destiny

’s child

BEditor:

OSTON—Jayson Tatum put his hands behind his head, with TD Garden fans standing on their feet cheering around him, and took it all in.

Walking to the bench, he wrapped both arms around Celtics coach Joe Mazzulla.

The journey was complete.

The Boston Celtics again stand alone among NBA champions.

Tatum had 31 points, 11 assists and eight rebounds, and the Celtics topped the Dallas Mavericks 10688 on Monday night to win the franchise’s 18th championship, breaking a tie with the Los Angeles Lakers for the most in league history.

Boston earned its latest title on the 16th anniversary of hoisting its last Larry O’Brien Trophy in 2008. It marks the 13th championship won this century by one of the city’s Big 4 professional sports franchises.

“It means the world,” Tatum said on stage after the team received the trophy from NBA Commissioner Adam Silver. “It’s been a long time. And damn I’m grateful.” Jaylen Brown added 21 points, eight rebounds and six assists, and was voted the NBA Finals MVP.

“I share this with my brothers and my partner in crime Jayson Tatum,” Brown said after the 107th career playoff game he and Tatum have played together—the most for any duo before winning a title.

Jrue Holiday finished with 15 points and 11 rebounds. Center

points to shore up its drive for a ticket in the Final Round in Poland later this month.

“It’s a very tough game. All games will be very tough, especially this week with everybody trying to reach the finals. It’s an important win for us,” said Darlan, who also added three blocks and three aces.

Coming off a 16-25 16-25, 1525 defeat against Germany two weeks ago in Japan, Brazil had a sluggish start anew as Abdel-Asiz found his mark early. Brazil was comfortably ahead, 23-21, but failed to finish the job. But it proved a different story in the next three frames, with

TRIATHLON enthusiasts again get to experience the rigors of an Olympic-style endurance race as the Sun Life 5150 Triathlon returns to Bohol on July 14 at the Bellevue Resort on Panglao Island. Being held for the second consecutive year, the event features the Olympic distance triathlon at 1.5km swim, 40km bike, and 10km run. John Leerams Chicano and Erika Burgos emerged victorious in last year’s edition. In addition to the overall championship, age-group categories from 15-to-19 up to 65-69 will be contested. Relay competitions and the Sunrise Sprint (S2), a short-distance event featuring a 750-meter swim,

Souza drawing solid coverage from Lucas Saatkamp, Flavio Resende Gualberto, captain Ricardo Lucarelli and Yoandy Leal Hidalgo for the win in 116 minutes.

Saatkamp had 12, Gualberto chipped in 11 while Lucarelli and Hidalgo added nine and eight points, respectively for the Brazilians.

There was no stopping the 2022 VNL titlist from there.

The Netherlands slipped to 3-6 for 13th place.

Brazil, already qualified for the Paris Olympics, will have world No. 5 USA next at 7 p.m. on Thursday while the Netherlands takes on Iran at 3 p.m. on the same day.

Kristaps Porzingis also provided an emotional lift, returning from a twogame absence because of a dislocated

postseason that saw them go 16-3 and finish with an 80-21 overall record. That .792 winning percentage ranks second in team history behind only the Celtics’ 1985-86 championship team that finished 82-18 (.820).

Mazzulla, in his second season, at age 35 also became the youngest coach since Bill Russell in 1969 to lead a team to a championship.

“You have very few chances in life to be great,” Mazzulla said. Luka Doncic finished with 28 points and 12 rebounds for Dallas, which failed to extend the series after avoiding a sweep with a 38-point win in Game 4. The Mavericks had been 3-0 in Game 5s this postseason, with Doncic scoring at least 31 points in each of them. He said the

20km bike, and 5km run, are also on tap in the event sponsored by Sun Life Philippines and organized by The Ironman Group.

The event is expected to draw participants from the US, Malaysia, Australia, United Kingdom, France, Switzerland, Germany and Japan, among others. It follows the successful staging of the Century Tuna Ironman Philippines and the IM 70.3 Subic Bay last week.

Upcoming races include the Ironman Davao on Aug.10, Dapitan 5150 on September 8, and the Rock ‘N’ Roll Manila on November 24.

The S2 category caters to beginners, emerging athletes and those looking to make a return to the sport.

YOU can say Meralco was destined to win.  Portentous were the signs.

First, Meralco could only win three of its first eight games. That placed the Bolts at 11th among 12 teams, critically putting them on the verge of elimination. To avoid the boot, Meralco needed to sweep its last three games. It did. One game it had to hurdle was the one against San Miguel Beer. The Beermen were on a roll.  But against all odds, Meralco won big as beating San Miguel meant stopping the Beermen’s 10-game winning streak. That win unlocked the key on how to defeat San Miguel when they finally met in the championship.

Second, Meralco, by now immensely inspired by their magical odyssey of survival, ousted NLEX via a 2-0 sweep in their best-of-three quarterfinal series. The rise from the grave has become starkly real.

Third, Meralco made it clear the Bolts were ready to hit the big time, proceeding to humble crowd sweetheart Barangay Ginebra in seven grueling semifinal games.  Beating the Gin Kings was sweet revenge: Didn’t Meralco lose championship skirmishes to Ginebra in the not-sodistant past? With the well-earned triumph against Ginebra, Meralco was now in the Finals. Never mind that it has San Miguel Beer for a championship foe in the Philippine Basketball Association (PBA) Philippine Cup.  The Bolts were more than ready. Been there. Done that. And true enough, Meralco drew first blood by bagging Game 1 in their best-of-seven title playoffs.  The Bolts looked ready to make it 2-0 until San Miguel erupted with two threes from CJ Perez and Marcio Lassiter in the last 20-plus seconds of the game, erasing a 4-point lead and giving the Beermen a one-point victory. But Meralco quickly made amends, winning Game 3 for a 2-1 lead.  And even though San Miguel would again even the series at 2-2, Meralco did not budge and won the pivotal Game

clinching the boys’ 1012 crown by four shots with a closing 94 in the ICTSI Junior Philippine Golf Tour Iloilo Visayas Series at the Iloilo Golf Club on Tuesday.

Facing a steep climb, Flores methodically worked his way back and seized control with a frontside 46 as Locsin stumbled with a 57. Locsin managed to close the gap to just one stroke with six holes remaining, setting the stage for a thrilling duel.

But Flores extended the margin on a three-shot swing on the par-3 13th with a scrambling par against Locsin’s triple-bogey. A local talent, Flores finished with a 193 total.

Bacolod bet Locsin wound up

with a 106 for a 197 aggregate, while Luigi Alvarez placed third with a 232 after a 114 in the first of three tournaments in the Visayas swing of the nationwide series sponsored by ICTSI and organized by Pilipinas Golf Tournaments Inc. Manila-based Cailey Gonzales achieved a wire-to-wire triumph in the girls’ 10-12 category, assembling an impressive 149 after a five-over 75 to overwhelm Kelsey Bernardino and Zuri Bagaloyos, who matched 166s after 79 and 85, respectively. In the 8-9 class, Cebuana’s Eliana Mendoza showcased a commanding performance in the girls’ division, recording a sterling 71 to finish with a 153, far outpacing Ana Marie Aguilar, who scored a 119 for a total of 240.

Jess Alburo dominated the boys’ division, posting a 185 total after a 94 and overwhelming Grover Sinfuego, who made a 117 for a 235. The competition in the 13-15 category, meanwhile, produced contrasting results. Inno Flores maintained a four-stroke lead despite an 81 for a 160 although Luciano Copok fought back with a 77 to tie Dannuo Zhu, who also made an 81, at 164, to set up a tight final-round battle in the 54-hole tournament.

“I leaned on my driving and fairway wood shots to compensate for my struggles with the irons,” said Inno Flores, who also emphasized the importance of delivering his best performance while minimizing mistakes.

5 for a decisive 3-2 bulge. And in its first crack at the crown, Meralco did not disappoint—thanks to Chris