BusinessMirror April 11, 2022

‘Close cutaudits Omicron risk’ Post borders, clearance netexposure BOC ₧534M By D. Nicolas ByBernadette Cai U. Ordinario

@BNicolasBM with their loved ones, while for-

pecially when thetocountry gradually which, she said, the economy can no at this for time government be proactive in recovers from the impact of Covid-19,” it said. eigners living in temperate regions longer afford. imposing them.

Under Customs Administrative Order No.the 01HE Bureau of Customs (BOC)usually collected a to relax in tropical want “It is better that we do protective Previous instances when 2019, PDP refers to the program authorizing the total of P534 million in additional revLOSING the country’s borders countries like the Philippines. This preventive measures than get excountry had the opportunity to imCustoms Commissioner to accept, as a potential enues through the post-clearance audits is one of the most immediate year’s influx of OFWs is expected to posed again. We have a lot to lose,” pose travel restrictions did not premitigating factor, prior disclosure by importers it conducted in the first quarter of this year. courses of action the governbe heavier since many of them were Oplas said.

“We should do it now so the spread of Covid-19.

Thatthat was of errors andvent omissions in goods declaration Bulk of the amount or P498.88 million was mentcollected must take to prevent the latunable to come home for the holidays that we can open just before Christmainly because the decision was not result in deficiency in duties and taxes on past from those importers who applied for est Covid-19 variant, Omicron, from in December 2020. mas.

If it gets contained, we can open made immediately, he said. importations. the Prior Disclosure Program (PDP) while the reaching Philippine shores, accordrecommendation is to protect it again.”

“Kung papatay patayon[If we’re This may also include disclosures royalties remaining P35.4 million was sourced“My following toing local economists. the borders.

Ateneo Center for Economic slow] and wesubsequent, get caught resale, flat-footandReother proceeds of any disthe issuance of 59 Audit Notice Letters, Do not allow people with posal, or use of the imported goods that accrues thenew BOCvar said in aisstatement T he iant a threat, on Sunday. a history of travel”The to countries with search and Development (ACERD) ed, [that’s risky] We were too reBOC …. shall remain consistent in its mandate of directly or indirectly to the seller. ofhthis, BOC said to cole s p e c i aOn l l ytop w it t hethehol id ay s it expects positive cases to enter,” Oplas said.

Associate Director Ser Percival active instead of proactive before. revenue collection through post-clearance audit where Last year,We theshould BOC collected P645.77 lect up P12.932 billionforeigners from the enforcement of 54be more restrictive. [We coming and more “We should K. Peña-Reyes said closing the learn from that,”billion, Peñaadditional revenues are generated, especially at this time exceeding itsReyes P616.75-billion target by 4.7 percent. letters from itsto post-clearance audits beingdemand a llowed to travel the have to be]inmore protective in terms country’s borders would be effecsaid.

“It’s a delicate balancing when the country gradually recovers from the impact of Of the amount, P1.5 billion in additional revthe last three years from 2019 to 2021ofwhich have De La Sa lle Univerour measures.” but should still adhere to the act. We need to push testing and SUMMER COLORS Bursting with colors starting April, SM Supermalls is giving its shoppers Philippines, Covid-19.”—Bureau of Customstive Statement enues was raised from its post-clearance audits become final and executory for audited importers’ sit y economist Mar ia Ella Oplas Oplas said that while this will be standards set by the World Health tracing to be properly informed of all ages a spectrum of hope, happiness, and fun with delightful and safe activities that during the period. failure to contest.

C. Maronilla, shall remain consistent in its mantold BusinessMirror. a setback to some industries, this Organization (WHO). of our Blanket/shotgun everyone in the family can look forward to. It’s inviting everyone to make it a wonderful For this year, thedecisions. bureau is hoping to hit its full“The BOC under the leadership of Commisdate of revenuethat collection through post-clearance The holidays usually bring in is a fair measure considering What is needed, Peña-Reyes told approaches could have billion, dire conseyear revenue collection goal of P679 over and colorful summer to remember at all SM Supermalls Nationwide! And note the hashtag sioner Rey Leonardo B. Guerrero and the PCAG audit where additional revenues are generated, esOverseas Filipino Workers (OFWs) this could help prevent placing the this newspaper, is for travel restricquences on the economy.”

10 percent higher than its last year’s target. headed by Assistant Commissioner Vincent Philip #AweSMBurstOfSummer. CONTRIBUTED PHOTO who are eager to spend Christmas country in another strict lockdown, tions to be put in place swiftly and See “Omicron,” A2

T C

w w

@caiordinario

n Monday, April 11, 185 Monday, November 29,2022 2021Vol.Vol.1717No.No.52

P25.00 P25.00 nationwide nationwide || 22 sections sections 18 20 pages pages ||

FIRB FLAGS LOW TAKE-UP NATL GOVT BORROWINGS FOR 10 MOS DIP TOCREATE P2.75T ON FISCAL PERKS, n

By Bernadette Bernadette D. D. Nicolas Nicolas By

T

Omicron risk Fewer bank spurs revival branches of quarantine rules in PHL were built in ’21–BSP

@BNicolasBM @BNicolasBM

HE HE national Cabinetgovernment’s level Fiscal gross Incentives borrowings as of Review Board end-October shrank (FIRB) has flagged by almost 6 percent the “low utilization year-on-year to rate” of its online P2.75 trillion. registration and incentives Latest data from the Bureau of the application portal Treasury showed that the government’s gross borrowings during the for investors or 10-month period fell by 5.99 percent from P2.92 trillion a as year ago. enterprises, With only two months left for well asthelimited this year, latest figure is already equivalent to 89.6 percent awareness on theof its P3.07-trillion borrowing program.

Corporate Recovery Broken down, gross domestic borrowings from January to October and Tax Incentives settled at P2.23 trillion, down by for Enterprises 5.08 percent from P2.35 trillion in 2020.

(CREATE) law The bulk of the amount was sourced fromstakeholders.

Fixed Rate Treasury among Bonds (P1.19 trillion), followed by short-term borrowings from Bangko Sentral ng Pilipinas BSP45 (P540 As of February 14,oronly acbillion),were Retailcreated TreasuryinBonds/Precounts its Fiscal myo BondsRegistration (P463.3 billion), Retail Incentives and MoniOnshore Dollar Bonds (P80.84 biltoring System (FIRMS), according lion).

In the same period, there was to Finance Assistant Secretary also FIRB a net redemption Treasury and Secretariat of Head Juvy Bills amounting to P43.94 billion.

Danofrata.

Net debt pointed redemption means Danofrata out that the there more debts repaid use ofwere the system is crucial forcomthe paredSecretariat to the amount borrowed FIRB to monitor thedurtax ing the period. application incentives of investMeanwhile, gross foreign(IPAs) borment promotion agencies rowings in the same period also with investment amounts of below contracted by 9.7 percent to P518.7 P1 billion. billion from lastthe year’s P574.4 billion.

To address low utilization This was raised through global rate of FIRMS, Danofrata vowed bondsthe (P146.17 billion), program that FIRB will continue to loans (P139.98 encourage its usebillion), among euro-dethe pronominated bonds (P121.97 billion), spective and existing business ena project loan (P86.41 billion), and terprises in investment promotion yen-denominated agencies (IPAs). samurai bonds (P24.19 billion).

See “FIRB,” A2 See “Borrowings,” A2

By Samuel P. Medenilla @sam_medenilla

I A

PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass.

The country will celebrate the 158th birth anniversary of Filipino revolutionary CATHOLICS gather at the Our Lady of Light Parish30. in Cainta, Rizal, to mark Palm Sunday, the start of the Holy Week. After two years of lockdowns and Covid-induced distancing and mobility restrictions, ROY DOMINGO hero Gat Andres Bonifacio on Tuesday, November the faithful were able to observe the traditional rites of Palm Sunday, with palm frond-waving crowds gathering outside churches and the clergy and community members reciting aloud the narratives on Jesus Christ’ passion and death. BERNARD TESTA

OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND TOURISTS FROM ABROAD EXCEED ARRIVALS IN 2021

By Jasper Emmanuel Y. Arcalas @jearcalas

By Ma. Stella F. Arnaldo

M T

ORE than 3 million @akosistellaBM coconut farmers and Special to the BusinessMirror

workers are now registered with the government’s regRAVELERS from the Unitistry, ed which serves as the basis States continued to for the number of people to of be lead the total number covered by the utilization of the foreign tourists arriving in the P75-billion coconut levy fund.

Philippines.

Philippine Coconut Authority Data from the Department of (PCA) Deputy Administrator Roel Tourism (DOT) showed visitor M. Rosales 3.11reached million arrivals in said the about country coconut farmers and farm 215,831, already exceedingworkthe ers haveofbeen with the number totalregistered inbound travelers government since it started up-

dating its registry following the enactment of the Coconut Farmers and164,000 IndustryinTrust Fund law. of some full-year 2021.

Rosales about Of total explained inbound that travelers 500,000 coconut from February 10 tofarmers April 9, and baworkers were added to the PCA’s likbayans (homecoming Filipinos) 2018 list that about million accounted forhad some 412.5percent coconut farmers and farm workers. at 87,509, while foreign tourists The PCA’s nextThe step is to conreached 128,322. head count duct an exclusion-inclusion was based on data generatedproby cedure making the the Oneby Health Pass, anupdated online farmers’ created registrybypublic, providplatform government, ing everyone the opportunity to where international travelers regcheck the veracity of the list, Roister themselves to ensure their sales added. seamless arrival into the country.

“The will be postedtourists, in public Of thelist total foreign spaces where people can easily see

them. This allows everyone to see who are listed in the registry and if farmer doesn’t see his then he arrivals from the USname accounted shall with the PCA imfor 36coordinate percent or 46,558.

They mediately,” he explained at a recent were followed by tourists from dialogueatwith coconut Canada 10,368 (0.08farmers. percent); “On the other hand,atif 9,840 people the United Kingdom would see names on the list and (7.7 percent); Australia at 9,285 they think they are not coconut (7.23 percent); and South Korea or their details are incoratfarmers 9,066 (7.1 percent). rect, they can report it to the PCA In a news statement, Tourfor immediate he added. ism Secretary action,” Bernadette RoThe PCA expressed official noted that mulo Puyat satisfacthe completion of the initial tion over the increasing number list of of coconut farmers registry would tourists from abroad—a welcome be just in time for the development following theexpected reopenrollout of coconut levy-funded

programs as President Duterte is expected to sign the industry development plan inborders early 2022. ing of the Philippines’s and Rosales the restrictions.

PCA will not relaxation of said its travel stop updating itsinflux list ofofcoconut “The sustained tourfarmers and enjoined regists in the Philippinesthem is a to good ister in order to reap the benefits measure of the industry’s success the decades-long idled coconut inofits preparations to welcome forlevy fund.

“We will not at 3.1 eign tourists in the new stop normal,” million.

We high hopevaccination that more rate indishe said. “The viduals will register in our coconut among our tourism workers and farmers registry,” he around said. the the low Covid-19 cases The have updating of restore the coconut country helped the farmers registry is mandated confidence of tourists overseas toby Republic Act (RA) 11524 or the visit the Philippines,” she added.

Coconut Industry Trust Fund Act. See “Tourists,” A2 See “3-M farmers,” A2

NTER NATIONA L concerns

By Bianca Cuaresma over the@BcuaresmaBM possible spread of the more infectious Omicron Covid-19 MID variant prompted the disgovthe pandemic ernment to reimpose mandatory ruption and the increasfacility-based quarantine for all ing popularity of digital arriving passengers the country. banking and onlineinpayments in Presidential spokespertheActing last two years, local banks son Karlo B. down Nograles announced have scaled their physical on Sunday that the Inter-Agency network expansion in 2021, data Task the Force for the Management from Bangko Sentral ng Piliof Emerging Infectious Diseases pinas (BSP) showed.

(IATF) suspended implemenThe entire localthe banking systation of its Resolution No. bank 150tem added a net of 110 A (s.2021),in effectively imposing branches 2021, bringing the stricter protocolsphysical for all banking inbound total nationwide travelers.to 13,154 bank branches network To note, IATF This Resolution 150during the year. increase is A had allowed fully vaccinated lower compared to the 174 bank non-visa travelers branches added tofrom theGreen total List naareas to enter the country tionwide physical bankingwithnetout the need for facility-based work in 2020. quarantine as long as they secure Expansion of bank branches negative Reverse Transcriptionhas sharply decreased during Polymerase Chain the pandemic yearsReaction of 2020 (RTand PCR) test within 72 prior 2021. Before Covid-19hours hit, banks to their departure. were adding around 500 to 600 “Except for per countries classified new branches year. In particas ‘Red,’ the testing and quarantine ular, the banks added 506 bank protocols for inbound branches to all the total internanationtionalphysical travelers in all portsnetwork of entry wide banking shall comply the testing in 2019; 571 with in 2018 and 615and in quarantine protocols for ‘Yellow’ 2017. listBroken countries,” Nograles said, citing down, for 2021, the the provision of IATF Resolution universal and commercial bankNo. group 151-A.only added 9 branches ing He noted the Hong Kong, which has throughout year, thrift banks confirmed a case of the Omicron added 53 branches, while the ruvariant, will also fallbanking under the Yelral and cooperative group low list48countries. added branches.

Thebanks suspension of the rules for Big continue to dominate “Green List” countries will be in nationwide, with a total of 7,038 effect from November 28, 2021 to branches by the end-2021.

December 15, 2021.

See “Fewer bank,” A2 Continued on A2

PESOEXCHANGE EXCHANGERATES RATESnnUSUS50.4600 51.3850nnJAPAN JAPAN0.4374 0.4146nnUKUK67.2329 67.1962nnHKHK6.4722 6.5561nnCHINA CHINA7.9013 8.0785nnSINGAPORE SINGAPORE36.8968 37.7553 nnAUSTRALIA AUSTRALIA36.2807 38.4360 nnEU EU56.5758 55.9120 nnSAUDI SAUDIARABIA ARABIA13.4531 13.7005Source: Source: (April 8, 2022) PESO BSPBSP (November 26, 2021)

News

BusinessMirror

A2 Monday, April 11, 2022

Global panel cites ways to fill Covid-tied PHL learning gaps

A

By Rory Visco

S the Philippines starts opening more schools, a global advisory panel on education made suggestions on how to address learning gaps due to the long school closures caused by the pandemic.

Dr. Kwame Akyeampong, cochair of the Global Education Evidence Advisory Panel (GEEAP), in a presentation at the Philippine Business for Education (PBEd) and Management Association of the Philippines (MAP) joint membership meeting on “The Education Imperative,” said the group believes that the problem warrants a concerted effort to address it, otherwise there will be huge implications for the future of education in the Philippines and in many nations.

Prior to the pandemic, Akyeampong noted that education in the world was already in crisis. When the pandemic happened, the long school closings in many countries made things worse, he said, while citing the Philippines as one of the Top 10 countries worldwide with the longest academic break due to Covid-19.

The GEEAP recommends the

implementation of immediate policy actions such as keeping schools open while reducing Covid-19 transmission in schools. He said key strategies should include provision of masks, improved ventilation and prioritizing teacher vaccination. He also suggested adjustments in the instruction mode and more support for teachers in terms of structured pedagogy programs proven to improve learning and guidance, and consider hiring additional instructors.

“Learning losses were enormous so there’s a need to assess learning to target instruction to a child’s level. Teachers themselves also suffered from this pandemic. They’re coming in with a lot of challenges,” he added.

Dr. Akyeampong said there is also the need to learn from the lessons during the disruption such as to encourage more parental engagement, which can help increase

children’s learning and leverage the use of existing technology.

He said emerging evidence provides a picture of how the pandemic is affecting children, including vulnerable and disadvantaged groups. “The long-term impact of the Covid-19 crisis on education will take many more years to fully understand, but evidence from past school closures suggests the impact will be large and long lasting.”

The private sector, he said, can help a lot like support for the education system on how to make this adjusted system of learning work, support as well for parents on how they can engage in the learning process, and support the education system to use technology more effectively.

Ramon del Rosario, Jr., PBEd Chairman, stressed that though there may have been lags in education and learning, particularly during the pandemic, signs point to a good future. “The education delivery and employment numbers are encouraging signs for what’s ahead.”

He added that as people move forward to a more relaxed and open environment, the business community should resolve, one more time, to “put education at the heart of the conversation, and to ensure that we will work together to make quality education inclusive and equitable for everyone.”

He said that this is everyone’s imperative and people cannot rest

easy because this recovery is precarious, and there is only a month left before Filipinos will elect leaders who will make education a priority. He stressed that there is no better time than now to propose crucial educational reforms as a new administration is slated to take office within this year.

“Our young people need us. I invite you to participate in the pursuit of a better education system. The responsibility of our people’s development and prosperity does not only lie in the government but also with us, the business community.

Let us act as if we love the children of our nation above all else,” del Rosario added.

No Covid recombinants detected yet –Vergeire

H

EALTH Undersecretary Maria Rosario Vergeire said that no XE, XD and XF recombinants of Covid-19 have been detected yet in the country.

“The latest sequencing result was last March [wherein we can say that our] Omicron variant is almost 80 percent of the samples [detected in the latest genome sequencing ] run,” Vergeire said in an online media forum.

Vergeire added that two Delta variant cases were detected in Regions 2 and 6.

“Aside from that, we have not seen any variant or sublineages of this Omicron variant,” Vergeire said, speaking partly in Filipino.

The University of the Philippines (UP), through its Philippine Genome Center (PGC) in UP Visayas and in UP Mindanao, has been doing its own run of genome sequencing of SARS-CoV-2 from community samples in both island groups, the official added.

The fully-equipped satellite facilities, made possible through the joint efforts of UP, three Departments—of Science and Technology, Health and of Budget and Management—have begun genome sequencing services of nasopharyngeal or oropharyngeal swab samples from DOH-licensed Covid-19 testing laboratories. Claudeth Mocon-Ciriaco

Fewer bank...

Continued from A1

This is followed by the rural and cooperative banking group with 3,378 branches while thrift banks had 2,738 branches at the end of last year.

Bank branches comprise less than half of the BSP’s supervised financial institutions, as pawnshop branches continue to dominate the local financial scene with 15,388 branches at the end of 2021.

In his latest speech, BSP Governor Benjamin Diokno reported that their current assessment shows that the Philippine banking system is “sound and stable” amid the stressors of the pandemic.

“Indicators show the continued growth of assets, deposits, and capital, as well as net profit and liquidity buffers,” Diokno said.

“Banks have ample loan-loss reserves and a manageable loan quality. These allow the banking system to support the economy,” he added.

Bank credit also grew seven consecutive months from August 2021, reaching 8.8 percent last February, after contracting during the pandemic.

www.businessmirror.com.ph

FIRB...

Continued from A1

Since the launch of FIRMS, instructional videos have also been uploaded on the FIRB website to guide both the IPAs and registered business enterprises in accessing and operating the features of the online system for incentives applications.

Under Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, the FIRB is tasked to review and approve fiscal incentives for projects with a total investment capital of more than P1 billion while those amounting to P1 billion and below are delegated to IPAs.

Little awareness of CREATE

APART from the low utilization rate of FIRMS, Danofrata also reported that among the challenges faced by IPAs is limited awareness of CREATE provisions, particularly on the grant of fiscal incentives and the details of the Strategic Investment Priority Plan (SIPP).

Nonetheless, Danofrata said they have been holding town hall meetings and consultations with various IPAs and publishing enewsletters about the CREATE Law’s provisions to fill this gap.

Finance Secretary Carlos G. Dominguez III, who heads the FIRB, ordered Danofrata to also hold a seminar with the heads of various IPAs to provide them the information they need on CREATE law. Dominguez chairs the reconstituted FIRB with Trade Secretary Ramon Lopez as cochairman.

After the CREATE law took effect on April 12 last year, the FIRB approved in 2021 the grant of tax incentives to five big-ticket projects with a combined investment capital of P119.5 billion,

Tourists...

of which four are located outside Metro Manila.

These five were among the nine applications submitted by the Board of Investments for Approval.

Of the remaining four, one project was disapproved while three more are set to be decided by the Board as of end of 2021.

In March this year, the Department of Finance reported that the FIRB approved the tax incentives for Trans-Asia Shipping Lines Inc., a company owned by Davao-based businessman Dennis Uy’s Chelsea Logistics Corp.

“Our efforts to enhance the country’s fiscal incentives system lead to attracting large amounts of investments from foreign investors, which in turn, will generate more employment opportunities and promote economic stability,” Danofrata said.

The rail operations of the proposed Makati City Subway was the only project located in Metro Manila that was approved for tax incentives.

The rest are located in Iloilo, Davao, Batangas, and Pampanga, which involve cement manufacturing activities and the construction of mass housing units.

Meanwhile, Danofrata also reported to Dominguez that they also approved last year P4.28 billion in tax subsidies for seven government agencies and state-run corporations.

Among those that received the tax subsidies were the University of the Philippines-Baguio, Philippine Deposit Insurance Corp., Armed Forces of the Philippines Commissary and Exchange Service, Small Business Corp., Government Service Insurance Corp; Department of Interior and Local Government, and the Intercontinental Broadcasting Corp. (IBC-13).

Continued from A1

The Philippines has the easiest entry protocols in Asia, allowing fully vaccinated inbound travelers to submit a negative result from an antigen test administered and certified by a healthcare professional in a healthcare facility, laboratory, clinic, pharmacy, or other similar establishment, and taken within 24 hours of prior to departure of their port of origin.

Government has also removed quarantine procedures for fully vaccinated travelers. Even unvaccinated children need not quarantine as long as their parents are fully vaccinated.

Inbound travelers need only to present their Covid-19 vaccination certificates or state vaccination cards. At present, government has recognized the vaccination certificates of over 70 countries, the latest being Bangladesh, Mexico, Pakistan, and the Republic of Slovakia.

“This continued growth in tourist arrivals shall aid our stakeholders, as well as the economy, in re-

covering from the downturn caused by the pandemic lockdowns,” said Romulo Puyat. Close to 80 percent of the 5.7 million directly employed in the tourism sector were affected by the pandemic lockdowns.

The DOT chief recently travelled to Japan and South Korea to promote the Philippines’ relaxed entry procedures in a bid to woo their citizens to visit their favorite destinations in the country. Just this month, both countries removed their quarantine requirements for returning citizens, which had earlier been an obstacle to their travels abroad.

Prior to the pandemic, in 2019, the Philippines received 8.26 million foreign tourists, of which South Koreans topped the list of source markets at almost 2 million; followed by mainland China at 1.74 million; the US at 1.06 million; Japan at 682,788; and Taiwan at 327,273.

In 2021, visitor arrivals slumped by 89 percent to 163,879 from 1.48 million in 2020.

Minority chief...

Continued from A10

Covid-19 pandemic.”

At the same time, the minority leader clarified that the A mended Public Ser v ice Act, which was enacted in 1936, provides a clearer definition of public utilities, pointing out how the interchangeable use of “public utility” and “public service” has effectively barred foreign entry into the market.

He noted that R A 11595 lowers the paid-up capital requirement in retail trade to P25 million from its previous limit of $2.5 million or roughly P125 million, adding that the law also relaxes restrictions in foreign investments by removing investment categories and setting acrosst he -boa rd m i n i mu m pa id-up

capital investment equivalent to P25 million.

Drilon expects the amendments to the Foreign Investment Act to encourage more foreign investment after loosening the restrictions on foreign entrants, banking on economic managers saying that “passage of these game changing reforms reflect our shared commitment to fasttracking our recovery from the Covid-19 pandemic and solidifying our economic growth prospects.”

The economic managers also assured senators that “these amendments will bring dynamism to our progressing economy by reeling the constraints that have long hindered the flow of foreign capital into the country.”

The Nation BusinessMirror

www.businessmirror.com.ph

‘Hasty lifting of deployment ban on Beirut could put OFWs at risk’

By Samuel P. Medenilla @sam_medenilla

A

L A BOR official warned against the immediate lifting of the deployment suspension in Lebanon, saying it could expose overseas Filipino workers (OFW) to the ongoing “economic turmoil” in that country.

Philippine Overseas Labor Office (POLO) in Lebanon Labor Attaché Alejandro A. Padaen noted that Lebanon is currently dealing with an economic crisis, which forced many of the companies there to shut down their operations.

“Considering the economic aspect, it may not be the right time yet to deploy new hires in Lebanon," Padaen said in a statement issued by the Department of Labor and Employment (DOLE) on Sunday.

“It will be better if we assess first and study the situation before we start deploying again,” he added.

Since Lebanon was hit by an economic crisis in 2019, the Department of Foreign Affairs (DFA) raised the Alert Level in Lebanon from 1 (Precautionary Phase) to 2 (Restriction Phase).

This prompted the Philippine Overseas Employment Administration (POEA) to suspend the processing and deployment of newly-hired workers bound for Lebanon, including crew changes, embarkation, disembarkation, and shore leaves for seafarers.

“The Balik-Manggagawa (returning OFWs) that we process are those who have relatives here and have come through informal channels,” Padaen said.

‘Expect more lawmakers, LGU chiefs to abandon sinking ships’

By Jovee Marie N. Dela Cruz @joveemarie

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ITH less than 30 days left before the May 9 elections, more members of Congress and local executives are expected “to flee and jump off their sinking ships.”

In a statement, Anakalusugan Rep. Michael T. Defensor said they expect politicians who are still supporting other presidential and vicepresidential candidates to swing their political support in favor of presidential candidate Ferdinand Marcos Jr. and his running mate Sara Duterte.

Lawmakers and local officials who publicly expressed support to the Marcos-Duterte tandem include Bukidnon Gov. Jose Maria Zubiri Jr., Ormoc Rep. Lucy Torres Gomez, Ormoc Mayor Richard Gomez, Leyte Gov. Leopoldo Dominico Petilla and former energy secretary and gubernatorial candidate Jericho Petilla, Southern Leyte Gov. Damian Mercado and Vice Gov. Christopher Yap, Samar Rep. Sharee Ann Tan, Biliran Gov. Roger Espina and former President Gloria Macapagal-Arroyo.

“Every politician wants to be in the good graces of the next president.

Nobody really wants to stick out like a sore thumb as the governor of a province, or the mayor of a city, or the representative of a district where the next president lost,” said Defen-

PHL, Japan eye military exercises a la Balikatan, citing sea tensions

By Malou Talosig-Bartolome @maloutalosig

Pending SEC

PADAEN also recommended that the government maintain the deployment ban for Filipino household service workers (HSW) in Lebanon until the Philippine and Lebanese government could agree on a Standard Employment Contract (SEC) for the said workers.

Without the SEC, Filipino HSWs are vulnerable to possible abuse from their employers in Lebanon.

The lack of an SEC prompted the government to suspend the deployment of Filipino HSWs to Lebanon in 2007. Negotiations between labor officials and their Lebanese counterparts for the SEC has been suspended since 2012.

Padaen made both recommendations after Department of Migrant Workers (DMW) Secretary Abdullah D. Mama-O was reported to be considering lifting the deployment suspension for newly hired skilled HSWs in the Kingdom of Saudi Arabia (KSA), Libya, Iraq and Lebanon.

As of June 2021, there were 17,000 to 19,000 Filipinos in Lebanon, but Padaen said this may have decreased due to the ongoing repatriation efforts of the government in the said country.

sor. Defensor is the Marcos-Duterte tandem’s mayoral candidate for Quezon City, the country’s largest city by population and registered voters.

Earlier, the Nacionalista Party (NP) and the PDP-Laban’s Alfonso Cusi’s wing also formally endorsed the candidacies of Marcos and Duterte.

Based on the latest surveys, Defensor described as “unbeatable” the Marcos-Duterte tandem’s “commanding lead” in the races for president and vice president.

“We would not be surprised if Bongbong is now receiving phone calls from members of Congress, governors, and mayors conveying their assurances that they are absolutely committed to supporting him as the next president,” Defensor said.

In the March 17-21 Pulse Asia survey, Marcos is favored by 56 percent of the voters, whereas Robredo is favored by 24 percent.

In a separate March 17-22 poll by Laylo Research Strategies, Marcos is preferred by 61 percent of the voters, whereas Robredo is preferred by 19 percent.

In the vice presidential contest, Duterte is favored by 56 percent of the voters, whereas Robredo’s vicepresidential running mate, Sen. Francis Pangilinan, is favored by 15 percent, according to the Pulse Asia poll.

In the Laylo survey, Duterte is preferred by 60 percent of the voters as the next vice president.

& Rene Acosta

@reneacostaBM

M

ANILA and Tokyo are eyeing the holding of largescale joint military exercises between the Philippine and Japanese armed forces similar to PH-US Balikatan in a bid to improve bilateral defense cooperation as they both expressed “serious concern” on the increasing tension in the South China and East China seas.

The prospect of a joint military training involving the Armed Forces of the Philippines and Japan SelfDefense Forces were among the issues discussed and agreed upon during the inaugural Japan-Philippines Foreign and Defense Ministerial Meeting (“2+2”) held in Tokyo on Saturday. Defense Secretary Delfin Lorenzana and Foreign Affairs Secretary Teodoro L. Locsin Jr. had flown in to Tokto to meet with their Japanese counterparts, Hayashi Yoshimasa and Kishi Nobuo, respectively, on Saturday.

The dialogue came a day after President Duterte and Chinese President Xi Jinping spoke during a teleconference.

During the 2+2 dialogue in Tokyo, the Philippine and Japanese foreign and defense ministers “expressed serious concern” about the East and South China Sea. Without directly referring to China, the four ministers said they “strongly opposed actions that may increase tensions.”

Both Japan and China have a common security threat with the growing Chinese maritime presence. The Philippines has a long-running territorial dispute with China in the South China Sea, while Japan and China have overlapping claims in Senkaku/Diaoyu Islands in the East China Sea. “The Ministers concurred to start considering ways to further enhance and facilitate cooperation such as exercises between Japan Self-Defense Forces and the Armed Forces of the Philippines, including frameworks to facilitate their reciprocal visits as well as reciprocal provision of supplies and services in the field of

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violence, pursuant to Arizona laws.

On the other hand, the 59-yearold Lee was arrested on the strength of a warrant of deportation issued by the BI, which received information about his crimes from South Korean authorities in Manila.

Lee is subject of an Interpol red notice and an arrest warrant issued by the Seoul central district court in July 2015.

Heisfoundtohaveoverstayedinthe country to evade prosecution for swindling a compatriot of some 300 million Korean won in November 2009.

Lee allegedly enticed the suspect to lend him the money on the prom-

FROM left, Defense Secretary Delfin Lorenzana and Foreign Affairs Secretary Teodoro L. Locsin Jr. pose with their Japanese counterparts, Japan’s Foreign Minister Hayashi Yoshimasa and Defense Minister Kishi Nobuo, after the historic 2+2 Meeting in Tokyo at the weekend. PHOTO COURTESY OF JAPAN FOREIGN MINISTRY

logistical support,” the two sides said in a statement.

Aside from military exercises, both sides have agreed to reciprocal port calls and ship visits, transfer of more defense equipment and technology, and continuous cooperation on previously-transferred defense equipment.

Port calls and visits into the Philippines by Japanese navy vessels have increased during the past years as Tokyo also actively supports Manila’s effort to strengthen its maritime domain awareness capability, including its past donation of six maritime patrol planes to the Philippine military.

Japan has also attended previous iterations of the yearly PhilippinesUS Balikatan military exercise as an observer, along with Australia and Asean militaries.

During the 2 + 2 meeting, both countries also supported efforts to increase and improve their own

defense capabilities and further strengthen overall defense relations through “defense capacity and capability building.”

Th statements said: “The Ministers underscored the importance of peace and stability in the region and the security of its seas. The Ministers reaffirmed their common commitment to freedom of navigation and overflight in the East and South China Seas, and a rules-based approach in resolving competing claims in maritime areas within the framework of international law, in particular Unclos.”

Japan concurred with the Philippines’ long standing objections to unlawful maritime claims, militarization, coercive activities and threat or use of force in the South China Sea. The Japanese officials also expressed their support for the UN arbitral award on the South China Sea as their Filipino counterparts emphasized that the arbitral award

on the South China Sea is “final and legally binding.”

The statement said both Japan and the Philippines called for the early conclusion of a Code of Conduct in the South China Sea “consistent with UNCLOS and not prejudicial to the legitimate rights of all stakeholders in the South China Sea.” Likewise, both sides underscored the importance of each country’s respective treaty alliance with the United States and that of enhancing cooperation with regional partner countries.

Last year, the Philippines signed a contract to buy fixed, long-range air surveillance radars and a mobile air radar from Japan. Lorenzana and Minister Kishi noted that the transfer process for this radar system is “steady proceeding.”

The Philippines also procured its largest multi-response vessels from Japan, which are now being used by the Philippine Coast Guard in patrolling the West Philippine Sea.

DOTr resumes service contracting to help stakeholders, commuters

By Lorenz S. Marasigan @lorenzmarasigan

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HE Department of Transportation (DOTr) announced on Sunday that the Service Contracting Program (SCP) will resume today, Monday, providing transport stakeholders guaranteed revenues, while enabling certain segments of the commuters to ride public transportation for free.

In an advisory, the department said the SCP is being implemented through the P7-billion allocation under the general appropriations for 2022.

The program, now on its third

BI agents nab American, South Korean fugitives WO fugitives, an American and a South Korean, were arrested by Bureau of Immigration (BI) agents in separate operations conducted last Friday.

In a report submitted to Immigration Commissioner Jaime Morente, the BI’s fugitive search unit (FSU) identified the fugitives as Khalil Kamal Hattar, 56, American and Lee Jung Hun, 59, Korean, who were both arrested in the city of Manila.

Hattar, 56, was arrested by virtue of an arrest warrant issued by the Superior Court of the State of Arizona in 2015 for violation of probation on the charge of child abuse per domestic

Editor: Vittorio V. Vitug • Monday, April 11, 2022 A3

ise that it will be repaid by transferring to him ownership of real property units owned by the suspect.

However, Lee reportedly failed to fulfill his promise to settle his debt despite repeated demands.

The two fugitives were brought to the BI warden facility at the Camp Bagong Diwa where they will be detained pending their deportation proceedings.

They are also facing immigration charges for undesirability and for being undocumented.

Their passports were also revoked by their respective governments.

Joel R. San Juan

phase, will be implemented with the help of the Land Transportation Franchising and Regulatory Board (LTFRB), the Department of the Interior and Local Government (DILG), Department of Labor and Employment (DOLE), Land Transportation Office (LTO), Cooperative Development Authority (CDA), Securities and Exchange Commission (SEC), Union of Local Authorities of the Philippines (ULAP), Office of Transportation Cooperatives (OTC), and the Inter-Agency Council for Traffic (I-ACT).

“The program aims to help operators, drivers, and commuters that have been affected by the ongoing

pandemic and the increase in fuel prices,” the advisory read.

Under the program, operators may choose between two contracts: Gross Contract or Net Contract.

Operators of public utility buses, tourist buses, and mini buses that will participate in the Gross Contract will be paid P84 per kilometer, a slight increase from the previous P82.50 per kilometer pay. Public unity jeepneys and UV Express operators, meanwhile, will get P54 per kilometer run, an increase from the previous P52.50 per kilometer.

For those who will choose the Net Contract, the government will provide a payout of P45.50 per kilometer

for buses, while P28 per kilometer for jeepneys and UV Express. Participants of this scheme are allowed to charge their passengers on top of the government payout.

Along with the SCP, the DOTr will also roll out its Libreng Sakay Program for Healthcare Workers (HCW) and Authorized Persons Outside of Residence (APORs).

“Through 510 public utility buses, the Free Ride Program for the Edsa Busway will be rolled out on Monday,” the advisory read.

The DOTr noted that the agency is also planning to open more routes for the nationwide deployment of the Free Ride Program.

Fare-free MMDA buses in Commonwealth area

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O address commuter woes due to lack of public utility buses in the area, the Metropolitan Manila Development Authority (MMDA) is deploying free bus rides along CommonwealthLitex in Quezon City starting last Friday (April 8).

“We received reports that passengers are waiting for buses along the road itself. We will deploy our Libreng Sakay buses as long as it is needed to help the public on their daily commute,” MMDA Chairman Romando Artes said.

Artes said that the MMDA will deploy six buses and two military trucks to accommodate stranded

passengers every morning, from 5 a.m. to 8 a.m. The buses would ferry the commuters to Welcome Rotonda.

While free rides are temporary, Artes said that the MMDA will sit down with concerned agencies and authorities to provide a long-term solution to ease the burden of the passengers.

“We are looking for a long-term solution and will coordinate with city bus operators and Land Transportation Franchising and Regulatory Board and Department of Transportation for a long-term solution to increase the number of public utility buses (PUBs) plying Commonwealth Avenue,” he added.

Artes also stressed that the lack of PUBs must be addressed before June in anticipation of the possible resumption of face-to-face classes.

For her part, Mercy Sta. Maria, President of the United Mega Manila Bus Consortium, vowed to help the MMDA and committed to augment the deployment of buses.

Meanwhile, Artes appealed to commuters to exercise orderliness and discipline so that traffic flow will not be hampered.

“By providing them additional public transportation, we can keep them off the road to lessen impact on traffic and keep them safe, as well,” the MMDA chief said. ClaudethMocon-Ciriaco

A4 Monday, April 11, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

PHL soybean meal imports seen up 3% YoY to 2.725MMT

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE country’s soybean meal imports in market year 20222023 could increase by 3 percent year-on-year to 2.725 million metric tons (MMT) due to stronger hog and poultry feed demand, an international agency said.

The United States Department of Agriculture Foreign Agricultural Service in Manila (USDA FAS Manila) projected that the Philippines’s soybean meal imports would expand by 80,000 MT from 2.645 MMT recorded in market year 2021-2022.

“Imports for MY 2020/21 were adjusted upward to 2.73 million MT with full year trade data, which incorporates Argentina port data,” the USDA-FAS Manila said in its recent Global Agricultural Information Network (Gain) report.

“Although the United States

remains the largest supplier of soybean meal to the Philippines, and the Philippines is the largest market for U.S. soybean meal, US exports declined in MY 2020/21,” it added.

The Gain report said US soybean meal exports to the Philippines declined in market year 2020-2021 due to a damaged unloader in a key location in the Pacific Northwest that supplies the commodity to the Philippines.

“This was reported in September 2021 and still continues to the present, although the situation in March 2022 shows improvement with 65 percent of capacity now being utilized. Industry expects the problem to be fully resolved by June 2022, while the affected company plans to install backup equipment to prevent a repeat of the problem in the future,” it explained.

The USDA-FAS Manila projected that the country’s soybean meal pro-

duction in market year 2022-2023 to expand by 9 percent to 85,000 MT from 78,000 MT in the previous market year “because of the expected gradual recovery of the pig industry from the African Swine Fever (ASF).”

“Poultry production is also forecast to increase in the following year, as the economy reopens following strict Covid-related restrictions,” it said.

The USDA-FAS Manila, meanwhile, projected that the Philippines’s total soybean meal consumption for market year 2022-2023 to expand by 1.4 percent year-on-year to 2.1 MMT. “Hog and poultry feed demand is expected to increase as both sectors aim for greater production in MY 2022/23. Consumption in MY 2021/22 was raised 19,000 MT from USDA Official based on stronger than expected broiler production,” it said.

“FAS Manila forecasts ending stocks at 226,000 MT for MY 2022/23, flat compared to the previous year’s level. Stocks are privately held by traders and processors.

The USDA-FAS Manila projected that the country’s copra meal production would decline by 25,000 MT to 840,000 MT from 865,000 MT due to damage of Typhoon Odette to plantations last year.

“Post l i kew ise lowers M Y 2021/22 production from 865,000 MT to 850,000 MT to account for typhoon damages,” it said.

The country’s total copra meal consumption in market year 2022-2023 could decline by 10,000 MT year-onyear to 570,000 MT due to supply problems caused by typhoon damage last year, according to the Gain report.

“Feed consumption for MY 2021/22 was also lowered to 570,000 MT because of the typhoon impacts,” it added.

Medellin, Population Commission: Gains in RH must level-up Cebu farmers receive help from DAR

By Cai U. Ordinario @caiordinario

By Jonathan L. Mayuga @jonlmayuga

A

GROUP of farmers based in Medellin, Cebu, received funds and farming starter kits from the Department of Agrarian Reform (DAR) to help them start and sustain a livelihood project.

DAR Cebu Provincial Agrarian Reform Program Officer Lilian B. Guanzon said the Don Virgilio Gonzales Agrarian Reform Beneficiaries Association, a DAR-assisted organization, received the aid through the DAR’s ‘Buhay sa Gulay’ project, launched last December.

However, the implementation of the project was delayed because of typhoon Odette, according to Guanzon.

The organization was provided with starter kits consisting of vegetable seeds, fertilizers and gardening equipment worth P63,000.

The project site is the 5,000-square meter land of agrarian reform beneficiaries (ARBs) in Barangay Don Virgilio.

According to Guanzon, the project aims to promote the importance of “high-value farming” among ARBs “to encourage them to have an alternative source of income by planting and selling fresh vegetables.”

Fernando Jumao-as, chairman of the association, expressed appreciation to the DAR for the vegetable seeds and garden equipment they received from the agency and promised to sustain the project.

Jumao-as said they have planted okra, string beans, pepper and pechay. He added they expect their first harvest by the end of April.

Marmee Padul of the DAR Program Beneficiaries Development Division said the project is implemented under the agency’s Farm Business School, a program for farmers to effectively manage their farm produce and optimize their profitability.

Padul challenged the farmermembers to put into practice what they have learned from Far m Business School for their crops and farms to flourish. The association, with 88 members, was organized in 2020 during the Covid-19 pandemic.

A

DDRESSING the country’s population and development concerns does not end with gains in the government’s reproductive health efforts, according to the Commission on Population and Development (Popcom).

Undersecretary for Population and Development (Popdev) and Popcom Executive Director Juan Antonio A. Perez III said the government has made significant strides in the past six years in terms of providing access to family planning services.

Perez said, however, these efforts must be accompanied by food security and institutionalization of “living wages” in order to maximize the development gains of the country.

“The key to success in any undertaking is continuity. With the right leaders hopefully elected by our countrymen, Filipino families will continue to be empowered, as well as reap the positive outcomes of the RPRH [Responsible Parenthood and Reproductive Health] Law, family planning and Popdev policies that uphold their wellbeing and welfare,” Perez said.

Perez said the next administration must continue to support population and development efforts but must also undertake food security measures.

He added that living wages for Filipinos will also allow Filipino families to finance the education and health of children. In January, Perez said living wages are crucial in terms of the support ratio.

Popcom earlier said if wages are higher, this will enable two workers per family to be able to provide for two children, with some savings set aside. A support ratio is the average number of people a wage earner supports, including himself or herself.

“Candidates (must) provide their suggestions regarding economic inequality across the archipelago, including their take on institutionalizing ‘living wages’ that will allow families to be financially secure and make investments for their future, while easing inequality of daily wages in the majority of regions which causes congestion in NCR (National Capital Region),” Perez said.

Based on its recent report, Popcom said 8.1 million Filipino couples, partners and individuals were able to access family plan-

Salceda asks govt to fully open tourism, promote more FDIs

By Jovee Marie N. Dela Cruz @joveemarie

A

N economist-lawmaker on Sunday urged the national government to direct the full resumption of all restricted tourism activities and the promotion of more foreign direct investments (FDIs).

House Committee on Ways and Means Chairman Joey Sarte Salceda issued his statement in response to the February jobs report, which showed an increase in the number of jobless Filipinos to 3.13 million from 2.93 million in January.

According to Salceda, inflation remains a threat to jobs in FDIdriven industries such as the BPO sector and electronics.

“We really have to open up, because the fundamentals will tend to be a little less rosy due to inflation,” Salceda said. “That means growth will come not because prospects are better but because we opened up priorly-existing legal impediments, such as restrictions on tourism due to Covid-19, or because of our FDI rules.”

With elevated inflation, Salceda said firms will be less certain investment will be profitable, saying “so, fundamentally, the incentive to invest gets a little dampened.”

“Of course, we have not maximized

our investment horizons due to FDI restrictions and due to Covid-19 rules.

So, let’s open up; so we can create jobs,” the lawmaker said. “That will include a rollback of tourism restriction [as] tourism accounts for anywhere between 12 to 14 percent of GDP [gross domestic product].”

Untapped, hesitant

SALCEDA added that the issuance in May of the Strategic Investment Priorities Plan (SIPP) as well as the issuance of the implementing rules and regulations of the amendments to the Public Service Act, Retail Trade Liberalization Act and the Foreign Investment Act will unleash “previously untapped, restricted or hesitant foreign investment.”

SIPP is the list of sectors that are qualified for tax perks under the Corporate Recovery and Tax Incentives for Enterprises Law. “That will create jobs, too,” Salceda said.

Meanwhile, he outlined some remaining risk factors that the government will have to “counteract” to protect jobs.

“One, the US is raising interest rates. That tends to dampen inbound investments to the Philippines; so we have to watch out for that,” the solon said.

ning practice and usage during the Duterte administration.

According to the Field Health Services Information System of the Department of Health, the figure is two million more—about 25-percent higher—than in 2016 when the Chief Executive assumed office.

Likewise, Popcom disclosed that the past six years saw the mainstream implementation of the RPRH Law (Republic Act 10354), which helped boost the total number of those availing of family planning services by 30 percent since its passage a decade ago in 2012.

In terms of modern contraceptive method utilization, the latest FHSIS annual data from health centers and health facilities nationwide revealed that pills remained as the most preferred by some 3.2 million Filipino women in 2020, which had an additional 1 million adherents from 2016.

Implants also had a significant increase in acceptors: from 103,000 to 474,000 in the span of those years. Same was true for injectables: from 959,000 to 1.6 million. For males, within that period, about 400,000 resorted to condoms—up from 270,000.

www.businessmirror.com.ph

Reconsider sugar importation plan, Gordon asks govt

By Butch Fernandez @butchfBM

T

AKING up the cudgels for the anxious Philippines sugar industry, Senator Richard J. Gordon prodded the Duterte administration over the weekend to reconsider a sugarimportation plan seen to backfire on Filipino sugar suppliers.

Instead, the senator suggested the government can “develop the Philippines’s sugar industry and help the farmers earn more through innovation.”

Emphasizing that “the balance must be made” to avert the need to import sugar, Gordon added: “[Dapat] palakasin ang capability at capacity ng ating sugar farmers para lumakas ang kanilang produkto at mabigyan sila ng tamang presyo na hindi naman masyadong mataas at magsusuffer ang consumers.” [We must strengthen the capability and capacity of our sugar farmers to strengthen their product and give them the right price that is not too high as consumers will suffer.]

In a radio interview in Bacolod, the senator observed, for instance, that while there is ample sugar supply in Negros “we do not see a candy factory” suggesting that: “Dapat iyong ating sugar products, nagagamit natin para magkaroon ng value added iyong mga sugar planter natin.” [We should use our sugar products so that our sugar planters would have added value.]

Gordon also noted findings by the Philippine Statistics Authority (PSA) that more than 50 percent of sugar production in the country comes from Negros Island.

The senator cited reports the United Sugar Producers Federation (Unifed), sugar producers had recently expressed alarm over Sugar Order 4 issued on April 5 by the Sugar Regulatory Administration, which seeks to bring in 350,000 metric tons of raw and refined sugar in the country.

He recalled that last February, Agriculture Secretary William D. Dar had defended the Duterte government’s move to allow importation of sugar, saying that the decision was based on data showing deficiencies in some commodities including sugar.

Gordon, however, aired growing concerns noting that “the plan to import such product will make the sugar farmers suffer.”

The senator added: “Hindi natin namamalayan na talagang nahihirapan ang mga tao natin at dapat iyan ay pigilan na talaga.

Dapat hindi natin pabayaan ang sugar industry. Anumang bansa ay talagang pino-proteksyunan ang mga farmers ng gobyerno.”

[We are not aware that our people are really struggling and that should be stopped really.

We must not neglect the sugar industry. Farmers must be protected by government.]

Gordon, affirming strong support for the local sugar industry, co-authored Senate Resolution 22 prodding President Duterte “not to adopt a liberalization policy for the sugar sector in order to safeguard the interest of more than 84,000 sugar farmers and 720,000 industry workers.”

Reminding that the resolution was already transmitted to the Office of the President on November 14, 2019, Gordon said: “Ang importante diyan ay iyong work ethic at iyong trabaho ng mga sugar farmer na nagtatanim sila para makapaglagay tayo ng produkto sa market. Kung kailangang pagbigyan naman ang sugar industry na makabawi sa presyong tama sapagkat sila ang nagsu-supply ng sugar sa bayan, bakit hindi natin tulungan?”

[What is important is that the work ethic and work of sugar farmers so that we can put the product on the market. The sugar industry should be allowed to recover the right price because they are the ones who supply sugar to the town. Why don’t we help them?]

Loren: More support to knowledge economy, IT professionals needed

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O enhance the Filipino workers’ competency and improve their value, especially to international information technology companies, a deputy speaker has called on the government to invest in the knowledge economy.

Deputy Speaker Lorna Regina “Loren” B. Legarda explained her call comes as information technology (IT) companies based abroad have not had offices in two years, following prevailing health protocols to help curb the COVID-19 pandemic.

So their work can be done from the Philippines, Legarda added.

In a statement, the lawmaker cited the country’s IT professionals as an example, saying they should not simply do support staff work but also programming.

Legarda said support staff in the Philippines usually earn around P15,000 to P17,000 per month, whereas international programmers earn as much as P1 million per month.

“Filipinos are already the leaders in the business process outsourcing (BPO) industry. The next step is for them to do not only customer service but also knowledge process outsourcing, or KPO,” she said.

“We have to invest in knowledge economy and keep on advancing the competencies of our workforce by introducing them to software programming and other innovation capabilities. This way, we create a workforce with highly specialized knowledge, making them more adept and qualified, which translates to higher compensation and higher probability of being hired by the world’s best technology companies,” Legarda added.

If you train Filipinos in these specialized skills, the House leader said they would also be able to earn as much as P1 million per month, even from the Philippines, more so now that work is being done remotely.

“Investing in human capital development, especially in education and training of students and the Filipino youth, would help the country produce workers equipped with the necessary knowledge and skills to advance research and development in the country, and be at par with its international counterparts,” she said.

“The Filipino youth are the builders of the nation and the future of the country. For us to progress further, we have to empower them and provide them the avenue to hone their

knowledge and skills through education and training,” Legarda added.

Scale up

LEGARDA is the principal author of Republic Act 11293, or the Philippine Innovation Act, which aims to promote a culture of strategic planning and innovation to encourage creative thinking and knowledge creation and dissemination toward expanding and maintaining economic competitiveness.

Hence, she also renewed her call to scale up the mainstreaming of innovation as a vital component of the country’s national development and sustainable economic growth.

“The government should encourage research and development based on science, innovation, and technology in transforming the Philippines into a competitive nation. Filipinos are naturally cordial and hospitable that is why the country excels in quality customer service. As we observe the rapid technological changes all over the world, we also have to help our people keep up with the advancements and adopt a broader view in developing innovation goals and strategies,” Legarda said.

Jovee Marie N. Dela Cruz

The World Editor: Angel R. Calso

BusinessMirror

Monday, April 11, 2022

A5

More flee as Ukraine warns of looming Russian attacks

By Adam Schreck & Cara Anna The Associated Press

K

YIV, Ukraine—Civilian evacuations moved forward in patches of battlescarred eastern Ukraine on Saturday, a day after a missile strike killed at least 52 people and wounded more than 100 at a train station where thousands clamored to leave before an expected Russian onslaught.

In the wake of the attack in Kramatorsk, several European leaders made efforts to show solidarity with Ukraine, with Austrian Chancellor Karl Nehammer and British Prime Minister Boris Johnson visiting Kyiv—the capital city that Russia failed to capture and where troops retreated days ago. Johnson met with Ukrainian President Volodymyr Zelenskyy in a surprise visit in which he pledged new military assistance, including 120 armored vehicles and new anti-ship missile systems.

Zelenskyy noted the increased support in an Associated Press interview, but expressed frustration when asked if weapons and other equipment Ukraine has received from the West is sufficient to shift the war’s outcome.

“Not yet,” he said, switching to English for emphasis. “Of course it’s not enough.”

Zelenskyy later thanked Johnson and Nehammer during his nightly video address to the nation. He also thanked the European Commission president and the Canadian prime minister for a global fundraising event that raised more than 10 billion euros ($11 billion) for Ukrainians who have had to flee their homes. He added that democratic countries are united in working to stop the war. “Because Russian aggression was not intended to be limited to Ukraine alone....The entire European project is a target for Russia.”

Zelenskyy repeated his call for a complete embargo on Russian oil and gas, which he called the sources of Moscow’s “self-confidence and impunity.”

More than six weeks after the invasion began, Russia has pulled its troops from the northern part of the country, around Kyiv, and refocused on the Donbas region in the east.

Western military analysts said an arc of territory in eastern Ukraine was under Russian control, from Kharkiv—Ukraine’s secondlargest city—in the north to Kherson in the south. But counterattacks are threatening Russian control of Kherson, according to the Western assessments, and Ukrainian forces are repelling Russian assaults elsewhere in the Donbas.

Ukrainian authorities have called on civilians to get out ahead of an imminent, steppedup offensive by Russian forces in the east.

With trains not running out of Kramatorsk on Saturday, panicked residents boarded buses or looked for other ways to leave, fearing the kind of unrelenting assaults and occupations by Russian invaders that brought food shortages, demolished buildings and death to other cities.

“It was terrifying. The horror, the horror,” one resident told British broadcaster Sky, recalling Friday’s attack on the train station.

“Heaven forbid, to live through this again.

No, I don’t want to.”

Ukraine’s state railway company said residents of Kramatorsk and other parts of the

Donbas could flee through other train stations. Deputy Prime Minister Iryna Vereshchuk said 10 evacuation corridors were planned for Saturday.

Zelenskyy called the train station attack the latest example of war crimes by Russian forces and said it should motivate the West to do more to help his country defend itself.

Russia denied responsibility and accused Ukraine’s military of firing on the station to turn blame for civilian casualties on Moscow.

A Russian Defense Ministry spokesman detailed the missile’s trajectory and Ukrainian troop positions to bolster the argument.

Major Gen. Igor Konashenkov alleged Ukraine’s security services were preparing a “cynical staged” media operation in Irpin, another town near Kyiv, intended to attribute civilian casualties to Russian forces—falsely, he said—and to stage the slaying of a fake Russian intelligence team that intended to kill witnesses. The claims could not be independently verified.

Western experts and Ukrainian authorities insisted that Russia attacked the station.

Remnants of the rocket had the words “For the children” in Russian painted on it. The phrasing seemed to suggest the missile was sent to avenge the loss or subjugation of children, although its exact meaning remained unclear.

Ukrainian authorities have worked to identify victims and document possible war crimes in the country’s north. The mayor of Bucha, a town near Kyiv where graphic evidence of civilian slayings emerged after Russian forces withdrew, said search teams were still finding bodies of people shot at close range in yards, parks and city squares.

Workers unearthed 67 bodies Friday from a mass grave near a church, according to Ukraine’s prosecutor general. Russia has falsely claimed that the scenes in Bucha were staged.

Ukrainian and Western officials have repeatedly accused Russian forces of committing atrocities. A total of 176 children have been killed, while 324 more have been wounded, the Prosecutor General’s Office said Saturday.

Speaking to AP inside the heavily guarded presidential office complex in Kyiv, Zelenskyy said he is committed to negotiating a diplomatic end to the war even though Russia has “tortured” Ukraine. He also acknowledged that peace likely will not come quickly. Talks so far have not included Russian President Vladimir Putin or other top officials.

“We have to fight, but fight for life. You can’t fight for dust when there is nothing and no people. That’s why it is important to stop this war,” he said.

Ukrainian authorities have said they expect to find more mass killings once they reach the southern port city of Mariupol, which is also in the Donbas and has been subjected to a month-long blockade and intense fighting.

As journalists who had been largely absent from the city began to trickle back in, new images emerged of the devastation from an airstrike on a theater last month that reportedly killed hundreds of civilians seeking shelter.

Anna reported from Bucha, Ukraine. Robert Burns in Washington, Jill Lawless and Danica Kirka in London and Associated Press journalists around the world contributed to this report.

China unhappy with US pandemic ‘accusation’ as outbreak worsens

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hina defended its measures to curb the virus outbreak and expressed displeasure with the US over what it calls a “groundless accusation” of Chinese pandemic policies, even as cases in Shanghai continued to spread despite an extensive lockdown.

Shanghai reported a record 24,943 new Covid cases on Saturday, according to the municipal government. That’s more than five times the number seen on March 28, when 4,477 infections were reported as the city first imposed a lockdown. Total new infections in China on Saturday were at 26,355.

The US State Department asked Americans to reconsider travel to China and avoid visiting virus hotspots including Shanghai due to what it calls an “arbitrary enforcement” of virus restrictions. It also allowed non-emergency employees and their family members from the US consulate in Shanghai to leave, and notified Chinese officials of the voluntary departure decision while raising concerns regarding China’s Covid response.

“The US announcement of authorizing the voluntary departure of US personnel and their family members at the US Consulate General in Shanghai is the US’ own decision,” China’s foreign ministry spokesperson Zhao Lijian said in a statement. “However, it should be pointed out that China’s

anti-epidemic policies are science-based and effective, and we are fully confident that Shanghai and other places in China will prevail over the new wave of the epidemic.”

China is struggling to stop the hyper-infectious Omicron variant with lockdowns in several cities and repeated mass testing as it clings to a zero-tolerance approach. Known as Covid Zero, the strategy has become less effective in preventing domestic flareups due to the growing contagiousness of new variants and more disruptive to economic activities and people’s lives.

“We are strongly dissatisfied with and firmly opposed to the US side’s groundless accusation against China’s epidemic response policies, and have lodged solemn representations with the US side,” Zhao said.

China’s adherence to Covid Zero has left the country increasingly isolated in a world that have largely moved to reopening borders and living with the virus.

Shanghai’s infection count keeps climbing despite the city’s move to lock down its 25 million people in two phases starting on March 28. While there has been some adjustments to allow people some movement, there is no clarity when the restrictions will be lifted despite an increasing desperation among the population to get access to food and medical care. Bloomberg News

A4 Monday, April 11, 2022 • Editor: Jennifer A. Ng A6

Economy BusinessMirror

www.businessmirror.com.ph

Experts push farm clusters, agri-biz hubs to lift output

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By Jovee Marie N. dela Cruz

@joveemarie

ARM clustering will play an important role to level up Philippine farm productivity and boost agriculture’s role in the economy, especially amid the pandemic, according to an expert and educator.

At the recent third edition of the Experts’ Forum organized by the ALC Media Group with partners—this time on the themes of agriculture, agrarian reform and food security—former chancellor of the University of the Philippines-Los Baños (UPLB) Dr. Luis Rey I. Velasco highlighted the main problems of the farmers in the country which leads to their poverty, and lack of competitiveness in terms of production.

He said farm clustering is needed to attain economies of scale.

The ALC Media Group and Bigkis Pinoy Movement partnered with the Alliance of People’s Organization in or g a n i z i n g t he e x p e r t s’ forum series.

With farm cluste r i ng , Ve l a sco said, the government can provide production mechanism, market access, better bargaining position, easier access to seeds, fertilizer and technical support, while providing social protection for farmers.

“If they [farmers] will organize i nto c lu sters it would be easy for them to trade in the futures markets,” he said. A futures market is a market in which people purchase a nd sel l f ut u re contracts. It protec ts producers from the vagaries of the market, as the traders bear the brunt of the risks. If the price of goods drop by the time the harvests arrive, they will take a loss but if it rises, they will also benefit from the gain.

In 2020, t he Department of Ag-

riculture (DA) issued Administrative Order 27 that sets into motion the Duterte administration’s farm consolidation and clustering program to attain economies of scale and enable more farmers, fishers, and agripreneurs produce and earn more from their toil.

The DA has said farm clustering and consolidation will enable farmers to greatly reduce their cost of operation, attain bountiful harvests, and earn bigger incomes.

Supply chain woes; ABCs vital

VELASCO cited challenges to the supply chain among factors behind the disconnect between the demands of the market and products being delivered by the farmers. Velasco said the supply chain covers the aspects of production, understanding the market requirements, converting the products into finished products, and moving them to meet the consumers.

Velasco drew attention to the inefficient supply chain, an absence of assured markets for the farm produce, inadequate transport infrastructure which adds greatly to the cost of the products, as well as inadequate support families and services.

While he admitted that the government already tried to organize farmers before, the problem is that they do not have a set market for their products.

“The solution is transforming the agricultural supply chain into an exclusive and efficient system…. We have to address the challenges at system level. [We don’t have] magic bullets,” he said, partly in Filipino.

Velasco underscored the need for more Agri Industrial Business Corridors (ABCs) to connect farmers to the market.

According to Velasco, the common problem of farmers is access to a reliable and credible market.

“ABCs will connect clusters of farmers to market even before planting a crop, in other words, the crops they will plant will have already a ready market. With a ready market, the risk of loss and loan default is reduced so farmers have easier access to bank loans,” he said.

“The ABC aims to put streamlining, integrating products and services and supply chain for efficiency and effectiveness, but more importantly to connect small farmers to the demand that is centered in the urban areas,” Velasco said.

Rañola: Combination of strategies

DR. Robert Rañola Jr., who co-presented the

discussion with Dr. Velasco, pointed out that the ABC is not an isolated matter but is, rather, a whole combination of strategies.

“Ang importante diyan [What’s important here] will be clustering of the farmers, the organizing. The whole theme of our presentation is more on organizing. The production going to the market is not organized, so the concept is they would be able to produce in a volume if you link them to the market,” he said, partly in Filipino.

Currently, the DA is pursuing the establishment of ABCs with Fisheries Management Areas and trading posts to prov ide smallholder farmers and fisherfolk access to resources, including state-of-the-art production technology, hatcheries and nurseries, capital, and value-adding facilities.

The establishment of ABCs in strategic areas will help address employment challenges in the “new normal” or post-Covid-19 environment, said the DA. The DA has announced the establishment of the first Agri-industrial Business Corridor (ABC) for freshwater aquaculture and urban farming in Taguig. A National Seed Technolog y Park will also rise in partnership with the Bases Conversion and Development Authority (BCDA).

“The benefits from the establishment of ABCs will include a ready market for farmers and fisherfolk, access to technologies, strengthening the value chain, facilitating increased trade and investments,” Velasco added.

Through ABCs, Velasco said the agriculture sector can assure an organized cluster of farm producers, investment in infrastructure and facilities—such as ports, roads storage, ICT, public private partnerships and an efficient supply chain.

The ABC also assured markets for strategic commodities, appropriate rural financing through innovative financing instruments at different stages of the value chain, and the critical involvement and inclusion of smallholder sector, he added.

However, Velasco admitted that the operation of ABCs should also consider some challenges, including political interference and misallocation of funds, institutional coordination, inadequate provision of main and last mile infrastructure, including feeder roads and access to water, electricity and communications, not ensuring continued market access and neglecting the mobilization of private investors.

NFA, FTI give Davao City’s Food Terminal 4 refrigerated containers

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

D

AVAO CITY—Acting Mayor Sebastian “Baste” Duterte recently received four 40-footer refrigerated containers from the National Food Authority and Food Terminal Inc. (FTI) for the Davao City Food Terminal Complex (DFTC).

Duterte and City Agriculturist Leo Brian Leuterio received the storage facilities from NFA Administrator Atty. Judy Carol L. Dansal, FTI President Robert S. Tan, and NFA XI Manager Dianne A. Silva.

The city information office said the cold storage facility is a component of the Regional Food Terminal Program of the NFA and FTI to serve as as a post-harvest facility and storage “if there is an oversupply of fruits and vegetables during harvest seasons.”

Each facility costs P17 million.

The donation came as the city is in the final stages of crafting the Implementing Rules and Regulations (IRR) for the operation of the DFTC. Leuterio said the IRR may be completed in April. His

office has been coordinating with other offices and agencies which form the technical working group. The IRR was also regularly referred to the City Legal Office to ensure that it was aligned with the other laws.

The food terminal structure has been long completed, he added.

The City Cooperative Development Office (CCDO), meantime, has rolled out another round of “Coop Serbisyo Caravan” to boost the organizational viability and business sustainability of the micro and small cooperatives.

The caravan runs from April 4 to April 29 and by district schedule. It started in Calinan District on April 4, in Toril District on April 8 and in Marilog District on April 12. After the Holy Week, the caravan would be in Talomo District on April 19, in Buhangin District on April 20, in Tugbok District on April 21-22, in the Poblacion area on April 25 and in Paquibato District on April 29.

Luzminda C. Eblamo, CCDO officer in charge, said the caravan will clarify issues and concerns among cooperatives, mainly on organizational matters and continuity

programs. This would comprise what the office describes as “part of the social recovery efforts of the city government to help micro and small cooperatives.”

“We have 756 cooperatives in Davao City as of 2020. Of the 756, only 400 are, what we call, operating coops. So the number is quite big.

There are more than 300 coops for dissolution. These are those who are non-compliant.

And these are the cooperatives that we are trying to help,” Eblamo said.

“Statistics would tell us that for the past three years that we conducted this Serbisyo Caravan, we increased the number of the compliant cooperative. This is why we make sure that we do it every first quarter of the year,” she added.

She said the Coop Serbisyo Caravan is a form of one-stop shop for these cooperatives.

“If our cooperatives want to go to the Department of Agriculture to ask for programs that they can avail, they can go to the desk of City Agriculturist Office, it is only an example,” she said, adding that her office, as an accredited training provider by CDA, can help provide trainings for the cooperatives.

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BusinessMirror

Monday, April 11, 2022 A7

A8

Monday, April 11, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

The science of economics

I

T is difficult for people even with so-called “higher education” to understand the economy of the nation and there are several reasons for this.

While the basis of any discussion of economics is the “numbers,” and we tend to think of numbers as being scientific, it is not a science. Science requires that “1+1=2” whether counting coconuts or kangaroos.

Science requires that formulas and models work across time and place. Galileo discovered in the early 1600s by dropping objects from the Tower of Pisa that, in the absence of air resistance, all bodies fall with the same acceleration and speed regardless of mass and weight.

Nothing has changed in 400 years.

There are a multitude of factors that affect what happens in an economy and those change over time. Norway’s economic history shows that from 1516 to 1914 annual inflation was 0.5 percent. Over the past 20 years, inflation has been 2.1 percent on average. Since 1960, the average is 4.4 percent. You could never list and correlate all the variables that changed the final numbers.

Comparisons are critical in science. The Pythagorean theorem that the sum of the squares on the legs is equal to the square on the hypotenuse applies to any right triangle regardless of size. If not, then the theorem is wrong. In economics, comparisons are feeble. It might be acceptable to compare the economic consequences of a typhoon hitting the Philippines and Vietnam at nearly the same time. But even then, the analysis is fragile unless we might, for example, be speaking of the “disaster response” mitigating the effects.

Economic data is subject to interpretation unlike most scientific “numbers.” Further, the large number of variables and correlations make the interpretations less helpful.

“Trade deficit widens to $3.53 billion in February,” says the headline.

Then we read that the trade deficit was pushed by the substantial increase in fuel imports while the other important trade indicators such as capital imports and raw materials posted only modest gains. “Most other sub-sectors saw slower growth, which does not bode well for the expansion hopes for the Philippine economy,” says one economist.

All of that is true but not necessarily a “correct” interpretation.

Oil prices are sky high and it is costing much more for fuel. Two realities. The fuel expenditure is critical because without it, nothing is made and nothing moves and that will kill the economy. No choice.

Further, there is a limited amount of funds from private companies and priority purchases—like fuel—comes first. Capital imports and increasing the raw materials inventory are important but not short term essential while companies respond to the high oil price storm.

The larger economic picture though is that “Data from the Bangko Sentral ng Pilipinas said the country’s gross international reserves level rose to $108 billion as of end-March 2022 from the end-February 2022 level of $107 billion. It is also higher than the $104 billion level in end-March last year. This represents a ‘more than adequate’ external liquidity buffer equivalent to 9.6 months’ worth of imports of goods and payments of services and primary income.”

The greatest challenge to understanding the economics is the way all this can be massaged and manipulated for political purposes. “The Government,” “The Opposition,” and every political agenda in-between are using the “Science of Economics” to sway your opinion and gain your approval. Beware.

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Finally, face-to-face this Holy Week Atty. Jose Ferdinand M. Rojas II

RISING SUN

W

E Catholics are grateful and indeed lucky that we are able to observe Holy Week activities in our churches this year.

Safety protocols are still to be observed, of course, but there is some semblance to life before the pandemic. I am hoping that everyone will take the opportunity to participate in the church celebrations, to pray in earnest, and to cherish the company of one another.

People who gather will have to observe the minimum health requirements prescribed by the Inter-Agency Task Force (IATF) under Alert Level 1: wearing of masks, checking of body temperature, physical distancing, and regular disinfection.

Spaces should not be filled at full capacity, and proof of full vaccination may be required.

Some churches like the Manila Cathedral are installing LED screens and sound systems outside the church so that those who can-

not be accommodated inside can still participate in the masses and activities. Communion may also be given to those who will be staying outside. Other churches are going to livestream their activities and masses via their Facebook pages.

The faithful are being encouraged to remember the passion of Jesus Christ this week, and also to reflect on the upcoming national elections.

May we all be reminded that the future of our children is on the line, and so we must vote wisely for the benefit of all Filipinos.

This holy week, it is important to pray not just for ourselves and our loved ones, but also for our nation and fellow Filipinos. May we be guided and blessed as we all rise up from the challenges of the pandemic, and the other struggles we have experienced and continue to overcome as a nation.

We must not forget to pray for the war victims in Ukraine—may peace reign

in Ukraine and in the world, and may God touch the hearts of our leaders. nnn

AT the Manila Cathedral, Manila Archbishop Jose F. Cardinal Advincula will lead the faithful in the Holy Week activities. On April 14, Holy Thursday, he will preside at the Chrism Mass at 7:00 a.m. Only lay representatives of the parishes with tickets can enter the church; others will have to stay outside. At 5:00 p.m., Good Friday, the Cardinal will hold the Mass to commemorate the Last Supper of Christ with his disciples.

On Good Friday, there will be a Station of the Cross at 9:00 a.m. and the Mass for the Commemoration of the Lord’s Passion will be at 3:00 p.m. The Easter Vigil Mass will be at 8:00 p.m. on April 16. And on Easter Sunday, the Masses will be at 8:00 and 10:00 a.m. and again at 6:00 p.m.

Zelenskyy: Russian aggression not limited to Ukraine alone

K

By Adam Schreck & Cara Anna | The Associated Press

YIV, Ukraine—Ukrainian President Volodymyr Zelenskyy says Russia is targeting all of Europe with its aggression, and that stopping the invasion of Ukraine is essential for the security of all democracies.

In his late night address to Ukrainians on Saturday, Zelenskyy said that Russian aggression “was not intended to be limited to Ukraine alone” and the “entire European project is a target for Russia.”

“That is why it is not just the moral duty of all democracies, all the forces of Europe, to support Ukraine’s desire for peace,” he said. “This is, in fact, a strategy of defense for every civilized state.”

His address came as civilians continued to flee eastern parts of the country before an expected onslaught and firefighters searched for survivors in a northern town no longer occupied by Russian forces.

Several European leaders have made efforts to show solidarity with the battle-scarred nation. Zelenskyy thanked the leaders of Britain and Austria for their visits Saturday to Kyiv, Ukraine’s capital, and pledges of further support.

He also thanked the European Commission president and Canada’s prime minister for a global fundraising event that brought in more than 10 billion euros ($11 billion) for Ukrainians who have fled their homes.

Zelenskyy repeated his call for a complete embargo on Russian oil and gas, which he called the sources of Russia’s “self-confidence and impunity.”

“Freedom does not have time to wait,” Zelenskyy said. “When tyranny begins its aggression against

everything that keeps the peace in Europe, action must be taken immediately.”

More than six weeks after the invasion began, Russia has pulled its troops from the northern part of the country, around Kyiv, and refocused on the Donbas region in the east.

Newly released Maxar satellite imagery collected on Friday showed an 8-mile (13-kilometer) convoy of military vehicles headed south to the Donbas region through the Ukrainian town of Velykyi Burluk.

Western military analysts said an arc of territory in eastern Ukraine was under Russian control, from Kharkiv—Ukraine’s second-largest city—in the north to Kherson in the south.

But counterattacks are threatening Russian control of Kherson, according to the Western assessments, and Ukrainian forces are repelling Russian assaults elsewhere in the Donbas, a largely Russian-speaking and industrial region.

Civilians were evacuating eastern Ukraine following a missile strike Friday that killed at least 52 people and wounded more than 100 at a train station where thousands clamored to leave.

Ukrainian authorities have called on civilians to get out ahead of an imminent, stepped-up offensive by Russian forces in the east. With trains not running out of Kramatorsk on Saturday, panicked residents board-

ed buses or looked for other ways to leave, fearing the kind of unrelenting assaults and occupations by Russian invaders that brought food shortages, demolished buildings and death to other cities.

“It was terrifying. The horror, the horror,” one resident told British broadcaster Sky, recalling Friday’s attack on the train station. “Heaven forbid, to live through this again. No, I don’t want to.”

Ukraine’s state railway company said residents of Kramatorsk and other parts of the Donbas could flee through other train stations. Deputy Prime Minister Iryna Vereshchuk said 10 evacuation corridors were planned for Saturday.

Zelenskyy called the train station attack the latest example of war crimes by Russian forces and said it should motivate the West to do more to help his country defend itself.

Russia denied responsibility and accused Ukraine’s military of firing on the station to turn blame for civilian casualties on Moscow. A Russian Defense Ministry spokesman detailed the missile’s trajectory and Ukrainian troop positions to bolster the argument.

Major Gen. Igor Konashenkov alleged Ukraine’s security services were preparing a “cynical staged” media operation in Irpin, another town near Kyiv, intended to attribute civilian casualties to Russian forces—falsely, he said—and to stage the slaying of a fake Russian intelligence team that intended to kill witnesses. The claims could not be independently verified.

Western experts and Ukrainian authorities insisted that Russia attacked the station. Remnants of the rocket had the words “For the children” in Russian painted on it.

The phrasing seemed to suggest the missile was sent to avenge the loss or subjugation of children, although its exact meaning remained unclear.

Ukrainian authorities have worked to identify victims and document possible war crimes in the north. The mayor of Bucha, a town near Kyiv where graphic evidence of civilian slayings emerged after Russian forces withdrew, said search teams were still finding bodies of people shot at close range in yards, parks and city squares.

Workers unearthed 67 corpses Friday from a mass grave near a church, according to Ukraine’s prosecutor general. Russia has falsely claimed that the scenes in Bucha were staged.

Ukrainian and Western officials have repeatedly accused Russian forces of committing atrocities. A total of 176 children have been killed, while 324 more have been wounded, the Prosecutor General’s Office said Saturday.

In an interview with The Associated Press inside his heavily guarded presidential office complex, Zelenskyy said he is committed to negotiating a diplomatic end to the war even though Russia has “tortured” Ukraine. He also acknowledged that peace likely will not come quickly.

Talks so far have not included Russian President Vladimir Putin or other top officials.

“We have to fight, but fight for life.

You can’t fight for dust when there is nothing and no people. That’s why it is important to stop this war,” he said.

Ukrainian authorities have said they expect to find more mass killings once they reach the southern port city of Mariupol, which is also See “Zelenskyy,” A9

Opinion BusinessMirror

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Tax financing a bankrupt state

‘Tapos na ang boksing!’

Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Fifth part

O

ne of the most detested interactions that taxpayers have with the Bureau of Internal Revenue is dealing with the BIR examiners in the course of the audit of their tax liabilities. It has been a regular ritual for some taxpayers, who have been sampled to be audited, to undergo this oftentimes contentious engagement with the BIR. Conducting tax audits is one of the essentials of an effective tax administration. While the greater percentage of tax collections of a country comes from the voluntary compliance of taxpayers, good tax administration policy dictates that effective compliance of taxpayers will arise and be maintained if the tax-collecting agency is able to instill an environment where tax audits are conducted to instill a mindset from taxpayers that non-compliance will be monitored and uncovered with such audits.

But in the Philippines, as well as in other countries, the environment prevailing in these taxpayer-tax enforcer engagements has not been the most ideal. Complaints abound that tax audits take too long and are a tedious exercise for all parties involved.

Problems of corruption involving bribery on the part of taxpayers offering and tax auditors soliciting these bribes abound. Instances of jeopardy or arbitrary assessments of tax obligations continue to pester taxpayers. Is there hope or solutions to address these negative issues on tax audits?

It is imperative that the enhancement of this tax administration process be pursued during these trying times when bankrupt states face the challenges of dwindling revenues, including from tax collections, and increasing public expenditures.

Culling from my more than 40 years of experience in tax practice and consulting and tax administration, including being the Commissioner of the BIR from 2009 to 2010, I put forth several suggestions to enhance the tax audit system. These solutions include the tweaking of present tax procedures and processes, as well as innovative measures that utilize the advantage of technology and best international practices adopted in the Philippine setting.

The tax audit process can be divided into phases. These include the submission by taxpayers of taxrelated data and information; the processing of these data into usable information; the audit selection process; conduct of the audit by the BIR;

Zelenskyy . . .

continued from A8

in the Donbas and has been subjected to a monthlong blockade and intense fighting. The city’s location on the Sea of Azov is critical to establishing a land bridge from the Crimean Peninsula, which Russia seized from Ukraine eight years ago.

As journalists who had been largely absent from the city began to trickle back in, new images emerged of the devastation from an airstrike on a theater last month that reportedly killed hundreds of civilians seeking shelter.

Ukrainian officials have pleaded with Western powers almost daily to send more arms and further punish Moscow with sanctions, including the exclusion of Russian banks from the global financial system and a total EU embargo on Russian gas and oil.

During his visit Saturday, Austrian Chancellor Karl Nehammer said he expects more EU sanctions against Russia, but defended his country’s opposition so far to cutting

Complaints abound that tax audits take too long and are a tedious exercise for all parties involved. Problems of corruption involving bribery on the part of taxpayers offering and tax auditors soliciting these bribes abound. Instances of jeopardy or arbitrary assessments of tax obligations continue to pester taxpayers. Is there hope or solutions to address these negative issues on tax audits? responses and remedies of taxpayers on the results of the audit; and oversight of the tax audit engagements.

There are already many rules, procedures, and guidelines for each of these processes.

The solution toward enhancement of the tax audit process and environment is not necessarily done by adding more of these rules, but by instilling a strategic and perhaps a new mindset. There is also the need to add the advantages of readily available technology and global best practices to be able to finally overhaul the contentious tax audit system.

I suppose it is high time to pursue these to bring about the much needed reform on taxpayer-tax examiner engagements, as well as contribute to increasing the funds from tax audit-related activities to provide relief to the bankrupt state of our government that I perceive will be a matter of time in the making, or in substance, already prevailing.

To be continued Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979.

This column accepts articles from the business and academic community for consideration for publication. Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

off deliveries of Russian gas.

A package of sanctions imposed this week “won’t be the last one,” the chancellor said, acknowledging that “as long as people are dying, every sanction is still insufficient.”

Austria is militarily neutral and not a member of Nato.

British Prime Minister Boris Johnson’s visit came a day after the UK pledged an additional 100 million pounds ($130 million) in highgrade military equipment. Johnson also confirmed further economic support, guaranteeing an additional $500 million in World Bank lending to Ukraine, taking Britain’s total loan guarantee to up to $1 billion.

In the interview with AP, Zelenskyy noted the increased support but expressed frustration when asked if weapons and equipment Ukraine has received from the West is sufficient to shift the war’s outcome.

“Not yet,” he said, switching to English for emphasis. “Of course it’s not enough.” Anna reported from Bucha, Ukraine. Robert Burns in Washington, Jill Lawless and Danica Kirka in London and Associated Press journalists around the world contributed to this report.

P

inoy expressions have long spiced up our language. One of my favorites is “Tapos na ang boksing,” which means “it’s finished.”

For my millennial son Jason, he says “GG” as in “Good Game” to practically say the same thing (“it is over”) especially during basketball where he sees victory way ahead of the official end of the competition. For those who take election surveys hook, line and sinker, they probably are shouting the same tune: “Tapos na ang boksing.” After all, a double-digit lead in practically all reputable surveys indicate a landslide victory for the consistent frontrunner. Most of the UniTeam flag-bearers I know have confidently declared “it is finished” based on such surveys. My father is not a fan of such surveys, fully knowing how numbers can be manipulated by “tweaking” the procedure.

Out of curiosity, I did my own interviews, even way before the campaign period officially began. I have been talking to people from all walks of life in Bataan, Zamboanga, Bohol, Baguio, Laguna, Batangas, Cavite, and of course in the National Capital Region. Far from being a statistician, my informal and crude process, however, reveals the same trend—Marcos Jr. appears to be winning. Yet, the crowds in the recent Leni-Kiko political rallies have likewise generated a “Tapos na ang boksing” expression in favor of the pink squad, predicting a landslide win. I have attended at least three of such rallies and witnessed the spirit of volunteerism in a massive show of solidarity. Every event has that element of heartfelt pride and support towards a very charismatic yet simple and humble presidential candidate. Whichever way one may put it, the opposing groups each maintain a sanguine stance so poignant that the rivalry may turn into a “Maghahalo ang balat sa tinalupan,” (melee) as one of my former law students (WES) predicts.

Sadly, for the Philippine government, “Tapos na ang boksing” cannot be applied in connection with the arbitral award on the West Philippine Sea. Some of my friends both in the uniformed service and in the legal profession are grossly dissatisfied with the spate of lethargic efforts that the current administration has so engrossed itself with the Philippines’ unequivocal victory over China. The Duterte administration has acted in many ways other than being a winner.

Last week alone, we have witnessed a weak, if not vague attitude exhibited by the President during a telecom with

China’s President Xi Jinping. Nowhere in said dialogue did our President categorically question China for its intrusions in our territorial seas.

That “meeting” could have been the perfect occasion, the much-awaited break to bang the gavel of victory for China to recognize our sovereignty, yet President Duterte chose to deflect from the award and offered his two cheeks in diaphanous diplomacy.

True, he may know a lot more than any ordinary Juan, hence his actuation. But the point remains that the Philippines, through its leaders, can and should shout in unison that “tapos na ang boksing!” when it comes to these disputed islands.

Ironically, since the government has so far been acting as the loser, lawyer and soldier friends of mine are saying the more apt expression— “Natutulog sa pansitan,” (one’s failure to grab an opportunity because of laziness). While our government during Duterte and even Aquino’s regime seems to be sleeping in Malacañang, China has gotten busy building artificial islands in our maritime territory in pursuit of its “might makes right” approach. “Walastik!” (effusive expression of praise), I say to China for its unstoppable improvement in style and in justification. We may be in awe of the herculean nature of these artificial islands and military stations, as much as we are reduced to silence whenever we see the giantsized vessels of China frolicking in our reefs or shoals. Last week’s stature alone demonstrated by our President in his telecom with China’s head of state could already spell the fate of our people anent the maritime dispute. Sadly, “Hanggang pier na lang”

Monday, April 11, 2022

(to be left behind with an un-kept promise) can be said as to our hopes anent reigning over our territory combined with “walastik!,” though sarcastically, as regards government response to such arbitral award.

As victors, government should enforce the arbitral award beyond mere paper protests. Again, since “tapos na ang boksing,” efforts should be aimed at implementation—the hallmark of the vanquisher and not the vanquished. There are so many other ways of implementing an award short of military aggression. On top of filing seemingly futile protests through our Department of Foreign Affairs, our legislature could pass criminal laws penalizing intrusions by foreign vessels into our exclusive economic zones, a move suggested by a senior associate dean in one of the schools of law in the USA. After all, China already adopted such a law banning any incursion into their territorial waters. Also, pursuant to a legal luminary’s recommendation, we can file a new dispute or one under UNCLOS for China’s non-compliance with the 2016 arbitral award. Furthermore, our government can send more ships to man our shoals and reefs. Even though these vessels can be as rusty as the old BRP Sierra Madre, “Nineteen kopong-kopong” (“of so long time ago”), which was intentionally ran aground at the Ayungin Shoal, they still serve as our continuing claim and possession in these islands, with Filipinos standing guard and holding the shoal as Beijing crochets a string of man-made islands nearby. If government does not pursue any or all of these remedies now, and the “enemy” steps another foot forward, “pupulutin tayo sa kangkungan” (summary execution under the circumstances).

But by being victors, we should remain humble yet assertive. Our behavior should reflect that of the champion and not of the defeated.

For believers, Jesus Christ already won the battle for us when He died for our sins, past present and future.

The Cross is a symbol of His victory over death and all the machinations of the devil. Thus he uttered, “It is finished!” as can be read in John 19:30 of the Bible. “TAPOS NA ANG BOKSING!,” in the Biblical sense, signals to all of us that there is no more need for sacrifices, for struggles to be perfect, for rituals of getting nailed on the cross during Holy Week, for guilt feelings and all other human exertion to be righteous, because Christ already brought the ultimate fulfillment to what any of our sacrificial

Separating the wheat from the chaff

By Olexander Nechytaylo

T

he unprovoked Russian aggression against Ukraine has been topping international headlines for more than a month now.

Humankind is witnessing with disbelief the horrific crimes taking place in the middle of the 21st century Europe. Cruel, unjust and unnecessary war imposed on the world by the Kremlin already resulted in a tremendous humanitarian crisis with thousands of civilian casualties, 6.5 million internally displaced persons in Ukraine and another 3.5 million seeking refuge in the neighboring countries.

It is a tragedy caused by the sick imperial ambitions of an economically underdeveloped, but overstuffed with nuclear warheads regime living in a nostalgic hallucination.

The Bucha massacre, a small town near Kyiv, where a mass burial site was discovered after the Russian retreat with hundreds of corpses, bodies of raped women and girls, tortured and executed civilians, some with their hands tied, lying on the streets, has already become a gruesome symbol of Putin’s vision of “neutrality” and “denazification” for Ukraine and brought back the memories of Srebrenica. Yet, there are voices of various “experts” that are relentlessly pushing around subtle messages of propaganda that mislead, instil doubts, and distract from the burning fire.

It is imperative to understand some basics of international relations before attempting to indulge into all sorts of theoretical discourse based on the false narratives. The principles of non-use of force, peaceful settlement of disputes, nonintervention, self-determination

and sovereign equality are the pillars of the contemporary world order. In other words, each country’s independence, sovereignty and territorial integrity are sacred. Every nation is equal: no matter how big or small.

Let us separate the wheat of truth from the chaff of propaganda and look at what is happening through the prism of undeniable facts.

Fact 1. By invading Ukraine, Moscow blatantly violated not only the international law and the UN Charter, but also the 1994 Budapest Memorandum, the Treaty of Amity and Cooperation in South East Asia and at least a dozen more bilateral and multilateral agreements that Russia is a party to.

Fact 2. While waging a war on Ukraine, the Russian military is deliberately targeting civilians, re s i d e nt i a l ho me s , c r it i c a l infrastructure, medical facilities

Today Ukraine is fighting for its freedom again. The Philippines’ consistent support of Ukraine’s sovereignty and territorial integrity is very important to us. We are equally grateful for the most recent decision to open the door to Ukrainians, who might temporarily need a safe place in the midst of this raging war: this is something we will never forget. and shelters. Foreign Minister Lavrov at a press conference in Antalya did not even try to conceal it: Russian pilots purposely bombed the maternity hospital in Mariupol.

But the Bucha tragedy puts the whole magnitude and brutality of crimes committed by the Russian military into entirely new dimension. There is an urgent need to establish a special international tribunal in response to the multiple violations of the international humanitarian law by the occupiers.

Fact 3. Ukraine is a democracy with the rule of law, where people freely exercise their rights and freedoms. For over more than 15 centuries’ history even at its darkest hours, Ukrainians proved that freedom and social justice are the core values embedded in our DNA. This sentiment can certainly resonate with the people in the Philippines that have a proud history of their own struggle for independence. Jose

A9

system can foreshadow. The more we adopt this truth, the more we align ourselves to this route, then the more we will act as victors in every area of our lives. Believing in this victory will propel us to do good. Other teachings preach the other way around—that we have to do good first before we can be righteous in God’s eyes. Yet because of His finished work at the Cross, Christ gave us His righteousness. In the Bible, 2 Corinthians 5:21 attests to this: “God made him who had no sin to be sin for us, so that in him we might become the righteousness of God.” And God sees us whole, righteous and sinless as Jesus is because we are in Christ: “There is therefore no condemnation for those who are in Christ Jesus.” (Romans 8:1) Our country’s victory in the maritime dispute with China is not “lutong macaw” (rigged or pre-arranged) inasmuch as our victory with Christ at the Cross is not mocked up. Once we perceive ourselves as being victors, our responses will automatically align with the fruits of victory—that of doing what is right and just. Hence, when government implements the arbitral award, it should remain confident for it is simply doing what is good and fair, as determined by an independent body. In the same manner, when believers profess to have faith, they must believe in the righteousness that our Savior already gave us as he told us, “In this world you will have trouble, but take heart, I have overcome the world (John 16:33). “Tapos na ang boksing!”

Perhaps much to the dismay of various election camps, I can also say “tapos na ang boksing!” in these 2022 elections, but not because of numbers in surveys or in rallies but because our Almighty God has reminded us that “there is no authority except that which God has established. God has established the authorities that exist. (Romans 13:1). Indeed, “it is over,” but such fact should not prevent believers like me to help voters find the righteous leaders we need at this point in our history!

A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission.

For questions and comments, please e-mail me at sbmison@gmail.com.

Rizal once said: “I don’t see why I should bow my head when I could hold it high, or place it in the hands of my enemies when I can defeat them.” At a closer look one may find some striking similarities between him and President Zelenskyy, particularly when it comes to the ability to inspire and lead the nation during the pivotal moments of its history.

Fact 4. Ukraine and the Philippines enjoy excellent bilateral relations. This month our countries mark the 30th anniversary of the establishment of diplomatic ties.

I feel immensely honored and privileged to represent my country here as Ambassador. Ever since my first trip to Manila back in 1997, I fell in love with the kind, compassionate and hardworking people, and made friendships that I cherish until now. Essentially, we share the same values, and this is one of the reasons why there are so many people-topeople connections. Today Ukraine is fighting for its freedom again. The Philippines’ consistent support of Ukraine’s sovereignty and territorial integrity is very important to us.

We are equally grateful for the most recent decision to open the door to Ukrainians, who might temporarily need a safe place in the midst of this raging war: this is something we will never forget.

Olexander Nechytaylo is the Non-resident Ambassador of Ukraine to the Philippines.

A10 Monday, April 11, 2022

PHL reports more culling to OIE as bird flu spreads

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Philippines culled over 85,000 birds, mostly ducks and quails, to curb the spread of the highly pathogenic avian influenza that has penetrated at least nine provinces this year.

The Philippines recently submitted two follow-up reports regarding its HPAI subtype H5N1 outbreaks to the World Organisation for Animal Health or the OIE. The two follow-up reports contained new outbreaks in Benguet, North Cotabato, Sultan Kudarat, and Camarines Sur. Based on the two reports, about 49,065 birds were susceptible to bird flu, with 13,030 of which dying from the disease.

To contain the spread of the outbreak, the government culled the remaining 36,035 susceptible bird population, the two follow-up

reports showed.

With the country’s recent reports to the OIE, the Philippine government has confirmed 159,029 susceptible birds to HPAI subtypes H5N1 and H5N8 this year, with a total death count of 73,485 birds.

To date, the government has culled about 85,615 birds, mostly ducks and quails, to address the resurgence of bird flu outbreaks in the country, based on the country’s official reports to the OIE. The Bureau of Animal Industry (BAI) has disclosed that it has a P25-million fund to indemnify

bird flu affected farmers and raisers nationwide. Should the fund be insufficient, the BAI, an attached agency of the Department of Agriculture, will submit a request for an additional budget using the department’s quick response fund.

The government is indemnifying bird flu affected raisers based on their culled population. The government pays P100 per head of duck culled and P15 per quail.

BAI tightens rules

EARLIER, the BAI further tightened its rules and regulations on poultry industries in the country to curb the spread of bird flu that has affected at least seven provinces this year. The bureau issued Memorandum Circulars (MC) 9 and 10 to further strengthen the government’s efforts against bird flu.

The bureau’s MC 9 ordered the resumption of avian influenza (AI) testing for transport requirement and renewal of poultry layer farm, poultry breeder farm and game fowl farm certification.

“In light of the recent outbreaks of AI in the country, testing shall be enforced for the purposes of renewal of poultry layer farm, poul-

try breeder farm and game fowl farm certification and bi-annual AI monitoring,” the document read.

The BAI issued MC 10 after it received reports of continuous “pigeon transport, racing, training and breeding” despite temporary suspension under DA MC 5 and 6.

The DA MC 5 and 6 outlined the rules and regulations on the local movement of domestic and wild birds, poultry products as well as domestic and captured wild ornamental birds and their poultry products. (Related story: businessmirror.com. ph/2022/03/02/da-tells-raisersto-follow-rules-ontransportingchicken) However, “despite the above issuances, numerous reports have been received by the Bureau on pigeon transport, racing, training and breeding,” the document read.

Earlier, Agriculture Secretary William D. Dar called on local government units (LGUs) to strengthen efforts against bird flu as the DA confirmed outbreaks in areas as far as Benguet and Sultan Kudarat.

The provinces with confirmed bird flu outbreaks are Pampanga, Bulacan, Nueva Ecija, Camarines Sur, Laguna, Bataan, Tarlac, Benguet and North Cotabato.

MINORITY CHIEF DRILON DRAWS PRAISE FROM ECONOMIC TEAM

By Butch Fernandez @butchfBM

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E may be bowing out in June from decades of work in government service, but Minority Leader Franklin Drilon has gotten highest praise from the Duterte administration’s economic team for helping make possible key liberalization reforms with his well-studied critiques and finetuning.

In a letter, the economic managers credited the opposition leader for “outstanding work” in the speedy passage of gamechanging economic liberalization laws intended to fast-track the country’s recovery from the Covid-19 pandemic by, among others, enticing foreign direct investments (FDI).

They conveyed their appreciation for Drilon’s key role in crafting the long-awaited reforms, which he did not block but thoroughly vetted, introducing crucial provisions to clarify the intent of the law and provide safeguards: “ Thank you for your valuable contributions that led to the passage of the three economic liberalization bills, namely, the Amendments to the Retail Trade Liberalization Act, Amendments to the Foreign Investment Act, and Amendments to the Public

Group wants 4 listed by DA exec named at next farm smuggling hearing

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HE biggest alliance of agricultural groups has expressed hope that the next Senate hearing on vegetable smuggling on Tuesday will divulge the four names submitted in confidence to Senate President Vicente Sotto III, and that Agriculture Secretary William D. Dar will “stop hiding” and attend hearings.

Rosendo So, president of the Samahang Industriya ng Agrikultura (Sinag), said the four persons listed as having made separate calls to intervene to clear certain food importations should be named when the Committee of the Whole calls the next hearing.

So also said they hope “Secretary Dar will stop hiding and attend the hearing,” noting that the DA chief was unable to attend one hearing because he was in Dubai on official mission, and was in another conference in the regions when the next hearing was called.

According to So, the P8.5-billion estimated losses from farm products smuggling, as well as the continuing misery of farmers, warrant urgent and decisive action from DA as well as the Bureau of Customs.

So was pleased that DA Assistant Secretary Ferdinand Laciste had already furnished Sotto—who with Sen. Panfilo Lacson had pushed for a Committee of the Whole inquiry—with names of four powerful individuals who separately tried to intervene in behalf of importers.

However, So said these people should be named and given a chance to explain.

At the last hearing, senators had put the onus on the BOC and DA for the rampant smuggling, saying they cannot keep using the gaps in the law to justify minimal action against smuggling, because there are options available for them, like first-border inspection and existing food-safety laws, to plug the menace while Congress works on remedial legislation.

Service Act.” Apart from Finance Secretary Carlos Dominguez III, other signatories included Trade Secretary Ramon M. Lopez, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno, National Economic and Development Authority Secretary Karl Kendrick T. Chua, and Acting Budget Secretary Tina Rose Marie L. Canda.

Even as he is a known opposition stalwart, Minority Leader played a key role in pushing timely passage of economic measures endorsed in the Duterte administration’s legislative agenda, including amendments to the Public Service Act and amendments to the Retail Trade Liberalization Law. Drilon also stood as principal author and co-sponsor of Republic Act 11659 or the Amendments to the Public Service Act and principal author of Republic Act 11595 or the Amendments to the Retail Trade Liberalization Act. “I am proud of shepherding the passage of the two economic reform laws. These laws will pave the way for a more vibrant economy, more investments and more jobs for our people,” says Drilon. “It is my view that with these economic laws, the country is in a better position to tackle the economic slump due to the

In a radio interview on Sunday, So aired suspicion that besides the four names on Laciste’s list, “there may be big people behind” the questionable importations, noting the deluge in smuggled items—“it’s not just onions, vegetables, but even rice,” So pointed out.

Right now, he said, local onion farmers are losing heavily, because the gateway price is only at P5-P8 a kilo.

One hectare of onion farm requires P200,000 of inputs and other costs, so at P5-P8, a farmer can only derive some P40,000, or a huge income loss, he estimated.

Farmers, meanwhile, have been borrowing heavily to sustain costs of fertilizers, fuel, and, for the livestock producers, the costs of feeds that have also been rising.

The DA’s tendency to favor importations has deepened the local farmers’ misery, and the smuggling compounds their dire situation, he said.

He also pointed to the authorities’ continuing failure to make cold storage operators accountable, in light of continuing reports that the latter refuse access to inspectors, amid suspicion that they have shut their doors to local farmers on the pretext of being “full,” while allowing room for imported vegetables.

As a result, some local farmers make do with measures like putting their onions, for instance, beside electric fans. Onions need a certain cold temperature to keep, as the heat will force “pagsibol,” referring to the process when shoots and leaves start to appear, and the onions soon grow soft and unedible.

Besides smuggled onions and carrots—which Benguet farmers earlier said cost them P6 million losses daily —there persists smuggling of pechay and broccoli, according to So. He reiterated the call for DA and BOC to conduct first-border inspection, which he said is important since it’s the DA that issues the import permits of SP-SIC. Butch Fernandez

See “Minority chief,” A2

Logistical woes stall OAV in 6 PHL posts

By Samuel P. Medenilla @sam_medenilla

L

OGISTIC AL difficulties delayed the start of overseas voting in the six Philippine posts, according to the Commission on Elections (Comelec).

The Comelec-Office for Overseas Voting (OFOV) said the issue affected the Philippine embassies in Wellington, New Zealand; Islamabad, Pakistan; and Dili Timor-Leste.

Also covered by the delays are the Philippine consulates in Shanghai, China; Milan, Italy; and New York, United States of America.

“Due to logistical difficulties encountered in the shipment of the election materials, the following Posts will start overseas voting at a later date,” OFOV said in a post on Facebook.

Last week, Comelec announced that it will be deferring the overseas absentee voting in Shanghai due to the ongoing lockdown imposed by the Chinese government in the city due to Covid-19.

The poll body also said there will be delays in the voting in the Philippine posts in Baghdad, Tripoli, Islamabad, and Warsaw.

Migrante International criticized Comelec for the delays, which it noted could translate to mass disenfranchisement among overseas voters if not promptly addressed by the poll body.

The overseas voting finally started on Sunday and will end on May 9, 2022.

Around 1.7 million Filipinos voters abroad are expected to participate in the monthlong activity.

Companies

Editor: Jennifer A. Ng

Monday, April 11, 2022

B1

PSE ‘addressing’ market issues that dampen investor appetite

By Lito U. Gagni

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Special to BusinessMirror

HE Philippine Stock Exchange (PSE) is addressing investor concerns especially those related to listed issues, according to First Grade Finance Inc. managing director Astro C. del Castillo.

Del Castillo was reacting to a question during the Experts Forum on Finance and the Economy regarding the status of Abra Mining and Industrial Corp., which was suspended last March 3, 2021, for selling unregistered shares in the stock market. The forum held at the DWIZ station was sponsored by the ALC Media Group.

He said that the PSE is aware of the issue, which dampens investor appetite. He also cited other investor concerns like the deferment by Dito CME Holdings Corp. of its stock rights offering where investors’ money were returned, as well as recent IPOs (initial public offering) in the market .

Many investors in Abra Mining, which had an explosive run

before the findings on the sale of unlisted shares was made, are now facing the prospects of frozen investment money and they are asking what happened to the initial announcement of the PSE that the exchange is looking for a white knight.

The PSE has been granted a self- regulatory status by the Securities and Exchange Commission whereby it is supposed to police its ranks. A withdrawal of that status will revert it back to the regulatory control of the Securities and Exchange Commission.

On its own the SEC can “motu propio” probe the sale of unlisted stocks by officials of Abra Mining, traded under the symbol AR. The current chair, Emilio B. Aquino had

headed the prosecution department of the SEC during what has been dubbed as the golden age of the SEC under the late Chairperson Rosario N. Lopez when the commission was winning court cases.

The trading of Abra Mining shares, including the unlisted shares, rose in January last year as investors bought into the stock.

Abra Mining had accounted for 77 percent of the market’s daily trading before the stock’s March 4 suspension where the PSE notified the “investing public that, in view of the lodgment and trading of unissued and unlisted shares of Abra Mining (“AR” or the “Company”), trading of AR shares “ (was) suspended effective 9:00 a.m., March 4, 2021, until further notice.

Based on the disclosures and reportorial submissions by the Company and reports by the Philippine Depository and Trust Corp.

(PDTC) on the share lodgments of AR, the PSE has determined that: 1. The number of the company’s fully paid issued and outstanding shares exceeds the number of its listed shares, in contravention of PSE’s rule that all fully paid issued and outstanding shares should be applied for listing; 2. The number of the compa-

ny’s shares lodged with the PDTC exceeds the number of the Company’s listed shares, in contravention of PSE’s rule that only securities approved for listing should be lodged with PDTC for trading; and 3. The number of the company’s shares lodged with the PDTC exceeds the number of the company’s issued and outstanding shares (as contained in the Company’s audited financial statements) which means that shares which are not yet reflected in the books of the company have been lodged with PDTC and are being traded, in contravention of the provisions of the Revised Corporation Code.

The Exchange, in close coordination with the SEC, has decided to suspend the trading of AR shares until the above matters are satisfactorily resolved by the company’ s directors, officers, corporate secretary, and its stock and transfer agent (Asian Transfer & Registry Corp.). This is pursuant to the Exchange’s mandate and objective to provide a fair, orderly, efficient and transparent market for the trading of securities and for the protection of the investing public, consistent with the provisions of the Listing Agreement and the Consolidated Listing and Disclosure Rules.

Alliance Towers open to foreign funders C OMMUNICATIONS-infrastructure developer ALLIANCE Towers Corp. (ATC) on Friday said it welcomes foreign investors to the company in building mobile phone towers in the country.

“As a capital-intensive industry, we’re fortunate enough to roll out our current number of towers. We’re entertaining joint ventures with foreign companies and considering that position because the capital is high,” ATC Chairman and CEO Sherwin G. Hing told reporters during a news briefing in Bonifacio Global City.

A statement from the company said it “is going full speed ahead in building towers that would improve connectivity nationwide” in an aim “to support the Philippines’s digital transformation and the telecommunications industry efforts to address the growing demand for fast, stable and reliable internet connectivity through tower services.”

ATC President and COO Alvin Tolentino said building a cellular tower will cost from a low of P8 million to a high of P12 million.

Formerly known as ALT Global Solutions Inc., the firm has built over 40 towers at the height of lockdown measures against the pandemic. The company said it plans to build 500 towers a year.

“This would greatly help improve

digital connectivity, considering that the Philippines needs to build 50,000 towers to meet its current shortfall,” according to a statement by the company.

Tolentino said the pandemic has seen the rapid rise in demand for fast and reliable internet connectivity to enable to pursue work and studies.

“The recent pandemic has brought about the urgent need for fast and reliable internet connectivity to enable digital transformation and the adaptation of the country to new digital landscapes. Unfortunately, there is a wide gap between the number of subscribers and the cell sites here in the Philippines to provide the bandwidth and connectivity that the Filipinos demand,” Tolentino said.

“As the country adapts to the rapidly changing times, ATC aims to be a major player in the common tower industry, helping its Telco partners provide better service and the country progress towards a more connected nation. Our plans in the pipeline involve initiatives that will help stabilize and expedite programs to address consumer demands for improved digital connectivity across the Philippines,” he added.

Tolentino said the increased capacity requirements of users, the 4G expansion and 5G-rollout and the increased number of telco players

are the growth drivers for the towers. Moreover, high demand for towers is being driven by the increased capacity requirements of users, the 4G expansion and 5G rollout and the increased number of telecommunications players.

Hing said the government’s common tower policy allows telco companies to share towers, thereby bringing down costs, which is another major growth driver. Due to these demands and the need to provide good connectivity to even to unserved and underserved areas, the government has introduced reforms over the last two decades which resulted in the dramatically changed nature of telecommunications in the Philippines and the establishment of shared telecom infrastructure.

“We acknowledge our role in the success of the country’s digital transformation and advancement. This is why we have selected a management team who has a proven track record in the tech and telecommunications industry to lead our programs and initiatives in building digital infrastructures. Furthermore, we also ensure that our experts are armed with the right extensive information and knowledge to develop our towers and we have also developed standard parameters to ensure that

Insurance Commission marks 73rd year

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HE Insurance Commission (IC) celebrated its 73rd Founding Anniversary on April 1, 2022, at the Philippine International Convention Center in Pasay City.

Fortune Life Insurance Co., represented by its Executive Vice President Emma M. Abad, and Consulting Actuary Evelyn T. Carada, took part in the said event, along with other insurers and distinguished guests. The theme of this year’s celebration was “Ignite and Conquer: Transforming Uncertainties, Creating Opportunities and Adopting Best Practices.”

Continued on B2

This photo shows Insurance Commissioner Dennis B. Funa (4th from right), Fortune Life Insurance Co. Inc. Consulting Actuary Evelyn T. Carada (5th from right) and Fortune Life Executive Vice President and Chief Operating Officer Emma M. Abad (6th from right) and other executives during an event celebrating the 73th Founding Anniversary of the Insurance Commission at the Philippine lnternational Convention Center, Pasay City, Metro Manila last April 1, 2022.

our sites, services and operations are best-in-class,” Hing added.

“The nation’s internet connectivity is dependent on the strong collaboration of the government, the digital infrastructure industry and the telecommunications sector. As we join forces to continue progressing the country’s digital status, ATC will remain steadfast in providing digital infrastructures and increasing the numbers of telecom towers that will serve as an avenue to reach even those in rural areas,” Tolentino said. Rizal Raoul Reyes

ERC to hear Meralco’s regulatory proposals

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HE Energy Regulatory Commission (ERC) has set the hearing this month on the application of the Manila Electric Co. (Meralco) for the approval of its proposed Annual Revenue Requirement (ARR) and Performance Incentive Scheme (PIS) for the Fifth Regulatory Period (5RP).

“Finding the said application to be sufficient in form with the required fees having been paid, the Commission hereby sets the same for determination of compliance with the jurisdiction requirements, expository presentation, pre-trial conference and presentation of evidence,” on April 26 and 28, the agency said.

In its application, Meralco is seeking P149.66 billion for its capital expenditure (capex) program in the next four years until 2026.

Under the proposed Annual Revenue Requirement (ARR) and Performance Incentive Scheme (PIS) for the Fifth Regulatory Period (5RP) which starts July 1, 2021, and ends on June 30, 2026 Meralco has set a capex budget of P37.53 billion for 2023, P43.5 billion for 2024, P36.37 billion for 2025, and P32.25 billion for 2026.

Meralco said the proposed amount is necessary to comply with regulatory requirements to maintain the integrity, reliability and efficiency of the electric system and for the continuous improvement in service quality and performance measurement for the benefit of the consumers.

More importantly, the capex

projects are necessary to augment the capacity of the network to meet demand growth or new customer requirements.

Among others, the capex will be utilized for the replacement and refurbishment of aging, and obsolete assets; relocation of assets needed for the implementation of government infrastructure and third-party initiated projects; purchase and construction of non-network assets required for the normal efficient operation of the electric distribution system; deployment of automation and technology projects, as well as innovative solutions for various electrification projects.

For the 5RP, Meralco is proposing the “implementation of its Advanced Metering Infrastructure (AMI) program for more than two million customers aligned with the objective of deploying a reliable, efficient, and intelligent distribution grid.”

For the past years, Meralco said it completed several major projects, including the construction and development of 16 new substations with additional total capacity of 1,546 MVA; expansion of 32 existing substations with a total additional capacity of 2,944 MVA; construction of 5-115 kilovolt (kV) and 2-69 kV subtransmission lines; replacement of nine power transformers; replacement of Call Center System (CTI, Voice Logger and Telephony Infrastructure); and acquisition of several systems including the Enterprise Geographic Information System–Phase 1. Lenie Lectura

B2

Companies BusinessMirror

Monday, April 11, 2022

SEC revokes papers of Scentko World, Brendahl Cruz Holdings

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By VG Cabuag

@villygc

HE Securities and Exchange Commission (SEC) has revoked the corporate registrations of ScentkoWorld Corp. and Brendahl Cruz Holdings Inc. for running Ponzilike schemes in its operations through a “buy-and-earn” (B&E) program of perfumes.

The SEC’s Enforcement and Investor Protection Department found that the companies affiliated with Brendahl Cruz have been publicly offering and selling securities without the necessary secondary license from the agency.

ScentkoWorld and Brendahl Cruz Holdings have violated the Revised Corporation Code of the Philippines, the regulator said.

ScentkoWorld and Brendahl Cruz Holdings have been enticing the public to buy perfume and beauty products in exchange for up to five times in returns within 30 days.

An investor who buys a package worth P5,000 can earn up to P20,000 in a month’s time, regardless of whether they were able to sell the products or not. Instead, the promised return will depend on how

soon the companies can recruit new members. Members can also earn by recruiting more people into the program.

T he investment scheme of ScentkoWorld’s and Brendahl Cruz Holdings involves securities, particularly an investment contract, whereby a person invests his money in a common enterprise and is led to expect profits primarily from the efforts of others, according to the regulator.

As a form of security, investment contracts must be registered with the SEC before they can be sold or offered within the Philippines.

SEC records reveal that while ScentkoWorld and Brendahl Cruz Holdings are registered as corporations, they have not registered any securities pursuant to the provisions of the Securities Regulation Code (SRC). Further, both companies have not employed licensed capital market professionals for the sale of securities.

The SEC said the investmenttaking activities of ScentkoWorld

and Brendahl Cruz Holdings are “within the context of a Ponzi scheme, as there was nothing that would indicate that there is a lawful business activity from which to generate the supposed income to be distributed to their memberinvestors.”

“The investment scheme of Cruz through ScentkoWorld and Brendahl Cruz Holdings also operates to defraud investors as it deceives the investing public by making it appear that they have the authority to deal in securities. This also amounts to serious misrepresentation as to what they can do or are doing to the damage and prejudice of the investing public,” the order said.

“Wherefore, for violation of Section 44 of the Revised Corporation Code of the Philippines (Republic Act 11232) in relation to Sections 8.1 and 28.1 of the SRC and Section 6 (i)(2) of P.D. 902-A, the corporate registrations or Certificates of Incorporation/Registration of ScentkoWorld and Brendahl Cruz Holdings are hereby Revoked,” it said.

Insurance Commission marks 73rd year Continued from B1

Highlighted in the event were the recent notable achievements of the Insur-

ance Commission under the leadership of Insurance Commissioner Dennis B. Funa, among which are the “Program to Institutionalize Meritocracy and Excel-

lence in Human Resource Management (PRIME-HRM) Award” for two consecutive years by the Civil Service Commission (2019 and 2022); and the coveted ISO

9001:2015 Quality Management System (QMS) Recertification. Moreover, IC’s Accounting Division received the Hall of Fame Award given by the Association of Government Accountants of the Philippines Inc. and was selected as one of the “Most Outstanding Accounting Offices” for the third consecutive year by the Commission on Audit (COA).

www.businessmirror.com.ph

STOCK-MARKET OUTLOOK Last week

Share prices shed points last week as trading remained volatile as investors weighed the impact of the continuing armed conflict of Ukraine and Russia and ripples from sanctions against the latter. The market also was jittery on the effects of a lockdown in Shanghai, China, which is a growing international finance hub.

The benchmark Philippine Stock Exchange index fell 134.86 points to close at 7,018.02 points.

The main index was down for three consecutive trading days, shedding the most on Thursday at 183.23 points, but gaining points at the end of the week on bargain hunting.

The average value of trade for the week was low at P4.35 billion with foreign investors as net sellers at P938.57 million.

All other sub-indices were down, with the exception of the Mining and Oil index that gained 50.32 points to close at 12,430.18 points.

The broader All Shares index fell 49.14 to close lower at 4,739.45. The Financials index was down 14.08 to close at 1,669.68. The Industrial index declined 76.37 to close lower at 9,667.09. The Holding Firms index plunged 259.98 to close at 6,568.64. The Property index shed 41.44 to close at 3,268.01. And the Services index lost 6.75 to close at 1,932.32.

For the week, losers led gainers 137 to 76 and 30 shares were unchanged.

The top gainers were: Concrete Aggregates Corp. B shares; Victorias Milling Co. Inc.; Benguet Corp. A and B; Now Corp.; APC Group Inc.; and, Philippine Realty and Holdings Corp.

The top losers, meanwhile, were: First Abacus Financial Holdings Corp.; Oriental Petroleum and Minerals Corp. B; Greenergy Holdings Inc.; Roxas Holdings Inc.; Acesite (Phils.) Hotel Corp.; and, Easycall Communications Philippines Inc.

This week

SHARE prices are expected to continue its downward trend this week, as trading will remain volatile during the shortened trading week.

It will be a 3-day trading week as the market would be closed in observance of the Maundy Thursday and Good Friday.

“As the tug-of-war between bulls and bear continue, investors are left to spin gold out of straw,” broker 2TradeAsia said. “This implies being particularly selective and seeking out those with high alpha potential and those with some degree of natural immunity to rising inflation and interest rate spikes.”

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., sees tepid trading this week as the local market could move with a downward bias as it continues to face headwinds from both offshore and onshore.

“The Federal Reserve’s hawkish monetary policy outlook is seen to remain as a big concern for the local bourse since a tightening of the Fed could lead to more foreign fund outflows from the Philippines, and a weakening of the peso,” Tantiangco said.

“Our rising inflation is currently seen as the main concern that could weigh on the market. This is as our rising inflation is expected to pose challenges on our economic recovery. It is also seen to raise worries over a possibly earlier monetary tightening by the Bangko Sentral ng Pilipinas. Investors may also watch out for our upcoming foreign direct investments data,” he added.

The market’s support is still seen at the 7,000 to 7,100-point range. If this is breached, next support is seen at 6,600, while its immediate resistance is seen at its 50-day exponential moving average 7,162.24 as of April 8.

Stock picks

BROKER Regina Capital Development Corp. advised to buy when its support price holds on the stock of Megaworld Corp. as all technical indicators continue to point to sustained bearishness.

The broker said indicators showed the stock is in deep selling territory, but still far from being considered oversold. Meanwhile, Regina Capital said technical indicators are showing a strong uptick in selling pressure coupled with increasing momentum.

There are indications of a retracement, which could bring Megaworld back to its P2.90 support.

“If this does happen, we expect (technical indicators to) sound oversold alarms and subsequently kickstart some bargain-hunting,” Regina Capital said, placing a support price on the stock at between P2.50 and P2.90.

The shares of Megaworld closed last week at P2.95 apiece.

Meanwhile, the broker gave a hold recommendation on the stock of D and L Industries Inc. (DNL) after it saw relatively higher volume and volatility last week but still closed in the red after spending much of the trading session up on a daily basis. “[DNL] reached a high of P7.75 but closed 1.45 percent lower at P7.50. Indicators are showing declining buying pressure, but are still bullish nonetheless,” Regina Capital said. “(Last week, technical readings) mean that there are more buyers than there are sellers. This could manifest into the support at P7.40 holding.”

DNL shares closed last week at P7.60 apiece. VG Cabuag

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Banking&Finance

Filipino PayMaya users may now buy and sell cryptocurrencies

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ILIPINO financial technology (fintech) platform PayMaya now allows Filipinos to participate in the burgeoning crypto market by incorporating a cryptocurrencies feature in its mobile app.

PayMaya users who have successfully completed their know-yourcustomer process, a requirement by the Bangko Sentral ng Pilipinas, can start buying and selling crypto assets such as Bitcoin and Ethereum via PayMaya.

They simply have to click on the “Crypto” tile on the PayMaya app, choose the token or coin they would like to purchase, and pay via their PayMaya wallets.

“We are very excited to launch this feature, a big step up in making crypto accessible to every Filipino through their PayMaya app. Being at the forefront of digital payments and financial services, expanding into crypto is part of our roadmap as we build the Philippines’ most accessible end-to-end money platform,” said Shailesh Baidwan, President of PayMaya.

Aside from Bitcoin and Ethereum, other popular coins and tokens available for trading in the PayMaya app are Cardano (ADA), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Quant (QNT), Pol-

kadot (DOT), Polygon (MATIC), and Tether (USDT), “with more coming soon.”

PayMaya developed this feature under its invest platform. It partnered with Coinbase Institutional, a global publicly traded crypto company, to build the crypto feature in PayMaya.

PayMaya wants to take a slice of the growing local crypto market, as the Philippines has become a hot bed for crypto trading. Third party data from Startista showed that the Philippines ranked 3rd in a list of 56 countries, with a third of Filipinos having either owned or used a digital coin.

“We see the rise in popularity of crypto, especially among our digital-first younger users. With the PayMaya e-wallet already a part of their everyday life for daily purchases and transactions, our customers now want to be able to buy and earn crypto smartly and seamlessly. That is why we are making it an integrated feature in our e-wallet app,” said Baidwan.

PayMaya has a base of 44 million users. Aside from having an e-money issuer license, PayMaya also has a virtual asset services provider license from the central bank.

Lorenz S. Marasigan

Wall Street banks weigh bond sales in race to beat rising rates

This July 22, 2021, photo shows unidentified person entering a JP Morgan office in Manhattan, New York City. Wall Street banks are expected to weigh debt issuance in view of the Fed’s moves to address US inflation. BLOOMBERG NEWS

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ARNINGS season is gearing up again, and that usually means debt issuance from the nation’s largest banks.

April tends to be the secondhighest month for debt sales from the biggest banks, JPMorgan Chase & Co. analysts Kabir Caprihan and Nikita Dyatlov wrote in a client note this week. Typically, the US banks, which come out of earnings blackouts starting this Wednesday when JPMorgan reports, sell about 15 percent of annual issuance in April.

While sales are expected to be brisk, it may be more so than usual, according to the strategists. Rates are probably only going to march higher from here, and borrowers are looking to issue while the cost of funding remains relatively low.

Credit investors will also likely tune into key inflation data scheduled to be released on Tuesday. Money managers will parse the consumer price index in an effort to better navigate the Federal Reserve’s monetary tightening campaign to fight the highest inflation in 40 years.

The data is “likely to reinforce the perception that inflation is endemic, the Fed will need to continue to tighten the screws and that will lead to an eventual recession,” said Ken Monaghan, co-head of high-yield at Amundi. “If the Fed was an airline pilot, given its history it would be sent back to the aircraft simulators for its inability to execute a soft landing.”

Investment-grade bond funds notched another weekly outflow of $1.7 billion for the week ended April

6, according to Refinitiv Lipper data.

The withdrawals mark the second straight week of exits after money managers pulled $2.55 billion of cash in the prior period. There have been nine weeks of outflows so far this year for the asset class. Junk bonds, meanwhile, posted a second weekly inflow as retail investors waded back into the market.

BusinessMirror

Editor: Dennis D. Estopace • Monday, April 11, 2022

WB IFC’s internal watchdog probes funding for PHL coal

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By Cai U. Ordinario

@caiordinario

HE internal watchdog of the International Finance Corp.

(IFC), may have violated its own environmental and social protection policies when it provided funding for coal projects in the country, according to the Philippine Movement for Climate Justice (PMCJ).

IFC is the World Bank Group’s private sector arm.

PMCJ said IFC’s internal watchdog, the Compliance Advisor Ombudsman (CAO), launched an investigation in response to a complaint brought by the PMCJ, with support from Inclusive Development International and Recourse, on behalf of affected communities across the Philippines.

The complaint relates to IFC’s $228-million investment in Rizal

Commercial Banking Corporation (RCBC), which PMCJ said went on to become a leading financier of coal expansion in the Philippines, including the construction of at least 10 new coal-fired power plants.

“Development banks should be leading the way to address the climate crisis, but with investments like this the IFC is taking us backwards,” said Aaron Pedrosa, Legal Counsel of the Philippine Movement for Climate Justice.

“Communities in the Philippines are suffering both the direct impacts of living near coal-fired power plants and the devastating effects of climate change. This isn’t the kind of development we want,” Pedrosa said.

PMCJ said the CAO report confirmed that IFC’s failure to ensure that RCBC applied its environmental and social Performance Standards to the financing of these plants very likely caused grave harm to surrounding communities.

The group said coal plants have caused serious impacts on the livelihoods, health and well-being of affected communities due to air and water pollution and physical and economic displacement, among other harms.

Local community activists who opposed the projects faced reprisals for denouncing these. One prominent environmental and human rights defender, Gloria Capitan, was killed last July 1, 2016.

The report also notes that, once operational, the plants will produce approximately 40 million tons of CO2 annually—equivalent

to roughly 30 percent of the Philippines’ annual emissions in 2019— exacerbating a global climate crisis to which the Philippines is acutely vulnerable.

“This case is not an aberration —it exemplifies IFC’s extremely problematic indirect lending practices,” said David Pred, Executive Director of Inclusive Development International.

“IFC has contributed to serious harms to local communities and the environment by failing—over the course of a decade and still to this day—to ensure that RCBC and other financial intermediaries adhere to basic environmental and human rights standards,” Pred said.

This is the first investigation ever undertaken by the CAO to specifically examine IFC’s contribution to climate change through its indirect investments in fossil fuels.

PMCJ said that despite the World Bank’s climate commitments, including a 2013 pledge to stop funding coal, IFC financing has continued to flow to financial intermediaries like RCBC that support new fossil fuel investments.

CIC basic credit reports now available in select AEs

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O provide Filipino borrowers with ready and immediate access to credit information — the Credit Information Corporation (CIC), is rolling out its “Direct to consumer through AE [D2C] program.”

This program enables an individual to access their CIC Basic Credit Report through select Accessing Entities (AEs), such as banks and other lending institutions. These AEs are financial institutions authorized by the CIC to access borrowers’ credit information from its database.

Starting April 11, 2022, the CIC Basic Credit Report may be applied for from the following AEs who will form the pilot batch of the D2C program: CreditAccess Philippines Financing Company Inc., Enterprise Bank, Paramount Life and General Insurance, Prime Global Finance Corporation, Rizal Commercial

Banking Corporation (RCBC), Rural Bank of Guinobatan, San Dionisio Credit Cooperative, Sumisho Motor Finance Corporation, Welcome Finance, and Yuanta Savings Bank Philippines Inc. “Through the D2C program, we will provide Filipino borrowers the convenience of accessing their credit reports through their preferred lending institutions who are AEs of the CIC and likewise strengthen the mandate of the agency as the country’s sole public credit registry,” President and CEO Ben Joshua A. Baltazar said, in explaining the rationale behind the program.

Advantages, mechanics

The CIC expects the program will improve credit-decisioning and also allow financial institutions to reengage with their clients to update

their personal information, discuss new products and services, address their needs, and provide financial advice, among others.

AEs may provide the CIC Basic Credit Reports by directly accessing the CIC database or through their selected Special Access Entity (SAE), which are CIC’s accredited credit bureaus.

CIC has been coordinating with various AEs since it announced its D2C plan early this year to ensure that stringent internal procedures are in place to ensure a safe and efficient process in providing greater access to the CIC Basic Credit Reports for the borrowing public.

In case D2C customers find any outdated, incomplete, or erroneous information or credit data in their Credit Reports, they can promptly resort to the CIC’s Online Dispute

Resolution System (ODRS) to report and update their information.

“We look forward to including more AEs as we roll out this service of providing credit reports directly to Filipino borrowers. In turn, this will facilitate better and wider credit services through the maintenance of their good credit standing,” PCEO Baltazar added.

Further details on the D2C program mechanics, especially on how to get a copy of your CIC Basic Credit Report through AEs will be posted on the agency’s official Facebook page and website. If one’s preferred financial institution is not included in the pilot batch, one is advised to inquire with them to find out their rollout schedule. Financial institutions interested in becoming an AE to the CIC may send an e-mail to access@creditinfo.gov.ph.

LandBank honored at PDS rites 7-day housing loan processing should be the norm–BBM

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Sales pipeline

US high-grade bond sales are expected to be lighter next week, with consensus estimates at $10 billion to $15 billion. That follows a week that saw more than $25-billion price.

A $985 million junk-bond offering to help fund the buyout of Oldcastle BuildingEnvelope, a building products distribution company, is the lone deal in the high-yield bond pipeline. Early pricing discussions on the secured portion is mid-high 6 percent, while the riskier unsecured section is being discussed at mid-high 9 percent.

The US leveraged loan market, meanwhile, is rounding out one of its best weeks in some time, which should bode well for borrowers that need to raise cash to fund buyouts.

The floating-rate debt remains in high demand amid a hawkish Federal Reserve. The asset class notched one of its biggest inflows on record.

Commitments are due on at least five leveraged loan deals next week.

US bond markets close early on Thursday and will remain closed on Friday in observance of the Good Friday holiday. Bloomberg News

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LANDBANK President and CEO Cecilia C. Borromeo (center) receives the Top 3 Fixed Income Dealing Participant for 2021 award at the 17th PDS Annual Awards Night, together with LandBank Treasury and Investment Banking Sector Head, Executive Vice President Carel D. Halog (second from left), Investment Banking Group Head, Senior Vice President Gonzalo Benjamin A. Bongolan (fourth from left), Asset and Liability Management Group Head, First Vice President Adelfa R. Masacupan (leftmost), and Financial Markets Group Head, First Vice President Ma. Francia O. Titar (rightmost). LandBank was also awarded as Top 5 Corporate Issue Managers/Arrangers by PDS for 2021.

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HE Land Bank of the Philippines (LandBank) was honored at the 17th Philippine Dealing System (PDS) Annual Awards Night for its strong contribution to the growth and stability of local financial markets.

The state-run Bank received recognitions as Top 3 Fixed Income Dealing Participant and Top 5 Corporate Issue Managers/Arrangers under the bank category for 2021 during the virtual ceremony held on March 25, 2022.

“These PDS awards highlight LandBank’s steadfast support to grow the country’s capital market. We are at the forefront of serving key industry movers of the economy, as we contribute to advancing our collective recovery and sustained development,” LandBank President and CEO Cecilia C. Borromeo said.

This is the eighth straight year that PDS cited LandBank among the Top 5 Fixed Income Dealing Participants, honoring the state Bank for contributing to the highest share by volume

in the secondary market through the Bloomberg platform. The Bank ranked third in 2021, two tiers higher from placing fifth in 2020.

The Bank was likewise recognized as among the Top 5 Corporate Issue Managers/Arrangers under the Bank Category.

Celebrated annually since 2006, the PDS Group holds an Annual Awards Night to gather market participants, stakeholders, and partners across different sectors of the financial market to celebrate the achievement of the capital market community.

The event also honors member-institutions that have exhibited outstanding performance, leadership, innovation, and overall contribution to the development of the capital market share.

LandBank’s support to local financial markets is in line with serving the nation towards advancing the national government’s development agenda.

ILIPINOS may soon be able to secure a housing loan within just seven days if presidential frontrunner Ferdinand “Bongbong” Marcos Jr. is able to revive an initiative to address the ballooning housing backlog in the country.

Previously implemented by the Home Development Mortgage Fund (HDMF), more commonly known as Pag-IBIG Fund, the “7-Day Takeout Policy” will shorten the low-cost housing loan application process.

“We recognize every Filipino family’s desire to have a decent and safe home. We will strive to provide the Filipino worker with a dwelling that will restore his dignity and his hope for a better future,” Marcos said in a statement.

Pag-IBIG was established by then-president Ferdinand Marcos in 1978 through Presidential Decree No. 1530 specifically to address the need for a national savings program and financing for affordable homes for the Filipino worker.

The takeout policy would drastically reduce the waiting time for loan approval, which currently stretches from three to four months.

Government data show that the total housing needs of the country will hit 6.8 million units by the end of 2022 and could swell to 22 million units by the year 2040 if left unattended.

According to the Philippine Statistics Authority (PSA), the country’s official total population as of May 1, 2020, has reached 109.0 million, equivalent to almost 24.8 million households with an average family size of 4.4 members.

The economic or low-cost housing segment pertains to those units with a selling price of P580,000 to P1.7 million.

Meanwhile, socialized housing projects cost no more than P580,000 for horizontal development and P750,000 for vertical development.

“Unlike previous efforts, we will endeavor a whole-of-society approach to tackle our growing housing problem. We need to have a convergence between all stakeholders as we institute regulatory and policy reforms,” Marcos added.

Apart from providing Filipinos a decent living, housing development can also help jumpstart economic activity through employment generation, consumption, and indirect tax income.

Explainer BusinessMirror

B4 Monday, April 11, 2022

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Why this week’s French elections matter to the wider world A VOTER picks up ballots before voting for the regional elections in Lyon, central France, in this June 20, 2021, file photo. When France votes for president this weekend, voters will use the same system tried and tested over generations: paper ballots that are counted by hand. Despite periodic calls for more flexibility or modernization, France doesn’t do mail-in voting, early voting or voting machines en masse like in the US. AP/Laurent Cipriani

FRENCH President Emmanuel Macron and centrist candidate for reelection delivers his speech during a meeting in Paris, Saturday, April 2, 2022. Macron has been at the forefront of international talks on how to support Ukraine and take sanctions against Russia. The situation tended to enhance his stature as world leader and boosted his popularity in polls. Macron vowed to keep investing in the French military and “significantly” reinforcing European armies’ capacities and cooperation. AP/François Mori

FRENCH far-left presidential candidate Jean-Luc Melenchon gestures as he speaks during a meeting in Nantes, western France, Sunday, January 16, 2022. Melenchon used to call Russia a “partner,” even as European governments were scrambling to find ways to avert a Russian invasion of Ukraine. He now supports the Ukrainian’s “resistance” and Russians who are opposing the war and fighting “dictatorship” in their own country. AP/Jeremias Gonzalez

By Thomas Adamson

P

The Associated Press

ARIS—With war singeing the European Union’s eastern edge, French voters will be casting ballots in a presidential election whose outcome will have international implications.

France is the 27-member bloc’s second economy, the only one with a UN Security Council veto, and its sole nuclear power. And as Russian President Vladimir Putin carries on with the war in Ukraine, French power will help shape Europe’s response.

Twelve candidates are vying for the presidency—including incumbent and favorite President Emmanuel Macron who is seeking a new term amid a challenge from the far-right.

Here’s why the French election, taking place in two rounds starting Sunday, matters:

Nato

Russia's war in Ukraine has afforded Macron the chance to demonstrate his influence on the inter-

national stage and burnish his proNato credentials in election debates.

Macron is the only front-runner who supports the alliance while other candidates hold differing views on France's role within it, including abandoning it entirely. Such a development would deal a huge blow to an alliance built to protect its members in the then emerging Cold War 73 years ago.

Despite declaring Nato’s “brain death” in 2019, the war in Ukraine has prompted Macron to try and

FRENCH far-right leader Marine Le Pen delivers a speech during a campaign rally, February 5, 2022 in Reims, eastern France. Le Pen, 53, is considered Macron's main challenger. Le Pen's plans include the end of family reunification, restricting social benefits to the French only, deporting foreigners who stay unemployed for over a year and other migrants who entered illegally in the country.

infuse the alliance with a renewed sense of purpose.

“Macron really wants to create a European pillar of Nato,” says Susi Dennison, Senior Fellow at the European Council on Foreign Relations.

“He’s used it for his shuttle diplomacy over the Ukraine conflict.”

On the far-left, candidate JeanLuc Melenchon wants to quit Nato outright, saying that it produces nothing but squabbles and instability. A Nato-skeptic President Melenchon might be a concern especially for Poland, which has a 1,160-kilometer border with territory now controlled by Russia.

Several other candidates want to see either diminished engagement with the alliance or a full withdrawal. Although unlikely, France’s departure from Nato would create a deep chasm with its allies and alienate the United States.

European Cooperation

Observers say a Macron reelection would spell real likelihood for increased cooperation and investment in European security and defense—especially with a new pro-EU German government.

Under Macron’s watch, France’s defense spending has risen by €7 billion ($7.6 billion) with a target to raise it to 2 percent of gross domestic product—something that leaders including Putin are watching closely.

In his second term, Macron would almost certainly want to build up a

AP/Michel Euler

FRENCH far-right presidential candidate Eric Zemmour delivers his speech during a campaign rally on the Trocadero square, in front of the Eiffel Tower, Sunday, March 27, 2022.

Zemmour wants France to get out of Nato military command and make its own security choices. Zemmour’s plans include creating a coast-guard military force, removing social benefits for non-European foreigners, deporting migrants who entered illegally in the country and foreigners who stay unemployed for more than six months. AP/Michel Euler

joint European response to Ukraine and head off Russian threats.

A far-right alliance?

T h i s e lec t ion cou ld resh ape France’s post-war identity and indicate whether European populism is ascendant or in decline. With populist Viktor Orban winning a fourth consecutive term as Hungary’s prime minister days ago, eyes have now turned to France’s resurgent far-right candidates— especially National Rally leader Marine Le Pen who wants to ban Muslim headscarves in streets, and halal and kosher butchers, and drastically reduce immigration from outside Europe.

“If a far-right candidate wins, it could create some sort of alliance or axis in Europe,” said Dennison, of the European Council on Foreign Relations. “Le Pen has been tweeting pictures of herself shaking hands with Orban in recent days. She is championing a Europe of strong nation states.”

That axis might include Poland’s President Andrzej Duda, a rightwing populist and ally of Donald Trump. It has alarmed observers.

“Over 30 percent of French voters right now say they are going to vote for a far-right candidate. If you include Melenchon as another extreme, anti-system candidate— that’s almost half the entire voting population. It is unprecedented,” Dennison said.

FRENCH conservative candidate for the upcoming presidential election Valerie Pecresse delivers her speech during a campaign rally, Sunday, April 3, 2022 in Paris. Pecresse denounced Putin’s brutality and pushed for firm sanctions on Russia. Pecresse said she prepared herself for the role of army chief assigned to the President. She wants a ban on wearing the veil for young girls and in sport associations.

Far-right candidate Eric Zemmour has dominated the French airwaves with his controversial views on Islam in France and immigration.

However, even centrist Macron ruffled feathers in Muslim countries two years ago when he defended the right to publish cartoons of the prophet Muhammad. That came during an homage to a teacher beheaded by a fundamentalist for showing the cartoons to his pupils as part of a class on free speech.

A friend of America

The US often touts France as its oldest ally—and from Russian sanctions to climate change and the United Nations, Washington needs a reliable partner in Paris. France is a vital trans-Atlantic friend for America, not least for its status as continental Europe’s only permanent UN Security Council member wielding veto power.

Despite the bitter US-France spat last year over a multibillion deal to supply Australia with submarines— which saw France humiliated—President Joe Biden and Macron are now on solid terms.

“Macron is obviously the only candidate that has history and credentials in the US relationship. All the others would be starting from scratch at a time of great geopolitical uncertainty,” said Dennison.

Unlike Macron, an Elysee in the hands of Zemmour or Le Pen would

AP/Lewis Joly

likely mean less preoccupation with issues that the US considers a priority such as climate change.

“They might not prioritize the large economic cost of keeping the Paris Climate Agreement alive and the potential to limit global warming to 1.5 percent,” Dennison added.

Migration in the continent

In light of a huge migrant influx into Europe last year, France’s position on migration will continue to strongly impact countries on its periphery and beyond. This is especially so because of its geographical location as a leg on the journey of many migrants to the UK. A migrant vessel capsized in the English Channel last November killing 27 people, leading to a spat between France and the UK over who bore responsibility. The British accused France of not patrolling the coast well enough, yet Macron said this was an impossible task.

Observers consider France not to be particularly open to migrants within a European context and see Macron as a relative hardliner on migration.

But Le Pen or Zemmour would likely usher in tougher policies than Macron if either of them emerges victorious, such as slashing social allocations to non-French citizens and capping the number of asylum seekers. Some candidates have supported a Trump-style construction of border fences.

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Style

BusinessMirror

Editor: Gerard S. Ramos

• Monday, April 11, 2022

B5

Edgar San Diego’s holy couture wanted to reserve it for a special client or as a fashion show finale, but then our dear Mama Mary came along. I embellished it with additional gold anahaw appliqués and turnazul beadwork.”

The only time they worked on a theme was in 1998, during the Philippine Centennial year when San Diego used a lot of native materials including banig and wooden beads: “I usually use contemporary materials. With the guidance of Mama Mary, I always find the right one at the right time,” he shares. “I personally ask for help, guidance and inspiration from her in everything I create [in fashion and now in my paintings] and she never fails to supply me with beautiful and original ideas.”

The creation I was most astonished by is the one from 2016. It also has a fascinating back story.

“When my daughter Abby was 16, she was my sagala at the grand Flores de Mayo at the Mall Of Asia. I created a blue terno for her with mosaic embellishments on the skirt, sleeves and the long train. She was crowned Flores de Manila 2015. Then I transferred the mosaic artwork to the new dress of Our Lady of Candelaria, in time for the February fiesta the next year,” says a proud San Diego.

For 2022, the vesture is truly a vision. “This year, the sponsor provided the materials and gave me lace and silk. In pink,” discloses San Diego. “Mama Mary must have sent me a message.” ■

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AGOLOAN, Misamis Oriental—In this first-class municipality, 19 kilometers east of Cagayan de Oro City, is the Church of Nuestra Señora de la Candelaria. Inside the hundred-year-old structure, at the altar alongside the Crucified Christ, is the Virgin Mary in all her glorious finery.

In the Philippines, devotion to Candelaria is derived from the original Virgin of Candelaria (Our Lady of Candles) enshrined in the Basilica of Candelaria in Canary Islands, Spain. A more ancient local image is venerated in Jaro Cathedral, which Pope John Paul II personally crowned in 1981. During her feast day on February 2, also known as the Feast of Presentation of the Lord, candles are blessed to represent Christ the Light of our lives and of the world.

By mid-January every year the Virgin Mary at the Tagoloan church is dressed in a new garment, in time for the nine-day novena before the town fiesta. Since the mid-1990s, fashion designer Edgar San Diego has created her garments, drawing devotees from far and wide to this place of worship on Fr. Jaime S. Neri S.J. Street, presided by Rev. Fr. Roberto C.Balsamo Jr., SSJV, and assisted by Rev. Fr. Robert Roey M. Pajo.

“I am always inspired by the beauty and holiness of Mama Mary when I create clothes whether for my clients, fashion shows, or vestments for her. The different interpretations religious artists created for her, according to the period in history and cultural background, never fail to amaze me,” San Diego shares.

San Diego and I were wondering if “vestment” was the right term for Mama Mary’s “dresses.” So he asked Dom Martin Hizon-Gomez, OSB, the legendary former designer who closed his Gang Gomez House of Fashion in 1990 to become a Benedictine monk at the Monastery of the Transfiguration in nearby Malaybalay, Bukidnon.

“There are many ways to look at the word ‘vestment.’ In a very general way, it could mean clothing. In which case, you can also use ‘vestment’ or more properly, ‘vesture,’ to describe Mama Mary’s clothing,” Dom Martin explains. “But in the strict sense, vestments mean the specific clothing used during liturgical celebrations, like in the Mass. In this case, they are more correctly called liturgical vestments.”

It was San Diego’s Tita Nice Yap Casiño (his nanay’s sister) and cousins Dorothy Antillon and Bobby Casiño from Tagoloan, who have been facilitating the improvements and decorations for the parish church, who reached out to him to create garments for Mama Mary.

“They were aware that they have a designerrelative based in Manila but were unsure if I would be interested or affordable. In 1995, they tried to ask me. I was more than willing to do it,” San Diego says.

There is a yearly sponsor for Mama Mary’s vestures (including the outfit of the Child Jesus, whom she carries on her left arm) but somehow San Diego would always get carried away and overshoot on the budget.

“Cousin Dorothy determines the yearly sponsors as they take their turns. They grew up in Tagoloan but are now based overseas. It’s their way of giving homage and paying back to their old parish. Bobby takes care of the details. He would usually tell me

PEEKABOO ISEEU PETITE AND MICRO UNVEILED

what color the sponsor would like and he also suggests a few things but they usually leave everything else to me,” San Diego says.

Some of the generous parishioners include Perla Fortich, Janita Eduave, Perla Bainbridge, Mely San Diego, Nona Abejuela, Totie Alfante, Charito Yap, Acero Family, Acion Yap, Pongase Sisters, Anesa Paquiao Family, Meme Vasquez, Claresa Casio, and Gina and Teresita Rohrer.

“I don’t really stop until I achieve what I like, which means I partly sponsor, too, every year. I don’t do the traditional heavy embroidered vestures like the one you see in the Santo Domingo Church because, first, it costs hundreds of thousands and definitely out of our budget, and, second, I want something different every year,” he says, adding that Bobby takes care of the Virgin’s candles and the other accessories like the crown and halo.

Then Bobby and Dorothy came up with the idea of putting up a museum to house the growing number of vestures. The funds for the museum came from cash gifts from friends and relatives for his Tita Nice for her birthday in 2012 (in lieu of material gifts), then she

added some amount for the completion of the small building. It opened on December 8, 2013. It is being managed by the Mother Botler Guild led by Mrs. Aloma B. Emano.

My Tagoloanon friend Dwight Go introduced me to the museum curator, Maricel Casiño Sy, and barangay captain Dede Spinosa, who graciously gave me a tour of the museum and the parish. While the earlier creations are in storage, about a dozen extraordinary, intricate and exquisite vestures are on display at the museum.

The centerpiece is the vesture from 2021. “It is hand-painted with angels and flowers. It was created in the middle of the pandemic when I didn’t have any beaders or embroiderers. I just did what I did best, which is painting,” San Diego says. Another amazing piece is the vesture of lantern cape with LED lights installed inside the embroidery cutouts, for 2018.

One of San Diego’s favorites is his first creation. “I just came from a show in Malaysia and I was able to purchase a lot of beautiful Indian materials in Penang.

The most beautiful one I got was a gold-embroidered saree with a multicolored background,” he recalls. “I

THE iconic Peekaboo bag from Fendi expands the family and welcomes the Peekaboo ISeeU Petite, powerful in its attitude and perfect in its proportions, together with the Peekaboo ISeeU Micro, a fun and colorful accessory to match one’s bags. Clean and minimal, geometric and curvilinear all at once, the Peekaboo is a bag conceived with both beauty and playful functionality at its core. Its original trapezium-shaped is transformed into an architectural feat of contemporary leather artistry in the Fendi ateliers.

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The season’s must-have bag is available in Fendi boutiques at Solaire and Greenbelt 3, and on fendi.com starting from April 2022.

Why beauty shopping in Hong Kong is the best thing ever THE first place I would probably visit when I travel again is Hong Kong. There’s something about the city’s energy that’s really very different but still very Asian. You know how it is when you shop in, say, New York, and you have fun but it’s different when it’s in Hong Kong.

Yes, shopping is more fun in Hong Kong because they have everything from bargains to luxury stuff and don’t get me started on stores like Sasa, which sells a wide variety of beauty products. Sasa is usually a stop whenever I travel to Hong Kong for work or pleasure. Whatever happens and no matter how busy I am, I will always find the time to visit a Sasa. Also, the hotel I choose on vacation has to have a Sasa branch within walking distance. I love the discounted products and the special brand promos they usually have.

Also, before fragrance minis became a big deal, you could find them at Sasa. That was how I could try many different fragrance brands without spending so much.

Thanks to Shopee Philippines, specifically Shopee Mall, we can still shop at Sasa for our skincare, hair care and makeup needs even without going to Hong Kong. I get to shop for some of my favorite beauty brands with substantial discounts (true story: sometimes the discount is up to 90-percent off). I also get to enjoy new launches and other

NUESTRA Señora de la Candelaria in Tagoloan through the years: A Vision in Pink, 2022; Abby San Diego at Flores de Mayo 2015 and vesture version, 2016; Hand-painted vesture, 2021; Vesture in Indian Saree, 1997.

special deals. Right now, Sasa on Shopee Mall is offering free shipping for a minimum spend of P499. They have weekly deals on specific brands so I always check just in case some of my favorites are on sale.

Anyway, here are my picks for the season. I do change my skincare products, depending on the season.

When it comes to sunscreens, I mostly trust Japanese and Korean products. Bioré Watery Essence Water Base SPF50+ Pa++++ is one of my favorites because it sinks into the skin and doesn’t leave a white cast. This sunscreen (bit. ly/3LMCaD8) protects against UV damage and is water- and

sweat-resistant for up to 80 minutes.

This water-based sunscreen is very easy to apply and contains hyaluronic acid and citrus essence to hydrate and protect the skin. Here are a couple of reminders with regard to sunscreen use. You need an SPF of not lower than 50 in the summer, especially if you are going outdoors. Also, you need to reapply sunscreen every two hours. In 2020, I went to Europe during the winter and applied sunscreen only in the morning. I thought that since there was no sun anyway, I’d be okay. Well, I was wrong. No thanks to that mistake, I still have hyperpigmentation on parts of my face two years later.

The 50g Bioré Watery Essence Water Base SPF50+ Pa++++ is currently at 49-percent off.

Kiehl’s Clearly Corrective Dark Spot Solution (currently at 37-percent off at Sasa on Shopee Mall) has an activated C formula, which promises to address deep-set dark spots and even the skin tone. Activated C is a stabilized form of vitamin C, which can be unstable. This serum has white birch extract and peony extract. The two ingredients help lessen the damage cause by free radicals on the skin and promise a youthful appearance minus the dark spots. I’m not into whitening and I’m all about embracing my flaws but I use Kiehl’s Dark Spot Solution on my hyperpigmentation and also

apply a bit on my elbows. It can also be used to brighten the appearance of dull skin.

According to the Kiehl’s trials, after one bottle of Kiehl’s Clearly Corrective Dark Spot Solution (bit. ly/3xfhJe5), 97 percent of users saw significant reduction in hyperpigmentation, 97 percent saw significant reduction in dark spots and 87 saw reduction in post-acne scars.

If there is one skincare product that I’ve repurchased so many times in my lifetime, it’s the Estee Lauder Advanced Night Repair Synchronized Multi-Recovery Complex, a serum that was reformulated last year. I am always asked what it does and I always say this watery serum takes care of my skin like no other. It hydrates, softens, protects and does so many good things to my skin. Sometimes, I try to save money by not using it every night but my skin suffers when I do that. When I use this, I wake up with better skin. Estee Lauder Advanced Night Repair Synchronized Multi-Recovery Complex is at 40-percent off right now (bit.ly/3DVjfDv). What I also love about this serum is that it doesn’t clog my pores.

I plan to buy at least three bottles of the Bioré Watery Essence Water Base SPF50+ Pa++++ because the savings are quite substantial and because it’s the summer, we go through sunscreen really quickly.

B6 Monday, April 11, 2022

Security Bank bags top spots at the 17th PDS Awards

Manila Water builds molecular lab for SARS-CoV-2 wastewater surveillance

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N a bid to ease the impact of the COVID-19 virus, East Zone concessionaire Manila Water constructed a molecular laboratory for SARS-CoV-2 wastewater surveillance.

Manila Water Laboratory Services Head Joy De Vera said the facility, built in coordination with government partners and local government units, was completed in March and will be ready to operate by June 2022.

De Vera said the facility is expected to expand Manila Water Laboratory Services’ capacity to detect SARSCoV-2 virus in its wastewater treatment systems and generate data for public health use.

“The project is part of the company’s COVID-19 response and is aimed to detect and quantify the SARS-COV-2 in wastewater using polymerase chain reaction (PCR) machines that are

efficient in amplifying small segments of DNA or RNA,” De Vera explained.

"These data will be complementary to the current clinical testing and reports of confirmed positive cases.".

Meanwhile, Manila Water Research and Development Head Emmanuel Jimenez underscored the key benefits of this project to communities. “Through this facility, they will have access to the gamechanging technique and technology in tracking local outbreaks of COVID-19 or what is called ’wastewater-based epidemiology’ (WBE). Also, data to be generated in this molecular lab can help communities formulate actions in mitigating COVID-19 in its early stages of emergence or re-emergence as WBE can detect the virus even before people show symptoms,” Jimenez said.

He also added that since wastewater

sample contains waste from numerous individuals, the community will have access to a cost- and time-efficient screening approach to determine the level of infection not only of COVID-19 but other possible emerging and future threats.

Manila Water affirms that the new facility will support the current efforts of the different local government units to address this pandemic. Operating the molecular laboratory also allows the company to provide services beyond its regular wastewater treatment and operations.

Manila Water’s first-ever molecular laboratory for SARS-CoV-2 wastewater surveillance is expected to expand Manila Water Laboratory Services’ capacity to detect SARS-CoV-2 virus in its wastewater treatment systems and generate data for public health use.

MANILA Water’s first-ever molecular laboratory for SARS-CoV-2 wastewater surveillance is expected to expand Manila Water Laboratory Services’ capacity to detect SARSCoV-2 virus in its wastewater treatment systems and generate data for public health use.

Send gentle vibes and win prizes with Tic Tac

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HE past few years have highlighted the importance of our connection with friends and loved ones; they have made our lives so much brighter and easier. Mints brand Tic Tac gives us a unique and special way to send love and good vibes to our lives with its newest campaign “Good MoMints with Tic Tac Gentle Vibes,” which was launched via a fun online event last March 19.

The Tic Tac Gentle Vibes livestream

event was hosted by Sarah Carlos and featured singer-actress Julie Anne San Jose, actor-director Fifth Solomon, and YouTuber Joselle Alandy.

“The real goal of the campaign is to help us connect with our loved ones, especially at this time of the pandemic.

Julie, Fifth, and Joselle participated in the Summer Vibes Challenge with Tic Tac Gentle Vibes, where they were asked to guess items commonly associated

with summer beach essentials such as buko juice, swimsuit, sunglasses, beach volleyball, and Tic Tac Fresh Mints.

In the “Guess the MoMints” game, the guests, together with host Sarah, guessed gentle messages from Tic Tac as one player mouths it out with his or her microphone off. The Tic Tac Gentle Messages such as “There’s always a positive side”, “You are my hero”, “The best moments are with you” and even the playful pun “You are always in my mint” prove that simple words of affirmation and love can mean the world to those we send it to.

“I think this campaign is really perfect kasi yun talaga yung kailangan natin ngayon, to basically just spend good vibes to everyone no matter how challenging yung mga pinagdadaanan natin,” Julie Anne said.

Tic Tac is giving away four 3 days2 nights all-inclusive trip for two to El Nido, Palawan, each worth 85,000 PHP (2 winners per 4-week period), as well as eight (1 weekly winner) Apple iPhone 13 units, and 320 (40 winners per week) 1000 PHP Shopee vouchers every week until April 24, 2022.

To join, purchase Tic Tac Orange or Tic Tac Mint Flavored GV Packs.

Visit Tictac.com and send gentle vibes through the Tic Tac Gentle Messenger.

Post your messages on Facebook and Instagram with the hashtag #TTGV to make your loved ones’ day even more special.

Winners are announced at the end of each week through https:// tictacmessage.net/ph/en/xp/promotion/ winners.

RECOGNIZED AT THE 17TH PDS ANNUAL AWARDS ARE FROM LEFT: Carlyn Therese X Dulay, FVP and Head of Wholesale Treasury Sales, Jim C. Yap, SVP and Treasury Sales Head and Andre P. Ibarra, SVP and Treasurer.

S

ECURITY Bank Corporation was recognized by the country’s fixed income exchange, the Philippine Dealing System (PDS) Group, at the recently concluded PDS Annual Awards held on March 25.

During the virtual event, the Bank bagged, for the second consecutive year, the Top FixedIncome Cash Settlement Bank award for

generating the highest volume, as measured by the total number of fixed-income transactions settled. The Bank was also ranked fourth by PDS in the Top 5 Corporate Securities Market Makers for 2021.

“Public interest on fixed income investments and the securities market has grown exponentially during these unprecedented times with more clients flocking to safe haven investments as a form of insurance. This recognition is a testament to our commitment to providing BetterBanking service as we become the most customercentric bank in the Philippines.” said Jim Yap, SVP and Treasury Sales Head at Security Bank.

Now on its 17th year, the PDS Annual Awards continue to recognize the outstanding performance, leadership, and innovation of financial institutions that contribute to the development of the domestic capital market.

To know more about Security Bank’s products and services, visit www.securitybank. com or Security Bank’s Facebook page at www. facebook.com/Securitybank

Well-being programs for employees are a key asset for companies during pandemic – Avon PH

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N a bid to curb the negative effects of the “new normal”, Avon Philippines updated employee health benefits to include a pilot program for mental health—and the company is now reaping the benefits.

In 2021, the number one relationship selling company in the Philippines introduced the Mindnation program to Avon associates.

The program allows staff to book sessions with a professional psychologist, and attend webinars and programs that address mental health concerns.

After almost a year, these programs have gained high well-being scores in their recent internal survey from employees who have taken part in the program. “Avon takes a genuine interest in their employees’ wellbeing,” according to one of the feedback.

Avon Philippines has seen improvement in their attrition rate compared to the past year, bucking the global trend of turnovers that have been going on since the start of the pandemic.

“In acknowledging how this global crisis is affecting people differently, it only became apparent that we must provide the personalized support needed by employees so that they can continue to perform at their best,” says Jan Pambid, Director for People Culture & Organization of Avon PH & APAC. Aside from providing mental health support, additional COVID-19 medical coverage has also been put in place, providing financial aid for employees should they get

hospitalized during infection.

Overall, the new mental and well-being benefits were the latest in the company’s string of internal program pivots during the pandemic, which includes service awards and virtual regional mentorship opportunities with Asia Pacific leaders and talents.

In recognition of its internal initiatives, Avon Philippines has been certified as a Top Employer for a second straight year by the global authority in recognizing excellence in People Practices—Top Employers Institute— which held its annual Certification Celebration event last January.

The Top Employer Institute has certified over 1,800 organizations in more than 120 countries and regions, which creates a positive impact on the lives of more than 8 million employees globally.

“The positive feedback from our employees only proves that investing in their wellbeing is more than just a corporate responsibility,” adds Razvan Diratian, Avon Philippines’ General Manager. “We hope to continue in providing support for our and associates in the next years to come.”

Nayong Pilipino kicks off Project Sambayanihan with tree planting event to transform into an urban green space

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N its effort to create an urban green space within the Entertainment City in Parañaque City, the Nayong Pilipino Foundation (NFP) organized a tree planting activity on March 25, 2022, on the occasion of National Women’s Month.

In her speech, NPF Executive Director Gertie Duran-Batocabe emphasized that creating more green spaces should be part of the new normal.

“As you all know, the COVID-19 pandemic has triggered important conversations about the importance of urban green spaces and how those should be designed to benefit the health and well-being of the populace,” she said.

Last year, NPF has opened its doors to host the Inter-Agency Task Force (IATF) quarantine facility and a mega vaccination

facility to support the national government’s COVID-19 pandemic response.

“While we are more than happy to contribute to the pandemic response, it is our dream to transform this 9.5-hectare property into a Cultural Park and Creative Hub nestled within an urban forest, incorporating the 30 percent built space and 70 percent green space design scheme,” Duran-Batocabe added.

Under “Project Sambayanihan”, a series of activation projects for the physical development of the said property will commence throughout the year, including a series of planting activities that aims to plant 446 trees.

During the activity, seedlings of flowering trees namely Palawan Cherry and Bolong Eta were planted to honor women.

PARTICIPATING THE TREE PLANTING WERE, FROM LEFT: NPF Deputy Executive Director for Operations Dr. Jovertlee Pudan, NPF Board of Trustee Atty. Judy A. Lardizabal, NPF Executive Director Gertie Duran-Batocabe, Major Wilfredo Ponceja of AFP-RJT NCR, NPF Deputy Executive Director Joyce Ann Caigas, SGT Rafael Pagulayan of AFP-RJT NCR.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, April 11, 2022 B7

Reputation is our license to operate

PR Matters

By Ron F. Jabal, APR

Campaign Spotlight: Amitabh Bachchan loses his cool in the latest upGrad Abroad film created by The Womb

MUMBAI, INDIA—upGrad, Asia’s higher Edtech leader, takes yet another clutter-breaking route to launch its new vertical redefining studying abroad—upGrad Abroad.

Revisiting the emotions of the 70s, the digital film features the legendary Amitabh Bachchan in his “Angry Young Man” persona, wreaking havoc at the upGrad Headquarters.

Conceptualized by upGrad’s creative agency The Womb, the ad film aims to reassure parents and young aspirants that learning opportunities from globally recognized institutions need not be limited by societal or financial constraints anymore. Aspirants who seek to attain academic qualifications from global institutes or universities can now pursue their dream through upGrad Abroad’s diversified port-

folio of 20+ programs that comes with the flexibility to complete the first 12 months online, followed by the on-campus learning in the subsequent months (1+2 and 2+2 learning model).

Elated by the development, Arjun Mohan, CEO—India, upGrad said, “It’s that time of the year when school students are pursuing their higher secondary examinations and parents are evaluating whether or not send their children abroad to pursue higher education, in parallel. While our recently launched upGrad Abroad vertical is a breakthrough, we realized that the bigger challenge is to first reach out to the relevant target audience and create maximum visibility for them to be able to make an informed decision.

In this regard, it was extremely critical for us to understand the market sentiment and then make a strong marketing move. And that’s when the decision of joining hands with Amit Ji to further our upGrad Abroad mission, came to life; whose on-screen persona and charm will undoubtedly make heads turn and will leave a lasting impact on the audience, thus hitting the bull’s eye.”

Actor Amitabh Bachchan added,

WWW.FREEPIK.COM

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HY does corporate reputation matter?

Organizations and businesses with strong positive reputation attract the best talent. When they are perceived to provide more value, they have more rooms to charge for a premium. Their customers are more loyal and avail of a broad range of product and services. Their government and community partners also prefer them as partners of choice. Listed companies who enjoy excellent reputation are also rewarded with support from their shareholders believing that these companies will deliver sustained earnings and future growth.

Therefore, there is more to corporate reputation than publicity work which unfortunately continues to be the prevailing sentiment among many Filipino companies and PR practitioners.

This is why, even at this stage, there is a need to emphasize what constitutes corporate reputation.

Many scholars and practitioners have their own definition but we can all rally behind some of its most impor tant elements i.e., corporate reputation is the overall quality of your company’s (brand’s) footprint across every communication channel and each segment of your target audience, consumer, and stakeholder.

It is never a “one-off ” activity as reputation is built and cultivated over time. Considered more like an evolving process rather than a final outcome, reputation is the sum of how internal stakeholders think and feel about your company and brand. Reputation is what shapes how your audiences, consumers, stakeholders interact with your organization now and in the future. In our agency, PAGEONE Group, our mantra is, “Reputation is our license to operate.”

To be considered reputable, there are several elements that you must consider. These include ethical behavior (how well your organizations follow ethical standard in all transactions and operations); workplace culture (your firm’s commitment to all employees to maintain a fair, transparent and supportive work ethic and environment); customer focus (the value you place on customers by delivering services that satisfy them); social responsibility (your company’s engage-

ment to adopt to social responsible business practices); service quality (your consistent delivery of quality service to your customers and stakeholders); executive leadership (how well your senior leaders represents and promotes the company and the brand); and media presence (how your organization is framed in every review, article and comment).

These elements do not only affect your brand image but also how your customers, employees, vendors, investors, competitors, and leaders perceive and engage with your organizations. Clearly, corporate reputation management is not only the remit of the communications and PR teams in your organization but the responsibility of everyone —most importantly, the senior management.

Hence, in my previous life as a senior corporate executive, I have always involved senior leaders in reputation management projects and activities. We created a brand and reputation committee that included all the business unit heads with the president/chairman as chair and me (representing communication and public affairs) as co-chair. In this committee, we discussed everything that will impact our reputation – from competition, regulatory kinks, community requests, product promotion, market access and investor relations among

“Times have really changed. We live in a world where opportunities are booming across all walks of life.

There is more scope to learn something new and grow through our experiences. But what does opportunity really mean if we do not capitalize on it? I enjoyed doing this ad film because I want to remind today’s youngsters and their parents that in life appreciating and seizing opportunities is what will lead them ahead.

Experiencing learning in newer ways as offered by upGrad Abroad, puts forth such an opportunity where you can access global education at affordable prices, which will help our youngsters add value to their professional journey in the future!”

Such feasible learning options make upGrad Abroad offerings cost-effective, yet attractive for the India’s youth who look at building a meaningful career outside of India.

Excited about the campaign, Suyash Khabya, Creative Head, The Womb said, “Over decades, the world has seen Mr. Bachchan on 70mm, KBC on TV and in numerous ads. So, how do we show him differently now? And that’s where the idea of bringing back ‘Angry Bachchan’ struck us. At the shoot, he was as

others. We did this because we realized that our stakeholders use our positive corporate reputation to gauge our strengths, decide on what to with our perceived weaknesses and then act on how far they should go with our businesses.

Truly, without a positive company reputation, it is difficult to attract new customers and maintain customer loyalty, or find that elusive talent that you need to achieve corporate and business goals.

As some management scholars argue, a robust corporate reputation: n Embodies integrity and generates trust among consumers n Strengthens your presence in your industry and online n Appeals to high-quality job candidates and improves employee retainment n Protects your brand during times of crisis and attack n Fortifies an image that vendors, suppliers, and partners want to do business with Clearly, a positive reputation will enable your organization to withstand criticisms and crisis that can quickly turn into a PR nightmare which can seriously damage your brand.

To generate and manage positive reputation for your organiza-

fit as a fiddle even at 80…kicking, punching, and breaking stuff. We felt as if we were reliving the Zanjeer or Deewar era again. We’re confident that just like he breaks upGrad’s office in the commercial, the ad will break the clutter.” upGrad Abroad currently holds a strong portfolio in partnership with top international universities from across the US, Canada, Australia, UK, Germany, France, and Ireland for enabling global recognition, also coupled with hassle-free visa application and a 3-year poststudy work visa for its US learners, to build a stronger career in the new geography.

Directed by Amit Sharma of Chrome Pictures, the film is now Live across upGrad’s digital platforms.

Campaign Spotlight: FC Home & Deco presents ‘The Friendly Break Up Collection’ BUENOS AIRES, ARGENTINA— FC Home & Deco and Wunderman Thompson Lima present a design innovation that adapts to increasing rates of divorce and flat-sharing among young people. This new modular range of furniture divides in two, encouraging friendlier split-

tion, there are a few things that you need to do. First, you need to assemble a good team armed with multiple competencies ranging from PR professionals, digital scientists and content marketers, public affairs specialists, investor relations experts, community affairs managers and the like.

While budget may be a concern, you need to argue that to build and maintain a more positive reputation across all stakeholders, you must work with a team with the right level of expertise, experience and connection.

Second, you need to know the full extent and reach of your corporate reputation across all stakeholders; hence a brand audit is necessary. By performing an audit, your team will have a better idea of where you stand from your stakeholders’ point of views. The audit may also provide you information about existing threats to your brand reputation and identity; consistence of brand messaging including how they are being received and perceived by your customers; brand awareness and impact across local, regional, and national segments of your audiences and consumers.

Third, you also need to conduct a competitive analysis to find out how you are measuring up against competitors. Armed with informed insights, you can deploy strategies that will im-

ting of belongings between partners and friends.

The pandemic has accelerated already existing changes in how we are living—as well as who with, and for how long. Many countries have seen huge rises in divorce rates since 2020, including an incredible 35% increase in Argentina. Meanwhile, growing housing costs are forcing young people to share homes, unable to afford their own place. As they move out, many of these partners and friends need to divide their belongings – which often causes even more conflict.

“The Friendly Break Up Collection includes furniture conceived as a unit but that can be divided into two, maintaining the initial aesthetics and utility, thus, facilitating the division of material goods,” comments Federico Fontenla, president of Fontenla group, behind FC Home & Deco. Fontenla is known for their avant-garde and prestigious designers, and for decorating and restoring important buildings in Argentina.

“This is a collection that allows you to start over and move with a part of the original piece of furniture, but at the same time looks complete and can still be enjoyed. A simple but

prove your performance vis-à-vis competitors as the competitive analysis will help you identify areas in which your company is doing well and where you may be lagging behind.

W hi le many Fi lipino companies perform well managing corporate reputation, they lag behind and do an inadequate job of managing risks to their reputations in particular. From my observations, they tend to focus their energies on handling the threats to their reputations that have already surfaced. This is not risk management; it is crisis management—a reactive approach the purpose of which is to limit the damage.

In my more than three decades of management experience, I have observed three things that determine the extent to which a company is exposed to reputational risk. The first is whether its reputation exceeds its true character.

The second is how much external beliefs and expectations change, which can widen or (less likely) narrow this gap. The third is the quality of internal coordination, which also can affect the gap.

We shall discuss these issues in future articles. I also intend to write about how to measure corporate reputation which is yet another area that a number of Filipino executives do not invest in. In the meantime, let me announce that I am putting up a professional organization that will promote the practice of reputation management in the Philippines. It is called Reputation Management Association of the Philippines (RMAP). Please check our web site for updates www.rmap.org.ph PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior communications professionals around the world. Ron F. Jabal, APR is the chairman and CEO of PAGEONE Group. He is also founder and president of the Reputation Management Association of the Philippines (RMAP) PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@ gmail.com.

innovative idea that meant a lot of time, dedication, and a great challenge from design and functionality point of view.”

The furniture in the collection is named after celebrity breakups, including the BradIston Sofa, GarnAfleck rug, DemiLlis coffee table, CruisMan bookcase, KanyDashian table, and the LuisCarey painting, to name a few.

Every item is the product of ingenious modular design that means it can be used either as one large or as two smaller units—making the range highly flexible, whether or not you are moving out. A whole room can be instantly redesigned: by splitting the BradIston couch into a pair of elegant armchairs, or dividing the KanyDashian table to instantly set up two separate workspaces. Considerable effort from an interdisciplinary team of architects, industrial designers, decorators and interior designers was needed to ensure each piece has functionality and personality, both together and apart. For people splitting up or moving out, the hope is to give everyone an equal share, so that each can keep their favorite part: “You like the left? Good, I like the right.”

Tolentino: PHL will send ‘fighting team’ to Vietnam SEA Games

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IETNAM is putting up a hard-to-beat stance a month before it opens the 31st Southeast Asian Games in Hanoi, but Philippine Olympic Committee (POC) President Rep. Abraham “Bambol” Tolentino is unfazed saying Filipino athletes will be a “fighting team” in the May 12 to 23 games.

“Our athletes will fight and will do their best to bring the overall championship back to the country,” said Tolentino from Cambodia where the SEA Games Council met face-toface for the second time this year to discuss both the Vietnam and 2023 Cambodia SEA Games.

As host, Vietnam will be fielding the biggest number of athletes at

965—534 men and 431 women— with a bold prediction of winning 140 gold, 77 silver and 71 bronze medals, according to reports by Hanoi media.

Vietnam programmed 40 sports with 526 events—only five less than those in the 2019 Games with the Philippines as host.

Tolentino said he is confident that Filipino athletes will deliver because majority of the 656-strong Team Philippines clinched medals in 2019 when the country dominated with a 149-117-121 gold-silver-bronze haul.

Vietnam sent a strong message with its second-ranked overall 98-85105 tally in 2019 that it intends to also dominate the Games it is hosting only for the second time since 2003.

Milliam, 3 others repeat as champs

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LEXA MILLIAM pounded out a 4-2, 5-4(4) reversal over second seed Jufe-Ann Cocoy while Therese Gauran, Louraine Jallorina and Renante Bravo also came away with straight-set victories to sustain their title run in the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) national age group tennis tournament in Bacolod City last Friday.

Milliam displayed anew the form that netted her the 18-under crown in last week’s PPS-PEPP Iloilo leg, overpowering three rivals before the unranked local bet subdued Cocoy in the finals of the premier age category at the Negros Occidental Tennis Association courts.

Gauran, from Tayasan, Negros, lived up to her top billing, dropping just two games in four matches to rule the girls’ 16-under

play for the second straight week.

She trounced No. 2 Louchelaj Estember, 4-0, 4-2, in the finals of the Group 1 tournament which drew players from Aklan, Roxas, Iloilo, Tayasan, Dumaguete, Valencia, San Carlos, La Carlota, Cadiz, Sagay and Bacolod.

The unseeded Jallorina also bucked the odds, upending third seed Zeannie Brigoli, 4-0, 4-0; Fiel Caroliean, 4-1, 4-0; and Bea Celeste, 4-1, 4-1; before overpowering Raine Villame, 4-1, 4-0, to claim the 12-under crown.

Hannah Divinagracia joined the romp of the lesser lights, thumping three rivals before foiling Jasmine Jaran, 4-2, 4-1, to pocket the 16-and-U plum in the event put up

by PPS-PEPP president and CEO Bobby Castro and sponsored by Fernando Arguelles III.

Sports BusinessMirror

B8

| Monday, April 11, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

GROWL JUST AIN’T THERE (YET?)

By Will Graves The Associated Press

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UGUSTA, Georgia—Tiger Woods used to turn weekends at Augusta National into gripping theatre, relentlessly charging up the leaderboard one fearless drive, one feathery iron, one nervy putt at a time.

Not now. Maybe not ever again.

The magic the five-time Masters champion summoned so easily for so long was nowhere to be found during another labored four-plus hour journey underneath the Georgia pines on Saturday. His six-over 78 marked his worst in 93 career rounds at the tournament he has come to define and left him at seven-over.

WELCOME TO THE PROS, EUMIR! E

By Josef Ramos

UMIR FELIX MARCIAL beat American Isiah Hart via technical knockout in the fourth of their scheduled six-rounder on Sunday in Las Vegas, a convincing result that ironically—and more importantly— gave the Tokyo Olympics bronze medalist points to ponder in his budding professional career.

“Welcome to the pros!” MP Promotions President Sean Gibbons

told Marcial after the fight at the Virgins Hotel in Las Vegas, Nevada, that ended with 47 second remaining in the fourth round.

The result was good for Marcial’s portfolio as a pro, but the fight was ugly early on for the pride of Zamboanga City.

“It’s a bit surprising Eumir [Marcial] was kind of cold in the first round just warming up, but he showed a lot of heart and determination to get up. Welcome to the pro Eumir,”

TIGER WOODS shoots a career-worst 78 at the Masters. AP

Gibbons told Marcial after the fight.

“Was it pretty? No. Was it a win?

Yes. And there’s a lot to learn? Yes,” Gibbons added.

Marcial survived three knockdowns against Hart who at 6-foot-2 was almost a head taller than his 5-foot-8 middleweight frame.

The first came from a right straight in the second round, the next two from a right hook and an upper cut in the second round.

“I told myself in the early going

The limp from his surgically repaired right leg growing more pronounced with each deliberate, cautious step, the 46-yearold slipped further down the leaderboard to end whatever chance—however unlikely—of being a factor come late Sunday afternoon.

There was no familiar charge in the early April chill. Just the reality that 14 months removed from a serious car accident that threatened to end his career, Woods can still play golf.

He just can’t do it—at least not at the moment—at the level needed to compete in a field consisting of younger players, many who grew up idolizing of the fight that I am done, I’m finished,” Marcial, 26, told BusinessMirror via online call a few hours after the fight. “But after that third round knockdown, my inner self told me to give it my best for my fellow Filipinos who expect a big win from me.”

He was a raging bull after that, pummeling Hart with several combinations that prompted American referee Raul Caiz to call it a TKO. “It’s a good thing that the referee stopped the fight because it would have cost further damage to Hart,” Marcial said. “The referee just did his job to protect him.”

Marcial is now 2-0 as a pro, his first result a unanimous decision win over Andrew Whitfield, also an American, in December 2020 in Los Angeles.

The 30-year-old Hart fell to his third loss against six wins and

him but have long outgrown standing in awe of him.

Following a gritty back-nine push on Friday that helped him stay on the fringe of contention, Woods walked to the first tee Saturday two hours before the leaders. Looking to send a jolt through the gallery that stood fivedeep in places hoping for a glimpse and a chance to roar, Woods instead spent most of the afternoon silently glaring at the hole or his putter—or both.

He three-putted the par-4 first from 54 feet for a bogey, a sign of things to come. On the par-4 fifth, he slung his club in disgust after his approach drifted to the right, far away from a back left hole location.

His lag attempt from 60 feet over a one draw with four knockouts. He ranted his displeasure of the result in his social media post, saying he was “robbed” of the result.

Marcial needed that knockout. He was down 26-29 in all three scorecards of the judges Dave Moretti, Ricardo Ocasio and Don Trella.

In the end, Marcial realized pro and amateur boxing are poles apart.

“Pro and amateur boxing are entirely different,” he said. “There are still a lot of things that I need to learn on my part.”

UAAP 1st rd report card THE first round of the University Athletic Association of the Philippines (UAAP) Season 84 men’s basketball tournament is done. Notwithstanding the breakneck pace in which this tournament is being played, fans and observers have been treated to some good basketball both collectively and individually.

Here is our report card after seven games played: Ateneo Blue Eagles (7-0) Grade: ABelieve it or not, even if the three-time defending champions are undefeated, we have not seen their best.

Or have we? No one sports team plays perfectly for the entire game. There are moments of weakness. While teams have gone at them for a quarter, for a half, or even three, but not the entire game. Ateneo has always found that next gear.

If they make better passes, commit fewer turnovers, and make more free throws, they will be devastating.

UP Fighting Maroons (6-1) Grade: B+ These guys are better than advertised. You can see their confidence growing with every game. They are a complete team and the future is actually now. They can win it all.

La Salle Green Archers (5-2) Grade: B It is easy to say that they do not have all the pieces.

They might not be as deep as they would like but they have one of the best backcourts in the league and a good frontcourt duo in Mike Phillips and Justine Baltazar.

They have just enough players to win. Getting consistency out of that small core is important if they want to go all the way.

NU Bulldogs (4-3) Grade: B You have to give a lot of credit to head coach Jeff Napa for the Bulldogs’ competitiveness and strong showing.

Most tabbed Far Eastern University to be in the running for the fourth Final Four seat and they still are. Just not a lock on it with the way National University is playing.

ridge was well short. His nine-foot par putt rolled his three-feet by and his comebacker for bogey hit the hole and bounced out. It was Woods’s first four-putt at the Masters—ever.

Things never really got better.

Three more three-putts followed on an afternoon where nothing really felt right. And it wasn’t just his leg. It was his back. His hands. His posture. Everything.

AMERICAN referee Raul Caiz raises Eumir Felix Marcial’s hand in victory.

COURTESY JHAY OTAMIAS

And the way they are doing it—with a lot of heart, hustle and daring. They are fun to watch. Even with Issa Gaye being mostly a spectator on the bench.

Got a feeling they could nick some more wins in the second round.

FEU Tamaraws (3-4) Grade: C They have no problem scoring (they are third) and they can defend (top tier rankings). This team just needs some tweaks here and there.

RJ Abarrientos, LJ Gonzales, and Royce Alforque are on track to becoming a backcourt very much like what we saw in the Arellano University Chiefs when they had Jio Jalalon, Kent Salado, and Donald Gumaru.

They will drive this team.

And Emmanuel Ojuola is an underrated player who will only get better. When he imposes himself, other teams better watch out. He is the workhorse that AU did not have to support the Chiefs’ backcourt trio.

If they can find some more help inside, watch out.

UST Growling Tigers (2-5) Grade: CWith this crew that they have that puts up a fight… can you imagine if they still had those guys who left after their coaching staff decided to have an excursion during lockdown?

It is great to see the fight in this team led by the amazing Joshua Fontanilla, Sherwin Concepcion and Miguel Pangilinan.

They get blown out by the non-top three squads by an average of 23 points (by NU and FEU) and yet stay close to the top three squads by an average of 10 points.

If they learn how to play everyone, they will make it a lot closer in the second round.

Adamson Soaring Falcons (1-6) Grade: D Like NU, FEU, and UST, they have some players who will make a difference. They even have a serviceable center in Lenda Douanga. Yes, Nash Racela did not have a lot of time to prepare the squad.

But you know Racela is playing the long game. At this point, it is all about playing better with each and every game.

A young team that will only get better.

UE Red Warriors (0-7) Grade: F No moral victories when you are winless and it is sad to see them at the bottom of the standings at this stage.

Like Adamson, they are playing the long game. But haven’t we heard this before when it comes to UE? The grocery list this team has is a long one from recruiting more players, landing that center to replace the missing Alex Diakhite, building a culture and having the vision and patience to get things done.

Simply a lot of questions surrounding this team at this point in time.

We cannot wait to see what the second round brings.