BusinessMirror August 08, 2022 by BusinessMirror

subsidies GOCC plunge 49% inrisk’ H1 ‘CloseNG borders, cuttoOmicron exposure

EXPLAINER

HAS REMOTE WORK CHANGED THE TRAVEL LANDSCAPE?

By Bernadette D. Nicolas P184.77 billion, the lowest level For this year, PhilHealth is set gest amount of subsidies within By Cai U. Ordinario @BNicolasBMwith their loved ones, while for-is the which, the can no to be proactive tosaid, receive itseconomy P79.99-billion subsidy for government since 2018’s P136.65 billion. in the six-month period Na- she

eigners livingtional in temperate regions longer afford. under the P5.024-trillion 2022 naIrrigation Administration HE national government usually want (NIA), to relax ingot tropical we do protective tionalthat budget. Amid the Covid-19 which P18.35 billion. “It is better extended lower subsidies is followed by the preventive Napandemic, PhilHealth hadexthe bigLOSING the country’s borders countries like theThis Philippines. This measures than get state-run corporations Authority or again. gest We share of subsidies last year, is one of the mostto immediate year’s influx oftional OFWsHousing is expected to posed have a lot to lose,” in the first half of this year comNHA (P8.94 billion), with P80.98 billion ornow 43.8 percent courses of action the governbe heavier since many of them were National Oplas said. “We should do it so pared to a year ago. Food Authority (3.24 billion), of the total amount disbursed. ment must take to prevent the latunable to come home for the holidays that we can open just before ChristLatest data from the Bureau For June alone, government Bases Conversion and Developest Covid-19 variant, fromshowed in subsiDecember 2020. mas. If it gets contained, we can open of Omicron, the Treasury subsidies to GOCCs spiked by 47.8 ment Authority (P2.17 billion), reaching Philippine shores, accord“My recommendation is to protect again.” percent to P12.33 billion from dies to government-owned and and the Philippine Fisheries it De-controlled corporationsthe (GOCCs) billion in the sameRemonth Authority ing to local economists. borders. Dovelopment not allow people with or PFDAAteneoP8.34 Center for Economic fromisJanuary to June this year of travel lastDevelopment year. (P1.69 billion). with T he new var iant a threat, a history to countries search and (ACERD) by 49.4 percent to P44.69 cases to Interestingly, the state-run Leading theSer top subsidy recipie s p e c i a l l y w it hplunged t he hol id ay s positive enter,” Oplas said. Associate Director Percival billion from P88.28 billion rePhilippine Health Insurance Corents for the month is NHA with coming up and more foreigners “We should be more restrictive. [We K. Peña-Reyes said closing the corded in the same period in 2021. poration (PhilHealth), which has P5.75 billion, followed by the NIA being a llowed to travel to the haveproto be] more protective in termsof governcountry’s(P3.08 borders would be effecThe national government been the top recipient billion), National ElectriPhilippines, De La Sa lle Univerof our measures.” tive but should still adhere to the vides subsidies to state-run firms ment subsidies since 2014, has fication Administration (P877 sit y economist Mar ia Ella Oplas not covered Oplas thattowhile this will of be subsidies standards set by the World Health to fund operations by said yet get its share million), PFDA (P863 million), corporate revenues or toafinance from the government the and Civil Aviation Authority of told BusinessMirror. setback to some industries, this since Organization (WHO). specific programs start considering of the year even though theWhat is the Philippines (P367 million). The holidays usually bring in or projects. is a fair measure that needed, Peña-Reyes told Topping the list of government Amid pandemic last year, country is still in the middle of Overseas Filipino Workers (OFWs) this could help prevent placing the this newspaper, is for travel restriccorporations that received the bigGOCC subsidies dropped to the Covid-19 pandemic. @caiordinario

who are eager to spend Christmas

w w

country in another strict lockdown,

n Monday, August 8, 304 Monday, November 29,2022 2021Vol.Vol.1717No.No.52

tions to be put in place swiftly and

imposing Thethem. Department of Finance earPrevious instances the lier reported that cashwhen dividends remitted by GOCCs since President country had the opportunity to imtook office in mid-2016 hit poseDuterte travel restrictions did not prerecord high of P374.54 billion, vent athe spread of Covid-19. That was the highest ever amount collected mainly because the decision was not under any administration. made immediately, he said. This was also more than double “Kung papatay patay [If the we’re the amount collected under adthe lateflat-footPresident slow]ministration and we getofcaught Benignorisky] Aquino at P164.81 ed, [that’s WeIIIwere too rebillion; and is also more six active instead of proactivethan before. times the equivalent of the P60.82 We should learn from that,” Peñabillion dividend remittances unReyes said. a delicate balancing der the “It’s Arroyo administration. act. WeUnder needRepublic to pushAct testing 7656 orand the tracing to beLaw, properly informed Dividends GOCCs are required to declare and remit at least 50 perof our decisions. Blanket/shotgun cent of their annual netdire earnings as approaches could have consecash, stock, or property dividends quences on the economy.” to the national government. See “Omicron,” A2

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

NATL GOVTTO BORROWINGS GIR FALLS 2-YR LOW, FOR 10 MOS DIP TO P2.75T AT BELOW $100B IN JULY By Bernadette D. Nicolas By Bianca Cuaresma @BNicolasBM

Omicron risk spurs revival of quarantine rules in PHL

@BcuaresmaBM

HE national country’s dollar defenses HE against potential imbalances government’s fell below $100 billion in July, as gross the Bangko as Sentral ng Pilipinas (BSP) borrowings of end-October continued to shrank battle excessive fluctuations by the almost 6 percent in local currency. year-on-year to Data from the BSP showed that the Philippines’s gross international P2.75 trillion.

By Samuel P. Medenilla @sam_medenilla

reserves (GIR) settled at $98.8 billion as of end-July this year. This is the lowest GIR of the country in two years or since July 2020. See “GIR,” A2 Latest data from the Bureau of the Treasury showed that the government’s gross borrowings during the 10-month period fell by 5.99 percent from P2.92 trillion a year ago. With only two months left for this year, the latest figure is already equivalent to 89.6 percent of its P3.07-trillion borrowing program. Ma. Stella F. Arnaldo BrokenBy down, gross domestic borFVR REMEMBERED The public viewing for the rowings from @akosistellaBM January to October wake of the late former President Fidel Valdez Ramos Special to the BusinessMirror settled at P2.23 trillion, down by was opened Sunday (August 7, 2022) to allow more 5.08 percent from P2.35 trillion people a chance to pay their respects to him and offer HE Philippines has snagged in 2020. the privilege of hosting the condolences to his family. Among those who went The bulk of the World amount was prestigious Associathe wake is SPO4 Saturno Bong Bayaca, wearing a PEOPLE walk past the mural of Gat Andres Bonifacio at to Manila City Hall Underpass. sourced Fixed Rate Treasury tion from of Chefs’ Societies (Worldberet, who once served The country will celebrate the 158th birth anniversary of Filipino revolutionaryas driver-bodyguard for the Bonds (P1.19 trillion), followed by Chefs) Asian Presidents Forum DOMINGO See story on page A12, “AFP’S Special Forces hero Gat Andres Bonifacio on Tuesday, November 30. ROYpresident. next year, which willfrom helpBangput a short-term borrowings salute founding commander, FVR.. NONIE REYES spotlight on Philippine ko Sentral ng Pilipinas or BSPcuisine (P540 and the country’s culinary experts. billion), Retail Treasury Bonds/PreThe (P463.3 winningbillion), bid was anmyo Bonds Retail nounced on Saturday at the close Onshore Dollar Bonds (P80.84 bilof the Philippine Culinary Cup at lion). InWorld the same thereatwas the Foodperiod, Expo 2022 the By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see alsoSMX a netConvention redemptionCenter. of Treasury Chef CHEF Willment Leong,@jearcalas Asian Continental enactment of the Coconut Farmwho are listed in the registry and if BillsWillment amounting to P43.94 billion. Leong, Asian ContinenByIndustry Cai U. Ordinario demic, and geopolitical Director of WorldChefs, receives a book ers and Trust Fund law. farmer doesn’t see his nametensions then he Net debt redemption means tal Director of WorldChefs said, impact on globalwith supply on Philippines cuisine TPB COO “The WorldChefs Asian President OREfrom than 3 Ma. million Rosales @caiordinario explained that about shall coordinate thechains. PCA imthere were more debts repaid comIn order he to explained cushion the impact represented by any one country Anthonette C. Velasco-Allones at the coconut farmers and 500,000 coconut farmers and mediately,” at a recent pared to the amount borrowed durUPPLY chain disruptions reof these factors on supply chains, organizes the Asian Presidents close of the 2022workers Philippine Culinary are now regisworkers were added to the PCA’s dialogue with coconut farmers. ing the period. quire countries to 2.5 “rethink” countries canother eitherhand, employ diversiForum and also theforeign Asian Chefs PHOTO FROM TPB the government’s regCup.tered with 2018 list that had about million “On the if people Meanwhile, gross borChallenge, where we select the production lines to prevent fication, onshoring, or nearshoring istry, whichAsia serves as the coconut farmers and farm workers. would see names on the list and rowings in the same period also of the different Pacific chefbasis best of the best in Asia to comfurther impact on thestep world’s food in order to prevent thenot disruptions for the number of people to be The PCA’s next is to conthey think they are coconut contracted by 9.7 percent to P518.7 associations, with the conference pete in the finals of the World and energy supplies, according to from causing commodity prices expected to generate about 3,000 covered by the utilization of the duct an exclusion-inclusion profarmers or their details are incor-to billion from lastHereby, year’s P574.4 billion. Congress. I would also an economist from the Asian Deincrease, Kang said. participants, including chefs and P75-billion coconut levy fund. cedure by making the updated rect, they can report it to the PCA This was raised through global like to announce that the Philipvelopment Bank (ADB). (global supply chains) young Philippine chefs participating the CoconutinAuthority farmers’ registry public, providfor“They immediate action,” he added. bonds (P146.17 program pines Tourismbillion), Promotions Board programs and competitions, comIn an Asian Development Blog, have been struggling amidst un(TPB) has wonbillion), the bid toeuro-deorganize (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that loans (P139.98 petition judges, spectators and Jong Woo Kang, Principal Econoeven economic recovery and trade the [forum] in(P121.97 2023!” billion), M. Rosales said about 3.11 million check the veracity of the list, Rothe completion of the initial list nominated bonds exhibit attendees. at added. ADB’s Economic Research conflict global would heavyThe Asian Presidents Forum coconut farmers and farm work- mist sales of coconutbetween farmers registry a project loan (P86.41 billion), and will bring together 25 presidents and Regional Cooperation Departweights, and are suffering geopoSee “PHL,” A2 ers have been registered with the “The list will be posted in public be just in time for the expected yen-denominated samurai bonds ment, said trade conflicts, the panlitical risks that are critically weighgovernment since it started upspaces where people can easily see rollout of coconut levy-funded (P24.19 billion).

PHL TO HOST WORLDCHEFS ASIA CULINARY EVENT IN 2023

NTER NATIONA L concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the government to reimpose mandatory facility-based quarantine for all arriving passengers in the country. Acting Presidential spokesperson Karlo B. Nograles announced on Sunday that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) suspended the implementation of its Resolution No. 150A (s.2021), effectively imposing stricter protocols for all inbound travelers. To note, IATF Resolution 150A had allowed fully vaccinated non-visa travelers from Green List areas to enter the country without the need for facility-based quarantine as long as they secure negative Reverse TranscriptionPolymerase Chain Reaction (RTPCR) test within 72 hours prior to their departure. “Except for countries classified as ‘Red,’ the testing and quarantine The European Union, internathe Reprotocols for all inbound gional Comprehensive tional travelers in all portsEconomof entry ic Partnership (RCEP) and and the shall comply with the testing United States–Mexico–Canada quarantine protocols for ‘Yellow’ Agreement (USMCA) support list countries,” Nogralesall said, citing nearshoring. the provision of IATF Resolution Indo-Pacific Economic No.“The 151-A. Framework (IPEF)Kong, is another exHe noted Hong which has ample, although it can fall under confirmed a case of the Omicron the category of ‘friendshoring’ as variant, will also fall under the Yeltouted by some people, where the low list countries. scope ‘friend’ goes beyond Theofsuspension of the rulesthe for geographical boundary,” Kang “Green List” countries will befurin ther effectexplained. from November 28, 2021 to “Rejigger,” A2 DecemberSee 15, 2021.

OVER 3-M FARMERS FOR P75-B COCO LEVY FUND Time LISTED to ‘rejigger’ global supply lines–ADB expert

See “Borrowings,” A2

programs as President Duterte is expected to sign the industry ing on food and development planenergy in earlysupplies,” 2022. Kang said.said “The right Rosales thetime PCA iswill not to rejigger global supply chains.” stop updating its list of coconut Diversification, Kang explained, farmers and enjoined them to regmeant countries would source and ister in order to reap the benefits sell their products away from places of the decades-long idled coconut thatfund. were“We prone tonot disruptions due levy will stop at 3.1 to economic, health, climate change million. We hope that more indiand geopolitical issues. viduals will register in our coconut Onshoring would bring home farmers registry,” he said. supply chains while nearshoring The updating of the coconut will bring supplyis chains closer farmers registry mandated by to home such as those done through Republic Act (RA) 11524 or the regionalIndustry trade blocs orFund where cerCoconut Trust Act. tain trade agreements are in force. See “3-M farmers,” A2

Continued on A2

PESO EXCHANGE RATES n US 55.7120 n JAPAN 0.4189 n UK 67.7458 n HK 7.0973 n CHINA 8.2555 n SINGAPORE 40.4854 n AUSTRALIA 38.8034 n EU 57.0881 n KOREA 0.0428 n SAUDI ARABIA 14.8328 Source: BSP (August 6, 2022) PESO EXCHANGE RATES n US 50.4600 n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021)

News

BusinessMirror

A2 Monday, August 8, 2022

China’s envoy Huang twits Blinken on Pelosi visit spin

By Malou Talosig-Bartolome

@maloutalosig

HINESE Ambassador to the Philippines Huang Xilian said Beijing would welcome efforts by Washington to reach out to China and settle their differences in the Taiwan Strait but would treat such gesture with a grain of salt. “Secretar y Blinken claimed that all countries expect China and the US to manage differences responsibly, and the US is determined to do so. If that really happens, it would be a return to the right path. But while we listen to his words, we must also watch the US actions,” Ambassador Huang said in a statement posted on his official Facebook page Saturday night. Huang was reacting to the statement issued by US State Secretary Antony Blinken during a press conference held after his bilateral meeting with Foreign Affairs Secretary Enrique Manalo in Manila Saturday afternoon.

Huang said the US should first fulfill its One-China Policy commitment by “respecting China’s sovereignty and territorial integrity, stop interfering in China’s internal affairs and stop conniving at and supporting ‘Taiwan independence’ separatist forces.” The Chinese ambassador said Blinken’s remarks during the Manila press conference show the US’ “bullying, highhandedness and hegemony” in the region. He claimed that since April, China already knew about the planned visit of US House Speaker Nancy Pelosi to Taiwan. He said China “repeatedly warned the US through various channels” that

such a high-level visit would have consequences. “However, the US not only turns a deaf ear to all of those but also covers up and even connives with Pelosi on pursuing the wrong path. How could Pelosi have visited China’s Taiwan region by a US military aircraft without the consent and arrangement of the US government?” Huang said. By allowing Pelosi to travel to Taiwan, Huang stressed that it is the US and not China that “acted irresponsibly,” as alleged by Blinken. He justified Beijing’s sending of air and naval troops around Taiwan, as a response, is “completely just, legitimate and proportionate.” “Our countermeasures are necessary as a warning to the provocateurs and as legitimate steps to uphold our sovereignty and security. They are also about staunchly safeguarding regional peace and stability and international law and basic norms governing international relations,” Huang added. The Chinese envoy also took a swipe at Blinken for saying that China is changing the status quo across the Taiwan Strait. He said Pelosi’s “egregious provocation” started with Taiwan’s ruling Democratic Progressive Party which is promoting “de-sinicization” and “incremental independence” and asking the US for support.

“And the US constantly distorts, obscures and hollows out the oneChina principle, playing the socalled “Taiwan card” and trying to use Taiwan to contain China in an attempt to obstruct China’s great cause of reunification and disrupt China’s peaceful development,” he said. Huang also turned the tables on the US for destabilizing the region. “At the critical time of fighting Covid-19 and promoting economic recovery in the region, the US is not lending a helping hand. Instead, it is ganging up for confrontation and creating division,” he said. He said the US has been promoting an Indo-Pacific strategy “by strengthening the Five Eyes, peddling the Quad and piecing together AUKUS, all aiming to create small circles to contain China.” US military vessels and aircraft also visit the region “to flex muscles and create tensions in the South China Sea and Taiwan Strait.” “The US has messed up many places around the world, and it is now trying to mess up the AsiaPacific . . The US has gone to great lengths to hijack the other countries onto their geopolitical chariot and make them its ‘pawns’ in order to maintain the US hegemony to the detriment of the overall and longterm interests of countries in the region,” he added.

GIR...

Continued from A1

It is the fifth consecutive month of decline for the GIR, starting from a level of $107.7 billion at the start of the year. In a statement, the BSP blamed the month-on-month decrease in the GIR level to the National Government’s (NG) foreign currency withdrawals from its deposits with the BSP to settle its foreigncurrency debt obligations and pay for its various expenditures. Also cited as a factor was the downward adjustment in the value of the BSP’s gold holdings due to the decrease in the price of gold in the international market. Breaking down the data, the biggest hit of the GIR came from the decline in the value of its dollar investments—which make up the bulk of the country’s GIR. Foreign investments hit $82.5 billion in July, down from the $84.7 in the previous month. Rizal Commercial Banking Corporation (RCBC) economist Michael Ricafort also said the decline in the country’s GIR “somewhat correlated” with the weaker peso in recent months. Ricafort also said the country’s GIR could still increase in the coming months, amid the continued growth in the country’s structural inflows from OFW remittances, BPO revenues, foreign tourism revenues and foreign investment inflows. Despite the decline, the BSP said the country’s GIR still represents a “more than adequate external liquidity buffer” equivalent to 8.3 months’ worth of imports of goods and payments of services and primary income. Moreover, it is also about 6.9 times the country’s short-term external debt based on original maturity and 4.5 times based on residual maturity. The country’s GIR is the level of foreign exchange holdings the Central Bank has during a given period. The GIR is a crucial component of the economy as it is often used to manage the country’s foreign exchange rate against excess volatility.

www.businessmirror.com.ph

PHL...

Continued from A1

The three-day event dovetails with the advocacy of Tourism Secretary-designate Christina Garcia Frasco to promote food tourism in the Philippines, and propel Filipino cuisine to the global arena.

Ready for more MICE events

TPB Chief Operating Officer Ma. Anthonette C. Velasco Allones told the BusinessMirror, “Our triumphant bid to host the 2023 Asian WorldChefs Forum is an affirmation of our readiness to stage MICE (Meetings, Incentives, Conventions, Exhibitions) events in the country. It also positions our leadership in the region in curating culinary tourism while enabling our budding chefs with opportunities to benchmark with the best of the best.” She added, “The TPB is committed to pursue our campaign to put the Philippines back at the center of the MICE global map.” Just this April, the Department of Tourism (DOT) and its marketing arm, the TPB, successfully held the 21st World Travel and Tourism Council (WTTC) Global Summit in Manila. According to a brief provided by the TPB, the WorldChefs Asian Presidents Forum is meant to foster camaraderie between chefs in the Asian Pacific region. The event is hosted every two years, with the

last forum held in Bangkok in 2019.

For young and professional chefs

SIMILAR to the WorldChefs Congress & Expo, the Asian Presidents Forum will include programs where distinguished speakers will present the latest gastronomical trends, sustainability practices that are in line with the United Nations Development Programme, and culinary education. Other events include competitions for the local and international young and professional chefs, and an exhibit for local and foreign suppliers. There will also be guided tours of the city and nearby outlying provinces focusing on farm tourism and food production that will be offered to the chef participants. “Participating chefs will have a chance to see the local markets, dine in our different restaurants, and get a taste of the unique dimensions and diversity of our cuisine,” added Velasco-Allones. In 2018, the Department of Tourism, and its marketing arm, the TPB, launched an ambitious MICE Roadmap 2030 aimed at increasing the country’s MICE revenues to some P25 billion by 2030, from P4.6 billion in 2016. Its targets have been somewhat derailed, however, by the Covid-19 travel restrictions around the world.

Rejigger...

Continued from A1

Risk management

BUT the government’s decision on which path to pursue would not be simple. Choosing to diversify should not only be based on cost efficiency but also risk management. Kang said diversification should involve offshoring production to multiple sites to prevent encountering or being saddled by supply chain disruptions. The ADB economist said, meanwhile, choosing reshoring or onshoring would require countries to be selective since it could be costly and, to a certain extent, inefficient. However, reshoring could also lead to supply chain security and create “a new oil ” for the economy. In order to maximize this, Kang said, the key is for countries to innovate and raise the technological sophistication of their industries. In terms of nearshoring, there is a need to further explore opportunities in free-trade agreement opportunities with geographical neighbors and other allies, such as those encouraged under the IPEF. Apart from these considerations, Kang said, providing incentives could jumpstart the motivation of businesses to reshore or diversify but will not be enough to sustain these efforts. He added that these government interventions such as incentives and subsidies should also be compliant with World Trade Organization (WTO) rules to prevent “retaliatory reactions from trading partners.” “Legitimate economic rationale and political motives for rejigger-

ing supply chains may not always ensure its success unless pursued with strategic thinking and practical implementation plans, which also need to be well aligned with business incentives,” Kang said. “Rhetoric is one thing, but implementation is another. Only those which can wisely strategize its implementation will be able to reap the benefits,” he added.

Insulating PHL

EARLIER, BusinessMirror reported that local economists said insulating the Philippines from supply chain disruptions that could accelerate inflation requires making the necessary investments to increase farm sector productivity and improve the country’s logistics network. The country’s inflation woes have been caused mainly by supply chain disruptions which are bound to worsen as the Christmas season fast approaches, according to Alvin P. Ang, who chairs the Ateneo de Manila University’s Department of Economics. Ang said these long-term responses would mean addressing agriculture productivity concerns and making strides toward achieving energy security. Part of these long-term measures, University of the Philippines School of Economics Director for Research Renato E. Reside Jr. said, includes addressing the country’s infrastructure constraints. (Full story here: https://businessmirror.com.ph/2022/08/04/ what-would-it-take-to-shieldphl-from-supply-chain-woes/).

Special forces...

Continued from A12

“I will always be proud to be part of an elite unit with a remarkable history beginning with a stellar lineage of commanders. No other unit in the AFP can claim such honor of having a former commander becoming the 12th President of the Republic of the Philippines,” he added. Current SFR(A) commander Col. Ferdinand Napuli recalled the first time he met Ramos 30 years ago. According to him, Ramos was supposed to attend the 60th SFR(A) anniversary last June 25. “I would have been proud to shake his hands again. It would have been my honor to tell him that the Special Forces of today is now ready to orchestrate UW operations to address external

threats at our maritime borders,” Napuli said. Former Executive Secretary Eduardo Ermita remembered FVR’s capability to live up to the needs of the times and contribute to the maintenance of peace and order and stability of the country. Ermita was a member of the 11th Special Forces Team which was instrumental in the creation of the 1st SF Company. The tribute ended after Magno led the whole Special Forces family in singing the favorite songs of the former president, the Special Forces Song and the Airborne Song. Ramos, who died last week, will be buried at the Libingan ng mga Bayani on Tuesday.

The Nation BusinessMirror

www.businessmirror.com.ph

US sends equipment, test kits for PHL’s Covid-19 response By Claudeth Mocon-Ciriaco @claudethmc3

ASHINGTON recently donated health equipment and logistic kits to help the Philippines’s Covid-19 response. “Working with the international community has helped keep Filipinos and Philippines health systems at low risk through the worst parts of this pandemic,” Health Undersecretary Maria Rosario S. Vergeire, as she expressed gratitude to the US government for the donation. The donations include 18,000 rapid antigen and other test kits, with an additional hundred kits for schools and the Manila City Health Department. The US also provided Thermo Fisher Scientific Inc.’s TaqPath Covid testing reagents for the Philippine Genome Center, which allows for 10,000 more tests. Also handed over to the Government of the Philippines were an assortment of personal protective equipment (PPEs), among others. The United States Agency for International Development (USAID), in support of the Philippines’s vaccination and booster campaign, initiated a pediatric vaccination activity with a handover of Covid-19 aid and logistical equipment last August 6, 2022, at the Manila Zoo. Present in the event were US Secretary of State Antony Blinken, US Ambassador to the Philippines MaryKay Carlson and Manila City Mayor Maria Sheilah “Honey” H. Lacuna. They, along with other senior health and local officials, witnessed the latest of the USG’s donations to support the country’s Covid-19 prevention and control efforts since 2020. “As the Philippines continues

to work to vaccinate people, to reduce the spread and save lives, the United States stands with you,” Blinken said. He also congratulated the Philippine government for its “commendable vaccination milestones and untiring efforts to combat the health and economic effects of the Covid-19 pandemic.” Through the COVAX Facility, the United States has donated more than 33 million vaccine doses to the Philippines, consisting of Pfizer, Moderna and J&J platforms.

Vaccination program

MEANWHILE, the Department of Health (DOH) committed to intensifying its vaccination efforts and vaccine storage management to reach the Marcos administration’s target of fully vaccinating 70 percent of the total population or about 78,100,578 Filipinos. This is in addition to providing first boosters to 50 percent of those eligible, or 39,050,289 individuals. Insofar as younger citizens are concerned, more than 9.7 million Filipino adolescents along with more than 4.2 million Filipino children have already been fully-vaccinated against Covid-19. The DOH said it will be closely working with the country’s local government units (LGUs) to ensure all school-aged children will have access to the additional doses donated by the USG. “We’ve come a long way from when this virus first hit our shores. With all the tools and resources we now have, we are capable of protecting our children and providing them the safe and much-needed face to face education that they deserve,” Vergeire said.

Marcos orders LGUs to ramp up booster shots vs Covid-19 By Samuel P. Medenilla @sam_medenilla

ITH only around two weeks left before the opening of classes this month, President Ferdinand R. Marcos, Jr. urged local government units (LGU) to ramp up their coronavirus disease (Covid-19) booster vaccination drive. In a video message posted in his Facebook account during the weekend, Marcos expressed concern over the low number of fully

EN. Rafael “Raffy” T. Tulfo has urged the national government and other concerned agencies to come up with a contingency plan for Overseas Filipino Workers (OFWs) should the tension between the People’s Republic of China and Taiwan escalate. Tulfo, who is set to lead the Senate Committee on Migrant Workers, said the Overseas Workers Welfare Administration (OWWA), the Philippine Overseas Labor and Office (POLO) and the Department of Foreign Affairs (DFA) should come up with a coordinated plan to ensure the safety of Filipino workers in Taiwan and other neighboring countries. “The tension between China and Taiwan is not something to be taken lightly. Dapat ngayon pa lamang ay gumagawa na ng contingency plan ang DFA, OWWA, at POLO in the event na lumala ang problemang ito,” he said. [DFA, OWWA, and POLO should be making a contingency plan by now in the event that this problem worsens.]. “This is the perfect time for government agencies to show their united force by working together for the safety and aecurity of our workers abroad.” There are reportedly around 200,000 OFWs in Taiwan. Butch Fernandez

HE Intellectual Property Office of the Philippines (IPOPHL) said the Philippine Creative Industries Development (PCID) Law will provide the agency its muchneeded boost in raising awareness on intellectual property across the creative economy “IPOPHL is pleased to see the Philippine Creative Industries Development (PCID) Bill now finally a law,” IPOPHL Director General Rowel S. Barba was quoted in a statement issued by the agency last Sunday. Barba said that since the initiative to develop this measure began, the agency has been in full support of and cooperation with Congress “to witness this legislative measure come to fruition.” According to the IPOPHL chief, Republic Act 11904, which lapsed into law last July 27, mandates the creation of a long-term plan for the promotion and development of creative industries. “It aims to spur efforts to sustain excellence in Filipinos’ creative endeavors through the protection of their intellectual property (IP) rights, among many other ways of support,” Barba was quoted in the statement as saying. To fulfill its mandates, she said the law created the 19-member PCID Council, which IPOPHL is part of as an ex-officio member. “Admittedly, more has to be done to address the lack of knowledge and understanding of IP rights among

By Butch Fernandez

@butchfBM

EN. Emmanuel Joel J. Villanueva asked Congress to pass an enabling law to finally end spam messages and calls that have been proliferating and victimizing many people due to the absence of an enabling law that will protect telephone and mobile subscribers against the so-called electronic scams and threats. Villanueva said Senate Bill (SB) 366, once passed into law, will serve as deterrent against the misuse and abuse of digital technology. He noted the advent of new information technology comes the evolution of phishing attacks in several platforms like short message services, emails, and calls. Recently, many citizens com-

creative industries,” Barba said. She said the agency has been reaching out to creative talents through intensified awareness and education campaigns and its ongoing Copyright Plus Project. The project is the flagship program of the Bureau of Copyright and Related Rights (BCRR), which is aimed at helping marginalized creators realize the economic and cultural benefits of copyright and protection through registration. In a statement issued two weeks ago, BCRR Director Emerson G. Cuyo underscored that the 2022 line up of Copyright Plus projects is inclusive of sectors who bring distinctive elements to their own crafts. He added that the program aims to empower local artists to become copyright ambassadors themselves. The IPOPHL chief highlighted that the agency’s momentum is “fast accelerating” due to the surge in copyright deposits and recordation. Barba said copyright is one way to prove ownership over a work. “In January to June this year, copyright deposits and recordation jumped by 129 percent year-on-year to 1,722,” Barba said. As a member of the PCID Council, Barba said, the IPOPHL will assist in the drafting of the implementing rules and regulations of the new law. “We also hope to expand the reach of our ongoing initiatives and also come up with new, relevant programs and projects to fulfill the goals of the PCID Act,” the IPOPHL chief said.

Fire incident at CDO Foodsphere Valenzuela Plant

FIRE broke out on Sunday at 3:25 a.m. at the Valenzuela Plant of CDO Foodsphere. Through the prompt action of the Valenzuela Bureau of Fire Protection and the CDO Fire Brigade and Disaster Manage-

ment Committee, the fire was controlled and put out by 5:26 AM. Investigation on how the fire started is still ongoing. No injuries were noted and the value of property damage is still being assessed.

vaccinated individuals who availed booster shots. The president said that currently, 15.9 million Filipinos have availed their first booster shot, while 1.2 million got their second booster shot. “This is not a good number compared to our target of 100 percent,” he added. “That is why we are appealing to our LGUs to become aggressive in their [vaccination drive] campaign.” As of last Sunday, data from the Department of Health (DOH) showed the 71.52 million indi-

viduals who completed their primary dose, only around 23 percent 16.59 million have availed of their booster shots. Health experts said fully vaccinated individuals should get their booster shots since the effectivity of the Covid-19 jabs wane overtime. Marcos said increasing the number of booster recipients, particularly among students, will minimize the risk posed by Covid-19 infection after the opening of the new school year on August 22, 2022 with a partial face-to-face classes.

The Department of Education (DepEd) earlier said it plans to fully resume face-to-face classes for 15.2 million enrollees in all of its schools by November. The scheme, Marcos said, will not only be beneficial to students, but also to the economy since it is expected to translate to operations to the transport sector, retail, particularly for school supplies. “Many industries will benefit from this step [of the government] so let us make sure we will be fully prepared for it,” Marcos said.

The end of spam? Senate bill seen the start

Sen. Tulfo seeks IPOPHL: Creative sector devt law contingency plan to boost awareness on copyright for OFWs amid China-Taiwan row By Andrea San Juan

Editor: Vittorio V. Vitug • Monday, August 8, 2022 A3

The company said it is working closely with the authorities on the matter. The BFP declared most of the areas as safe by afternoon of August 7 and normal business activities immediately resumed.

plained of receiving scam text messages that offer fake jobs promising high wages and other valuable products at seemingly discounted prices. This is a scheme now called “smishing,” a form of text message phishing that lures consumers into giving away personal or financial information. With the unemployment rate as of May 2022 reaching 6 percent (equivalent to 2.93 million Filipinos) and an underemployment rate of 14.5 percent (equivalent to 6.67 million Filipinos), Villanueva said this scheme would have already misled and will continue to mislead recipients if left unaddressed by the Philippine government. Under this bill, “spam” is defined as a call or text message that may fall under any one or more of the

following categories: those containing commercial promotions or advertisements that are not initiated by the recipient, and the recipient did not opt-in to receive; those that cause programs to be installed on the subscriber’s device without the subscriber’s consent; and, those that contain false or misleading electronic representations redirecting to websites, chat platforms, and similar online platforms. “Spam” is also defined as a message or call that trigger the collection of personal information by accessing an electronic device illegally. To enhance the privacy protection of individual subscribers, the bill automatically opts out all telephone and mobile subscribers from spam calls or messages, and allows the subscriber to provide prior con-

sent before any commercial or promotional advertisements can be sent to such subscribers. Under the proposed law, mobile network service providers are also mandated to provide user-friendly reporting mechanisms for their subscribers and immediately act on complaints, upon due investigation, to prevent further unsolicited calls and texts from such mobile number. The bill also establishes a prima facie presumption of a violation of its provisions if the subscriber opted out of receiving any calls or text messages, or when the subscriber has declined to further give consent to the continuation of the call or text but still receives such messages, or when the unsolicited call or text falls within the second to fourth categories of spam as indicated in the bill.

Economy BusinessMirror

A4 Monday, August 8, 2022 • Editor: Vittorio V. Vitug

PHL electronics industry welcomes US Chips Act By Andrea San Juan

HE Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) said the US Congress’ recently passed Chips Act will help improve the Philippines’s supply of semiconductor wafers in the long-term. Nonetheless, SEIPI President Danilo C. Lachica emphasized that the Creating Helpful Incentives to Produce Semiconductors for America Act should be coupled with the completion of the fabrication plants in America in order to see improvement in the supply of Philippines’s semiconductor wafers. “In the long term (when the fabs are completed in the US), this will help improve the supply of semiconductor wafers for our assembly, test and packing of integrated circuits (chips) in the Philippines,” Lachica told the

BusinessMirror last Saturday. “This may work out better for wafer supply,” the SEIPI chief added. In a televised interview two months ago, Lachica said that the demand has always been there for electronic exports since it plays into the international market. In fact, he said, even amid the pandemic, the demand was always there. However, Lachica emphasized that it was a matter of being able to come up with the supply especially in the context of shortage of semiconductor wafers. According to an Associated Press report, “the bill provides more than $52 billion in grants and other incentives for the semiconductor industry as well as a 25 percent tax credit for those companies that invest in chip plants in the US.” Recently, US House Speaker Nancy Pelosi met with the Taiwan

Semiconductor Manufacturing Co. (TSMC). According to the SEIPI web site, Taiwan places third in the top countries of origin for Philippine Electronics Imports, at 13.58 percent. Specifically, the Philippines imports semiconductor components such as electronic integrated circuits from Taiwan. According to a Bloomberg report, US Pelosi met with TSMC Chairman Mark Liu “to discuss Congress’s recently passed Chips and Science Act and its $52 billion in subsidies for new chip manufacturing plants on American soil.” “Taiwan is home to industryleading chip factories as well as an industrial base that supplies key components for electronics, medical equipment and sensitive nuclear power and military use,” read the Bloomberg report.

The report noted that TSMC is Taiwan’s most valuable company and world’s biggest contract chipmaker. Last month, Lachica underscored that the semiconductor industry in the Philippines has concerns on high operating costs. He stressed that the Philippines is lagging behind Vietnam and other Asean countries. The SEIPI chief has also been calling on the government to review the incentives rationalization, which he said is putting the industry at a disadvantage. In June, Lachica emphasized that there were about $3.2 billion of investments that could have gone to the Philippines but have instead been moved by multinational firms to other countries including Vietnam, Thailand, Malaysia, and China due to issues on the Corporate Recovery and Tax Incentives for Enterprises law, particularly the rationalization of incentives.

Sen. Padilla files bill granting civil service Bill eyes agency to create jobs, eligibility to casual, contractual workers By Butch Fernandez @butchfBM

ONGRESS was asked to frontload the passage of a longawaited enabling law granting civil service eligibility to casual and contractual government workers who have rendered a minimum of five years in public service. As filed by Sen. Robinhood Ferdinand C. Padilla, Senate Bill (SB) 234 paves the way for both casual and contractual employees with five years in service to have an opportunity to become regular employees and avail of the corresponding benefits at work soon as the bill is enacted into law. The Padilla bill, if adopted, grants civil service eligibility under certain conditions, to government employees appointed under casual or contractual service in the career service. The Senator said “it is high time that we grant eligibility to our committed casual or contractual employees of the government in order to open opportunities for higher sala-

ried positions, boost their morale and keep them motivated, and enhance their productivity to the benefit of the public.” Padilla pointed out that “for the longest time, the government has gained notoriety for denying its employees opportunities to be regularized.” He cited data from the Civil Service Commission (CSC), counting 660,390 out of 2.4 million government employees since 2017 were under “job order” or “contract of service” status. The lawmaker lamented that “most of our casual or contractual government employees cannot seek regular employment because they are not civil service eligible.” At the same time, Padilla pointed out that “there have been special laws, regulations and orders authorizing the CSC to grant eligibility to qualified individuals.” They include the following: bar/board eligibility; barangay health worker eligibility; barangay nutrition; scholar eligibility; barangay official eligibility; electronic data processing specialist eligibility; foreign school

honor graduate eligibility; honor graduate eligibility; Sanggunian member eligibility; scientific and technological specialist eligibility; Skills Eligibility Category II; and, Veteran Preference Rating. Covered by the Padilla bill are casual or contractual employees occupying first level career civil service positions in the “clerical, trades and custodial service” involving nonprofessional or sub-professional work in a non-supervisory or supervisory capacity. Moreover, it provides that government employees who will qualify should meet conditions including a certificate of no pending administrative case; and should not have been convicted by final judgment of an offense or crime involving “moral turpitude, disgraceful or immoral conduct, dishonesty, examination irregularity, drunkenness or addiction to drugs.” “They should also not have been dishonorably discharged from the military service or dismissed for cause from any civilian position in the government,” the Padilla bill added.

DAR to provide ₧400k-worth of services to ARBO in Capiz By Jonathan L. Mayuga

@jonlmayuga

HE Department of Agrarian Reform (DAR) announced it would provide P400,000-worth of support services to an organization of agrarian reform beneficiaries (ARBO) in Capiz. The project, called Enhanced Partnership Against Hunger and Poverty Program (EPAHPP), is expected to benefit small farmers who are members of the proponent ARBO, in this case, the Progressive Women Agrarian Reform Cooperative (PWARC) and other farmers in the community. Chief Agrarian Reform Program Officer Lea L. Ubierna said that the P300,000 was allocated for support facilities and equipment while the P100,000 would be for the capacity development services such as the conduct of project technology and other related training. “The essential goal of the EPAHPP is to strategically reduce hunger in the community while helping the farmer-beneficiaries elevate their living. Through the program, we would help our farmers increase their farm productivity and income through various provisions of support services like technology training, farm machinery and equipment to address the problem of poverty and food security.’’ Ubierna said.

give fiscal perks to foreign biz By Jovee Marie N. Dela Cruz @joveemarie

LAWMAKER is pushing for the passage of a bill mandating the creation of permanent jobs as the main criteria for granting fiscal incentives to foreign investors. House Assistant Majority Floor Leader and Tarlac Rep. Jaime D. Cojuangco said job creation should be the primary criteria for the grant of incentives to foreign investors. “It was reported by our investment promotion agencies that, for the first quarter of this year, the total foreign investments approved were at P8.98 billion,” Cojuangco added. “The irony of this is that these investments are projected to create only around 14,416 jobs. This is a ratio of around P615,000 investment for just one job created.” The lawmaker said the jobs that would be created by these investments are too low as these investors would locate in economic zone areas. “As such, they will be entitled to fiscal incentives that would translate to hundreds of millions of pesos in lost government revenues,” added Cojuangco, the youngest member of the House of Representatives. In his House Bill (HB) 2074, Cojuangco is seeking to amend Section 28 of the Omnibus Investments Code by mandating that no economic activity shall be included in the Investment Priorities Plan (IPP) unless it is shown to create regular and permanent employment opportunities for Filipinos. Also, the bill states that the determination of preferred areas of investment to be listed in the IPP shall be based on the creation, perpetuation, growth and development of regular and permanent employment opportunities. “The usual requirement in the grant of fiscal incentives is the amount of investment. There is not much regard for the jobs to be created. In such a case, the loss in government revenues may outweigh whatever economic benefit such an investment may bring,” Cojuangco said. The Board of Investments (BOI) is the agency responsible for promoting investments in the country. The BOI is also responsible for regulating investments. Its primary duty is to prepare the Annual Investment Priorities Plan. The plan contains a listing of specific activities that can qualify for incentives. This plan will be submitted to the President for his approval.

www.businessmirror.com.ph

Davao Light pins generation charge uptick on fuel prices By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CITY—The lingering high price of imported fuel has caused the uptick in the electricity of consumers, the Davao Light and Power Co. said in a statement. The firm said the charges were noticeably higher beginning in consumers’ June and July bills. The higher electricity bills could be seen in the generation charge item, with June seeing an increase to P6.5671 per kilowatt hour (kWh) and going up further to P6.9771 in July. Davao Light’s statement noted that customers “are experiencing an increase in their June to July electric bills as the price of fuel in the world market pushed the generation rate up, which is the cost incurred to produce electricity, for the billing months of June and July.” The price increase of imported fuel brought the overall electric rate for residential customers to P11.1086 per kWh in June and P11.6354 per kWh this July. The generation charge was fluctuating this year, at P5.8834 per kWh in January to P5.9478 per kWh in March and to P6.0771 per kWh in April. While the cost of imported fuel was reflected in the generation charge, Davao Light said its distribution charge remains at an average of P1.4257 per kWh as approved by the Energy Regulatory Commission (ERC), the company said. Davao Light’s distribution charge has not increased since 2013, it added.

Understanding sought

DAVAO Light President and COO Rodger Velasco was quoted in the statement as saying that the company is affected by the global increase in fuel prices ‘because we source 50 percent of our power from non-renewable sources specifically diesel and coal.” “Since we source the other 50 percent from hydropower, a renewable and cheaper source, our overall rate, however, is not as high as other distribution utilities in the country,” Velasco added. “We ask for understanding from our customers.” Davao Light cited Republic Act 9136, the Electric Power Industry Reform Act (Epira) of 2001 as stating that electric bills must be unbundled or itemized and segregated into various components of electricity charges for transparency. Three of these

are the generation, transmission and distribution charges. The Epira is the principal regulatory framework for the Philippine electricity industry. The company said generation and transmission charges “are passthrough charges that Davao Light only collects but does not earn from.” “Being a power distribution utility, Davao Light’s charge is the distribution charge only.” The company said it encourages customers to be prudent and efficient in the use of electricity. “It is high time we check our daily routines and activities and see where we can efficiently use electricity. We may not notice it but small changes in our electric use will have a big impact on our consumption and our monthly electric bills,” Velasco said.

Panabo substation

MEANWHILE, the company announced it has transformed its Panabo substation into a full digital substation to meet the growing demand for electricity power in Panabo City, Davao del Norte. The Panabo substation was upgraded to 33 megavolt-ampere “to cater to the fast development of the area.” Davao Light said a substation “is a key component of a distribution system that regulates electricity voltage to make it stable and ready for residential, commercial, or industrial use.” It added that the new digital substation could be remotely monitored and controlled, “enabling faster troubleshooting when problems arise and helping prevent unwanted interruptions.” This facility could help restore emergency power outages in nearby areas by switching the power from one source to another with a few clicks. “We stay committed to supplying reliable electric service and remain a steadfast partner in the progress of the communities we serve,” Velasco said. “We continue to invest in the latest technology to align with the international standards of power distribution.” Davao Light’s Panabo substation serves Panabo City and the Davao del Norte municipalities of Carmen, Dujali and Santo Tomas. When it started in 1994, it has a 20-megawatt (MW) capacity and 25,000 industrial, commercial and residential customers. With the continuous facilities and services upgrades, 27 years later, the numbers more than tripled with peak power demand at 75 MW serving over 86,000 customers, according to the power utlity firm.

Security Bank opens new Pasay branch

ECURITY Bank Corp. announced it opened its 316th branch in Macapagal Avenue, Pasay City. A statement by the bank said its executives hope the branch could tap into a mix of retail, commercial and corporate clients in an area which is fast becoming one of Metro Manila’s most exciting business, residential, leisure and cultural hubs. As part of its promise, the Macapagal Avenue branch will have a fully transformed look and setup, consisting of three areas: an automated area where clients have access to automated teller machines, cash accept machines and a service

phone to easily contact the bank’s customer service hotline; a self-serve area equipped with an iPad, a laptop and a queue machine; and, a faceto-face area where clients can easily transact with tellers and speak with other branch personnel. “We will continue to expand our branch network to reach Filipinos and provide them with innovative, better banking branch experiences, tailored to their needs,” Executive Vice President and Branch Banking Group Head Leslie Y. Cham was quoted in the statement as saying. “We look forward to serving more clients as we achieve our vision of becoming the most customercentric bank in the country.”

The World BusinessMirror

Editor: Angel R. Calso

Taiwan says China simulating attack on main island in drills By Cindy Wang & Daniel Flatley

aiwan said China’s military drills on Saturday appeared to be simulating an attack on its main island, as Chinese warplanes and warships crossed the strait’s median line in a continued show of force. China is engaging in increasingly destabilizing action, US Secretary of State Antony Blinken told reporters, saying he has communicated this to his Chinese counterpart Wang Yi. Blinken said tensions between the US and China need to be de-escalated and he told Wang that lines of communications between the two sides must be kept open. The People’s Liberation Army said it conducted live-fire drills in the sea and airspace of northern, southwestern, and eastern Taiwan as planned on Saturday. Taiwan’s Defense Ministry said it detected 20 PLA warplanes and 14 warships around the Taiwan Strait as of 5 p.m. local time. Taiwan said its army monitored the situation with the Patriot missile system, and sent air patrols and naval ships. Chinese drills are unilaterally changing the regional status quo and sabotaging peace in the Taiwan Strait, it said. China is carrying out its most provocative military drills in decades in the wake of House Speaker Nancy Pelosi’s trip to Taiwan this week. It has also likely fired missiles over the island of 23 million people, sent warships across the Taiwan Strait’s median line and waves of warplanes across the US-defined boundary. The US, Japan and Australia in a joint statement condemned China’s missile launches, urged an immediate stop to its military drills and backed “the region’s desire for diplomacy to avoid the risks of miscalculation.” Blinken, Australian Foreign Minister Penny Wong and Japanese Foreign Minister Hayashi Yoshimasa met earlier in Phnom Penh in a sign of support for a free and open Indo-Pacific, according to the statement. Beijing has denounced the visit by Pelosi as a violation of the US pledge 50 years ago not to formally recognize the government of Taiwan, which China claims as its territory. It announced on Friday a set of measures including cutting off defense talks with the US, further deteriorating relations between the world’s biggest economies. “Maintaining dialogue is arguably even more important when we’re in period of heightened tensions,” Blinken said in a briefing in Manila.

In this image made from video and released by China’s Xinhua News Agency, a Chinese military plane flies during a training exercise of the air force corps of the Eastern Theater Command of the Chinese People’s Liberation Army (PLA) on Friday, Aug. 5, 2022. China conducted “precision missile strikes” Thursday in waters off Taiwan’s coasts as part of military exercises that have raised tensions in the region to their highest level in decades following a visit by US House Speaker Nancy Pelosi. Xinhua via AP

China’s actions against the US on Friday are “another irresponsible step,” he said. The Chinese Foreign Ministry also announced unspecified sanctions against Pelosi and her immediate family over what it said was her “egregious provocation.” Although largely symbolic, the move makes the House speaker the highestranking American official sanctioned by Beijing. The action was announced shortly after Pelosi left Japan after wrapping up her dramatic weeklong trip. Blinken said Friday that China is choosing to “overreact” to Pelosi’s visit, adding there was “no justification for this extreme, disproportionate and escalatory military response.” He reiterated those views in the press briefing on Saturday. “The differences between Taiwan and the mainland need to be resolved peacefully,” said Blinken, who earlier stopped in Phnom Penh for a regional meeting of foreign ministers. “Countries throughout the region and around the world are very concerned about that.”

Taiwan’s ports Taiwan’s military warned off drones flying over restricted waters surrounding its outer islands late Friday, the third consecutive day such incidents occurred. Earlier this week, it said Chinese army drones were flying near some of the islands. China’s military exercises are making ships think twice about heading into one of Taiwan’s most important ports, creating potential delays for shipments of electronic goods. Ship owners, worried about the possibility of missile strikes, are choosing to idle vessels and burn extra fuel until the drills pass. Ships are dropping anchor at sea to avoid a drill zone located just outside Kaohsiung port in the south of Taiwan, said Jayendu Krishna, deputy head of consultancy Drewry Maritime Advisors. The zone, one of the largest areas where China is carrying out exercises, is 15 nautical miles away from the entrance of the port. The Taiwan Strait is a key route for supply chains, with almost half of the global container fleet passing through the waterway this year. While vessels are continuing to travel through

the strait during the military exercises, they are navigating around the drill zones. The Taiwanese Maritime & Port Bureau on Thursday told ships to avoid designated areas around the island until Aug. 8 in waters to the east of the island. China will practice live weapon firing in the southern part of the Yellow Sea, according to the Maritime Safety Administration in the eastern Chinese city of Lianyungang in Jiangsu province. The drills will last for 10 days from Aug. 6-15, it said. Alongside military exercises, China has imposed trade restrictions on Taiwan. It suspended some fish and fruit imports, citing excessive pesticide residue detected on products since last year and some frozen fish packages that tested positive for coronavirus in June. Exports of natural sand, used in construction, were also banned. China is moving to tighten the enforcement of existing rules on imports from Taiwan, according to people familiar with the matter. Products labeled as originated from the R.O.C., or the “Republic of China,” won’t be allowed entry to the mainland China market, the people said, asking not to be identified discussing sensitive matters. Beijing objects to Taiwan’s use of “Republic of China” as its official designation because it considers the self-governing democracy part of its territory. One of the people said China’s labeling rules for Taiwanese imports were first announced in 2015 but had not been strictly enforced until this week. That risk is that products are confiscated unless companies change their labeling to comply with the regulations, the person said, although they expected the overall impact to be modest for now as firms were likely to adjust their packaging quickly. China is Taiwan’s largest trading partner, with bilateral trade rising 26% on year to $328.3 billion in 2021. Taiwan held a sizable surplus against China, with exports from the island exceeding imports by $172 billion, according to Chinese customs data. While Beijing could leverage that advantage by sanctioning exporters, China also relies on Taiwan for semiconductor supplies. With assistance from Karoline Kan, Ann Koh, Kevin Varley and Wenjin Lv / Bloomberg)

17 missing, 121 hurt, 1 dead in fire at Cuban oil facility By Andrea Rodríguez The Associated Press

AVANA—A fire set off by a lightning strike at an oil storage facility raged uncontrolled in the Cuban city of Matanzas, where four explosions and flames injured 121 people and left 17 firefighters missing. Cuban authorities said an unidentified body had been found late Saturday. Firefighters and other specialists were still trying to quell the blaze at the Matanzas Supertanker Base, where the fire began during a thunderstorm Friday night, the Ministry of Energy and Mines tweeted. Authorities said about 800 people were evacuated from the Dubrocq neighborhood closest to the fire, The government said it had asked for help from international experts in “friendly countries” with experience in the oil sector. Deputy Foreign Minister Carlos Fernández de Cossío said the US government had offered technical help to quell the blaze. On his Twitter account, he said the “proposal is in the hands of specialists for the due coordination.” Minutes later, President Miguel Díaz-Canel thanked Mexico, Venezuela, Russia, Nicaragua, Argentina and Chile for their offers of help. A support flight from Mexico arrived Saturday night. The official Cuban News Agency said lightning hit one tank, starting a fire, and the blaze later spread to a second tank. As military helicopters f lew overhead dropping water on the blaze, dense column of black smoke billowed

Workers of the Cuba Oil Union, known by the Spanish acronym CUPET, watch a huge rising plume of smoke from the Matanzas Supertanker Base, as firefighters work to quell a blaze that began during a thunderstorm the night before, in Matazanas, Cuba on Saturday, Aug. 6, 2022. Cuban authorities say lightning struck a crude oil storage tank at the base, causing a fire that led to four explosions, which injured more than 50 people. AP Photo/Ramon Espinosa from the facility and spread westward more than 100 kilometers (62 miles) toward Havana. Roberto de la Torre, head of fire operations in Matanzas, said firefighters were spraying water on intact tanks trying to keep them cool in hopes of preventing the fire from spreading. Cuba’s Health Ministry reported that 121 people were injured with five of them in critical condition. The Presidency of the Republic said the 17 people missing were “firefighters who were in the nearest area trying to prevent the spread.” Later Saturday, the Health Ministry said in a statement that a body had been found and offi-

cials were trying to identify it. The accident comes as Cuba struggles with fuel shortages. There was no immediate word on how much oil had burned or was in danger at the storage facility, which has eight giant tanks that hold oil used to fuel electricity generating plants. “I was in the gym when I felt the first explosion. A column of smoke and terrible fire rose through the skies,” resident Adiel Gonzalez told The Associated Press by phone. “The city has a strong smell of sulfur.” He said some people also decided to leave the Versailles district, which is a little farther from

Monday, August 8, 2022

Russian forces begin assault on two eastern Ukraine cities By Susie Blann

The Associated Press

YIV, Ukraine—Russian forces began an assault Saturday on two key cities in the eastern Donetsk region and kept up rocket and shelling attacks on other Ukrainian cities, including one close to Europe’s largest nuclear power plant, Ukraine’s military and local officials said. Both cities of Bakhmut and Avdiivka have been considered key targets of Russia’s ongoing offensive across Ukraine’s east, with analysts saying Moscow needs to take Bakhmut if it is to advance on the regional hubs of Sloviansk and Kramatorsk. “In the Donetsk direction, the enemy is conducting an offensive operation, concentrating its main efforts on the Bakhmut and Avdiivka directions. It uses ground attack and army aviation,” the Ukrainian General Staff said on Facebook. The last Russian strike on Sloviansk was July 30, but Ukrainian forces are fortifying their positions around the city in expectation of new fighting. “I think it won’t be calm for long. Eventually, there will be an assault,” Col. Yurii Bereza, head of the volunteer national guard regiment, told The Associated Press. Russian shelling killed five civilians and injured 14 others in the Donetsk region in the last day, Donetsk governor Pavlo Kyrylenko wrote Saturday on Telegram, saying two people were killed in Poprosny, and one each in Avdiivka, Soledar and Pervomaiskiy. The governor of the eastern Dnipropetrovsk region said three civilians were injured after Russian rockets fell on a residential neighborhood in Nikopol, a city across the Dnieper River from the Zaporizhzhia nuclear power station. The nuclear plant has been under Russian control since

Moscow’s troops seized it early in the war. “After midnight, the Russian army struck the Nikopol area with (Soviet-era) Grad rockets, and the Kryvyi Rih area from barrel artillery,” Valentyn Reznichenko wrote on Telegram. Another Russian missile attack overnight damaged unspecified infrastructure in the regional capital of Zaporizhzhia. On Thursday, Russia fired 60 rockets at Nikopol, damaging 50 residential buildings in the city of 107,000 and leaving residents without electricity. Rafael Grossi, head of the International Atomic Energy Agency, warned this week that the situation was becoming more perilous day by day at the Zaporizhzhia plant. “Every principle of nuclear safety has been violated” at the plant, he said. “What is at stake is extremely serious.” He expressed concern about the way the plant is being operated and the danger posed by the fighting going on around it. Experts at the US-based Institute for the Study of War said Russia is shelling the area intentionally, “putting Ukraine in a difficult position.” The Ukrainian company operating the nuclear power station said Saturday that Russian troops are using the plant’s basement to hide from Ukrainian shelling and have barred its Ukrainian staff from going there. “Ukrainian personnel do not yet have access to these premises, so in the event of new shelling, people have no shelter and are in danger,” Enerhoatom, a Ukrainian state enterprise, said on its Telegram channel. Enerhoatom said Friday that Russian rockets had damaged the plant’s facilities, including a nitrogen-oxygen unit and a high-voltage power line. Local Russianappointed officials acknowledged the damage, but blamed it on the Ukrainians.

Israeli airstrike kills second top Islamic Jihad commander By Fares Akram

The Associated Press

AZA CITY, Gaza Strip—An Israeli airstrike killed a senior commander in the Palestinian militant group Islamic Jihad, the fighters said Sunday, their second leader to be slain amid an escalating cross-border conflict. The killing late Saturday of Khaled Mansour, who led the Iran-backed Islamic Jihad’s operations in the southern Gaza Strip, came a day after another Israeli strike killed the militant’s commander in the north. Already, the fighting has killed at least 29 Palestinians and seen hundreds of rockets fired toward Israel in the worst violence between Israel and Palestinian militants since the end of an 11-day war in 2021. Israeli Prime Minister Yair Lapid said the army would continue to strike targets in the Gaza Strip “in a pinpoint and responsible way in order to reduce to a minimum the harm to noncombatants. The operation will continue as long as necessary.” Meanwhile, tensions could escalate as Jews mark a holy day that will see ultranationalist Israeli lawmakers visit a sensitive holy site in Jerusalem, known to Jews as the Temple Mount and to Muslims as the Noble Sanctuary. Such visits can be a frequent flashpoint for violence between Israel and the Palestinians. The Al-Quds Brigades of Islamic Jihad confirmed Sunday that the airstrike in the southern Gaza city of Rafah killed Mansour and two fellow militants. The militants said the strike also killed civilians as it flattened several homes. On Sunday, Gaza’s Health Ministry said 29 people had been killed in the fighting so far in the coastal strip, including six children and four women. It said at least 253 people had been wounded. Israel estimates its airstrikes have killed about 15 militants. Militants from Islamic Jihad continued firing rockets toward Israel and the Israeli military continued airstrikes on Gaza, though the intensity of the exchange appeared to decrease early Sunday. Air raid sirens sounded in the Jerusalem area for the first time Sunday since last year’s war between Israel and Palestinian militants in the Gaza Strip. On Sunday, Jews marked Tisha B’av, a somber day of fasting that marks the destruction of the biblical temples and brings thousands to Jerusalem for prayer.

By early morning, Israeli police said several hundred Jews had already ascended the Temple Mount, or Noble Sanctuary. Police described the situation as calm as Jews held prayers at the Western Wall, which is considered the holiest site where Jews can pray. In Palestinian cities and towns in the West Bank, Israeli security forces said they detained some 19 people on suspicion of belonging to the Islamic Jihad during overnight raids. Israeli forces said their troops suffered no injuries in the raids, which saw them use “riot dispersal methods” as Palestinians threw rocks and improvised bombs, as well as shot at their forces. The fighting began with Israel’s killing of a senior Islamic Jihad commander in a wave of strikes Friday that Israel said were meant to prevent an imminent attack. Hamas, the larger militant group that rules Gaza, appeared to remain on the sidelines of the conflict for now, keeping its response limited. Israel and Hamas fought a war barely a year ago, one of four major conflicts and several smaller battles over the last 15 years that exacted a staggering toll on the impoverished territory’s 2 million Palestinian residents. The Israeli military said an errant rocket fired by Palestinian militants killed civilians, including children, late Saturday in the town of Jabaliya, in northern Gaza. The military said it investigated the incident and concluded “without a doubt” that it was caused by a misfire on the part of Islamic Jihad. There was no official Palestinian comment on the incident. A Palestinian medical worker who spoke on condition of anonymity as they had not been granted permission to speak to journalists said the blast killed at least six people, including three children. Israeli airstrikes Saturday killed a 75-year-old woman and wounded six others as they were preparing to go to a wedding. Airstrikes have also destroyed several houses in the Gaza Strip, some of them belonging to Islamic Jihad members. The lone power plant in Gaza ground to a halt at noon Saturday due to a lack of fuel. Israel has kept its crossing points into Gaza closed since Tuesday. With the new disruption, Gazans can use only four hours of electricity a day, increasing their reliance on private generators and deepening the territory’s chronic power crisis amid peak summer heat. Associated Press writer Ilan Ben Zion in Jerusalem contributed.

BusinessMirror

Monday, August 8, 2022

Republic of the Philippines

DEPARTMENT OF LABOR AND EMPLOYMENT Regional Office No. IV-A 4th Flr. Andenson Bldg. II, Brgy. Parian, Calamba City Telefax No.: (049) 545-7362

MOA CLOUDZONE CORP. Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

August 08, 2022

www.businessmirror.com.ph SAI AUNG

Basic Qualification:

Burmese Customer Service Representative

Able to speak, read and write Chinese language

Brief Job Description:

NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S)

Salary Range:

Notice is hereby given that the following companies/employers have filed with this Regional Office application/s for Alien Employment Permit/s: NO. 1

ESTABLISHMENT AMERICAN POWER CONVERSION CORPORATION (A.P.C.) B.V.

NAME OF FOREIGN NATIONAL, POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

PHAM THI HANG

Basic Qualification:

Finance Business Partner

With 8 years of relevant experience

MOA CLOUDZONE CORP. Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Manage incoming calls and customer service inquiries

Php30,000 – Php59,999

SHAUK SEE

Basic Qualification:

Burmese Customer Service Representative

Able to speak, read and write Chinese language

Brief Job Description: Lot 1 Blk 5, Ph 2, CEZ, Tejeros Convention, Rosario, Cavite

FUJITSU DIE-TECH CORPORATION OF THE PHILIPPINES

113 East Science Ave., Laguna Technopark, Biñan, City of Biñan, Laguna

Salary Range: Brief Job Description: Salary Range: 13

Perform financial and cost accounting data analysis

Php150,000 - Php499,999

NAITO, HIROSHI

Basic Qualification:

Manufacturing Section Adviser/Consultant

Excellent in Japanese communication skill both orally and in writing

Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Php150,000 - Php499,999 FUJITSU DIE-TECH CORPORATION OF THE PHILIPPINES

113 East Science Ave., Laguna Technopark, Biñan, City of Biñan, Laguna

OKAMURA, KAZUYA

Basic Qualification:

Quality Assurance Section Adviser/ Consultant

Excellent in Japanese communication skill both orally and in writing

K. DEC INC.

Sitio San Jose, Pagasa, Binangonan, Rizal

Php150,000 - Php499,999

CHOI, SOON KEUM

Basic Qualification:

Marketing Manager

Business management graduate

MOA CLOUDZONE CORP. Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Salary Range:

Evaluate and optimize marketing and pricing strategies

Php30,000 - Php59,999

CHIT SU NANDAR WIN

Basic Qualification:

Burmese Customer Service Representative

Able to speak, read and write Chinese language

MOA CLOUDZONE CORP. Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Able to speak, read and write Chinese language

Manage incoming calls and customer service inquiries

Php30,000 – Php59,999

THAW ZIN OO

Basic Qualification:

Burmese Customer Service Representative

Able to speak, read and write Chinese language

Manage incoming calls and customer service inquiries

Php30,000 – Php59,999

THET KHAING OO

Basic Qualification:

Burmese Customer Service Representative

Able to speak, read and write Chinese language

Brief Job Description: Salary Range:

MOA CLOUDZONE CORP. Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Manage incoming calls and customer service inquiries

Php30,000 – Php59,999

TUN AUNG LIN

Basic Qualification:

Burmese Customer Service Representative

Able to speak, read and write Chinese language

Brief Job Description: Salary Range:

17 Brief Job Description:

MOA CLOUDZONE CORP.

Salary Range:

Burmese Customer Service Representative

Salary Range:

16 Brief Job Description:

Basic Qualification:

Brief Job Description:

Salary Range: Provide support and consultancy activities for quality assurance

MOA CLOUDZONE CORP. Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Brief Job Description:

SI THU AUNG

Salary Range:

Brief Job Description: Salary Range:

Php30,000 – Php59,999

Brief Job Description:

Provide support and consultancy activities for manufacturing/production section 3

MOA CLOUDZONE CORP.

Manage incoming calls and customer service inquiries

Php30,000 – Php59,999

JA SENG NOI

Basic Qualification:

Burmese Customer Service Representative

Able to speak, read and write Chinese language

Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Php30,000 – Php59,999

TUN LIN AUNG

Basic Qualification:

Burmese Customer Service Representative

Able to speak, read and write Chinese language

Brief Job Description: Salary Range:

MOA CLOUDZONE CORP.

Brief Job Description: Salary Range: Manage incoming calls and customer service inquiries

Manage incoming calls and customer service inquiries

Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Php30,000 – Php59,999

Manage incoming calls and customer service inquiries

Php30,000 – Php59,999

YI MON THIN OO

Basic Qualification:

Burmese Customer Service Representative

Able to speak, read and write Chinese language

Brief Job Description: 7

MOA CLOUDZONE CORP. Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

LAE LAE WIN

Basic Qualification:

Burmese Customer Service Representative

Able to speak, read and write Chinese language

Salary Range:

Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Brief Job Description: Salary Range:

MOA CLOUDZONE CORP. Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Manage incoming calls and customer service inquiries

Php30,000 – Php59,999

LI SHWE SIN

Basic Qualification:

Burmese Customer Service Representative

Able to speak, read and write Chinese language

MOA CLOUDZONE CORP.

Manage incoming calls and customer service inquiries

Php30,000 – Php59,999

ZIN KO KO OO

Basic Qualification:

Burmese Customer Service Representative

Able to speak, read and write Chinese language

Brief Job Description: Salary Range:

MOA CLOUDZONE CORP. Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Brief Job Description: Salary Range:

Manage incoming calls and customer service inquiries

Php30,000 – Php59,999

CHEN, XINGCHUAN

Basic Qualification:

Chinese Customer Service Representative

Able to speak, read and write Chinese language

Brief Job Description:

MOA CLOUDZONE CORP. Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Manage incoming calls and customer service inquiries

Php30,000 – Php59,999

MOE PWINT PHYU

Basic Qualification:

Burmese Customer Service Representative

Able to speak, read and write Chinese language

MOA CLOUDZONE CORP. Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Php30,000 – Php59,999

HUANG YITING

Basic Qualification:

Chinese Customer Service Representative

Able to speak, read and write Chinese language

Salary Range:

Brief Job Description:

Php30,000 – Php59,999

Manage incoming calls and customer service inquiries

Php30,000 – Php59,999

JIANG, WENJUN

Basic Qualification:

Chinese Customer Service Representative

Able to speak, read and write Chinese language

Salary Range:

NANG SAN HOM KHAY

Basic Qualification:

Burmese Customer Service Representative

Able to speak, read and write Chinese language

Brief Job Description: Salary Range: Manage incoming calls and customer service inquiries

MOA CLOUDZONE CORP. Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Brief Job Description: Manage incoming calls and customer service inquiries

Salary Range: Manage incoming calls and customer service inquiries

Php30,000 – Php59,999

MOA CLOUDZONE CORP. Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

Brief Job Description: Salary Range: Manage incoming calls and customer service inquiries

Php30,000 – Php59,999

The World BusinessMirror

www.businessmirror.com.ph

Monday, August 8, 2022

Taiwan vows not to succumb to pressure with China drills

By Cindy Wang

aiwan reiterated it won’t succumb to pressure from China after days of military drills in the air and seas surrounding the island, with hostilities set to continue even as world leaders urge an end to the strife.

The People’s Liberation Army said it conducted exercises around Taiwan on Sunday, with drills focused on testing the capabilities of joint firepower on long-range air and ground strikes. China didn’t say if the military maneuvers -- earlier reported to take place till midday Sunday -- are over or if they will be extended. Taiwan said the Chinese drills again simulated attacks on its

main island as well as Taiwanese ships. China also deployed drones near Taiwan’s outlying islands, the Defense Ministry said, adding it responded by sending airplanes and ships and monitored the situation through surveillance and reconnaissance. China has carried out its most provocative military drills in decades in the wake of House Speaker Nancy Pelosi’s trip to Taiwan last week. It has also likely fired missiles over the island of 23 million people, sent warships across the Taiwan Strait’s median line and waves of warplanes across the US-defined boundary. “China has brutally used military actions to disrupt regional peace and stability,” Taiwanese Premier Su Tseng-chang told reporters on Sunday. “We will never bow to pressure. We uphold freedom and democracy, and believe Taiwanese disapprove China’s bullying actions with force and saber-rattling at our door.” Su said the Chinese government shouldn’t flex its military muscles. “It is not only Taiwan that suffers,” he said. “Even neighboring countries have protested loudly, and freedom-loving and democratic countries such as the United States have strongly condemned it.” Beijing has denounced the visit by Pelosi as a violation of the US pledge 50 years ago not to formally recognize the government of Taiwan, which China claims as its territory.

It announced on Friday a set of measures including cutting off defense talks with the US, further deteriorating relations between the world’s biggest economies. China is engaging in increasingly destabilizing action, US Secretary of State Antony Blinken told reporters on Saturday, saying he has communicated this to his Chinese counterpart Wang Yi. Blinken said tensions between the US and China need to be de-escalated and he told Wang that lines of communications between the two sides must be kept open. “The differences between Taiwan and the mainland need to be resolved peacefully,” said Blinken. “Countries throughout the region and around the world are very concerned about that.” Taiwanese President Tsai Ing-wen’s election in 2016 upended Beijing’s efforts to deepen economic and social ties with the island. Tsai, who hails from the pro-independence Democratic Progressive Party, rejects the “One China” framework and has sought greater US ties to reduce reliance on the mainland. Pelosi’s visit “demonstrated how the intensity of the conflict has been at that level for a good while now,” Philippine President Ferdinand Marcos Jr. said Saturday after meeting with Blinken. “We sort of got used to the idea.” China’s military exercises have made ships think twice about heading into one of Taiwan’s most important ports, creating potential delays for

shipments of electronic goods. Ship owners, worried about the possibility of missile strikes, are choosing to idle vessels and burn extra fuel until the drills pass. The Taiwan Strait is a key route for supply chains, with almost half of the global container fleet passing through the waterway this year. While vessels are continuing to travel through the strait during the military exercises, they are navigating around the drill zones. The Taiwanese Maritime & Port Bureau on Thursday told ships to avoid designated areas around the island until Aug. 8 in waters to the east of the island. “It is an issue that can lead to conflict and war to the detriment of all parties involved, especially the people in Taiwan,” Teo Chee Hean, Singapore’s coordinating minister for national security, said in a Facebook post. “These tensions also have a negative impact on us here in Southeast Asia. We hope that wisdom will prevail.” While it’s unclear whether drills around the strait ended as planned, China said Saturday it will practice live weapon firing in the southern part of the Yellow Sea. The drills will last for 10 days from Aug. 6-15, it said. The Maritime Safety Administration also said on Saturday that military exercises will take place in the parts of the Bohai Sea for a month from Aug. 8, and warned ships to avoid entering the area. With assistance from Kevin Ding, Sarah Chen, Daniel Flatley, Ann Koh and Kevin Varley / Bloomberg

Ex-rebel sworn in as Colombia’s president in historic turning point By Manuel Rueda The Associated Press

O G O TA , Colombi a — Colombia’s first leftist president will be sworn into office Sunday, promising to fight inequality and heralding a turning point in the history of a country haunted by a long war between the government and guerrilla groups. Sen. Gustavo Petro, a former member of Colombia’s M-19 guerrilla group, won the presidential election in June by beating conservative parties that offered moderate changes to the market-friendly economy, but failed to connect with voters frustrated by rising poverty and violence against human rights leaders and environmental groups in rural areas. Petro is part of a growing group of leftist politicians and political outsiders who have been winning elections in Latin America since the pandemic broke out and hurt incumbents who struggled with its economic aftershocks. The ex-rebel’s victory was also exceptional for Colombia, where voters had been historically reluctant to back leftist politicians who were often accused of being soft on crime or allied with guerrillas. A 2016 peace deal between Colombia’s government and the Revolutionary Armed Forces of Colombia turned much of the focus of voters away from the violent conflicts playing out in rural areas and gave prominence to problems like poverty and corruption, fueling the popularity of leftist parties in national elections. Petro, 62, has promised to tackle Colombia’s social and economic inequalities by boost-

Colombia’s President-elect Gustavo Petro speaks to students at Externado University in Bogota, Colombia on July 26, 2022. Petro gave a talk to students at his alma mater where he studied economics, ahead of his Aug. 7 inauguration. AP Photo/Fernando Vergara

ing spending on anti-poverty programs and increasing investment in rural areas. He has described US-led antinarcotics policies, such as the forced eradication of illegal coca crops, as a “big failure.” But he has said he would like to work with Washington “as equals,” building schemes to combat climate change or bring infrastructure to rural areas where many farmers say coca leaves are the only viable crop. Petro also formed alliances with environmentalists during his presidential campaign and has promised to turn Colombia into a “global powerhouse for life” by slowing deforestation and taking steps to reduce the country’s reliance on fossil fuels. The incoming president has said Colombia will stop grant-

ing new licenses for oil exploration and will ban fracking projects, even though the oil industry makes up almost 50% of the nation’s legal exports. He plans to finance social spending with a $10 billion a year tax reform that would boost taxes on the rich and do away with corporate tax breaks. Petro has also said he wants to start peace talks with remaining rebel groups that are currently fighting over drug routes, gold mines and other resources abandoned by the FARC after their peace deal with the government. “He’s got a very ambitious agenda,” said Yan Basset, a political scientist at Bogota’s Rosario University. “But he will have to prioritize. The risk Petro faces is that he goes after too many reforms at once and gets nothing” through Colombia’s congress. At least 10 heads of state are expected to attend Petro’s inauguration, which will take place at a large colonial-era square in front of Colombia’s Congress. Stages with live music and big screens will also be placed in parks across Bogota’s city center so that tens of thousands of citizens without invitations to the main event can also join in the festivities. That’s a big change for Colombia where previous presidential inaugurations were more somber events limited to a few hundred VIP guests. “We want the Colombian people to be the protagonists,” Petro’s press chief, Marisol Rojas, said in a statement. “This inauguration will be the first taste of a new form of governing, where all forms of life are respected, and where everyone fits in.”

The World BusinessMirror

A8 Monday, August 8, 2022

US inflation respite won’t divert Fed rate-hike plans

By Vince Golle

S consumers finally found some relief last month at gas pumps as fuel prices fell, though core inflation continued to simmer, economists project for data this coming week. The closely watched consumer price index is seen rising 0.2% in July from a month earlier, which would be the smallest advance since the start of 2021. However, the socalled core measure, which strips out energy and food, probably climbed a concerning 0.5%, based on the median estimate in a Bloomberg survey of economists. While moderation in the overall gauge is a welcome respite, the pace and breadth of inflationary pressures remains intense. After a sizzling July payrolls report that included a larger-than-forecast pickup in hourly earnings, Federal Reserve policy makers remain tilted toward large interest-rate hikes. Regional Fed presidents Charles Evans of Chicago and Neel Kashkari of Minnespolis are scheduled for separate speaking events. San Francisco Fed President Mary Daly will appear Thursday on Bloomberg Television, a day after the CPI figures. The producer price index and University of Michigan consumer sentiment index will also be released this week. “The July jobs report settles it —we are not in a recession. More importantly, it also means the Fed will likely have to hike by another 75 basis points in September,” said Bloomberg economists Anna Wong, Yelena Shulyatyeva, Andrew Husby and Eliza Winger. Elsewhere, the UK economy’s first quarterly contraction in more than a year, as well as mixed signs from Chinese price data, are likely to be among the highlights. Rate

increases may materialize in countries including Mexico, Peru, Serbia and Thailand.

Global developments: Asia

China’s trade data for July, released on Sunday, showed exports remained a rare bright spot for the world ’s second-largest economy. Inflation statistics due mid-week are set to indicate continued moderation in factory-cost gains and a slight pickup in consumer-price growth. South Korea’s jobless numbers are likely to reveal continued tightness in the country’s labor market, supporting quickening inflation. Down under, household spending and business conditions data will give clues as to how much Australia’s tightening cycle is weighing on the economy. Producer prices data in Japan is set to show firms remaining under pressure from rising raw material costs, strengthening their case to pass those burdens on to consumers. The Philippines announces GDP data on Tuesday, and Malaysia posts its national accounts numbers on Friday. The region’s central bank highlight this week will be Thailand, which is anticipated by economists to raise its interest rates by a quarter point on Wednesday.

Europe, Middle East, Africa

With the Bank of England having just warned that the UK faces more

Biden tests negative for Covid, still isolating until 2nd negative

widening deficit, although rising tourism and services revenue may mitigate some of that. And Egyptian statistics on Wednesday may reveal inflation accelerated further in July. Two monetary decisions are due in Africa. On Thursday, Rwanda’s central bank will likely increase its rate for a second time this year, and Uganda is expected to follow suit on Friday.

Latin America

Inflation and the central bank response take center stage in Latin America. On the inflation front, Chile’s policy makers won’t have much to like about July’s report. Analysts see annual consumer-price increases of 13%, more than four times the target. Argentina’s July monthly reading may hit 7%, with the annual rate breaching 70%, the second fastest in the G-20 after Turkey. In Mexico, the move up in consumer prices will be much less pronounced but still come as unwelcome news to Banxico. Look for headline prints of over 8% with the core results not far behind, almost three times the central bank’s target. By contrast, early estimates of Brazil’s July consumer price report see monthly deflation and the biggest year-on-year drop in nearly two decades. Inflation there may finally be on a long, slow glide back to target. As to monetary policy, minutes of the Brazilian central bank’s Aug. 3 meeting, where policy makers raised the key rate to 13.75% and suggested they may not be quite finished, are due Tuesday. On Thursday, analysts are all but unanimous that Banxico will hike for a 10th straight meeting, pushing the key rate to a record 8.5%. Peru also isn’t done with its record tightening cycle, likely keeping a sure-and-steady half-point pace to reach 6.5%. With assistance from Zoe Schneeweiss, Malcolm Scott, Robert Jameson, Paul Richardson, Ott Ummelas and Andrea Dudik / Bloomberg

Musk says Twitter deal could move ahead with ‘bot’ info

By Chris Megerian & Zeke Miller The Associated Press

ASHINGTON—President Joe Biden tested negative for Covid-19 on Saturday but will continue to isolate at the White House until a second negative test, his doctor said. Dr. Kevin O’Connor wrote in his latest daily update that the president, “in an abundance of caution,” will abide by the “strict isolation measures” in place since his “rebound” infection was detected July 30, pending a follow-up negative result. Biden, 79, came down with the virus a second time three days after he had emerged from isolation from his initial bout with Covid-19, reported on July 21. There have been rare rebound cases documented among a small minority of those, who like Biden, were prescribed the anti-viral medication Paxlovid, which has been proved to reduce the risk of serious illness and death from the virus among those at highest risk. O’Connor wrote that Biden “continues to feel very well.” Biden’s travel has been on hold as he awaited a negative test. He plans to visit Kentucky on Monday to view damage from catastrophic flooding and meet with families. Biden was “ doing great,” W hite House press secretary Karine JeanPierre said Saturday when asked about his health during her appearance in Las Vegas at a joint conference of the National Association of Black Journalists and the National Association of Hispanic Journalists. She said that when she

than a year of recession, evidence of an initial contraction might emerge on Friday. GDP data will show a secondquarter drop of 0.2%, according to the central bank. While growth probably resumed during the current three-month period, a prolonged slump, reminiscent of the 1990s, will then likely ensue, its forecasts show. The same day over in the euro zone, the main data will be industrial production for June. While expected to gain for a third month, the report may also signal slowing momentum, with a median prediction to increase just 0.1%. Investor attention will also be drawn to inflation data throughout Europe. Final data for the euro area’s four biggest economies will be published during the week. First glimpses of inflation for July in Norway on Wednesday and Sweden on Friday will be of interest, with any acceleration likely to pile on pressure for more central bank tightening. Even faster price increases are taking effect in eastern Europe, with Hungarian data on Tuesday seen accelerating to 13%. On Wednesday, Ukraine will reveal its own rate of annual price growth, last reported at 21.5% for June. By contrast, Russia’s inflation probably fell for a third month in July. Those data, also due Wednesday, will be closely watched for clues on the policy of the central bank, which cut its rate more than expected in June and said more reductions are possible. Second-quarter GDP data due there on Friday may show an annual drop, and give an indication of the depth of the contraction since President Vladimir Putin started his war in Ukraine. Europe’s only rate decision this week will be in Serbia, where the central bank might resume faster hiking. In Turkey, current-account data on Thursday will likely show a

President Joe Biden speaks before signing two bills aimed at combating fraud in the Covid-19 small business relief programs on Friday, Aug. 5, 2022, at the White House in Washington. Biden tested negative for Covid-19 on Saturday morning but will continue to isolate until a second negative test, his doctor said. AP Photo/Evan Vucci speaks to the president, he tells her to “tell folks I’ve been working eight-plus hours a day.” During his first go-around with the virus, Biden’s primary symptoms were a runny nose, fatigue and a loose cough, his doctor said at the time. During his rebound case, O’Connor said only Biden’s cough returned a nd had “almost completely resolved” by Friday. Regulators are still studying the prevalence and virulence of rebound cases, but the Centers for Disease Control and Prevention in May warned doctors that it has been reported to occur within two days to eight days after initially testing negative for the virus. “Limited infor mation cur rent ly available from case reports suggests that persons treated with Paxlovid who experience Covid-19 rebound have had mild illness; there are no reports of severe disease,” the agency said at the time. Associated Press writer Darlene Superville in Las Vegas contributed to this report.

lon Musk said Saturday his planned $44 billion takeover of Twitter should move forward if the company can confirm some details about how it measures whether user accounts are ‘spam bots’ or real people. The billionaire and Tesla CEO has been trying to back out of his April agreement to buy the social media company, leading Twitter to sue him last month to complete the acquisition. Musk countersued, accusing Twitter of misleading his team about the true size of its user base and other problems he said amounted to fraud and breach of contract. Both sides are headed toward an October trial in a Delaware court. “If Twitter simply provides their method of sampling 100 accounts and how they’re confirmed to be real, the deal should proceed on original terms,” Musk tweeted early Saturday. “However, if it turns out that their SEC filings are materially false, then it should not.” Musk, who has more than 100 million Twitter followers, went on to challenge Twitter CEO Parag Agrawal to a “public debate about the Twitter bot percentage.” Twitter declined comment Saturday. The company has repeatedly disclosed to the Securities and Exchange Commission an estimate that fewer than 5% of user accounts are fake or spam, with a disclaimer that it could be higher. Musk waived his right to further due diligence when he signed the April merger agreement. Twitter has argued in court that Musk is deliberately trying to tank the deal and using the bot question as an excuse because market conditions have deteriorated and the acquisition no longer serves his interests. In a court filing

Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington on March 9, 2020. Musk said Saturday, Aug. 6, 2022, his planned $44 billion takeover of Twitter should move forward if the company can confirm some details about how it measures whether user accounts are ‘spam bots’ or real people. AP Photo/Susan Walsh Thursday, it describes his counterclaims as an imagined story “contradicted by the evidence and common sense.” “Musk invents representations Twitter never made and then tries to wield, selectively, the extensive confidential data Twitter provided him to conjure a breach of those purported representations,” company attorneys wrote. While Musk has tried to keep the focus on bot disclosures, Twitter’s legal team has been digging for information about a host of tech investors and entrepreneurs connected to Musk in a wideranging subpoena that could net some of their private communications with the Tesla CEO. AP

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China’s trade surplus at record as exports exceed expectations

hina’s trade surplus rose to a record as exports grew faster than expected, easing some concerns over waning global demand and providing support for an economy battling sporadic Covid outbreaks and property woes. The nation’s trade balance climbed to about $101 billion in July, surpassing the previous record set in June, according to government figures released Sunday. That’s the highest in data compiled since 1987. Exports in dollar terms grew 18% from a year earlier, beating economists’ estimates for a 14.1% gain. “The strong export growth continues to help China’s economy in a difficult year as domestic demand remains sluggish,” said Zhang Zhiwei, president and chief economist at Pinpoint Asset Management. Robust growth boosts confidence in the yuan exchange rate, which helps deter capital outflows, he said. China’s imports rose by 2.3%, compared with a 1% gain in June. That was lower than the median estimate for an increase of 4%, indicating weak domestic demand. Inbound shipments of commodities including soybeans, natural gas and copper declined on a monthly basis. Crude imports

climbed, however. Exports have been an important factor in China’s growth during the pandemic. But rising external uncertainties—including a slowing global economy and high inflation within developed countries—suggest their contribution to the economy this year will weaken. That complicates the picture for a country that’s already under tremendous strain. China’s economy continued to rebound in July from Covid outbreaks and restrictions as production and logistics bottlenecks eased further. Still, the recovery remained fragile, weighed down by a slowdown in the property sector, still-weak domestic demand and fresh virus flareups. At a Politburo meeting last month, authorities said the country should strive for “the best outcome” possible for economic growth in 2022, releasing a statement that didn’t explicitly refer to the growth target of “around 5.5%,” which economists think is out of reach. The same week as that meeting, China’s top leaders told government officials that the goal should serve as guidance rather than a hard target that must be hit, according to people familiar with the matter. Bloomberg News

World’s hunger for wheat spawns new group of nimble exporters

Wheat is being loaded onto a merchant ship. Impatient exporters are increasingly turning to other ways of getting grain to market. Bloomberg photo By Sybilla Gross

ottlenecks at Australia’s biggest wheat export terminals have opened up opportunities for innovators who are using lines of smaller ships and fleets of trucks to get more supplies onto global markets craving grain. Two consecutive bumper harvests have stretched capacity at the nation’s major shipment terminals run by companies such as CBH Group, GrainCorp and Viterra. Now, with another large crop looming later this year, impatient exporters are increasingly turning to other ways of getting grain to market. The world is in dire need of wheat from Australia, one of the world’s top suppliers. Prices of the essential food grain surged to a record in March after Russia’s invasion of Ukraine choked exports from the Black Sea region. That helped drive global food inflation to an all-time high, and while wheat prices have since come down from their peak, they are still about 30% more expensive than the average cost in the past 10 years. Flurries of operators have entered the Australian market to provide additional export capacity. One way involves transshipment companies using lighter vessels to ferry grain from shallow ports onto larger ships waiting out at sea. Another way has mobile ship-loaders using fleets of trucks to deposit grain on vessels, bypassing permanent loading facilities run by bulk operators. “People are coming up with

novel ways of getting around having to build permanent structures, and making them much more scalable,” James Maxwell, senior manager at Australian Crop Forecasters, said. “They’re a real standout, and they’ve really ramped up their exports over the last couple of years.” The share of bulk grain exports shipped by non-bulk hand ling companies has jumped to 18% so far in the 2021-2022 season from just 2% three years earlier, according to data from the Melbourne-based consulting firm. Still, for the smaller operators to provide a significant boost to overall export capacity, more facilities will need to be built, Maxwell said by phone. While these companies may benefit now when capacity is stretched, they would have to compete with the scale of the heavyweight bulk handlers in the long-term. That raises questions over the viability of such projects, especially in years of drought when the country isn’t going to have a bumper crop, he said. Meanwhile, the sheer pace of shipments this year continues to pile pressure on supply chains. With Australian exports expected to power through until the next harvest—well past the end of the typical shipping season when ports undergo maintenance—that could compound inefficiencies. “When you’re running at capacity, the tiniest thing can throw everything out, particularly if you’re running at capacity for the entire year,” Maxwell said. Bloomberg News

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Boosting sugar supply requires structural reforms–lawmaker By Jovee Marie N. Dela Cruz @joveemarie

HE chairman of the House Committee on Ways and Means said the country will continue to see elevated sugar prices until there is a significant infusion of new and cheaper supply. Albay Rep. Joey Sarte Salceda, in a statement, said while sugar prices domestically may marginally ease as sugar stocks increase during the milling season starting this month, this will be “transitory.” “Imports will probably be what we need among industrial users and bottlers,” he said over the weekend. “Some sugary drink bottlers may be forced to shift to high fructose corn syrup if sugar supply remains unreliable over the coming weeks. HFCS is taxed at a higher rate under the TRAIN law (P6 per liter for sugary drinks, P12 per liter for those sweetened with HFCS), so we may begin to see price hikes there rather than companies stopping bottling.” On that note, Salceda said the House Committee on Ways and Means will immediately conduct briefings with the Bureau of Customs on import levels of sugar and other sweeteners, and with the SRA on mandatory programs under the Tax Reform for Acceleration and Inclusion (TRAIN) law to boost domestic production. “On sugar exports, we do have a US Quota system where Philippine sugar producers are able to sell to the United States at a premium from regular world prices, but regular prices are around 30-

40 percent cheaper than Philippine prices, so I highly doubt that there is significant incentive to do that in large quantities. I think most exporters are only fulfilling contracts.” Joint projections by the Organisation for Economic Cooperation and Development (OECD) and the United Nations’ Food and Agriculture Organization (FAO) showed that the Philippines will continuously import sugar from 2023 until 2031 to boost its domestic supply. The Philippines may have to import an average of 282,670 metric tons (MT) of sugar annually in the next decade to meet growing demand for the sweetener as local production stagnates, based on international projections. The BusinessMirror recently broke the story that the SRA is planning to import 300,000 MT of additional sugar to ensure adequate supply until the next milling season peaks.

‘Highly labor intensive’

ACCORDING to Salceda, sugar is a “politically and socially” charged issue in the Philippines because the domestic sector is highly labor intensive. “The sector employs close to 700,000 workers directly, or around 1.6 workers per hectare cultivated. Compare that to 0.53 workers per hectare of rice land cultivated, or the 0.77 workers per hectare average for the entire agricultural sector. In other words, if we end up swamping the country with sugar imports, we will very likely kill a lot of jobs immediately.” “This is a problem we can

no longer leave to the next generation. Every country on earth that has focused on sugar monocropping eventually suffered economic tragedy.” Salceda said the country must diversify its sugar farms, and it must diversify the regional economies that depend on sugar for employment. “Both the Speaker and the Senate President are from sugar producing provinces. We can no longer defer structural solutions for the sugar sector. This is the time and the political moment for it,” he said. “I am not convinced that the solution is as simple as just freeing up the sugar imports sector. Indeed, our very segmented sugar sector—separating farming from milling from refining from trading—has led to massive costs of transport, logistics, and intermediation, with every stage having middlemen. This, of course, is on top of opportunity costs incurred from lack of economies of scope.” Salceda said the SRA has also been “ineffective,” historically, at developing the sugar industry, with very low program administration rates, saying “low utilization was why they have been given low allocations from TRAIN law revenues.” Last month Salceda made five recommendations to address domestic sugar issues, on top of importation, including the shift to non-sugarcane companies by alcohol companies. He also urged the Philippine Competition Commission to undertake “more aggressive measures” to ensure that traders do not collude with each other on supply.

Govt aims to cut sugar retail price via imports By Jasper Emmanuel Y. Arcalas @jearcalas

HE Department of Agriculture (DA) said it is targeting to reduce the retail price of refined sugar to P72 per kilogram from a record-high of P115 per kilogram through the proposed additional 300,000-metric ton (MT) importation program. Agriculture Undersecretary for Consumer Affairs and Spokesperson Kristine Y. Evangelista said based on the agency’s calculations, the retail cost of imported refined sugar should be around P72 per kg. The BusinessMirror reported that the government is mulling over importing 300,000 metric tons (MT) of sugar to plug the shortfall in supply and temper rising prices after local production fell to its lowest level in more than two decades. (Related story:https://businessmirror.com. ph/2022/08/03/phl-eyes-300k-mtsugarimports-as-yields-plunge/) “We are requesting the [Sugar Regulatory Administration (SRA) that there should be an [import] allocation for house consumers’ [use],” Evangelista told reporters in a recent interview. “If we really have a shortage in our local sugar supply and importation is the only way to address it, then we have to ensure that there will be an allocation not only for industrial users but also for household consumers.” Evangelista said the additional sugar imports should be sold in wet markets to provide relief to consumers.

Import program

UNITED Sugar Producers Federation President (UNIFED) Manuel Lamata said his group does not object to the

PHL allows PAP imports from ASF-hit nations

HE Philippines has allowed the importation of processed animal proteins (PAPs) for aquatic feed use from African swine fever (ASF)-affected countries. The Department of Agriculture (DA) issued Memorandum Order (MO) 59 that authorized the importation of PAP even from countries with confirmed ASF outbreaks “subject to pertinent precautionary measures and guidelines.” The DA made the decision after President Ferdinand R. Marcos Jr., the concurrent agriculture secretary, directed the Bureau of Animal Industry (BAI) to issue guidelines on the importation of porcine PAPs from ASF-hit countries. The DA said Marcos made the directive “to prevent further serious impact on the aquaculture sector.” Since April, various leaders and representatives from the aquaculture sector have been lobbying for the lifting of the import ban on porcine PAPs from ASF-infected countries to ensure that fish prices would remain stable. Food security advocacy group Tugon Kabuhayan said the blanket ban on porcine PAP could raise fish prices by P2 per kilogram. (Related story: https://businessmirror. com.ph/2022/04/25/da-pressedto-lift-ban-on-processed-animalprotein-from-italy/) In January, the DA temporarily banned the importation of pork products, including PAP, from Italy after the European country confirmed an outbreak of ASF. Italy accounts for about 70 percent of the 150,000 metric tons of PAP the country imports annually. “This Order is hereby issued to allow the importation of Processed Animal Proteins from African Swine Fever-Affected Countries solely for aquatic feed use following Memorandum Circular No. 34 Series of 2022 ‘Guidelines on the Importation of Processed Animal Proteins

Editor: Jennifer A. Ng • Monday, August 8, 2022 A9

SRA’s proposal to import 300,000 MT of sugar. However, UNIFED said the Philippines should only import refined sugar. “And all the refined sugar of 300,000 MT should be (allocated) to consumers and bakeries. [It should not be] exclusive again to industrial [users],” he told the BusinessMirror. Lamata said the importation of raw sugar should not be allowed since local plantations would start harvesting sugarcane soon. “Therefore, we will have raw or brown sugar shortly.” UNIFED and the Luzon Federation of Sugarcane Growers Association (LUZONFED) issued a joint resolution supporting the Department of Agriculture’s (DA) plan to import 300,000 MT of sugar. The two sugar groups submitted a copy of their joint resolution to President Ferdinand R. Marcos Jr., who is the concurrent agriculture secretary of the country. In their resolution, UNIFED and LUZONFED said there is “no need to import raw sugar” because “some mills” have jumpstarted their operations this month. “The imported sugar should come in immediately with no delays and to be classified as ‘B’ sugar the minute it clears Bureau of Customs so as to fasttrack the deliveries of sugar to the local market and to consumers,” the joint resolution,acopyofwhichwasobtained by the BusinessMirror, read. The joint resolution also indicated that the sugar importation program should be opened to all SRA-registered local traders who have a track record in the past importation programs of the government. It stipulated that they will not ask for import right fees for the

from Countries Affected with AFrican Swine Fever for Aquatic Feed Use’ issued by the Bureau of Animal Industry,” MO 59, which was signed by Agriculture Undersecretary Leocadio S. Sebastian, read. MO 59 indicated that aquaculture is one of the biggest contributors to the Philippine economy with more than 2 million registered fisherfolk nationwide. MO 59 stated that porcine PAPs is a “crucial” raw material in the aquaculture feed manufacture to sustain the local aquaculture industry. “Based on the Import Risk Assessment (IRA) conducted by the Bureau of Animal Industry (BAI)

for PAPs, the risk of entry of the virus through the import of PAPs from ASF-affected countries is considered to be medium while the risk of exposure is estimated to be low,” the document read. Citing the Terrestrial Animal Health Code (TAHC) of the World Organisation for Animal Health (WOAH), MO 59 indicated that the ASF virus is inactivated when meat is heated for at least 30 minutes at a minimum temperature of 70 degrees Celsius. “Therefore, the risk of transmission of ASF virus through the inclusion of PAPs in aquatic feed diets is low, given that the feed ingredient is

subjected to several manufacturing processes with a temperature sufficient to inactivate the ASF virus.” In a joint position paper earlier this year, the National Federation of Hog Farmers Inc., Samahan Industriya ng Agrikultura and Pork Producers Federation of the Philippines said lifting the ban on PAP imports from countries with cases of ASF will “expose the fragile and recovering” swine industry to further threats from contaminated raw materials. (Related story: https://businessmirror.com.ph/2022/04/20/hograisers-oppose-lifting-of-banon-porcine-animal-protein/). Jasper Emmanuel Y. Arcalas

‘SRA knows best’

THE Philippine Sugar Millers Association (PSMA) said it is imperative for the SRA to implement a program that would boost the domestic supply of sugar and address increasing prices in the market “as soon as possible.” “As the agency mandated to maintain a balance between supply and requirements of sugar, SRA is in the best position to determine the import volume and program needed to address the current tightness in supply,” the PSMA said in a statement sent to the BusinessMirror. “What is more important is that SRA implements a program as soon as possible to infuse additional supply of sugar in the market to immediately address availability and increasing prices.” SRA Administrator Hermenegildo R. Serafica told the BusinessMirror that the agency will “let the market decide” if importers will bring in raw or refined sugar once the proposed sugar importation program is approved. Serafica said the additional volume of 300,000 MT will ensure that the country’s sugar supply will be adquate until the next the milling season peaks.

Insatiable lithium demand fuels investment boom in Australia

YOUTH graduates of the training program of the Seafdec/AQD assist in the stocking of milkfish breeders at the newly constructed broodstock facilities of the research center in Tigbauan, Iloilo. PHOTO FROM SEAFDEC/AQD

additional sugar imports. The two groups said the collection of import right fee could increase the prices of imported sugar. “As to the request of the farmers to be given an import right fee to help them counter the very high prices of fuel and fertilizer, after consulting with our members, we have decided not to ask the government for this because this will add on to the prices of imported sugar that will be passed on to the consumers,” the joint resolution read.

N the rocky deserts of Western Australia, a handful of littleknown and once-shunned miners are suddenly in vogue as the electric vehicle industry clamors for a metal it can’t do without. Executives from Australia’s lithium industry were inundated by bankers and brokers at the Diggers & Dealers Mining Forum in the outback town of Kalgoorlie this week, talking up deals to secure some of the estimated $42 billion worth of investment needed for metal producers to meet their goals. Global automakers have snapped up producers’ shares on the open market, scrapped over supply agreements and even handed over cash for mine expansions. “The appetite is insatiable,” Dale Henderson, chief executive officer of Pilbara Minerals Ltd., said in an interview. “Any producer in lithium is very popular at the moment.” With all net growth in car sa les l a st yea r com i ng f rom EVs, demand for the raw materials in batteries has ramped up suddenly. China dominates the lithium supply chain, so Western nations have sought to develop their own production. Miners in Australia—home to about half the world’s supply, according to the US Geological Survey—are now being courted by automakers waving checkbooks. Liontown Resources Ltd. CEO Tony Ottaviano is careful not to boast about his foresight. “I don’t want us to come across as self-indulgent because we have immense respect for our customers, but the simple fact is it takes five to eight years to bring greenfield supply online in tier-one jurisdictions,” he said. When the company first went to carmakers and other manufacturers for its first offtake, “it’s safe to say

that interest was low.” Ottaviano said. Most were unsure whether they should get too involved in the metal sourcing process, he explained. “Roll the clock forward and we are seeing a completely different commercial posture,” he said. In July, Ford Motor Co. announced an agreement with Liontown for nearly a third of the miner’s expected production over the coming years, at an undisclosed value. The deal also saw Ford provide a A$300 million ($210 million) debt facility to Liontown to further expand its Kathleen Valley site. That transaction followed Liontown’s earlier so-called offtake deals with Tesla Inc. and South Korean battery maker LG Chem Ltd. It also came a week after European automaker Stellantis NV took an equity stake in Australian lithium miner Vulcan Energy Resources Ltd. Liontown shares rose as much as 5 percent on Friday in Sydney, touching their highest intraday level since May. Pilbara climbed up to 3.3 percent, while Vulcan Energy increased as much as 3.9 percent. Fellow Australian miner Core Lithium Ltd. jumped as much as 6.6 percent.

Creative deals

AS recently as 2020, few cared for the natural features of Pilgangoora, a remote Pilbara Minerals site where a red flower called Sturt’s Desert Pea and a few cattle sit atop the one of largest hard-rock lithium ore deposits in the world. Pilbara’s shares traded at 13 Australian cents then, and have since risen to more than A$2.85, giving it a market value of about $5.8 billion. Shares in Liontown have risen about 76 times since early 2019, to a value of around $2.2 billion.

Bloomberg News

A10 Monday, August 8, 2022 • Editor: Angel R. Calso

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editorial

Inflationary psychology

nflation is defined by the International Monetary Fund as “the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country. To measure the average consumer’s cost of living, government agencies identify a basket of commonly purchased items and track over time the cost of purchasing this basket.”

Objective comparisons between countries are usually invalid as the key to the data is “the cost of purchasing this basket.” Housing expenses, rent and mortgages constitute the largest component of the US consumer basket. In the Philippines, the largest household expense is food, accounting for at least 70 percent of all spending. Production costs for agricultural products in the Philippines are primarily fertilizer and transportation. And both of these prices are reflected from the global price of crude oil, which the Philippine inflation rate tracks and is correlated. The good news then is that Brent crude oil hit an intraday 2022 high (also the highest since 2008) at $134 in May. It is now trading below $100. Local fuel prices have decreased. But inflation is not only an economic event. It is also a psychological event. Inflation psychology is real. The belief that prices will continue to go higher tomorrow causes producers/distributors to raise their prices today and consumers to buy today rather than tomorrow, creating an artificial increase in demand. “Academic economists” and “economist-want-to-be politicians” fuel this psychology, particularly the latter that tend to read the headlines one time and not the data continuously. Not only is oil off its 2022 highs. Wheat was $12.73 per bushel and is now selling at $7.88. Corn was above $8 and is down to around $6. In early March, nickel prices briefly topped the $100,000 mark and an average price of $50,000. It is back to the $23,000 level. Iron Ore has decreased 4.86 percent since the beginning of 2022 and is 50 percent below the 2021 high. However, the trend of commodity prices has been in a general and obvious uptrend since 2000 with a peak and subsequent decline after the 2008 global debt crisis. Certainly, a weaker peso (down 11 percent against the dollar in 2022) does offset some of the fall in global commodity prices. Because there is a genuine and persistent inflation psychology, once prices start going higher, people believe that the trend will continue. Amundi Asset Management wrote to its investors in April: “The inflation psychology is kicking in. Since the start of the year, inflation data has exceeded the expectations of many analysts and commentators. The propagation of narratives across economic agents and through the media ensures that the self-fulfilling prophecy of inflation is ultimately realized.” If you think that prices are going to go higher, they do because your individual actions as a producer and consumer create the price increase. We are at the point that even if oil and other raw material and consumer good input prices go down, end-user prices may not follow. Businesses as well as individuals are trying to make up the losses from the business disruptions of 2020 and beyond. Look at the menu of your local restaurant and you will see price increases beyond the percentage increase of current raw material costs. They do not want to raise prices again tomorrow and also put in a few pesos extra to help recover the losses in the past two years. Inflationary psychology is why when prices go higher, they do not go back down as fast if at all. The only factor that will bring consumer prices down is “price competition” between suppliers, and that may take a year or so to kick in. Since 2005

BusinessMirror A broader look at today’s business

Liveable, sustainable, resilient Atty. Jose Ferdinand M. Rojas II

RISING SUN

e’ve seen some flooding in several areas in the country recently as we go deeper into monsoon season. This leads to disruption of services, traffic, pollution, displacement of families, and loss of productivity. In Makati, Mayor Abby Binay has declared a state of climate emergency, saying that climate change is affecting low-lying coastal areas like Makati. Rising temperatures and sea levels are creating conditions that are harsher than what we’ve seen before. With all that the world has experienced in the realm of climate emergencies, I wonder what it would take before we all take things more seriously. Climate change and the pandemic made a lot of people realize the importance of having liveable cities and liveable spaces. This means that we have to feel comfortable in our spaces, that we are productive, safe, and healthy in them. Sustainability is another important consideration—our buildings, homes, and communities need to have net zero carbon and reduced emissions.

These places have to be resilient, too, or able to withstand shocks and different types of changes. Businesses, particularly real estate organizations, have to consider these issues if they want to thrive in this new environment. Like the Makati City LGU, local governments need to take heed as well and create more programs that are aligned with liveability, sustainability, and resil-

Given that such no-contact apprehension is being considered already by other LGUs, I would like to recommend that standard operating guidelines be set, to be discussed and agreed upon by the DILG, DPWH, DOTr and the MMDA, in order for this to be interoperable and seamless with other similar systems providers in the future.

No-contact apprehension is nothing new in the Philippines, with the Metropolitan Manila Development Authority (MMDA) and the private tollway concessionaires operating this technology-aided traffic enforcement program for some years already and with some amount of success. The current noise on NCAP, however, comes from the ones being implemented by several Metro Manila local government units (LTO), namely: Manila, Parañaque, Valenzuela, Muntin-

LGU NCAP programs are operated by private companies through a public-private partnership scheme. Though such PPP arrangements are legal, a consultative review of the terms of engagement, with the affected stakeholders will do no harm. This will, at the very least, clarify lingering questions such as: Who decided on the revenue sharing ratio and the rate of the fees? How clear to the road users are the violations in lieu of the push for revenue generation by the private entity? How transparent and responsive is the adjudication process? Who will own the data given the sensitive data of private citizens, now passing through a private entity? And finally, is it really necessary to give the authority of enforcement to a private company that LGUs can very

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Thomas M. Orbos

T. Anthony C. Cabangon

Jennifer A. Ng Vittorio V. Vitug

iency not just on the city level but for the nation as a whole. Technology can definitely help in terms of the design and construction of various spaces. Innovations in property technology and digital infrastructure can offer solutions to current issues and ensure that spaces adapt and respond to people’s needs and environmental requirements. The design and layouts of cities and living and working spaces also need to evolve and change with the times. For example, mixed-use areas and public spaces can be designed creatively to reach their maximum potential in terms of functionality

and even profitability. There are numerous specific examples online to illustrate this. The entire community needs to be consulted and considered as far as its needs and issues are concerned. This is one way to build flexible and inclusive spaces. Some cities are implementing environmental ordinances like waste management programs, plastic ban and anti-smoking campaigns, clean air act implementation, and green building and greenhouse gas reduction ordinances, among others. The use of electric public vehicles and solar panels for public buildings is also being encouraged. These are all welcome initiatives and definitely necessary at this time but we all know that we should be doing more. All sectors have to work together in a more decisive way to address climate change. Businesses, communities, stakeholders, government, and individuals have to act now and do their part. It is everybody’s responsibility, and in the same way, everybody has something to gain, too. This is our only home so let us make sure we keep it liveable for our children and the next generations.

No-contact apprehension and the No Garage-No Vehicle bill

✝ Ambassador Antonio L. Cabangon Chua Publisher

Climate change and the pandemic made a lot of people realize the importance of having liveable cities and liveable spaces. This means that we have to feel comfortable in our spaces, that we are productive, safe, and healthy in them. Sustainability is another important consideration—our buildings, homes, and communities need to have net zero carbon and reduced emissions.

wo street related events made headlines recently. One is the No-Contact Apprehension Program (NCAP) now being implemented in several Metro Manila cities and is being met with complaints especially from the public transport groups. The other one is the proposed “No Garage-No Vehicle” bill coming from the House of Representatives. Both programs definitely are alleviation measures to our present transport situation, but honestly both of these would need a second pass and might need some implementation and orientation re-alignments. Sometimes good intentions are not enough but rather an honest in-depth dive into the hearts and minds of the constituents they do want to help must also be in order. lupa, Marikina and now Quezon City. Common complaints on NCAP are: the exorbitant violation fines with some complainants claiming to be charged up to P100,000 for a month’s violations; the onus of violations on the registered vehicle owner and not on the driver following the “registered owner rule”; and the issue on the need settle fees, even without the benefit of adjudication prior to the Land Transportation Office registration of vehicles. It must be noted that most of these

well do and spend for? And given that such no-contact apprehension is being considered already by other LGUs, I would like to recommend that standard operating guidelines be set, to be discussed and agreed upon by the DILG, DPWH, DOTr and the MMDA, in order for this to be interoperable and seamless with other similar systems providers in the future. The next street item that caught my attention is the proposed “No Garage-No Registration” measure, requiring the proof of a garage space before vehicles are registered by the LTO. This proposed law, while logical and reasonable given our stressed roads with parked vehicles occupying both sides of the street, is very much discriminatory. If you really look at the situation, the ones who will be hit hard by this proposed law are our working class, not the elites in our society who have a very different reason for the spillover of vehicles on the wide upscale village avenues. The working class, those living in the crowded projects in our cities and whose reason for buying that extra vehicle parked on their narrow streets is due to the lack of public transport. They are not vintage car collectors even if what they have are second hand rundown See “Orbos,” A11

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Statutory and regulatory Thumbs up accounting in the Siegfred Bueno Mison, Esq. electric power industry THE PATRIOT

Alfredo J. Non

DEBIT CREDIT Conclusion

review of annual reports of the listed Distribution Utilities (DU) for the year 2020 indicates that there appears to be none or very little consideration made of the legal or regulatory framework by the external auditors of the laws and regulations in an audit of the entity financial statements. In fact, some practitioners and even those involved in the audit of the DU financial statements appear to be ignorant about this audit requirement. Officially, the amendment to Philippine Standards on Auditing No. 250 was approved by the Auditing and Assurance Standards Council on May 18, 2018. As a result, effective for audits of financial statements for periods beginning on or after December 15, 2020, the requirement to include this responsibility as part of the audit work program was the more prudent action on the part of the auditors, considering that: a. Rate-setting can constitute about 50 percent of the more significant risks in the audit of any DU. b. The rate-setting activity cannot be looked at as a stand-alone activity by the regulator because this is the product of the DU submission and the regulator decision. Any error, or irregularity in the process by either party or in connivance with each other will be a significant disadvantage to the consumers and can benefit only the DU. c. The Energy Regulatory Commission is short of people who are CPAs with experience in both the statutory and legal aspects of the regulation. The ERC Board is dominated by legal minds with majority having little experience in the industry and its regulation. d. The turnover of members of the board (new members every two years) does not support the retention of experienced and capable allaround regulator. Most of the experience are developed in the line people. Furthermore, training on regulatory practice is not supported by the budget of the ERC. Under the above situations, the role of or participation by the external auditors is a very important component in attaining the objective of the Electric Power Industry Reform Act of 2001 to protect consumers. Apart from the ERC, the public can only rely on the external auditors to inform them of any impropriety, errors or wrong application of principles. The risk of significant misstatements in the financial statements of the DU can come from the revenue recognition process. To address this, there is a need to include in their work program the usual validation of the internal control process (relating to accumulation of energy consumption and billing the same) and, the

Orbos . . .

continued from A10

vehicles. Solve the shortage of public transport and the need for an extra vehicle will be gone. Look at the working class neighborhoods in Hong Kong or Singapore. Most of their houses even have no garages nor are there parked vehicles on the streets. No need—because of their adequate and efficient public transport. There will be a time for this law, but not now. In the meantime, while waiting for the completion of those promised mega transport projects, why don’t our congressmen use their power of the purse to provide public parking at the barangay level. Convert those barangay basketball courts, plazas or empty lots into mixed-use parking

Apart from the ERC, the public can only rely on the external auditors to inform them of any impropriety, errors or wrong application of principles. The risk of significant misstatements in the financial statements of the DU can come from the revenue recognition process. familiarization and validation of the legal framework especially on the rates. This means the external auditor is expected to be familiar with Epira and its rules and validate the rate setting methodology and, on a limited basis, attend public consultations and hearings. From my experience as a former regulator in ERC, I have observed very little or no participation at all by external auditors during hearings and public consultations conducted by the ERC. This is also true in the case of hearings conducted by the Senate and Congressional Committees in the power sector. Apart from the above requirement to consider the legal and regulatory aspects as part of the auditors’ work program, the external auditors (at least the top members of the audit team handling the DU audit) and/or members of the audit firm specialty groups (banking, financing, insurance, mining, telecommunications, power, etc.) should, on a mandatory basis, attend important hearings or public consultations conducted by ERC as well as the Congressional and Senate Committees on Power and Energy to be able to participate and be able to share competencies and experiences at an early stage rather than offer their inputs later when a regulatory decision has been made. They should be able to also advise members of the Senate and Congressional Committees during their deliberations of matters requiring changes or in their duties in aid of legislation. Alfredo Non is a CPA by profession and a former Partner at SGV & Co. He served as Commissioner of the Energy Regulatory Commission till he completed his term in 2018. He also served as Director and Executive Officer of several private companies and a former professor in Financial Management at the Ateneo Graduate School of Business.

buildings that can even be used for their constituents’ weddings or funeral wakes now being held in their barangay roads. So a fair advise to our public officials pushing for the no garage policy now, better think twice. You will be hitting the working class, whose votes you will need in your re-election. There are so many problems on our roads—most of which had been there several administrations ago. But throwing solutions left and right without careful consideration of the constituents and/or commuters that are supposed to be emancipated, can only make the situation worse. We are already in a transport quicksand, and kneejerk solutions will only worsen our sad plight on the road. The author may be reached at tmo45@georgetown.edu / thomas_orbos@sloan.mit.edu

and gestures have been with society ever since. Prior to the development of any spoken language, humans primarily conversed using their hands and eyes to convey their message. Over time, despite the advent of written and spoken language, hand gestures remain useful to communicate. For instance, getting both arms up is a sign of surrender, universally speaking. A thumbs up motion, on the other hand, indicate “all is well” or approval. In recent Philippine politics, hand gestures have been part of campaign slogans. Former President Fidel Valdez Ramos popularized the “thumbs up” sign to the point that whenever I pose for pictures with such hand gesture, people would see me as an FVR fan. Despite the much earlier usage of the “thumbs up” sign in history, Filipinos in my generation and thereafter associate it with FVR. Much has been said about the achievements of FVR when it comes to preservation of democracy, economic progress, and charismatic leadership. Even after he stepped down as president, he chose to become relevant using the Ramos Peace and Development Foundation, Inc. (RPDEV) as a vehicle to promote the Philippines. Thumbs up, sir! Most of those who interacted with FVR would likely have a picture with our amiable former president with “thumbs up” poses, based on the multitude of photos recently shared online to commemorate his passing on July 31, 2022. Of course, most interactions with FVR will ultimately have some witty yet appropriate remarks, no matter how serious the topic can be, and end with his signature “thumbs up” sign. To me, FVR

made use of such sign of approval, not for political purposes, but principally to indicate that “all is well.” Thumbs up to the Philippines, which has been sending Filipino cadets to attend a four-year course at the United States Military Academy at West Point. Vicente Lim (1914), one of those persons depicted in the P1,000 bill, was the very first Filipino West Pointer. His son, Vicente Lim Jr. graduated from the prestigious institution as well (1944). Aside from the Lims, there have been two other father and son Filipino graduates of USMA—Sanchez (1954 and 1980) and Posadas (1975 and 2004). Incidentally, of the 80 Filipino graduates since 1914, 36 are still living. Of this number, only 8 are still in military service with BGen Julius L. Tomines (1992), the current superintendent of PMA as the most senior. Still in public service are Napoleon Caballes Taas (1984) serving in the House of Representatives and Alexander Joseph A. Estomo (2004) currently assigned in Malacañang Palace as part of his stint in the Department of Foreign Affairs. With the passing of FVR, former DPWH Secretary Gregorio

Monday, August 8, 2022 A11

I dare offer that the symbol of a Jesus follower should be “thumbs up.” After all, whenever our hands form that gesture, the finger that holds the other fingers together, points upward —towards our Almighty God whose desire is to always tell us: “Well done, my good and faithful servant.” R. Vigilar (1953), at the ripe age of 94, is now the oldest living Filipino graduate of West Point. Sometime in the 50s, West Point Society of the Philippines was organized by the former Army Commanding General, Tirso Fajardo (1934) and his staff secretary, then Major Fidel V. Ramos (1950). More of a social club to connect with fellow graduates, WPSP celebrates West Point Founder’s Day celebration every March. Per tradition in all West Point alumni organizations, both the youngest and the oldest graduate present during Founder’s Day deliver some remarks, the former to update the group while the latter to share encouraging stories to remind the group of our school’s core values of Duty, Honor, Country. As the “oldest living Filipino graduate” in several WPSP Founder’s Day celebrations, owing to his longevity and forever youthful cadet bantering tendencies, FVR delivers a speech and ends it with a “thumbs up,” knowing that he has done his best to serve and please the Filipino people and urging the listeners to do the same. Similarly, in the Bible, the Parable of the Talents shared the story of three servants, two of whom made use of the bags of silver given by their master. Pleased, as if giving a “thumbs up” sign of approval, the

master said to them. “Well done, my good and faithful servant. You have been faithful in handling this small amount, so now I will give you many more responsibilities. Let’s celebrate together!” (Matthew 25:23). In our mortal lives, we have been gifted with different talents and resources that our Creator expects us to use wisely and productively. Whether the talent is to teach, to entertain, to lead, or to sell, the mission of all believers is to use these talents to please Him. FVR surely did. Regardless of religious beliefs, as long as we abide by what the Bible tells us, we expect a thumbs up, not necessarily coming from Heaven but within ourselves, especially when we please others in the process. In the deep ending divide of Philippine politics, “thumbs up” should no longer be associated with just FVR. It can be taken as a feel-good approval for public servants who made use of their leadership and influence, not only for the good of the country but also for the greater glory of God. I dare offer that the symbol of a Jesus follower should be “thumbs up.” After all, whenever our hands form that gesture, the finger that holds the other fingers together, points upward—towards our Almighty God whose desire is to always tell us: “Well done, my good and faithful servant.” 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.

Dems’ climate, energy, tax bill clears initial Senate hurdle

By Alan Fram & Farnoush Amiri | The Associated Press

ASHINGTON—Democrats pushed their election-year economic bill toward Senate approval early Sunday, starting the sprawling collection of President Joe Biden’s priorities on climate, energy, health and taxes on a pathway that the party hopes will end in final congressional passage by the end of this week.

The evenly divided Senate voted Saturday to begin debating the legislation 51-50, with Vice President Kamala Harris breaking the tie and overcoming unanimous Republican opposition. A dwindled version of earlier multitrilliondollar measures that Democrats failed to advance, the package has become a partisan battleground over inflation, gasoline prices and other issues that polls show are driving voters. The House, where Democrats have a slender majority, could give the legislation final approval next Friday. “The time is now to move forward with a big, bold package for the American people,” said Senate Majority Leader Chuck Schumer, D-N.Y. “This historic bill will reduce inflation, lower costs, fight climate change. It’s time to move this nation forward.” Republicans said the measure would damage the economy and make it harder for people to cope with sky-high inflation. They said the bill’s business taxes would hurt job creation and force prices upward and urged voters to remember that in November. “The best way to stop this tax and spend inflationary madness is to fire some of the 50 so they can’t keep doing this to your family,” said South Carolina Sen. Lindsey Graham, top Republican on the Senate Budget Committee. Nonpartisan analysts have said the legislation, which Democrats have named the Inflation Reduction Act, would have a minor impact on the nation’s worst inflation bout in four decades. Even so, it would take aim at issues the party has longed to address for years including global warming,

pharmaceutical costs and taxing immense corporations. Before reaching final passage, senators plodded through a nonstop pile of amendments called a “vote-a-rama” that seemed certain to last hours. In early votes, the chamber rejected an effort by progressive Sen. Bernie Sanders, I-Vt., to require Medicare to pay the same lower prescription drug prices paid by the Department of Veterans Affairs. Another, by Graham, was defeated; it would have erased a fee Democrats want to renew on barrels of oil that raises money for hazardous waste cleanups. Republicans said Democrats’ proposal would boost gasoline prices, a sore point for voters after this summer’s record pump prices. Earlier, the Senate parliamentarian gave a thumbs-up to most of Democrats’ revised 755-page bill. But Elizabeth MacDonough, the chamber’s nonpartisan rules arbiter, said Democrats had to drop a significant part of its plan for curbing drug prices. MacDonough said Democrats violated Senate budget rules with language imposing hefty penalties on pharmaceutical companies that boost prices beyond inflation for drugs sold in the private insurance market. Those were the bill’s chief drug pricing protections for the roughly 180 million people whose health coverage comes from private insurance, either through work or bought on their own. Other pharmaceutical provisions were left intact, including giving Medicare the power to negotiate what it pays for drugs for its 64 million elderly recipients, a

Democrats are using special procedures that would let them pass the measure without having to reach the 60-vote majority that legislation often needs in the Senate. To do that, they must abide by rules that include a requirement that provisions be chiefly aimed at affecting the federal budget, not imposing new policy.

longtime Democratic aspiration. Penalties on manufacturers for exceeding inflation would apply to drugs sold to Medicare, and there is a $2,000 annual out-of-pocket cap on drug costs and free vaccines for Medicare beneficiaries. Democrats are using special procedures that would let them pass the measure without having to reach the 60-vote majority that legislation often needs in the Senate. To do that, they must abide by rules that include a requirement that provisions be chiefly aimed at affecting the federal budget, not imposing new policy. The weekend debate capped a startling 10-day turnabout that saw Democrats resurrect top components of Biden’s agenda that had seemed dead. In rapid-fire deals with Democrats’ two most unpredictable senators—first conservative Joe Manchin of West Virginia, then Arizona centrist Kyrsten Sinema—Schumer pieced together a package that would give the party an achievement against the backdrop of this fall’s congressional elections. The measure is a shadow of Biden’s initial 10-year, $3.5 trillion proposal, which funded a rainbow of progressive dreams including paid family leave, universal preschool, child care and bigger tax breaks for families with children. The current bill, barely over onetenth that size, became much narrower as Democratic leaders sought to win the votes of the centrists Manchin and Sinema, yet it has unified a party eager to declare

victory and show voters they are addressing their problems. The bill offers spending and tax incentives favored by progressives for buying electric vehicles and making buildings more energy efficient. But in a bow to Manchin, whose state is a leading fossil fuel producer, there is also money to reduce coal plant carbon emissions and language requiring the government to open more federal land and waters to oil drilling. Expiring subsidies that help millions of people afford private insurance premiums would be extended for three years, and there is $4 billion to help Western states combat drought. A new provision would create a $35 monthly cap for insulin, the expensive diabetes medication, for Medicare and private insurance patients starting next year. It seemed possible that language could be weakened or removed during debate. Reflecting Democrats’ calls for tax equity, there would be a new 15 percent minimum tax on some corporations with annual profits exceeding $1 billion but that pay well below the 21 percent corporate tax. Companies buying back their own stock would be taxed 1 percent for those transactions, swapped in after Sinema refused to support higher taxes on hedge fund managers. The IRS budget would be pumped up to strengthen its tax collections. While the bill’s final costs were still being determined, it would spend close to $400 billion over 10 years to slow climate change, which analysts say would be the country’s largest investment in that effort, and billions more on health care. It would raise more than $700 billion in taxes and from government drug cost savings, leaving about $300 billion for deficit reduction over the coming decade—a blip compared to that period’s projected $16 trillion in budget shortfalls. Associated Press writer Matthew Daly contributed to this report.

A12 Monday, August 8, 2022

AFP’S SPECIAL FORCES SALUTE FOUNDING COMMANDER, FVR By Rene Acosta

@reneacostaBM

NE of the pioneers of the country’s Special Forces and other members of the organization recalled their fond memories of its founding commander, the late former President Fidel Ramos at The Heritage Park in Taguig over the weekend. During a tribute for Ramos, retired Major General Jose Magno detailed a statement written by the late President: “In my 52 years of public service, I was honored by our people to serve as Philippine President for six years. But I can truly tell you that the most exciting and dangerous assignment during all these years was my stint as the first commanding officer for the pioneer unit, the 1st Special Forces Company. That’s the military achievement I’m most proud of since it is the nucleus of what is it now, Special Force Regiment Airborne.” Magno explained that the Special Forces is an elite unit of the Armed Forces of the Philippines (AFP). He also took the opportunity to share the events that led to its creation and subsequently painted a picture of the Special Forces Regiment (Airborne)

[SFR(A)]’s early days. “In 1960, Cpt. Fidel Ramos, Lt. David Abundo Jr., Cpt. Cesar Batilo and I went to Fort Bragg, North Carolina. We trained at the Special Warfare Center and out of 80 individuals, we topped the Special Forces and Psychological Warfare Course. Wanting to learn and achieve more, we also took airborne courses,” Magno said. According to the book “Philippine Army Special Forces: 50 years of Valiant Service,” the General Headquarters of the AFP tasked then Cpt. Ramos to head a committee to study the incorporation of an unconventional warfare capability in the AFP. This led to the birth of the 1st Special Forces Company on June 25, 1962, with FVR as the first commander. The unit expanded in decades from one company to a regiment with 20 companies, mostly deployed in Mindanao. Special Forces Alumni Association Incorporated (SFAAI) chairman and former SFR(A) commander, retired Lt. Gen Donato B. San Juan II, also narrated that whenever President Ramos was the guest of honor of an SF anniversary, one can expect that more alumni will be attending. See “Special forces,” A2

PHL investment regime seen risky with PEZA row–solon

By Jovee Marie N. dela Cruz

@joveemarie

N economist-lawmaker urged President Ferdinand Marcos Jr. to appoint a Director General for the Philippine Economic Zone Authority (PEZA) as soon as possible, saying the leadership issue in the agency will make investors think “our investment regime is overly politicized and therefore risky.” House Committee on Ways and Means Chairman Joey Sarte Salceda said President Marcos should nominate a Director General for PEZA “as soon as he can find a suitable appointee” to maintain investor confidence and fight smuggling. “With a weak peso, the best thing we can do, economically, is to focus on exports and dollar-earning industries and services,” he said. “That means, we are surely getting the bad parts of a weak currency, such as high import prices, but we are handicapped from taking advantage of the better parts, such as higher exportsto-peso value and more competitive export pricing,” he added. Salceda said he is especially concerned that “if the dispute extends until budget hearings in Congress, the institution will suffer.” “The PEZA Director General submits the agency’s budget to the Board, and without a Direc-

tor General, we might not be clear about which budget to discuss in Congress,” he added. The “dispute” Salceda refers to is the competing claims to the post of head of PEZA between Duterteera Director-General Charito Plaza, and the Officer-in-Charge Deputy Director General Tereso Panga. Trade Undersecretar y Herminio C. Bagro III said in a statement on Thursday that the PEZA Director-General position was “legally deemed vacant as of June 30 noontime” following the issuance of Memorandum Circular (MC) No. 1 by Executive Secretary Victor D. Rodriguez. Plaza, however, is disputing that, saying the PEZA is among those covered by a subsequent Palace circular that gave holdover posts—including hers, Plaza stressed— until December 31, 2022 to stay in office.

“Only PBBM can decisively end the confusion through an appointment. The PEZA law is very clear that the Director General is appointed by the President,” Salceda said. Salceda added that he hopes PBBM’s appointment w i l l be “someone deeply familiar with the letter and spirit of the CREATE Law, so that PEZA can actually take advantage of the tax regime, rather than keep pushing for its amendment so early in the implementation of the law.” “I appeal to PBBM to appoint a steady pair of hands who can help the exports sector sail through the prospect of potential lockdowns here and elsewhere, volatility in global trade conditions, the trend towards protectionism among our trading partners, and higher probabilities of global conflict.”

Drama-free

ACCORDING to Salceda, the exports sector needs a captain who can steer the ship “drama-free.” “I have several names in my head, although I don’t know how many of them will be willing to take on the role,” he said. Among these names, Salceda listed Former NEDA chiefs Karl

Chua and Dante Canlas, Trade Undersecretaries Ceferino Rodolfo and Rafaelita Aldaba, Board Secretary Juvy Danofrata of the Fiscal Incentives Review Board (FIRB), and exports economist and UPSE Professor Florian Alburo. “The nominee can also come from the business sector, preferably someone who understands the need for strong labor, infrastructure, and energy fundamentals for a strong export industry,” he said.

Fight vs smuggling

SALCEDA, meanwhile, said that appointing a PEZA director general is critical in the fight against smuggling. “This is lesser known, but the PEZA head is also crucial in our fight against smuggling, including agricultural products. Freeports and ecozones, if too lax in enforcement and too probusiness, can be used as pass-throughs for smuggled goods,” he said. “My point is, drama-free is key. I am optimistic about a PEZA that is a partner of the Committee on Ways and Means in getting our exports up and in fighting smuggling in ecozones. I hope PBBM can name a head soon,” he added.

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, August 8, 2022 B1

San Miguel food unit allots $1.2B for new poultry farms

By Lenie Lectura @llectura

an Miguel Food and Beverage Inc. (SMFB) is putting up 12 poultry farms, with an estimated cost of $1.2 billion, across the country. “We are going to produce, intending to put up 12 poultry facilities. Each one will produce 80 million birds per year, so that’s 960 million birds. Each bird can (weigh) 2.5 kilos. These are big sizes and many are in need of this big bird variety for chicken nuggets or whole roast,” said SMFB President Ramon Ang. The poultry farms will be put up in Badoc, Ilocos; San Fabian, Pangasinan; Orani, Bataan; San Ildefonso, Bulacan; Balayan, Batangas; Sariaya, Quezon; Bulan, Sorsogon; Leganes, Iloilo; Malabuyoc, Cebu; Sta. Cruz, Davao; Phividec in Misamis Ori-

ental and Pagadian, Zamboanga del Sur. Ang said construction is already ongoing, adding that the facilities could be ready after 24 months. “Each location is $100 million. It should all be available in two years. So by June 2024 that will be finished and operational.” The new poultry farms are expected to create one million jobs, added Ang. “From plantation to feed mill to poultry processing plant, etc….The whole chain will create one million jobs.” SMFB’s revenues grew 17 percent year-on-year to P172.1

billion in the first half, driven by gains in volume and pricing adjustment across the product portfolios of its beer, spirits, and food divisions in order to mitigate the impacts of input cost increases. Consolidated EBITDA and consolidated income from operations managed to rose 11 percent and 15 percent to P32.4 billion and P26.6 billion, respectively. Consolidated net income was up 8 percent to P18.8 billion. Meanwhile, Ang said the construction of the New Manila International Airport in Bulacan is “in full blast” and “on time.” T he P740 -bi l l ion a ir por t project should be completed by 2027, but Ang said the two runways could be ready by 2026. He also said the airport will be powered by solar and battery energy storage system (BESS) that can store power when generation is high but power consumption is low, and can be released when the demand is high. “This battery storage will be a viable solution to balancing

Ayala Land reduces 2022 capex By VG Cabuag @villygc

roperty developer Ayala Land Inc. said it is allocating some P80 billion in capital expenditures (capex) this year, lower than the P90 billion it announced earlier, as the company will defer some of its land acquisitions. Augusto Cesar D. Bengzon, the company’s CFO, said the decline in capex will not affect the construction of its projects. “There are certain conditions, procedures that have to be fulfilled by the owner. Because I’m an arranger, we’re trying to negotiate harder...we don’t need to rush it,” he said. “And we think probably next year we’ll be able to come to terms. So that takes P10 billion out of the P90 billion (capex).” “What you’ll see is you see an acceleration of spending towards

the third and fourth quarters which is typically is our spending pattern.” In January to June, the company has so far spent P30.2 billion, more than half of which went to residential projects and 15 percent each to estate development and land acquisition. The company reported an attributable net income of P8.08 billion for the first half, up 34 percent from the previous year’s P6.04 billion. Revenues for the period grew at a slower pace of 9 percent to P53.33 billion, from last year’s P48.95 billion. For the second quarter alone, its income came in at P4.9 billion, 51 percent higher than the previous year and revenues at P28.7 billion, 18 percent. The company said property development revenues was flat at P34.14 billion from the previ-

ous year’s P34.1 billion. Its residential development revenues fell 9 percent to P27.35 billion from last year’s P30.05 billion due to stretched payment terms arising from the challenges of the pandemic and an increase in cancellations. Bernard Vincent O. Dy, the company’s president and CEO, said the downturn is not like what the market has seen during the Asian financial crisis in the 1990s and the global financial crisis in 2008, when the property market collapsed. Dy said the market will start to improve from this year. “Some people think that this is a linear business. It is not. Anywhere in the world this is happening...you do get some bit of cycles. The good part here is that the reduction has been generally been manageable. So it is not alarming.”

ROMUALDEZ ASSURES PCCI IT WILL BE CONSULTED ON COMMERCE, INDUSTRY BILLS House Speaker Ferdinand Martin Romualdez has assured the country's business sector that the House of Representatives would consult the Philippine Chamber of Commerce and Industry (PCCI), the country's largest business organization when crafting laws related to trade and commerce as he vowed to hear all relevant stakeholders before passing legislation at the PCCI General Membership Meeting last August 4 at Makati Diamond Residences in Makati City. Romualdez also encouraged the business organization to make its position very clear on these issues and committed. The leadership of the House of Representatives assured PCCI of the passage, before yearend, of priority bills that business groups have been pushing to boost the economy and hasten recovery from the pandemic (see "Business groups assured: Priority bills to pass," BusinessMirror, August 4, 2022). Photo shows Speaker Romualdez (3rd from right) receiving the token of appreciation from PCCI officials (from left) Chairman William Co, Honorary Chair Ma. Alegria Sibal Limjoco, President George Barcelon, Honorary Chair and Treasurer Sergio Ortiz Luis Jr. and VP for regional affairs Nina Mangio during the event. Contributed photo

electricity loads and storing unstable energy supply coming from the sun and other renewable sources of energy which we are looking to utilize for the airport,” Ang said. San Miguel Corp.’s (SMC) international gateway project in Bulacan is seen to not only solve the worsening airport and traffic congestion in Metro Manila and give the Philippine economy a major boost. It is projected to generate trillions of dollars in economic activity and job opportunities, potentially contributing about 9 percent to GDP by 2025. Estimated annual impact to the economy would amount to nearly P900 billion. SMC has also invested significantly in battery storage technology in various parts of the country to help stabilize power grids, minimize power wastage and provide reliable and affordable electricity coming from a mix of renewable and traditional sources. The technology is seen to significantly encourage the use of more renewable energy in the long term, as storing power can address one of the main hindrances to wider adoption of renewable power, apart from high cost—that is, limited power source, such as sunlight or wind.

SPBBC eyes deal with Meralco

olar Philippines Batangas Baseload Corp. (SPBBC), a subsidiary of Solar Philippines, has offered to supply the Manila Electric Co. (Meralco) with up to 200 megawatts (MW) of solar-plus-storage hybrids that can provide baseload power. Meralco’s third-party bids and awards committee granted the original proponent status to SPBBC. It will source the 200MW from the 1800 MW of solar and 1800 MWh of battery storage that it is developing in Nasugbu, Tuy, and Balayan, Batangas. SPBBC's offer price is P4.65 per kilowatt hour (kWh) for 20 years, inclusive of valueadded tax and other charges. The rate, it claimed, is 20 to 40 percent cheaper than the cost of fossil fueled generation in the Philippines.

“We are grateful for this opportunity to show that solar with batteries can deliver cost-competitive baseload power. We thank Meralco for leading the market in the adoption of renewable energy, and look forward to realizing this project for the benefit of consumers,” said Solar Philippines founder Leandro Leviste. Meralco utility economics head Lawrence Fernandez said separately via Viber that the Third Party Bids and Awards Committee would have to be informed by Meralco if the terms of reference (TOR) had been submitted to the Department of Energy (DOE) for approval. “A competitive selection process can be initiated only after the DOE approves the proposed TOR,” he said. Lenie Lectura

Companies BusinessMirror

Monday, August 8, 2022

Megaworld REIT’s income hits ₧638M in April-June

By VG Cabuag @villygc

REIT Inc., the real estate investment trust (REIT) of Megaworld Corp., said its distributable income reached P638 million in the second quarter. The company, which was just formed in the third quarter of 2021, said it closed the second quarter with a revenue of P893 million and a net income of P677 million. Both figures were 1 percent lower than the first quarter’s revenue of P901.56 million and net income of P687.17 million. Occupancy, meanwhile, registered a high of 96 percent as new contracts have been secured

during the second quarter, the company said. MREIT’s board also approved the declaration of dividends amounting to P0.2468 per share, which is 1.6 percent higher than the previous quarter. This brings the company’s annualized dividend yield to 6.2 percent. “We remain focused on delivering attractive returns to MREIT investors. We continue to manage our assets proactively,

mutual funds

STOCK-MARKET OUTLOOK Last week Share prices gained for the third straight week, with the main index reaching the 6,400-point level, mainly on bargain hunting. The benchmark Philippine Stock Exchange index gained 89.57 points to close at 6,405.50 points. The main index was down at the start of the week, but gained for three straight sessions, declining only on Friday, when the government reported that the country's inflation rate reached 6.4 percent in July, the highest in four years. The figure also exceeded the market consensus of about 6.2 percent. Analysts said the market had already priced in the July inflation rate, and that there was optimism from investors after the Bangko Sentral ng Pilipinas (BSP) hinted that the increase in interest rate by 50- to 75-basis points during its policy meeting later this month may be the last for the year. Average daily trading value for the week was higher at P6.71 billion, but mainly as a result of Friday's higher volume of trade valued at P12 billion, as investors made their asset trade ahead of the rebalancing of the benchmark index on Monday. All other sub-indices ended mixed. The broader All Shares index gained 33.24 points to 3,432.06 points, the Financials index lost 11.76 to 1,520.62, the Industrial index surged 331.30 to 9,593.71, the Holding Firms index climbed 137.47 to 6,072.20, the Property index added 25.83 to 2,858.04, the Services index fell 0.54 to 1,673.71 and the Mining and Oil index retreated 3.51 to 11,439.19. For the week, losers edged gainers 101 to 114 and 29 shares were unchanged. Top gainers were Concrete Aggregates Corp. B, Forum Pacific Inc., ACE Enexor Inc., Atok-Big Wedge Co. Inc., Ayala Corp. and Vantage Equities Inc. Top losers were Imperial Resources Inc., Liberty Flour Mills Inc., Philweb Corp., iPeople Inc., Security Bank Corp. and SFA Semicon Philippines Corp.

This week Share prices may continue to decline this week after three consecutive weeks of increases.

which allowed us to register net positive take-up in our portfolio,” said Kevin Andrew L. Tan, the company’s president and CEO. This period’s performance does not yet include additional income arising from the recently announced property-for-share swap transaction, the company said. Last April, MREIT announced the acquisition of an additional four properties worth P5.3 billion. The acquisition is still subject to the approval of the Securities and Exchange Commission. These properties are in two of Megaworld’s township developments in Iloilo Business Park in Mandurriao, Iloilo and McKinley West in Taguig. Once completed, the acquisition will expand MREIT’s portfolio gross leasable area by 16 percent to 325,000 square meters covering 18 office properties in four Megaworld developments.

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the market could move "on a cautious tone" as investors continue to digest the corporate earnings reports while at the same time, deal with monetary policy concerns. “Investors are also expected to watch out for our second quarter GDP data and June labor data for clues on the health of our economy. The robust first half corporate results may still give investors’ sentiment a boost,” he said. “The market may deal with concerns over a possible aggressive policy action by the BSP in their meeting this August however following the July inflation print which came in at 6.4 percent. Concerns over a possible further aggressive tightening by the Federal Reserve may also weigh on sentiment following the US’ strong July jobs report." Broker 2TradeAsia said from the consumer standpoint, the mediumterm inflation outlook remains elevated, but on a long-term basis, supply drivers are looking to be more favorable for corporates. “The index seemingly moves from strength to strength; be reminded that there are timing differentials to macro-events, earnings and asset prices. While this makes market dilligence blurry, this opens opportunities to trade oversold but high quality securities. Aim for hopeful but informed farsightedness,” it said The main index support is now seen at 6,400 points while resistance is seen at 6,500 to 6,600 points.

Stock picks Broker COL Financials Inc. picked real estate investment trust (REIT), such as MREIT Inc. and Citicore Energy REIT Corp. (CREIT), and other fixedincome paper, as their favorites as these will perform better than other stocks. “This is because of course, as interest rates go up and you have an expectation to get a fixed income from bonds and REITs. Automatically their price will go up. I say if you're going to buy other alternatives with yields, you won't get the same price,” April Lynn Tan, the broker's chief equity strategist said. “If I were to buy an asset class or if I were forced to pick an asset class probably I would buy bonds and REITs. First I will prioritize them, because they would perform better than common stocks,” she said. “So looking at common stocks, what I would do first, probably I would take profits on commodities because as you can see commodity prices are going down." Mreit shares closed Friday at P15.70 apiece and CR EIT shares were last traded at P2. 39 apiece. VG Cabuag

PSE STOCK QUOTATIONS FINANCIALs

Cocolife Dollar Fund Builder, Inc. -a $0.03442 -10.53% -3% -0.81% -9.28% PAMI Asia Balanced Fund, Inc. -b $0.9173 -16.9% -2.52% -1.9% -14.04% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.0754 -14.76% 2.51% 3.18% -15.13% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.0409 -13.77% -0.95% 0.32% -13.16% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 375.22 0.55% 2.13% 2.33% 0.25% ATRAM Corporate Bond Fund, Inc. -a 1.8974 -1.45% -0.17% 0.15% 0.67% Cocolife Fixed Income Fund, Inc. -a 3.2479 0.38% 2.02% 3.3% 0.12% Ekklesia Mutual Fund Inc. -a 2.1943 -3.36% -0.19% 0.82% -2.54% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4093 -1.51% 1.01% 1.73% -4.21% Philam Bond Fund, Inc. -a 4.2106 -6.39% -0.43% 0.63% Philam Managed Income Fund, Inc. -a 1.3132 -0.55% 2.2% 2.66% -0.45% Philequity Peso Bond Fund, Inc. -a 3.9023 -2.08% 1.58% 2.34% -1.6% Soldivo Bond Fund, Inc. -a 1.0168 -2.35% 2.31% 1.83% -1.11% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1546 -2.14% 1.56% 2.74% -1.03% Sun Life Prosperity GS Fund, Inc. -a 1.7058 -2.83% 0.69% 2.05% -1.43% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $482.52 -1.01% 1.55% 1.74% -1.44% ALFM Euro Bond Fund, Inc. -a Є211.58 -3.98% -1.17% -0.06% -3.83% -2.39% -0.41% -8.23% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1048 -8.21% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0243 -7.25% -1.85% -0.49% PAMI Global Bond Fund, Inc -b $0.922 -12.71% -5.46% -3.08% -9.86% Philam Dollar Bond Fund, Inc. -a $2.2663 -10.14% -1.44% 0.28% -9.55% Philequity Dollar Income Fund Inc. -a $0.0604729 -4.1% 0.51% 1.09% -2.92% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.8704 -10.47% -2.77% -0.99% -10.19% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 132.42 1.53% 2.18% 2.55% 0.94% First Metro Save and Learn Money Market Fund, Inc. -a 1.065 1.04% 1.51% n.a. Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3279 1.59% 2.05% 2.46% 0.93% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0648 0.63% 1.11% n.a. 0.4% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund Inc. -a 45.5868 n.a. n.a. n.a. n.a. Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.2897 -1.71% n.a. n.a. Primarily invested in foreign currency securities (units)

ASIA UNITED 43.5 44.8 44.85 44.85 43.4 43.5 1,200 52,730 116.6 116.9 118 119.6 115.6 116.9 4,672,600 546,823,025 56,816,416 BDO UNIBANK 8.4 8.44 8.2 8.44 8.2 8.44 134,000 1,123,367 (43,044) BANK COMMERCE 94.1 95.75 94 97 93.3 95.75 2,165,710 205,500,030 74,623,711 BANK PH ISLANDS 27.5 27.7 27.5 27.7 27.5 27.55 57,900 1,595,225 19,390 CHINABANK 6.82 6.84 6.8 6.9 6.8 6.84 22,800 156,585 (71,760) EAST WEST BANK 47.7 48.5 49.15 49.6 47.7 47.7 2,052,000 98,839,805 2,108,275 METROBANK 15.36 16 15.26 15.26 15.26 15.26 200 3,052 PBCOM 17.42 17.5 17.52 17.96 17.44 17.5 263,500 4,611,584 108,600 PHIL NATL BANK 55.4 56.9 57 57 55.3 55.35 1,650 91,872 PSBANK 19.6 19.9 19.6 19.92 19.6 19.6 12,400 244,086 5,976 RCBC 82 82.5 82.5 83.95 80 82 29,193,530 2,378,773,806 (490,025,639) SECURITY BANK 78 78.45 76 78 75.4 78 297,300 22,880,838 10,356,398 UNION BANK 0.62 0.68 0.62 0.62 0.62 0.62 5,000 3,100 FIRST ABACUS 925 935 925 925 925 925 20 18,500 18,500 MANULIFE 163.5 165 166.2 167 165 165 2,250 372,594 (354,328) PHIL STOCK EXCH VANTAGE 0.73 0.82 0.82 0.82 0.82 0.82 10,000 8,200 INDUSTRIAL ACEN CORP 8.74 8.86 8.7 8.86 8.67 8.86 53,683,400 473,791,150(67 ,660,911.9998) 0.93 0.94 0.94 0.94 0.94 0.94 89,000 83,660 ALSONS CONS 31 31.5 32.5 32.5 31 31 1,803,600 56,994,005 3,555,015 ABOITIZ POWER 1.73 1.74 1.8 1.8 1.73 1.73 4,599,000 8,037,680 5,200 RASLAG 0.39 0.395 0.41 0.41 0.395 0.395 8,210,000 3,277,600 (65,000) BASIC ENERGY 17.02 17.1 17.22 17.3 17.02 17.02 244,300 4,190,308 ( 179,441.9999) FIRST GEN 63.1 64 64 64 64 64 460 29,440 FIRST PHIL HLDG 316 317 319 324.4 316 316 541,960 172,627,756 (40,156,488) MERALCO 14.78 14.8 14.84 14.88 14.6 14.8 643,500 9,524,486 (4,862,840) MANILA WATER 2.83 2.84 2.92 2.95 2.83 2.83 1,777,000 5,121,060 (3,457,080) PETRON 4.75 4.94 4.9 4.9 4.9 4.9 2,000 9,800 PETROENERGY 9.4 9.49 9.4 9.49 9.4 9.49 116,500 1,097,440 PHX PETROLEUM 12.22 12.28 12.32 12.36 12.2 12.22 748,400 9,180,298 1,070,244 SYNERGY GRID 17.98 18 17.9 17.98 17.82 17.98 34,900 625,840 PILIPINAS SHELL 10.64 10.7 10.5 10.72 10.48 10.64 362,700 3,826,868 SPC POWER SOLAR PH 1.61 1.62 1.61 1.62 1.6 1.62 11,601,000 18,619,840 (792,020) AGRINURTURE 5.66 5.67 5.59 5.68 5.49 5.67 1,531,100 8,633,721 192,880 AXELUM 2.5 2.54 2.54 2.6 2.5 2.5 223,000 560,630 (215,700) CNTRL AZUCARERA 9.22 10.3 10.12 10.2 10.04 10.04 2,600 26,376 25 25.15 25.35 25.4 24.8 25 935,700 23,482,415 1,680,735 CENTURY FOOD DEL MONTE 13.56 13.82 13.56 13.56 13.5 13.56 26,000 351,932 (67,600) DNL INDUS 7 7.02 7.1 7.11 7 7 2,103,900 14,809,378 6,758,272 EMPERADOR 19.02 19.24 19.2 19.26 19.02 19.02 3,064,600 58,781,328 13 ,208,320.0004 SMC FOODANDBEV 45.95 46.1 46 47.45 45.95 45.95 203,100 9,390,710 (6,559,020) FIGARO COFFEE 0.63 0.64 0.67 0.68 0.63 0.63 48,826,000 31,520,640 315,300 ALLIANCE SELECT 0.53 0.55 0.57 0.57 0.55 0.55 2,000 1,120 1.02 1.03 1.04 1.06 1.03 1.03 2,117,000 2,207,230 FRUITAS HLDG 100.1 102.1 101 102.1 100 102.1 6,090 615,169 50,500 GINEBRA JOLLIBEE 214.8 215 212 216.4 212 214.8 963,460 207,132,916 111,539,902 KEEPERS HLDG 1.17 1.18 1.17 1.18 1.17 1.17 758,000 887,460 670,410 MAXS GROUP 4.51 4.55 4.5 4.5 4.5 4.5 12,000 54,000 15.58 15.8 15.48 15.8 15.06 15.8 20,841,200 326,475,690 72,756,524 MONDE NISSIN 7 7.17 7.2 7.2 6.96 7 107,700 756,590 SHAKEYS PIZZA 0.59 0.61 0.6 0.61 0.59 0.61 155,000 93,710 ROXAS AND CO 3.86 3.9 3.85 3.85 3.85 3.85 8,000 30,800 26,950 RFM CORP 0.085 0.094 0.085 0.085 0.085 0.085 550,000 46,750 SWIFT FOODS 122.6 124.8 124.6 125.8 122.6 122.6 2,446,750 303,283,944 176,705,720 UNIV ROBINA 0.59 0.61 0.59 0.59 0.59 0.59 16,000 9,440 VITARICH 2.43 2.67 2.67 2.67 2.67 2.67 11,000 29,370 VICTORIAS 0.7 0.71 0.69 0.7 0.68 0.7 2,789,000 1,940,820 945,009.9998 CEMEX HLDG 14.32 14.36 14.3 14.38 14 14.32 196,400 2,806,280 (1,797,146) EAGLE CEMENT 3.32 3.34 3.48 3.48 3.32 3.34 25,000 84,400 (16,600) EEI CORP 4.48 4.5 4.5 4.5 4.5 4.5 168,000 756,000 HOLCIM 4.25 4.38 4.36 4.43 4.25 4.25 207,000 889,240 (13,049.9999) MEGAWIDE 19.18 19.26 19.26 19.26 19.26 19.26 1,000 19,260 PHINMA 0.64 0.71 0.63 0.73 0.63 0.71 6,000 4,120 TKC METALS VULCAN INDL 0.84 0.86 0.89 0.89 0.84 0.84 1,777,000 1,524,410 1.4 1.42 1.42 1.42 1.4 1.4 13,000 18,420 CROWN ASIA 5.29 5.47 5.29 5.29 5.29 5.29 1,300 6,877 PRYCE CORP 17.94 18.2 18.38 18.38 18.38 18.38 400 7,352 CONCEPCION 1.66 1.67 1.7 1.71 1.66 1.67 4,531,000 7,610,770 17,100 GREENERGY INTEGRATED MICR 7.02 7.08 7.12 7.15 7 7.08 207,000 1,466,579 0.64 0.68 0.67 0.69 0.65 0.69 155,000 102,820 IONICS 5.74 5.75 5.74 5.74 5.74 5.74 3,600 20,664 PANASONIC 1.45 1.48 1.47 1.51 1.43 1.45 956,000 1,416,960 (112,400) SFA SEMICON CIRTEK HLDG 3.08 3.15 3.15 3.2 3.09 3.09 1,796,000 5,620,030 25,540

HOLDING & FRIMS

August 5, 2022

ATRAM AsiaPlus Equity Fund, Inc. -b $0.9076 -24.4% -1.52% -2.64% -19.43% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5162 -16.66% 4.97% 5.02% -17.88% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.5781 -4.35% -3.73% -2.32% -6.73% ATRAM Philippine Balanced Fund, Inc. -a 2.1385 -1.01% -3.28% -2.01% -6.27% -2.36% -1.03% -6.34% First Metro Save and Learn Balanced Fund Inc. -a 2.5203 -0.27% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1954 5.11% n.a. n.a. NCM Mutual Fund of the Phils., Inc. -a 1.8914 -1.08% -1.39% -0.14% -6.21% PAMI Horizon Fund, Inc. -a 3.4285 -4.79% -3.73% -1.72% -8.94% Philam Fund, Inc. -a 15.1285 -6.17% -4.31% -2.1% -10.19% Solidaritas Fund, Inc. -a 1.9654 -2.27% -3.43% -1.76% -7.35% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3133 -3.72% -5.86% -2.67% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8711 2.16% -5.04% -2.02% -8.71% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9203 -4.9% -4.06% n.a. -7.02% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8336 -4.84% -7.02% n.a. -11.74% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8216 -4.4% -7.37% n.a. -12.02% Primarily invested in foreign currency securities (shares)

August 5, 2022

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell)

In May, Tan announced that Megaworld will infuse another P15 billion worth of commercial assets into MREIT. “For our next infusion, we are already considering properties from townships in key growth areas outside of Metro Manila where MREIT does not have a presence yet. This will further diversify our portfolio and allow us to tap into other growth centers around the country,” he said. “In line with our vision, we prepared a roadmap that calls for the expansion of MREIT’s property portfolio to 1 million square meters before the end of the decade. Given our access to Megaworld’s extensive office portfolio amounting to 1.4 million square meters, we believe that this is achievable. In 2022 alone, we are looking to acquire up to P20 billion worth of office properties from our sponsor.”

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds Primarily invested in Peso securities (shares) ALFM Growth Fund, Inc. -a 205.15 -3.3% -8.67% -5.55% -11.99% ATRAM Alpha Opportunity Fund, Inc. -a 1.3364 -3.74% -6.85% -3.48% -19.7% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8445 -2.6% -12.08% -7.97% -12.15% Climbs Share Capital Equity Investment Fund Corp. -a 0.7007 -5.04% -10.5% -7% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6746 -7.16% -9.01% n.a. -12.49% -0.52% First Metro Save and Learn Equity Fund,Inc. -a 4.6521 -5.89% -3.7% -10.24% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6956 -0.59% -8.14% -6.28% PAMI Equity Index Fund, Inc. -a 42.7546 -1.27% -7.23% -3.89% -11.16% Philam Strategic Growth Fund, Inc. -a 439.32 -3.73% -7.73% -4.29% -12.26% Philequity Dividend Yield Fund, Inc. -a 1.2173 9.16% -3.58% -1.45% -10.25% Philequity Fund, Inc. -a 32.4751 -0.6% -6.54% -3.06% -11.26% Philequity MSCI Philippine Index Fund, Inc. -a 0.8444 -0.08% -7.54% n.a. -10.3% Philequity PSE Index Fund Inc. -a 4.4269 -0.32% -6.62% -3.25% -10.76% Philippine Stock Index Fund Corp. -a 737.99 -0.71% -6.67% -3.31% -10.92% Soldivo Strategic Growth Fund, Inc. -a 0.6506 -4.08% -12.01% -6.36% -13.55% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2898 -3.51% -9.59% -4.97% -12.86% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8399 -1.04% -6.96% -3.57% United Fund, Inc. -a 3.0696 -0.93% -7% -2.84% -10.7% Primarily invested in Peso securities (units) Philequity Alpha One Fund, Inc. -a 1.0193 -3.77% n.a. n.a. -12.33% Philippine Stock Index Fund Corp. -a 898.16 n.a. n.a. n.a. n.a. Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 99.4473 -0.35% -6.47% -2.94% -10.79% Primarily invested in foreign currency securities (shares)

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-7.38%

-11.2%

-11.07%

-6.51%

-9.15%

-0.69%

-6.54%

0.69%

-6.74%

ABACORE CAPITAL 2.11 2.12 2.13 2.15 2.1 2.12 9,071,000 19,260,370 10,976,290 692 697 685 703 683 697 1,631,810 1,136,283,560 (247,247,875) AYALA CORP 58.2 59 59 59.5 58.2 58.2 1,574,340 92,194,755 12,819,069 ABOITIZ EQUITY 9.31 9.36 9.62 9.65 9.12 9.31 6,690,400 62,169,098(16 ,954,193.9996) ALLIANCE GLOBAL 8.3 8.78 8.79 8.79 8.79 8.79 10,100 88,779 (88,778.9998) ANSCOR 0.73 0.78 0.76 0.76 0.76 0.76 5,000 3,800 ANGLO PHIL HLDG 0.395 0.405 0.385 0.4 0.38 0.4 1,870,000 736,300 ATN HLDG A 4.3 4.34 4.32 4.35 4.29 4.34 919,000 3,962,880 (647,790) COSCO CAPITAL 9.22 9.23 9.29 9.31 9.21 9.23 3,494,300 32,320,718 7 ,740,679.9999 DMCI HLDG 6.9 7.07 6.9 6.9 6.9 6.9 32,200 222,180 FILINVEST DEV 0.204 0.27 0.25 0.25 0.25 0.25 200,000 50,000 FORUM PACIFIC 451.8 455 458.8 464.6 451.6 451.8 193,430 88,014,822 (7,374,252) GT CAPITAL 53.75 54 55 55.45 53.6 53.75 1,814,340 97,611,090 24,783,451.5 JG SUMMIT 0.54 0.57 0.55 0.56 0.54 0.56 194,000 107,670 LODESTAR 3 3.05 2.98 3.08 2.98 3.08 70,000 210,580 (21,210) LOPEZ HLDG 8.5 8.6 8.6 8.76 8.5 8.5 5,342,100 45,934,273 (4,211,215) LT GROUP METRO PAC INV 3.53 3.58 3.64 3.68 3.53 3.53 37,817,000 135,128,290 24,144,090 PRIME MEDIA 2.03 2.07 2.08 2.1 2.02 2.03 168,000 344,250 0.83 0.84 0.83 0.83 0.82 0.83 79,000 65,050 9,130 SOLID GROUP SM INVESTMENTS 779 780 792 798 770.5 780 630,640 492,313,385 (25,102,745) SAN MIGUEL CORP 100.5 101.7 104.8 105 100.3 100.5 2,395,900 241,011,973 204,403,813 TOP FRONTIER 106.5 115 115 115 115 115 500 57,500 PROPERTY ARTHALAND CORP 0.53 0.54 0.53 0.53 0.53 0.53 12,000 6,360 25.85 25.9 26.2 26.5 25.7 25.9 11,883,400 309,114,530 52,068,380 AYALA LAND 3.25 3.27 3.28 3.32 3.24 3.27 531,000 1,740,940 3,280 AYALA LAND LOG 13.38 14.1 13.34 13.36 13.34 13.36 9,300 124,214 ALTUS PROP 1.3 1.34 1.37 1.37 1.29 1.3 357,000 466,890 ARANETA PROP 36 36.65 36.7 36.8 36 36 639,600 23,343,670 (559,605) AREIT RT 0.74 0.77 0.74 0.74 0.74 0.74 79,000 58,460 A BROWN 0.67 0.7 0.67 0.7 0.67 0.7 5,000 3,380 CITYLAND DEVT 0.081 0.084 0.081 0.084 0.081 0.084 20,000 1,650 CROWN EQUITIES 2.43 2.45 2.45 2.45 2.43 2.43 340,000 827,300 (24,500) CEB LANDMASTERS 0.38 0.385 0.38 0.38 0.38 0.38 120,000 45,600 CENTURY PROP 2.38 2.39 2.4 2.41 2.39 2.39 8,108,000 19,416,860 1,039,600 CITICORE RT 7.4 7.41 7.37 7.6 7.31 7.41 46,900 345,954 (1,351) DOUBLEDRAGON 1.5 1.52 1.51 1.53 1.5 1.5 3,796,000 5,702,730 900,610 DDMP RT 6.86 6.87 6.87 6.87 6.86 6.87 39,700 272,727 DM WENCESLAO EMPIRE EAST 0.195 0.209 0.209 0.209 0.209 0.209 10,000 2,090 0.285 0.3 0.295 0.305 0.29 0.3 6,200,000 1,838,500 EVER GOTESCO 6.77 6.79 6.8 6.8 6.78 6.79 1,491,000 10,128,200 (4,077,720) FILINVEST RT FILINVEST LAND 0.91 0.92 0.91 0.92 0.91 0.92 2,392,000 2,198,750 (1,226,790) GLOBAL ESTATE 0.85 0.86 0.86 0.86 0.86 0.86 1,000 860 9.21 9.58 9.28 9.6 9.2 9.6 23,900 223,965 8990 HLDG 623 670 653 670 632.5 670 460 305,920 (67,000) GOLDEN MV PHIL INFRADEV 1 1.03 1.03 1.03 1 1 66,000 66,760 2,020 CITY AND LAND 0.7 0.72 0.72 0.72 0.7 0.72 15,000 10,560 2.26 2.28 2.37 2.41 2.26 2.26 37,016,000 85,908,850 (17,859,890) MEGAWORLD MRC ALLIED 0.178 0.18 0.177 0.18 0.177 0.178 260,000 46,560 15.7 15.88 16 16.02 15.7 15.7 497,600 7,877,978 (5,581,130) MREIT RT PHIL ESTATES 0.37 0.385 0.37 0.37 0.37 0.37 200,000 74,000 2.25 2.26 2.27 2.29 2.24 2.26 567,000 1,292,380 (684,000) PRIMEX CORP RL COMM RT 6.37 6.4 6.39 6.45 6.37 6.4 4,124,300 26,443,135 (8,619,048) ROBINSONS LAND 17 17.08 17.9 17.9 17 17 4,750,700 81,202,702 (10,663,754) 0.211 0.225 0.211 0.225 0.211 0.225 2,050,000 436,050 PHIL REALTY 2.57 2.59 2.57 2.59 2.57 2.57 21,000 54,070 SHANG PROP 3.01 3.02 3.02 3.02 3.01 3.02 7,000 21,110 STA LUCIA LAND 36.7 36.8 37.5 37.5 36.7 36.7 8,246,900 304,225,565 31,085,035 SM PRIME HLDG 1.02 1.04 1.02 1.04 1.02 1.04 82,000 83,680 SUNTRUST RESORT 1.93 1.94 1.94 1.94 1.92 1.94 1,717,000 3,316,650 (1,590,050) VISTA LAND 1.73 1.74 1.75 1.75 1.74 1.74 158,000 274,960 17,400 VISTAREIT RT SERVICES ABS CBN 10.2 10.3 10.8 10.8 10.02 10.2 582,100 6,088,314 10.82 10.84 10.68 10.84 10.68 10.84 312,200 3,369,128 GMA NETWORK 0.32 0.35 0.32 0.355 0.32 0.355 30,000 9,950 MANILA BULLETIN 7.01 8.3 8 8.49 8 8.49 200 1,649 MLA BRDCASTING 2,010 2,040 2070 2,082 2,010 2,010 55,940 113,667,970 (38,455,950) GLOBE TELECOM 1,710 1,720 1770 1,770 1,710 1,710 112,585 194,170,680 (28,190,630) PLDT 0.034 0.035 0.035 0.035 0.034 0.035 72,400,000 2,508,300 10,200 APOLLO GLOBAL 19.98 20 20 20.25 19.88 20 23,725,900 475,727,425 94,505,480 CONVERGE 3.23 3.24 3.3 3.3 3.21 3.24 161,000 520,940 57,960 DFNN INC 3.83 3.84 3.78 3.86 3.78 3.83 2,965,000 11,300,310 3,748,230 DITO CME HLDG 1.13 1.14 1.18 1.18 1.12 1.14 2,956,000 3,389,140 8,180 NOW CORP 0.27 0.275 0.275 0.275 0.265 0.27 1,550,000 418,200 224,100 TRANSPACIFIC BR 6.23 6.37 6.26 6.47 6.23 6.42 35,900 225,202 2GO GROUP 1.15 1.2 1.15 1.23 1.15 1.16 222,000 261,790 CHELSEA 42.7 42.85 41.95 43 41.7 42.85 124,600 5,317,435 2 ,622,925.0002 CEBU AIR INTL CONTAINER 184.6 186 188.1 188.1 184.6 184.6 1,739,100 322,922,346 (64,662,425) LBC EXPRESS 18.22 21.7 18.22 18.22 18.22 18.22 100 1,822 4.23 4.24 4.3 4.32 4.22 4.24 486,000 2,072,220 MACROASIA 5.8 5.9 5.88 5.91 5.8 5.8 79,800 467,062 58,288 PAL HLDG HARBOR STAR 1.2 1.21 1.17 1.22 1.16 1.21 2,689,000 3,234,690 0.075 0.076 0.077 0.077 0.075 0.075 17,110,000 1,296,200 BOULEVARD HLDG 1.74 1.76 1.7 1.74 1.7 1.74 103,000 178,100 DISCOVERY WORLD 6.02 6.2 6.04 6.2 6.02 6.02 23,700 143,508 IPEOPLE 0.32 0.33 0.33 0.33 0.32 0.32 50,000 16,250 (9,700) STI HLDG BELLE CORP 1.17 1.18 1.19 1.19 1.18 1.18 400,000 473,200 6.17 6.2 6.25 6.3 6.17 6.2 810,500 5,069,333 2,627,948 BLOOMBERRY LEISURE AND RES 1.38 1.39 1.4 1.4 1.38 1.38 396,000 550,620 0.76 0.77 0.77 0.78 0.75 0.77 594,000 457,320 PH RESORTS GRP 0.415 0.425 0.42 0.42 0.415 0.42 1,370,000 574,650 33,600 PREMIUM LEISURE PHILWEB 2.88 2.89 3 3.01 2.86 2.88 5,243,000 15,268,280 (2,322,340) ALLDAY 0.305 0.31 0.32 0.325 0.305 0.31 12,350,000 3,865,600 35,900 5.62 6 6 6 6 6 100 600 BERJAYA 4.9 4.98 4.86 5 4.85 4.9 347,000 1,722,250 104,230 ALLHOME 1.45 1.47 1.45 1.48 1.45 1.48 367,000 534,770 METRO RETAIL 31.65 31.75 31.75 32 31.55 31.65 2,321,500 73,590,105 15,747,370 PUREGOLD 60.8 61 59.9 61.05 59.9 61 995,110 60,502,903.5 51,548,226 ROBINSONS RTL 64.5 65 64 66.5 64 65 9,390 608,245 583,005 PHIL SEVEN CORP 1.41 1.43 1.44 1.45 1.4 1.43 1,259,000 1,789,960 123,820 SSI GROUP 27.5 27.85 28.1 28.2 27.25 27.5 986,800 27,326,180 1,035,370 WILCON DEPOT 0.2 0.218 0.2 0.2 0.2 0.2 160,000 32,000 APC GROUP 0.75 0.76 0.77 0.78 0.75 0.75 424,000 319,990 (23,100) MEDILINES 0.395 0.405 0.4 0.41 0.395 0.395 2,280,000 904,700 98,550 PRMIERE HORIZON MINING & OIL ATOK 7.86 7.92 7.6 8.05 7.6 7.92 558,300 4,438,012 1.59 1.6 1.6 1.62 1.58 1.59 603,000 957,930 4,780 APEX MINING 4.65 4.68 4.75 4.75 4.65 4.68 357,000 1,673,740 ATLAS MINING 5 5.02 4.93 5 4.93 5 15,000 74,237 BENGUET A 4.94 5 4.94 4.94 4.94 4.94 2,200 10,868 BENGUET B 2.72 2.73 2.7 2.73 2.7 2.73 370,000 1,009,700 CENTURY PEAK 2.32 2.34 2.39 2.39 2.31 2.34 545,000 1,270,370 (14,340) FERRONICKEL 0.174 0.182 0.172 0.172 0.172 0.172 200,000 34,400 GEOGRACE 0.136 0.139 0.14 0.14 0.135 0.139 720,000 98,440 LEPANTO A 0.134 0.138 0.135 0.135 0.135 0.135 460,000 62,100 (62,100) LEPANTO B 0.0095 0.0097 0 0.0095 0.0095 0.0095 0.0095 2,000,000 19,000 MANILA MINING A 1.34 1.37 1.42 1.43 1.34 1.34 1,407,000 1,941,580 35,510 MARCVENTURES 0.9 0.94 0.9 0.9 0.9 0.9 1,000 900 NIHAO 5.53 5.59 5.92 5.96 5.43 5.53 4,710,000 26,806,218 (6,902,644) NICKEL ASIA 0.77 0.79 0.77 0.8 0.77 0.77 165,000 127,170 ORNTL PENINSULA PX MINING 3.16 3.17 3.16 3.2 3.15 3.17 2,361,000 7,496,410 (1,050,690) SEMIRARA MINING 40.9 41 40.9 41.05 39.95 41 54,371,500 2,224,589,025 25,619,945 UNITED PARAGON 0.0058 0.0059 0 0.0059 0.0059 0.0059 0.0059 2,000,000 11,800 15.72 15.98 15.64 16 15.16 15.98 582,400 9,161,490 396,202 ACE ENEXOR ORNTL PETROL A 0.011 0.012 0.011 0.011 0.011 0.011 34,000,000 374,000 0.011 0.012 0.011 0.012 0.011 0.012 11,600,000 133,400 ORNTL PETROL B 0.009 0.0091 0 0.0089 0.0091 0.0089 0.0091 14,000,000 126,500 (9,000) PHILODRILL PXP ENERGY 5.36 5.4 5.34 5.56 5.34 5.4 238,600 1,296,469 PREFFERED AC PREF B1 500 505 500 500 500 500 1,890 945,000 505 508.5 505 505 505 505 200 101,000 ALCO PREF D 497 499 500 500 500 500 100 50,000 AC PREF B2R 41.5 42.25 42 42.3 41.5 42.25 34,500 1,449,665 (46,200) CEB PREF 98 99 99 99 98 98 150 14,830 DD PREF 106 107 106 107 106 106 2,000 212,050 EEI PREF B 955 978 952 975 950 955.5 15,300 14,637,270 JFC PREF B 78.5 80 79.95 79.95 79.95 79.95 1,900 151,905 PNX PREF 3B 705.5 735 737 737 733 733 670 491,600 PNX PREF 4 1,053 1,055 1053 1,055 1,053 1,055 2,815 2,969,705 PCOR PREF 3B 75.8 76 76 76 76 76 4,970 377,720 SMC PREF 2F 75.1 75.45 75.3 75.45 75.1 75.1 34,690 2,611,587 (1,911,300) SMC PREF 2H 75.5 77 77 77 77 77 1,150 88,550 SMC PREF 2I 73.9 74 73.9 74 73.9 74 13,600 1,006,168 SMC PREF 2J 71.65 73.8 73 73.85 73 73.85 96,650 7,132,197.5 SMC PREF 2K

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR 9.9 10.1 9.59 10.22 9.59 10.1 79,500 793,335 (44,045) 10.4 10.5 10.48 10.5 10.32 10.5 59,900 628,764 (2,068) GMA HLDG PDR

WARRANTS

ALFM Global Multi-Asset Income Fund Inc. -a $0.8438 -14.77% n.a. n.a. -13.01% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. 1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.). 2 - Adjusted due to stock dividend issuance last November 25, 2021. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.pifa.com.ph to see the latest NAVPS/NAVPU."

TECH WARRANT 0.66 0.67 0.68 0.69 0.67 0.67 166,000 111,990

SMALL & MEDIUM ENTERPRISES

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

0.7 1.02 0.85 0.69 1.24 0.295

0.72 1.04 0.87 0.7 1.25 0.31

0.66 1.05 0.87 0.71 1.24 0.31

0.72 1.05 0.87 0.71 1.25 0.31

0.63 1.02 0.85 0.69 1.23 0.31

0.72 1.04 0.87 0.69 1.24 0.31

18,785,000 5,310,000 88,000 282,000 1,736,000 10,000

12,883,320 5,496,480 76,040 197,750 2,160,150 3,100

30,760 101,800 (93,750) 2,410 -

EXHANGE TRADE FUNDS FIRST METRO ETF

98.4

99.8

100

98.4

24,860

2,444,881.5

81,800.5

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

DOF, DBM asked to ensure funding for doubled pension of 4M elderly By Jovee Marie N. dela Cruz @joveemarie

senior lawmaker on Sunday appealed to the Department of Finance (DOF) and Department of Budget and Management (DBM) to exert their “optimum effort” in looking for enough funds to carry out fully beginning this year a new amendatory law doubling to P1,000 the monthly social pension of more than 4 million indigent elderly Filipinos. Camarines Sur Rep. LRay F. Villafuerte also asked the DOF and DBM to ensure the sustainability of this subsidy increase in 2023 at least—as provided for in the new measure that lapsed into law under Republic Act (RA) 11916. “We are appealing to the DOF and DBM to apply their optimum effort in rummaging for funds in the national government’s available appropriations for the remainder of 2022 or to realign accessible outlays in the national budget to fund the increase in the monthly pension of senior citizens from P500 to the adjusted amount of P1,000 as set by RA 11916,” Villafuerte said. A co-author of RA 11916 that mandates the pension hike to the elderly, Villafuerte also asked members of the House of Representatives and Senate to “make sure that the Marcos administration has the wherewithal to bankroll this pension hike for indigent Filipino seniors in the coming year by making it a point to tuck in the sufficient amount for this purpose in the proposed GAA for 2023, in support of the social welfare agenda of the President.” “It will be too bad,” he said, “if RA 11916, which Malacañang has

allowed to lapse into law, will end up being a great but unfunded program because the DOF and DBM had failed to identify funds for its implementation, even if indigent senior Filipinos are among the sectors in dire need of state subsidies to help them cope with soaring commodity prices and palliate the economic scarring caused by Covid-19.” RA 11916 amended RA 7432 that provided for a universal social pension for elderly Filipinos and RA 9994 that granted additional benefits and privileges to senior citizens. Villafuerte said the DOF and DBM face this tough task together as the Department of Social Welfare and Development (DSWD) was reported last week as requesting for additional funds for its cash aid program, as the P10 billion, thus far released to the DSWD, is insufficient for its targeted subsidies for different sectors. Social Welfare Assistant Secretary Rommel M. Lopez said the DBM and DOF need to provide more funds because the fund released so far for this Department—around P10 billion—is not enough. Villafuerte said the implementation of targeted subsidies is a must amid the pandemic-driven economic crunch as Socioeconomic Planning Secretary Arsenio M. Balisacan himself said the release of such cash aid to low-income families cushions the effect on them of the high prices of oil and other commodities. For her part, Budget Secretary Amenah F. Pangandaman said government economic managers would study the proposed measures on targeted cash transfers and “come up with a position at the right time. We will have to thoroughly study these

bills first to get the magnitude and if it’s consistent with the administration’s priority programs. We will be in close coordination with the rest of the members of the economic team—what we can do to respond to requested budget requirements, such as those created due to the enactment of new laws.” The law-mandated doubling of the monthly subsidy for the elderly will cost the government roughly P50 billion annually, given that there are already 4 million-plus beneficiaries and there will be a significant number of Filipinos who have turned or will turn 60 years old this and will hence be eligible for inclusion in this social pension program. Under this new law, private enterprises that will employ senior citizens as employees, upon the effectivity of this Act, shall be entitled to an additional deduction from their gross income, equivalent to 15 percent of the total amount paid as salaries and wages to these elderly workers, subject to the provisions of the National Internal Revenue Code, as amended, Villafuerte said. Villafuerte added that the law provides, though, that for these private employers to avail of this tax break, such employment shall continue for a period of at least 6 months, and that the annual income of these senior citizens do not exceed the latest poverty threshold as published by the Philippine Statistics Authority for that year. He said the new law provides for other release or distribution options for the pension other than a cash payout, the transaction fee of which will no longer be charged to the beneficiary-seniors.

Perspectives Future-ready supply chain: Transforming for agility, sustainability and customer centricity

ANDEMIC-induced disruption has profoundly impacted the future of Consumer Packaged Goods (CPG) supply chains. Customers are at the heart of this transformation. Having adapted to new ways of shopping, they now expect a personal, frictionless and consistent experience across all purchases. To meet these heightened expectations, CPG companies are being called upon to rise above their rigid supply chains and become agile, flexible and responsive, but it’s not easy. To get there, they’ll need to rethink their core processes, identify alternative distribution mechanisms, and embed new technologies to mitigate risk. By putting the customer first, using digital platforms and data effectively, and understanding the importance of sustainability, CPG leaders can take steps towards a customercentric and future-ready supply chain. There are three keys to supply chain transformation and these are the following:

Put the customer first

n Embed a customer-focused supply chain mindset across your organization; n Develop an omnichannel supply chain experience to support, inform and connect customers to products; n Explore new platforms and

business models such as sameday-delivery; and, n Identify new routes to market, embed micro supply chains, and consider new processes, suppliers, and technology.

Use digital platforms effectively

n Explore diverse digital platforms to innovate future supply chain pathways; n Look for collaboration between platforms for sharing data, resources and strategies; n Leverage interconnected platforms to act and respond quickly to customer demand and introduce new products faster; and, n Purchase parts of the supply chain from third parties including load sharing, network optimization and R&D as a service.

The importance of sustainability

Work towards cross-supply chain transparency and visibility; n Educate and work with third parties towards shared sustainability goals; n Understand the true flow of materials, making it easier to decarbonize, reduce energy and plastic and implement other sustainable practices; and, n Use transparency to empower consumers so they can make informed decisions. n

Supply chain transformation roadmap—your path to success

n Clarify your strategy. Consider how to develop organizational capabilities around your supply chain—build, borrow or buy? How will you define your Target Operating Model across people, processes, structure, technology, data, and governance? n Choose to diversify or streamline. While some CPG companies will find success in diversification, others will need to streamline product portfolios— identifying top priority SKUs by analyzing consumer purchase data, among other criteria. n Leverage data. From a customer perspective, the precision marketing model which CPG companies rely on is all about combining data and context to understand who and where the consumers are on their individual customer journeys.

The excerpt was taken from the KPMG Thought Leadership publication: “Transforming supply chains for agility, sustainability and customer-centric outcomes.” (https:// home.kpmg/au/en/home/insights/2022/07/ consumer-packaged-goods-supply-chaintransformation.html) ©2022R.G.Manabat&Co.,aPhilippinepartnership and a member-firm of the KPMG global organizationofindependentmember-firmsaffiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. For more information on KPMG in the Philippines, you may send a message via social media or visit www.home.kpmg/ph.

Editor: Dennis D. Estopace • Monday, August 8, 2022

Trader tied to bank hacking wins at CA

By Joel R. San Juan

@jrsanjuan1573

HE Court of Appeals (CA) has upheld its decision affirming the order of the Regional Trial Court of Manila City lifting the asset preservation orders (APOs) it issued against the bank accounts of casino junket operator Kam Sin Wong and several others on suspicion these accounts were used to launder the $81 million reserved funds stolen by hackers in 2016 from the Bank of Bangladesh. In a 2-page resolution issued by the CA’s former Special Second Division, the appellate court junked the motion for reconsideration filed by the AntiMoney Laundering Council (AMLC) seeking the reversal of its decision. The CA held that the AMLC failed to raise new arguments that would warrant the reconsideration of the said decision. “Once again, the Court made a careful and judicious study [of the ] merits of the case, in light of the respective arguments of petitioner in its motion for reconsideration of the Court’s Decision dated April 29, 2022, and private respondents in their comment [and/or] opposition to the motion,” the CA said. “The Court is not swayed to reconsider. The matters raised in the motion had been scrutinized, weighed and passed upon by the Court in said Decision. The motion, thus, fails to present any new and substantial matter, or any

cogent and compelling reason, which would justify reconsideration of the Court’s ruling,” it declared. In its decision, the CA found no grave abuse of discretion on the part of the Manila RTC in granting the plea by respondents Kam, his company Eastern Hawaii Leisure Co. Ltd., Qiaoqiao Wendy Wang and Dong Na Xu to free their bank accounts in the Philippine National Bank in its order issued on October 16, 2019. The CA ruling said the trial court did not gravely abuse its discretion in granting private respondents’ motions to discharge APOs. The trial court granted the respondents motion to discharge the APOs on the ground that the subject bank accounts were opened with Allied Banking Corp. (now PNB) before the hacking of the bank account of the Bangladesh Bank. It also noted that the AMLC failed

to prove that private respondents connived with PhilRem Service Corp. in committing an unlawful activity and that they had prior knowledge that the P1 billion remitted by the latter to their accounts belonged to the Bangladesh Bank. The trial court also pointed out that private respondents Kam and Eastern Hawaii Leisure Co. Ltd.’s act of surrendering to the AMLC the amounts of $4,630,000.00 and P488.28 million was an acknowledgment that the same were proceeds of the hacking of the bank account of the Bangladesh Bank. However, the trial court said “it could not be denied that such act was a demonstration” of the respondents’ good faith. The issuance of the APOs stemmed from the AMLC’s filing of a petition for civil forfeiture before the Manila RTC in 2016 in a bid to recover the funds stolen from the Bangladesh Bank. Despite the lifting of the APOs, the CA ordered the trial court to resolve with utmost dispatch the civil forfeiture case filed against the respondents and still pending before it. “Anent the contention that respondent trial court committed grave abuse of discretion in granting motions to discharge APO as there was ‘probable cause that private respondents’ bank accounts were related to the unlawful activity of hacking,’ it suffices to state that the main case is still pending before respondent trial court. That case is the proper proceeding to ventilate the issue of whether there is probable cause that private respondents’ bank accounts were related to the unlawful activity of hacking, among others,” the CA said.

Explainer BusinessMirror

B4 Monday, August 8, 2022

www.businessmirror.com.ph

Has remote work changed

the travel landscape? By Sam Kemmis | NerdWallet

HILE some workers return to the office this year, many others continue to work remotely indefinitely. This seismic shift has changed where people live and work and, increasingly, how they travel.

IMAGE CREDIT: Kramarek | Dreamstime.com

In the first quarter of 2022, nearly 25% of job postings at the 50,000 largest companies in the US and Canada were for permanently remote positions, according to the job listing service Ladders. That’s up from a mere 4% before the pandemic. “It has enabled us to extend trips, leave early and work different hours,” says Kirsten Reckman, a credit risk manager based in Tampa, Florida, who works remotely. “My boss is very accommodating as long as the work gets done.” Reckmen’s experience reflects a larger trend. One in five travelers this summer plan to do work on the road, according to a report from Deloitte, an international professional services network. Of these so-called “laptop luggers,” 4 in 5 plan to extend the length of their trips because of schedule flexibility.

The rise of ‘bleisure’ travel

Remote work has blurred the line between business and personal travel. Rather than leaving home rarely for vacation, remote workers can travel at any time. This has the potential to upend longstanding travel trends. “Many travelers who have the opportunity are choosing to combine remote working with trips for a change of scene as well as maximizing PTO,” or paid time off, explains Mark Crossey, traveler expert at Skyscanner, a travel search engine and agency. “Workations allow people with flexible home and work lives to become ‘half tourists’ for a period of time.” This kind of freedom appeals to Lisa Wickstrom, a mortgage under writer based in Arizona who now works from around the world with only a suitcase. “I got three weeks of vacation before,” says Wickstrom, “But I never feel like I have to take vacation time because … I’m

always on vacation.” For the travel industry, these nomads offer enormous opportunities. Remote workers can spend far more time—and money—at far-flung destinations. Yet “bleisure” travelers don’t fit the typical tourist mold. “You can’t just go freely everywhere,” explains Derek Midkiff, a patent attorney who left San Diego during the pandemic and never looked back. “You’re living somewhere but also working. Someone asks me, ‘Did you do this and this,’ and I have to say, ‘No, I’m working, it’s not the same as when you’re on vacation.’”

Travel days are changing

Before the pandemic, it was expensive to fly on the weekends and cheaper during the week. That could all be shifting

with remote work. According to data from Hopper, a travel booking app, the cost of domestic f lights on Sundays and Mondays has risen 5.90% and 2.97%, respectively, in 2022 compared to 2019, while the cost of f lying on Friday and Saturday has dropped by 3.04% and 1.60%. It’s now cheaper to f ly on a Saturday than a Monday, on average. Further, remote workers can take longer trips during busy holidays, flattening the “peak” of peak travel dates. “Since 2020, we’ve observed a small but noticeable shift toward Thursday departures for Memorial Day weekend itineraries,” says Craig Ewer, spokesperson for Google Flights, “which suggests that location flexibility is indeed having an impact on traveler behaviors.”

An industry adapts

Many workers f led large cities during the pandemic, filling the suburbs and rural areas. But remote work has changed the calculus more drastically for some, freeing up budgets to allow more travel. “I save over $2,000 a month after taxes by living in Florida,” says Reckman. “We’re traveling a lot more because of that.” Lower cost of living and tax incentives means more freedom for some remote workers. And some companies are seeing a potential windfall. Airbnb, the vacation rental platform, reports that the number of long-term stays (over 28 days) doubled in the first quarter of 2022 compared to 2019. The company has even introduced an “I’m Flexible” search functionality for travel-

ers who don’t need to get back to an office on a specific date. “I’ve found Airbnb to be cheaper, and have better rules,” says Midkiff, explaining why he chooses vacation rentals over hotels. “And I like to stay a month to get the discount.”

Remote work is here

No longer constrained by vacation days and getting back from a trip by Monday, remote workers have shifted the travel landscape, maybe for good. While executives continue to hem and haw over returnto-office plans, remote workers are happily sending emails from afar. “I think about the office politics, the baby showers, all that,” says Wickstrom with a shudder. “I can’t even imagine doing all that again.”

Are 4-day workweeks, flexible hours the future of full-time? By Hal M. Bundrick | NerdWallet

FOUR-DAY workweek sounds appealing to workers. Possibly alarming to employers. A bill introduced in the California legislature earlier this year proposed a regular pay rate for 32 hours of work per week, with overtime kicking in after that. The measure stalled in committee for a lack of broad support but could resurface in 2023. Meanwhile, 4 Day Week Global, a nonprofit foundation associated with Oxford University, is piloting a six-month trial of a four-day workweek “with no loss of pay for employees.” More than three dozen companies in the US and Canada are participating in the experiment, with a total of 150 organizations and 7,000 employees involved worldwide. Of more than 1,000 US adult employees surveyed by research firm Qualtrics in January, 92% said they would support their employer going to a four-day workweek; 79% of them said it would help men-

tal health, and 82% said it would make them more productive . Wil l more employers embrace the change?

The change can be challenging

“I’ve always been curious about burnout. It truly affects those that should be thriving,” says Lisa Belanger, CEO of ConsciousWorks in Canmore, Alberta. She consults with businesses on workplace well-being. In her quest to find “how work is meant to be,” she decided to explore a four-day workweek herself. Results have been mixed, at best, she says. “I think I’ve failed so far in my own personal experiment,” Belanger says. Business travel plans or other work-related responsibilities often interrupted her Day Five off. “One of the reasons it’s so challenging for me, and most people, to do a four-day workweek is other people are working on that fifth day, so you’re getting email and you’re getting pulled in,” Belanger says.

Altering consumer behavior and expectations

“People are realizing that while this might be an intriguing or interesting idea, there’s probably some trade-offs,” says Benjamin Granger, head of employee experience advisory services at Qualtrics. He says the company’s research indicates concerns regarding customer frustration if staffing changes have an impact on response time. Widespread adoption would have to reach critical mass, where companies believe they have to adopt a shorter workweek to compete in the workforce, he adds. And consumer behavior and customer expectations and services would need to be reshaped. “We’re not even close to that yet,” he says. If it’s not a four-day workweek, there are other levers to pull when it comes to workplace flexibility, Granger says. Those could include perks that make a job more attractive, like choosing the hours you want to work rather than the usual 9-to-5, or the ability to run errands during the workday.

Few employees would be willing to take a pay cut

Less than 4 in 10 (37%) of the employees surveyed by Qualtrics would be willing to take a 5% or more pay cut for a fourday workweek . But nearly three-quarters (72%) of those surveyed said a four-day workweek would mean they would have to work longer days. However, 10-hour days often aren’t child care friendly. And if a company offers to pay for only four days of eight hours each, it could indicate a shorter workweek might be the result of a company trying to reduce expenses.

Considering the trade-offs

“I think there is a lot of work and research that an organization has to do before it pulls the trigger on this,” Granger says. A four-day workweek—or other workplace flexibility—might begin with a series of discussions. If there is interest on both sides of the payroll, Granger suggests a trade-off analysis: “Look statistically at the factors that people would be will-

ing to trade off, and would it be worth it to them?” If interest remains strong, the organization could run a pilot program with a small group of employees before a wider rollout. If a four-day workweek isn’t in your near future, Belanger offers these ideas for employees to possibly seek—and employers to consider:

n Occasional extended weekends off. Belanger says this allows time away without the stressful “work is piling up while I’m away” feeling during longer vacations. n A meeting-free Friday or a reduction in the number of meetings overall. n Email, instant messaging or texting hiatuses. “Telepressure”—the compulsion to quickly respond to work-related messages of any kind—is a real thing, Belanger says.

“You need a couple of hours every single day where you’re wholly not working—100% not working,” for mental health, she adds.

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Style

BusinessMirror

Editor: Gerard S. Ramos • Monday, August 8, 2022

Savile Row fights to stay relevant as suits fall out of fashion By Katie Linsell

Bloomberg

HEN the governor of the Bank of England stood up to address 300 City bigwigs last month, there was a striking difference from previous Mansion House dinners—no-one was wearing black-tie. The historic relaxation of one of London’s stuffiest dress codes was a relief to many attendees after temperatures struck a recordbreaking 40 degrees Celsius (104 degrees Fahrenheit) earlier in the day. But heat waves and increasingly casual fashion habits pose a headache to one of the capital’s best-known industries on the other side of town: the tailors of Savile Row. Savile Row has faced a tough time after stores closed during Covid following several years of rising rents, but the latest threats in its 200 years of history are perhaps more subtle and pervasive. “The boundaries are blurred now” between the office and the outside world, said Nick Paget, senior editor at WGSN, a retail trends forecaster. “The very traditional pinstriped suit starts to feel like an anachronism.” With many professionals working from home part time and offices relaxing dress codes to entice workers back, a freshly cut suit is losing its appeal. Record-breaking temperatures this summer have put added pressure on formal dress and wealthy Chinese buyers are not able to travel to the UK for their bespoke suits as Beijing persists with its strict zero-Covid policy. The fundamentals are stark. In the last week of June, footfall on Savile Row was more than 40 percent below the equivalent week in 2019, the second-biggest decline among all the nearby roads including Regent Street and Oxford Street, according to New West End Company data seen by Bloomberg News. It takes several months to produce a bespoke two-piece Savile Row suit with an average of 60 man hours and multiple appointments for fittings. The average price is around £5,000. Tailors on “The Row” are trying to adapt to changing tastes, with many launching ready-towear ranges alongside their bespoke offerings. Online sales are becoming more important and tailors are also opting for lighter-weight fabrics to cope with unprecedented temperatures. At Anderson & Sheppard, around the corner from Savile Row, customers are requesting jackets without the back lined for a more breezy feel and many are choosing linen. The 116-yearold company, whose clients include Daniel Craig and Tom Ford, is using colorful, lighter cloths to convince Brits to buy their summer wardrobes at home rather than shopping in France, Italy or the US, said its boss Anda Rowland. It’s a similar story at Edward Sexton, the eponymous brand of the Savile Row doyen, with silk shirts “flying out the door.” The 79-year-old tailor, who dressed The Beatles on their Abbey Road album cover, Mick Jagger

THE clothing masters of Anderson & Sheppard on Savile Row. Customers are requesting jackets without the back lined for a more breezy feel and many are choosing linen.BEN BAKER/

ANDERSON & SHEPPARD

and Harry Styles to name a few, has brought out an unstructured jacket in an open-weave fabric in another nod to comfort. Sexton, sitting in front of a vast mirror in a large fitting room, calls it “the smartest cardigan you’ll ever wear” with fabric “as soft as butter.” The company is also rebuilding its web site to make it easier for customers to compare prices and work out their size from home. DEATHLY QUIET SAVILE ROW has come a long way since Sexton started out, when store fronts were obscured by heavy curtains and only opened by appointment with upper-class gentlemen. Still, the street cannot afford to stop reinventing itself to entice today’s shopper. “Generally Savile Row by 5 pm or 6 pm, and also on weekends, is deathly quiet,” said Rowland, who as chair of the Savile Row Bespoke Association is pushing for improvements on the street. “If a young potential customer travels all the way from Seoul to come and see Savile Row, he should be able to have something lovely to drink and spend time in the area, and that’s not really the case today.” The Pollen Estate, which owns most of Savile Row, is planning restaurant openings and new stores. Recent arrivals include Clothsurgeon, which makes bespoke streetwear including

tracksuits and bomber jackets, and Savile Row’s first female-only tailor The Deck. US interiors chain Restoration Hardware is set to open its doors in the Abercrombie & Fitch Co. site. Edward Sexton is also returning to Savile Row with a permanent store. “Our strategy is to enhance and cherish the best of the traditions of Savile Row but introduce new, exciting and sometimes different offers,” said Julian Stocks, CEO of the Pollen Estate. The suit isn’t only in decline on Savile Row. Retailers are selling them cheaper as demand falls. The average price for a suit has dropped almost 75 percent over the last two years to an average of around £200 in mid July, according to data from WGSN by Ascential tracking 62 retailers in the UK. ROBOTIC TAILOR BACK on Savile Row, some of the tailors are turning to new technology to reach clients abroad. Huntsman, which was established in 1849 and served as the inspiration for the blockbuster Kingsman movie franchise, is managing to fit bespoke suits to customers in China and Hong Kong using a robot created in the depth of the pandemic. Huntsman’s tailors use the robot— essentially a camera, microphone, speaker and frame on wheels—to remotely work alongside an assistant in another part of

the world, when they are fitting a client. Huntsman has done 11 fittings in China this year and is fitting in Hong Kong every other week, said managing director Taj Phull. Wherever clients are based, there remains an undeniable prestige to holding an address on The Row. “Savile Row is 100 percent a destination,” said Phull, sitting in Huntsman’s plaid-clad VIP Club Room across from two deer head busts above a fireplace. Clothsurgeon founder Rav Matharu echoed the sentiment. It “had to be” Savile Row, he said, ahead of Clothsurgeon’s first store opening next week. The company, whose autumn winter 2021 collection was dubbed Rebel on the Row, is seeking younger, “different” customers with its more casual clothing. “Everyone wants to be more convenient and more comfortable,” said Matharu, sitting at a consultation table where clients can discuss their look. “We are disruptive in a respectful way.” The tailor’s arrival has attracted attention to wider efforts to give the street a makeover. With retail analysts warning that casual dress habits are here for the long run, and the West End still struggling to find its way postpandemic, the need to adapt is more pressing than ever. If the City of London can change its pinstripes, so can Savile Row.—With assistance from Jack Sidders

Of Covid and favorite beauty products at the moment

CLINIQUE Cheek Pop Blush is a powder blush that provides a natural but vibrant flush. It’s a favorite of many K-pop stars.

PHOTO COURTESY OF CLINIQUE

BETWEEN work and Covid (my daughter recently tested positive), life has been pretty hectic lately. My dog has also been sick and, at presstime, is in the dog hospital. There are so many products I want to review but I don’t have the time to sort everything. Anyway, my daughter tested positive after attending a party so when she tested positive, she had to isolate in a different location as my 83-year-old mom lives with us and she has COPD or chronic obstructive pulmonary disease. My daughter, thankfully, only has mild symptoms and she was able to get an online consult with a doctor who prescribed some medication. Luckily, we’ve all tested negative for the virus and we’ve all been testing every day. If you have symptoms, do get tested. There are test kits available at Watsons. It’s always better to be safe than sorry. An antigen test kit costs about P300+ and while that’s not a small amount, testing could save your life and those of your loved ones. Also, there’s a surge in cases, so please take care when you go out. Masks work and so does proper hand hygiene. I sent off my daughter with beauty products (because she may be sick but she still needs to care for her hair and skin), which

I said she could throw away once she tests negative and is ready to come home. I couldn’t send minis because I don’t know how long she’d be quarantined so she went there with full-sized products. Anyway, most of the products I’ve been enjoying are for skin care although there are one or two makeup things. NYX BUTTER GLOSS THE color I have is Apple Crisp, a lovely red, but I use this product more as a lip balm and not a lip gloss. I don’t want juicylooking lips because I’m too old for that. What I want are well moisturized lips and this gives me just that. Pure Culture Wild Algae Quench Creme I received this light but potent lotion in a press kit. It has cica or centella asiatica, niacinamide and New Zealand Native Seaweed. I use this whenever the weather is hot and humid because I can’t go without moisturizer but I can’t stand anything heavy. This is also good worn under makeup. Clinique Cheek Pop Blush in Ginger Pop I’ve been wanting this blush for years but I couldn’t justify another purchase. Finally, I got it a couple of months ago in Ginger Pop, a medium dark coral. I love the texture and

longevity. It’s so easy to blend. I love it but will perhaps get it in another color as coral is a shade that doesn’t suit me. SHISEIDO SYNCHRO SKIN RADIANT LIFTING FOUNDATION SPF30 DURING the few times I wear foundation, I reach for this. It evens out the complexion and provides buildable medium coverage. It looks almost natural, like it was your skin two days after a good facial and a Revlite session. This is great for skin that’s dull and dehydrated but it’s versatile enough for all skin types. REVLON PROFESSIONAL UNIQONE ALL IN ONE HAIR TREATMENT IF you have colored or bleached hair, this easy-to-use spray will work for you. It has 10 claims, including fighting frizz, protecting hair from heat styling, helping prevent split ends, and strengthening and reducing breakage. I have not used this long enough to say whether all 10 claims are true but spraying this on after I shampoo helps make my hair less dry and brittle when I style it. At P950, it’s not inexpensive but definitely cheaper and even more effective than highend brands. I also love the fragrance and would definitely repurchase.

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Monday, August 8 , 2022 B6

The coronavirus chronicles: How millennials and Gen-Z differ

PR Matters By Millie F. Dizon

N last week’s column, we must have surprised many readers when we started discussing the differences between Millennials and Gen-Z’s whom many of us seem to lump into one generation. Citing an Inc.com article, 10 Ways to Understand the Difference Between Gen-Y and Gen-Z, by Phillip Kane, CEO and Managing Partner of Grace Ocean, we shared the remarkably different attitude between these two groups. And what this could possibly mean for your business. To better understand them, Kane turned to YPulse and then a host of business professionals for help. Knowing the differences, he says, “will help those who hire them, lead them, and sell to them to make farther better decisions.” M i l le n n i a l s, accord i ng to YPulse, were born between 1982 and 2000. As mentioned earlier, the oldest of this group have just turned 40. There are some 88 million of them in the United States and are said to have a spending power of US$30.2 billion. This generation, Kane says, “witnessed the tech explosion, which included the commercialization of the internet and the mobile phone, the introduction of the laptop and the iPod, and the launch of social media.” Gen-Z, on the other hand were born between 2001 and 2019. There are 77.9 million Gen-Z’s with a combined spending power of 10.7 billion—a figure that will grow as they mature. This generation “cannot remember a time before the internet or social media and has had their childhood interrupted by a market crash, racial unrest, and a global pandemic.” Given the dramatically different backdrops in which these generations grew up and matured “have impacted who they are and have contributed to the clear distinctions that exist between them.” We listed Kane’s first five differences in last week’s column:

1. Millennials were raised in a boom. Z’s in a bust. 2. Both generations are stressed out, but Gen-Z is far more anxious. 3. Millennials are diverse, but

Events: Publishing House 8letters to take Pinoy sci-fi to Philippine book fair

BATANGAS, PHILIPPINES—8letters Bookstore and Publishing, along with other participating publishers from Indie Pub Collab PH, joins the Book Development Association of the Philippines (BDAP) and the National Book Development Board (NBDB) in a celebration of local literature from August 5 to 7, 11:00 am to 7:00 pm at The Outlets, Lipa City. The event aims to gather authors, bookworms, publishers, and industry experts from all over the country in a series of webinars, book launches, and author meetand-greets, one of which is to be led by 8letters author Renato Tranquilino.

Renato, an IT professional whose novel Fate of a Distant Future was published and launched September last year, will zero in on the process of writing sci-fi stories set against the backdrop of Philippine politics and social issues. Dubbed by Pulitzer Prize-winning journalist Manny Mogato as “a potent thriller with well-developed characters… [that] could be the next popculture phenomenon,” the novel will serve as one of the anchors for discussion as it explores a futuristic nation rife with corruption, murder, conspiracies, and schemes. Second edition copies will be available for purchase and signing. Tranquilino’s discussion will also cover 8letters’ latest #Pinoyscifi anthology series, Super Societies and Other Stories, and Pilipinas 2413. Featuring the works of Pink Gaytano, Henessy Oh, Cheeno Marlo Sayuno, Archeraye, M.A. del Rosario, Raphael Mendoza, Julienne Pal Loreto, and Christian Rey Pilares, to name a few, the anthologies put Pinoy sci-fi at the forefront of

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for Z’s, diversity is a cause. 4. Gen-Z is challenging definitions of sexuality in the ways Millennials have not. 5. Both want to make a difference, but Gen-Z thinks their generation needs to speak up! We continue with the next five differences in this column:

6. Millennials have finally cut the cord, but Z’s never had a cord to cut.

Advertisers and prospective employers wanting the attention of Z’s must understand that they are definitely not like Millennials. And in wanting to develop a meaningful relationship with them, they must first create a connection with them. When it comes to media consumption, for example, YPulse found out that 21 percent of Millennials are still on cable, while the majority of Z’s hang out on YouTube. It’s what they grew up on, 64 percent of Z’s get their media content on, and it fact, it’s the first place they go to find information about anything. Millennials, though are catching up and using more of YouTube.

7. Millennials started social media, but Z’s are driving what’s next.

While it is true that the social

independently-published local literature through a voracious offering of sub-genres such as romance, thriller, horror, action, and adventure. Participants may purchase the anthologies via a pre-order form after the talk.

Design: On creating the poster for ABS-CBN’s ‘Darna’ with designer Justin Besana

MANILA, PHILIPPINES—When the new teaser poster of ABS-CBN’s Darna dropped online, it generated buzz among long-time fans of the superhero. Without giving much away, the image instantly gave the promise of a good show and left audiences wanting more. Adobo Magazine sat down with the poster designer Justin Besana to prod more about the piece and the formula he uses for catching the attention of audiences. “No one was really able to predict the success of these posters,” Justin said. “Perhaps, the audience can sense if they are given importance through the quality of work.”

media phenomenon initially exploded during the adolescent and young adult years of Millennials; Gen-Z’s are writing their own social media chapter. The single biggest difference between the generations: Millennials prefer text-based platforms, while Z’s prefer visual-based media. And their social media preferences tell the story: TikTok is now the platform where trends start. Alex Ma, co-founder and CEO of Poparrazzi, has a pretty good take on this: “Millennials grew up seeing the internet as a tool. GenZ grew up on the internet, so they see this as a place.” Employers and advertisers seeking to reach these generations need to go where they hang out.

8. Millennials watched the first online creators; Z’s are under the influencer effect.

Kane says that Z’s are far more likely to both follow and buy something created by or endorsed by an online influencer than Millennials. Y-Pulse has found out that 60 percent of Z’s follow an online creator versus just 42 percent among Millennials. While Kane acknowledges that the Covid-19 lockdowns may have facilitated this connection, he believes that this goes beyond this. He believes that there are success stories that Z’s want to emulate and role models they look up to and learn from.

Indeed, the audience sensed the importance of his latest teaser with the clamor and the comments it gained. From the silhouette of Darna’s iconic flying pose, Filipino jeepney and tricycle, to the snake slithering in the bottom representing her archnemesis, Valentina. These easter eggs were appreciated by those who have seen the poster. Teasers give designers like him more wiggle room for creativity as he is able to focus on getting the audience excited without thinking too much about the faces of the actors. One thing that many might have missed is that the composition also mimics the Philippine flag. As his nod to the creator of the original series, Mars Ravelo, Justin made the headpiece central to his design. “The most iconic symbol that represents Darna is the insignia — it can stand on its own. It’s so timeless and though the look has been updated several times, you know that it carries the same soul. The

Besides, “50 percent of Z’s now see social media as a viable side hustle. This phenomenon promises to have significant impact on both advertising and investment trades for the foreseeable future.”

9. They value different brands

While both generations share a number of common brand preferences, their buying habits are different. As lifestyle influencer and fashion veteran Amanda Maxwell told Kane, “Gen-Zs care more about the emotional appeal of the article of clothing and don’t care whether it’s designer or not. To me it’s a big deal and will affect luxury companies in a big way.” Maxwell, a Millennial, goes further: “in my generation, women always have a nice bag. It’s always a designer, or LOOKS designer. Now, with Z’s no longer caring about designers, most of them carry around a cotton tote bag that’s usually been given to them by some organization.” With this, Kane believes that companies should pay attention to this shift. “We now have luxury designers creating tote bags for hundreds of dollars,” Maxwell observes. “By and large, only Millennials buy them.”

10. Millennials grew up gaming, but Z’s are playing in the metaverse

While both Ys and Zs grew up

final logo was actually designed by Sir Dan Matutina. For the key artwork, I thought of using ruins to form an insignia. It signifies the birth of Jane De Leon as Darna because she thrived in the middle of a pandemonium.” With plenty of content to rival with, and international ones at that, he explained that the challenge should really not be a limitation. “It’s a constant pressure for us to step up the game since our audience’s preference is constantly evolving.” On producing great work and fighting for ideas, Justin said that it is an uphill battle but it is exhilarating when he’s able to marry the different voices and provide a design solution. “Every poster takes a village to produce: marketing team, photographers, stylists, producers/executives, down to every single staff involved in producing the series.” While his posters for the Broken Marriage Vow, Flower of Evil, and most recently Darna has made

gaming and continue to game as adults – Ypulse says it is 88 percent of Z’s and 70 percent of Millennials—what makes Gen-Z different is the way they have embraced the metaverse. According to Tina Mulqueen, CEO at Kindred PR, “Gen-Z has grown up socializing in the context of video games. They are more likely to spend money on status symbols in these environments, like skins for their avatars that serve a social proof function and to adopt new technologies for communicating and socializing.” Kane also highlights the independent nature of this generation, adding that Z’s are far more inclined to be alone and to work alone than their Millennial counterparts. This, he says, “is a fact that employers must not fix, but accommodate and deal if they are to be successful in the future.” We hope that we have established that Millennials and Z’s are two distinct generations and it would not be fair to lump them into one group. Generation Z, the new gang in town, is a fiercely independent group, intent on making the world a better place, less concerned with status than with equity. While they are cautious and anxious about their futures, they are not afraid of technology or speaking the truth to power. Courtney Miller, EVP at Edelman says that, “the cultural forces shaping Gen-Z’s beliefs have affected them in positive and negative ways, but as a result has created a highly sensible generation—they value realism, safety, and security, and solving real problems.” This is something for communicators and brands to keep in mind as we reach out to this new generation. 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 professionals around the world. Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chair. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

some waves, Justin admits that his ideas may not always be the best route to follow but he puts his trust in the wisdom of his bosses. “There’s this real power in accepting defeat. It can be a downer, but the fact is you actually succeed in gaining knowledge.” And as for the formula for his successful ones, he owes it to the team he collaborates with and put an emphasis on having faith in the materials. “I always keep in mind that I am not doing this alone and there are other voices that I should listen to aside from my own.” With the pilot approaching and the main poster dropping soon, Justin hopes that it would ripple to reflect their vision that anyone has the capacity to stand amid the chaos. And from all the previous takes on the character, he has this to say, “The messaging was clear to us from the start, and that sets our version apart from its predecessors—Darna is in all of us.”

Sports BusinessMirror

Editor: Jun Lomibao

mirror_sports@yahoo.com.ph | Monday, August 8, 2022 B7

PNVF drops NU Lady Bulldogs-laden national team in favor of PVL champ

DOWNHILL CHAMP Austria’s Valentina Holl jumps to the women’s gold medal at the International Cycling Union (UCI) World Cup for mountain bike’s downhill event on Saturday in Beaupre, Quebec. AP

OBIENA CAPTURES ANOTHER BRONZE By Josef Ramos

RNEST JOHN “EJ” OBIENA clinched another bronze medal this time at a star-studded ninth leg of the Diamond League on Sunday when torrential rains made breaking records or even matching them close to improbable at the Stadion Slaski in Silesia in Chorzow, Poland. Coming off an Asian record leap of 5.94 meters that clinched for the country its first medal—a bronze—at the Eugene (Oregon) World Athletics Championships two weekends ago, Obiena cleared 5.73 meters, enough to land him a podium finish behind world record holder Armand Duplantis. Duplantis himself

couldn’t go for a better number than his 6.20-meter world record he set in Eugene and satisfied himself with a gold medal-clinching 6.10 meters in Chorzow. Norway’s Sondre Guttormsen also cleared 5.73 meters but grabbed the silver after the countback. Obiena hinted at going for 6.0 meters and become the 25th member of the elite club of male pole vaulters who achieved the so-called “Holy Grail” of the event. The 26-year-old Tokyo Olympian couldn’t and instead cautiously went first for 5.53 meters which he cleared twice and attempted 5.83 meters but failed. Hometown bet Piotr Lisek was fourth overall with 5.63 meters while world championships Christopher Nilsen of the US could only finish fifth with 5.53 meters. Rio 2016 Olympic gold

medalist Thiago Braz da Silva of Brazil, Thibaut Collet and Renaud Lavillenie of France couldn’t clear the opening height of 5.53 meters. The rain made everyone toil for better heights, according to Obiena’s confidante and adviser Jim Lafferty. “I’m still very proud of EJ [Obiena] for clearing under such awful weather. It’s done,” Lafferty told BusinessMirror. “Most of the field did so poorly and they didn’t make opening height while EJ made it third overall.” “It’s pretty clear in this field that EJ is No. 2 or No. 3 in the world,” Lafferty said. “Duplantis is human. On the right day and right conditions, EJ can take the gold from everyone. The favorite doesn’t always win.” Obiena immediately flew from Poland to Hungary for Monday’s Hungarian Athletics Grand Prix in Szekesfehervar.

THE participants tackle the Cebu-Cordova Link Expressway that connects Cebu City and the Municipality of Cordova.

PRO-AM WINNERS Ricar Candinato (center) holds his trophy and cash prize worth P100,000

as he poses with amateur Zeus Sara, who helped key their title run in the first Sambalilo Golf Pro-Am tournament at the Caliraya Springs Golf Club in Cavinti, Laguna over the weekend. At left is Cavinti Vice Mayor Milbert Oliveros.

Veteran Benedicto tops Ironman 70.3 in Lapu-Lapu City; Santiago sparkles

UGUST BENEDICTO pulled off a big August Sunday coup by cutting loose in the last loop of the closing run leg to beat Aussie Mark Jansen and capture the overall championship of the Megaworld Ironman 70.3 Philippines at The Mactan Newtown in Lapu-Lapu City. The veteran Benedicto, who placed 15th in the last pro IM 70.3 race in Cebu in 2019 while dominating the Asian Elite twice before the pandemic, rallied from as far back as 40th after the opening swim leg then kicked his way back into contention with a strong finish in the highlight bike event, a 3-loop race against time at the Cebu-Cordova Link Expressway. He moved to fourth heading to the deciding run and rode the momentum, running past Lanao del Norte’s Satur Salem, Jonathan Pascua and Jansen in the 12.8-km mark and

ERNEST JOHN “EJ” OBIENA chills in Silesia.

Takashi Sato’s setback in UFC BRYAN BATTLE threw a punch that hit Takashi Sato then followed it up with a kick to the face that dropped the Japanese fighter. And then it was over. Forty-four seconds into the first round of their fight Sunday. While talking to Sato three days before the fight, he was confident that he had prepared well for Battle. Instead, he succumbed to his third straight defeat. His manager is confident that he will continue to stay

in the UFC due to his contract. But if they cut Mark Striegl after two losses, how much more Sato? For oriental Asians, we have been taking a licking and a beating in recent months. The previous week, in UFC 277, Korean women’s fighter Ji Yeon Kim lost to Joselyn Edwards. The week prior in UFC Fight Night: Ortega vs Rodriguez, Korean Jung Da Un was knocked out by Justin Jacoby. During UFC Fight Night: Dos Anjos vs Fiziev, FilipinoEcuadorean Ricky Turcios lost via unanimous decision to Aiemann Zahabi. The one big win for an Asian fighter was in UFC 275 that was almost two months ago when Zhang Weili defeated Joanna Jedrzejczyk with a second-round technical knockout. In that fight card, the Filipino-Australian Joshua Culibao took a decision from Korean Choi Seung-woo. Filipino-Hong Konger Ramona Pascual lost a decision to Joselyn Edwards and Chinese fighter Liang Na was KOd by Silvana Juarez. Even before all these, I would wonder, why do the Asian fighters keep losing in the UFC. You cannot say the judges are biased because for the most part, it comes down to a knockout.

HE champion of the ongoing Premiere Volleyball League (PVL) Invitational Cup will represent the country in the Asian Volleyball Confederation (AVC) Cup for Women that starts in two weeks at the PhilSports Arena in Pasig City. The Philippine National Volleyball Federation (PNVF) decided on Sunday morning to field the PVL Invitational champion, instead of a 14-member young national team that had 12 players from the National University (NU) varsity squad. The PNVF, through its president Ramon “Tats” Suzara, officially informed NU president Dr. Carlos Ermita Jr. of the development in an e-mail sent on Sunday. “We are now writing to inform your good office, though with much regret, that we shall be releasing the NU student-athletes and coaches from the National Training Program, effective today [Sunday], 7 August 2022,” the PNVF said in its letter to Ocampo. “We have been compelled to make this difficult yet important decision due to the recent turn of events within the team’s training schedule and corresponding availability. We feel that the said student-athletes and coaches, alongside the team manager Engineer Bing Diet, may not be able to

storming to victory in four hours, 29 minutes and 16 seconds over the 1.9-km swim, 90-km bike and 21-km run counse in the country’s newest triathlon hub. Benedicto had times of 35:17 (swim), 2:57:21 (bike) and 1:29:43 (run) in overcast skies. “I broke away in the last 7 kms of the final loop. There were several of us in the bike leg because I trailed in the swim part, I think there were 15 swimmers ahead of me,” Benedicto said. Benedicto also ran away with the 35-39 category crown of the event which drew close to 2,000 triathletes from 46 countries. “I thank God for giving me the strength and to all the Cebuanos for their support,” added Benedicto, who drew inspiration from the cheers of the crowd that lined up the roads. “Hearing their cheers, I was energized.” Ines Santiago, meanwhile, bucked

For the continent that pretty much invented martial arts, you’d think oriental Asians would be kicking butt. Instead, the Brazilians have become some of the world’s best and feared mixed martial artists. The Eastern Europeans have been coming up really well with Czech Jiri Prochazka, Pole Jan Blachowicz, Russians Khamzat Chimaev, Islam Makhachaev, and Arman Tsarukyan, and Kyrgyzstani Rafael Fiziev to name a few. How many oriental Asians are ranked? You have “the Tibetan Eagle” Sumudaerji in flyweight, Song Yadong in bantamweight, Chan Sung Jung in featherweight, Li Jiangliang in welterweight, and Zhang and Yan Xiaonan in strawweight. And there’s Korean Zombie. There are many theories about this. This is just what I hear and read. I wouldn’t have data to make heads and tails about this. For one, mixed martial arts isn’t as developed or accepted as opposed to traditional martial arts or boxing in Asia. While interviewing Zhang Weili before her UFC 275 fight, she did say that MMA isn’t as big in China unlike basketball and football. So it is an uphill battle. That was

commit to perform at their best level given a number of restrictions and conditions that hinder the continuous conduct of training and overall program,” the PNVF said. The federation added: “However difficult it may have been, please trust that with this decision, we have considered to serve only the best interests and utmost welfare of the student-athletes, the coaches, the university management, the national team program, while keeping aligned with PNVF’s strategic goals as a National Federation, fully responsible and accountable for the sport of volleyball in the Philippines.” The released NU Lady Bulldogs were Ivy Lacsina, Mhicaela Belen, Shaira Jardio, Evangeline Alinsug, Cess Robles, Sheena Toring, Jen Nierva, Nicole Mata, Alyssa Solomon, Camilla Lamina, Kamille Cal and Joyme Cagande. The PNVF, Suzara said, will request the PVL Invitational champion to include the two non-NU players on the national team—Jelai Gajero of California Precision Sports and Trisha Genesis of Akari—to be its 13th and 14th player on the lineup. The reorganization of the national team to the AVC Women’s Cup came a day after the announcement of the composition of a team composed of collegiate players. PVL president Richard “Ricky” Palou, also the PNVF treasurer, as well as the management of the potential winners of the Invitational, agreed to lend their players for the AVC Cup event set from August 21 to 29. The PVL Invitational is currently in its semifinal stage with Creamline ahead with a 2-0 won-lost card, followed by PLDT (2-1), Cignal (1-1) and Army (0-3). The NU-laden erstwhile national team was supposed to be one of two guest teams—the other being Chinese-Taipei club KingWhale—in the Invitational, which it will use as an official national team program tune-up for the AVC Cup. The NU-led erstwhile national team was supposed to face Creamline at 5:30 p.m. on Monday, but following the reorganization of the squad, the PVL had to revise its schedule. As a result of the development with the national team, the PVL revised its Monday semifinals schedule with Creamline taking on Cignal at 5:30 p.m. after the 2:30 p.m. match between KingWhale and Army at the Mall of Asia Arena, Pasay City.

the odds, including her monthly period, as she ruled the women’s side of the event—which staked 12 age-group titles—along with 40-44 trophy in 5:23:14. “I’m very grateful for the nice weather, I really enjoyed it that I was able to push myself,” said the 40-yearold Santiago, a businesswoman from Pulupandan, Negros Occidental, and a part-time teacher at the University of Asia and the Pacific. Santiago beat Leyann Ramo and Cianyl Gonzalez, who clocked 5:32:00 and 5:36:09, respectively, for the overall plum. “Actually, when I woke up, I got my period and that was a tough challenge. I started bleeding at the run but you know, girl power!” added Santiago, who, along with the rest, also praised the successful staging of the event organized by The Ironman Group/Sunrise Events Inc.

corroborated by Song Yadong in an interview that I had with him several months ago—that MMA wasn’t as big in South Korea. Others point to the decline of K1 and Pride. Some will say that Muay Thai—which is popular in southeast Asia—doesn’t stand up well in MMA. Logically, MMA as a sport is advantageous for those with boxing, wrestling and Brazilian jiu-jitsu skills. Watching the Filipinos in the recent The Road to the UFC, we were outclassed. By more than a mile. When One Championship first came here, the local entrants were also taking loss after loss. Well, I wasn’t sure what kind of ranking or how competent the stable of fighters One Championship had during their first few years. Even watching from the periphery (as I do not cover them anymore), the organization has gotten better. I will not say that the UFC, the world’s premier combat sports organization is limiting oriental Asian fighters. I disagree. They want more interest in the UFC especially with the huge population in Asia and Southeast Asia. Right now, it is a grind for the oriental Asian MMA fighter. As you know, the only way to go is…up.

ExecutiveViews BusinessMirror

B8 Monday, August 8, 2022

By Anne Ruth Dela Cruz

‘I

AM a businessman, a father, a family man and now, I am the mayor of Cabuyao City. I will use these experiences to help me manage our city better.” This was the promise made by newlyelected Cabuyao City Mayor Dennis Felipe C. Hain in a recent interview with BusinessMirror. Cabuyao became a component city of Laguna province in 2012. Hain is its third city mayor. A clear winner in the recent May polls, this father of four consistently led in all pre-election surveys for Cabuyao mayor. Cabuyao City will be celebrating its 10th cityhood anniversary this August. It is the 142nd city in the Philippines and the 5th Component City in Laguna along with the cities of San Pablo, Calamba, Sta. Rosa and Biñan. Known as the “Enterprise City of the Philippines,” Cabuyao has effectively served as longtime host to main factories of multibillion-peso manufacturing corporations like Nestle Philippines, Asia Brewery Inc., San Miguel Corporation, Tanduay Distillers Inc., Wyeth Philippines Inc., Procter & Gamble Philippines, among many others. Also situated in Cabuyao City are the Malayan Colleges and the Light Industry and Science Park of the Philippines. The latter has a total area of 178 hectares. As the first privately-owned industrial estate registered with the Board of Investments (BOI), the Light Industry & Science Park 1 is home to 92 locators, including Procter & Gamble. The locators provide employment to more than 28,000 workers. It is under this climate of steadily-growing investments and strong people support that Hain has set his sights toward the configuring of “Bagong Cabuyao.”

From entrepreneur to mayor

BORN in Biñan City, Hain grew up in Cabuyao. His mother was a businesswoman, who later became a grade school teacher while his father was a barangay captain who later became a city councilor. His parents, according to Hain, encouraged him to help in their family businesses that included a wooden palette business, eventually expanding to construction, waste management, resorts, and hotels. Of their businesses, Hain is the first to say that their family “started out small.” But, he said, they were never encouraged to be employees. “We were encouraged to open our own business and to help in the family business. It was only recently that I realized that thanks to the training that I received while managing the businesses, I became successful and eventually became mayor,” Hain recalled. As to why he decided to enter politics, Hain said he was exposed to the world of politics through his father. He recalled that he would tag along when his father held office in the barangay hall. He also remembered times when people would be visiting his father at home asking for assistance. When the elder Hain won a seat in the City Council, the younger Hain decided to run, eventually rising in the local government ladder as barangay councilor, barangay chairman,city councilor, and finally, as city mayor.

Equal opportunity for education

HAIN’s dream is for each family in Cabuyao to have either an engineering or information technology (IT) graduate so that the graduate can be gainfully employed by the locators at the Science Park. “I strongly believe that those who want to study in college should be given equal opportunity to do so. A person’s success should not be measured by his intelligence because there are late bloomers and that is what I experienced while growing up,” he related. Hain ordered the removal of the entrance exam at the Pamantasan ng Cabuyao and allowed all those who wanted to pursue higher education to enroll. “Everyone is welcome to enroll in whatever course that they like. Those students who do not like their chosen course can talk to school officials either after the first semester or after one school year. We are planning to come up with a program like

this, of course, with the approval of the Commission on Higher Education,” he said. Hain noted that during the pandemic, many teenagers realized that they would have a better future if they studied. With such a growing interest in education, Hain said the LGU should throw their support behind these teenagers, adding that they had the budget to support them. To augment the education budget, the mayor said he would push for the monetizing of the Mandanas Ruling. The Mandanas Ruling increases the share of the national government tax revenue that will be transferred to local governments. It is projected that LGUs will have a 27.61 percent increase in the total internal revenue allotment. In the case of Cabuyao, Hain estimated that the city will receive an additional P20 to P25 billion. “If we can get this money, we should spend it on what we want to achieve. For me, this would be education and health. I want to get this done within my first term. We should invest now and reap what we have sown later,” he said.

“Admit all” health policy

TO IMPROVE the LGUs health services, Hain said he is currently in talks with health professionals on how best to deliver health services to his constituents. He wanted to avoid a repeat of what happened during the pandemic where the Cabuyeños had nowhere else to go. “We should have an ‘Admit All’ policy. Right now, I am meeting up with the experts in managing hospitals and we also plan to hire more doctors. We want our health system to succeed, especially when it comes to the supply of medicines,” he added. Hain also plans to drum up the campaign for Covid-19 boosters as he found out that a large percentage of the population that is eligible for boosters have not availed of them. The LGU plans to give three to five kilos of rice to those who get the Covid-19 booster with a 50 percent target in the next three months. The plan is to achieve 100 percent a month after.

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I can proudly say that the City of Cabuyao and every Cabuyeño entered a phase of rapid transition and improvement. Although hampered by the usual push and pull of economic socio-political forces and the two years of Covid-19 pandemic, we were able to secure major wins that led us to where we are at right now— Bagong Cabuyao.”

Vision for Bagong Cabuyao

HAIN said he wanted the city to be “livable and business friendly” so that it will be able to attract more investors. “We will have a major re-focus of our infrastructure goals. We have a big hospital erected. However, we need more rooms for our Pamantasan ng Cabuyao. My political referendum is laser-focused on improving the existing medical, educational and social services facilities of the City of Cabuyao. Building new structures can wait. The deserved benefits and services of the Cabuyeños cannot,” Hain said. In terms of infrastructure, Hain pointed out that the narrow roads in and around Cabuyao have hampered progress. This was made worse by the fact that Cabuyao has only one exit leading to the South Luzon Expressway (SLEX). “The plan is to open two more exits to SLEX. One of the exits will be at the boundary of Calamba and Cabuyao while the other one will be in the boundary of Cabuyao and Sta. Rosa. I have been coordinating with the two mayors and I am hopeful that these exits will be opening soon so that Cabuyao can really grow as a city,” Hain said. Hain admitted that he was initially overwhelmed with the work that had to be done. However, he decided to take up the challenge and look for people he could trust to help him run Cabuyao. “By delegating some of my work and getting people that I can trust, I am now more relaxed and efficient. It is also my way of training my staff in good governance. In a business, you must have capital to run your enterprise. When you manage an LGU, you already have a budget and you just need to learn to spend it wisely,” he explained. Assessing the city government’s performance over the last 10 years, Hain said: “I can proudly say that the City of Cabuyao and every Cabuyeño entered a phase of rapid transition and improvement. Although hampered by the usual push and pull of economic sociopolitical forces and the two years of Covid-19 pandemic, we were able to secure major wins that led us to where we are right now— Bagong Cabuyao.”

MAYOR DENNIS FELIPE C. HAIN’S “BAGONG CABUYAO”

TRAINING FOR GOOD GOVERNANCE AND EQUAL OPPORTUNITIES IN EDUCATION AND HEALTH