BusinessMirror November 13, 2024

its “name and shame” approach to confront unauthorized actions in its waters. By calling for transparency and accountability, the group aims to strengthen international support for

Banks’ net income up 6.4% to ₧290.1B in September

By Cai U. Ordinario @caiordinario

THE Philippine banking system saw a 6.42-percent growth in its net income in September 2024, according to the latest data from the Bangko Sentral ng Pilipinas (BSP).

The latest data showed the Philippine banks’ net income reaching P290.056 billion in September 2024, slightly higher compared to the P272.56 billion posted in September 2023.

Compared to the previous quarter, the net income posted by banks grew 52.45 percent from the P190.26 billion posted in June 2024.

Banks’ total operating income

grew 11.71 percent to P938.98 billion in September 2024 from P840.58 billion in September 2023.

Compared to June 2024, total operating income grew 53.85 percent from the P610.3 billion posted at the end of June 2024.

The banking industry’s net interest income grew 14.05 percent to P767.04 billion in September 2024 from P672.53 billion in September 2023. Net interest income of the banking industry also grew 51.64 percent from the P505.82 billion posted in June 2024.

The data also showed non-interest income grew 2.32 percent to P171.94 billion in September 2024 from P168.05 billion in

September 2023. BSP data showed a 64.56 growth in non-interest income compared to the P104.49 billion posted in June 2024. The banking industry’s noninterest expense also grew 10.77 percent to P521.54 billion in September 2024 from P470.85 billion in September 2023. The data showed there was a 52.86-percent growth in non-interest expense from the P341.19 billion posted in June 2024. Meanwhile, the Universal and Commercial Bank (UKB) Group posted a net income of P271.73 billion in September 2024, a 7.03-percent growth from the P253.87

See “BSP,” A2

HOME LOAN APPLICANTS

SEEN RISING POST-POGO

By Reine Juvierre S. Alberto @reine_alberto

THE Home Development Mutual Fund, also known as the PagIBIG Fund, is bullish about a potential surge in housing loan applications following the exodus of Philippine Offshore Gaming Operators (Pogos) from the country, which is seen to leave many condominiums vacant.

“Hopefully, more members and more inventories will come in, and more quality housing units will be available for consideration,” Acting Vice President of Members Services Operations Domingo Jacinto Jr. said in a media forum on Tuesday.

Select business districts, such as the Manila Bay Area, have been affected by the Pogo ban, resulting in the increase in condominium vacancies.

Colliers Philippines said the elevated vacancy rate in Metro Manila, currently at 17.4 percent in the third quarter of 2024, will remain at its height until 2025.

As a “stable” organization, Jacinto said the Pag-IBIG Fund is “capable” of lending, as reflected in its financial reports.  As of the end of September 2024, Pag-IBIG has released

See “Loan,” A2

BLOWS:

By Reine Juvierre S. Alberto

DThe study tackled digital fraud trends globally and in the Philippines during the first semester of the year.

“Digital scams are constantly evolving. The growth of communities also creates more avenues for scammers to potentially defraud consumers,” TransUnion Philippines Chief Commercial Officer Yogesh Daware said.

ATING websites and online forums in the Philippines became hotbeds of most digital fraud during the first half of 2024, according to a study by TransUnion.  A global analysis titled “H2 2024 Update to the State of Omnichannel Fraud Report” revealed that the Philippines’s communities industry, including dating websites and online forums, had the highest suspected digital fraud attempt rate at 18 percent, higher by 18 percent year-on-year.

See “Dating sites,” A2

THE number of tourists visiting the Philippines is expected to recover to its prepandemic levels in 2025, according to the latest estimates of a United Kingdom-based think tank.

In its report on Philippine tourist arrivals, BMI Country Risk & Industry Research, a Fitch Solutions Company, said the country’s tourism arrivals could reach 8.3 million next year.

This represents 101.1 percent of the country’s 2019 tourist arrivals. In 2024, tourist arrivals could only reach 6 million, 2.2 million short of the 8.2 million arrivals in 2019.

“With 10 months of tourist arrivals data published for 2024,

we maintain our view that arrivals over the year will fall short of a full pandemic recovery,” BMI said.

“Our 2025 forecast for the Philippines’ tourist arrivals is growth of 38.4 percent y-o-y to 8.3mn arrivals which will mark a full recovery as they reach 101.1 percent of the 2019 arrivals,” it added.

BMI also expects the country’s tourist arrivals to post doubledigit growth of 14.8 percent annually until 2028. This means tourist arrivals are expected to reach 9.7 million by the time the President steps down from office.

PHL to recover pre-Covid arrivals stats in ’25–BMI See “Pre-Covid,” A2

SEA-ING RED Members of the Alliance of West Philippine Sea Watchers spray red paint on a caricature of Chinese President Xi Jinping during a demonstration in Quezon City on Tuesday, November 12, 2024. The protest shows solidarity with Indonesia’s efforts to defend maritime sovereignty, commending

Farm, infra damage from Kristine now at ₧9.8B–DA

By Ada Pelonia @adapelonia

THE agriculture and infrastructure damage from tropical storm Kristine has reached P9.81 billion, according to the Department of Agriculture (DA).

The DA said in its latest bulletin that the volume of production losses across regions was 380,704 metric tons (MT).

Broken down, rice bore most of the damage at 323,633 MT. This was followed by high-value crops at 46,016 MT, corn at 7,148 MT, cassava at 2,126 MT, and fisheries at 1,781 MT.

The agency said these were equivalent to P5.89 billion for rice; P1.23 million for high-value crops, P158.37 million for corn,

Continued from A1

“The market’s tourist arrivals will further increase over the remainder [of] our medium-term

and P40.93 million for cassava. For livestock and poultry, 13,877 heads of swine, chicken, and cattle, among others, were affected by the typhoon valued at P32.06 million.

The fisheries sector lost P665.01 million, affecting fish ponds and cages, fishing gears, and boats, among other fish species.

Based on the DA report, irrigation systems, farm infrastructures, and machnieries were also hit by the storm, with damage

forecast period,” BMI said. The think tank noted that while the report of the Department of Tourism (DOT) showed that tourist arrivals reached 4.5 million or a 10-percent year-on-year growth, this remained significantly lower

valued at P1.75 billion, P50.76 million, and P300,000, respectively.

According to the agency, typhoon Kristine displaced 233,923 farmers and fisherfolk, with 183,877 hectares (ha) of farmland. Of this, 45,472 hectares showed no chance of recovery.

Despite the damage sustained by the sector, the DA said it provided affected farmers with several interventions. This includes P549.64 million worth of agricultural inputs like rice, corn, and vegetable seeds; as well as drugs and biologics for livestock and poultry.

It added that available funds from the Philippine Crop Insurance Corporation (PCIC) would also be disbursed to indemnify affected farmers.

The agency recently noted that 2,644 farmers from Bicol received indemnification checks worth

than prepandemic levels.

BMI said the latest figure for the January to October 2024 is only 66.5 percent of the tourist arrivals compared to the same period in 2019.

This means, the think tank said, the country’s tourism sec -

P24.4 million from the PCIC as compensation for the damage brought by typhoon Kristine.

Bicol was one of the regions most affected by the severe tropical storm in its wake.

According to PCIC President Jovy C. Bernabe, the PCIC continues to process insurance claims of affected farmers. He said the initial assessment made by the agency already indicated indemnification payments would amount to at least P666.5 million.

Laurel earlier directed the PCIC to immediately release indemnification payments to help farmers quickly recover from the disaster brought by Kristine.

“We need to equip our farmers and fisherfolk with financial resources to help them quickly get back on their feet, to recover from this disaster brought about by climate change,” he said.

tor remains in a “post-pandemic recovery phase” and is performing “below track” compared to prepandemic levels.

“Monthly total arrivals by year have been higher than in 2023, but still lower than the prepandemic years, 2018 and 2019. This has seen cumulative total arrivals year-to-date [and] track higher than a similar period in 2023 but still lower than pre-pandemic levels,” BMI said.

Earlier, data from the new WTM Global Travel Report 2024 presented at the World Travel Market (WTM) showed the expansion in international leisure travel spending in the Philippines by 2030 is a goal that’s just behind Thailand, which is projected to grow by 147 percent.

The Philippines, for instance, will likely miss its 7.7-million inbound tourism target this year due to the tepid arrivals of mainland Chinese. But this underscores how China remains crucial for the growth of the region, and the world.

Overall, Southeast countries are expanding quickly and account for many of the fastest-growing destinations in the region.

(See: https://businessmirror. com.ph/2024/11/07/foreigntourists-spending-in-the-phlto-grow-101-by-2030/)

Cai U. Ordinario

Storm.

Continued from A12

enhance data connectivity at evacuation centers.

Since 2006, WFP has been working closely with the Government, donors and partners to augment emergency response operations, enhance disaster risk management capacities and strengthen food and social protection systems.

The Philippines is one of the world’s most disaster-prone countries. For the third consecutive year, the Philippines ranked first worldwide according to World Risk Index 2024 due to its exposure and susceptibility to natural hazards.

P88.17 billion in home loans, allowing access to 61,597 borrowers in financing to purchase or improve their homes.

The Pag-IBIG Housing Loan enables eligible borrowers to secure financing up to P6 million, payable up to 30 years and allows multiple loans, with interest rates starting at 3 percent for socialized and low-cost housing options.

“This stability is crucial, as more borrowers mean more opportunities to generate income, which will help maintain high dividends for our members. Hopefully, that gives a surge that pushes the needle when it comes to housing loan availments,” Jacinto said.

The Pag-IBIG official said they are looking into the housing industry’s landscape and evaluating the available inventories from its accredited real estate developers eligible for financing under its Housing Loan program.

They are also taking into account sellers willing to put up their properties for sale and those who want to purchase those through the said loan, according to Jacinto.

“So far, we’ve done well because our performance as of September is trending toward another P100 billion in housing loan takeouts. Our housing loan program benefits the majority of our members, maintaining the quality of their payments, and keeping the performing loans ratio stable,” Jacinto said.

“This ensures that the housing units are of high quality, members’ monthly amortization remains affordable and it is sustainable so more members can apply for housing loans,” he added.

This year, Pag-IBIG targets to release P143 billion in home loans and benefit about 115,000 members.

Other Pag-IBIG loans performance

MEANWHILE , Pag-IBIG collected P49.27 billion from its mandatory Regular Savings program and P48.86 billion under its voluntary Modified Pag-IBIG II (MP2) savings as of the third quarter of 2024.  In 2023, the annual dividend rate of Pag-IBIG Regular Savings reached 6.55 percent while the MP2 recorded a 7.05 percent return rate.

In the January to September 2024 period, Pag-IBIG approved Multi-Purpose Loan applications of more than two million borrowers amounting to a total of P49.72 billion. This is a 16-percent increase in both the number of borrowers and the total loan amount compared to the same period last year.

In addition, almost 461,000 victims affected by various calamities this year were also assisted with the release of P5.92 billion in Calamity Loans.

Pag-IBIG Fund currently has more than 16.37 million active members, who collectively saved P98.72 billion as of the third quarter of the year.

Moreover, the highest rate of suspected digital fraud in the Philippines occurred during financial transaction attempts, accounting for 31 percent of all digital fraud attempts in online communities. This was followed by creating an account at 22 percent.

Globally, communities also had the highest rate of suspected digital fraud at 11.5 percent, up by 23 percent year-on-year.

Seven out of 19 countries and regions assessed in the latest report indicated that communities had the highest suspected digital fraud rate.

“With rising community fraud rates in the Philippines aligning with global findings, there is a need to focus efforts on educating consumers about these types of attacks and disseminating preventive measures that consumers and businesses can take to protect themselves from falling victim,” Daware said.

The global rate of suspected digital fraud remained high at 5.2 percent of all attempted transactions.

billion posted in September 2023. Compared to June 2024, the net profit of UKBs rose 51.88 percent from the P178.91 billion recorded during the period.

The data also showed thrift banks posted a net income of P15.48 billion in September 2024, a 7.64-percent growth from the P14.38 billion posted in September 2023.

BSP said the net profit of thrift banks grew 57.38 billion from the

However, the rate was significantly higher in the Philippines at 13.0 percent, exceeding all 19 countries and regions analyzed by TransUnion in the first half of the year.

Logging into one’s account accounted for the highest rate of suspected digital fraud among transactions from the Philippines, with 15.4 percent of all login attempts flagged as potentially fraudulent, marking an 11 percent increase from the previous year. This is followed by account creation at 3.7 percent and transactions at 1.6 percent. Both stages saw a decrease in suspected digital fraud attempts at 8 percent and 41 percent year-on-year.

“Businesses that aren’t already doing so should ensure that they are taking advantage of fraud prevention technologies such as identity verification, IP intelligence, device reputation and synthetic identity detection as critical components of their fraud prevention programs to stay ahead of evolving threats,” Daware stressed.

TransUnion is a global information and insights company developing solutions in areas such as marketing, fraud, risk and advanced analytics.

P9.84 billion posted in June 2024. The data from the central bank also showed rural and cooperative banks (RCBs) posted a net profit of P8.64 billion in September 2024, a 31.71-percent growth from the P6.56 billion posted in September 2023.

BSP said the net income of RCBs also rose 53.35 percent from the P5.63 billion posted in June 2024. Lastly, BSP data showed digital banks posted a net loss of P5.79 billion in September 2024, a 157.09-percent contraction from the net loss of P2.25 billion in September 2023.

Compared to June 2024, digital banks posted a 40.75 percent decline from the net loss of P4.11 billion during the period.

Remulla orders BI to hasten Garma repatriation

J

By Joel R. San Juan @jrsanjuan1573

USTICE Secretary Jesus Crispin Remulla on Tuesday ordered the Bureau of immigration (BI) to facilitate the return of retired police colonel Royina Garma, who was arrested and detained in San Francisco, California, since November 7.

In a statement, the Department of Justice (DOJ) said the information on Garma’s arrest was confirmed by the National Police (PNP) and the Department of the Interior and Local Government (DILG). Reports also said that Garma left the country together with her daughter. BI, which is under the DOJ, has yet to provide details of Garma’s departure and arrest.

Garma is set to leave the US on Wednesday after being deported, the Department of the Interior and Local Government (DILG) said.

“I think they will get the flight for tomorrow [November 13]”, Interior Secretary Juanito Victor Jonvic C. Remulla said.

Upon her arrival, Garma will attend a hearing by the Senate on the drug war of the Duterte administration so she can be debriefed.

“She is a witness of Congress, so they will be the one to handle her,” Remulla said

The Interior Secretary said they have no information on the cause of the cancellation of the visas, but he stressed Garma was not arrested since there is no pending case against her.

“The DOJ hopes that, despite the recent lifting of her

Cocopea joins TF Elcac

By Rex Anthony Naval

HE National Task Force

Tto End Local Communist Armed Conflict (NTF-Elcac) on Monday welcomed the inclusion of the Coordinating Council of Private Educational Associations of the Philippines (Cocopea) as a private sector representative in the body’s executive committee. This was announced during the NTF-Elcac’s sixth executive committee meeting, presided over by President Marcos late last week.

The task force’s executive director, Undersecretary Ernesto C. Torres Jr., said Cocopea’s inclusion will significantly broaden the government’s information, awareness, and peacebuilding efforts, particularly concerning the recruitment activities and grooming tactics of the communist insurgents.

In a statement last week, Cocopea said that “[it] is in solidarity with the government, particularly the NTF-Elcac, in its ongoing peace efforts through the National Action Plan on Unity, Peace, and Development.”

Cocopea was one of various groups invited to the task force’s dialogue with civil society organizations on October 16.

Cocopea’s involvement will also allow private educational institutions to work closely with the government in providing educational opportunities to communities in conflict-affected

areas. It will bolster the task force’s focus on reducing educational gaps to address longstanding issues that have been exploited by the communist insurgents to recruit children and youth in the countryside and urban areas.

By supporting the task force, Cocopea will play a crucial role in empowering communities and providing opportunities for youth, thereby reducing the influence of communist insurgent recruitment and fostering a culture of peace and resilience.

Contrary to concerns raised by some groups over the supposed impact on academic freedom, the inclusion of Cocopea in the task force strengthens efforts to promote a secure and informed environment without compromising the independence of educational institutions.

This information awareness will provide students tools and critical perspectives on current security issues and the risks of terror grooming, empowering them to make informed choices.

This collaboration between Cocopea and NTF-Elcac underscores a shared commitment to creating safe learning spaces that respect academic freedom.

In this landmark partnership, both Cocopea and the government through the NTF-Elcac remain dedicated to the role of education in building a peaceful and resilient nation, Torres said.

Sara’s ‘coverup’ of CIF disbursements riles congressman

VICE President Sara Duterte is facing accusations of a “cover-up” after allegedly blocking close subordinates—said to be involved in the misuse of P500 million in confidential funds allocated to the Office of the Vice President (OVP)—from attending a House of Representatives inquiry. Manila Rep. Joel Chua, chairman of the House Committee on Good Government and Public Accountability, voiced frustration over the absence of those directly responsible for handling the funds now under investigation.

“What we see here is that they are sending career officials who, in our view, are not the ones truly concerned. There appears to be a cover-up on this issue,” said Chua during a news briefing.

During the committee’s fifth hearing on Monday, OVP career officials—including Administrative and Financial Services Director Rosalynne Sanchez, Chief Accountant Julieta Villadelrey, Budget Division Chief Edelyn Rabago, and Chief Administrative Officer Kelvin Gerome Tenido—testified after multiple invitations and a subpoena.

Absent, however, were Duterte’s close subordinates, such as OVP Undersecretary and Chief of Staff Zuleika Lopez and Special Disbursing Officer Gina Acosta—both of whom were members of Duterte’s team during her time as Davao City mayor.

The OVP career officials who testified stated they had no personal knowledge or involvement with the confidential and

contempt order by Congress, Ms. Garma will continue to cooperate fully with the ongoing government investigations stemming from recent congressional hearings,” the DOJ said in a statement quoting Remulla.

It can be recalled that Garma testified during the House of Representatives Quad Committee hearings on the involvement of police officers in the killings related to the Duterte war on drugs.

In a separate interview with reporters, Remulla said the DOJ is eyeing to place Garma under its Witness Protection Program (WPP) in line with the request of the House QuadCom, which is investigating the killings during Duterte’s war on illegal drugs.

“Because the cases against her or involving her have not yet been

filed. We’re still conducting case build-up. In any case, she is considered a very important witness by the QuadCom that’s why we intend to offer her witness protection for that matter at least for the matters that QuadCom is seeking from her,” Remulla said.

He also disclosed that some DOJ prosecutors have already interviewed Garma as part of its ongoing case build-up of cases related to war on drugs.

Remulla also clarified that Garma was held in detention by the US Border Control because her visa was cancelled already when she attempted to enter the US.

He also admitted that there is no hold departure or look out bulletin issued against the former police officer prior to her departure.

Likewise, the DOJ secretary said

Garma will not be arrested upon her return to the country since she has no pending criminal cases before the DOJ or in courts.

“She can [go home] but we will offer her protection and we will make sure that she is in contact with us because we have to avoid incidents like this,” Remulla stressed.

Garma, according to Remulla, is expected to return to the country within 10 days.

DOJ Prosecutor General Richard Anthony Fadullon has also confirmed that the newly-created task force that will investigate extra-judicial killings during the Duterte administration will include the alleged role of Garma in the murder of Philippine Charity Sweepstake Office (PCSO) board secretary Wesley Barayuga.

It can be recalled that during

their testimony at the House QuadCom, Lt. Col. Santie Mendoza of the National Police-Drug Enforcement Group (PNP-PDEG) and police informant Nelson Mariano accused Garma and former commissioner Edilberto Leonardo of the National Police Commission (Napolcom) of ordering the killing of Barayuga for his alleged links to illegal drug trade. However, it turned out that the real reason was his disagreement with Garma over PCSO game Perya ng Bayan.

Garma at the time was the PCSO general manager.

Barayuga was gunned down by a motorcycle-riding man shortly while on his way home from the PCSO central office in Mandaluyong City on July 30, 2020. With Samuel

Cyclones threaten Isabela, Cagayan with floods, landslides

By Jonathan L. Mayuga @jonlmayuga

AS Severe Tropical Storm Nika weakened before leaving the Philippine Area of Responsibility Tuesday afternoon, Tropical Depression Ofel (Usagi) intensified and now threatens to bring more rain over the already soaked Isabela and Cagayan, the state weather bureau said.

The two provinces have been identified by the Mines and Geosciences Bureau (MGB) with the highest number of landslide-prone barangays in its recent landslide alert issued in the wake of torrential rains dumped in Northern Luzon due to typhoons Kristine, Leon and Nika.

Several areas in Northern Luzon remain under Tropical Cyclone Wind Signal 1 and will continue to have heavy rainfall that could trigger floods and landslides, Veronica C. Torres weather specialist at the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) said.

Magat Dam reached spilling level

MAGAT Dam in Isabela on Tuesday continued to release water with an additional one-meter opening of the spillway gate to manage the reservoir’s rising level amid moderate to heavy rains caused by Nika and the trough of Tropical Storm Ofel.

By Tuesday 2:00 p.m., the center of the eye of Nika exited PAR but it continued to affect the Philippine weather system.

intelligence funds (CIFs), pointing instead to Lopez and Acosta as the officials primarily responsible, both being part of Duterte’s inner circle, said Chua.

House Assistant Majority Leader Jay Khonghun criticized Duterte for what he described as “selective participation” aimed at protecting her inner circle from scrutiny.

“Actually, VP Sara is shielding her inner circle from accountability. There’s selective participation—she sends only those who lack direct involvement with the fund liquidation,” Khonghun, who represents Zambales, noted, agreeing with Chua’s concern that bringing in uninvolved officials created the impression of a cover-up.

In response to Duterte’s claim that certain officials were busy with preparations for the OVP’s anniversary and therefore unable to attend, Chua reminded the public that multiple invitations had been ignored.

“This is not the first time they were invited; this is actually the fifth committee hearing. Those directly involved in this issue of confidential funds have consistently been withheld from attending,” he noted, adding that testimony indicated only Acosta, Lopez, and Duterte herself had full knowledge of the CIF details.

The committee is seeking answers from OVP officials regarding the alleged misuse of P500 million in CIFs for the last quarter of 2022 and the first three quarters of 2023. Jovee Marie N. dela Cruz

Pagasa raised Tropical Cyclone Warning Signal 1 over the northern portion of Ilocos Norte, the northwestern portion of Cagayan, and the northwestern portion of Babuyan Islands.

Ofel ‘steadily intensifying’ OFEL was spotted 950 km East of Southeastern Luzon, moving northwestward at 35 kilometers per hour.

It is packing maximum sustained winds of 85 kmh near the center and gustiness of up to 105 kmh.

Pagasa said Ofel, will reach typhoon category by Wednesday may make landfall over Northern or Central Luzon on Thursday afternoon or evening.

Northern Luzon is at risk of heavy rainfall, strong winds, and possibly storm surge inundation from Ofel, the weather bureau added.

Moreover, the eastern portions of Central and Southern Luzon may also be affected, especially if the tropical cyclone further expands in size or follows a more southerly path.

Cagayan River rising

CAGAYAN River continued to rise, submerging more villages under

floodwaters, The National Disaster Risk Reduction Management Center said. As of 11 a.m., the water level in Tuguegarao City Gauging Station at Buntun Bridge had reached 10.6 meters. Its critical level is 11 meters.

Several major roads and bridges are closed to vehicles because of the rising floodwaters.

Latest data from the Cagayan

Provincial Disaster Risk Reduction and Management Office (PDRRMO) on Tuesday showed some 561 families or 1,691 individuals living in 35 low-lying villages of Alcala, Baggao, Ballesteros, Buguey, Iguig, Pamplona, Penablanca, Solana, and Tuguegarao were preemptively evacuated.

Most of the evacuees are staying in barangay halls and in schools pre-

identified as evacuation sites while some opted to stay with relatives.

As the swelling of the river continues, PDRRMO head Ruelie Rapsing, in a radio interview, said the provincial government has a stockpile of 10,000 family food packs.

Medenilla

See “Cyclones,” A4

Wednesday, November 13, 2024

House passes two measures to bolster financial security of overseas workers

IBy Jovee Marie N. dela Cruz

@joveemarie

N a move to bolster financial security for overseas Filipino workers (OFWs) and their families, the House of Representatives passed on second reading two significant legislative measures aiming to address the financial hurdles Filipino workers abroad face abroad while protecting their hard-earned remittances. Through viva voce voting on Monday, lawmakers approved House Bill 10914, or the Free Financial Education Act for OFWs and their Families, and House Bill 10959, or the OFW Remittance Protection Act. HB 10914 mandates comprehen -

sive financial literacy training as part of the Pre-Departure Orientation Seminars (Pdos) and Post-Arrival Training Seminars (PATS).

The training will equip Filipino workers who go abroad with essential knowledge on consumer protection, credit management, and debt avoidance to help them safeguard their earnings.

“This measure is designed to empower OFWs with the financial knowledge necessary to protect their hard-earned income,” the House Committee on Overseas Workers Affairs chairman, Tingog Rep. Jude Acidre, said.

The Department of Migrant Workers, in cooperation with the Overseas

Akap goes to malls

THE leadership of the House of Representatives on Tuesday launched the Ayuda Para sa Kapos ang Kita Program (Akap) Mall Tour, which will distribute P268.5 million in financial aid to more than 53,000 mall employees and tenants’ employees in four major SM Supermalls across Metro Manila.

Speaker Martin G. Romualdez said that the Akap Mall Tour answers the Marcos administration’s call for a united government approach to assist minimum wage earners and financially distressed workers facing the economic impacts of inflation and rising costs of essentials.

“This program is our government’s re -

sponse to the increasing prices of goods and other essential needs,” said Romualdez. “It provides crucial assistance for those struggling to support their families, especially minimum wage and low-income workers.”

The Akap Mall Tour is designed to reach thousands of mall employees, their tenants, and agency hires working in the largest shopping malls across the country. On the day of the mall tour, a total of 53,715 beneficiaries in SM Mall of Asia, SM Megamall, SM North Edsa, and SM Fairview received P5,000 each under the program.

House Deputy Secretary General Sofonias Gabonada highlighted that the initiative not only offers financial relief but

Workers Welfare Administration, the Department of Finance, the Bangko Sentral and other relevant agencies, will implement the program.

Meanwhile, HB 10959 provides a 50 percent discount on remittance fees for funds sent to the Philippines by OFWs.

As an incentive, banks and financial intermediaries that offer this discount may claim it as a tax deduction.

“This legislation will bring direct relief to OFWs by significantly reducing remittance costs,” Acidre noted.

“Additionally, it mandates prior consultation with the Department of Finance, Bangko Sentral ng Pilipinas, and the Department of Migrant Workers before any increases in remittance

also boosts economic activity in malls and local businesses, ensuring the aid reaches those who need it most.

Gabonada said the registration process for Akap beneficiaries is simple: eligible workers are required to register online at the Bagong Pilipinas platform and present their Bagong Pilipinas ID.

He added that scanners are deployed at mall employee entrances to validate their eligibility. Upon validation, they will receive a notification indicating their payout schedule and other documentary requirements.

Romualdez explained that the initiative is a joint effort between the national government, local officials, and the private sector.

As of Tuesday, the number of registered beneficiaries across the four participating

fees, ensuring transparency and accountability,” he added.

The HB 10959 bill builds on initiatives from previous Congresses to enhance support for OFWs and their families.

“These bills are not just about financial savings; they’re about securing the future of OFWs and their families. It’s a step towards long-term stability and growth,” Acidre said.

“I urge my colleagues to support these bills. Together, we can create a stronger safety net for our modernday heroes and their families,” he added.

The two bills are expected to be approved on the third and final reading next week.

malls has reached the following: SM Mall of Asia has 16,766 registrants, SM North EDSA has 13,632, SM Megamall has 12,789, and SM Fairview has 10,528 registrations.

These numbers are expected to grow as the tour expands nationwide, Gabonada said.

The successful implementation of the program is made possible through partnerships with local government units and various congressional offices.

Following the launch in Metro Manila, the Akap Mall Tour will expand to other shopping malls in the region and eventually across the country.

Romualdez said this expansion will ensure that more Filipinos can access the much-needed financial aid, contributing to their economic resilience amid challenging times. Jovee Marie N. dela Cruz

BARMM, DOE sign first coal contract in Bangsamoro area

DAVAO CITY—The Bangsamoro government sealed a partnership agreement with the Department of Energy on October 24 to start the first operating contract on coal exploration in the Bangsamoro region “marking a significant step in advancing energy security and driving economic growth in the Bangsamoro,” the regional autonomous government has announced.

In a belated report, the Bangsamoro Information Office said Energy Secretary and Intergovernment Energy Commission co-chairman Raphael P.M. Lotilla and Bangsamoro Energy Minister Akmad Brahim signed the agreement at the Bangsamoro Government Center (BGC) in Cotabato City.

The BIO said the contract is both an

undertaking of the two government entities, the DOE and the Bangsamoro Ministry of the Environment and Natural Resources and Energy, or Menre.

“We start a new journey towards sustainable development and economic empowerment by leveraging on the untapped potential of the region,” said Bangsamoro Chief Minister Ahod Ebrahim.

While the national government direction was going toward renewable energy, Ebrahim said both parties “will harness these coal assets responsibly.”

Ebrahim attended and witnessed the signing agreement as he described it as “historic agreement in securing the nation’s energy future while upholding the commitment to environmental stewardship.”

“This will certainly generate employment opportunities, nurture an economic landscape in the region, and bring us closer to our goal of an empowered, cohesive, and progressive Bangsamoro,” he added.

He said the contract is expected to stimulate local investmen as well.

Brahim pointed out that both his office and the DOE assured “careful execution of the project, ensuring adherence to high environmental standards.”

“Every step will be taken with care, ensuring that all operations follow the highest standards of environmental protection and social responsibility,”” he said.

The contract also operationalizes the provisions in the Bangsamoro Organic Law (BOL) that empowers the national and Bangsamoro

governments “to jointly explore and utilize fossil fuels such as petroleum, natural gas, and coal within the Bangsamoro Autonomous Region in Muslim Mindanao.”

Lotilla said the partnership “is more than just a milestone.” “This is a realization of a shared vision to responsibly utilize the region’s abundant energy resources,” Lotilla said.

“This coal contract is just the beginning, a signal of the promising opportunities ahead as we continue our joint efforts to develop BARMM’s energy sector,” he added.

Some areas of the BARMM like the Liguasan Marsh in the Cotabato wetlands and the Sulu Sea off the Zamboanga Peninsula in western Mindanao are believed to be rich in oil and gas reserve but they remained largely untapped. Manuel T. Cayon

DOE lauds Senate approval of Natgas bill

By Lenie Lectura @llectura

ENERGY Secretary Raphael Lotilla welcomed Senate Bill 2793, known as the Philippine Natural Gas Industry Development Act, saying this will boost investment opportunities in various sectors, including upstream oil and gas industry.

“This is something that is welcome because we need a more stable, legal framework,” said Lotilla during the Norway-Philippines LNG Summit 2024.

The Senate passed on third reading the Philippine Natural Gas Industry Development Act, which establishes a legal framework designed to promote the development of the natural gas industry, covering aspects from transmission and distribution, to the supply of natural gas.

SB 2793 aims to accelerate the exploration and development of domestic natural gas resources and facilities, prioritizing the use of indigenous over imported natural gas to enhance energy security.

Lotilla said his office is also working on a framework for the grant of special allowances to service contractors aimed at incentivizing further exploration and development of the country’s indigenous petroleum resources. He also stressed the importance of downstream natural gas applications for non-power uses and in industrial facilities and its potential use in the production of fertilizer, especially in the Visayas and Mindanao. He also highlighted the use of natural gas as feedstock in the production of fertilizer.

“Most of the discussions have been focusing on power. The non-power, that’s part of the thing that is dealt with by the natural gas bill. There’s a lot of potential that’s why we talk about the upstream, the

policies of govt to develop the upstream is important and you are very much aware of the consultations that are going on right now for the additional special allowances. Down the road, ten to fifteen years, when we have more natural gas resources then that would be a welcome for all,” said Lotilla.

Last Monday, the Senate passed approved on third and final reading the proposed measure.

“This is a momentous step forward as we strive to achieve energy security and sustainable economic growth. This legislation supports our own and also international commitments to cleaner, more efficient energy production,” said Sen. Pia Cayetano, chairwoman of the Senate Committee on Energy and sponsor of the measure.

Cayetano said that indigenous natural gas has been historically cheaper, and increasing opportunities for natural gas will only make the prices cheaper.

“We are looking forward to seeing the benefits of this measure, not tomorrow or by the end of the year, because energy security is a generational commitment. This is for the next generation. We hope to live healthy lives to witness the benefits of this measure,” she also said. Cayetano refuted claims that the measure would lead to higher electricity costs.

“I repeat, this bill is good for the country. This bill is good for the environment. And this bill is good for the Filipino consumers,” Cayetano expressed, thanking her colleagues for supporting the approval of SB 2793.

The proposed bill will now be forwarded to the bicameral conference committee. Once a final version of the bill is agreed upon by both chambers, this will then pave the way for signing by the President into law.

Govt set to finalize study on FTA with Chile

By Andrea E. San Juan @andreasanjuan

THE government is aiming to finalize a joint study with Chile by the end of the month to determine if the two nations can start the talks for a free trade agreement which can open business and professional opportunities to Filipinos, among others, according to the Department of Trade and Industry (DTI).

“On the possible Philippine-Chile Comprehensive Economic Partnership Agreement [PH-CL Cepa], we will make the announcement after we finished the study. By end of November, baka matapos na ang study,” Allan B. Gepty, DTI Undersecretary for International Trade Group told the B usiness M irror in a Viber message on Tuesday.

Gepty said this after the two parties finished their Second Joint Economic Committee (JEC) meeting on November 8 in Santiago, Chile. During this meeting, he said the two sides tackled the Joint Study on the possibility of a trade deal between Philippines and Chile.

In particular, the Trade official highlighted the areas where both nations can strengthen economic collaboration. For one, he said there is a “good prospect” on services, innovation, research and development and education.

“These are business and professional opportunities we can explore in addition to trade in goods,” Gepty told this paper.

“Strengthening our collaboration on Innovation, Research and Development, Education and peoples’ ties can promote more trade and investments in the two economies,” he added.

Currently, trade between Philippines

and Chile is bound by an existing Joint Economic Committee (JEC) which he said “serves as a platform to promote economic partnership and address trade and investment issues.”

Since the Committee’s inaugural meeting in 2023, the Philippine Trade official underscored, “Our bilateral economic relations have steadily gained momentum. This includes increase in both trade and investments.”

As to the trade in goods between two economies, Gepty revealed that it grew by 27.4 percent with trade volume rising to $141.2 million in 2023, from the $110.8 million in 2022.

DTI’s Bureau of International Trade Relations (BITR), reported that the major exports from Philippines to Chile consist of electronic and machinery products and their parts, while Chile exports mineral, agricultural, and forestry products to the Philippines. The DTI’s international trade relations arm also underscored the importance of attracting more investments from Chile as it is “one of the highest outbound investors” among Latin American countries. In 2023, Gepty said, “We noted investments from Chile after nearly five years of inactivity.”

Although Chile is “not a major and traditional partner,” he emphasized that “We need to sustain these positive trends. Thus, we want to establish an enabling environment for our stakeholders to seize opportunities in our respective economies.”

He also explained that establishing a stable economic partnership with Chile is aligned with the country’s trade policy direction to expand its trade network and strengthen linkage with Latin America.

BTr: Simplified tax treaty scheme to draw investors

By Reine Juvierre Alberto @reine_alberto

TO attract more foreign investors and improve capital market liquidity, non-resident investors need only a onetime registration, after which treaty rates are automatically applied to all their government securities.

The Bureau of the Treasury (BTr) announced on Monday it will implement a simplified tax treaty process for non-resident investors in government securities.

With the new system in place, non-resident investors do not need to submit multiple tax documents to the issuer to claim their tax treaty benefits on specific government securities income.

They are also not required to repeat the application process for each new government securities income event.

The Treasury said this eliminates the risk of claim denial and removes the need to file for tax treaty relief and undergo an extensive tax refund process.

Moreover, non-resident investors can establish their securities account before making

any purchases as they do not need to own government securities to benefit from this process.

Finance Secretary Ralph G. Recto said the measure is one of the many reforms underway to enhance the Philippine capital market and bolster its competitiveness.

“With this streamlined process, we are confident that more foreign investors will seize the opportunity to invest in our government securities, which would enhance market liquidity,” he added.

The streamlined process is integrated with the tax tracking system of the National Registry of Scripless Securities (NRoSS). The system’s tax tracking feature will automatically reflect the relevant rates from the tax treaties.

The Philippines currently has 43 Double Tax Agreements or Tax Treaties providing preferential tax rates from 10 to 15 percent depending on the country.

The application of these rates will remain effective as long as the non-resident investor maintains an updated Tax Residency Certificate (TRC) through their custodian, the Treasury said.

Labor group to govts: Address heat stress amid climate crisis

By Justine Xyrah Garcia

AS global temperatures hit record highs, a labor group urged governments worldwide to step up their protective measures against the dangers of heat stress in workplaces.

On Tuesday, the Federation of Free Workers (FFW) issued a public call to action, urging authorities to implement robust measures to safeguard workers from the health risks linked to extreme heat.

“Climate change is destroying jobs, lives, and livelihoods. While recovering from the devastation of recent typhoons, we must now prepare for extreme heat, which could strike just as severely, if not worse,” FFW Vice President Julius Cainglet said. He added that as temperatures rise, workers are becoming more vulnerable, facing serious risks to both their health and productivity in various industries.

The FFW’s appeal is supported by the State of the Climate report presented at the 29th Conference of the Parties climate summit, where it projected that 2024 could set a new record as the hottest year ever.

According to the World Meteorological Organization, from January to September alone, the average global air temperature was 1.54 degrees Celsius above the preindustrial level.

Anti-drug drive zeroes in on NBP, hub of biggest traders

By Samuel P. Medenilla @sam_medenilla

ALARMED by the surge in the amount of confiscated illegal drugs, the Marcos administration is now focusing its anti-illegal drug campaign at the New Bilibid Prison (NBP) in Muntinlupa, which the Department of the Interior and Local Government (DILG) tagged as the top source of drug trade in the country.

DILG Secretary Juanito Victor “Jonvic”C. Remulla said President Ferdinand Marcos backed the new strategy during their meeting on Monday.

“For the longest time, we have been concentrating on the consumption side, arresting them on street levels, arresting them on crimes committed by buy bust,” Remulla said in a press briefing in Malacañang on Tuesday.

have been identified. I am not at liberty to discuss it,” he added.

He said they have determined an initial 200 high-value detainees at the NBP, who are still able to communicate with their associates outside of prison and continue with their illegal operations.

their accessibility so their communication with the outside world is curtailed,” he said.

Systematic problem

THE transfer, DILG pointed out, aims to end the systemic problem in the NBP, which it attributed to the alleged nepotism within the facility.

“If you look at the system there, the [position of the] employees . . . . are being passed from one family to another. Some of them are four generations of employees inside the BuCor. So there is already a system [in place],” Remulla said.

But, he said, changing the personnel of the facility will not work, citing the failed attempt of the administration of former president Rodrigo R. Duterte to do so by having the Armed Forces of the Philippines (AFP) guard the facility.

“Even the Armed Forces were also corrupted. So, we have to do something different, and we are doing something different now,” he said.

More sophisticated operation

THE Marcos administration adopted its new tack after authorities were able to seize P13.7 billion worth of narcotics in the last two years.

“It’s because the seizures on the ground have been increasing, but in small quantities. Most are 1 to 2 kilograms Obviously, there’s something wrong if those are the only ones, which are being confiscated. So the drug trade is more sophisticated now,” Remulla said.

He said they even got reports of illegal drug traffickers using cryptocurrency to hide their proceeds from authorities.

Besides going after those who are leading the illegal drug trade, Remulla said they are also intensifying their campaign against the entry of illegal substances from abroad in the country’s major seaports, particularly the Manila International Container Port as well as the ports in Subic, and Cagayan, which he called a main transit points for drugs.

With these results, Cainglet said that government advisories on heat stress must step up to address the “full scope of the crisis.”

He added that the adoption of a “heat stress insurance” for workers, which would provide financial and medical support for those affected by extreme heat in their workplaces, would lead to more tangible results in minimizing workers’ heat vulnerability.

“We should support communities and enterprises in adapting to climate change,” the labor leader said.

The FFW’s advocacy extended beyond the Philippines as it also appealed to wealthier nations to provide financial assistance for vulnerable countries which face the most severe impacts of climate change.

Together with other labor groups from the global south, FFW argued that developed nations—like the United States—have a major responsibility to fund climate resilience efforts, given their significant contributions to greenhouse gas emissions.

“We are not demanding from the Philippine government alone. We in fact support our government in efforts to exact accountability from governments of developed countries, who have largely been responsible for climate change with their enormous greenhouse gas emissions,” Cainglet said.

The group said temperatures have reached record levels for the past 16 consecutive months—with 2024 set to surpass 2023 as the warmest year yet recorded.

Sugarcane, palay pull down Q3 crops data

T“This time, we are going heavy on the supply side, chasing after the big guns, the big suppliers, the main men involved in the importation of drugs. The personalities

The detainees, Remulla said, will be transferred from NBP, which is managed by the Bureau of Corrections (BuCor), to a new maximum security facility, at a location which the DILG chief declined to disclose for now.

“You have to change the location, change their ability, change

Despite the prevailing issues in the NBP, Remulla said BuCor Director General Gregorio P. Catapang, Jr. will be retained and will continue to help identify the highvalue targets and culprits linked to illegal drugs at the NBP.

He also said that an investigation on the possible involvement of NBP personnel in illegal activities is ongoing.

“So, now what we are doing is to have close collaboration with the foreign anti-drug entities like the US DEA (United States Drug Enforcement Administration) so that on the supply side, once they [illegal drugs] enter the country, there are interdiction efforts immediately,” Remulla said.

Govt, biz groups hail Create More enactment

SBy Andrea E. San Juan @andreasanjuan

TAKEHOLDERS from the government and business sector are seeing a better business environment, more diverse job-creating investments and enhanced export competitiveness after passage of CREATE MORE into law.

“We, in the Management Association of the Philippines (MAP), applaud the signing into law of Republic Act 12066 or the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act,” MAP said in a statement on Tuesday.

The business organization underscored that CREATE MORE “will certainly help” improve the ease of doing business (EODB) in the country as well as sustain an “enabling” business environment for local and foreign investors, and attract “more diverse” job-creating

tural production in terms of value shrank by 3.7 percent in the third quarter. The crop, livestock, and fisheries subsectors registered declines.

investments for more Filipinos to be gainfully employed.

MAP noted that EODB has always been a top concern of its members.

In particular, the business group said. “We are glad that CREATE MORE will be addressing EODB issues pertaining to VAT refund, local taxation, investment approval process and flexible working arrangements, among others.”

Meanwhile, state-run firm Bases Conversion and Development Authority (BCDA) said the passage of the measure into law sends a “strong message” to investors across the globe that the Philippines is among the best investment destinations in the region.

“In support of the national government’s goal to become an upper middle-income country, we at BCDA promise to work closely with the public and private sectors in unlocking the full potential of Clark, along with other special economic zones we own and operate,

to continue boosting the country’s economic growth and progress,” BCDA President and Chief Executive Officer Joshua M. Bingcang said in a statement on Tuesday.

Bingcang also attended the CREATE MORE signing event at the Malacañang on Monday.

BCDA emphasized that the passage of CREATE MORE into law is a move seen to help strengthen Clark’s position as one of the best business and investment destinations in the Asia Pacific region.

Among the key features of the CREATE MORE law highlighted by the state-run firm are: the maximum duration of tax incentives availment is extended to 27 years from 17 years; corporate income tax rate is reduced to 20 percent from 25 percent; and a 100-percent additional deduction on power expenses is granted to cut the costs for the manufacturing sector.

The Clark metropolis consists of Clark International Airport, Clark Freeport Zone and BCDA’s latest flagship project New Clark

City.

New Clark City is a 9,450-hectare greenfield development inside the Clark Freeport and Special Economic Zone positioned to be an inclusive, resilient, sustainable, and smart city.

According to the state-run firm, transforming Clark into Asia Pacific’s next investment hub is BCDA’s contribution to the economic agenda of the Marcos administration’s Build Better More program.  “Its development is expected to help decongest Metro Manila and catalyze socioeconomic growth in Central and Northern Luzon,” said BCDA.

Through the lens of the government, Department of Trade and Industry (DTI) said in a statement on Tuesday that “Provisions like VAT zero-rating and duty exemptions for export-oriented businesses will enhance the country’s export competitiveness, making it an even more attractive hub for foreign businesses seeking to expand into global markets.”

plans for eventual repatriation, authorities should also help returning Filipinos by providing them with jobs or other means of livelihood.

By Ada Pelonia @adapelonia

HE volume of crop production slid by nearly 10 percent in the third quarter due to declines in sugarcane and palay output, according to the Philippine Statistics Authority (PSA).

PSA data indicated that crops production in July to September declined by 9.5 percent to 15.02 million metric tons (MMT) from the previous year’s same period level of 16.60 MMT.

“The annual decline in the volume of crops production during the quarter was mainly brought about by the annual decreases noted in the production of sugarcane at 83.8 percent and palay at 12.3 percent,” the PSA said. Livestock production recorded a 6.5 percent decline to 522,220 MT from 558,500 MT in the same period last year.

“The top contributor to this decrement was hog production, which dropped by 8.0 percent year-on-year.”

The volume of fisheries production dipped by 5.1 percent to 965,720 MT from the 1.02 MMT output in the same quarter of 2023.

It added that the declines in the subsector were noted in roundscad (galunggong), bigeyed scad (matangbaka), milkfish (bangus), among others.

PSA data showed that only the poultry production recorded an increment at 5.8 percent to 709,430 MT from the previous year’s same period level of 670,480 MT.

“Chicken production, with a 69.5 percent share to the total volume of poultry production, grew by 6.0 percent. It primarily contributed to the annual increment of poultry production during the period.”

Data from the PSA showed that agricul -

Among all the subsectors, only the poultry subsector recorded growth in the July-toSeptember period.

The Department of Agriculture (DA) attributed the contraction in agricultural output to prolonged adverse weather conditions and persisting impacts of the African swine fever (ASF) on hog production.

“Undeniably, the combined effects of El Niño and La Niña weighed down palay production, a major contributor to the crop sector, which accounts for more than half of the value of agricultural and fisheries output,” Agriculture Secretary Francisco Tiu Laurel Jr. said.

“We’re implementing changes to the rice cropping calendar and building infrastructure like water impounding dams to mitigate the impact of climate change on the farming sector,” he added.

Help Pinoy TNTs instead of being alarmist–Jinggoy

ACTION, not mass hysteria. That’s what Senate President Pro Tempore Jinggoy Estrada says that is needed at the moment, as several quarters raise the apprehension that hundreds of thousands of Filipinos are undocumented in America and may be swept by the expected immigration crackdown by a returning Trump administration.

“Our government officials should focus on creating a comprehensive contingency plan to assist our Filipino kababayans if, and when, President-elect Donald Trump follows through on his campaign promise to implement a large-scale immigration crackdown,” Estrada said in a statement on Tuesday.

“ Madaling sabihin, pero mahirap gawin. Madaling sabihin na sana piliin na lang na umuwi ng mga undocumented nating kababayan na sa US kesa antayin pa nilang mai-deport [Easy to say, but hard to do. It’s easy to tell our undocumented countrymen in the US to simply leave and not wait to be deported],” Estrada added. He was referring to advice given by Ambassador Jose “Babe” Romualdez, to an estimated 200,000 Filipino “TNTs” to simply come home before they get deported, because deportation could result in their permanently being blacklisted.

According to Estrada, in addition to the efforts of concerned government agencies to create logistical support

Apektado rin ang mga pamilyang umaasa sa padala ng mga kababayan natin na walang legal na basehan ang paninirahan sa US sakali man na mapilitan silang umuwi ng bansa. [Families that rely on remittances from relatives with no legal standing in the US will also be affected].  Our government should be prepared to offer assistance programs to help families affected by the loss of a financial lifeline,” he said. The impact on overall remittances - a backbone of the Philippine economy—is one of the major risks raised by some analysts who noted that Filipino Americans make up a huge chunk of contributors to the remittances, and the deportation of thousands could affect the country’s coffers. Butch Fernandez

13.

AMIGOS CONSTRUCTION AND DEVELOPMENT INC. Unit W-1602

7.

6.

4.

Basic

Brief

ZHANG, JINGHUA Project Coordinator

Brief Job Description: Plan, organize, and direct the activities of a construction project, under the direction of a general manager.

Basic Qualification: Bachelor’s degree in business or related field of study. Competent in Microsoft applications including Word, Excel, and Outlook. Knowledge of file management, transcription, and other administrative procedures or a related field. With good communication and interpersonal skills.

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

Basic Qualification: Bachelor’s degree in business or related field of study. Competent in Microsoft applications including Word, Excel, and Outlook. Knowledge of file management, transcription, and other administrative procedures or a related field. With good communication and interpersonal skills.

Salary Range: Php 30,000 - Php 59,999 3M SERVICE CENTER APAC, INC. 17th, 18th, 19th Floors, Bonifacio Stop Over Corporate

and for repair and maintenance of the same.

BANANA LEAF ASIAN CAFE, INC. 7/f Annapolis Tower, 43 Annapolis Street, Greenhills, City Of San Juan

15. WANG, YUNXIANG Chef

Brief Job Description: Participates in the presentation of food items according to guest orders of consistent quality following recipe cards, production, portion, and presentation standards and accountable for the overall food cost kitchen supplies, kitchen energy costs and kitchen utensils.

BLUE AURORA SOLUTIONS INC.

283, Haig St., Daang Bakal, City Of Mandaluyong

16. MENDOZA PEREZ, DIEGO

Global Venture Developer

Brief Job Description: Track and monitor business KPIs and give recommendations on how to further improve performance to support the Company’s operations.

C’EST LA VIE EVENT MANAGEMENT INC. 230, Narra Street, Marikina Heights, City Of Marikina

17. LEE, DONGSEOK Field Sales Consultant

Brief Job Description: The one responsible to “get the sale” using various customer sales methods.

18.

BusinessMirror

IMAGE AND STYLE GARMENTS INC.

Unit No. D-20, Bagong Milenyo Plaza Bldg., F.b Harrison St. Zone 10, Barangay 76, Pasay City

53. HOSSAIN, MD MURAD Purchasing Manager

Brief Job Description: Track and report key functional metrics to reduce expenses and improve effectiveness.

54. UDDIN, MD SHAHID Supervisor

Brief Job Description: Managing workflow and training new hires.

INDIPHIL FAMILY ORGANIZATION INC.

Qualification: Fluent in Bangladeshi language, both written and verbal.

Unit 308 Mtf Building, Dr. A. Santos Avenue, San Isidro, City Of Parañaque

55. SHI, HUAN Advocacy Coordinator

Brief Job Description: Conducting research to support advocacy and communications efforts.

56. YAO, ZONGFEI Engagement Coordinator

Brief Job Description: May supervise, train and evaluate assigned staff.

INNOCALL MARKETING INC.

Unit 101 G/f Santillan Bldg., 7441 Santillan Street, Pio Del Pilar, City Of Makati

57. LEE, WOOSUNG Sales Marketing Officer

Brief Job Description: Assist in the development of sales presentations, proposals, and promotional materials.

58. WEN, JIANGHUI Sales Marketing Officer

Brief Job Description: Assist in the development of sales presentations, proposals, and promotional materials.

KING-MERCHANT BUSINESS TRADING INCORPORATED

Unit 3-f Block 1 Lot 2-a, Afpovai, Western Bicutan, City Of Taguig

59. LIN, SHAONA Chinese Speaking Trade Marketing Specialist

Brief Job Description: Giving inputs in the analysis of program results and gives recommendations for improvement.

MAERSK GLOBAL SERVICE CENTRES (PHILIPPINES) LTD.

Levels 6-8 North Wing, Estancia Offices, Capitol Commons, Meralco Ave., Oranbo, City Of Pasig

Basic Qualification:

60. ARDILA NAVARRO, DAVID FELIPE Senior Specialist - Spanish

Brief Job Description: Initiates and receives business to business collection calls.

MILLENNIAL ZEAL TECHNOLOGY CORPORATION

Unit 11 C&d Strata 2000 Bldg., F. Ortigas Jr. Road, Ortigas Center, San Antonio, City Of Pasig

61. ZHOU, RUN Marketing Management Associates

Brief Job Description: Assist in developing and implementing marketing strategies to enhance brand awareness and drive sales.

Basic Qualification: Bachelor’s degree in Business, Marketing or related field.

Salary Range: Php 30,000

NEPC POWER CONSTRUCTION CORP. 15/f Cyber One Bldg., Eastwood Cyberpark City, Bagumbayan, Quezon City

62. LI, JIA Mandarin Heat Treatment Supervisor

Brief Job Description: The Mandarin Heat Treatment Supervisor will be a strategist and a

Wednesday, November 13, 2024

Editor: Angel R. Calso • www.businessmirror.com.ph

Deadly Israeli strikes hit ‘humanitarian zone’ in Gaza, killing at least 14, including children

By Wafaa Shurafa

The Associated Press

DEIR AL-BALAH, Gaza

Strip—Palestinian medi -

cal officials say two Israeli strikes in Gaza killed at least 14 people, including two children and a woman, most in an Israelideclared humanitarian zone.

One strike late Monday hit a makeshift cafeteria used by displaced people in Muwasi, the center of the so-called humanitarian zone. At least 11 people were killed, including two children, according to officials at Nasser Hospital, where the casualties were taken. Video from the scene showed men pulling bloodied and

wounded from among tables and chairs set up in the sand in an enclosure made of corrugated metal sheets.

The strike came hours after the Israeli military announced an expansion of the zone, where it has told Palestinians evacuating from other parts of Gaza to take refuge. Hundreds of thousands of

displaced Palestinians are sheltering in sprawling tent camps in and around Muwasi, a largely desolate area of dunes and agricultural fields with few facilities or services along the Mediterranean coast of southern Gaza.

Israel faces a deadline this week for the Biden administration’s ultimatum for it to allow more aid into

Gaza or risk possible restrictions on US military funding. Israel has announced a series of steps toward improving the situation, including the zone’s expansion. But US officials recently signaled Israel still isn’t doing enough, though they have not said if they will take any action against it. A group of eight international aid agencies said in a report issued Tuesday that Israel has failed to meet the US demands.

Another strike early Tuesday hit a house in the urban Nuseirat refugee camp in central Gaza, killing three people including a woman, according to al-Awda Hospital, which received the casualties. The strike also

See “Israel,” A9

The World

Russian strikes intensify in Ukraine, leaving 6 civilians dead; Zelenskyy vows defense boost

By Hanna Arhirova The Associated Press

KYIV, Ukraine—Russian glide bombs, drones and a ballistic missile smashed into cities in southern and eastern Ukraine on Monday, officials said, killing at least six civilians and injuring about 30 others.

Ukraine President Volodymyr Zelenskyy said that Russia has recently intensified strikes that have long tormented civilian areas, in an apparent effort to unnerve Ukrainians and wear down their willingness to keep up a war that is approaching its 1,000-day milestone.

“Every day, every night, Russia commits the same terror,” Zelenskyy said in a post on the Telegram messaging app. “Except that an increasing number of civilian objects are becoming targets.”

Both Russia and Ukraine are waiting to see how Washington will change its policy on the war after Donald Trump takes office as the US president in January. The

US is the biggest provider of military help to Ukraine, but Trump has chided the Biden administration for giving Kyiv tens of billions of dollars of aid.

50,000 troops to Kursk.

Also in Donetsk, near the recently captured settlement of Hirnyk, the Russians have damaged a dam at the Kurakhove reservoir, regional Gov. Vadym Filashkin said.

The local water level in the Vovcha River has risen by 1.2 meters, though no homes have been affected, and possible flooding threatens both the Donetsk and Dnipropetrovsk regions, he said.

“We continue to monitor the water level in the river and are prepared for any developments,” Filashkin said.

Mykolaiv, about 60 kilometers (40 miles) northwest of the front line in the Kherson region, frequently comes under Russian attack.

An overnight attack on Zaporizhzhia, also in the south, with three powerful glide bombs killed one person and injured 21, including a 4-year-old boy, Ukraine’s National Police said. The strikes partially destroyed a two-story apartment building and damaged a dormitory.

The development revived memories of the collapse of the Kakhovka dam in southern Ukraine in June 2023, killing hundreds of people. An Associated Press investigation found the collapse was likely caused by Russian forces.

Israel misses US deadline to boost Gaza humanitarian help, aid groups report

By Julia Frankel & Samy Magdy

The Associated Press

ERUSALEM—Israel has failed to meet

JUnited States demands to allow greater humanitarian access to the war-ravaged Gaza Strip, where conditions are worse than at any point in the 13-month-old war, international aid organizations said Tuesday.

The Biden administration last month called on Israel to “surge” more food and other emergency aid into Gaza, giving it a 30-day deadline that was expiring Tuesday.

It warned that failure to comply could trigger US laws requiring it to scale back military support as Israel wages war against Hamas in Gaza and Hezbollah in Lebanon.

Israel has announced a series of steps toward improving the situation. But US officials recently signaled Israel still isn’t doing enough, though they have not said if they will take any action against it.

Israel’s new foreign minister, Gideon Saar, appeared to downplay the deadline, telling reporters on Monday he was confident “the issue would be solved.” The Biden administration may have less leverage after the reelection of Donald Trump, who was a staunch supporter of Israel in his first term. Tuesday’s report, authored by eight international aid organizations, listed 19 measures of compliance with the US demands. It said Israel had failed to comply with 15 and only partially complied with four.

An October 13 letter signed by Secretary of State Antony Blinken and Defense Secretary Lloyd Austin called on Israel to, among other things: allow a minimum of 350 truckloads of goods to enter Gaza each day; open a fifth crossing into the besieged territory; allow people in Israeli-imposed coastal tent camps to move inland ahead of the winter; and ensure access for aid groups to hard-hit northern Gaza. It also called on Israel to halt legislation that would hinder the operations of the UN agency for Palestinian refugees, known as UNRWA. Despite Israeli steps to increase the flow of aid, levels remain far below the US benchmarks. The promised fifth crossing was set to open Tuesday, but residents remain crammed in the tent camps and access for aid workers to northern Gaza remains restricted. Israel also has pressed ahead with its laws against UNRWA.

The Ukrainian army intends to expand its mobile units, which are primarily tasked with shooting down drones, in the regions most frequently targeted by Russian strikes, Zelenskyy said on Telegram. He also said that Ukraine is working on producing its own glide bombs as part of a domestic missile program. Russian glide bombs have significantly impacted the battlefield, as their destructive power reduces settlements to rubble and makes it increasingly difficult for Ukrainian forces to hold their defensive fortifications.

“Israel not only failed to meet the US criteria that would indicate support to the humanitarian response, but concurrently took actions that dramatically worsened the situation on the ground, particularly in Northern Gaza,” the report said. “That situation is in an even more dire state today than a month ago.”

The report was co-signed by Anera, Care, MedGlobal, Mercy Corps, the Norwegian Refugee Council, Oxfam, Refugees International and Save the Children.

US State Department spokesman Matthew Miller last week said Israel had made some progress, but needs to do more to meet the US conditions. “What’s important when you see all of these steps taken is what that means for the results,” he said.

Israel launched a major offensive last month in northern Gaza, where it says Hamas militants had regrouped. The operation has killed hundreds of people and displaced tens of thousands. Israel has allowed almost no aid to enter the area, where tens of thousands of civilians have stayed despite evacuation orders.

Aid to Gaza plummeted in October, when just 34,000 tons of food entered, or less than half the previous month, according to Israeli data.

UN agencies say even less actually gets through due to Israeli restrictions, ongoing fighting, and lawlessness that makes it difficult to collect and distribute aid on the Gaza side.

In October, 57 trucks a day entered Gaza on average, according to Israeli figures, and 81 a day in the first week of November. The UN puts the number lower, at 37 trucks daily since the beginning of October.

COGAT, the Israeli military body in charge of humanitarian aid to Gaza, said the drop in the number of aid trucks in October was due to closures of the crossings for the Jewish high holidays and memorials marking the anniversary of the October 7, 2023, Hamas attack that triggered the war.

“October was a very weak month,” said an Israeli official, who spoke under condition of anonymity in line with military briefing rules. “But if you look at the November numbers, we are holding steady at around 50 trucks per day to northern Gaza and 150 per day to the rest of Gaza.”

Magdy reported from Cairo. AP correspondents Melanie Lidman in Tel Aviv and Ellen Knickmeyer in Washington, contributed reporting.

Ukrainian forces are being slowly pushed backward in the eastern Donetsk region, where Russia is bringing its greater military might to bear. Zelenskyy said Ukraine would conduct a “substantial reinforcement” in areas near the Donetsk settlements of

Kurakhove and Pokrovsk, where Ukraine’s army is in danger of being overrun.

Zelenskyy added that Ukraine is holding its positions in Russia’s Kursk border region, where Western and Ukrainian officials say Russia is being helped by thousands of newly arrived North Korean troops. He said Russia has deployed some

The major cities struck Monday by Russia are close to the approximately 1,000-kilometer (600-mile) front line.

Russian drones hammered the southern city of Mykolaiv, killing five people and injuring a 45-yearold woman, local authorities said. Around two-dozen people sought psychological help following the attack that damaged houses and stores, officials said.

A five-story apartment building in Kryvyi Rih, Zelenskyy’s hometown in central Ukraine, was hit by a Russian ballistic missile, injuring at least eight people. The missile destroyed all five stories in one part of the building, said Oleksandr Vikul, head of Kryviy Rih Military Administration. Meanwhile, Ukraine’s intelligence agency claimed in a statement it destroyed a Russian Mi24 assault helicopter parked at the Klin-5 airfield in the Moscow region. The claim could not be independently verified. The Russian Defense Ministry said Monday that 17 Ukrainian drones were destroyed over the Russian regions of Kursk, Belgorod and Voronezh overnight and in the morning.

Bitcoin topped $87,000 for a new record high; what to know about crypto’s post-election rally

By Wyatte Grantham-Philips AP Business Writer

NEW YORK—As money continues to pour into crypto following Donald Trump’s victory last week, bitcoin has climbed to yet another record high.

The world’s largest cryptocurrency topped $87,000 for the first time on Monday.

As of around 3:45 p.m. ET, bitcoin’s price stood at $87,083, per CoinDesk, up over 28 percent in the last week alone.

That’s part of a rally across cryptocurrencies and crypto-related investments since Trump won the US presidential election last week. Analysts credit much of the recent gains to an anticipated “crypto-friendly” nature of the incoming administration, which could translate into more regulatory clarity but also leeway.

Still, as with everything in the volatile cryptoverse, the future is hard to predict. And while some are bullish, others continue to warn of investment risks.

Here’s what you need to know.

Back up. What is cryptocurrency again?

CRYPTOCURRENCY has been around for a while now, but has come under the spotlight in recent years.

In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority—meaning it’s typically not backed by any government or banking institution—and transactions get recorded with technology called a blockchain.

Bitcoin is the largest and oldest cryptocurrency, although other assets like Ethereum, Tether and Dogecoin have gained popularity over the years. Some investors see

cryptocurrency as a “digital alternative” to traditional money—but it can be very volatile, and reliant on larger market conditions.

Why are bitcoin and other crypto assets soaring now?

A LOT of it has to do with the outcome of last week’s election.

Trump was previously a crypto skeptic, but changed his mind and embraced cryptocurrencies during this year’s presidential race. He has pledged to make the US “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.

Crypto industry players welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for. And Trump had previously promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the US government’s crackdown on the crypto industry and repeatedly called for more oversight.

“Crypto rallied as Election Day progressed into the night and as it became increasingly clear that Trump would emerge victorious,” Citi analysts David Glass and Alex Saunders wrote in a Friday research note, pointing to larger industry sentiment around Trump being “crypto-friendly” and a potential shift in regulatory backing.

Even before the post-election rally, assets like bitcoin posted notable gains over the past year or so. Much of the credit goes to early success of a new way to invest in the asset:

spot bitcoin ETFs, which were approved by US regulators in January.

Inflows into spot ETFs, or exchangetraded funds, “have been the dominant driver of Bitcoin returns from some time, and we expect this relationship to continue in the near-term,” Glass and Saunders noted. They added that spot crypto ETFs saw some of their largest inflows on record in the days following the election.

What are the risks?

CRYPTO assets like bitcoin have a history of drastic swings in value—which can come suddenly and happen over the weekend or overnight in trading that continues at all hours, every day.

In short, history shows you can lose money as quickly as you’ve made it. Long-term price behavior relies on larger market conditions.

At the start of the Covid-19 pandemic, bitcoin stood at just over $5,000. Its price climbed to nearly $69,000 by November 2021, in a time marked by high demand for technology assets, but later crashed during an aggressive series of Federal Reserve rate hikes aimed at curbing inflation. Then came the 2022 collapse of FTX, which significantly undermined confidence in crypto overall.

At the start of last year, a single bitcoin could be had for less than $17,000. Investors, however, began returning in large numbers as inflation started to cool—and gains skyrocketed on the anticipation and then early success of spot ETFs. While some crypto supporters see the potential for more record-breaking days, experts still stress caution, especially for smallpocketed investors.

“Investors should only dabble in crypto with money that they can be prepared to lose,”

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said last week. “Because we’ve seen these wild swings in the past.” What about the climate impact? ASSETS like bitcoin are produced through a process called “mining,” which consumes a lot of energy. And operations relying on pollutive sources have drawn particular concern over the years.

Recent research published by the United Nations University and Earth’s Future journal found that the carbon footprint of 20202021 bitcoin mining across 76 nations was equivalent to the emissions from burning 84 billion pounds of coal or running 190 natural gas-fired power plants. Coal satisfied the bulk of bitcoin’s electricity demands (45 percent), followed by natural gas (21 percent) and hydropower (16 percent).

In the US, the Energy Information Administration notes that crypto mining across the country has “grown very rapidly over the last several years,” adding that grid planners have begun to express concern over increases in related electricity demand. Preliminary estimates released by the EIA in February suggest that annual electricity use from crypto mining probably represents between 0.6 percent to 2.3 percent of US electricity consumption.

Environmental impacts of bitcoin mining boil largely down to the energy source used. Industry analysts have maintained that clean energy has increased in use in recent years, coinciding with rising calls for climate protections from regulators around the world.

AP Business Writer Kelvin Chan contributed to this report from London.

wounded 11 others, it said. The Israeli military had no immediate comment on either strike. Israel’s 13-month-old campaign in Gaza has killed more than 43,000 Palestinians, according to local health authorities who don’t distinguish between civilians and militants in their count, but say more than half the dead were women and children. Israel says it targets Hamas militants and blames the militant group for civilian deaths, saying it operates in residential areas and infrastructure and among displaced people. The war in Gaza began when Hamas-led militants stormed into southern

Sustainable aviation fuel: A new hope for Philippine agriculture

The Indonesian Ministry of energy and Mineral Resources confirmed last July the technical feasibility of using coconut oil as a source of environmentally friendly jet fuel. (See, “Indonesia’s Energy Ministry Says Coconut-Based Jet Fuel Possible,” Tempo, July 23, 2024). The agency noted that sustainable aviation fuel, which is currently under development, utilizes used cooking oil or fat. A report by the Indonesia Business Post last September indicated that Jakarta will partner with Japanese investors who have the technology to process coconut oil into bio-aviation fuel or bioavtur.

In a separate report by Indonesia Business Post on November 5, the Ministry of Investment and Downstream Industry revealed that Jakarta will roll out a government initiative to transform seaweed into bioavtur as part of its energy downstreaming strategy. The Philippines’ neighbor in Southeast Asia is considered the world’s top producer of seaweed. The success of this initiative will be a boon to existing producers and other areas where seaweed can be cultivated. These developments offer hope to Philippine agriculture, which has remained a laggard among all the economic sectors, based on the latest data from the Philippine Statistics Authority (PSA). For one, coconut oil is the Philippines’ top farm export while seaweed is also one of its major dollar earners. Annual export receipts from coconut oil alone have already exceeded the $1-billion mark and this could go up further if the government is able to process coconut oil into sustainable aviation fuel (SAF).

The Philippine Coconut Authority (PCA), an agency attached to the Department of Agriculture, and Japan-based Manryu Co. Ltd. will explore the use of coconut oil as primary feedstock in the production of SAF. (See, “Manila wants to use coco oil for sustainable aviation fuel,” in the BusinessMirror , October 24, 2024). The agreement would maximize joint research and development between PCA’s Research and Development Branch and Manryu, which would center on conducting trials at PCA’s facilities to test the viability of the method in producing SAF. The two parties will jointly conduct research, experiments and testing to refine the process of producing SAF and ensure that it meets global standards for aviation fuel.

The discovery of new uses for cash crops grown in the country would mean additional revenue streams for farmers and producers who rely on the agriculture sector for livelihood. Tapping coconut oil for SAF is a good start, but we urge the government to follow the lead of Indonesia and explore the use of seaweed for aviation fuel. The country should now increase its spending on research and development to encourage Filipino scientists and researchers to find other sources of fuel and energy that are not only cheap, but also friendly to the environment.

The International Air Transport Association estimates that SAF could contribute around 65 percent of the reduction in emissions needed by aviation to reach net zero carbon dioxide emissions by 2050. Achieving this will require a massive increase in production of SAF to meet demand, according to IATA. Taking advantage of this opportunity will certainly help the Philippines’ bid to become an “export powerhouse.”

Disaster preparedness

TTHE BUILDER

he Philippines is among the countries most prone to disasters, alongside Japan, due to its geographical location. Lying along the so-called Ring of Fire, a tectonic belt of volcanoes and earthquakes, the country is also the first landmass to be hit by typhoons originating from the waters of the Pacific Ocean.

It is, thus, not a surprise if the Philippines is struck by several storms and typhoons during the rainy season. Earthquakes and volcanic eruptions occur less frequently but they can be equally disastrous and wreak havoc on the population and local communities.

Climate change and warmer waters, in addition, are fueling more severe storms that cause heavier floods and endanger lives. We’ve witnessed the unprecedented floods that swept the Philippines and the rest of Southeast Asia in recent months. Heavy rainfalls also inundated eastern Spain just last month.

Our response to impending natural disasters is crucial in saving lives and minimizing the economic damage. Disaster preparedness will save hundreds, if not thousands of lives. And we need to invest in infrastructure and tools if we want to avert disasters.

Evacuating thousands of people

from communities ahead of a strong typhoon and anticipated heavy rains, for instance, will minimize the loss of lives.

Typhoon Marce last week threatened extreme northern Luzon. Over 17,000 people from the coastal areas of Cagayan province moved into temporary shelters to avoid potential flooding and landslides from heavy rains induced by the typhoon.

It seems that climate change and the extreme weather conditions it brings are now the new normal. The recent rainfall in Bicol during the onslaught of severe tropical storm Kristine was double that registered during Typhoon Ondoy (Ketsana) in 2009. Kristine and Super Typhoon Leon combined left 158 people dead just a month ago.

Sturdier houses and evacuation centers and bigger drainage systems can pre-empt disasters. Well-built roads, too, will provide easier access to relief operations and recovery.

Disaster preparedness such as preemptive evacuations will save lives.

President Ferdinand Marcos Jr. put all government agencies on high alert last week so they can swiftly respond. “Remember, every life is important so we should always be prepared,” Mr. Marcos said.

As we approach December, I am reminded by the great tsunami disaster 20 years ago, or on December 26, 2004. Over 230,000 people died across Asia when a major earthquake with a magnitude of 9.3 struck the west coast of northern Sumatra and sent a high wall of waves that reached Thailand, India, Sri Lanka and the eastern coast of Africa.

The world marked World Tsunami Awareness Day last week and United Nations Secretary General António Guterres stressed the critical importance of early warning systems in the wake of recent disasters, such as the devastating floods in Spain.

Early warning systems have proved successful in reducing deaths and economic losses from disasters worldwide, with nearly a tenfold return on investment through lives saved and damages prevented.

The UN chief noted that with “human-induced climate change leading to more extreme weather and climate conditions, early warning systems are not a luxury but cost-effective tools that save lives.”

About 700 million people worldwide, per the UN estimate, remain at risk from tsunamis. The best protection from such hazards, it says, comes

China seen countering Trump tariffs with stimulus, weaker yuan

ChInA may embrace greater stimulus, bolster manufacturing, and allow the yuan to weaken to offset the negative effects of a second Trump presidency on the Chinese economy, analysts said.

The measures could limit the impact on growth to less than 1 percentage point on average each year over the course of Donald Trump’s fouryear term, according to 15 of the 19 economists surveyed by Bloomberg News after the US election last week. Three predicted a 1 to 2-percentagepoint drop in gross domestic product, while one saw no significant impact at all.

news.businessmirror@gmail.com www.news.businessmirror@gmail.com Printed

“China will grow more slowly because of the second Trump US administration, though such losses will be partially offset by budgetary and monetary stimulus,” said Dennis Shen, primary China economist at Scope Ratings.

The president-elect has threatened 60 percent tariffs on Chinese goods that could decimate US-China

trade and hurt exports that have been a rare bright spot for the Asian nation this year. That would complicate Beijing’s efforts to stabilize an economy dragged by a years-long property slump and persistent deflationary pressures.

The prospect of an expanded trade war has raised expectations for the Chinese authorities to unleash more aggressive stimulus measures to spur domestic demand to make up for any drop in exports. A fiscal package unveiled Friday disappointed investors who wanted more direct steps to boost consumption, although Finance Minister Lan Fo’an hinted at bolder steps next year.

An overwhelming majority of economists said they expect China to raise the broad budget deficit in

response to Trump’s reelection, the most among all policy options put forward in the survey.

It is followed by loosening monetary policy, more housing support measures and greater investment in advanced manufacturing. Few analysts said direct cash handouts were on the table.

More than half of the respondents said Beijing may weaken the yuan, which would make Chinese exports more competitive and help offset some of the potential tariffs. But economists differed widely on the extent of any such currency depreciation, with estimates ranging from 7.3 to 8 per dollar for 2025.

“This depends on how much tariff we get from the US,” said Zhennan Li, an analyst with Banque Pictet & Cie SA in Hong Kong. He forecast the offshore yuan could weaken to 7.5 against the dollar if the Trump administration puts 20 percent additional levies on all Chinese imports and as much as 7.7 if the tariffs come in at 60 percent.

in the form of early warning systems. Only half of countries worldwide, so far, have adequate multi-hazard early warning systems. The UN observed that the impact is particularly severe in developing regions, where climate-related disasters cause 15 times more deaths compared to other parts of the world.

The recent devastating floods in Spain, which claimed at least 150 lives, underscored the crucial role of early warning systems. The Spanish meteorological services issued numerous alerts, including the highest-level “red” weather warnings, before the disaster. But the unprecedented intensity of the rainfall overwhelmed existing safeguards. Some areas in Spain received their typical annual rainfall in just 24 hours, much like the Bicol region during the onslaught of Typhoon Kristine.

The Indian Ocean Tsunami of 2004, meanwhile, catalyzed global cooperation in disaster preparedness, leading to the creation of a warning system now protecting 27 countries.

I am confident we can beat extreme weather and natural disasters through effective early warning systems, along with sturdy and all-weather infrastructure facilities. Our distinct geography and unforgiving weather conditions will not stop us from saving lives.

For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar. com.ph

Some economists, including Raymond Yeung of ANZ Bank, said Beijing would want to stabilize the currency rather than engaging in competitive devaluation. A weakened yuan may encourage capital outflows and further discourage investors in a country on track to see its first annual net outflow in foreign direct investment since at least 1990. The offshore yuan traded at 7.25 per dollar as of 1 p.m. local time Tuesday, the weakest since August. The respondents were less equivocal when it comes to what US imports China may hit in response to tariffs. A large majority of them cited agricultural products as the most likely type of goods to be targeted by retaliatory levies, over categories such as minerals and cars.  Factories and farms

Ambassador Antonio L. Cabangon Chua Founder

2005

Mark Villar

Minority government in Japan can help retail stocks, utilities

By Alice French

tH e newfound influence of opposition lawmakers in Japan has investors looking for gains in the shares of retailers and electricity generators.

That’s due to expectations that Prime Minister Shigeru Ishiba may cut taxes to keep smaller parties on side—increasing workers’ disposable income—and because both the ruling coalition and its most likely allies want to restart more of Japan’s nuclear reactors.

AI-related stocks are also set to win out, after Ishiba promised over ¥10 trillion ($65.1 billion) in aid for artificial intelligence and semiconductors by 2030 at a press conference following his re-election as premier on Monday.  The outlook for other sectors is less clear.

Defense-related shares face risks from parliamentary division over how to fund a planned increase in military spending. Investors also worry that a more fractured government will be slower to make decisions, delaying key moves like corporate governance reforms and trade negotiations with an upcoming Trump administration in the US.

“With the ruling parties now in a minority, they’ll have no choice but to coordinate with the opposition,” said Yuko Iizuka, an economist at Asset Management One. While this raises risks of parliamentary instability, the increased bargaining power of opposition lawmakers pushing for higher consumer incomes will be a positive for businesses, she said.

Ishiba was confirmed as the prime minister of a minority government in a special parliamentary vote on Monday, after his ruling Liberal Democratic Party and its coalition partner, Komeito, lost their majority for the first time since 2009 in October’s lowerhouse election.

To proceed with policies, he will have to rely on the support of likeminded opposition groups, particularly the Democratic Party for the People, which quadrupled its seats in the election on a promise to introduce tax breaks for low-income workers.

Winners and losers

R ETAIL companies are expected to win out if the DPP’s pledge to raise the ceiling of tax-free income from ¥1.03 million to ¥1.78 million—a move that would increase spending money for young and part-time workers—comes to fruition.

Shares of consumer retailers like Ryohin Keikaku Co., MatsukiyoCocokara & Co. and Shimamura Co. all rose more than 1.2 percent on October 31, despite a 0.3 percent decline in the broader Topix, after DPP leader Yuichiro Tamaki posted on X that his party could not cooperate with the ruling coalition unless the “¥1.03 million wall” was raised.

The LDP has said it’s open to

by China in retaliation to tariffs during his first term.  Soybeans are the likeliest target, economists said, followed by beef and corn and then cars. Beijing could also restrict its exports of rare earths and batteries for electric vehicles to retaliate, according to some of the respondents.

Trump’s tariffs may drive China to develop closer ties with other trade partners, such as Southeast Asian countries and even the EU, which followed the US into raising trade barriers to slow an influx of cheap Chinese goods.

Chinese manufacturers are

Israel sees progress in Lebanon truce talks despite hurdles

I“realistic discussions” on the policy, but has cited concerns about how much income the government may lose as a result. Supermarket and department store stocks have an upside if government discussions on the proposed tax breaks proceed, said Yukihiro Kawanishi, a senior strategist at Aizawa Securities.

Shares of energy companies also stand to benefit from the pro-nuclear power stance of emboldened opposition parties, said Hiroshi Namioka, chief strategist and fund manager at T&D Asset Management.

“The DPP is basically in favor of nuclear energy, so we’re unlikely to see any slowdown in the government’s plan to restart more reactors,” he said. The Japan Innovation Party, another key potential ally for the LDP, also supports atomic energy.

The Topix’s gauge of electricity and gas providers gained 4.4 percent in the week after the election, outperforming the broader index’s rise of 1 percent. The restarting of a nuclear reactor located near the epicenter of the 2011 Tohoku earthquake on October 29, two days after the vote, helped boost the sector.

The LDP-led government has been attempting to revive Japan’s largely dormant atomic energy industry since the 2011 disaster triggered a meltdown at the Fukushima Daiichi Nuclear Power Plant. The Constitutional Democratic Party, the LDP’s largest rival, opposes that policy, but support from the DPP and others would enable the ruling party to push it through, Namioka said. “I expect utility shares across the board will rise,” he said.

The outlook is murkier for defense-related stocks, as a plan to increase Japan’s defense budget is expected to become a sticking point between parties. Before its election losses, the LDP had said it would hike corporate, income and tobacco taxes to pay for extra military costs, but the DPP, while in favor of bolstering defense, has made clear it would oppose such tax rises.

Inter-party squabbling is also likely to slow down the overall pace of policymaking, potentially delaying future government decisions on issues like corporate governance, said Chris Smith, co-manager of the Japan Value Fund at Polar Capital in London.

“Corporate reform is fundamentally the most important thing in terms of direction for Japanese equities,” Smith said. “I think all parties appreciate the need for Japan to change, but the pace of change going forward will depend on those in power right now.” With assistance from Aya Wagatsuma /Bloomberg

likely to increase investment in overseas production bases to avoid US levies and buffer themselves against trade shocks, some of the economists said.

Others, however, warned that Chinese exporters seeking to sell more to other nations to make up for losses in the US market could spark backlash from those countries as well. This could in turn sow the seeds for an escalated, multi-front trade war for Beijing.

“This will trigger some pushback among these trading partners, who will move to protect domestic industries against increased Chinese imports,” said Julian Evans-Pritchard, head of China economics at Capital Economics. With assistance from Wenjin Lv /Bloomberg

By Dan Williams

srael said headway was being made in Us-mediated efforts to achieve a cease-fire in lebanon, but that it still needed guarantees on resuming military operations if there are any infractions by Hezbollah.

“There is a certain progress. We are working with the Americans on the issue,” Israeli Foreign Minister Gideon Sa’ar told reporters on Monday. Russia could help with the enforcement of such a deal, he added.

Former US President Donald Trump’s reelection last week has fueled speculation about the outlook for Israel’s more than yearold conflicts with Iranian proxies, including Hamas in Gaza—even as the threat of further direct confrontation with Tehran remains.

Israeli Prime Minister Benjamin Netanyahu said on Sunday that he’s spoken to Trump three times in the past few days.

Cross-border fighting with Hezbollah in Lebanon has intensified in recent weeks. Hezbollah says it is reacting to Israel’s military operations in Gaza against Hamas, which attacked Israel more than a year ago. Both Hezbollah and Hamas are designated as terrorist groups by the US.

A senior Israeli official, Strategic Affairs Minister Ron Dermer, made a rare visit to Russia last week to sound out Moscow on a possible role

in preventing arms smuggling from Syria to Hezbollah, Israel’s Army Radio reported.

Dermer on Sunday met President-elect Trump in Florida, Axios reported, citing four Israeli and US officials. The conflicts in Lebanon and Gaza, as well as the potential for an improvement in Israeli-Saudi ties was part of the discussions, the report said, citing the US officials. Dermer then traveled to Washington to meet top Biden administration officials, including Secretary of State Antony Blinken, according to the report.

Sa’ar declined to elaborate on Dermer’s travels, but made clear that Israel was open to a Russian role in curbing Hezbollah.

“The Russians, as you know, are present in Syria,” he said. “I think they can contribute to achieving effectively this objective.” Sa’ar, who’s days into his role after his predecessor was named defense minister to replace Yoav Gallant, whom Netanyahu fired, stressed that having “more relevant players” involved was “good” for any potential deal.

The Russian embassy in Israel

The proposed truce to end the conflict with Lebanon would require Hezbollah to pull back from the area near the border with Israel and a withdrawal of Israeli forces. The plan also envisions beefing up the United Nations peacekeeping presence already in Lebanon. The Israelis want guarantees that Hezbollah will be disarmed and that they will be empowered to launch renewed military strikes if the group is deemed a continued danger.

declined to comment.

The proposed truce to end the conflict with Lebanon would require Hezbollah to pull back from the area near the border with Israel and a withdrawal of Israeli forces. The plan also envisions beefing up the United Nations peacekeeping presence already in Lebanon. The Israelis want guarantees that Hezbollah will be disarmed and that they will be empowered to launch renewed military strikes if the group is deemed a continued danger.

Lebanese authorities have yet to receive a draft proposal for the cease-fire, according to Al-Akhbar newspaper, which is close to Hezbollah. Lebanon has voiced opposition to any deal that would allow Israel’s military to operate freely in its airspace or territory.

“We would like to wrap this episode up,” Israel’s ambassador to the UN, Danny Danon, told Tel Aviv radio station 103 FM on Monday. “The most significant aspect is the guarantees regarding our ability to keep tackling threats.” If agreed to, the deal would start with an initial 60-day test period— long enough, potentially, to reach the handover to the Trump administration by outgoing US President Joe Biden.

Despite losing many of its leaders and much of its arsenal to Israeli strikes, Hezbollah has kept up scores of missile and drone launches across the border. It has said any truce in Lebanon must come with a cessation of the Israeli offensive in Gaza. More than 43,000 people have been killed in Gaza since the war began, according to the Hamas-run health ministry, which doesn’t differentiate between civilians and fighters in its figures.

Still, Israel, which had to evacuate tens of thousands of residents from northern areas, has already claimed victory against Hezbollah.

“We have defeated Hezbollah,” Defense Minister Israel Katz said in a speech on Sunday. “Now our job is to keep up the pressure and implement the fruits of this victory, by ensuring a change in the security situation in Lebanon.” With assistance from Omar Tamo and Zoe Ma /Bloomberg.

Trump picks combat vet Waltz as national security advisor

By Tony Capaccio & Stephanie Lai

PresIdent-elect donald trump picked Florida congressman Mike Waltz as his national security advisor, a person familiar with the matter said, elevating the former army Green Beret and combat veteran to become one of his closest aides.

Waltz, who served multiple tours in Afghanistan, will hold a critical position of power, coordinating foreign policy from within the West Wing and briefing the president on global crises. But it also could be a perilous role given that Trump churned through four national security advisors in his first term.

The person familiar with the appointment asked not to be identified discussing the selection. Waltz’s congressional office didn’t immediately respond to requests for comment. The Wall Street Journal first reported the move on Monday.

Waltz is the second current House member—alongside Elise Stefanik, who Trump will nominate as US ambassador to the United Nations—selected by the presidentelect so far for his new administration, threatening to cut into what will likely be a slim GOP majority in the lower chamber. Trump also selected former congressman Lee Zeldin as his Environmental Protection Agency administrator, part of a push of loyalists named in the transition’s early days.

The job will give him enormous influence over Trump. Successive administrations have imbued more power into the national security advisor role, giving the office a bigger and far more influen -

tial staff. The job has become so central that the influence of the national security advisor now usually eclipses the secretary of state, who is nominally responsible for implementing the president’s foreign policy.

He will have challenges from the very start. Trump has promised to end the war in Ukraine and has pressed Israel to wrap up its campaign against Hamas and Hezbollah.

The new administration will also need to confront an increasingly assertive China.

On Capitol Hill, Waltz distinguished himself among Republicans with aggressive questioning of Biden administration witnesses over the botched withdrawal from Afghanistan. He served as chairman of the House Armed Services Committee’s readiness panel, and criticized the Pentagon over everything from the teaching of Critical Race Theory at military institutions to an overpriced bag of metal bushings for the Air Force.

Waltz has also criticized what he’s said was the Biden administration’s “focus on climate change as a national security priority.”

The national security advisor job had the highest turnover of any top position in Trump’s first term. The first person to hold the role

Waltz says the US should work to end conflicts in Europe and the Middle East so it can confront “the greater threat” from China, a signal relations between the superpowers could fray further in the coming years.

was Michael Flynn, was pushed out after less than a month for giving Trump and Vice President Mike Pence what he said was “incomplete information” about his interactions with Russia’s ambassador.

Two others were HR McMaster, who said Russian President Vladimir Putin manipulated Trump, and John Bolton, who later wrote a memoir and said Trump was unfit for office. Trump’s final first-term national security advisor, Robert O’Brien, has been mentioned as a possible secretary of state in Trump’s second term.

Waltz’s military career is unique in that he deployed to Afghanistan on several combat tours as a Reservist Army Special Forces soldier even as he was an Afghanistan policy adviser at the Pentagon under then-Defense Secretary Donald Rumsfeld. Waltz was awarded four Bronze Stars for his actions.

He’s also been a notable cheerleader of both Trump and billionaire Elon Musk, who donated millions to aid the president-elect’s campaign and has emerged as an influential adviser during the transition process.

In a recently published book, Waltz credited Musk by saying that few entrepreneurs “have had the extraordinary record of endeavor

Russia’s Arctic LNG 2 barely pumps any gas after sanctions lock in exports

RUSSIA’S Arctic LNG 2 project has slashed output at its gas fields to nearly zero so far in November after stopping liquefaction last month due to western sanctions. Fields feeding the Novatek PJSCled facility pumped an average of 0.4 million cubic meters of gas a day in the first 10 days of November, according to a person with knowledge of industry data, who spoke on condition of anonymity. That’s a drop of more than 90 percent from the average output for most of October,

Bloomberg calculations show. It is also the lowest average production rate for the project since at least September 2023, according to historical figures. Even during precommissioning and commissioning of the first Arctic LNG 2 train in the fourth quarter of last year, its fields produced between 2 million and almost 14 million cubic meters a day, said the person familiar with the data.

The near-zero output at Arctic LNG 2 in November follows the halt reported by Bloomberg last month of

the facility’s liquefaction processes. Arctic LNG 2 is key for Russia’s ambitions to boost exports of LNG and develop its Northern Sea Route, so it has been the target of several waves of western sanctions in the past year over the Kremlin’s war against Ukraine. Penalties imposed by the US and its allies all but forced out other investors, limited the plant’s access to ice-class tankers needed to navigate Arctic waters and made foreign buyers reluctant to buy the cargoes. Arctic LNG 2 and its largest share-

and achievement of Elon Musk.”

Waltz was elected to represent Florida’s 6th Congressional District, which includes Daytona Beach, in 2018. Separate from military service, Waltz led a defense and intelligence consultancy called Metis Solutions.

‘China is the greater threat’ WALTZ says the US should work to end conflicts in Europe and the Middle East so it can confront “the greater threat” from China, a signal relations between the superpowers could fray further in the coming years.

China is the US’s “greatest rival,” Florida congressman Mike Waltz wrote days before the Nov. 5 election in an Economist article that was coauthored with Matthew Kroenig, a former Pentagon strategist. “The next president should act urgently to bring the conflicts in Ukraine and the Middle East to a swift conclusion, and finally focus strategic attention where it should be: countering the greater threat from the Communist Party,” they wrote.

In the Economist article, Waltz and Kroenig also wrote that “America is not building armed forces to deny a Chinese attack on Taiwan. It has cut defense spending in real terms, allowing the balance of power to shift in China’s favor.”

“A new administration should increase defense spending and revitalize the defense-industrial base to make sure its armed forces are clearly capable of denying a Chinese attack on Taiwan,” they wrote. Bloomberg

holder, Russia-based Novatek, didn’t immediately respond to Bloomberg’s requests for a comment. The facility has a design capacity of 19.8 million tons of LNG per year, but so far only one train able to produce 6.6 million tons annually is operational. It ramped up production of the super-chilled fuel in August and September, when ice conditions allowed it to deploy conventional gas carriers, often with opaque ownership, to export its cargoes. None of those shipments have been delivered to overseas ports. Bloomberg

162 projects worth ₧4.41T now certified for green lane

By Andrea E. San Juan @andreasanjuan

THERE are now 162 projects certified under the green lane worth P4.41 trillion after the Board of Investments (BOI) approved four more renewable energy projects in October.

“As of October 31 2024, OneStop Action Center for Strategic Investments has certified a total of 162 projects worth P4.407 trillion,” the BOI told the BusinessMirror in a Viber message on Monday.

Data obtained by this paper from the investment promotion agency attached to the Department of Trade and Industry (DTI) indicated that of the 162 projects approved under the green lane, 131 projects or a huge chunk of the pie are accounted for by renewable energy projects which are worth

P4.01 trillion.

This was followed by projects on Food Security with 22 projects worth P13.95 billion; Digital Infrastructure with 6 projects worth P346.33 billion and Manufacturing with 3 projects worth P32.55 billion.

According to Ernesto C. Delos Reyes Jr., BOI Director for Investment Assistance Service, the four projects certified recently by the BOI are onshore wind, hydro power and two solar projects.  The onshore wind project is expected to rise in Northern

Samar while the two solar projects are expected to be located in Isabela and Cagayan. Meanwhile, the hydro power project will be in Davao City.

In October 2024, Delos Reyes told reporters that nearly P2 trillion worth of projects are waiting to be approved under the green lane, equivalent to over 90 projects.

While there is an influx of renewable energy projects in the country, Delos Reyes earlier explained that RE projects have a long gestation period, explaining further that most of the green lane projects that were certified are still in their predevelopment stage.

As of early November, the BOI official told this paper that the number of RE projects which aready started their commercial operations in the country stands at two.

“One of which is the Cayangan-Bugallon Solar Project in Pangasinan whose ERC approval has been facilitated through the Green Lanes. The Calabanga Renewable Energy Project is already operating and with the Green Lane endorsement, their permits are also expedited,” Delos

Reyes said in his speech during the EJAP-Aboitiz Power Renewable Energy Forum last October.  (See: https://businessmirror. com.ph/2024/10/07/long-linefor-boi-green-lane-applicantsmostly-for-res/)

President Ferdinand R. Marcos Jr. signed the Executive Order Constituting Green Lanes for Strategic Investments (EO 18) on February 23,2023.

EO 18 is a government-wide response to enhance ease of doing business in the country by mandating the creation of green lane units in all government agencies that will: expedite, streamline and automate government processes for strategic investments.

Activities considered as strategic investments under the said measure are those that have: a significant capital or investment to the country; consequential economic impact; positive impact on the environment; significant contribution to the country’s balance of payments; with complex technical processes and engineering designs; and will bring about improvement in the country’s infrastructure capabilities.

By Cai U. Ordinario @caiordinario

THOUSANDS of Filipino families will receive cash assistance from the World Food Programme (WFP) to help them with their basic needs in the aftermath of severe tropical storm Kristine.

In a statement, WFP said it will extend P95.7 million in cash assistance to 14,500 households with children under 5 years old in Albay and Camarines Sur provinces.

For a period of two months, these households will receive a cash assistance of P3,300 or $57 per month to help them access “their most urgent needs—whether food, medicine, or shelter materials.”

“In the aftermath of Kristine, cash assistance serves as a critical lifeline for affected communities to help address some of their most urgent needs—whether food, medicine, or shelter materials,” WFP Philippines Representative and Country Director Regis Chapman said in a statement.

“We are working alongside the Philippine Government to support the most impacted

communities and by partnering with the DSWD [Department of Social Welfare and Development] and the 4Ps [Pantawid ng Pamilyang Pilipino Program], cash has begun to reach people in a matter of days,” he added.

To date, the WFP said the DSWD has reached more than 526,000 people in the Bicol Region with 105,300 government family food packs with transportation support from WFP. To ease the last-mile delivery of Government relief items, WFP also supported the installation of two mobile storage units in Albay and Camarines Sur provinces.

To provide critical connectivity needed for search and rescue efforts, the Department of Information and Communications Technology deployed Government Emergency Communications Systems—Mobile Operations Vehicles for Emergency units, co-designed with WFP.

The WFP also deployed additional VSAT LEO (Very Small Aperture Terminal— Low Earth Orbit) units to See “Storm,” A2

Editor: Jennifer A. Ng

Foreign stores boost 9-mo earnings of Jollibee Foods

By VG Cabuag @villygc

Loca L fastfood giant Jollibee Foods c orp. said its income in January to September rose 23 percent to P8.87 billion from the previous year’s P7.22 billion on higher sales.

Systemwide sales for the 9-month period went up by 12 percent to P281.1 billion from the previous year’s P251.09 billion.

“During the third quarter, we successfully completed the acquisition of Compose Coffee and the results that we are reporting today include the impact of this value-accretive transaction. Our consolidated systemwide sales for the quarter increased by 13.2 percent, driven by the international business which grew by 20.5 percent,” Jollibee CEO

LT Group posts flat 9-mo profit

LT Group Inc. (LTG), the holding company of most businesses of tycoon Lucio Tan, said its net income in January to September came in flat at P19.82 billion compared with the previous year’s P19.25 billion on weak tobacco performance.

Revenues grew almost 13 percent to P95.16 billion from the P84.33 billion recorded last year, driven by improved revenues from the banking, distilled, beverage and property development segments. For the third quarter alone, the company’s income rose 12 percent to P7.02 billion from the previous year’s P6.24 billion. Revenues, meanwhile, increased at the same pace to P34.03 billion from the previous year’s P30.33 billion.

The banking segment’s net income of P5.06 billion improved by 11 percent compared to the same period last year, mainly due to higher net interest income recorded in the current period. As a result, LTG’s share in net income from Philippine National Bank amounted to P8.44 billion during the period, 10 percent higher than the P7.64 billion in 2023. The tobacco segment’s 9-month net income fell 12 percent to P7.94 billion, from the P9.06 billion last year, mainly due to the decrease in the recognized equity in net earnings from PMFTC Inc., where it has a 49.6-percent stake.

PMFTC Inc. is the combined company of Tan’s Fortune Tobacco Corp. and Philip Morris Philippines Manufacturing Inc.

“The decline in PMFTC’s earnings stemmed from lower sales volume, which continues to be impacted by the persistent challenge of illicit tobacco trade within the country. The overall industry volume remains susceptible to the growing presence of illicit products, posing a significant challenge to the legitimate tobacco market,” the company said.

The distilled spirits segment, operated by Tanduay Distillers Inc., had a net income of P1.51 billion for the period, an increase of 31 percent from the P1.15 billion last year. VG Cabuag

Ernesto Tanmantiong said. Compose Coffee contributed 11 percent to the growth of the international business’ sales and added 2,580 stores to the global store network at end of the third quarter, the company said. In July to September, systemwide sales rose 13 percent to P98.48 billion from the previous year’s P86.96 billion, while net income jumped 18 percent to P2.98 billion from P2.53 billion a year ago.

Excluding Compose Coffee, the international business’ operating income for the quarter declined compared to the same quarter last year but remained profitable, the company said.

“Alongside these strong results, I am pleased to share that our Jollibee brand has been recognized recently as Southeast Asia’s number one brand, based on marketing analytics firm Campaign Asia’s latest study. This achievement reflects our commitment to bringing great-tasting food and joy to our customers,” Tanmantiong said.

“While we were up against a record quarter last year, we achieved an 11.6 percent increase in operating income and an 80 basis points (bps) improvement in gross profit margin. This quarter’s earnings performance was highlighted by the consistent strong performance of the Philippine business and contributions from Compose Coffee,” said Jollibee Chief Financial and Risk

Officer Richard Shin.

The global Jollibee brand showed continued strength, growing operating income for the quarter by strong double digits, he said.

“Our organic operating income growth was flat as our investment in people weighed on our general and administrative expenses,” said Shin.

The company has declared a cash dividend of P1.82 per share, for a total cash dividend of P2.97 for the full year of 2024. This is 29 percent higher compared to the cash dividend declared last year.

As of end-September, Jollibee’s store network expanded by almost 43 percent to 9,598 compared to a year ago. The Philippines had 3,340 stores while its international store network reached 6,258--568 of which were in China, 381 in North America, 362 in Europe and the Middle East, 815 in Vietnam (Highlands Coffee) and 2,580 in South Korea (Compose Coffee).

PLDT 9-mo profit rises to ₧28.1B

By Lorenz S. Marasigan @lorenzmarasigan

PLDT Inc. reported a slight increase in net income in January to September, as earnings rose by 1 percent to P28.1 billion.

The company’s core income, which excludes asset sales and losses from Maya Innovations Holdings, reached P26.6 billion, up by 2 percent from the last year’s P26.1 billion.

The company’s total revenues grew by 3 percent to P160.9 billion from P156.4 billion, while expenses inched up by 2 percent to P119.1 billion from P116.6 billion.

“Today, telco is not merely a technology, it’s a lifeline. Our customers expect connectivity that is instantaneous, seamless, reliable and extensive, and products and services that work every time and everywhere,” PLDT Chairman Manuel V. Pangilinan said. He said the company is keeping its guidance of telco core income target of P35 billion.

“With nine months of 2024 behind us, we re-affirm our guidance for telco core income at north of P35 billion,” he said. Last March, the company reported that its net income in 2023 more than doubled to P26.6 billion from last year’s P10.49 billion, on the back of strong revenue growth, managed costs, and one-time gains from the sale of its assets. Service revenues increased slightly by 3 percent to P201.83 billion from P195.34 billion, while expenses decreased by 24 percent to P158.47 billion from P209.43 billion. Telco core income was 3 percent up to P34.34 billion from P33.30 billion.

‘POGOs’ even under Pagcor are banned,

says FM Jr.

PBanking&Finance BSP seeks scrutiny of trust entities

By Cai U. Ordinario @caiordinario

THE Bangko Sentral ng Pilipinas

changes to their policies, processes, and procedures within one a I year from effectivity of this,” it added.

By Samuel P. Medenilla @sam_medenilla

RESIDENT Ferdinand R. Mar-

cos Jr. clarified the ban on Philippine Offshore Gaming Operators (Pogos), Internet gambling and other similar establishments will cover the entire country, even those within economic zones and under the control of the Philippine Amusement and Gaming Corp. (Pagcor).

The chief executive explained his Executive Order (EO) 74 for the immediate ban of such establishments will apply even those overseen by Pagcor.

“There is just no way [they will be allowed] because it’s the nature of the operation that we are banning. It’s not because it’s under Pagcor or not,” Marcos told reporters last Monday.

“As long as it is a POGO and it has such a license, it’s banned,” the Chief Executive said in an interview at an event in Parañaque City.

Marcos made the remark after Senator Ana “Risa” Honti verosBaraquel expressed concern that EO 74 did not explicitly ban POGOs under Pagcor.

EO 74 created two technical working groups to lead in the crackdown of POGO and Internet Gaming Licensees (IGL) and to provide aid to workers who will be affected by the said lockdown.

All such establishments will be shut down by December 31 in line with Marcos’s order during his third State of the Nation Address (Sona) last July that bans all POGO and IGLs at year’s end. Marcos said there is no longer any need to pass legislation to enforce the ban.

“No, the EO is sufficient [to impose the ban],” the President said. Hontiveros earlier lamented how, despite the mandate given by Marcos in his Sona, “patuloy ang underground operations ng mga Pogo [underground operations of Pogos continue], so I am calling on our law enforcement agencies to step up so as to enforce the total ban of the President.”

Pagcor Chairman and CEO Alejandro H. Tengco warned the Senate last July that a total shutdown would only drive illegal Pogos—renamed IGLs by Pagcor—underground by a ban. While not solving the problem of serious crime, the ban deprives government of a revenue stream of a minimum P5 billion and maximum of P20 billion, according to Tengco.

L(BSP) has prescribed periodic administrative and investment account reviews for trust entities nationwide.

Based on BSP Circular 1204 (series of 2024), the Monetary Board approved the amendment to Appendix 86 of the Manual of Regulations for Banks (MORB) and Appendix Q-49 of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFl).

The amendments focused on setting “supervisory expectations” on the conduct of period reviews of trust, investment management, and

other fiduciary accounts.

“Trust entities shall complete an analysis of the gaps between the requirements of this Circular and their existing policies, processes and procedures within six months from effectivity of this Circular,” the BSP document read.

“The results of the gap analysis shall be documented and made available for review by the [BSP]. Trust entities are expected to make appropriate

Based on the amendments, trust entities are now required to conduct administrative reviews of accounts once every three years. There is no prescribed period for these reviews in the MORB.

The BSP said an administrative review must ensure that accounts are being managed in accordance with relevant laws, rules, and regulations as well as applicable internal policies and procedures of trust entities.

However, the BSP said, for accounts vested in public interest, such as those opened for the benefit of the public or uphold the interest of the public, the administrative review must be done “more frequently.”

The BSP said these accounts cover those on pre-need, employee benefit or retirement or pension funds, or select quasi-judicial trusts.

Unlocking investments in clean energy

THE future of energy is always in a state of flux, making it difficult to forecast what energy sources will be used. According to the Global Energy Monitor, the landscape of future energy mix is getting more complex, particularly in the Asean region, where solar and wind power rose by 20 percent in 2023 to reach a combined capacity of 28 gigawatts (GW).

Finex Free enterPrise

Joseph Araneta Gamboa

While investments in renewable energy have been increasing, thermal power generation will not change in the short term as liquefied natural gas and green hydrogen are gaining traction as alternative fuels. In the Philippines, renewable energy plays a crucial role in the country’s energy mix since the government is actively pursuing a shift from fossil fuels to greener power sources. Through the Renewable Energy Act of 2008 and its updated National Renewable Energy program, the Philippines aims to push the renewable share of the energy mix to 35 percent by 2030 and to 50 percent by 2040. Incentives such as tax exemptions, subsidies and the feedin-tariff system support investors in the renewable sector.

Against this backdrop, the 2024 “Future Energy Summit” was held in Makati City last week. Delegates from across the value chain discussed the most updated challenges in the region and came up with practical solutions to navigate the increasingly integrated energy landscape through technological innovations and collective efforts.

Anqi Shi of S&P Global said the Asia Pacific region accounts for 60 percent of the global energy storage installations.

She disclosed that capital expenditure for energy storage systems (ESS) is projected to fall by 37 percent between 2022 and 2025, driven by the decline in raw material prices and the improvement in design.

Based on S&P Global’s research findings, the popularity of standardized products has enabled certain system integrators to grow their market share in battery energy storage systems (BESS). The top two integrators in terms of global BESS capacity are Sungrow Power of China and Tesla Energy of America.

The BESS is a rapidly expanding form of energy storage in the Philippines due to its ability to provide grid stability, renewable integration and off-grid applications in our archipelago’s more than 7,000 islands. Several large BESS projects are in various stages of development by San Miguel Corp., Manila Electric Co. and Sungrow Philippines.

A global leader in renewable energy technology, Sungrow has pioneered sustainable power solutions since the late 1990s. It is recognized by S&P Global Commodity Insights as the world’s No. 1 manufacturer of photovoltaic (PV) inverters and was named by Bloomberg New Energy Finance as the most bankable Asian energy storage company.

Inverters are significant components in solar PV systems as they convert the direct current or DC electricity generated by solar panels into alternating current or AC electricity, which can be used by the power grid or local microgrid systems. Sungrow operates the largest PV inverter factory in

“Factors that may influence the frequency of the review include the size of the assets, demographics of the investing public/beneficiaries, complexity of the TE’s duties and responsibilities, and law-mandated requirements,” the circular stated.

Meanwhile, investment reviews aim to ensure a client’s investment risks and that the portfolio is aligned with the client’s risk profile as well as investment objectives.

This review, the central bank said, should also take into consideration the risk tolerance of clients as well as their liquidity needs. Through the investment review, the BSP said, trust entities should determine whether certain portfolios or assets are no longer appropriate for an account.

The review should also determine whether a change in the structure(s) or composition of the portfolio is required, consistent with prudent investment practices.

the world with a global production capacity of 330 GW annually and another 25 GW under construction.

Sungrow’s clean energy projects are spread all over 170 countries, including the United Kingdom, the United States, Thailand, Egypt and the Netherlands. Its green power projects in the Philippines are located in the following provinces: Pangasinan; Pampanga; Cavite; Batangas; Nueva Ecija; Isabela; Tarlac; Bulacan; Camarines Sur; Rizal; Palawan; Ilocos Norte; Bataan; Zambales; Leyte; Bohol; Cebu; and, Negros Occidental.

Several large solar farms in Luzon and the Visayas have deployed Sungrow’s PV inverters–helping developers to optimize energy production and lower operational costs. Its BESS projects support energy storage during peak periods or when solar and wind generation drop. It has also partnered with local energy providers in deploying BESS systems that stabilize the grid by storing excess energy from renewable sources and releasing it when demand surges. Such investments sustain the Philippines’s renewable energy goals and reduce dependence on imported fossil fuels while enhancing power access in off-grid areas that contribute to long-term economic and environmental benefits. ESS projects are critical for the country’s energy transition in achieving a renewable-centric grid and playing a pivotal role in providing reliable power for all Filipinos.

Joseph Gamboa is the vice-chair of the Finex Ethics Committee and director of Noble Asia Industrial Corp. The views expressed herein do not necessarily reflect the opinion of these institutions and the BusinessMirror . #FinexPhils www. finex.org.ph.

“(The conduct of an investment review should be done) annually, or more frequently depending on the nature, investment needs, and/or requirements of the accounts,” the circular stated.

The BSP said the results of the periodic review should be reported to the trust committee or board of directors. The report must include the frequency and minimum content of the review. The circular also provided that the results be communicated to their clients to allow them to provide feedback or action. A trust account representative or officer must contact their clients and/or beneficiaries to determine if their financial objectives and circumstances have changed.

The circular takes effect 15 calendar days after its publication in the Official Gazette or in any newspaper of general circulation in the Philippines.

Bond rates climb on lower demand

By Reine Juvierre Alberto @reine_alberto

RATES for the reissued 20-year Treasury bonds (T-bonds) climbed by 23.4 basis points (bps) to 6.095 percent on lower demands during Tuesday’s public auction.

On November 12, the Bureau of the Treasury (BTr) allowed the T-bond rate to increase to 6.095 percent from an earlier rate of 5.861 percent set during the auction of the same tenor on September 24, 2024.

The auction committee managed to fully award the P15-billion offering of T-bonds with a remaining life of 19 years and five months.

Investors offered to buy P27.017 billion, 1.8-times oversubscribed than the original offering of P15 billion. Demands for the government securities, however, are lower than the P27.017 billion tendered during the previous auction for the same tenor.

Yields for the long-term debt papers ranged from a low of 6.048 percent to a high of 6.120 percent with a coupon rate of 6.875 percent.

The average auction yield was slightly higher by 0.4 bps than the comparable PHP Bloomberg Valuation Service Reference Rates (PHP BVAL) rate of 6.055 percent as of November 12, 2024.

According to Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort, the T-bond average auction yield rose after the comparable 20-year US Treasury yield hovered at 4.57 percent, at three-andhalf months high. Ricafort pinned the spike after the market sees fewer rate cuts by the US Federal Reserve after Donald Trump’s victory in the recent elections. He cited that possible protectionist policies, such as higher US import tariffs and tighter immigration rules, could lead to higher inflation. Ricafort added that pro-US economic policies such as tax cuts and economic stimulus could lead to wider budget deficits in the world’s largest economy.

This, in turn, could widen the US budget deficit and raise the need for more government debt, thereby increasing US bond yields, he said.

By Lorenz S. Marasigan @lorenzmarasigan

EADERS of a multi-sectoral alliance involving the Cybercrime Investigation and Coordinating Council (CICC) and the Philippine Chamber of Telecommunication Operators (PCTO) urge the fintech industry to strengthen cybersecurity protocols to shield consumers and businesses from the increasing sophistication of financial scams. Amid recent reports about a supposed “system error” that affected “a few” users of GCash, Protecta Pilipinas Convener Roy D. Ibay said fintech firms must prioritize

By VG Cabuag @villygc

THE Securities and Exchange Commission (SEC) has secured the conviction of incorporators of Prosperous Infinite Holdings Phils. Corp. (SEC: PIPHC), the operator of Emgoldex Philippines, for soliciting investments

robust security frameworks to counter threats that continue to evolve in complexity and frequency.

“We advocate for the prioritization of robust security protocols, such as multifactor authentication, end-to-end encryption, and real-time fraud detection systems,” said Ibay, who also heads the regulatory affairs unit of Smart Communications Inc.

Over the weekend, users of e-wallet platform GCash operator Mynt (Globe Fintech Innovations Inc.) reported unauthorized fund transfers. According to Mynt, it has already fixed the issue by Sunday. However, the government is now “inves-

the Securities Regulation Code (SRC). Manuit and Calicdan were sentenced to imprisonment of up to 10 years, and to pay a fine of P500,000 each.

Under its articles of incorporation, the primary purpose of PIHPC includes the investment,

or

tigating the probability of an organized breach of certain GCash accounts that caused the unauthorized fund transfers over the weekend.”

Ibay noted the double-edged sword offered by technologies such as Artificial Intelligence and machine learning.

On one hand, these technologices can serve as powerful defenses, proactively identifying and mitigating threats. On the other hand, Ibay said, these technologies are also being harnessed by cybercriminals.

“We believe that building consumer trust requires transparency and education. Fintech firms should regularly

sonal

of

er

and

and obligations of

corporation. The case stemmed from the agency’s investigation of Emgoldex Philippines, which was found to be engaged in the online solicitation of investments through investment contracts without the necessary approvals from the SEC. Under the scheme, the public

update users on emerging threats and best practices for online security, while offering resources to help individuals, especially the vulnerable, avoid scams and contribute to a safer financial ecosystem,” he added.

Ibay underscored that consistent compliance with regulatory standards and regular audits are pivotal for maintaining high security and compliance measures within the fintech industry.

“By fostering a culture of vigilance and adherence to stringent security measures, the fintech industry can protect users and create a more resilient financial future for all Filipinos,” he added.

were encouraged to invest at least P36,500 in its gold investment program, in exchange for guaranteed earnings of up to P182,500. Investors are required to recruit at least two more people to make similar investments until they complete the exit table of hierarchy which consists of 15 slots.

The agency issued a cease and desist order against Emgoldex, where Manuit and Calicdan were found to be among the operators. Emgoldex

Ricafort also pointed to the weakening of the Philippine peso, which traded at new four-and-half months at P58.80 levels, that could lead to some pick up in inflation and reduce future local policy rate cuts. Monetary Board Member and Finance Secretary Ralph G. Recto said a local policy rate cut is still on the table.

On November 26, the Treasury will auction five-year tenor T-bonds worth P15 billion to raise a total of P30 billion for the month.

This year, the government will raise P2.570 trillion, following a borrowing mix of 75:25. Recto said the state will stop offering offshore bonds for the rest of the year and would tap instead into the domestic debt market to finance the budget deficit. As of end-September 2024, government borrowings amounted to P1.875 trillion, according to the Treasury.

later changed its business name to Global Intergold, then to PIPHC and continued its illegal solicitation activities. Like PIHPC, Global Intergold was found to be unregistered with the SEC and did not have a license to sell securities to the public.

“Although the Articles of Incorporation of PIPHC bore the signatures of both accused Calicdan and Manuit, they denied being the incorporators of the company and

merely averred that they signed the same without understanding its consequences, which is highly unlikely given their participation in the operations of the corporation after its incorporation,” the decision said. “Thus, there can be no doubt that both accused participated in recruiting investors and in the activities of the PIPHC when it dealt with securities without any registration or license from the SEC,” it said.

ALL FOR LOVE

THE politician is said to be so in love with the sexy star that he is willing to pay the price. He wants a divorce or an annulment, something that his strong-willed and smart wife will fight tooth and nail. But the politician, who has had several flings with celebrities, swears that he has found the one and is ready to give up everything for her. There are rumors that the politician tried to ask his wife to name her price. However, she refuses to budge because for her, it’s a matter of pride and family. Fortunately for her, the children are on her side and they’re ready to fight their father to protect their mother.

COMPETITIVE ACTRESS

YOU could call her competitive. A day after the actress’ ex was spotted with another girl, she sort of soft-launched someone on social media. The guy seems to be way younger than her but he comes from a family that’s very rich. Up until last year, he seemed to be dating someone. Meanwhile, there are speculations that the guy is just a good friend of the actress and her posting him on social media is no big deal. She just seems to want to show her ex that she too has moved on. The actress has had a very exciting romantic life. She has been engaged and in long-term relationships more than once. She is also presumed to have dated another woman. No one is sure about the current state of her lovelife.

SHE DOESN’T KNOW

HOW true is the rumor that an actress has been subpoenaed by the court because of an actor who she worked with on a project? The actress doesn’t know anything. She actually doesn’t care. She considers the actor a good friend but the authorities think otherwise. The actor is involved in a legal battle while the actress is someone who is very hardworking. While the authorities believe the actor is somewhere abroad, insiders say this is just a tactic on his part. He is actually just around and hiding from his creditors. Meanwhile, the actress is bewildered that people would actually think she was involved in the actor’s problems.

ABUSIVE HUSBAND

ANOTHER rumor making the rounds is that the actress and her husband reportedly went their separate ways because he was abusive. The husband was said to be nice to her only in the beginning whe she still had a lot of money. When the actress started getting less work, the husband’s attitude turned bad. He would physically hurt her or verbally abuse her. He started becoming indifferent to her even when she tried her best to please him. It took a while but the actress finally listened to her family members and friends and decided to dump her husband.

Taylor Swi�t wins big and Rita Ora pays tribute to Liam Payne at the MTV EMAs

MANCHESTER, England—Taylor Swift came out on top at the 2024 MTV European Music Awards on Sunday, walking away with best artist, best US act, best live act and best video for “Fortnight” (featuring Post Malone).

Swift, who is finishing up her Eras tour on the other side of the Atlantic, thanked the fans for the bounty of prizes via video message. The UK show opened with an acrobatic Benson Boone suspended in the air on a gold grand piano performing his viral hit “Beautiful Things” and latest release “Slow It Down.”

Boone also accepted his first EMA for best new act.

South African newcomer Tyla gave Swift a run for her money picking up three awards for best afrobeats, best R&B and best African act.

Tyla performed her smash hit “Water” for the EMA audience at the Co-op Live, Manchester, flanked by a host of dancers, as well as singing the energetic new track “Push 2 Start.”

British singer Rita Ora, who hosted the show for a record third time, paid tribute to former One Direction star Liam Payne, who died last month after falling from a balcony in Buenos Aires.

Ora had a close relationship with the singer and the pair recorded a song together in 2018, “For You [Fifty Shades Freed].” She addressed the audience saying, “I want to take a moment to remember someone. Liam Payne was one of the kindest people I knew.” Her voice broke as she asked the crowd to take a moment to remember Liam saying, “He had the biggest heart and he left such a mark on this world.”

Hip-hop legend Busta Rhymes was awarded the EMAs global icon award from British rapper Little Simz telling the crowd that in 34 years of professionally recording, this was his first award from MTV and it felt incredible. The 12-time Grammy Award nominee, who has more than 10 million album sales under his belt, performed a mega medley of his greatest hits “Break ya Neck,” “Touch It” and “Put Your Hands Where the Eyes Can See” accompanied by dancers wearing tracksuits with giant dragon heads.

Shawn Mendes gave an intimate and heartfelt performance and also received the award for best Canadian act. Sabrina Carpenter picked up the honors for best song for her hit “Espresso,” while Ariana Grande was crowned best pop act and Eminem took

UK duo Pet Shop Boys were honored with the inaugural Pop Pioneers Award for their contribution to pop music and closed out the show accompanied by local orchestra Manchester Camerata with a cover of David Bowie’s “All the Young Dudes” followed by their iconic hit “West End Girls” in celebration of the song’s 40th anniversary. Other performers on the night included K-pop quintet Le Sserafim, Mexican singer and rapper Peso Pluma, English singer and songwriter Raye, multi-platinum singer-songwriter Mendes, American powerhouse Teddy Swims, Mexican rock sisters the Warning. LL Cool J, Bush frontman Gavin Rossdale, motherand-daughter musicians Neneh Cherry and Mabel, and TV and film stars Aaron Taylor-Johnson, Jodie Turner-Smith and Lucien Laviscount all presented awards. AP

GRAMMY AWARD-WINNING CELLIST SARA SANT’AMBROGIO TAKES SPOTLIGHT IN

GRAMMY Award-winning cellist Sara Sant’Ambrogio hopes to change the Filipino perception on classical music as she takes center stage for Concert II: Triumph of the Philippine Philharmonic Orchestra on November 15, 7:30 pm, at the Samsung Performing Arts Theater in Circuit Makati.

The second offering of the PPO’s 40th concert season commences with Russian composer Nikolai Rimsky-Korsakov’s “Capriccio Espagnol, op.34,” a five-movement suite based on Spanish folk melodies. Music history shows that Rimsky-Korsakov originally intended to write the work for a solo violin with orchestra, but he settled on an orchestral work to convey the lively melodies.

The program culminates with German composer Robert Schumann’s “Symphony No. 2, op.61, C Major.”

PPO’S ‘CONCERT II: TRIUMPH’

Known for piano music, lieder (songs), and orchestral music, the Romantic-era composer started working on the classic piece in 1845, but it took him 10 months to finish because of his aural nerve medical condition.

Symphony No. 2 was first performed in 1846, at the Gewandhaus in Leipzig, with Felix Mendelssohn conducting.

Sant’Ambrogio, meanwhile, will be performing Edward Elgar’s “Cello Concerto, op.85, E minor,” with the country’s leading orchestra under the baton of PPO music director and principal conductor Maestro Grzegorz Nowak.

First performed in London in 1919, this Elgar’s classic cellist piece is sombre work that reflects the sorrow faced by the composer’s native land during the tail-end of World War I.

Sant’Ambrogio started her cello studies with her father John, a principal cellist of the St. Louis Symphony. At 16, she was invited on full scholarship to study with David Soyer at the Curtis Institute of Music where she received her high school diploma. Three years later, world-renowned cellist Leonard Rose invited Sant’Ambrogio to study at The Juilliard School. Within weeks of arriving, she won the AllJuilliard Schumann Cello Concerto Competition, resulting in the first of many performances at Lincoln Center. Catch cellist Sara Sant’Ambrogio in a spectacular evening of music on November 15, 7:30 pm, at the Samsung Performing Arts Theater. Tickets are available at premier.ticketworld.com.ph/ shows/show.aspx.

By Eugenia Last

to a manipulative sales pitch. Back up, be more introspective and consider how your skills, attributes and talents can benefit you. ★★

LEO (July 23-Aug. 22): Do it yourself. Relying on others to do things for you will lead to regret and faulty results. Keep your thoughts to yourself when dealing with business matters or associates. Pressure tactics will backfire, leaving you in the lurch.

VIRGO (Aug. 23-Sept. 22): Communication is necessary to ensure things get done correctly. You are overdue for a change, but first, you must take care of loose ends. Once you have all your ducks in a row, reward yourself with a pick-me-up that makes you feel good about your appearance and accomplishments. ★★★

LIBRA (Sept. 23-Oct. 22): Dealing with people from different backgrounds will require openmindedness. Offer alternatives and be willing to meet halfway if that’s what it will take to get things done. Stick to the truth and verify the information you receive before you pass it along. ★★★

SCORPIO (Oct. 23-Nov. 21): Initiate change. Reset your schedule to ensure you have time to alter your preferences to suit your needs. Stay on top of money matters. Be sure to ask for a written estimate before you sign a contract. Research can help prevent making a costly mistake. Trust your intuition. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Make a motion to do something that requires one of your talents and intelligence or that offers the opportunity to explore new possibilities and outlets. Let your passion rise and push you to do all that is required to make your dreams come true. ★★★★★

CAPRICORN (Dec. 22-Jan. 19): Keep your emotions hidden from those trying to find your weak link. Put your energy into achieving your goals and fend off interference by keeping a low profile and making every move count. Strategy, discipline and hard work will pay off.

AQUARIUS (Jan. 20-Feb. 18): A creative outlet will spark your imagination and encourage you to turn something you love doing into a moneymaking operation. Jump-start your energy with excitement and enthusiasm; it will help build the momentum and support you need to reach your goal. A joint venture looks promising.

PISCES (Feb. 19-March 20): Refuse to let someone else’s uncertainty slow you down. Don’t hesitate to do your best and implement a change that stimulates personal growth or self-improvement. Use your imagination and creativity to outmaneuver anyone competitive. A financial gain or contract looks promising. Romance is on the rise.

BIRTHDAY BABY: You are disciplined, innovative and forthright. You are enthusiastic and dependable.

Image BusinessMirror

NATIONAL Book Development Board (NBDB) Readership Development Division (READ) Project Development Officer III Yazhmin Galit (left) and Benilde Center for Social Action Director May Flor Artagame.

DAILY NUTRITION RecIPe BOOk TO Be DISTRIBUTeD NATIONWIDe

NATIONAL Book Development Board (NBDB) recently received over 500 copies of a recipe book on daily nutritional needs, turned over by the De La Salle-College of Saint Benilde (DLS-CSB). Titled Paghilom sa Pagkain, the 28-page print will be circulated as part of NBDB’s The Book Nook, which are reading and storytelling centers located all over the Philippines where everyone can freely access thousands of books by Filipino authors.

The manual was authored by registered nutritionistdietitian Dr. Teddy Manansala, a faculty member of the Benilde School of Hotel, Restaurant, and Institution Management (SHRIM). It was produced by the Benilde Center for Social Action (CSA) and De La Salle Philippines. Paghilom sa Pagkain provides basic alternative ingredients readily available in local markets to guide indigent families on Filipino dishes to meet nutritional needs, that are easy to prepare and yet inexpensive.

The list includes affordable viands, such as Tortang Okra, KaMalunggay Tuyo sa Gata, Gulay Tempura, Pechay Baguio Guisado, Pakbet Kubo, and Meaty Potato Green Beans, as well as merienda options such as Pancit Bihon, KamoBasa Chips, Turones de Kamote-Malungay, Munggo Croquette, and Beefy Omelette.

The cookbook likewise includes food safety guidelines, as well as a visual tool dubbed as Pinggang Pinoy. The concept uses a familiar food plate to picture the right food group proportions on a per-meal basis to meet the energy and nutrient needs of adults.

It was developed by the Food and Nutrition Research Institute of the Department of Science and Technology in collaboration with the World Health Organization, Department of Health, and National Nutrition Council. The turnover of materials was held at The Atrium @ Benilde. Present at the ceremony were NBDB readership development division project development officer III Yazhmin Galit and librarian Clifford Yague, as well as Benilde chancellor Benhur Ong, MBA; vice president for Lasallian Mission and Student Life Nicky Templo-Perez, SHRIM assistant Prof. Dr. Macy Perez, and SHRIM culinary nutritionist and educator Athena Tiglao, RND.

Br. Mike Valenzuela FSC, together with representatives from the De La Salle Brothers of the Philippines Inc. Social Action Unit (DLSBI SAU Tulong Lasalyano) deputy director Andyo Abusmas, disaster risk reduction and specialized education program manager Racy Martin del Rosario, and program officer Krizzhia Loren Rosero witnessed the event. Paghilom sa Pagkain was first produced for the beneficiaries of Project Paghilom 1.0 and 2.0. This was a program organized by De La Salle Philippines in collaboration with Benilde CSA to support disadvantaged communities during the Covid-19 pandemic. The project offered weekly food packs with recommended recipes to help the beneficiaries prepare healthy meals using the supplies.

Winter depression is real and there are many ways to fight back

By  Carla K. Johnson The Associated Press

AS winter approaches and daylight hours grow shorter, people prone to seasonal depression can feel it in their bodies and brains. “It’s a feeling of panic, fear, anxiety and dread all in one,” said Germaine Pataki, 63, of Saskatoon, Saskatchewan.

She’s among the millions of people estimated to have seasonal affective disorder, or SAD. Her coping strategies include yoga, walking and an antidepressant medication. She’s also part of a Facebook group for people with SAD.

“I try to focus on helping others through it,” Pataki said. “This gives me purpose.”

People with SAD typically have episodes of depression that begin in the fall and ease in the spring or summer. A milder form, subsyndromal SAD, is recognized by medical experts, and there’s also a summer variety of seasonal depression, though less is known about it.

In 1984, a team led by Dr. Norman Rosenthal, then a researcher at the National Institutes of Health, first described SAD and coined the term. “I believe that because it is easy to remember, the acronym has stuck,” he said.

What causes seasonal affective disorder?

Scientists are learning how specialized cells in our eyes turn the blue wavelength part of the light spectrum into neural signals affecting mood and alertness. Sunlight is loaded with the blue light, so when the cells absorb it, our brains’ alertness centers are activated and we feel more wakeful and possibly even happier.

Researcher Kathryn Roecklein at the University of Pittsburgh tested people with and without SAD to see how their eyes reacted to blue light. As a group, people with SAD were less sensitive to blue light than others, especially during winter months. That suggests a cause for wintertime depression.

“In the winter, when the light levels drop, that combined with a lower sensitivity, might be too low for healthy functioning, leading to depression,” Roecklein said.

Miriam Cherry, 50, of Larchmont, New York, said she spent the summer planning how she would deal with her winter depression. “It’s like clockwork,” Cherry said. “The sunlight is low. The day ends at 4:45, and suddenly my mood is horrible.”

Does light therapy help?

Many people with SAD respond to light therapy, said Dr. Paul Desan of Yale University’s Winter Depresson Research Clinic.

“The first thing to try is light,” Desan said. “When we get patients on exposure to bright light for a half an hour or so every morning, the majority of patients get dramatically better. We don’t even need medications.” The therapy involves devices that emit light about

Developing digital empathy at work

IN today’s digital age, as we increasingly rely on virtual tools for communication, cultivating empathy becomes both essential and challenging. Digital empathy, the ability to understand and share feelings in virtual interactions, helps bridge gaps that arise from communication without physical presence. This skill involves interpreting written and spoken language carefully, and being mindful of how responses affect others. By intentionally developing digital empathy, people managers can overcome the limitations of digital communication, improve workplace relationships, enhance collaboration, and create a more inclusive and supportive environment. Digital empathy is essential in the workplace because it not only enhances communication but also reduces misunderstandings, supports mental wellbeing, and fosters trust and inclusivity. By making colleagues feel valued and understood, it encourages open engagement and effective collaboration which

results in increased productivity. Digital empathy also minimizes misinterpretations in digital interactions, helping to prevent and resolve conflicts smoothly. It creates a safe space for team members to share their challenges, reduce stress, and for team members to support each other’s mental health. Furthermore, a culture of empathy builds trust and a sense of inclusion, making employees feel acknowledged and respected, which is particularly important for teams who work remotely.

One way to develop digital empathy is to actively listen by intentionally focusing on what the other person is saying because it is harder to gauge engagement without face-to-face cues. To improve listening during virtual meetings, eliminate distractions by silencing notifications, closing unrelated tabs, and avoiding multitasking. Acknowledge others by paraphrasing or summarizing their points, and using affirmations like “I understand” to validate their input. In video calls, non-verbal cues such as nodding, smiling, and maintaining attentive body language also help convey engagement, even if you are muted. Being mindful of tone and language in digital communication is essential because written words can be easily misinterpreted. To convey messages clearly and positively, choose your words carefully, and incorporate polite expressions like “Please” and “Thank you” to show respect. Emojis and exclamation marks can add friendliness but should be used thoughtfully to avoid seeming unprofessional. When

20 times brighter than regular indoor light.

Research supports using a light that’s about 10,000 lux, a measure of brightness. You need to use it for 30 minutes every morning, according to the research. Desan said this can help not only people with SAD but also those with less-severe winter blahs.

Special lights run from $70 to $400. Some products marketed for SAD are too dim to do much good, Desan said.

Yale has tested products and offers a list of recommendations, and the nonprofit Center for Environmental Therapeutics has a consumer guide to selecting a light.

If your doctor diagnosed you with SAD, check with your insurance company to see if the cost of a light might be covered, Desan suggested.

What about talk therapy or medication?

Antidepressant medications are a first-line treatment for SAD, along with light therapy. Doctors also recommend keeping a regular sleep schedule and walking outside, even on cloudy days.

Light therapy’s benefits can fade when people stop using it. One type of talk therapy—cognitive behavioral therapy, or CBT—has been shown in studies to have more durable effects, University of Vermont researcher Kelly Rohan said.

CBT involves working with a therapist to identify and modify unhelpful thoughts.

there is potential for misunderstanding, clarify intent with phrases like “Just so I understand fully…” can help ensure the message is received as intended.

Asking open-ended questions in digital communication also fosters dialogue and shows genuine interest in others’ viewpoints making them feel valued. Questions like “How do you feel about this approach?” or “What challenges do you think we might encounter?” invite others to share their thoughts and perspectives freely. This approach in virtual settings shows openness and encourages diverse input which in turn enhances collaborative engagement. Validating emotions and experiences in digital communication is key to empathy, as it acknowledges others’ feelings even if not directly expressed. When a colleague seems overwhelmed or frustrated, using validation phrases like “It sounds like this project has been really challenging” or “I can see how this situation could be frustrating” shows that you recognize their experience. This approach fosters respect and makes others feel genuinely heard before moving to solutions.

Encouraging a culture of digital empathy requires team-wide commitment, where leaders model empathetic practices and inspire others to follow. For remote teams, hosting virtual “coffee chats” or informal meetings allows team members to build personal connections and promote empathy through relaxed, shared experiences. Providing channels for feedback helps team members share their experiences and discuss digital communication challenges openly.

“A very common thought that people have is ‘I hate winter,’” Rohan said. “Reframe that into something as simple is ‘I prefer summer to winter,’” she suggested. “It’s a factual statement, but it has a neutral effect on mood.”

Working with a therapist can help people take small steps toward having fun again, Rohan said. Try planning undemanding but enjoyable activities to break out of hibernation mode, which “could be as simple as meeting a friend for coffee,” Rohan said.

What else might work?

People with SAD have half the year to create coping strategies, and some have found hacks that work for them—though there may be scant scientific support.

Elizabeth Wescott, 69, of Folsom, California, believes contrast showers help her. It’s a water therapy borrowed from sports medicine that involves alternating hot and cold water while taking a shower. She also uses a light box and takes an antidepressant.

“I’m always looking for new tools,” Wescott said.

Cherry in New York is devoting a corner of her garden to the earliest blooming flowers: snowdrops, winter aconite and hellebores. These bloom as early as February.

“That’s going to be a sign to me that this isn’t going to last forever,” Cherry said. “It will get better, and spring is on its way.” n

Including digital empathy in training sessions on emotional intelligence or communication skills also supports a more understanding and inclusive work environment. Even with all these, there can also be challenges to developing digital empathy which include time pressure, tone misinterpretation, and emotional exhaustion in online interactions. When rushed, people may send brief, direct messages that lack empathy which can be easily remedied by taking a few extra moments to consider how a message might be received. Written communication also lacks vocal nuances, which can be improved by using audio or video messages for sensitive topics which convey tone more effectively. Additionally, constant digital interactions can lead to emotional fatigue, so it is important to monitor your energy and take breaks to remain engaged.

As our workplaces become more digitized, developing digital empathy is not just an option but a necessity. It helps us to connect on a human level and creates a workplace where everyone feels seen, heard and valued. By practicing active listening, choosing language thoughtfully, and fostering a culture of empathy, we can enhance collaboration, reduce misunderstandings, and contribute to a more inclusive and supportive digital workspace. In the end, digital empathy is about remembering that behind every screen, there is a person with feelings, ideas and aspirations. Embracing this concept can transform the way we interact with colleagues, bringing compassion and humanity to our virtual workplaces.

PHOTO BY JOSHUA RAWSON-HARRIS ON UNSPLASH

PHL to host 41st ASEAN Social Security Association Meetings

STRENGTHENING social protection systems, expanding coverage to workers, and building more sustainable institutions take center stage as the Philippines hosts the 41st ASEAN Social Security Association (ASSA) Meetings from November 25 to 27, 2024, the Government Service Insurance System said.

The 41st ASEAN Social Security Association (ASSA) Meetings will convene industry leaders and representatives from social security institutions across ASEAN member states to advance the region’s commitment to a more comprehensive and inclusive social protection framework.

The meeting agenda focuses on the mega trends faced by the industry, the empowering role of technology, and the implementation of comprehensive approaches to social security within the ASEAN region.

GSIS President and General Manager and Vice Chairman of ASSA Jose Arnulfo Veloso emphasized the importance of the upcoming meeting, stating, “As the ASEAN continues to grow as a vital region for economic progress, it is our privilege to host this significant conference alongside SSS and PhilSSA members. This event represents a unique opportunity to showcase our leadership in shaping regional social security policies and provides a platform for meaningful exchanges among ASEAN nations — an essential step towards building a future wherein the social security system across the region is inclusive and equipped to protect every worker.”

He added, “Manila offers a vibrant setting that combines rich culture and warm hospitality, ideal for fostering dialogue and sharing best practices among the delegates. As we prepare to welcome our esteemed delegates, let us all work together to leave a lasting impact and make

this event an inspiring success.”

Preparationsareunderwaytoaccommodate the expected influx of international delegates, with local authorities and event organizers working in close partnership to ensure the success of the event. The meeting is expected to bolster the Philippines’ role as a key player in regional collaboration, enhancing the integration and effectiveness of social security systems across Southeast Asia.

The 41st ASSA Meetings will feature panel discussions, interactive sessions and keynote messages from leading experts and ASEAN leaders. The outcomes and recommendations from this event will contribute to the broader ASEAN agenda and generate actionable insights and strategies that will strengthen cooperation and drive forward the enhancement of social protection networks across the region.

The Philippine Social Security Association (PhilSSA) is composed of the Philippine Charity Sweepstakes Office (PCSO), Government Service Insurance System (GSIS), Social Security System (SSS), Philippine Health Insurance Corporation (PhilHealth), Home Development Mutual Fund (Pag-IBIG Fund) and Employees’ Compensation Commission (ECC).

Volunteer group wraps up ‘Padayon’ series, empowers youth as mental health advocates

IN a significant finale to its threeyear “Padayon” journey, I am MAD (Making A Difference) Volunteers, Inc. recently hosted an engaging gathering at SM Megamall in Mandaluyong City, uniting over 500 youth in a vibrant celebration of mental health advocacy.

Through inspiring narratives, heartfelt poetry, and engaging performances, the “MAD Talks Padayon” event highlighted the vital role of community support in addressing mental health challenges, fostering a renewed commitment among youth to embrace volunteerism and advocate for mental health awareness.

The event featured poems from Mga Tala at Tula (MTAT) Community from author Ron Canimo and centered on the theme “Nagmahal, Nasaktan, Nagvolunteer at Padayon!” It emphasized the profound impact of life, love, grief, and volunteerism on mental health and resilience.

Canimo captivated the audience with his poem “911” from “Sa Buwan Kita Natagpuan,” sharing how writing helped him through dark times. “Mas gusto mong gumising sa umaga na alam mong may handang umunawa sa’yo, at sa mga gabing pagod ka, gusto mo ng pangangamusta… [You prefer to wake up in the morning knowing that someone is ready to understand you, and in the evenings when you are tired, you want someone to check on you.]” he shared during his poetry reading.

Former Pinoy Big Brother housemate Sky Quizon candidly shared his journey with multiple mental health disorders,

highlighting how these challenges have shaped his resilience and gratitude for life.

I am MAD co-founder Christian Marx Rivero highlighted the organization’s growth from two volunteers to nearly 600, impacting over 4,800 students in 14 years. “Piliin maging bahagi ng solusyon, hindi ng problema [Choose to be part of the solution, not the problem],” he emphasized, showcasing the passion behind their success.

In the “Kwentong Nagmahal” segment, volunteer lead for international relations Jao Jundam remembered his best friend Bea, who passed away during the pandemic, reflecting on their deep bond.

Jake A. Villanueva, I am MAD’s content lead, opened up about his grief after losing his grandmother and mother in 2022, discussing the challenges of vulnerability and finding peace amid loss.

Kaye Chia, team lead for a MAD Camp, shared how life-saving surgery led her to discover her purpose through volunteering.

During the event, I am MAD cofounder and chief executive volunteer Maco Ravanzo announced the conclusion of the “MAD Talks Padayon” series. “With heavy hearts but smiles on our faces, we announce the end of our MAD Talks Padayon series,” he stated. Ravanzo emphasized that the true measure of success in advocacy is recognizing when a project is no longer needed because its impact has taken root and change is underway.

Seizing Opportunities: How to Maximize Dollar Assets Amid Interest Rate Cuts

MAnalysts anticipate the central bank rate cuts to continue both in the United States and the Philippines, which means interest rates from bank products, such as US dollar time deposits, could go back to pre-pandemic levels where it was only less than one percent.

Meanwhile, Bangko Sentral ng Pilipinas (BSP) has already reduced the interest rates by another 25 basis points in October, with the next expected cut in December 2024 due to the favorable global and local inflation rates. With interest rates decreasing at a steady pace, guaranteed returns are also expected to go down in parallel.

To help address this, JJ Book, New Market Development Head of Sun Life of Canada (Philippines), Inc., encourages capitalizing on financial products that can help maximize yields.

“One such product is Sun Dollar Maximizer (ProIncome),” Book says.

A limited-time offer product, Sun Dollar Maximizer (ProIncome) is a single-pay, US dollar denominated VUL plan that provides

IN the realm of sports and wellness, finding the perfect balance of style, technology, and comfort in everyday sneakers can be a game-changer. Enter Aetrex Athleisure footwear, featuring standout models like the Danika and Chase, engineered to meet the demands of both fitness enthusiasts and everyday athletes.

At the core of Aetrex Athleisure footwear lies innovative technology designed to optimize performance and support. The Danika and Chase models are equipped with Aetrex’s Signature Arch Support and UltraSky™ cushioning which provides exceptional arch support and promotes proper foot alignment. This not only enhances comfort but also helps prevent common foot issues, allowing wearers to maintain peak performance throughout the day.

insurance coverage equal to at least 125% of the Single Premium and linked to a structured investment that matures after seven years. It offers fixed annual income payouts of 3.5 percent for seven consecutive years and gives back 100 percent of the Single Premium at maturity.

“This product offers a unique combination of stable returns and security,” Book said.

“With the Sun Dollar Maximizer (ProIncome), you can enjoy potential growth of your wealth, even as interest rates decline. This, while also ensuring your loved ones’ financial well-being with the life insurance component.”

Sun Dollar Maximizer (ProIncome) can be availed of via a hassle-free application and policy approval through Sun Life’s Guaranteed Insurability Offer, subject to terms and conditions.

The product is available until November 18, 2024 only or until the total allocation has been sold out, whichever comes earlier.

To learn more about the Sun Dollar Maximizer (ProIncome), visit http://sunlife.co/ sundollarmaxpro or talk to a Sun Life Advisor today.

“We’re saying farewell to our MAD Talks Padayon not because we didn’t succeed, but because our success allows us to shift our focus to the advocacies that other volunteers need,” he added.

The “MAD Talks Padayon” series began in 2022 at RCBC Theater in Makati City and continued in 2023 at Jose Rizal University Theater in Mandaluyong City.

In its final run, I am MAD collaborated with SM Cares and the National Youth Commission to engage local youth leaders and students, empowering them to champion mental health advocacy. The initiative was also supported by CID Communication, Photo X Media Studios, Delight 37:4, PageOne Media Group, WhenInManila.com, and The New Channel.

Following the announcement, the organizing team launched the journal “Sa Ngayon, Padayon,” unveiling its cover to mark a new project dedicated to capturing the inspiring stories of I am MAD volunteers alongside inspiring poems from Mga Tala at Tula by @ roncanimoph.

Designed for reflection and action, the journal offers a space to document one’s journey and celebrate commitment to making a difference. With two limited-edition designs (Alon and Alaala), the ‘Padayon’ journal is now available for preorder at bit.ly/ PadayonJournalOrderForm. For updates, partnerships, and volunteer opportunities, visit I am MAD’s Facebook page at fb.com/ IamMakingADifference.

Whether it be a long day of walking and carrying things with family and friends or simply running errands, Danika and Chase prioritize comfort and offer versatility that suits various activities. Both shoes feature a lightweight mesh upper with stylish overlays, promoting breathability, and shock-absorbing midsoles providing agility perfect for dynamic days. For extra cushioning, the tongue and collar are padded, ideal for a comfortable all-day fit. The insole is lined with microfiber treated with Anti-Microbial technology to further your shoe game, keeping your sneakers fresh for longer.

Beyond their technical prowess, Danika and Chase boast a sleek, sporty aesthetic that seamlessly integrates into everyday wear. These sneakers are not just about functionality but also make a bold fashion statement, allowing wearers to express their athletic spirit with confidence.

For sports and wellness enthusiasts seeking the ultimate everyday sneaker, Aetrex Athleisure footwear

UNVEILING of the Padayon journal.

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Editor: Tet Andolong

Phl health and building sustainability need upgrading

ABy Rizal Raoul S. Reyes @brownindio

lthough major Philippine construction companies are making significant progress in using digital tools for project management and efficiency, the integration of technologies aimed at improving occupant health and building sustainability— such as air quality sensors, smart heating, ventilation and air conditioning (hVAC) systems, and moisture control technologies—is still evolving.

“While local firms are aware of the need for healthier buildings to address concerns like Sick Building Syndrome [SBS], the full-scale implementation of these technologies is hampered by cost and infrastructure challenges. To catch up with leading markets, increased support for tech-driven initiatives and stronger regulatory frameworks are essential,” Vitaly Berezka and Avtandil Mekudishvili, regional spokespersons of PlanRadar told the BusinessMirror in an email interview.

Moreover, they said the incidence of SBS has been reported as 57 percent in office buildings, 31 percent in university laboratories, and between 23-41 percent in university administrative buildings. SBS affects not only the health but also the productivity of people working in offices and can also lead to a devaluation of property.

In the Philippines, where resources may be constrained, they

Integrating

stressed investing in sustainable technology ensures buildings remain competitive, cost-effective, and aligned with global sustainability standards. It’s not just an option—it’s a necessity for futureproofing the industry.

Raymond Rufino, CEO of NEO, told the BusinessMirror in a LinkedIn message that it is very important for local developers to apply the latest standards and technologies to enable Philippine buildings to have higher environmental performance which is critical in the fight against climate change. , talent, technology, and even financing make transitioning building towards sustainability easier and more practical.

He urged local developers to use local certification Building Ecologically Responsive Design Excellence (BERDE) because “it is the most relevant, impactful, and economical of all the ratings.”

Rufino said NEO has been walking the talk since 1974. He recalled it was a different scenario when they started. Today, the available resources, tools and finance are available, according to Rufino. NEO helped the 50-year-old Bangko Sentral ng Pilipinas to get a 4-star rating certification.

Nano coating solution

T O combat heat and ultraviolet rays (UV), nano coating technology is the most appropriate solution to fight the scorching heat.

Aside from making buildings and homes to achieve a cooler environment, Edmund Lee, president of Trendway Builders Inc. told the BusinessMirror in a recent interview that nano coating can benefit homeowners and building owners to save electrical consumption. “Nano coating blocks the heat which results in lessening the dependence on air conditioning that results in 30 to 40 percent in savings,” Lee said.

Lee said nano coating can be ap -

comfort and sophistication, discover this ‘it address’ in Quezon City

The Signature Residences is the perfect place to call home in the heart of the vibrant city you’ve grown to love. Imagine waking up to the vibrant pulse of city life, yet finding peace in your tranquil haven. This is what The Signature Residences offer, a rare gem in the heart of Quezon City that perfectly blends urban conveniences with serene condo living. This residential address is a high-rise condominium, a location for individuals who have grown an affinity with the area and a top choice for most of the FilipinoChinese community members in northern Metro Manila. Developed by Prestige by Filinvest, a renowned brand in the Filinvest Group for upscale real estate projects, The Signature Residences invites you to experience a lifestyle of unparalleled comfort and sophistication.

A true Urban Sanctuary

Lo C aT e D in a . Bonifacio a venue, Quezon City, The Signature puts you at the center of everything providing you easy access to key establishments like malls, schools, fire stations, and churches while offering a serene oasis where you can truly unwind. Just minutes away from Banawe—a thriving hub for the Filipino-Chinese community, its proximity to the Skyway and major highways ensures ease of travel to business districts such as Makati, o rtigas, and a labang, making it an easy choice for those who value both accessibility and tranquility—overall creating an environment that feels effortlessly familiar.

“Prestige by Filinvest is committed to creating homes that resonate with a variety of lifestyles,” said e duardo S. Gonzalez, First Vice President under Prestige by Filinvest. “The Signature is a testament to this dedication, offering accessibility and an urban sanctuary for those who have grown to love the area but seek comfort and upgraded lifestyle.”

The Signature features a low-density, high-rise condominium consisting of nine units per floor. Its interior-designed,

move-in-ready units, ranging from 82 to 139 square meters, come in two- and three-bedroom configurations, where designers like Nuku Designs, Chat Fores Design, and e mpire Design crafted the units with a sophistication that blends comfort and style.

More than just a place to live Beyo ND the well-crafted interiors, unit layouts and accessibility, a true urban sanctuary like The Signature creates an environment where residents can unwind and socialize without leaving the comforts of their homes. Inside, residents can bask in a serene atmosphere while enjoying a refreshing dip at the grand resort-style pool. For those seeking an active lifestyle, the fully equipped fitness center offers a complete workout experience, encouraging residents to prioritize their health and well-being. For quieter moments, the library offers a peaceful retreat where residents can relax with a book or engage in quiet reflection, creating a perfect balance between leisure and mindfulness. The versatile function room accommodates gatherings, allowing residents to host events, from intimate family celebrations to larger community functions, reinforcing a sense of connection within the community. For parents wanting to spend time with their families, the newest addition to the condo’s amenity is the playground, ensuring that residents

plied safely as workers have only to apply it inside the building.

According to Nano Coating for Buildings | Nanocoating.com , also known as nanocoating or nanotechnology coating, nano coating for buildings offers a wide range of benefits that enhance both protection and sustainability:

n Weather Resistance: Nano coatings protect buildings from rain, snow, and UV radiation, preventing deterioration and discoloration of surfaces.

n Self-Cleaning: Some nano coatings possess self-cleaning properties, reducing maintenance costs and environmental impact.

n Energy Efficiency: Solar-reflective nano coatings can improve insulation and reduce cooling costs, contributing to sustainability.

n Improved Aesthetics: Coated buildings maintain their appearance and cleanliness, enhancing curb appeal and property value.

n Extended Lifespan: With reduced wear and tear, buildings can have a longer lifespan, reducing the need for repairs and replacements.

This reduces the cost in using the aircon, which according to Lee, is going to benefit tenants and owners a lot of savings.

Aside from De La Salle UniversityCollege of Saint Benilde, Lee said 30 to 40 percent of Trendways’ clients are institutional clients while the rest are residential and personal offices. Lee said Trendways also had projects in Rockwell in Makati and Bonifacio Global City.

Although nano coat delivers good business to the company, Lee said he is also happy to contribute in providing one of the solutions in solving climate change. He added that his clients have observed that their use of air condition units have significantly dropped when they started using nano coat technology. Furthermore, he said users can receive their return on investment after two years of savings in power consumption. Since Lee wants more people to avail of the benefits of nano coating, he keeps the price of his product 40 percent lower than the competitors. He recalled that market acceptance was slow when it was introduced in 2010. After a slow start for the first five to seven years, he said consumer attitudes have changed afterwards.

of all ages feel welcome and catered to.

This emphasis on creating spaces for both relaxation and interaction reflects The Signature’s dedication to fostering a holistic living experience that addresses the diverse needs of its residents, truly making The Signature Residences a haven of peace amidst the dynamic urban landscape of Quezon City.

Spacious lobby for you to entertain guests

Go N za L ez added, “Residents of The Signature can enjoy the complete condo living experience with the amenities right at their doorstep, a perfect place where they can enjoy city excitement right outside and find calm and relaxation inside the property.”

a t The Signature, each unit provides an exceptional opportunity to enjoy an upgraded serene lifestyle in Quezon City while offering excellent property value for those seeking both comfort and sophistication in a prime location. With its move-in-ready units, families and individuals can immediately create lasting memories, find a true sense of belonging, and experience the essence of home in a city they’ve grown to love. For more information about The Signature Residences, visit the official Facebook page at facebook.com/TheSignaturePh o fficial or email thesignature. qc@gmail.com

Wemby gets better by the day

ANTONIO—

AN

SSan Antonio

Spurs center

Victor Wembanyama

had another monstrous outing that put him in the record books among some impressive company.

Wembanyama had 34 points, 14 rebounds, six assists and three blocks as the San Antonio Spurs defeated the Sacramento Kings 116-96 on Monday night.

It was Wembanyama’s 82nd career game, giving the 7-foot-3 No. 1 pick in 2023 from France a full season of games played. And with his outstanding performance, Wembanyama joined Oscar Robertson, Kareer Abdul-Jabbar, Larry Bird, Blake Griffin and Sidney Wicks as the only players in league history with 1,700 points, 800 rebounds and 300 assists in their first 82 games. Veteran point guard Chris Paul believes the league has not yet seen the best from Wembanyama.

“I wish you guys could see the work that goes in day and day out,” Spurs veteran point guard Chris Paul said. “You know how talented he is, but his will to want to get better. His will to want to work on things. The more games we play, I think we all will get more and more familiar with each other.”

Wembanyama was named Rookie of the Year and was second to fellow countryman Rudy Gobert for Defensive Player of the Year last season. He averaged 21.4 points, 10.6 rebounds, 3.9 assists and led the

PHL bets all set for Party Open in Taiwan LPGA

FILIPINA golfers aim for a potential breakthrough at the Party Golfers Ladies Open which begins Wednesday at the Lily Golf and Country Club in Guanxi Township in Hsinchu, Taiwan.

The Ladies Philippine Golf Tour (LPGT) and Ladies Professional Golf Association of Taiwan (TLPGA) have collaborated since 2015 with the Party Golfers Open being cosanctioned in 2018.

Daniella Uy booked the best finish at fourth place in the event’s 2019 edition. But this year, a determined group of LPGT standouts are aiming for a strong showing against a competitive field that includes the best from Taiwan and Thailand.

Pauline del Rosario, who tied for sixth in last year’s tournament, enters the NT$5 million championship with renewed confidence by adjusting her swing recent swing after a season on the Epson Tour.

She’s also focused on mastering the challenging greens.

“Taiwan courses are narrow, so accuracy off the tee is crucial,” del Rosario said, “But putting will be just as important.”

Although local players hold an advantage with their familiarity with the greens, del Rosario and her fellow Filipinas bring extensive international experience.

Princess Superal, who placed 16th when the LPGT first competed in Taiwan in 2018, is also eager to end her title drought.

Del Rosario, the first Filipina to win on the TLPGA in 2017, will tee off at 7:40 a.m. at Hole 1, alongside Japan’s Yuna Arakawa and Thailand’s Chonlada Chayanun, while Uy will face a competitive grouping with Pakin Kawinpakorn and Pei-Wen Huang at 7:50 a.m. on the same hole.

Superal is also in for a challenging match at 8 a.m. against seasoned player PK Kongkraphan, a former LPGA Tour campaigner, and defending

league at 3.6 blocks in 71 games. Aside from averaging 4.0 blocks, his numbers are slightly down this season, but he is feeling better after a long summer spent helping France win Silver in the Paris Olympics. Wembanyama had 24 points, 16 rebounds and seven blocks in a 111110 loss to Utah on Saturday. He set a career-high for 3-pointers by shooting 6 for 9 against the Jazz. It was Wembanyama’s

Sports BusinessMirror

mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

third career game with 20 points, 10 rebounds, five blocks and five 3-pointers. It’s the most in league history, surpassing two such games by Boston center Kristaps Porzingis.

Wembanyama was 6 for 12 on 3-pointers against the Kings to match his career-high.

After a sluggish start that saw his 3-point shooting dip to 25 percent, Wembanyama is 14 for 27 on 3-pointers in his last three games.

champion Ling-Jie Chen. Mafy Singson, starting from the 10th hole at 7:20 a.m., will be grouped with Winnie Ng and Kanyayat Poomklay, following the trio of Mikha Fortuna, Meng-Chu Chen, and Yun-Pin Lu. Chanelle Avaricio will also launch her bid from the backside at 7:50 a.m. with Miki Yamashita and Supamas Sangvchan, while Florence Bisera will off at 7:30 a.m. on No. 1 Yu-Hsin Huang and TLPGA No. 4-ranked Li-Ning Wang. Uy, a multi-titled LPGT player, could also make a solid start in the 54-hole event, bolstered by her experience in various TLPGA and Thai tournaments. LPGT players Marvi Monsalve and Avaricio will

“I’m just taking better 3s,” Wembanyama said. “Yeah, of course it’s feeling better. I’m 20, I’m hoping for some years it’s going to keep feeling better and better. There is no reason for it to feel worse.”

VICTOR WEMBANYAMA joins elite company through 82 career National Basketball Association games. AP

Gawilan’s heir apparent starts to draw attention

By Josef Ramos

ERNIE GAWILAN cruised to a swimming gold medal but deflected attention to a youngster from Cadiz City who finished second to the three-time Paralympian on Tuesday of the National Para Games at the Rizal Memorial Sports Complex.

“This kid has the heart and the future looks very bright for him,” said Gawilan of 11-year-old Zach Lucas Obsioma. “I’m happy that young para athletes are becoming more competitive.”

Gawilan won the 100 meters freestyle (S6 and S7) with a superior time of one minute and 10.84 seconds with Obsioma touching 45 seconds later but ahead of Pasig City’s Arjay Villaveza, who clinched bronze in 2:00.75.

“I saw my young self in him, it’s very inspiring and I believe he’ll improve,” added the pride of Davao City, an eight-time national champion who’s only allowed to compete in one event in the games because he’s a member of the national team.

“Worth it and I like to become an Olympian someday,” said Obsioma who moves around on a skateboard tugging along her mom, Maribeth. Gawilan and Obsioma both have under-developed extremities.

Obsioma clinched his first silver on Monday after finishing behind Quezon City’s Christian Paulino in the 400 freestyle.  National para swimming and classification coach Bryan Ong said Obsioma, a triple gold medalist at the Palarong Pambansa in Cebu last July, is now in the radar as a potential national para athlete.

Carl Hilario, 18, meanwhile, collected three gold medals after two days of competition—100 on Monday and on Tuesday ruled the 200 freestyle (2:31.80) and 100 butterfly (1:21.31) of the men’s S14 category for intellectually impaired athletes or those with slower reaction times and difficulties.

“We just tried our luck here after joining several swimming meets in the past,” Hilario’s coach Allan Gomez said. “Luckily, Carl won three golds.”

Kenneth Namisato beat by half a point national team mainstay Cecilio Bilog in winning gold in individual rapid B1 (visually impaired) gold medal in men’s chess.

Asian and Asean Para Games gold medalist Darry Bernardo dominated the B2 class also of chess with Allan Salientes and national team member Arman Subaste completing the podium.

The week-long meet is organized by the Philippine Paralympic Committee and supported by the Philippine Sports Commission.

9 reigning champs back for Chairman’s Cup

NINE of the 15 champions from last year’s Chairman’s Charity Cup will return for a shot at back-to-back titles in the Manila Southwoods’ flagship tournament that kicks off Thursday at the Legends and Masters courses.

Several key players are seeking repeat victories, including men’s low gross champion Jun Plana, seniors’ low gross winner Marty Ilagan and category winners Claudine Garcia (Ladies I), Allan Yap (Men’s 2), Richie Santos (Men’s 3), Gerald Castillo (Men’s 4), Fred dela Cruz (Seniors 1), Oscar Lactao (Seniors 3) and Ayel Reyes (Sponsors/Guests).

The field is made up 500 golfers and competition is expected to be tough in the Ladies II and III, Seniors II and IV, Men’s 1 and Ladies Low Gross.

Basketball Association (NBA). That’s because he was able to swing a deal to make his son, Bronny Junior, become a Laker in the ongoing NBA season.

That’s a master’s act compared almost to a brush stroke by Vincent Van Gogh (30 March 1853—29 July 1890), the legendary Dutch Post-Impressionist painter who is among the most famous and influential figures in the history of Western art.

Bronny is just an average player, but because he is LeBron’s son, Bronny somehow carries a big chunk of his father’s stature who is deemed by many as almost equal to Michael Jordan as the GOAT (Greatest Of All Time).

Because he is his father’s son, Bronny enjoys the luxury of having built-in bloodlines to the core.

But if LeBron and Bronny became the first father-and-son tandem in NBA history, our very own Philippine Basketball Association (PBA) has beaten the American league to the draw when it comes to who achieved the feat first.

The three-day tournament will adopt a two-person, member-member team format with aggregate scoring.

Participants can sign up with a partner or join solo to be paired by the tournament committee if needed.

The format change is expected to bring an engaging twist to the event backed by Platinum sponsors Atlas Circuits Inc., Leads Agri/ Malveda Propertiex & Dev’t. Corp, San Miguel Corp. and Turf Company.

In keeping with tradition, players will compete in an 18-hole round under the Modified Stableford Points system, with handicaps applied. To keep the game flowing smoothly, players must pick up their ball after a net bogey, reducing delays on the course.

In 1996, the PBA produced its first ever father-and-son duo when Robert “Dudut” Jaworski Jr. joined his father, Robert, in the Barangay Ginebra squad.

Like LeBron James Sr., Robert Jaworski Sr. is also “The Living Legend” and his son, Dudut, is likewise behind insofar as talent and skills are concerned.

But with the enormity of Jaworki’s dexterity, his son, like LeBron’s Bronny, reaped the same fruits inherent in the Jaworski DNA.

As playing coach of Ginebra, Jaworski Sr. won three titles for the Gin Kings and one for Gordon’s Gin, with Dudut naturally grabbing rare honors of his own in his three-year stint in 1996-1998 as a proud Ginebra regular. Like Jaworski Sr., the Most Valuable

All’s not going well at PSC board

By Aldrin Quinto

HILIPPINE Sports Commission (PSC) Chairman Richard Bachmann cried foul over allegations of financial misconduct after a letter supposedly signed by one of his commissioners, Matthew “Fritz” Gaston, and bearing alleged irregularities at the agency was posted in social media over the weekend. Gaston’s letter addressed to President Ferdinand R. Marcos Jr. through Executive Secretary Lucas Bersamin and Undersecretary Adrian Carlos Bersamin was posted on a former PSC chairman’s Facebool account over the weekend. The posted letter didn’t bear any mark that it has been officially received by Malacanang. Bachmann took to the Philippine Sportswriters Association Forum on Tuesday to combat the allegations.

“I categorically deny any claims of misconduct or impropriety,” Bachmann read from a prepared statement during the forum at the Rizal Memorial Stadium where the PSC offices are located.

Although Bachmann said the issues could be easily solved because he has the supporting documents to counter the allegations, he said he is looking into legal remedies as his “reputation has been damaged.”

Bachmann did not indicate whom he was going after—Gaston, the social media page’s administrator, or both. Issues on unliquidated funds and other budget concerns with the PSC’s grassroots program Batang Pinoy and the Paris Paralympics were raised in Gaston’s letter. Bachmann later told sportswriters he believes Gaston is being used by some personalities with the mid-term elections just around the corner.

“The unauthorized leak of this letter and the resulting media attention have not only damaged my reputation but also created unnecessary division within the PSC,” Bachmann said.

“I am considering appropriate actions…consulting with relevant authorities and exploring legal measures.”

“The allegations made against me, particularly those concerning financial decisions and requests for reimbursements, are misleading and lack substantial evidence,” he said. “I have always conducted myself with the utmost integrity and have remained committed to transparency and the responsible management of the commission’s resources.”

Bachmann said he expects to discuss matters with Gaston soon as the PSC resumes defending its 2025 budget at the Senate.

“I’m sure we will have the chance to talk,” Bachmann said. “I welcome any fair and impartial investigation that aims to clarify these claims and promote accountability within the commission.” He added: “However, I also stress that public accusations, particularly when leaked or shared outside proper channels, have the potential to undermine the trust and unity necessary within our institution.”

Margielyn “Margie” Didal makes a triumphant return to the international skateboarding scene by ruling the Red Bull Buenos Aires Conquest women’s street contest in Buenos Aires, Argentina, last November 9. The Tokyo 2020 Olympian is coming off an ankle injury that resulted with her forgettable performance at the Hangzhou 2023 Asian Games where she failed to defend the gold medal

ERNIE GAWILAN and Zach Lucas Obsioma pose with their medals as Carl Hilario scoops three titles in the para games. NONIE REYES

CHAIRMAN Richard Bachmann doesn’t look like he’s letting this issue pass. ROY DOMINGO

UY aims to improve on her fourth-place finish in 2019.

Margielyn’s back winning!