BusinessMirror August 09, 2022 by BusinessMirror

Crops, fisheries pull down H1 farm output value

‘Close borders, cut Omicron exposure risk’

T C THE WORLD ›› A15

CHINA EXTENDS MILITARY EXERCISES AROUND TAIWAN

HEU.value of the country’s By Cai Ordinario agricultural @caiordinario output in the first half contracted by 0.4 percent, due to borders the anemic LOSINGmainly the country’s performance of the crops and fishis one of the most immediate eries subsectors. courses of action the governData released by the Philipment must take to prevent the latpine Statistics Authority (PSA) est Covid-19 variant, Omicron, from showed that the value of farm reaching Philippine shores, accordoutput in January to June (at ing to local economists. constant reached T he new var2018 iant prices) is a threat, billion, than e s p e P853.087 c i a l l y w it h t helower hol id ay slast year’s P856.66 billion. coming up and more foreigners valuetooftravel crops produced being aThe llowed to the in the first half fell by 2.2 percent, Philippines, De La Sa lle Univerwhile that of fisheries declined sit y economist Mar ia Ella Oplas by 3.9 percent. Palay fell by 2.2 told BusinessMirror. percent, while cornbring recorded The holidays usually in a 0.6-percent contraction during Overseas Filipino Workers (OFWs) the eager period. who are to spend Christmas

The output of coconut, mango, sugarcane, pineapple, with their loved ones, while coffee forand tobacco also recorded lower eigners living in temperate regions values. usually want to relax in tropical Thelike poultry subsector buoyed countries the Philippines. This the farm sector the period year’s influx of OFWsduring is expected to as the since valuemany of its of output be heavier them rose were by 10 to percent. The for value of chicken unable come home the holidays and chicken eggs production went in December 2020. up by 9.9 percent and 11.5 percent, “My recommendation is to protect respectively. the borders. Do not allow people with The livestock subsector, a history of travel to countries withled by dairy, also inched up by 0.6 positive cases to enter,” Oplas said. percent. “We should be more restrictive. [We of volume,inthe counhave toIn be]terms more protective terms try’s unmilled rice production conof our measures.” tracted by 0.63 percent to 8.743 Oplas said that while this will be millionto metric tons (MMT) a setback some industries, this in January to June, from last year’s is a fair measure considering that Corn output, however, this8.799 couldMMT. help prevent placing the rose in byanother 1.1 percent country strict year-on-year lockdown,

to 3.926 MMT. Palay and corn account for the of the crops which, she said, thebulk economy can no subsector’s output. longer afford. datathat alsowe showed the out“It PSA is better do protective put of the hog sector inched up preventive measures than get exby nearly 1 percent to 835,130 posed again. We have a lot to lose,” metric from last year’s Oplas said.tons “We(MT), should do it now so 827,860 MT. Chicken output also that we can open just before Christwent 9.8 percent year-onmas. If it up getsby contained, we can open year to 918,150 MT. it again.” The output the fisheriesResubAteneo Centeroffor Economic sector buoyed by (ACERD) yellowfin search andwas Development tuna, big-eye tuna, grouper, squid, Associate Director Ser Percival and bisugo or threadfin bream. K. Peña-Reyes said closing the country’s borders would be effecQ2but performance tive should still adhere to the IN the second quarter alone,Health the valstandards set by the World ue of production in agriculture and Organization (WHO). fisheries at constant 2018 prices fell What is needed, Peña-Reyes told bynewspaper, 0.6 percent.isCrops and fisheries this for travel restricpulled down the tions to be putthe in performance place swiftly of and

sector in April to June. “ L o w e r s etoc oben dproactive - q u a r t einr for government growth is to be expected and is imposing them. normal,” Board memPreviousMonetary instances when the ber Bruce J. Tolentino told country had the opportunity to the imBusinessMirror. pose travel restrictions did not prenote that first, agriculture vent“Do the spread of Covid-19. That was grows seasonally, and the was results mainly because the decision not emerge around March-April and made immediately, he said. September-October of each year, “Kung papatay patay [If we’re particularly because rice continues slow] and we get caught flat-footto be the Philippines’s largesttoo crop,” ed, [that’s risky] We were rehe added. active instead of proactive before. Tolentino expressed concern, We should learn from that,” Peñathough, over the “unusual” inReyes said. “It’s a delicate balancing crease in the price of urea due to act. We need to push testing and the Ukraine war, which has caused tracing to be properly informed to reduce application offarmers our decisions. Blanket/shotgun rates. This, he said, could result approaches could have dire consein loweron yields. quences the economy.” See“Omicron,” “Crops,” A2A2 See

700K GOVT MOREBORROWINGS JOBS NEEDED NATL TO REGAIN PRECOVID DATA FOR 10 MOS DIP TO P2.75T R T w w

ByNicolas Cai U. Ordinario By Bernadette D.

n Tuesday, August29, 9, 2022 305 Monday, November 2021Vol. Vol.1717No. No.52

P25.00 P25.00 nationwide nationwide || 22 sections sections 28 20 pages pages ||

@caiordinario

Omicron risk spurs revival of quarantine rules in PHL

@BNicolasBM

ETURNING the country’s HE national unemployment rate to government’s prepandemic levels entails gross the opening borrowings as of of 700,000 more jobs, according the Philippine Statistics end-Octobertoshrank by almost 6 (PSA). percent Authority year-on-year to P2.75 trillion.

In a briefing on Monday, National Statistician Claire Dennis S. Mapa saiddata there were million Latest from the2.99 Bureau of the unemployed Filipinos June 2022. Treasury showed thatinthe governThis was 781,000 less than the last ment’s gross borrowings during the year’s 3.77 million but was 62,000 10-month period fell by 5.99 percent more than May’s 2.93 million. from P2.92 trillion a year ago. Mapa said compared to prepanWith only two months left for demic levels, whenfigure the country’s this year, the latest is already unemployment waspercent at 2.26ofmilequivalent to 89.6 its lion, the number of joblessprogram. Filipinos P3.07-trillion borrowing still exceeds prepandemic levels by Broken down, gross domestic boraround 700,000. rowings from January to October “There many factors down [why unsettled atare P2.23 trillion, by employment remains higher than 5.08 percent from P2.35 trillion prepandemic levels]. Of course there’s in 2020. population, which is rising, so many The bulk of the amount was participate in the labor force; so that’s sourced from Fixed Rate Treasury

Bonds (P1.19 trillion), followed by short-term borrowings from Bangko Sentral ng Pilipinas or BSP (P540 billion), Retail Treasury Bonds/Premyo Bonds (P463.3 billion), Retail Onshore Dollar Bonds (P80.84 billion). In the same period, there was Andrea E. San Juan also a netByredemption of Treasury Bills amounting to P43.94 billion. HE redemption latest employment Net debt means figure to the comdiffithere were more points debts repaid culties confronting pared to the amount borrowedbusidurnesses, including the high cost ing the period. of raw materials by borsupMeanwhile, grosscaused foreign ply chain disruptions, accordrowings in the same period also ing to an of Philippine contracted by official 9.7 percent to P518.7 Chamber ofyear’s Commerce Inbillion from last P574.4and billion. dustry This was(PCCI). raised through global the increase is bonds “Actually, (P146.17 billion), program minimal. But having said that, loans (P139.98 billion), euro-dein the business sector the probnominated bonds (P121.97 billion), lems still exist—the supply a project loan (P86.41 billion), and chain, it impacts the raw mayen-denominated samurai bonds terials,” PCCI President George (P24.19 billion). T. Barcelon told the BusinessSee “Borrowings,” A2 Mirror on Monday when he was asked to comment on the increase in the number of jobless Filipinos. The PCCI chief also noted that the energy sector is among the sectors that’s also a cause for concern since some areas in the country are experiencing power outages. “I’ve been hearing that power is also of concern as there are places with brownout,” he

By Samuel P. Medenilla @sam_medenilla

NTER NATIONA L concerns over the possible spread of the also a factor in our labor force parmore infectious Omicron Coticipation rate,” National Statistician vid-19 variant prompted the govClaire Dennis S. Mapa said, partly in ernment to reimpose mandatory Filipino, during the briefing. facility-based quarantine for all In order to generate these jobs, arriving passengers in the country. Socioeconomic Planning Secretary Acting Presidential spokesperArsenio M. Balisacan said in a sepason Karlo B. Nograles announced rate statement that Filipinos must on Sunday that the Inter-Agency shift to an “endemic mindset” in Task Force for the Management order to allow greater mobility and of Emerging Infectious Diseases activity in the economy. (IATF) suspended the implemenThe Neda Secretary further said tation of its Resolution No. 150the immediate and safe resumption A (s.2021), effectively imposing of face-to-face classes is expected stricter protocols for all inbound not only to increase domestic actravelers. tivities but also prevent future To note, IATF Resolution 150productivity losses. A had allowed fully vaccinated PEOPLE walk past the“700K,” mural ofA2Gat Andres Bonifacio at Manila City Hall Underpass. See non-visa travelers from Green List The country will celebrate the 158th birth anniversary of Filipino revolutionary areas to enter the country withhero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO out 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. added, partly Emmanuel in Filipino.Y. Arcalas By Jasper dating its registry following the them. This allows everyone to see programs as President Duterte “Except for countries classified Despite the reopening @jearcalasof the enactment of the Coconut Farmwho are listed in the registry and if is expected to sign the industry as ‘Red,’ the testing and quarantine economy, Employers ConfederaPEOPLE from Industry different walks of life line up to ride thefarmer MRT in Pasay City see on Monday (August 8, he 2022). Thedevelopment Philippine Statistics Authority reported that a total ofprotocols 2.99 millionfor Filipinos were jobless in June ers and Trust Fund law. doesn’t his name then plan in early 2022. all inbound internation of the Philippines (ECOP) NONIE REYES as unemployment remained steady at 6 percent compared to May. ORE than 3 million Rosales explained that about shall coordinate with the PCA imRosales said the PCA will not tional travelers in all ports of entry President Sergio Ortiz-Luis Jr. and coconut farmers 500,000 coconut farmers and mediately,” he explained at a recent stop updating its list of coconut shall comply with the testing and said there’s aworkers reason why someregisare now workers were added to the PCA’s dialogue with coconut farmers. farmers and enjoined them to regquarantine protocols for ‘Yellow’ workers notgovernment’s be recalled. regtered could with the 2018 list that had about 2.5 million “On the other hand, if people ister in order to reap the benefits list countries,” Nograles said, citing Ortiz-Luis toldserves the Businessistry, which as the basis coconut farmers and farm workers. would see names on the list and of the decades-long idled coconut the provision of IATF Resolution Mirror that the rise in num-to be for the number ofthe people The PCA’s next step is to conthey think they are not coconut levy fund. “We will not stop at 3.1 No. 151-A. bercovered of joblessby Filipinos is “more ofof the the utilization duct an exclusion-inclusion profarmers or their details are incormillion. We hope that more indiHe noted Hong Kong, which has timing” insteadcoconut of a trend. By Ma. F. Arnaldo Hethey added that Frasco P75-billion levy“It’s fund. cedure byStella making the updated rect, can report it presented to the PCAto viduals will register in our coconut confirmed a case of the Omicron just seasonal. And, the opening @akosistellaBM him a list of provincial that Philippine Coconut Authority farmers’ registry public, providfor immediate action,”airports he added. farmers registry,” he said. variant, will also fall under the YelSpecial to the BusinessMirror of the economy is a big part of need improvements to better the access (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that The updating of the coconut low list countries. it. There’s a reason why3.11 some to tourist spots. “Our main focus,list will M. Rosales said about million check the veracity of the list, Rothe completion of the initial farmers registry is mandated by The suspension of the rules for workers can’t be recalled.” Department of Transbe enhancements at registry the Naiawould [Ninoy coconut farmers and farm worksalesHE added. of coconut farmers Republic Act (RA) 11524 or the “Green List” countries will be in The ECOPbeen chiefregistered added thatwith at the portation (DOTr) DeAquino Airport], the ers have “The list will be postedand in public be just International in time for the expected Coconut Industry Trust Fund Act. effect from November 28, 2021 to thisgovernment time of the year, many young partment of Tourism (DOT) Mactan Cebu International Airport, since it started upspaces where people can easily see rollout of coconut levy-funded See “3-M farmers,” A2 December 15, 2021. people have just graduated but will be forming a technical working and the Davao International Airport.” Continued on A2 they cannot be accommodated group (TWG) to improve airports He noted that among the ongoing yet since there are still numerous and seaports in the country. projects of the DOTr that will help n workers US 50.4600 JAPAN 0.4374 n UK 67.2329Transportation n HK 6.4722 Secretary-design CHINA 7.9013 n improve SINGAPORE 36.8968 nofAUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021) thatn need to be recalled. the accessibility tourism However, Ortiz-Luis said, nate Jaime J. Bautista told the Busidestinations in the country is the “they cannot easily be addressed nessMirror this was one of the night-rating of several provincial because there are still many agreements he reached with Tourairports. The project, started under workers that had to temporarism Secretary-designate Christina the Duterte administration, is being ily be laid off.” The new entrants Garcia Frasco in their meeting on implemented through the Civil Aviacan’t be accommodated until Monday at the DOTr office. “We tion Authority of the Philippines these are recalled and there reagreed to create a joint TWG that (CAAP), which has already commain gaps in the work force. would explore improvements at pleted the night-rating of 22 comcertain airports and seaports to mercial airports as of June 2022. See “PCCI,” A2 help achieve a tourism rebound.” See “DOTr,” A2

PCCI EXPLAINS HOW JOBLESS DATA REFLECT BUSINESS OVERWOES 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND

PESO EXCHANGE RATES

PESO EXCHANGE RATES n US 55.2940

DOTr, DOT to set up task force for airport, seaport devt

n JAPAN 0.4093 n UK 66.7399 n HK 7.0440 n CHINA 8.1759 n SINGAPORE 40.0275 n AUSTRALIA 38.1805 n EU 56.3004 n KOREA 0.0425 n SAUDI ARABIA 14.7176 Source: BSP (August 8, 2022)

News

BusinessMirror

A2 Tuesday, August 9, 2022

‘Govt, not just private biz, must help create more jobs’ By Samuel P. Medenilla

@sam_medenilla

IGH unemployment rates will likely persist without sufficient government intervention in the workforce, labor groups said on Monday. MAGTUBO

Par tido Mang gagawa (PM) chairman Renato Magtubo said the government should be proactive in addressing high joblessness by generating additional jobs instead of just relying on the private

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“As we continue to fully reopen the economy, we must remain vigilant and adhere to minimum health standards to ensure that Filipinos remain healthy and productive. We will also strengthen our health system to ensure that it is able to effectively and quickly respond

sector. “The new administration should innovate job generation activities such as the public employment program,” Magtubo said. For his part, Federation of Free

Workers (FFW) President Sonny Matula pushed for the approval of the proposed P100 -billion stimulus package to help micro, small, and medium enterprises (MSME).

to health situations as and where needed,” Balisacan said. “Adjusting to the ‘new normal’ and gradually shifting to an endemic mindset is critical in generating more employment and strengthening our domestic economy,” he added. With this in mind, Balisacan said the Department of Health launched its new campaign, “PinasLakas,” which aims to scale up the vaccina-

tion of booster doses nationwide. To increase the campaign’s accessibility, vaccination stations are placed in high-traffic areas such as terminals, schools, malls, plazas, and places of worship. Neda also said the country’s unemployment rate in June 2022 was recorded at 6 percent, a significant decline from the 7.7-percent unemployment rate of the same period last year.

He said the measure will help MSMEs recover from the business disruption caused by the pandemic. “There is slight improvement [in the labor force] but still job creation should be prioritized by this administration and also unemployment insurance/assistance,” Matula said. Both labor leaders made their pronouncements after the Philippine Statistics Authority (PSA) reported on Monday that the unemployment rate in June remained at 6 percent, or equivalent to 2.99 million jobless workers. This was higher compared to the 2.93 million unemployed employees last May. Magtubo attributed the stagnation in unemployment rate to the “lousy economic recovery program” of the previous administration. The oversight agency estimated that over 1.5 million Filipinos joined the labor force in June 2022 from the same month in 2021, bringing total employment to 46.6 million. Employment also grew across all sectors, particularly in the industry, agriculture, and services sectors amidst the easing of restrictions. “In the near term, we will prioritize the immediate issues of rising inflation, the vulnerability of certain groups to shocks, and the pandemic-induced scarring to ensure that growth and employment gains are sustained,” Balisacan said. “The latest data show a significant increase in the number of workers employed on a full-time basis. While this is a good indication of the improving quality of work in our country, the government should incessantly boost its efforts towards providing an environment conducive to the creation of more and better employment opportunities,” he also said. Based on the data, Mapa said the Labor Force Participation rate (LFPR) improved to 64.8 percent. T his increase represented an addition of 735,000 Filipinos joining the labor force in June compared to a year ago and an increase of 570,000 workers compared to May 2022. M ap a e x pl a i ne d t h at t he growth in the LFPR, particularly between May and June, was driven by those belonging to the 65-year-old and up, which posted a 3.3-percentage point increase to 38.2 percent in June from 34.9 percent in May. The National Statistician said this was followed by the 35 to 44 year olds which saw a 2.4-percentage point increase and the 55 to 64 year olds. The data also showed that there were over 800,000 young Filipinos aged 15 to 24 year olds who were not in employment, education, and training (NEET) in June 2022 versus June 2021. The difference was lower at 75,000 compared to May 2022. However, Mapa c aut ioned against any interpretation regarding the number since the total sample for the June Labor Force Survey is smaller compared to the April or July rounds. He said this may be better observed in next month’s data release for July.

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More importantly, it will compel many more of those with substance use disorder to seek treatment before they are caught or charged for violations of the punitive provisions

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PSA said crops, which accounted for 54.9 percent in the total value of production in agriculture and fisheries, declined by 2.8 percent. Higher value of production in palay and corn were recorded at 0.7 percent and 3.3 percent, respectively. Livestock, with a 14.6-percent contribution to the total value of production in agriculture and fisheries, made a turnaround and posted a 2.1-percent growth in the value of production this period. In particular, the value of hog production expanded by 3 percent. Poultry, which accounted for 14.7 percent of the total value of production in agriculture and fisheries, went up by 7.8 percent. All poultry commodities, except duck, recorded increases in the value of production. The value of fisheries production contracted by 2.3 percent. Double-

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The ECOP chief noted that the new entrants are having a hard time entering the workforce because they’re not yet the priority. The “slow” entry of new job seekers, he said, is explained by their being “second priority,” hence, are not “employed right away.” According to the Philippine Statistics Authority (PSA), the number of jobless Filipinos reached 2.99 million in June 2022. There were 2.93 million unemployed Filipinos in May 2022 and 3.77 million in June 2021. The labor force participation rate (LFPR) in June 2022 was registered at 64.8 percent or about 49.58 million Filipinos who were

DOTr...

digit decreases were noted in the value of production of the following species: tiger prawn (sugpo), blue crab (alimasag), frigate tuna (tulingan), mudcrab (alimango), cavalla (talakitok), and milkfish (bangus). In terms of volume, unmilled rice production inched up by 0.7 percent year-on-year to 4.202 MMT. Corn production, meanwhile, went up by 3.3 percent to 1.484 MMT, from 1.437 MMT recorded a year ago. The countr y also produced 418,400 MT of hogs in April to June, up 3 percent from last year’s 406,070 MT while chicken production went up by 6.9 percent yearon-year to 463,120 MT. At current prices, the value of production in agriculture and fisheries, which amounted to P532.79 billion, grew by 6.2 percent in the second quarter. Cai U. Ordinario

either employed or unemployed. This was lower than the LFPR reported in the same period in 2021 at 65.1 percent. Meanwhile, the PSA said the number of underemployed Filipinos reached 5.89 million in June 2022. There were 6.67 million underemployed Filipinos in May 2022 and 6.41 million in June 2021. As for the employment rate, the June 2022 data showed that it remained the same as the 94 percent employment rate reported in May 2022. This was higher than the employment rate of 92.3 percent registered in the same period of 2021.

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The project is targeted to be completed by yearend with the night-rating of 12 more commercial airports.

nection. While PAL owns the terminal, it is the Manila International Airport Authority that manages the terminal.

In line with PBBM’s tourism thrust

Convergence program

of R.A. No. 9165,” Estrada said. The proposal, according to Estrada, would also address congestion in the courts. “As a result, it is hoped that there will be less cases for violations of Sections 4 to 35 of RA 9165, all of which take up so much time and effort to prosecute,” the IBP said.

“Law enforcement personnel will no longer have to wait for a crime to be committed in their presence before action can be undertaken. People with the disease of addiction can already receive help preventively, simply by fully utilizing Section 61 of RA 9165,” it added. Joel R. San Juan

“WE will extend our full support to the needs of the DOT in its efforts to revitalize the tourism industry by modernizing the airports and seaports to be used during the expected influx of tourists to the country,” said Bautista. He emphasized that this was “in line with the directive of President Ferdinand Marcos Jr.’s during his Sona [State of the Nation Address] to reinvigorate tourism through enhanced transport facilities.” Garcia Frasco had no comment as of presstime. For his part, DOTr Undersecretary for Aviation and Airports Roberto Cecilio Lim added that both agencies are strengthening their partnership, “working together in enhancing key gateway airports like Naia, etc., and to improve the overall travel experience of the traveler in Philippine airports.” Last week, Bautista made a surprise inspection of Naia passenger terminal 2 owned by the company he formerly headed, Philippine Airlines (PAL) and found washrooms with no water, and passengers complaining about the lack of social distancing considering that the Covid-19 virus is still around. He also found a need to improve the lighting and airconditioning at the pre-departure area, and provision of reliable free Internet con-

RECENTLY some passengers also relayed to this paper the confusion over the One Health Pass issued by the Bureau of Quarantine, and rude airport personnel that spoil the traveler’s experience upon arrival in Manila. (See, “Travelers blamed for entry delays,” in the BusinessMirror, August 3, 2022.) In September 2019, the DOTr and DOT forged a convergence pro g r a m c a l le d “ L e ve r a g i n g I n f r a s t r u c t u re P ro g r a m f or Airport Development” (Lipad), which addressed improvements needed in identified pr ior it y a ir por ts, af ter consu ltations made with airlines. Many of these priority airports fell under the DOT’s socalled tourism clusters drawn up under the National Tourism Development Plan of 2016-2022, seven of which are in northern Philippines, six in central Philippines, and seven in southern Philippines. Of these clusters, nine are dubbed “gateway clusters,” which host international airports, as well as 49 tourism development areas. As of December 2021, the DOTr completed 236 airport projects including the Panglao International Airport in Bohol, the Butuan airport, the Zamboanga International Airport, the new terminals at Clark International Airport in Pampanga, and at the MCIA.

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PBBM installs Bacarro as AFP Chief of Staff By Rene Acosta @reneacostaBM

T. Gen. Bartolome Bacarro formally assumed post on Monday as Chief of Staff of the Armed Forces of the Philippines (AFP), replacing his “mistah” Gen. Andres Centino. Bacarro was officially installed by President Ferdinand “Bongbong” R. Marcos Jr. in a ceremony at Camp Aguinaldo, which was attended by other government officials and military top brass. Bacarro, a Medal for Valor awardee and a former commander of the Armed Forces Southern Luzon Command, succeeded Centino following the latter’s retirement. Both Bacarro and Centino are members of the Philippine Military Academy Class of 1988. Bacarro is the first appointee of Marcos under the law that fixes a three-year term for the post of chief of staff and other key positions in the military. In assuming military leadership, the newly installed chief of staff said he would pursue the government’s targets against terrorism and insurgency, while ensuring that soldiers will continue to adhere to the highest standards of professionalism. He said mediocrity has no place in the military under his leadership. The chief of staff said he would also ensure the “noble” utilization of military resources, with “time” as the primary guide. At the same time, he vowed to pursue the capability upgrade program of the AFP with the strictest monitoring of its processes. Bacarro said his leadership would sustain the military’s accomplishments internally, in its various programs and in its campaign against threat groups, declaring that the organization cannot afford to squander its gains. In his speech, Marcos recog-

nized the qualification of Bacarro in his new post after rising from the ranks in the AFP with exemplary service record. “He was fearless in combat and at the risk of life above and beyond the call of duty, he took on the most formidable foes, faced them head on and eventually emerged triumphant through sheer determination and courage,” the President said. The President said with Bacarro’s leadership, AFP would be able to fend off national threats and help him achieve his goals for nation building. “As we look and think about a world that is constantly changing, a world wrought with conditions and situations that are hard to predict, a world full of elements and forces that can wreak havoc on its domain, the kind of leadership that you [Bacarro] possess: the strong presence, the administrative and operational proficiency, unmatched discipline, and unwavering commitment will come in useful for the work that you are facing ahead of you,” Marcos said. For his part, Bacarro thanked Marcos for entrusting him to lead the AFP. “Sir, I will not take this responsibility lightly. I am fully aware that the challenges that will beset me will be daunting, but your trust and confidence will remind me to keep faith in your vision for this country,” Bacarro said. Centino, for his part, said the military has gone a long way in its campaign against enemies of the state, dismantling even 16 guerilla fronts of the New People’s Army during the past six months. It has also “accounted” for 1, 090 rebels during the same period. He said there had been no single kidnapping in Mindanao during the past two years, while the government has already cleared at least 565 barangays from the influence of communist rebels. With Samuel P. Medenilla

PHL dengue cases continue to rise–DOH By Claudeth Mocon-Ciriaco @claudethmc3

HE Department of Health (DOH) reported on Monday a total of 92,343 dengue cases from January 1 to July 23, 2022, cumulatively 118 percent higher as compared to the reported cases dur-

Mayor Jerry Treñas, a former congressman, for entering into a PPP with SM Prime Holdings for the redevelopment of two cityowned public markets. Recently, the Iloilo City government signed a 25-year lease agreement with SM Prime Holdings Inc. for the redevelopment of the Central Market and Iloilo Terminal Market. The SM made a commitment to allocate about P3 billion to fund the redevelopment. According to the agreement, the partnership will be at no cost to the city and is expected to benefit about 2,800 market vendors. The Speaker pointed out that aside from public markets, there are a number of projects LGUs could offer to private investors for funding and development arrangement, such as toll roads, hospitals, irrigation systems, and housing areas. These could easily attract private funders because such projects would not run out of customers and users, he added. Romualdez noted that people in

ing the same period in 2021. DOH pegged the cases recorded during the same period last year at 42,294. Based on the National Dengue Data as of July 23, 2022, most dengue cases were reported from: Region 3 (15,951, 17 percent), Region 7 (9,429, 10 percent) and National Capital Re-

gion or NCR (7,962, 9 percent). In the recent period (June 26 to July 23, 2022) where 21,566 cases were recorded, the region with the highest number of cases: Region 3: 5,186 (24 percent), NCR: 2,374 (11 percent), and Calabarzon: 2,178 (10 percent). Nine out of 17 regions exceeded the epidemic threshold in the past

Solons urge DOTr to implement integrated toll collection system By Jovee Marie N. Dela Cruz @joveemarie

AWMAKERS have filed a resolution urging the Department of Transportation (DOTr) and its attached agencies to fast track the implementation of Phase 2 and Phase 3 of the Toll Interoperability Project. The call is formally contained in House Resolution 159, which House Senior Deputy Majority Leader Ferdinand Alexander A. Marcos, Valenzuela City Rep. Eric M. Martinez, Caloocan City Rep. Dean Asistio, Parañaque Rep. Edwin Olivarez, Cavite Rep. Ramon “Jolo” Revilla III and Caloocan City Rep. Oscar Malapitan, last August 2, 2022. The lawmakers said the Toll Interoperability Project has been long been overdue, stressing further delay of its implementation is causing great inconvenience to the public, especially to those traveling in various toll expressways. “Since 2017, the DOTr has been pushing for this project and had the good window of opportunity to roll-it out smoothly when the Covid-19 pandemic struck the country. As part of the measures to prevent the spread of the virus, cashless or no contact transac-

Romualdez backs Marcos’ call for more PPPs to ‘speed up growth in the regions’ HE leadership of the House of Representatives on Monday backed the call of President Ferdinand “Bongbong” R. Marcos Jr. for local government units (LGUs) to enter into more partnerships with the private sector for their infrastructure and services development and expansion. Speaker Martin Romualdez, in news a statement, said engaging in public private partnerships (PPP) would free up funds that LGUs could use for other vital public services. “I support the appeal of President Bongbong Marcos for LGUs to get into more PPPs to speed up growth in the regions, which in turn will generate employment and livelihood opportunities for our people,” said Romualdez. “It would also discharge LGUs from the responsibility of running infrastructure projects that, based on the experience of the government, are better managed by the private sector,” Romualdez added. Romualdez also lauded the Iloilo City government led by

Editor: Vittorio V. Vitug • Tuesday, August 9, 2022 A3

many highly urbanized and populous areas in the regions are experiencing Metro Manila-type traffic congestion due to lack of roads and development has been focused in the town centers. “LGUs could go into PPPs for diversion roads that would decongest these areas and promote faster travel,” he said. He said LGUs could tap big companies, adding the Iloilo CitySM market development project would benefit thousands of vendors and small, medium and micro entrepreneurs. Earlier, President Marcos encouraged LGUs to go into more PPPs during a meeting with officers of the League of Cities of the Philippines in Malacañang on Tuesday. “There are plenty of opportunities, especially in infrastructure... Local governments generally cannot do it by themselves. We have to find partners, we have to find local partners, we have to find investors. You’re used to that,” Marcos told the mayors. Jovee Marie N. Dela Cruz

tions were required for all vehicles passing through toll expressways,” Martinez said. Under the cashless toll collection scheme, which is actually the Phase 1 of the said project, motorists need to have their vehicles installed with Radio Frequency Identification (RFID) sticker that has sufficient preloaded amount so that every time they use the tollways, the necessary payment upon their exit will be electronically deducted. Martinez said the DOTr moved the implementation of the mandatory cashless payments in all toll expressways from November 2, 2020 and later to January 11, 2021, to give motorists ample time in having RFID stickers installed in their vehicles. However, he said, there are two major players on toll expressways. The San Miguel Corporation (SMC) operates the Skyway, South Luzon Expressway, STAR Tollway, Tarlac-Pangasinan-La Union Expressway (TPLEx), Ninoy Aquino International Airport Expressways (NAIAx) and the Muntinlupa-Cavite Expressway (MCX), and has its own AutoSweep RFID. Meanwhile, the Metro Pacific Tollways Corporation (MPTC) is using Easytrip RFID for its North

Luzon Expressway (Nlex), SubicClark-Tarlac Expressway (SCTEx), Cavite Expressway (CAVITEx), C5 Southlink and Cavite-Laguna Expressway (CALAX). “That is why our private motor vehicle owners, operators of public transportations, including delivery vans or trucks have these two RFID stickers,” Martinez added. He said that under the 2017 Memorandum of Agreement for the Toll Interoperability Program of the DOTr—which the agency signed with the Department of Public Works and Highways (DPWH), Land Transportation Office (LTO), Toll Regulatory Board (TRB), SMC, MPTC and the Ayala Group—the toll road companies are required to make adjustment in their systems that would allow integrated toll collection. In calling for DOTr’s appropriate action on the matter, Martinez reminded that Phase 2 of the program would still allow the use of two RFID wallets containing sufficient amount of load for payments at specific toll plazas but shall have a single RFID sticker readable by sensors at different toll roads. The last phase is the implementation of one RFID sticker only, maintaining one wallet for payment to all toll plazas.

Senators await Palace contingency plan for Taiwan OFWs amid Beijing-Taipei row By Butch Fernandez

@butchfBM

ENATE Minority Leader Aquilino Pimentel III prodded concerned Duterte administration officials on Monday to start preparing a contingency plan for over 140,000 Filipinos working and residing in Taipei amid tension between Taiwan and China. Pimentel’s preparatory move came in the wake of reports citing anticipation of the heightened tension triggered Taipei in the wake of Taiwan’s hosting of the recent visit of United States House Speaker Nancy Pelosi. The senator, who used to chair the Senate Committee on Foreign Relations, expects the government to be quietly preparing plans to extricate overseas Filipinos in Taiwan if the need arises Pimentel stressed it is important for the Philippines to “remain neutral” as the issues are being clarified, affirming there has been “no change in its One China Policy, or recognizing only one China government and it is based in Beijing.”

He said the Philippines cannot take sides or contradict the superpowers China and the US, as well as Taiwan which also hosts thousands of Filipinos based in Taipei, being a close neighbor of the Philippines. If there are disagreements between China and the United States, the senator suggested they could both avail of the mechanisms in the United Nations and not let the situation deteriorate to an actual battle, citing for instance the lingering war between Russia and Ukraine. At the same time, Pimentel said it is up to Senator Imee Marcos as chairperson of the Senate Committee on Foreign Relations to weigh the options to seek a briefing from Malacañang. This, as Sen. Jinggoy Estrada, chairman of the Senate Committee on National Defense and Security, confirmed his panel is already seeking a briefing from the national security and military officials, adding they are requesting updates on the prevailing situation, as well as the preparations being laid down in case such is needed.

No missing file in rape, acts of lasciviousness case vs Vhong Navarro–Malcontento By Joel R. San Juan @jrsanjuan1573

HE case file of Ferdinand “Vhong” Navarro has been transmitted by the Department of Justice (DOJ) to the Office of the City Prosecutor (OCP) in Taguig City, two weeks after the Court of Appeals (CA) directed the department to file rape and acts of lasciviousness case against the ABS-CBN television host and actor. “(The) folder was transmitted to the Office of the City Prosecutor

(OCP) in Taguig City last Friday,” Prosecutor General Benedicto Malcontento on Monday said. Malcontento made the statement to debunk a newspaper report that Navarro’s case records are missing. He explained that they were able to trace the case file that was previously subject to a petition for review before the DOJ. “When it was located, it contained numerous pages. The paging must be indicated in the transmittal,” he said.

The CA’s Fourteenth Division issued last July 21, 2022 a decision directing the City Prosecutor of Taguig City to file rape by sexual intercourse and acts of lasciviousness charges against Navarro. The appellate court reversed and set aside the 2018 and 2020 resolutions of the DOJ dismissing the complaint filed by model Deniece Cornejo in 2014 against the actor-host. It held that it was “erroneous” for the DOJ to junk Cornejo’s petition for review on the ground that her statements in the complaint-affidavits are

inconsistent and incredible. Based on its review of the complaint, the CA said all the elements of rape by sexual intercourse under paragraph (1) of Article 266-A are sufficiently alleged. The CA said the DOJ should have left the trial court to weigh and decide on the merits of Cornejo’s accusations and Navarro’s counteraccusations. “Given the peculiar nature of rape, it almost always presents a ‘he said, she said’ scenario which leaves the trial court the task to

decide whom between the private complainant or the accused should it believe,” the CA said. The Appellate Court stressed that it would ultimately be up to the trial court to determine who between Navarro and Cornejo speaks the truth. Cornejo’s camp filed last week a motion before the Taguig Prosecutor’s Office seeking the immediate filing of the rape and acts of lasciviousness charges against Navarro. To recall, Cornejo has accused Navarro of two counts of rape by sexual intercourse and by sexual assault.

four weeks (June 26 to July 23, 2022) with Mimaropa and NCR showing a sustained increasing trend from June 26 to July 23, 2022. Nationally, there were 344 deaths reported. These deaths were reported in: January: 36; February: 31; March: 39 April: 46; May: 63; June: 73; July: 56.

PBBM tells cops to use ‘reasonable, justifiable’ force in law enforcement By Samuel P. Medenilla @sam_medenilla

RESIDENT Ferdinand “Bongbong” R. Marcos Jr. has called on the Philippine National Police (PNP) to exercise restraint and maintain its integrity in its intensified campaign against criminality during his term. In his speech commemorating the 121st anniversary of the PNP on Monday, Marcos reminded the police to only use “reasonable and justifiable” force in law enforcement. Likewise, he said, such force should be always be used with authority, which he said “must be fair, must be impartial, it must be devoid of favoritism or discrimination regardless of race, gender, socioeconomic status, political affiliation, religious belief and the like.” “It is only then that you can effectively sustain with great respect and wide support the authority that you possess as uniformed servicemen of the Republic,” Marcos said. The President said he wants the PNP under the leadership of its new head, Gen. Rodolfo Azurin Jr., to improve on its gains in its anti-criminality drive in previous years. “The PNP has proven its seriousness and intent to prevent criminality and solve crimes for peace to reign supreme in our land. In the same breadth, I would like to witness the same or an even higher sense of commitment, determination, and cooperation from all now that the new PNP [chief] has been installed,” Marcos said. Marcos, however, made no mention of the controversial campaign against illegal drugs of the PNP in the previous administration, which may have left thousands of casualties and drew the attention of the International Criminal Court. On Sunday, Senator Ronald “Bato” dela Rosa, the former PNP chief who led then-President Duterte’s controversial war on drugs from 2016 to 2019, had called on President Marcos to give clear signals on his administration’s directives in the war on drugs and terrorism, saying the law enforcers were in a tentative mode since Marcos did not include this among his priority concerns in his State of the Nation Address (SONA). At the same time, dela Rosa said in a radio interview that he and ex-President Rodrigo Duterte, under whom he served as PNP chief in the latter’s first three years in power, were placed high on the hit list of illegal drug syndicates, saying: “I was the number 2 next to Duterte.” Still, the senator indicated they are not giving up the fight against illegal drugs, stressing that the PNP should “enforce the law.” The PNP anniversary was held in Camp Crame in Quezon City with the theme: “Matibay na Ugnayan ng Pulisya at Mamamayan, Tungo sa Pagkakaisa, Kapayapaan at Kaunlaran (Stronger coordination between the Police and Citizens Towards Unity, Peace, and Progress).” Marcos said he hopes the theme will serve as a roadmap for PNP to upgrade its service and operations.

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Meralco cuts electricity rates as oil companies slash fuel pump prices

By Lenie Lectura

than offset the effect of Malampaya’s quarterly repricing,” said Meralco utility economics head Lawrence Fernandez. Generation charge, which represents the bulk of the consumers’ electric bill, went down by P0.1944 to P6.5812 per kWh this month from P6.7756 per kWh last month due to the decrease in charges from Power Supply Agreements (PSAs), which more than offset increases in charges from Independent Power Producers (IPPs) and the Wholesale Electricity Spot Market (WESM). PSA charges registered a reduction of P0.4273 per kWh as this month’s rate no longer included recovery of deferred generation costs for the April bill. Higher excess energy of some PSAs, which are priced at discount, also contributed to the decrease. On the other hand, IPP charges increased by P0.4213 per kWh with the continued rise in international fuel prices. The underlying Malampaya natural gas price increased by 15 percent starting this quarter, reflecting recent spikes in world crude oil prices. Power suppliers that have passthrough adjustments in Malampaya fuel—namely, First Gas-Sta. Rita, First Gas-San Lorenzo, and First Natgas-San Gabriel—accounted for 44 percent of Meralco’s supply

@llectura

LECTRICITY rates this month and fuel prices this week are going down.

On Monday, the Manila Electric Company (Meralco) announced a P0.2087 reduction in August rates to P9.5458 per kilowatt hour (kWh) from last month’s P9.7545 per kWh. This is equivalent to a decrease of around P42 in the total bill of a residential customer consuming 200 kWh. With this month’s adjustment, Meralco’s rates now have a combined reduction of P0.9154 per kWh over the past two months and a net decrease P0.2315 per kWh since the start of the year. Meralco earlier anticipated a

rate increase this month mainly because of an increase in Malampaya gas prices by as much as 15 percent. However, this was mainly offset by the rate reduction orders of the Energy Regulatory Commission (ERC). “ Three factors helped push down August rates. These are the completion in July of recovery of April’s deferred generation costs, reduce use of expensive alternative fuel by First Gas, and ERCordered reduction in Meralco’s distribution, supply, metering charges beginning August, more

during the period. Reduced use of more expensive alternative fuel by First Gas plants mitigated further increase in IPP charges. Meanwhile, charges from the WESM remained high, registering an increase of P0.0433 per kWh due to tight supply conditions in the Luzon grid. Despite the reduction in demand, the grid was placed on Yellow Alert last July 5 due to insufficient operating reserves after the forced outage of several large power plants. In addition, persistently high spot market prices triggered the imposition of the secondary price cap almost 27 percent of the time. PSAs, IPPs, and WESM accounted for 52 percent, 43 percent, and 5 percent, respectively, of Meralco’s energy requirement for the period. The implementation of distribution-related refunds totaling P48.3 billion continues to temper customers’ monthly bills. This is equivalent to total refund rate of P1.8009 per kWh for residential customers. Also contributing to the overall rate reduction for August was the reduction in Meralco’s distribution charge, equivalent to P0.0360 per kWh for typical residential customers. This followed the ERC decision

last June 16 on Meralco’s final Interim Average Rate, which reduced the final average distribution rate for July 2015 to June 2022 from P1.3810 to P1.3522 per kWh. This is already reflected in the customers’ August bill as lower Distribution, Supply and Metering charges. P r ior to t h i s adju st ment , Meralco’s distribution charges were unchanged since the reduction in July 2015. The transmission charge for residential customers had an increase by P0.0235 per kWh. Taxes and other charges, meanwhile, registered a net decrease of P0.0018 per kWh. The collection of P0.0025 per kWh representing the Universal ChargeEnvironmental Charge remains suspended as ordered by the ERC. Pass-through charges from generation and transmission are paid to the power suppliers and the system operator, respectively, while taxes, universal charges, and Feed-in Tariff Allowance (FiT-All) are all remitted to the government. Meanwhile, oil firms announced more than P2 per liter slash in the prices of petroleum products starting Tuesday morning. In separate advisories, they said gasoline prices would go down by P2.10 per liter, diesel by P2.20 per liter, and kerosene by P2.55 per

liter. This is the 6th consecutive week of price rollback for diesel and kerosene. Seaoil, PTT, Phoenix, Shell, Caltex, Unioil, Total, Petron said they will adjust their prices at 6 a.m. of Tuesday, August 9. Cleanfuel, meanwhile, will implement the price rollback at 8:01 a.m. Last week, oil companies implemented a price decrease in diesel by P0.60 per liter and kerosene by P0.75 per liter. On the opposite, gasoline has increased by P0.75 per liter. These resulted to the year-to-date total adjustments to stand at a net increase of P19.65/liter for gasoline, P32.35/liter for diesel and P27.30/ liter for kerosene. Oil firms adjust their prices every week to reflect movements in the world oil market. The local oil industry uses Mean of Platts Singapore (MOPS), which is the daily average of all trading transactions between buyer and seller of petroleum products as assessed and summarized by Standard and Poor’s Platts, a Singapore-based market wire service. MOPS gasoline, diesel, and kerosene have been going down lately. Crude prices went down as Covid-19 cases increased in China amid no relaxation in restrictions, coupled with a counter seasonal build in gasoline inventories in the US.

Poe presses passage of e-governance bill By Butch Fernandez

@butchfBM

EN. Grace Poe pressed on Monday for the timely passage of an awaited remedial legislation aimed at improving “the way government attends to ordinary citizens through efficient e-delivery of services that will do away with long lines or prolonged waiting time.” Poe pointed out Senate Bill 334 provides that “even at home or at work, our countrymen will be able to apply for claims or loans, pay taxes, renew licenses and engage in related government

transactions through their mobile phones or computers.” Once passed into law, SB 334 to be known as E-Government Act of 2022. Poe assured that “Filipinos certainly deserve the convenience of accessing government services and information at their fingertips.” The senator stressed that putting in place an e-government strategy through seamless interoperability will “help government boost productivity, improve transparency and assure convenience to the public.” Moreover, Poe’s bill mandates

the Department of Information and Communications Technology [DICT] to “establish and promote an e-government master plan that will serve as a framework for the rollout of online services by agencies.” At the same time, she assured that “the master plan will deal with archives and records management system, online payment system, citizen frontline delivery services, and public finance management and procurement system,” adding that it will be reviewed and revised every three years as the bill provides.

Moreover, SB 334 further provides that the DICT Secretary will head the e-government initiative while each local government unit will have an information officer to supervise the adoption of the master plan and report compliance. Poe projects that soon as the bill becomes a law, “waiting in line for hours for cash aid, loans, benefits and the like should be a thing of the past.” “We must spare our people, especially elderlies and persons with disability, from this unacceptable strain in the hands of government,” Poe added.

4Ps ‘delisting’ Supporting change: For the common good ments in human capital are may add more needed beneficiaries, lawmaker says

LAWMAKER on Monday called for due diligence in the “delisting” of 1.3 million families from the Pantawid Pamilyang Pilipino Program (4Ps), seeing the likely possibility to even add more to the list of beneficiaries. In a privilege speech, Senior Deputy Minority Leader Paul R. Daza of Northern Samar supported the plan of the Department of Social Welfare and Development (DSWD) for validation of the 4Ps list but suggested use of newer estimates due to the pandemic. “Any delisting must go through a process of reassessment and social case management as set forth in the law,” the lawmaker explained. “I agree that it’s about time we do a thorough cleansing of the list. However, beneficiaries in 4Ps should not be reduced but instead increased due to an uptick in poverty incidence by 2.6 percent nationwide as caused by the Covid-19 pandemic,” Daza pointed out. Citing the latest government estimates, Daza said poverty incidence in the Philippines increased to 23.7 percent in the first half of 2021 from 21.1 percent in the same period in 2018. He said this means about 3.9 million more Filipinos are living in poverty. Assuming 3.9 Filipinos need to be registered in 4Ps, Daza said then the country may be looking at an estimated 780,000 to a million families as new beneficiaries based on a 4- to 5-member household, saying this is close to the number of families being targeted for delisting. Jovee Marie N. Dela Cruz

By Henry J. Schumacher

NDERSTANDING of “public interest” and “political integrity.” Political integrity means exercising political power consistently in the public interest, independent from private interests, and not using power to maintain the office holder’s own wealth and position. Understandings of public interest are ever evolving and at times hotly debated. What is clear is that political integrity is only possible when safeguards exist throughout the political process: 1. The process to elect, appoint or select those who hold power is free from the undue influence of vested interests. 2. That all stakeholders have inclusive, open and meaningful opportunities to equally influence decision-making. Political decisions and power holders are subject to scrutiny by the public and institutional checks and face consequences for using power

for private gain. Undisclosed, unchecked, or undue influence over the powerful skews resources and policies away from the common good. It perpetuates inequality, undermines democracy and deprives people of their human rights. I enjoyed the letter of Nono Felix, monitoring and evaluation manager, felixnono9@gmail.com in last Wednesday’s Inquirer under the headline: Transparency and Accountability: Make LGUs do development work like NGOs. In the end, we should all promote more effective cooperation between LGUs and NGOs, as both are accountable to their constituents and beneficiaries, respectively, and to their funders and donors/supporters. President Marcos’ urging LGU’s to tap PPP as project cooperation and financing mode makes sense as the way forward; this is a good example of getting LGUs and the Private Sector, including NGOs, to work together.

Rightsizing–why is it needed?

THE regulatory mania of the authorities can be excessive, and many rules are pointless and contradictory, and sometimes incomprehensible and obstructive. The following urgently needs to happen: Fundamental dismantling of bureaucratic obstacles, simplification of rules, automation/digitization of processes wherever possible. In other words, the President’s instruction to right size is needed.

Education Reform–invest-

THE investment in human development is a strategy for economic recovery and inclusive growth. The private sector would love to cooperate with Vice President and Education Secretary Sara Duterte to specifically focus on technical training and “learning by doing.” Workforce skills are critical if the Philippines is to gain from its “demographic dividend.”

Tax Reform–how will it affect us?

PRESIDENT Ferdinand R. Marcos Jr. identified his administration’s priority in tax reforms. Unfortunately, details on the tax reform are not available yet. We are still hoping that Finance Secretary Benjamin E. Diokno will outline the balancing act between supporting economic recovery and containing the country’s fiscal deficit. We need to understand the tax reform the Marcos Administration through the DOF wish to introduce and how tax incentives for local and foreign investors will be handled. The suggestion to manage the Bureau of Internal Revenue and the Bureau of Customs more effectively is certainly appreciated. Exciting times with the need for change, for the common good. There is no question about the willingness of the private sector to cooperate with the administration and Congress to “imagineering” the future! The time for change is now; let’s work together. You can contact me at hjschumacher59@gmail.com

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Rate hangers-on park funds on short-term debt papers By Bernadette D. Nicolas @BNicolasBM

NVESTORS parked their funds on short-term government securities as they await the next policy rate action from the Central Bank. The Bureau of the Treasury (BTr) sold P15 billion in Treasury Bills (Tbills) on Monday’s auction, which ended up over twice oversubscribed as total bids hit P43.8 billion. Compared to the benchmark secondary market rates, the average yield for the 91-day T-bills was lower while those for the 182-day and 364-day tenors were higher. National Treasurer Rosalia V. de Leon attributed the lower yield for the 91-day T-bills due to “overwhelming demand as market wait and see MB [Monetary Board] rate action.”

“[Investors p]arking funds in the meantime. Market also looking for clues whether Fed will pivot or sustain rate hike after payrolls report beat market estimates,” de Leon told reporters. Bangko Sentral ng Pilipinas Governor Felipe M. Medalla was candor in announcing a rate hike to the tune of either 25 basis points or 50 basis points in the August 18 MB meeting. Medalla reiterated last week that amid the stillrising inflation, the Central Bank is “prepared to take all necessary policy action” to adequately tame inflationary pressures. Inflation rate in the country in July hit 6.4 percent, the highest since October 2018. That figure brings the Philippines’ average inflation from January to July at 4.7 percent, beyond the government’s 2 to 4 percent target band.

SSS seen to reap profits from Philex mining ops

HE state-run Social Security System (SSS) is bound to be among the topmost beneficiaries of the $224-million Silangan copper-gold project, according to the vice chairman of the House Committee on Appropriations. Makati City Rep. Luis N. Campos Jr. said in a statement that the SSS has a substantial equity investment in one of the largest new mining ventures in the country. Campos was referring to the $224-million Silangan copper-gold project of publicly listed Philex Mining Corp. The project is targeted to commence commercial operations by early 2025. The SSS owns a fifth, or 20.09 percent, of the outstanding common shares of Philex, based on the records of the Philippine Stock Exchange (PSE) as of June 30. Besides producing some 8,000 new jobs, Silangan is expected to contribute up to P80 billion in royalties and taxes to the government and result in P6-billion worth of community development spending around the mine site. The figures are based on estimates

from the Mines and Geosciences Bureau and project details on Philex’s website. According to Campos, the windfall from the project would help the SSS provide social security protection to 40.49 million covered Filipinos. “We foresee the SSS reaping more benefits from its long-term equity stake in Philex. In the years ahead, we expect the pension fund to profit from a rising share price plus higher cash dividend income,” Campos said. But the lawmaker said the Silangan project in Tubod, Surigao del Norte, is not just about investment gains for the SSS, “We want the project to succeed because it will yield new badly needed royalty and tax income for the government, create more jobs, and generate additional foreign exchange earnings for the country,” Campos said. Last week, Finance Secretary Benjamin E. Diokno declared that “the mining industry holds the greatest potential to be a key driver of our economic recovery and long-term growth, especially now that world metal prices are high.”

Mandaluyong City mayor hikes JO workers’ pay to ₧10K/month By Claudeth Mocon-Ciriaco @claudethmc3

LL Mandaluyong City government employees on job order (JO) status will start to receive a monthly salary of P10,000 starting September 1, 2022, Mayor Benjamin Abalos Sr. announced on Monday Abalos said his decision to hike JO salary came after he had a dialogue with the JO employees. The city hall has a total of 1,839 JO employees. He also said that he has talked with the City Council and the city budget department to raise the salary of job order employees after their conversation. “I was saddened when I heard that we

have job order employees who are still receiving something like P265 a day. They’re not just our street sweepers and traffic enforcers but also the employees reporting here at offices at the City Hall,” he said. “They only receive such daily wage and have to commute to work and come in uniform so I didn’t want to force them to wear uniforms,” Abalos added. Abalos recognized that many of the city government’s JO employees are working at frontline services. “That’s why I’m thankful to our City Council and budget department that we are able to come up with measures to raise the salaries of job order employees of the city,” the mayor said.

Attracting P18.69 billion in total bids, the 91-day tenor capped an average rate of 1.85 percent, down from the comparable Bloomberg Valuation Service (BVAL) Reference Rate of 2.123 percent. Meanwhile, the 182-day T-bills’ average rate reached 3.2 percent, above the 2.87-percent BVAL rate. For the 364-day T-bills, the average yield was at 3.635 percent, higher than the 3.369 percent comparable benchmark for the secondary market. For this month, the Treasury is aiming to borrow P215 billion through the local debt market next month. Of the total, 140 billion in Treasury Bonds (T-Bonds) and another P75 billion worth of T-bills will be offered. The Treasury has raised P75 billion since the start of the auction this month.

Former President Rodrigo Duterte ended his term with the national government’s (NG) debt stock soaring to another record-high of P12.79 trillion as of end-June this year. This was more than double than the P5.948 trillion debt level when Duterte assumed office in mid-2016. By the end of 2019 or a few months before the COVID-19 pandemic hit the country, the national government’s debt stock was at P7.73 trillion. The national government’s debtto-GDP ratio jumped to 63.5 percent as of the first quarter of this year, above the internationally recommended 60-percent threshold by multilateral lenders for emerging markets like the Philippines. It is also the highest since the country’s debt-to-GDP ratio hit 65.7 percent in 2005 under the Arroyo administration.

Ex-CJ Puno calls for shift to solar power to address energy shortage

HIFTING to abundant and cost-efficient solar energy can significantly bring down the cost of electricity for homes and businesses and mitigate the impact of an impending energy crisis, former Chief Justice Reynato S. Puno said over the weekend. Speaking at the ceremonial switching-on of a 50-kilowatt solar-energy system installed by GenWATT Energy Solutions at the building of St. Martin of Tours Credit and Development Cooperative in Bocause, Bulacan on Saturday, August 6, Puno pointed out that the country’s continuing dependence on imported oil and coal threatens not only the country’s energy security but also economic security. Puno, who chairs the GenWATT Board, warned that an unabated rise in electricity costs, spiralling prices of imported fossils fuels and the expected depletion of the Malampaya natural gas fields in Palawan, if not effectively addressed, could bring the country back to the dark days of rotating blackouts and grind many businesses and industries to a halt, resulting in billions of pesos in economic losses. But he said the installation of solar energy systems in homes and buildings, such as the one at St. Martin Coop, will not only reduce electricity costs for households and businesses, but reduce the country’s power-supply deficit. “Kulang na kulang po ang ating supply ng kuryente, na lalaki pa pag tuluyang nawala ang natural gas sa Malampaya,” Puno said, citing a news report quoting Energy Secretary nominee Rafael Lotilla. One solution, he said, is to harness solar energy to bring down the cost for homes and businesses and increase energy supply. From the savings on their energy costs, “magkakaroon ng malaking

matitipong salapi ang mga mamamayan and their purchasing power will grow,” Puno said. “At habang lumalaki and kanilang purchasing power, sisisigla naman ang negoyo, lalaki ang buwis na makokolekta ng gobyerno at gaganda ang serbiso ng gobyerno,” he added. Echoing Puno, Serafin Celestino Jr., chief executive officer of St.Martin Coop said, shifting to solar “will significantly lessen the demand for coal-dependent energy and help generate cost-effective and reliable renewable energy.” “And if only the energy companies and the government a could make harnessing solar energy more affordable for everybody to eventually free them from the shackles of high energy cost, I believe that more people, more businesses will shift to solar energy,” he added. Wendell Tamayo, GenWATT CEO, said the 50-kilowatt system with an initial 40-kilowatt generation capacity can produce 150 to 200 kilowatts of electricity on a normal sunny day, supplying 60 to 80 percent of the building’s requirements during office hours. It has the potential to save P45,000 to P70,000 in electricity bills every month at a price of P11.00 per kilowatt-hour. He said that over the 25-year guaranteed production efficiency of the solar panels, the system is projected to generate 1,500 megawatts of electricity and potentially earn for St. Martin Coop up to P30 million in electricity bills, and at the same time, sequester some 350 tons of carbon dioxide from the atmosphere. The partnership between St. Martin Coop and GenWATT is part of the company’s Cooperative Renewable Energy (CORE) Program under which it provides cooperatives and their members access to cost-efficient and profitable solar energy.

More Bicolano farmers gain access to DAR’s biz schools

ORE farmers in the Bicol Region now have the opportunity to learn how to do business in agriculture as the Department of Agrarian Reform (DAR) recently launched its 10th Farm Business School (FBS) site in the province of Sorsogon. FBS aims to help farmer-beneficiaries become entrepreneurs by boosting their entrepreneurial skills. DAR Provincial Agrarian Reform Program Officer (PARPO) Nida A. Santiago said the project would help farmers in their production and marketing activities.

Through the FBS, DAR is also encouraging farmers to form small groups to build their collective capacity to produce for the market and adequately respond to the market demands with the aim of generating profits. “We want to make their farms profitable and make them understand the ins and outs of business so that they can respond to market challenges,” she said. Sorsogon PARPO Liza B. Repotente shared how the FBS has thrived through the years, relaying that the office values the ARBOs and ARBs response to the challenges of welcoming a new sup-

port intervention. “We will remain steadfast in exploring new ways how to bring more services to our farmers, especially our ARBs. We will be with them every step of the way,” Repotente explained. She disclosed that this is the 10th FBS site in Sorsogon. In 2017, the pilot sites in Castilla and Bulan were launched. It was followed by a site in Juban in 2018, three sites launched in Juban, Irosin, and Matnog in 2019, a lone site launched in Casiguran in 2020 and finally, two sites were launched in 2021 in Sta. Magdalena

and Sorsogon City. Repotente said the Capuy-Basud Multi-Purpose Cooperative (CABAMUCO) in Capuy, Sorsogon is the identified recipient of the FBS for 2022. “In Sorsogon City, CABAMUCO is the 2nd site of FBS. This milestone is significant not only for DAR but for the local government of Sorsogon,” she added. FBS Facilitator Jicelle Escanilla said theprogramhasthirty-fiveenrollees.DARSorsogon ensured that the CABAMUCO members could avail of 25 FBS sessions to learn the ropes of entrepreneurship. Jonathan L. Mayuga

A10

10th Cabuyao City

A BusinessMirr

Tuesday, August 9, 2022 | www.businessmirror.com.ph

Dekada ng Happy Cabuy

By Anne Ruth Dela Cruz

HE Local Government Code of 1991 requires a municipality to meet at least two of three requirements to become a city—a land area of at least 100 square kilometers, an annual income of at least P100 million, and a population of at least 150,000.

While the City of Cabuyao has a land area of only 43.4 square kilometers, in 2012, Cabuyao had a population of about 249,000 and an annual income of P906 million. Having met two of the three requirements, then Cabuyao Mayor Isidro “Jun” Hemedes Jr. pushed for the cityhood of Cabuyao with then Laguna Rep. Justin Marc “Timmy” Chipeco and then Senator and now President Ferdinand R. Marcos Jr. as proponents in the House of Representatives and the Senate respectively. The late President Benigno C. Aquino III signed the Executive Order directing the conversion of Cabuyao into a Component City on May 16, 2012. Cabuyao 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. Now known as “The Enterprise City of the Philippines,” Cabuyao City is home to the Light Industry & Science Park I, the first privatelyowned industrial estate registered with the Board of Investments (BOI). It is home to 92 locators, including Procter & Gamble, and provides employment to more than 28,000 workers.

‘Make Cabuyeños Happy’

TO CELEBRATE the 10th Cabuyao

Cityhood anniversary, Cabuyao City Mayor Dennis Felipe “Denha” C. Hain and local government officials organized a series of activities from July 29 to August 5, 2022 under the theme “Dekada ng Happy Cabuyeño Sa Bagong Cabuyao.” “We have been unable to celebrate Cabuyao’s cityhood for the past two years because of the pandemic. Now that we are in the new normal, many Cabuyeños have been stressed out over the past two years and we feel that it’s time to make them happy,” Hain explained. He reviewed what happened during the past celebrations and decided to organize activities that would suit everyone. He also decided that the events would take place in the evening. “We want the activities to be held at a time when everyone is available and that is at night. The activities will be very simple and happy like concerts, events. We want the people to just go there and attend the events so that they can feel relaxed,” Hain said.

Food Park, Bird Show

THE festivities kicked off on July 29 with the simultaneous openings of the Bagong Cabuyao Foodpark at the Cabuyao City Hall, Bagong Cabuyao Garden and Bird Show along FB Bailon Street in front of the City Hall, and the Bagong

Cabuyao Night Market in Barangay Poblacion Uno. On the morning of July 31, Cabuyeños witnessed the Paseo of Marching Bands which started in Barangay Niugan and ended at the Cabuyao Town Plaza. By 7 pm, the Serenata ng mga Banda was held at the Town Plaza. A thanksgiving mass with the theme “Misa Pasasalamat: Una Ang Diyos sa Bagong Cabuyao” was held on August 1 at the City Hall Grounds. The evening of August 1 was the Grand Coronation Night of the Hari ng Toda 2022. Named Hari ng Toda 2022 was Reginald Elomina of BITODA. First runner-up was Paul Andrew Librada of MACATODA while Allan Jay Manaog of CMSATODA was named 2nd runner-up. Manaog also received the award for Best in Production and Formal Wear. Gilbert Borral of BBTODA and MC Clifford Abella of CSVTODA were named 3rd runner-up and 4th runner-up, respectively. Borral also received the Best in Casual Wear award. Marcelino Gonzalez of HVTODA was named Mr. Congeniality while Leovino Quiohilag of SJBTODA was named Mr. Photogenic.

Gandang Nanay

CABUYEÑOS from all walks of life gathered at 8 am on August 2 at the Town Plaza for the Zumbagong Cabuyao. That evening was the Grand Coronation Night of Gandang Nanay 2022. Pamela Amor of Brgy. Poblacion Tres was named Gandang Nanay 2022. Named 1st runnerup was Jovy Ann Cotoner of Brgy. Marinig. Cotoner was also named Ms. Congeniality and Best in Production. Marianne Palisoc of Brgy. Sala was named 2nd runner-up while Maureen Acuña was 3rd runner-up. Acuña also bagged the Best in Casual Wear award. Named 4th runner-up was Ma. Corazon Malaluan of Bgry. Poblacion Dos. Ana Liezel

3 Toledo of Brgy. Banlic was named Ms. Photogenic while Maria Erika Marqueses of Brgy. Poblacion Uno was judged Best in Long Gown. It was time for fur parents to show off their fur babies at the Pet Parade sa Bagong Cabuyao at the Town Plaza on August 3 at 8 am. Hannah, owned by John Batalla, was the big winner of the parade as she was named the Best Dressed and Most Well-Groomed pet. Coming in 2nd in the Best Dressed category was Snow White (Rafael Feliciano). Third was Vanilla (Kathleen Artamia) followed by Kimchi (Rosalin Atienza) and Fifi (Joemil Amerna). In the Most Well-Groomed Category, coming in second was Pomee (Eric Cruz) followed by Axel

(Ma. Theresa Santiago), Vanilla (Kathreen Artamia) and Coleen (Kingkiyl Sena). For the Pet Owner Look-ALike Category, the winner was Fifi (Joemil Amerna) followed by Snow White (Rafael Feliciano), Vanilla (Kathereen Artamia), Coleen (Kingkiyl Sena and Kimchi (Rosalin Atienza) The INDAKabataan Dance Contest was held at 7 pm that evening. The League of Monsters was named the Champion with Inpecean Kru named 1st placer. Inpecean Kru was also named Best in 90’s Outfit. Ace Redefined was named 2nd placer while the People’s Choice Award went to Team Synergy. The dance contest was followed by “Tunog Kalye – Battle of

the Bands.” Imahinasyon was adjudged the Champion while Tao was named 1st placer. Imahinasyon was also named Best in Bass Guitar. The 2nd placer was Algorhythm. Algorhythm was named Best in Drums and Best in Lead Guitar. Best Vocalist was Fliftside Band while Majuice Band was named Best in 90’s Outfit.

Land Float Parade

THE Land Float Parade was held on August 4 with the City Hall as the Assembly Point. Brgy. Gulod was named 1st runner-up while Brgy. Casile and Brgy. Bigaa were named 2nd runner-up and 3rd runner-up, respectively. The highlight of the day was the Variety Show which was held at the Town Plaza. Guest performers for

yhood Anniversary

ror Special Feature

www.businessmirror.com.ph | Tuesday, August 9, 2022 A11

yeño sa Bagong Cabuyao 1

HARI NG TODA 2022 – Cabuyao City Mayor Dennis Felipe C. Hain (third from right) poses with winners of the Hari ng Toda 2022.

Mayor Dennis C. Hain during the recognition rites for the top 30 corporate tax payers

EMPLOYEE APPRECIATION DAY – Mayor Dennis Hain pose with city government officials and employees during the Araw ng mga Empleyado.

4 5

EL GOBERNADOR – A band participates in the Paseo of Marching Bands.

ZUMBAGONG CABUYAO – Cabuyeños enjoy a round of morning exercise during the Zumbagong Cabuyao.

INDAKABATAAN – Members of the League of Monsters pose with Hain after being declared champion of the Indakabataan.

THANKSGIVING MASS – A thanksgiving mass was held on the grounds of the Cabuyao City Hall to celebrate the city’s 10th cityhood anniversary.

8 9

GANDANG NANAY 2022 – The winners of the Gandang Nanay 2022.

MAYOR HAIN with members of the Sangguniang Panlungsod, the chief of police, department heads and Food park merchants.

CONCERT night with Parokya ni Edgar

property and the environment,” he said.

Priority

HAIN pointed out that industries remain his priority because he believes that the business sector will be the local government’s valuable partner in achieving the I-HELP program. He added that he would be inviting corporate taxpayers to a meeting to discuss how the corporations can contribute to Bagong Cabuyao. To speed up the progress of Cabuyao. Hain informed those present that he will be constructing more roads, especially roads that will lead to the Southern Luzon Expressway. This, he said, would attract more investors to the city. “To our corporate taxpayers, the mayor’s office is open to all of you. Please do not think twice about approaching us as we will help you in any way we can. We can even play golf so that we have more time to discuss our plans,” he said, adding that the city government was willing to extend tax incentives once these goals have been achieved.

Honor roll

9 the evening were Parokya ni Edgar, Andrew E, This Band, Momoy Palaboy and Fingerplay. The last day of the cityhood celebrations on August 5 kicked off with the “Araw ng Mga Empleyado,” a day dedicated to local government officials and employees. The theme of the activity was “Back to the 90s.” In his remarks, Hain said he wanted to bring back the 90s because that was the time when Cabuyao was considered a very developed and prosperous municipality. “Cabuyao was the first town in Laguna to open a cinema and the first movie that was shown then was Vilma Santos’s Anak. It was

also in the 90s that we had our first Jollibee outlet. Cabuyao was very prosperous during those days, and it was known as the richest municipality in the country,” he recalled.

Progressive, affluent

NOW that it is celebrating its 10th cityhood anniversary, Hain said he wants Cabuyao to be known as a progressive and affluent city to attract more investors. He added that he wanted a Happy Cabuyao so that Cabuyeños would be proud of their city. “I would like to acknowledge former Mayor Isidro Hemedes Jr. for pushing Cabuyao to become a city. At that time, my father was a member of the City Council,

and I was barangay captain so in a way, we also contributed to this,” he said. Hain added: “I never dreamed that I would be where I am today. I face numerous challenges and we have a long way to go. I have told you all repeatedly that I cannot do all this by myself, but I will be able to achieve our goals if we help each other.” Local government officials and employees attended the event in their best 90s attire as awards were given out to the best dressed city official, barangay chairman and department head. Named the 90s Best Dressed City Official was Councilor Fe Humarang. The Best Dressed Barangay Chairman

was Richard Algire while the Best Dressed Department Head was Evelyn Parala.

Thanksgiving

THE highlight of Cabuyao’s cityhood celebration was “Piging, Parangal at Pagkilala: Top Corporate Taxpayers Night with the Mayor” held at the Monochrome Nuvali in Sta. Rosa, Laguna. In his speech, Hain thanked the corporations who attended the event despite the bad weather. He pointed out that while there are places in the country that are known for being tourist spots, for being mining sites and natural resources, Cabuyao is known for having very rich industries.

“You are all our friends, and this is why we are here to thank and honor you because if you did not decide to open shop in Cabuyao, we would not be where we are today,” Hain said. He related that as a mayor, he always “asks himself three questions—What are my plans for Cabuyao? How will I achieve this? And what motivates me to do this.” “The answer is simple. I want Cabuyeños to experience a new Cabuyao and that they will benefit from government resources. How will this be achieved? I know where we are headed and that is the I-HELP Program which covers industry, health, education, livelihood and protection of life,

THE 30 companies that were recognized that evening were Procter & Gamble Phils., Inc.; Nestle Philippines, Inc.; Zuellig Pharma Corporation; Wyeth Philippines, Inc.; Asia Brewery Inc.; Ginebra San Miguel, Inc.; Nexperia Philippines, Inc.; James Hardle Philippines, Inc.; Concepcion Carrier Air-Conditioning Co.; and Fast Services Corporation. Also on the list are Nutri-Asia Inc. (UFC Philippines); Advanced Molding Co. Inc.; Canlubang Golf & Country Club, Inc.; Concepcion Durables Inc.; Interbev Philippines, Inc.; Ampleon Philippines, Inc.; Interphil Laboratories, Inc.; Cygnus Industries, Inc.; Actimed, Inc.; and Automated Technology Phils., Inc. Rounding off the list are Pepsi Cola Products; Ohgitani Philippines, Inc.; Alon Development Corp.; Wartsila Philippines, Inc.; Nippon Paint (Coatings) Phils., Inc.; Ciarmil Manufacturing Inc.; Excelitas Technologies Phils., Inc.; Pricon Microelectronics, Inc.; Ionics EMS, Inc., and Ebara Pumps Phils., Inc.

BusinessMirror

A12 A6 Tuesday, August 9, 2022

ESTABLISHMENT / ADDRESS No.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

24 INCH GAUGE CONSTRUCTION INC. L4 Blk. 4, Near Kay Buboy Bridge, San Dionisio, City Of Parañaque

LI, CHUNHUA Quality Construction Specialist 1.

Brief Job Description: Reviews, inspects, and documents all construction projects during the construction period of the current Bond Program.

Basic Qualification: Skilled in identifying local construction technologies and construction material sources; Can carry out and monitor testing and inspection of products and materials to ensure the finished product meets quality standards.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION SUN, WAN-YEN Technical Support

11.

Brief Job Description: Evaluate a company’s it systems to help them meet their business objectives and include analyzing and diagnosing a company’s it infrastructure, understanding a client’s business needs, and designing and implementing a technology solution.

FANG, YU Mandarin Speaking Sales Support Specialist

12.

Brief Job Description: Responsible for compiling (complex) mechanical equipment in the workshop and ensuring proper operations of (complex) mechanical equipment/ installations of equipment

Salary Range: Php 90,000 - Php 149,999

QUALIFICATION AND SALARY RANGE Basic Qualification: Degree in computer science, information systems or related filed, proficiency with database languages

No.

CHIENG TIEN THONG Vietnamese Customer Service Representative

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

Brief Job Description: Provide support to sales manager for system process order entry and as well as other administrative tasks in the sales life cycle take care of the business analyst sales performance and prepare various reports precisely and efficiently support the company and the wholesale team’s marketing activities including online marketing campaign workshop and exhibitions

Basic Qualification: Bachelor’s Degree With Experience in Business Management Computer / Software Marketing / Sales or Related Field Fluent in Both the Written and Verbal Mandarin / English Language Communication Skill is a plus

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

DANG THI HONG GIANG Vietnamese Customer Service Representative 21.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

13.

BRENPRO INC. 6f & 7f Nexus Center, 1010 Metropolitan Ave. & Kamagong St., San Antonio, City Of Makati

Brief Job Description: Lead project safety culture, client relationships and manage project financial.

LE THI THAO Vietnamese Customer Service Representative 22.

Salary Range: Php 500,000 and above

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

LU, HSUAN-FENG It Support 4.

10.

Basic Qualification: Degree in computer science, information systems or related filed, proficiency with database languages Salary Range: Php 30,000 - Php 59,999

CAI, DEQIANG Marketing And Sales Agent 14.

Basic Qualification: Degree in computer science, information systems or related filed, proficiency with database languages Salary Range: Php 30,000 - Php 59,999

LIN, JIAJUN Marketing And Sales Agent 15.

Basic Qualification: Degree in computer science, information systems or related filed, proficiency with database languages Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Degree in computer science, information systems or related filed, proficiency with database languages Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Degree in computer science, information systems or related filed, proficiency with database languages

16.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Degree in computer science, information systems or related filed, proficiency with database languages Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas

LY DUC Vietnamese Customer Service Representative 23.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Can contributes information, ideas, and research to help develop marketing strategies; can help to detail, design, and implement marketing plans for each product or service being offered

17.

NGUYEN MINH GIANG Bilingual It Support Specialist Brief Job Description: Providing it assistance to staff and customers.

NGUYEN DAC NGO Vietnamese Customer Service Representative 24.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

18.

Brief Job Description: Accountable for the operation of the team to ensure that the program being delivered efficiently and effectively. He will deliver timely, informative and compelling presentation to senior business stakeholders.

NGUYEN DUY TAN Vietnamese Customer Service Representative 25.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

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

Basic Qualification: Excellent in reading, writing and speaking bilingual languages.

NGUYEN LAM TRUONG Vietnamese Customer Service Representative 26.

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

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

27.

19.

Brief Job Description: Lead the regional commissioning team and interface with other stakeholders to ensure that projects are commissioned safely, with quality, on schedule and on budget

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

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

Basic Qualification: Experience Leading Safety Efforts in an Operational Setting Salary Range: Php 500,000 and above

Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for, Fluent in Chinese Mandarin is an advantage. Salary Range: Php 30,000 - Php 59,999

NGUYEN TRONG HUNG Vietnamese Customer Service Representative Basic Qualification: 21-50 years old with latest 6 months experience.

FLUENCE ENERGY INC. Unit A 17/f Marajo Tower, 312-26th St. West Cor. 4th Ave. Bonifacio Global City, Fort Bonifacio, City Of Taguig TESCH, RAINER TORSTEN Senior Commissioning Manager For APAC

FERROCHROME RESOURCES, INC. Ofc, 3 5/f Cacho Gonzales, Building 101 Aguirre St., San Lorenzo, City Of Makati

GUO, GANG Technical Operation Officer

EASYTECH SUPPORT INC. 9-11/f, 14/f Capella Bldg., Asean Drive Filinvest, Alabang, City Of Muntinlupa

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Degree in computer science, information systems or related filed, proficiency with database languages

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas

LU, TINGTING Marketing And Sales Agent

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Degree in computer science, information systems or related filed, proficiency with database languages

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas

Basic Qualification: Can contributes information, ideas, and research to help develop marketing strategies; can help to detail, design, and implement marketing plans for each product or service being offered

EASTERN GOLD CORPORATION 503, Nueva St., Barangay 289, Binondo, City Of Manila YANG, ZIQIONG It Consultant

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

Basic Qualification: At least 20 years experience.

BVI (PHILIPPINES) CORPORATION 6/f Lta Bldg., 118 Perea Street, San Lorenzo, City Of Makati UDAYAGIRI, MURALI MOHAN Project Manager

QUALIFICATION AND SALARY RANGE

GAO SHOU TECHNOLOGY MANAGEMENT, INC. 52/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino St., Bel-air, City Of Makati

20.

BOSKALIS PHILIPPINES INC. Unit 3701, 3801 The Orient Square, F. Ortigas Jr. Road, Ortigas Center, San Antonio, City Of Pasig

ALAM, SABIR Mechanic Specialist

ESTABLISHMENT / ADDRESS

BRIGHT LUME IT SOLUTIONS INC. Unit 202 Erisha Condominium, 1142 P Ocampo Street, Sta Ana, 082, Barangay 757, Santa Ana, City Of Manila

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

Basic Qualification: Minimum 3 years experience Working in an International Dredging and Land Development Industry. Minimum of 4 years experience in a Technical Environment, Working With Excavators, Bulldozers and Dump Trucks, and Various Heavy Equipment

www.businessmirror.com.ph

PHAM QUANG ANH Vietnamese Customer Service Representative 28.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

BusinessMirror

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ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

TON NU HOAI TIEN Vietnamese Customer Service Representative 29.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for, Fluent in Chinese Mandarin is an advantage.

No.

41.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

SONG, WEN Chinese Customer Service Brief Job Description: Customer support and data base services.

Salary Range: Php 30,000 - Php 59,999 J-NA ALLOUT TECHNOLOGY SOLUTIONS CORP. 3/f Lipams Bldg., #48 President Avenue, B. F. Homes, City Of Parañaque

CHOI, TAEJONG Korean Customer Service Representative 30.

Brief Job Description: Track main industry trends in Korean through blogs, micro blogs and forums

KANG, KYUNGSOOK Korean Customer Service Representative 31.

Brief Job Description: Track main industry trends in Korean through blogs, micro blogs and forums

42.

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

43.

Basic Qualification: College graduate, speaks and write fluently (Korean, English and mandarin)

Brief Job Description: Planning of expand sales strategy of agricultural machineries.

Salary Range: Php 60,000 - Php 89,999

Basic Qualification: With at least seven (7) years extensive exp. In agricultural machinery sales Salary Range: Php 90,000 - Php 149,999

XU, NING Chinese Customer Service Brief Job Description: Customer support and data base services

45.

ZHANG, ZHI Chinese Customer Service Brief Job Description: Customer support and data base services.

ZHANG, ZHIPENG Chinese Customer Service Brief Job Description: Customer support and data base services.

LARIX CREDIT COLLECTION SPECIALIST INC. Unit B 2/f 2078 Edison St., Cor. Sen. Gil Puyat Ave., San Isidro, City Of Makati

33.

SONG, EUNYUP Vice President / Finance Manager

Basic Qualification: College graduate.

Brief Job Description: Monitoring and balance company finances.

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

46.

CENDRY Indonesian Customer Service Brief Job Description: Customer support and data base services.

MCP BUSINESS CONSULTANCY INC. Gmf Bldg., Unit B Armstrong Avenue Cor., Yosemite Subd.,, Moonwalk, City Of Parañaque

LOO SUEH MING Management Consultant 34.

Brief Job Description: To guide clients through all procedures required and responsible for furnishing clients with relevant information

LIN, ANRUI Operation Assistant 35.

Brief Job Description: To guide clients through all procedures required and responsible for furnishing clients with relevant information

Basic Qualification: Bachelor’s Degree in Business Management, Excellent Communication skill verbal or written

47.

Basic Qualification: Bachelor’s Degree in Business Management, Excellent Communication skill verbal or written

48.

Brief Job Description: Managing incoming calls and customer service inquiries.

Basic Qualification: Able to speak, read, and write Chinese language.

37.

Brief Job Description: Financial Planning & Analysis (FP&A) Manager works closely with senior management to increase a company’s efficiency and profitability by assisting with the formulation of both the medium and long-term financial plan

38.

39.

40.

Brief Job Description: Customer support and data base services

FANG, KANGFU Chinese Customer Service Brief Job Description: Customer support and data base services

LIU, YUSHUO Chinese Customer Service Brief Job Description: Customer support and data base services.

50.

Basic Qualification: 6 years of relevant analytical experience including the utilization of BI and reporting tools, writing macros in Excel, VBA, SQL Tableau Salary Range: Php 150,000 - Php 499,999

NEW ORIENTAL CLUB88 CORPORATION Sky Garage Bldg., Aseana Avenue, Entertainment City, Tambo, City Of Parañaque

CHEN, XIAODONG Chinese Customer Service

Brief Job Description: Customer support and data base services

LE MANH HUNG Vietnamese Customer Service Brief Job Description: Customer support and data base services.

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

NEURONCREDIT FINANCING COMPANY INC. Unit 1005,1605 Centerpoint Bldg., Julia Vargas Corner Garnet Road, Ortigas Center, San Antonio, City Of Pasig

HEJLOVA, LIVIA Financial Planning And Analysis Manager

HONEY WIN Myanmari Customer Service

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

49.

36.

Brief Job Description: Customer support and data base services.

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

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower, C4 Rd. Edsa Ext., Barangay 76, Pasay City YIN SHAW Burmese Customer Service Representative

DEVIN Indonesian Customer Service

Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

51.

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

Brief Job Description: Customer support and data base services.

TRAN VAN HA Vietnamese Customer Service Brief Job Description: Customer support and data base services

SANGEETA KAUR Business Lending Development Officer 52.

Brief Job Description: Answering inquiries, resolving problems, fulfilling requests and maintaining database

CHEN, JUNYU Chinese Customer Service Representative 53.

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

Basic Qualification: Knowledgeable in computer application with good oral and written communication skills.

QUALIFICATION AND SALARY RANGE Basic Qualification: Knowledgeable in computer application with good oral and written communication skills.

No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Brief Job Description: Answering inquiries, resolving problems, fulfilling requests and maintaining database

QUALIFICATION AND SALARY RANGE

S&P CONSTRUCTION TECHNOLOGY & DEVELOPMENT CO., INC. U-1168b G/f Veca Bldg., Chino Roces Ave. Cor. Estrella St., San Antonio, City Of Makati Basic Qualification: Can Conduct market research to find answers about consumer requirements, habits and trends; Can Brainstorm and develop ideas for creative marketing campaigns; Can Assist in outbound or inbound marketing activities by demonstrating expertise in various areas

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

YANG, JIAN Marketing Specialist 55.

Brief Job Description: Responsible for developing and managing all aspects of the company’s marketing strategy

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

SC RESERVATIONS (PHILIPPINES), INC. 27/f, 28/f & 29/f Tower Ii Rcbc Plaza, 6819 Ayala Avenue, Bel-air, City Of Makati

Basic Qualification: Knowledgeable in computer application with good oral and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

SUNTRUST HOME DEVELOPERS, INC. 26th Floor Alliance Global Tower, 36th Street Corner 11th Avenue, Bonifacio Global City, Fort Bonifacio, City Of Taguig

57.

Brief Job Description: Finance and accounting, financial planning and analysis, treasury.

Salary Range: Php 500,000 and above

TATA CONSULTANCY SERVICES (PHILIPPINES) INC. 8th-12th, 14th & 15th Floor, Panorama Tower, 34th Street Corner Lane A, Bonifacio Global City, Fort Bonifacio, City Of Taguig Basic Qualification: 10 years of experience in the development industry and expertise with AS400 Technology.

SACHAN, PRATEEK Business Analyst As400 System Developer 58.

Brief Job Description: Handles administrative such as processing business requirements, initiating technical decision, taking care of major incidents.

Salary Range: Php 150,000 - Php 499,999

TELUS INTERNATIONAL PHILIPPINES, INC. Units 23/f, 31st/f - 37th/f Discovery Centre, Adb Avenue, Ortigas Center, San Antonio, City Of Pasig LAMAH, AMBROISE French Operations CSR III 59.

Brief Job Description: Provides expedient and accurate customer service to French Speaking clients and customers

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

Basic Qualification: College Graduate, Fluent in English, Preferably 6mos-1year Customer Service Experience Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate, fluent in English, preferably 6mos-1year customer service experience Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 60,000 - Php 89,999

Basic Qualification: 5 Year Experience in Infrastructure Projects to Construct Roads and Bridges; Extensive Experience and Superior Construction Abilities; Technical Skills Using the Latest Equipment and Construction Method; Must Be Able to Speak Korean Language

JUNG, CHANGYONG Consultant 60.

Brief Job Description: Plan, oversee and document all aspect of the design and build for the construction of roads ad bridge project; Coordinate internal resources for the execution of the project; Develop a detailed project plan to track progress

Salary Range: Php 60,000 - Php 89,999

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

Basic Qualification: Skilled in French Language

TOSUNG CONST. PHP INC. Unit No. 701 Flr. No. 7/f Diplomat Condominium Bldg., Roxas Blvd. Cor. Russel St., Zone 10, Barangay 76, Pasay City

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills.

Basic Qualification: Fully qualified accountant with years of experience in senior/executive finance management roles with multinational organization.

KANDIAH SUTHARSHAN Chief Financial Officer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills.

Brief Job Description: Lead team members to deliver industry-leading reservation, loyalty programs, and service recovery solutions for all contacts

Salary Range: Php 90,000 - Php 149,999

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills.

Basic Qualification: Native French and has good oral and written English skills. Strong coaching and motivational skills. Ability to handle difficult conversations and situations

BILLARD, PIERRE-CAMILLE LUC Reservations Team Manager – French

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

TRI7 SOLUTIONS, INC. Unit 9-a 9/f Marvin Plaza Bldg., 2153 Don Chino Roces Ave., Pio Del Pilar, City Of Makati

KETWONG, CHAIWAT Thai Language Customer Service Representative 61.

Brief Job Description: Report on a daily basis operation of call center activities performing customer oriented telephone activities & various background operation duties.

RIGHT CHOICE FINANCE CORP. 5e-1 Electra House Bldg., 115-117 Esteban Street, San Lorenzo, City Of Makati

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

Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

TRAN THI THU HUYEN Vietnamese Customer Service

Basic Qualification: Proficient in writing, reading and speaking in both English/ Bahasa/Thai/Chinese/ Vietnamese/Malay Salary Range: Php 30,000 - Php 59,999

VERTEX DIGITAL ENTERTAINMENT TECHNOLOGIES, INC. 1439 Adriatico Cor. Sta. Monica St., 072, Barangay 669, Ermita, City Of Manila

62.

THONG LY O It Specialist Brief Job Description: Maintain the operation of electronic device

Basic Qualification: College Graduate With Experience in Maintaining Gaming Devices; Fluent in Mandarin and English Salary Range: Php 30,000 - Php 59,999 *Date Generated: Aug 8, 2022

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

CHI, SONGGUO Chinese Customer Service Representative 54.

Brief Job Description: Answering inquiries, resolving problems, fulfilling requests and maintaining database

A13

ESTABLISHMENT / ADDRESS

56.

KUBOTA PHILIPPINES, INC. 232, Quirino H-way, Baesa, Quezon City

32.

Brief Job Description: Customer support and data base services

Basic Qualification: College graduate, speaks and write fluently (Korean, English and mandarin)

44.

SAMEZIMA, DIEGO YUJI Sales Coordinator

XIAO, GUOQING Chinese Customer Service

Tuesday, August 9, 2022

Basic Qualification: College graduate, fluent in English, preferably 6mos-1year customer service experience Salary Range: Php 30,000 - Php 59,999

News

BusinessMirror

A4 A14 Tuesday, August 9, 2022

DOH logs 27,331 new Covid cases from August 1 to 7 By Claudeth Mocon-Ciriaco @claudethmc3

HE Department of Health (DOH) on Monday reported that 27,331 Covid-19 cases were recorded from August 1 to 7, 2022, an average of 3,904 new cases per day. This number of cases recorded this recent week, DOH said, is 13

percent higher as compared to the cases reported from July 25 to July 31. The DOH said that there were 80 deaths but only 32 occurred from July 25 to August 7. As of August 7, there were 772 severe and critical Covid patients admitted to hospitals. Of the 2,514 ICU beds for Covid patients, 624 were occupied

or 24.8 percent. Meanwhile, the DOH said that over 71 million individuals or 92.06 percent of the target population are vaccinated while 16.6 million individuals have received their booster shots. On the other hand, 6.7 million senior citizens or 77.90 percent of the target A2 population were given their primary series.

�� “With a continuous rise in Covid-19 cases, the DOH reminds the general public to remain vigilant and adhere to our minimum public health standards such as wearing the best-fitted masks, social distancing, and immediate isolation at the onset of symptoms,” Health Undersecretary Maria Rosario Vergeire, DOH Officer in Charge, said.

PRC delivers aid CBMS seeks to build database to plug to isolated leakages in social protection programs coastal villages in Ilocos Sur By Cai U. Ordinario @caiordinario

By Claudeth Mocon-Ciriaco @claudethmc3

HE Philippine Red Cross (PRC), together with the International Federation of Red Cross and Red Crescent Societies (IFRC), crossed Abra River to reach the coastal barangay of Puro, in Caoayan town, Ilocos Sur, south of Vigan, to provide hygiene kits and other immediate needs. On August 2,200 families in Barangay Puro received 200 hygiene kits and 400 jerry cans. In addition, PRC volunteers conducted hygiene promotion for 12 families, or 92 individuals, and distributed 5,000 liters of water through a water storage bladder in Barangay Villamar. “No one will be left behind as the people will rise again after that earthquake. Red Cross is always ready to reach the remote community in Ilocos Sur and other affected provinces just to give our assistance to them,” PRC Chairman and CEO Richard J. Gordon assured. As of 8:00 pm of August 7, the PRC Ilocos Sur Chapter has distributed 235,500 liters of water through the PRC water tankers. They also conducted hygiene promotion activities among 7,196 individuals, provided 2,589 hot meals, supplied 2,700 face masks, and given 645 hygiene kits to affected residents. “We assure our countrymen in Caoayan , Ilocos that we are their partner as they rise again after the earthquake,” Gordon added.

HE national government aims to stop leakages in local and national social protection programs through the institutionalization of the Community-Based Monitoring System (CBMS). On Monday at the launch of the CBMS, Senator Sherwin Gatchalian said the lack of granular data has always stumped local politicians in terms of targeting their projects and programs for their constituents. As a result and to cope with the lack of granular data on where their constituents are, what they need, and how much is needed to respond in their respective locales, they would implement a “shotgun” approach when providing assistance. “Ngayon kasi it’s really, shotgun. There are so many leakages with the shotgun approach,” Gatchalian said. “The CBMS is really meant for local governments to use [in their projects].” Gatchalian said the shotgun approach involves allocating funds for specific projects and programs. They would often put barangay heads to task to distribute the assistance to their constituents and hope that these will later lead to some change in the lives of communities. With the institutionalization of the CBMS under the Philippine Statistics Authority (PSA), Gatchalian said, local government units (LGU) could already dispense of the shotgun approach and rely on the CBMS for localized information. National Statistician Claire Dennis S. Mapa said the CBMS intends to generate granular data, particularly

those that would help in creating the multidimensional poverty index (MPI) as well as monitoring the Sustainable Development Goals (SDGs). The CBMS would specifically collect data on the health and nutrition situation in households; type of housing structure; household’s access to water and sanitation; education; literacy; community participation; and sources of livelihoods, among other socioeconomic development indicators. “ The information that will be gathered will include the demographic characteristics and various aspects of life and living conditions of households in the country,” Mapa said. “This is one of the goals of the CBMS—to know the different realities in each community. These types of information help form a picture of each community, the kind of government interventions needed and the households and individuals most needing assistance,” he stressed. Over 600 cities and municipalities nationwide have signed on to be part of the first CBMS. Mapa said that the CBMS, once completed, could already be used by LGUs in the creation of their local plans and the conduct of programs. As a database, the CBMS could be used as basis even for national programs such as the Conditional Cash Transfer (CCT) program. The existing database for cities and municipalities who are not yet part of the CBMS could still be used, however. Earlier, a report of SocialWatch and Oxfam found that the Covid-19 social protection programs financed through loans from the Asian De-

velopment Bank (ADB), Asian Infrastructure and Investment Bank (AIIB), and Japan International Cooperation Agency (JICA) excluded millions of Filipinos and small businesses during the lockdowns. The report stated that the exclusion from three key social protection programs was due to “red tape” and the focus on the assistance for formal sector participants. The programs were the Covid-19 Adjustment Measures Program (CAMP) for workers through the Department of Labor and Employment (DOLE); Small Business Wage Subsidy (SBWS) for micro, small, and medium-sized enterprises (MSMEs) through the Social Security System (SSS) and the Department of Finance (DOF); and the Social Amelioration Program (SAP) under the Department of Social Welfare and Development (DSWD). The findings showed at least 842,014 families received duplicate assistance under the SAP. These families were identified after they were cross-matched with databases of the DSWD’s Emergency Subsidy Program and Pantawid Pamilyang Pilipino Program (4Ps). In terms of the SBWS, the report found that the program was only able to reach 146,000 MSMEs and 3.59 million workers. This meant the program barely reached 15 percent of its goal. The report found that CAMP turned away nearly a million workers by the end of the application period in mid-April 2020. SocialWatch and Oxfam noted that this was a time when wage earners struggled with income losses daily.

‘Resilience’ in civil service: CSC gears up for full-scale digitalization

UBLIC sector workers and other stakeholders could soon expect faster transactions from the Civil Service Commission (CSC) under its three new online systems. One of the said systems that CSC will introduce is the version 4.0 of the Online Registration, Appointment, and Scheduling System (ORAS), which will make it accessible to Civil Service examinees. “We are preparing for its deployment in the examination application. We are now coordinating with another office for it,” CSC Commissioner Aileen A. Lizada told BusinessMirror in a Viber message. ORAS 2.0 was already deployed in October 2020, which introduced an online service system. Under the latest version of ORAS 3.0, the submission of requirements

and payment of certificates and documents from CSC will be done online through the Linkbiz system of the Land Bank of the Philippines. “We will provide an option if they want to claim the requested document in a CSC Office or it will be sent to their homes through courier,” CSC Chairman Karlo B. Nograles said during the virtual Philippine Civil Service Anniversary (PCSA) launch event last Monday. He said the will also be rolling out with their Civil Service Eligibility Verification Systems (CSEVS) and the Knowledge Management Portal (KM Portal). CSEVS aims to hasten the eligibility verification process online through the use of an eligibility card and a quick response (QR) code, while KM Portal allows the convenient captur-

ing, storing, and sharing of information among CSC staff and offices. “These online service initiatives recognize the need to bank on the opportunities of ICT [Information and Communication Technology] towards digital transformation in public service delivery,” Nograles said. He said they would also be rolling out their Civil Service Eligibility Verification Systems (CSEVS) and the Knowledge Management Portal (KM Portal). CSEVS aims to hasten the eligibility verification process online through the use of an eligibility card and a quick response (QR) code, while KM Portal allows the convenient capturing, storing, and sharing of information among CSC staff and offices. “These online service initiatives recognize the need to bank on the op-

portunities of ICT [Information and Communication Technology] towards digital transformation in public service delivery,” Nograles said.

PCSA activities

THE said initiative is part of the 10-year overarching theme of the PCSA, which was launched last year to “transform public service” in the next decade. For the celebration of the PCSA this year, CSC Commissioner Aileen A. Lizada disclosed they will be focusing on boosting “resilience” in civil service to make it future-ready. Amongtheactivitiestheyorganized for the celebration are a fun-run, online zumba, film showing as well as recognition of civil servants who died in the line of duty and those who showed exemplary service. Samuel P. Medenilla

www.businessmirror.com.ph

DOLE , Tesda unveil job training programs in quake-hit provinces By Samuel P. Medenilla @sam_medenilla

OME 1,000 victims of the 7.0-magnitude earthquake in Northern Luzon will be given skills training by the Department of Labor and Employment and the Technical Education and Skills Development Authority (Tesda). Labor and Employment Secretary Bienvenido E. Laguesma said they would be signing a joint memorandum circular (JMC) with Tesda for the said initiative in quake-hit areas in the Ilocos Region and the Cordillera Administrative Region (CAR). He said at least 40 batches of 25 trainees from the hardest-hit municipalities in Abra, Ilocos Sur, and Benquet stand to benefit from the pilot of the project. “This will develop their skills and competencies in the areas of carpentry, masonry, electrical wiring and

plumbing,” Laguesma said in a news statement issued on Monday. The beneficiaries will then be tapped in the rehabilitation of infrastructure, shelter, and cultural heritage, which were damaged by the earthquake that hit the province of Abra on July 27, 2022. Under the JMC, Tesda coordinates with concerned local government units (LGU) to provide the skills training to the beneficiaries, which will be profiled by DOLE. Tesda has allocated P30 million to provide training scholarships in areas, which were devastated by the earthquake. For its part, DOLE will provide emergency employment to those, who will complete the training, through its Tulong Panghanapbuhay para sa Displaced/Disadvantaged workers. DOLE earlier said it has a P50 million budget to provide aid in quakehit areas.

PBEd study eyes HR development intervention to improve agri sector By Andrea San Juan

HE Phi lippine Business for Education (PBEd), in partnership with business groups, will launch a study aimed at laying down possible human resource development intervention and improvements within the agricultural sector. A Future that Works is a program supported by the Australian Government Department of Foreign Affairs and Trade (DFAT) in partnership with Philippine Business for Education (PBEd) and Philippine Chamber of Commerce and Industry Human Resources Development Foundation (PCCIHRDF) Inc. The said program will launch the 2022 Philippines Fruits and Vegetable Processing (F&VP) Sector Labor Market Intelligence (LMI) Report on August 11. “The research hopes to lay down possible human resource development intervention and improvements within the sector,” read the statement of PBEd released on Monday. PCCIHRDF President Dr. Alberto P. Fenix Jr. believes that since agriculture is such a big sector, studies that focus on specific sub-sector could help policymakers look at possible areas that might need assistance and collaboration. “All studies for the agriculture sector are essential, especially for our country since we are moving out of the pandemic,” Fenix stressed. Fenix said business groups are willing to coordinate with the government in looking for solutions and possible interventions that could be implemented, in this case for the Fruits and Vegetable Processing Sector. According to PBEd, the LMI Study contains inputs from various stakeholders in the government, industry and academe. The education advocacy group said the study will present an overview of skills demands and potential career pathways in the fruits and vegetable processing sector, among others. “Among the findings of the study that will be presented are opportunities in the sector against the backdrop of the Industrial Revolu-

tion 4.0, and an overview of skills demands and possible career development pathways in the F&VP,” said PBEd. For her part, PBEd Acting Executive Director Jusine B. Raagas said labor market intelligence reports like this can help the government have an idea on what kind of programs they should invest in. “With the agricultural sector being one of the drivers of the Philippine administration’s push for growth and employment, a labor market intelligence report in the fruits and vegetable processing sector can be a useful tool in articulating industry signals that will help solve our job-skills mismatch problem,” said Raagas. Further, Raagas said, schools and training institutions will also be informed what kind of programs they should offer and the kind of skills they should teach. More importantly, she stressed, parents and children will be guided in choosing the right program to take. Meanwhile, Fenix said, “As we promote sector development, we in the PCCIHRDF stress the importance of a skilled and qualified workforce in the hopes of building a generation of Filipinos that are gainfully employed or selfemployed in vibrant sectors such as in agriculture.” F&VP President Carlo Castillo believes that this type of study is essential, especially in equipping micro and small business owners with the relevant knowledge to improve their operations and business. “I personally come from Isabela where there are a lot of micro and small fruits and vegetable processors. We hope that this type of study could help influence the government in terms of possible interventions,” said Castillo. In addition, Castillo said, “we also acknowledge that improving the sector’s human resources would be among the solutions to ensure competitiveness both domestically and internationally.” The PCCIHRDF said it will be rolling out the results of the study to different areas in the country within the year to gather more inputs from various stakeholders.

DAR provides Camarines Sur ARBs capital for swine raising and vegetable farming By Jonathan L. Mayuga @jonlmayuga

GROUP of farmers in Camarines Sur is now into backyard pig farming and vegetable production following the turnover of P200,000 worth of equipment and agricultural inputs from the Depart-

ment of Agrarian Reform (DAR). The initiative of the DAR is part of the Enhanced Partnership Against Hunger and Poverty (EPAHP) program, which aims to alleviate hunger, provide food and nutrition security, reduce poverty in urban and rural areas, including marginalized communities, and

supplement farmer earnings. Members of the Garat Farmers&#39; Agrarian Reform Cooperative (GFARC) in Barangay San Isidro, Sipocot, received nine piglets and one gilt, as well as feed and other supplies for swine production. The agrarian reform beneficiary organization (ARBO) will adopt the

rollover scheme of pig dispersal, wherein a piglet will be returned to the ARBO when the piglets are ready to be weaned and then given to the next beneficiary. Provincial Agrarian Reform Program Officer Gay L. Labad II said the 35 members of GFARC, who primarily cultivate corn and coconut trees,

will eventually sell piglets, fattened hogs, and pork in the neighboring barangays and municipalities. In addition, they received small farm equipment and supplies for vegetable production, including a grass cutter, a knapsack sprayer, a jetmatic pump, wires, a shovel, fertilizer, insecticides, a drum,

tarpaulin, a weighing scale, and ampalaya seedlings. Hazel France B. Sapaula, the point person for the EPA HP, stated that the recipients were instructed on systems/strategies for site duplication during the input sharing for vegetable and pig production earlier.

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

TheWorld

Senate Democrats pass budget package, a victory for Biden By Alan Fram & Lisa Mascaro The Associated Press

ASHINGTON—Democrats pushed their election-year economic package to Senate passage Sunday, a hard-fought compromise less ambitious than President Joe Biden’s original domestic vision but one that still meets deeprooted party goals of slowing global warming, moderating pharmaceutical costs and taxing immense corporations. The estimated $740 billion package heads next to the House, where lawmakers are poised to deliver on Biden’s priorities, a stunning turnaround of what had seemed a lost and doomed effort that suddenly roared back to political life. Cheers broke out as Senate Democrats held united, 51-50, with Vice President Kamala Harris casting the tie-breaking vote after an all-night session. “Today, Senate Democrats sided with American families over special interests,” President Joe Biden said in a statement from Rehoboth Beach, Delaware. “I ran for President promising to make government work for working families again, and that is what this bill does—period.” Biden, who had his share of long nights during his three decades as a senator, called into the Senate cloakroom during the vote on speakerphone to personally thank the staff for their hard work. The president urged the House to pass the bill as soon as possible. Speaker Nancy Pelosi said her chamber would “move swiftly to send this bill to the president’s desk.” House votes are expected Friday. “It’s been a long, tough and winding road, but at last, at last we have arrived,” said Senate Majority Leader Chuck Schumer, D-N.Y., ahead of final votes. “The Senate is making history. I am confident the Inflation Reduction Act will endure as one of the defining legislative feats of the 21st century,” he said. Senators engaged in a round-the-clock marathon of voting that began Saturday and stretched late into Sunday afternoon. Democrats swatted down some three-dozen Republican amendments designed to torpedo the legislation. Confronting unanimous GOP opposition, Democratic unity in the 50-50 chamber held, keeping the party on track for a morale-boosting victory three months from elections when congressional control is at stake. The bill ran into trouble midday over objections to the new 15 percent corporate minimum tax that private equity firms and other industries disliked, forcing lastminute changes. Despite the momentary setback, the “Inflation Reduction Act” gives Democrats a campaign-season showcase for action on coveted goals. It includes the largestever federal effort on climate change—close to $400 billion—caps out-of-pocket drug costs for seniors on Medicare to $2,000 a year and extends expiring subsidies that help 13 million people afford health insurance. By raising corporate taxes and reaping savings from the long-sought goal of allowing the government to negotiate drug prices for Medicare, the whole package is paid for, with some $300 billion extra revenue for deficit reduction. Barely more than one-tenth the size of Biden’s initial 10-year, $3.5 trillion Build Back Better initiative, the new package abandons earlier proposals for universal preschool, paid family leave and expanded child care aid. That plan collapsed after conservative Sen. Joe. Manchin, D-W.Va., opposed it, saying it was too costly and would fuel inflation. Nonpartisan analysts have said the 755-page “Inflation Reduction Act” would have a minor effect on surging consumer prices. Republicans said the new measure would undermine an economy that policymakers are struggling to keep from plummeting into recession. They said the bill’s business taxes would hurt job creation and force prices skyward, making it harder for people to cope with the nation’s worst inflation since the 1980s. “Democrats have already robbed American families once through inflation, and now their solution is to rob American families a second time,” Senate Minority Leader Mitch McConnell, R-Ky., argued. In an ordeal imposed on most budget bills like this one, the Senate had to endure an overnight “vote-a-rama” of rapid-fire amendments. Each tested Democrats’ ability to hold together the compromise bill negotiated by Schumer, progressives, Manchin and the inscrutable centrist Sen. Kyrsten Sinema, D-Ariz. Progressive Sen. Bernie Sanders, I-Vt., criticized the bill’s shortcomings and offered amendments to further expand the legislation’s health benefits, but those efforts were defeated. Republicans forced their own votes designed to make Democrats look soft on US-Mexico border security and gasoline and energy costs, and like bullies for wanting to strengthen IRS tax law enforcement. Before debate began, the bill’s prescription drug price curbs were diluted by the Senate’s nonpartisan parliamentarian who said a provision should fall that would impose costly penalties on drug makers whose price increases for private insurers exceed inflation. It was the bill’s chief protection for the 180 million people with private health coverage they get through work or purchase themselves. Under special procedures that will let Democrats pass their bill by simple majority without the usual 60-vote margin, its provisions must be focused more on dollar-and-cents budget numbers than policy changes. But the thrust of Democrats’ pharmaceutical price language remained. That included letting Medicare negotiate what it pays for drugs for its 64 million elderly recipients, penalizing manufacturers for exceeding inflation for pharmaceuticals sold to Medicare and limiting beneficiaries out-of-pocket drug costs to $2,000 annually. The bill also caps Medicare patients’ costs for insulin, the expensive diabetes medication, at $35 monthly. Democrats wanted to extend the $35 cap to private insurers but it ran afoul of Senate rules. Most Republicans voted to strip it from the package, though in a sign of the political potency of health costs seven GOP senators joined Democrats trying to preserve it. The measure’s final costs were being recalculated to reflect late changes, but overall it would raise more than $700 billion over a decade. The money would come from a 15 percent minimum tax on a handful of corporations with yearly profits above $1 billion, a 1 percent tax on companies that repurchase their own stock, bolstered IRS tax collections and government savings from lower drug costs. Sinema forced Democrats to drop a plan to prevent wealthy hedge fund managers from paying less than individual income tax rates for their earnings. She also joined with other Western senators to win $4 billion to combat the region’s drought. Several Democratic senators joined the GOP-led effort to exclude some firms from the new corporate minimum tax. The package keeps to Biden’s pledge not to raise taxes on those earning less than $400,000 a year. It was on the energy and environment side that compromise was most evident between progressives and Manchin, a champion of fossil fuels and his state’s coal industry. Clean energy would be fostered with tax credits for buying electric vehicles and manufacturing solar panels and wind turbines. There would be home energy rebates, funds for constructing factories building clean energy technology and money to promote climate-friendly farm practices and reduce pollution in minority communities. Manchin won billions to help power plants lower carbon emissions plus language requiring more government auctions for oil drilling on federal land and waters. Party leaders also promised to push separate legislation this fall to accelerate permits for energy projects, which Manchin wants to include a nearly completed natural gas pipeline in his state. Still, environmental groups hailed the passage as a milestone. “Tremendous progress,” said Manish Bapna, president and CEO of the Natural Resources Defense Council, in a statement.

The Associated Press writers Chris Megerian in Rehoboth, Del., and Matthew Daly in Washington contributed to this report.

BusinessMirror

Tuesday, August 9, 2022 A15

China extends military exercises around Taiwan

EIJING—China said Monday it was extending threatening military exercises surrounding Taiwan that have disrupted shipping and air traffic and substantially raised concerns about the potential for conflict in a region crucial to global trade.

The exercises would include anti-submarine drills, apparently targeting US support for Taiwan in the event of a potential Chinese invasion, according to social media posts from the eastern leadership of China’s ruling Communist Party’s military arm, the People’s Liberation Army. The military has said the exercises involving missile strikes, warplanes and ship movements crossing the midline of the Taiwan Strait dividing the sides were a response to US House Speaker Nancy Pelosi’s visit to the selfruled island last week. China has ignored calls to calm the tensions, and there was no immediate indication when it would end what amounts to a blockade. Taiwan’s defense ministry said Sunday it detected a total of 66 aircraft and 14 warships conducting the naval and air exercises. The island has responded by putting its military on alert and deploying ships, planes and other assets to monitor Chinese aircraft, ships and drones that are “simulating attacks on the island of Taiwan and our ships at sea.” Meanwhile, Taiwan’s official Central News Agency reported that Taiwan’s army will conduct live-fire artillery drills in southern Pingtung County on Tuesday

and Thursday, in response to the Chinese exercises. The drills will include snipers, combat vehicles, armored vehicles as well as attack helicopters, said the report, which cited an anonymous source. China claims Taiwan as its own territory and has threatened to annex it by force if necessary. The two sides split in 1949 after a civil war, but Beijing considers visits to Taiwan by foreign officials as recognizing its sovereignty. Taiwan President Tsai Ingwen has called on the international community to “support democratic Taiwan” and “ halt any escalation of the regional security situation.” The Group of Seven industrialized nations has also criticized China’s actions, prompting Beijing to cancel a meeting between Foreign Minister Wang Yi and his Japanese counterpart, Yoshimasa Hayashi. China has cut off defense and climate talks with the US and imposed sanctions on Pelosi in retaliation for her visit. The Biden administration and Pelosi say the US remains committed to the “one-China” policy that extends formal diplomatic recognition to Beijing while allowing robust informal relations and defense ties with Taipei.

Ships resume Taiwan routes even as China continues military drill By Kevin Varley and Ann Koh

HIPPING in the Taiwan Strait showed signs of returning to normal on Monday, though China’s announcement of a new military exercise near the island signals that risks remain for the industry. More than 40 vessels have transited through a China military drill zone south of Taiwan’s main port since Saturday, according to ship-tracking data compiled by Bloomberg. The latest ship positions show four of the total six zones being traversed. Shipping in the Taiwan Strait, a key route for supply chains and commodities, has faced uncertainty and delays since Beijing began its most provocative military drills in decades in the wake of House Speaker Nancy Pelosi’s trip to Taiwan last week. Some shipowners barred their vessels from transiting the strait, while others navigated around the drill zones. Vessels had also been hesitant about approaching the major port of Kaohsiung in southern Taiwan, seeking to avoid the large drill zone located just offshore. The military exercises were scheduled to be completed on Sunday, but China’s military said it conducted antisubmarine and naval strike exercises in the “air and sea space near Taiwan Island” on Monday. It didn’t specify where the drill was being held or whether it was part of the exercises around Taiwan over the previous four days. The Taiwanese Defense Ministr y separately said it had detected Chinese warplanes and warships around the island Monday. But China has so far not published any new navigational warnings for live-fire exercises near Taiwan.

Before the new drill was announced at around midday Monday, there were signs that shipping and air travel were resuming their original routes. The financial penalties for not delivering cargoes to customers on time may be too costly to avoid the strait, said shipping experts. “The value of these cargoes is very large, so it’s no surprise that merchant ships are sailing and discharging per schedule to minimize any claims,” said Toby Copson, global head of trading and advisory at Trident LNG. “While it’s a concern, current rhetoric doesn’t justify a hard pivot to extreme measures yet. I don’t think China wants an accident either.” The supertanker Barakah, laden with crude oil from the Middle East, was moored off Kaohsiung on Monday after last week diverting to the Sha Lung port at the northern end of the island, according to data compiled by Bloomberg. Crude tanker Ghinah is also en route to Kaohsiung after changing its route to Sha Lung. Two liquefied natural gas vessels also arrived at ports in Taiwan on Monday after idling off the coast for a few days, according to the data. China also publicized drills in other areas along its coast, though those were well outside the Taiwan Strait. The drills include live-weapon firing from Aug. 6-15 in the southern part of the Yellow Sea separating the mainland from the Korean Peninsula—a frequent area for exercises. The Maritime Safety Administration also said military exercises will take place in parts of the Bohai Sea in the north for a month from Aug. 8, and warned ships to avoid entering the area. Drills were also held in that region around this time last year.

With assistance from Stephen Stapczynski, Sharon Cho and Cindy Wang/ Bloomberg

The US however criticized Beijing’s actions in the Taiwan Strait, with White House press secretary Karine Jean-Pierre calling them “fundamentally irresponsible.” “There’s no need and no reason for this escalation,” Jean-Pierre said. In Washington, Taiwan’s de facto ambassador Bi-khim Hsiao said China had no reason to “be so furious,” over Pelosi’s visit, which follows a long tradition of American lawmakers visiting Taiwan. “Well, you know, we have been living under the threat from China for decades,” Hsiao told CBS News on Sunday. “If you have a kid being bullied at school, you don’t say you don’t go to school. You try to find a way to deal with the bully. “The risks are posed by Beijing,” Hsiao said. On a visit to Myanmar, whose Chinese-backed militar y government has been accused of

murdering its opponents, Chinese Foreign Minister Wang Yi said Washington was “taking the opportunity to build up its military deployment in the region, which deserves high vigilance and resolute boycott from all sides.” “China’s firm stance” is aimed at “earnestly safeguarding peace across the Taiwan Strait and regional stability,” Wang was quoted as saying by the official Xinhua News Agency. Meanwhile, Australian Fore i g n M i n i s t e r Pe n n y Wo n g called for a cooling of tensions. “Australia continues to urge restraint, Australia continues to urge deescalation, and this is not something that solely Australia is calling for, and the whole region is concerned about the current situation, the whole region is calling for stability to be restored,” Wong told reporters in Canberra.

TheWorld BusinessMirror

A16 Tuesday, August 9, 2022

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Shift in war’s front seen as grain leaves Ukraine; nuclear plant hit By SUSIE BLANN

The Associated Press

YIV, Ukraine—Six more ships carrying agricultural cargo held up by the war in Ukraine received authorization Sunday to leave the country’s Black Sea coast as analysts warned that Russia was moving troops and equipment in the direction of the southern port cities to stave off a Ukrainian counteroffensive.

Ukraine and Russia also accused each other of shelling Europe’s largest nuclear power plant. The loaded vessels were cleared to depart from Chornomorsk and Odesa, according to the Joint Coordination Center, which oversees an international deal intended to get some 20 million tons of grain out of Ukraine to feed millions going hungry in Africa, the Middle East and parts of Asia. Ukraine, Russia, Turkey and the United Nations signed the agreements last month to create a 111-nautical-mile sea corridor that would allow cargo ships to travel safely out of ports that Russia’s military had blockaded and through waters that Ukraine’s military had mined. Implementation of the deal, which is in effect for four months, has proceeded slowly since the first ship embarked on August 1. Four of the carriers cleared Sunday to leave Ukraine were transporting more than 219,000 tons of corn. The fifth was carrying more than 6,600 tons of sunflower oil and the sixth 11,000 tons of soya, the Joint Coordination Center said. Three other cargo ships that left Friday passed their inspections and received clearance Sunday to pass through Turkey’s Bosporus

Strait on the way to their final destinations, the Center said. However, the vessel that left Ukraine last Monday with great fanfare as the first under the grain exports deal had its scheduled arrival in Lebanon delayed Sunday, according to a Lebanese Cabinet minister and the Ukraine Embassy. The cause of the delay was not immediately clear. Ukrainian officials were initially skeptical of a grain export deal, citing suspicions that Moscow would try to exploit shipping activity to mass troops offshore or send long-range missiles from the Black Sea, as it has done multiple times during the war.

The agreements call for ships to leave Ukraine under military escort and to undergo inspections to make sure they carry only grain, fertilizer or food and not any other commodities. Inbound cargo vessels are checked to ensure they are not carrying weapons. In a weekend analysis, Britain’s Defense Ministry said the Russian invasion that started February 24 “is about to enter a new phase” in which the fighting would shift to a roughly 350-kilometer (217-mile) front line extending from near the city of Zaporizhzhia to Russianoccupied Kherson. That area includes the Zaporizhzhia Nuclear Power Station, which came under fire late Saturday. Each side accused the other of the attack. Ukraine’s nuclear power plant operator, Energoatom, said Russian shelling damaged three radiation monitors around the storage facility for spent nuclear fuels and that one worker was injured. Russian news agencies, citing the separatist-run administration of the plant, said Ukrainian forces fired those shells. Russian forces have occupied the power station for months. Russian soldiers there took shelter in bunkers before Saturday’s attack, according to Energoatom. Rafael Grossi, director general of the International Atomic Energy Agency, recently warned that

A MAN takes a picture as the Glory bulk carrier makes its way from the port in Odesa, Ukraine, on Sunday, August 7, 2022. According to Ukraine’s Ministry of Infrastructure, the ship under the Marshall Islands’ flag is carrying 66,000 tons of Ukrainian corn. AP/NINA LYASHONOK

the way the plant was being run and the fighting going on around it posed grave health and environmental threats. For the last four months of the war, Russia has concentrated on capturing the Donbas region of eastern Ukraine, where pro-Moscow separatists have controlled some territory as self-proclaimed republics for eight years. Russian forces have made gradual headway in the region while launching missile and rocket attacks to curtail the movements of Ukrainian fighters elsewhere. The Russians “are continuing to accumulate large quantities of military equipment” in a town across the Dnieper River from Russian-held Kherson, according to the Institute for the Study of War, a Washington think tank. Citing local Ukrainian officials, it said the preparations appeared designed to defend logistics routes to the city and establish defensive positions on the river’s left bank. K herson ca me u nder Russian control early in the war and Ukrainian officials have vowed to retake it. It is just 227 kilometers (141 miles) from Odesa, home to Ukraine’s biggest port, so the conflict escalating there could have repercussions for the international grain deal. The city of Mykolaiv, a shipbuilding center that Russian forces bombard daily, is even closer to Odesa. The Mykolaiv region’s governor, Vitaliy Kim, said an industrial facility on the regional capital’s outskirts came under fire early Sunday. Over the past day, five civilians were killed by Russian and separatist firing on cities in the Donetsk region, the part of Donbas still under Ukrainian control, the regional governor, Serhiy Haidai, reported. He and Ukrainian government officials have repeatedly urged civilians to evacuate. Andrew Wilks contributed reporting from Istanbul.

Former coal town comes together in face of ruinous Kentucky floods By Allen G. Breed AP National Writer

LEMING-NEON, Ky.—Barely a week after floodwaters swept downtown and left a foot of mud and twisted, gutted buildings along Main Street, an incongruous sight appeared: A flashing sign declaring JR’s Barber Shop “OPEN.” As National Guard troops patrolled outside and volunteers on backhoes mounded up debris, J.R. Collins stood behind his barber chair, giving a touchup to one of his regulars. Like most in Fleming-Neon, Collins comes from a family built on mining—both his grandfathers worked in coal—and he has stayed in the close-knit town even as the industry shrank and others fled. Those who remain are determined to prove their community is about more than coal. And they’ve come together to make sure Collins’ barber shop and other businesses reopen amid the devastating floods that have killed more than three dozen in eastern Kentucky. “They were there with shovels and squeegees and water, and people packing, and kids helping,” Collins said above the din of air conditioning and a dehumidifier in his shop. “It’s good, hard-working people that like to help people out and got each other’s back.” Fleming-Neon was once two towns: Fleming, a company town founded in the early 1900s by the Elkhorn Coal Corp. for the sole purpose of mining, and Neon, a former logging camp. Fleming was run by Elkhorn and named for one of its executives. The company issued

its own money, and workers used it for rent on company-owned homes and goods at the company store or local businesses. Neon was independent, a free town where US government greenbacks, not company scrip, was legal tender—but it thrived off the glow of coal nearby. Fleming and Neon prospered along with the company and industry. Dates still seen today on brick storefronts chronicle the boom years. “We had department stores, we had grocery stores, we had restaurants, we had dry cleaners. We had a theater,” said Susan Polis, Fleming-Neon’s 73-year-old mayor. “You did not have to leave here to have, to get anything.”

But as the mines mechanized, the population shrank in Fleming as well as Neon. In the late 1970s, the former rival towns merged under one government in an effort to pool resources, but the bleeding continued. Today, only about 500 people remain. And on July 28, the waters of Wright Fork rose, threatening further devastation for this valley of people who long extracted riches from the earth. But there’s a spark in Fleming-Neon that, so far, has refused to be extinguished. A multipurpose center was set to open in a former car dealership about two weeks after the storm hit. Jeff Hawkins, a longtime educator who’s lived here since he was a teenager, said the project, dubbed Neon Lights, would include a performing arts

A BRIDGE along KY-3351 over Troublesome Creek near Ary in Perry County, Kentucky, remains damaged on August 2, 2022, following flooding the week before that devastated many counties in Eastern Kentucky. RYAN C. HERMENS/LEXINGTON HERALD-LEADER VIA AP

studio, an Internet cafe, event space, and an innovation incubator. “We wanted a space for kids to be able to do physical activity, to dance, to sing, whatever it may be,” he said. “Upstairs, we would put a robotics lab and a computer coding lab.” That dream is not dead, just deferred. For now, the cleaned-up space serves as an emergency supply distribution center. The rains came again this past weekend, prompting a brief evacuation Friday evening. But while some dreaded it, Emory Lee Mullins chose to see it as a blessing. “It’s washing it off pretty good,” Mullins said, using a push broom to sweep the last of the creek silt into the gutter outside his flower shop. “Every little sweep gets it, don’t it?” Five feet of water had all but gutted the Letcher Flower Shop, which Mullins bought 25 years ago. But as the rain fell, he ripped out sodden walls, confident he will reopen in a couple of weeks. “Because flowers makes people feel good,” he said. “They’re going to need flowers.” It’s been hard to break coal’s grip on these mountains, said Hawkins, describing a corporate strategy to “make as much money as you can and move on.” “For decades, money left here and was not reinvested here,” he said. “And that’s what we’ve been left with.” But Fleming-Neon has also been left with a toughness. And for every story of tragedy, Hawkins said, there are six more of goodness and grace. “The folks here, they persevere. They are resilient. They have grit,” he said.

MOURNERS pray next to the bodies of Khaled Mansour a senior commander in the Palestinian militant group Islamic Jihad and other Palestinians who were killed in Israeli airstrikes, during their funeral in Rafah, southern Gaza Strip on Sunday, August 7, 2022. Israel has killed two senior Islamic Jihad militants in three days of air strikes in the Gaza Strip, and Palestinian militants have launched nearly 600 rockets at Israel. Palestinian officials say at least 31 people in Gaza have died. AP/YOUSEF MASOUD

Cease-fire between Palestinians and Israel takes effect in Gaza By Fares Akram & Tia Goldenberg The Associated Press

AZA CITY, Gaza Strip—A cease-fire between Israel and Palestinian militants took effect late Sunday in a bid to end nearly three days of violence that killed dozens of Palestinians and disrupted the lives of hundreds of thousands of Israelis. The flare-up was the worst fighting between Israel and Gaza militant groups since Israel and Hamas fought an 11-day war last year, and adds to the destruction and misery that have plagued blockaded Gaza for years. The Egyptian-brokered cease-fire took effect at 11:30 p.m. (2030 GMT; 4:30 p.m. EDT). Israeli strikes and militant rockets continued in the minutes leading up to the beginning of the truce, and Israel said it would “respond strongly” if the cease-fire was violated. Israeli aircraft have pummeled targets in Gaza since Friday, while the Iran-backed Palestinian Jihad militant group has fired hundreds of rockets at Israel in response. The risk of the cross-border fighting turning into a full-fledged war remained as long as no truce was reached. Israel says some of the dead were killed by misfired rockets. Gaza’s ruling Hamas group remained on the sidelines, possibly because it fears Israeli reprisals and undoing economic understandings with Israel, including Israeli work permits for thousands of Gaza residents, that bolster its control. Israel launched its operation with a strike Friday on a leader of the Islamic Jihad, and followed up on Saturday with another targeted strike on a second prominent leader. The second Islamic Jihad commander, Khaled Mansour, was killed in an airstrike on an apartment building in the Rafah refugee camp in southern Gaza late Saturday, which also killed two other militants and five civilians. Mansour, the Islamic Jihad commander for southern Gaza, was in the apartment of a member of the group when the missile struck, flattening the three-story building and badly damaging nearby houses. “Suddenly, without warning, the house next to us was bombed and everything became black and dusty with smoke in the blink of an eye,” said Wissam Jouda, who lives next to the targeted building. Ahmed al-Qaissi, another neighbor, said his wife and son were among the wounded, suffering shrapnel injuries. To make way for rescue workers, al-Qaissi agreed to have part of his house demolished. As a funeral for Mansour began in the Gaza Strip on Sunday, the Israeli military said it was striking suspected “Islamic Jihad rocket launch posts.” Smoke could be seen from the strikes as thumps from their explosions rattled Gaza. Israeli airstrikes and rocket fire followed for hours as sirens wailed in central Israel. As the sunset call to prayer sounded in Gaza, sirens wailed as far north as Tel Aviv. Israel says some of the deaths during this round were caused by errant rocket fire, including one incident in the Jebaliya refugee camp in northern Gaza in which six Palestinians were killed Saturday. On Sunday, a projectile hit a home in the same area of Jebaliya, killing two men. Palestinians held Israel responsible, while Israel said it was investigating whether the area was struck by an errant rocket. Israel’s Defense Ministry said mortars fired from Gaza hit the Erez border crossing into Israel, used by thousands of Gazans daily. The mortars damaged the roof and shrapnel hit the hall’s entrance, the ministry said. The crossing has been closed amid the fighting. The Rafah strike was the deadliest so far in the current round of fighting, which was initiated by Israel on Friday with the targeted killing of Islamic Jihad’s commander for northern Gaza. Israel said it took action against the militant group because of concrete threats of an imminent attack, but has not provided details. Caretaker Prime Minister Yair Lapid, who is an experienced diplomat but untested in overseeing a war, unleashed the offensive less than three months before a general election in which he is campaigning to keep the job. In a statement Sunday, Lapid said the military would continue to strike targets in Gaza “in a pinpoint and responsible way in order to reduce to a minimum the harm to noncombatants.” Lapid said the strike that killed Mansour was “an extraordinary achievement.” “The operation will continue as long as necessary,” Lapid said. US President Joe Biden said he welcomed the ceasefire between Israel and Gaza-based militants. “Over these last 72-hours, the United States has worked with officials from Israel, the Palestinian Authority, Egypt, Qatar, Jordan, and others throughout the region to encourage a swift resolution to the conflict,” he said in a statement. The UN Security Council scheduled an emergency meeting for Monday on the violence. China, which holds the council presidency this month, scheduled the session in response to a request from the United Arab Emirates, which represents Arab nations on the council, as well as China, France, Ireland and Norway. “We underscore our commitment to do all we can towards ending the ongoing escalation, ensuring the safety and security of the civilian population, and following-up on the Palestinian prisoners file,” said UN Special Coordinator for the Middle East Peace Process, Tor Wennesland, in a statement. Israel estimates its airstrikes killed about 15 militants. Islamic Jihad has fewer fighters and supporters than Hamas, and little is known about its arsenal. Both groups call for Israel’s destruction, but have different priorities, with Hamas constrained by the demands of governing. The Israeli army said militants in Gaza fired about 580 rockets toward Israel. The army said its air defenses had intercepted many of them, with two of those shot down being fired toward Jerusalem. Islamic Jihad has fewer fighters and supporters than Hamas. Air raid sirens sounded in the Jerusalem area for the first time Sunday since last year’s Israel-Hamas war. Jerusalem is typically a flashpoint during periods of cross-border fighting between Israel and Gaza. On Sunday, hundreds of Jews, including firebrand ultra-nationalist lawmaker Itamar Ben Gvir, visited a sensitive holy site in Jerusalem, known to Jews as the Temple Mount and to Muslims as the Noble Sanctuary. The visit, under heavy police protection, ended without incident, police said. Such demonstrative visits by Israeli hard-liners seeking to underscore Israeli claims of sovereignty over contested Jerusalem have sparked violence in the past. The holy site sits on the fault line of the Israeli-Palestinian conflict and is central to rival narratives of Palestinians and Israeli Jews. In Palestinian cities and towns in the West Bank, Israeli security forces said they detained 19 people on suspicion of belonging to the Islamic Jihad during overnight raids. By Sunday, Hamas still appeared to stay out of the battle. The group has a strong incentive to avoid another war. Last year’s Israel-Hamas war, one of four major conflicts and several smaller battles over the last 15 years, exacted a staggering toll on the impoverished territory’s 2.3 million Palestinian residents.

Goldenberg reported from Tel Aviv, Israel. Associated Press writer Edith M. Lederer in New York contributed.

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Yen shorts crumble as 2022’s hottest FX trade comes to an end By Ruth Carson & Chikako Mogi

HE juiciest profits from betting against the yen—one of the hottest macro trades of 2022—are a thing of the past, a growing cohort of strategists say. Three key pillars of the sell-the-yen trade—a widening US-Japan interest-rate gap, soaring oil prices and the loss of the currency’s haven status—are crumbling as growing recessionary fears keep a cap on yields, put pressure on crude and send investors back into the arms of traditional safe assets. Dollar-yen, which soared 38 percent from a March 2020 trough to mid-July this year, is in retreat. “The big yen short as we know it this year, it’s over,” said Rodrigo Catril, strategist at National Australia Bank Ltd. in Sydney. “Dollar-yen’s peak is now likely behind us.” Catril is joined by the likes of Rabobank and Daiwa Securities Group Inc. in predicting a slowdown in losses for Japan’s currency, the worst performer in the Group of 10 this year. Strategists see the yen strengthening to 130 per dollar on average by the first quarter of 2023, according to data compiled by Bloomberg, a clear contrast with calls arguing that 140 and higher lay ahead at the peak of the bearishness in mid-July. An end to what threatened to become the worst-ever drawdown for the currency would be welcomed by businesses to consumers to politicians in Japan, where higher import costs are weighing on a post-pandemic recovery. It would vindicate the resolutely dovish stance of Bank of Japan Governor Haruhiko Kuroda and put pressure on hedge funds that came late to popular short-yen macro strategies.

Treasuries boost

PERHAPS the most effective handbrake on the yen’s steep decline has been the pull back from ever-higher Treasury yields. The yen is closely correlated to movements in US government bonds as the dynamic of a BOJ keeping rates pinned to the floor even as the Federal Reserve hikes aggressively weighs on relative attractiveness of Japanese assets. Now Treasury yields have retreated from their highs as traders tweak estimates for peak Fed rates and reconsider bonds on fears of a US slowdown. “US-Japan monetary policy divergence will no longer be a factor as markets have pretty much priced that in,” said Yukio Ishizuki, a senior currency strategist at Daiwa in Tokyo. “Yen selling appears to have peaked.” Benchmark Treasury yields have fallen more than 60 basis points from their peak in June to 2.82 percent on Monday. The yen has strengthened over 3 percent from its trough to around 135.25. “It follows that if US yields trend lower than some of the upward pressure is removed from the currency pair,” said Jane Foley, strategist at Rabobank in London. She sees dollar-yen trading as low as 130 in the coming months.

Energy pressure

JAPAN, a net importer of oil, was left

reeling earlier this year as Brent crude futures skyrocketed toward $140 a barrel. With prices now under the $100 mark, the devastating impact on import costs has eased. Bloomberg Economics’ Yuki Masujima expects Japan’s trade deficit to have narrowed in July and the nation’s import bill to have increased at a slower pace thanks to cheaper commodity prices. “The energy terms of trade shock is easing, particularly if you look at oil prices,” said NAB’s Catril. While a spike in gas prices and US 10-year bond yields would be key risks to watch, dollar-yen should trade around current levels before landing at 130, he said.

Haven return

JAPAN’S currency is also making a comeback as a haven. The yen jumped 1.3 percent last Monday when traders learned that US House Speaker Nancy Pelosi would visit Taiwan, sparking worries of potential retaliation from China. It has rallied more than 4 percent in the past three weeks as fears of a global recession deepened. “The yen appears to have rediscovered its safe-haven status,” said David Forrester, senior FX strategist at Credit Agricole CIB in Hong Kong. Weakerthan-expected US economic data curbs Fed rate-hike bets, which “reduces the dollar’s safe-haven with high-yield appeal allowing the yen to reassert its safe-haven appeal,” he added. Hedge funds appear to be voting with their feet. Leveraged investors have slashed their net-bearish yen wagers to the least since March 2021, recent data from the Commodity Futures Trading Commission showed.

Doubts remain

TO be sure, not everyone is betting the big yen short is over. Dovish market expectations for longer-term Fed rates seem at odds with the central bank’s own hawkish view and stronger-than-expected US employment data Friday sent Treasury yields higher, a reminder that the pressure on bonds hasn’t completely eased. While Goldman Sachs Group Inc. sees the yen rising over the long term, “further depreciation pressures are likely” as the BOJ clings to its yield-curve control policy during Kuroda’s term, strategist Isabella Rosenberg wrote in a note. Others including Mizuho Securities C o . ’s M a s a f u m i Ya m a m o t o s a i d geopolitical risks don’t necessarily point to safe-haven yen buying, not least because a hypothetical US-China conflict could lead to American bases in Japan coming under attack. “If tensions escalate seriously, it won’t be a one-way risk-off yen appreciation,” the Tokyo-based strategist said. “It’s a yen selling factor.” But that’s not dissuading strategists like Foley who reckon the worst of the losses are in for the yen as jitters around monetary policy ease. “Barring another sharp rise in US yields, the chances of seeing a move beyond 140 have now likely passed,” she said. Bloomberg News

‘Most vulnerable’ emerging markets seen facing blow from euro recession By Netty Ismail & Maciej Onoszko

LREADY suffering from the war in nearby Ukraine, Eastern Europe’s main currencies are about to take another blow from a looming euro-area recession. Traders are more bearish on the Hungarian forint, Polish zloty and Czech koruna than any other developing-nation currency except for Russia’s ruble and the Turkish lira, according to data collected by Bloomberg. And Goldman Sachs Group Inc., Fidelity International and InTouch Capital Markets all see Eastern Europe suffering more than other emerging markets if the euro weakens. The three currencies are seen as especially vulnerable to wavering demand

from the 19-nation single-currency area, which buys about 60 percent of each country’s exports. Since Russia’s invasion of Ukraine in February, they have also been trading increasingly in lockstep with the euro. “We are cautious and negative on eastern European currencies,” said Paul Greer, a money manager at Fidelity International in London who is betting on further declines in the zloty and koruna versus the dollar. The region “is the most vulnerable bloc within emerging markets in the currency space,” he said. While the International Monetary Fund warned in July that the world economy may soon be on the cusp of a recession, the euro region’s prospects look particularly dire. Record-breaking inflation and the heightened likelihood of a Russian energy

Tuesday, August 9, 2022 A17

Global stocks up after US job gain paves way for rate hike By Joe Mcdonald

AP Business Writer

EIJING—Global stocks gained Monday after strong US jobs data cleared the way for more interest rate hikes and Chinese exports rose by double digits. London, Shanghai, Tokyo and Frankfurt advanced. Hong Kong retreated. Oil prices edged higher. Wall Street’s benchmark S&P 500 lost 0.2 percent on Friday after government data showed American employers added more jobs than expected in June. That undercut expectations a slowing economy might prompt the Fed to postpone or scale back plans for more rate hikes to cool inflation. “Now it seems they will be debating whether they need to be even more aggressive,” Edward Moya of Oanda said in a report. In early trading, the FTSE 100 in London was up 0.4 percent at 7,471.08 and the DAX in Frankfurt added 0.4 percent to 13,629.44. The CAC 40 in Paris advanced 0.6 percent to 6,512.74. On Wall Street, the future for the S&P 500 rose 0.3 percent while that for the Dow Jones Industrial Average was up 0.2 percent. The S&P declined 0.2 percent on Friday after government data showed employers hired more Americans in July than forecast. The Dow added 0.2 percent while

the Nasdaq composite lost 0.5 percent. In Asia, the Shanghai Composite Index rose 0.3 percent to 3,236.93 after China’s July exports rose 18 percent over a year earlier, beating forecasts. China’s trade surplus swelled to $101 billion in July after imports rose just 2.3 percent over a year ago, reflecting weak domestic demand. The Hang Seng in Hong Kong fell 0.8 percent to 20,050.15 while the Nikkei 225 in Tokyo gained 0.2 percent to 26.241.13. The Kospi in Seoul gained less than 0.1 percent to 2,493.10 and Sydney’s S&P-ASX 200 shed less than 0.1 percent to 7,020.60. India’s Sensex gained 0.9 percent at 58,892.25. Taiwan, New Zealand, Singapore and Bangkok retreated while Jakarta gained. Investors worry tighter policy from the Fed and central banks in Europe and Asia to cool inflation that is running at multi-decade highs might derail global economic growth. Markets also have been rattled by Russia’s war on Ukraine, which

CURRENCY traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea on, Monday, August 8, 2022. Asian stocks were mixed Monday after strong US jobs data cleared the way for more interest rate hikes and Chinese exports rose by double digits. AP/AHN YOUNG-JOON

caused a spike in prices of oil, wheat and other commodities, and by uncertainty about Chinese antivirus curbs that have disrupted manufacturing and shipping. Last week’s strong US employment data gave ammunition to Fed officials who say the economy can tolerate higher borrowing costs to cool inflation. After Friday’s announcement, traders expect the Fed to raise its benchmark rate by 0.75 percentage points next month, up from forecasts of half a point. That would be triple the usual margin and the third such outsized hike this year. Higher interest rates are meant to counter inflation by cooling business activity, but that also raises the risk of recession and job losses. The latest inflationary spike is unusual because forecasters have blamed shortages

of goods due to the coronavirus pandemic, rather than rapid economic growth. Wall Street is coming off its best month for stocks since late 2020, a rally driven by falling bond yields. Traders hoped the economy was slowing enough for the Fed to ease off. In energy markets, benchmark US crude fell 56 cents to $88.45 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 47 cents to $89.01 on Friday. Brent crude, the price basis for international trading, shed 61 cents to $94.31 per barrel in London. It gained 80 cents to $94.92 the previous session. The dollar rose to 135.18 yen from Friday’s 135.11 yen. The euro advanced to $1.0187 from $1.0178.

SHIP CARRYING UKRAINE GRAIN ARRIVES IN TURKEY

STANBUL—The first of the ships to leave Ukraine under a deal to unblock grain supplies amid the threat of a global food crisis arrived at its destination in Turkey on Monday. The Turkey-flagged Polarnet docked at Derince port in the Gulf of Izmit after setting off from Chornomorsk on Aug. 5 laden with 12,000 tons of corn. “This sends a message of hope to every family in the Middle East, Africa, and Asia: Ukraine won’t abandon you,” Ukrainian Foreign Minister Dmytro Kuleba tweeted. “If Russia sticks to its obligations, the ‘grain corridor’ will keep maintaining global food security.” A total of 10 ships have now been authorized to sail under the grain deal between Ukraine and Russia, which was brokered by Turkey and the United Nations—eight outbound and two headed for Ukraine.

cutoff threaten to inflict a slump in the single-currency club. Eastern European currencies will likely see the biggest declines in emerging markets if the euro drops below dollar parity for a sustained period, given their exposure to euro-bloc demand and gas disruptions, Goldman Sachs strategists said. In late July, the US bank cut its threemonth euro target to $0.99 from $1.05. “Europe is far more vulnerable at this stage, so it’s reasonable to assume that the central and eastern currencies will underperform, especially if euro-dollar falls,” said Piotr Matys, a senior currency analyst at InTouch Capital Markets.

THE cargo ship Polarnet arrives to Derince port in the Gulf of Izmit, Turkey, on Monday, August 8, 2022. The first of the ships to leave Ukraine under a deal to unblock grain supplies amid the threat of a global food crisis arrived at its destination in Turkey on Monday. AP/KHALIL HAMRA The first ship to depart Ukraine, the Sierra Leone-flagged Razoni, which left on August 1, still hasn’t reached its

destination in Lebanon and was anchored off Turkey’s southern coast on Sunday evening, according to the Marine Traffic

A FRUIT vendor in Hungary attends to a customer. Traders are more bearish on the Hungarian forint, Polish zloty and Czech koruna than any other developing-nation currency except for Russia’s ruble and the Turkish lira, according to data collected by Bloomberg. BLOOMBERG

Double-digit declines

THE region’s currencies have been among the hardest hit by the fallout from Russia’s invasion of Ukraine in February. Since the war started, the forint weakened 17 percent against the dollar and 8.2 percent to the euro. The zloty has lost 12 percent versus the US

currency in the period, while the koruna slumped 9.5 percent. The currencies’ growing connection to the euro underscores the potential for further impact from any weakening of the common currency. When paired against the

dollar, all three have an inverse correlation with the euro of around minus 0.8, where minus 1 would indicate they would move in lockstep with the euro. For now, rapid monetary tightening in Hungary has helped to stabilize the forint

web site. Meanwhile, two more ships, carrying corn and soybeans, departed Ukraine’s Black Sea ports on Monday, the Turkish Defense Ministry said. The Sacura left Yuzhny carrying 11,000 tonnes of soybeans to Italy and the Arizona left Chornomorsk with 48,458 tonnes of corn bound for Iskenderun in southern Turkey. Four ships that left Ukraine on Sunday are expected to anchor near Istanbul on Monday evening, the Defense Ministry said. They are due to be inspected on Tuesday. Under the arrangement, ships leaving Ukraine are checked by officials from the three countries and the UN to make sure they carry only grain, fertilizer or food and not any other commodities. Inbound vessels are checked to ensure they are not carrying weapons. AP

after it plunged to a record low against the euro in July. The fact that Prime Minister Viktor Orban’s government hasn’t yet secured access to the European Union’s pandemic recovery fund is also weighing on the currency. In Poland, authorities have made more progress in talks with the EU’s executive to access recovery funds. Meanwhile, the country’s central bank is close to the end of its monetary tightening cycle, which took its key rate to 6.5 percent compared with 10.75 percent in Hungary. The Czech koruna has been the most stable, largely due to the central bank’s currency interventions. The monetary authority kept its key interest rate unchanged at 7 percent last week, making good on new Governor Ales Michl’s plan to halt aggressive monetary tightening. That will give policy makers time to assess economic developments and the impact of the current level of borrowing costs, he wrote in his weekly newspaper column.

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A18 Tuesday, August 9, 2022 • Editor: Angel R. Calso

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editorial

What will Facebook do?

eta, the company that owns Facebook, recently disclosed the actions taken by the social-media platform on harmful content relating to the May 2022 national elections. Using its automated systems, Facebook removed 15,000 accounts for violating the platform’s rules on the use of fake accounts. From January 9 to May 16, 2022, Facebook removed more than 5 million posts for violating its violence and incitement policies. Meta used artificial intelligence technology that they trained in Filipino to help Facebook detect and remove hate speech, bullying and harassment online. With about 2.93 billion monthly active users as of the second quarter of 2022, Facebook is the most popular social-media platform worldwide. More than 91 million Filipinos use the platform, making the Philippines number five among the top 10 countries with the highest number of Facebook users. India tops the list with 416.6 million users; the US has 240 million; Indonesia is third with 176.5 million; Brazil, 139 million; Mexico is sixth with 78 million; Vietnam, 75.9 million; Thailand, 58.5 million; Japan, 55.8 million; and Pakistan at 10th place with 49.2 million. Facebook and Twitter have been blocked in China since 2009, reportedly as part of a government crackdown against activists. Time Magazine calls China’s restriction of foreign media platforms and censorship of non-governmental material “the Great Firewall of China.” Other countries that blocked Facebook are Iran, North Korea and the former Soviet state of Turkmenistan. Facebook was born on February 4, 2004. In 2016, it launched its first Philippine office. In its six years of doing business in the country, Facebook has a somewhat checkered history. In 2020, for example, Facebook earned the ire of President Duterte who accused the platform of opposing his policies and supporting the left after it took down pro-Duterte accounts that the platform said were fake accounts. “We allow you to operate here hoping that you could help us also,” Duterte said. “Now, if the government cannot espouse or advocate something which is for the good of the people, then what is your purpose here in my country?” From vice.com: “Evidence has been mounting for years that Facebook is harmful for its users. Countless reports have documented how the company’s algorithms push people toward radicalization, allow extremist movements to grow, and spread misinformation on an unprecedented scale. Facebook, it has become increasingly clear, can not be trusted to govern itself.” Facebook’s algorithm that leads people to extreme content has been under the spotlight and is at the center of serious allegations that the social network puts profits before people. Frances Haugen, a former data scientist at Facebook, provided a detailed glimpse inside the notoriously secretive tech giant. She told the US Congress that Facebook harms children, sows division and undermines democracy in pursuit of breakneck growth and “astronomical profits.” Haugen worked at Facebook for nearly two years after stints at Google, Yelp and Pinterest. At Facebook, she studied how the social network’s algorithm amplified misinformation. Haugen said that Facebook consistently chose to maximize its growth rather than implement safeguards on its platforms, just as it hid from the public and government officials the internal research that illuminated the harms of Facebook products. “The result has been more division, more harm, more lies, more threats and more combat. In some cases, this dangerous online talk has led to actual violence that harms and even kills people,” Haugen testified. “During my time at Facebook, I came to realize a devastating truth: Almost no one outside of Facebook knows what happens inside Facebook,” Haugen told the US Congress. “The company intentionally hides vital information from the public, from the US government, and from governments around the world.” Mental Health America said some people discovered that going online has become an addiction. According to internal Facebook documents obtained by some media, the stated Internet addiction affected people’s sleep, job, relationships and parenting. If it is true that Facebook algorithm amplifies misinformation, as its former data scientist told the US Congress, it should not blame users for its toxic content. Facebook can be a good platform when it glues relatives and friends together. But it can also have a corrosive effect when bad users abuse the platform. Facebook generally knows what its users are posting, and it has the power to remove fake news, hate speech, bullying and online harassment. The big question is, will Facebook put the public good before profit?

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Philippine inflation is under control

President Marcos’s focus on agriculture is timely. The sector plays a key role in sustainable economic growth that will ultimately reduce the poverty level in the long-term period. Making the agriculture sector more productive and vibrant will directly reduce the poverty incidence in the Philippines and rein in the inflation rate.

But inflation, if managed well by the government, will not constrict economic growth for the long-term period. The administration of President Ferdinand Marcos Jr. at the outset attacked one of the cores of high prices. President Marcos has focused on agriculture, even assuming the leadership of the Department of Agriculture, in his bid to raise the sector’s productivity and empower our farmers and fisherman, lower food prices and secure our supply. Rising food prices and the increasing cost of fuel are the main culprits behind the elevated inflation rate in July. The price index of food and non-alcoholic beverages, per the data released by the Philippine Statistics Authority last week, increased 6.9 percent in July, or higher than the 6.0 percent in June. The transport index jumped 18.1 percent, after a 17.1-percent rise in June. Our economic managers are well

The poverty incidence in the countryside is high simply because our farmers and fishermen are less productive and, thus, unable to contribute their share to the gross domestic product. A bigger agriculture output will lower food prices and consequently reduce the poverty incidence rate. The Duterte administration was near its target of reducing the poverty level to 14 percent by the end of its term until Covid-19 struck in 2020. The Philippine economy has expanded 6 percent to 7 percent annually and was on its way to meeting the lower poverty incidence goal. President Marcos, meanwhile, has vowed to reduce energy, transport and logistics costs, especially for the vulnerable sectors of our population, by way of selective subsidies, to shield them from high oil prices spawned by the Ukraine-Russia conflict. Oil prices in the world market have wreaked havoc on the global

Manny B. Villar

THE Entrepreneur he higher inflation rate of 6.4 percent in July dominated newspaper headlines last week. The key economic data deserves prominent treatment in the media because higher inflation affects everybody—it erodes the purchasing power of every Filipino consumer and increases the poverty rate.

aware of the root causes of inflation. Following the lead of President Marcos, the National Economic and Development Authority reiterated the administration’s commitment to ensure food security and affordability, lower transportation and logistics costs to check the further rise in inflation, and protect Filipino consumers. Economic Planning Secretary and Neda Director-General Arsenio Balisacan assured Filipinos last week that the Marcos administration would ensure sufficient and healthy food on the table of every Filipino. President Marcos’s focus on agriculture is timely. The sector plays a key role in sustainable economic growth that will ultimately reduce the poverty level in the long-term period. Making the agriculture sector more productive and vibrant will directly reduce the poverty incidence in the Philippines and rein in the inflation rate.

A Minsky moment is coming? John Mangun

OUTSIDE THE BOX

‘M

insky Moment” refers to the onset of a market collapse brought on by the reckless speculative activity that defines an unsustainable bullish period. A “Minsky moment is when the fecal matter finally hits the fan.” American economist Hyman Minsky, who died in 1996, said that during good times, corporations borrow too much and when the cycle turns negative, the financial system goes from stability to fragility, followed by crisis and crash. Most economists in the Keynesian tradition knew this theory and supported some government intervention in financial markets. The problem started when the global system completely abandoned

an asset back currency—and therefore asset-backed economy—in favor of a debt-based economy. “He offered very good insights in the ’60s and ’70s when linkages between the financial markets and the economy were not as well understood as they are now.”—Henry Kaufman, Wall Street money manager. Minsky’s system categorized three stages of monetary evolution from what he called “hedge finance” to “speculative finance” and finally

The danger with a Minsky Moment is that the system fails, collapses, and then there is a very painful reboot.

to “Ponzi finance,” with each stage requiring more and more credit to support acceptable corporate growth. But because he created his concept prior to 1972, and the end of the Bretton Woods System, Minsky never envisioned that it would be governments borrowing too much to support the GDP. The result has been what we see today with total “government Ponzi Debt” and Ponzi Debt Economies. Old debt must be paid off with new and larger debt. Economies can only grow on the back of the new debt, not an increase in production. But note clearly, it was countries like the Philippines that operated under this system in the 1970s and early 1980s and provided speculative lending activity for the banks. In the 2000s, the only nations/governments (and their corporate sponsors)

economy and caused higher inflation in the Philippines, as well as in the advanced economies of the United States and Europe. But oil prices cannot remain high for an extended period—they will crimp demand and lead to a possible global recession. Those recession fears have sent crude prices last week tumbling to their lowest level since before Russia’s February invasion of Ukraine. Benchmark Brent crude futures on Thursday fell $2.66 a barrel, or 2.75 percent, to $94.12, the lowest close since February 18. West Texas Intermediate crude futures, meanwhile, dropped $2.34, or 2.12 percent to $88.54, the lowest close since February 2. This is good news for the Philippines and a relief to the transportation sector. The drop in international oil prices in my opinion, however, is not yet a clear trend that they are about to decrease further. It may be safe to assume, though, that global oil prices may have reached their peak, unless another geopolitical tension emerges. The same is true with the Philippine inflation rate. It may be close to nearing its peak once the government untangles the bottlenecks hindering the supply chain. But for all intents and purposes, the government has put the inflation rate in the Philippines under control. For comments, send e-mail to mbv_secretariat@vistaland.com.ph or visit www.mannyvillar. com.ph

that can do this are the big boys and that is why the world financial system took a huge debt dump in 2007. All the consumer housing loans that collapsed were because of speculative and finally “Ponzi loans” to consumers by the banks because governments gave financial incentives so that people could buy one or more houses and then vote for the “right” politician. Hear this. “Ponzi Debt Economies” have led to “Ponzi Geopolitics.” For example: World War 2 was not a good idea. But controlled war in general is both financially and politically profitable. Besides, none of the US, Europe, Russia, or China can afford to defeat “the enemy.” It’s too expensive to win plus all need an enemy to blame for problems when things are tough and go for mutual profit when times are good. No US politician made much of a fuss about the trade deficit with China as long as they were buying US government debt and providing See “Mangun,” A19

Opinion BusinessMirror

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180-day period on tax assessment

Ukraine fighting tactics hit

The authors of the study recorded attacks by the Ukrainian military from residential buildings in 19 cities and towns, including in the Donbass, Kharkiv and Nikolaev regions. AI said that 22 of the 29 schools it visited in the southeast of Ukraine housed either the personnel of the Armed Forces of Ukraine, or Ukrainian military equipment and weapons.

But then, even as these humanrights violations go on, the West and politicians seem to ignore this awful truth as Russia has long been painted in a bad light. With the issue raised by AI though, it is time for the West to move away from this one-sided viewpoint on the Ukraine crisis. It must now allow the other side in the conflict to be listened to, to have a voice in the discussion on the Ukraine crisis. But as things stand, this may not happen soon. Notably, while human-rights defenders from AI presented a report citing violations of international humanitarian law by the Ukrainian military during the conflict, Western politicians simply ignored the report and continued to present the only side they are comfortable with. This, even with AI findings confirming Russia's statements that the Ukrai-

bass, Kharkiv and Nikolaev regions. AI said that 22 of the 29 schools it visited in the southeast of Ukraine housed either the personnel of the Armed Forces of Ukraine, or Ukrainian military equipment and weapons. It is alleged that in Odessa armored vehicles were located in densely populated residential areas and in Bakhmut, the university building was used as a military base. It has also been pointed out by the other side in the conflict that during the retreat when APU was losing control over populated areas, Ukrainian soldiers were said to have fired at residential buildings and at residents there from MLRS and artillery guns, and then lay the blame on the Russian army for the destruction of cities and the death of civilians. We got word of cases when the Ukrainian military used large industrial enterprises as bases, thereby creating risks of an environmental catastrophe. This was the case at the Azot chemical plant in the city

LITO GAGNI

Fulvio D. Dawilan

Tax Law for Business

mong the due process requirements in a tax assessment process is the issuance of a formal letter of demand and assessment notice, with all the necessary information indicated in the said notice and properly issued to the taxpayer. A taxpayer who does not agree with the assessment may file a protest within 30 days following the receipt of the same. The protest may be in the form of request for reconsideration if the plea is based on existing records without the need of additional evidence. On the other hand, if the protest calls for the re-evaluation of the assessment on the basis of newly discovered or additional evidence that a taxpayer intends to present, the protest shall be in the form of a request for reinvestigation. The supporting documents should also be submitted within 60 days from the filing of the request for re-investigation. In case of a denial of the protest, the taxpayer may appeal to the Court of Tax Appeals or file an appeal with the office of the Commissioner of Internal Revenue. Either remedy should be filed within 30 days from the receipt of the decision. Appeal to the CIR is available only if the denial is issued by an authorized representative of the Commissioner. If the denial is issued by the CIR, the remedy should be a direct appeal to the CTA. There are instances, however, where the protest is not acted upon. If this happens, are there remedies available for the taxpayer other than awaiting the decision? If no action is made within 180 days from the date of filing of the protest, in case of a request for reconsideration, or from the submission of complete documents, in case of request for reinvestigation, the taxpayer can opt to already appeal to the CTA within 30 days from the lapse of the 180day period. There is only one 180-day period, that is, the period counted from the filing of the protest or the submission of the required documents. Accordingly, if an authorized representative of the CIR denies the protest within the 180-day period and the taxpayer appeals to the CIR, the CIR has the remaining of the 180 days within which to act. And if there is no action, the taxpayer may appeal to the CTA within 30 days after the lapse of the said remaining period. No new 180day period is created when a taxpayer files and appeal to the CIR. It follows that if the taxpayer waits for the decision of the CIR’s representative and the same is issued after the lapse of the 180-day period, the same may be appealed to the CTA or to the CIR. In case of

Mangun. . .

Continued from A18

low-cost consumer goods. But eventually the Ponzi economic benefits of that trade collapsed. With the poor condition of the global economy, we need a war and maybe more than one. But this time both Russia and China are playing for real, and the US/Europe is playing a game. May 20, 2022: “Blinken accuses Russia of using food as a weapon in Ukraine.” August 5, 2022: “Blinken: China’s Actions Around Taiwan Unjustified, Disproportionate and Provocative.” Apparently Blinken grew up playing Tongits or Monopoly with family members that always let him win because he was so cute. We are potentially looking down the barrel of a geopolitical “Minsky Moment.” All Minsky moments are preceded by a build up of pressure that finally snaps. The Lehman Brothers bankruptcy followed months of increasing bad loans. The “moment” came with the bankruptcy

the latter, the 180-day period is no longer a consideration and the only remedy for the taxpayer is to wait for the CIR’s decision before making an appeal, if the same is not favorable. In essence, there is no new or separate 180-day period that will start to run when the taxpayer appeals to the CIR. A taxpayer does not have the option to appeal to the CTA, if no action is made by the CIR after the lapse of 180 days from the filing of the appeal. If the taxpayer considers that as a remedy, that should always be counted from the filing of the protest or submission of the documents in support of the protest. This was the pronouncement of the Supreme Court in G.R. No. 258101, affirming the decision of the CTA. Incidentally, when a final decision on disputed assessment is elevated to the CIR, it does not become final, executory and demandable. Accordingly, the issuance of collection letters, final notice before seizure, warrant of distraint and levy and any enforcement action, pending the appeal before the CIR, are considered void. They do not emanate from demandable assessment and there are no delinquent taxes to speak of. This was the recent pronouncement of the Supreme Court in GR 231238, June 20, 2022. Appeal to the CTA or the CIR does not necessarily require a decision on the protest or appeal. This can be done even if there is inaction on the part of the tax authority, as an option to awaiting the issuance of a decision. In the words of the Courts, this option is granted to empower the taxpayers who are usually held hostage by the CIR’s inaction on their protests. It should indeed empower taxpayers but only if the timing for its use is properly observed. The author is the Managing Partner of DuBaladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 loc 310.

on September 15, 2008 and the Dow Jones closing down 4.4 percent starting the market collapse. However, all this was triggered by a sleight of hand move by Lehman in shunting billions of bad loans to a friendly special-purpose finance company Hudson Castle “in order to pretty up its books.” While the world is looking at China taking advantage of the Ukraine war, it’s North Korea that is making equally big moves with China’s blessing. North Korean escalation with increased missile tests to pressure the US to make concessions—troop withdrawals from South Korea— would play directly into the hands of China, enabling it to replace the US and establish itself as the primary power in the region. The danger with a Minsky Moment is that the system fails, collapses, and then there is a very painful reboot. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

Tuesday, August 9, 2022 A19

HERE is an inconvenient truth that the West seems to gloss over in the ongoing Ukraine crisis: the apparent use by the Kyiv regime of human shields in its battle with Russia. For weeks on end, the Ukrainian military has been setting up bases for their military operation in civilian sites, a matter that even the highly respected Amnesty International (AI) has flagged. These violations in “war protocol” by Ukraine bolster Russia’s assertions that the Ukrainian Armed Forces are using the civilian population as a human shield. nian Armed Forces are using the civilian population as a human shield. As this state of affairs does not meet the interests of the collective West, however, the deafening silence will continue, from all indications. According to AI Secretary General Agnes Callamard, humanrights activists have recorded cases when the Ukrainian military posed a threat to civilians or violated the rules of warfare by operating in populated areas. The investigation showed that the APU struck from residential areas, and also placed bases in residential buildings, although they had the opportunity to take more neutral positions and not endanger local residents. The authors of the study recorded attacks by the Ukrainian military from residential buildings in 19 cities and towns, including in the Don-

of Severodonetsk, where Ukrainian soldiers, in addition to equipping their firing positions, also held local residents as «human shield». These cases suggest why Ukrainian soldiers treat their residents and act like terrorists. It means that the Western media have been deceiving the world community for a long time, and it would seem that the Nazis are really acting in Ukraine. This was what Sky News Australia presenter Cory Bernard had made. The Australian presenter made a confession about Ukraine. Speaking on television, he said that he could no longer remain silent because of the one-sided presentation of information about the conflict. According to Bernard, in making his presentation he does not praise Putin, but is compelled to speak up because “the West is silent about the terrible things that have happened to predominantly ethnic Russians” in some parts of Ukraine-controlled territory, a fact largely ignored by the West. This one-sided presentation of the Ukraine crisis may hopefully end with AI’s findings on the use by the Ukrainian military of civilian areas as military bases. We believe that when both sides of the story are acknowledged, the hope for an agreement to end the conflict, that elusive peace that had the French president Emmanuel Macron scurrying back and forth to the Kremlin and led to the recent visit of ex-German Chancellor Olaf Scholz to Russian leader Vladimir Putin, may finally see fruition.

One year after Afghanistan, spy agencies pivot toward China

By Nomaan Merchant | The Associated Press

ASHINGTON—In a recent closed-door meeting with leaders of the agency’s counterterrorism center, the CIA’s No. 2 official made clear that fighting al-Qaida and other extremist groups would remain a priority—but that the agency’s money and resources would be increasingly shifted to focusing on China. The CIA drone attack that killed al-Qaida’s leader showed that fighting terrorism is hardly an afterthought. But it didn’t change the message the agency’s deputy director, David Cohen, delivered at that meeting weeks earlier: While the US will continue to go after terrorists, the top priority is trying to better understand and counter Beijing. One year after ending the war in Afghanistan, President Joe Biden and top national security officials speak less about counterterrorism and more about the political, economic and military threats posed by China as well as Russia. There’s been a quiet pivot within intelligence agencies, which are moving hundreds of officers to China-focused positions, including some who were previously working on terrorism. The last week makes clear that the US has to deal with both at the same time. Days after Ayman alZawahri was killed in Kabul, China staged large-scale military exercises and threatened to cut off contacts with the US over House Speaker Nancy Pelosi’s visit to Taiwan. The US has long been alarmed by China’s growing political and economic ambitions. China has tried to influence foreign elections, mounted campaigns of cyber and corporate espionage, and detained millions of minority Uyghurs in camps. Some experts also think Beijing will in coming years try to seize the self-ruled democratic island of Taiwan by force. Intelligence officials have said they need more insights on China, including after being unable to definitively pinpoint the cause of the Covid-19 pandemic. Beijing has been accused of withholding information about the origins of the virus. And the war in Ukraine has underscored Russia’s importance as a target. The US used declassified information to expose Russian President Vladimir Putin’s

war plans before the invasion and rally diplomatic support for Kyiv. Supporters of the Biden administration approach note that the US was able to track and kill al-Zawahri is evidence of its capabilities to target threats in Afghanistan from abroad. Critics say the fact that al-Zawahri was living in Kabul, under the apparent protection of the Taliban, suggests there’s a resurgence of extremist groups that America is ill-equipped to counter. The shift in priorities is supported by many former intelligence officers and lawmakers from both parties who say it’s overdue. That includes people who served in Afghanistan and other missions against al-Qaida and other terrorist groups. Rep. Jason Crow, a former Army Ranger who served in Afghanistan and Iraq, said he believed the US had been overly focused on counterterrorism over the last several years. “A far greater existential threat is Russia and China,” said Crow, a Colorado Democrat who serves on the House Intelligence and Armed Services committees. Terrorist groups, he said, “will not destroy the American way of life...the way China can.” C I A spokesperson Ta m my Thorp noted that terrorism “remains a very real challenge.” “Even as crises such as Russia’s invasion of Ukraine and strategic challenges such as that posed by the People’s Republic of China demand our attention, CIA will continue to aggressively track terrorist threats globally and work with partners to counter them,” Thorp said. Congress has pushed the CIA and other intelligence agencies to make China a top priority, according to several people familiar with the matter who spoke on condition of anonymity to discuss sensitive intelligence matters. Pushing resources toward China has required cuts elsewhere, including in counterterrorism. Specific figures were

unavailable because intelligence budgets are classified. In particular, lawmakers want more information about China’s development in advanced technologies. Under President Xi Jinping, China has committed trillions of dollars in investment on quantum science, artificial intelligence and other technologies that are likely to disrupt how future wars are fought and economies are structured. As part of the shift, congressional committees are tr y ing to better track how intelligence agencies spend their funding on China, seeking more detail about how specific programs contribute to that mission, one person familiar with the matter said. “We are late, but it’s good that we’re finally changing our focus into that region,” said Rep. Chris Stewart, a Utah Republican who serves on the House Intelligence Committee. “That means in people, in resources, in military assets, and in diplomacy.” The CIA last year announced it would create two new “mission centers”—one on China, one on emerging technologies—to centralize and improve intelligence collection on those issues. The CIA is also trying to recruit more Chinese speakers and reduce wait times on security clearances to hire new people faster. Inside the agency, many officers are learning Chinese and moving into new roles focused on China, though not all of those jobs require language training, people familiar with the matter said. Officials note that intelligence officers are trained to adapt to new challenges and that many were moved more quickly into counterterrorism roles after the attacks of September 11, 2001. Advances from counterterrorism work— including better use of data and different sources of intelligence to build networks and identify targets—are also useful in countering Russia and China, former officers said. “It’s the analytics and targeting machine that has become extraordinary,” said Douglas Wise, a former CIA senior officer who was deputy chief of operations at the counterterrorism center. The CIA’s Counterterrorism

Center, renamed the Counterterrorism Mission Center in a 2015 reorganization, remains a point of pride for many people who credit its work for keeping Americans safe from terrorism after September 11. CIA officers landed in Afghanistan on September 26, 2001, and were part of operations to displace the Taliban and find and kill leaders of al-Qaida including Osama bin Laden. And 13 years after a double agent tricked officers pursuing al-Zawahri and blew himself up, killing seven agency employees, the CIA killed him in a strike with no reported civilian casualties. The CIA was also involved in some of the darkest moments of the fight against terrorism. It operated secret “black site” jails to hold terrorism suspects, some wrongly, and was found by a Senate investigation to have used interrogation methods that amounted to torture. Elite Afghan special operations units trained by the CIA were also accused of killing civilians and violating international law. There’s long been a debate over whether counterterrorism pulled intelligence agencies too far away from traditional spying and whether some of the CIA’s work in targeting terrorists should instead be done by special forces under the military. Marc Polymeropoulos is a retired CIA operations officer and former base chief in Afghanistan. He said he supports a greater focus on China and Russia but added, “There’s no reason to diminish what we had to do.” “This notion that somehow all the CT work we did, somehow that was wrong, that we took our eye of the ball—just remember on September 12 what everyone was feeling,” he said. Re-orienting the agencies toward more of a focus on China and Russia will ultimately take years and require both patience and recognition that the agency’s culture will take time to change, Wise said. “For decades, we have been doing counterterrorism,” Wise said. “We’ve got to have a rational plan to make this adaptation, which doesn’t take so long that our enemies can exploit a glacial process.”

A20 Tuesday, August 9, 2022

‘GIVE BGY EXECS POWER TO SEEK DETENTION OF DRUG DEPENDENTS’

HE Integrated Bar of the Philippines (IBP) has asked the Dangerous Drugs Board (DDB) to include barangay officials among the persons authorized to file petitions for involuntary confinement for rehabilitation of drug dependents. In a five-page letter dated April 23 sent to Dangerous Drugs Board (DDB) chairman Secretary Catalino Cuy, IBP National President Burt Estrada pointed out that the proposal is sanctioned by Section 51 of Republic Act 9165 otherwise known as the Comprehensive Dangerous Drugs Act of 2002. That provision covers the compulsory confinement of a drug dependent who refuses to apply under the Voluntary Submission Program,. It allows any person authorized by the Board to file a petition with the Regional Trial Court (RTC) for the confinement of a person alleged to be dependent on dangerous drugs. But at present, the IBP noted only the City Anti-Drug Abuse

Council (CADAC) has been authorized by the DDB to file petitions for involuntary confinement. There are 146 cities in the country, which means there are only 146 persons authorized to file these petitions, according to the IBP. The IBP is proposing that aside from the CADAC, there should also be a person authorized to file petitions for involuntary confinement in every Barangay Anti-Drug Abuse Councils (BADAC). If the DDB will approve the proposal, the IBP noted that 42,046 personnel from barangays would be able to assist drug dependents in their respective communities. The IBP noted that there is a higher chance that BADAC personnel have more personal knowledge about drug dependents in their areas of jurisdiction. “The measure aims to address the lack of enforcement personnel to police the 1.67 million active Filipino drug users.

PSA revises Q1 GDP growth estimates from 8.3% to 8.2%

By Cai U. Ordinario

@caiordinario

HE Philippine Statistics Authority (PSA) revised the country’s GDP growth downward to 8.2 percent in the first quarter of 2022, but this remained within expectations as far as data estimates are concerned. The initial estimate was at 8.3 percent. National Statistician Claire Dennis S. Mapa told reporters on Monday that when it comes to GDP growth, there is usually a

plus or minus 0.1-percentage point allowance in estimates. This is particularly the case when data is obtained from nongovernment sources. Mapa said when

the PSA comes up with preliminary estimates, data sources are usually 70 percent complete but in terms of sectors, there are those that are only 50 percent complete. “The first time we report, usually it’s at 70 percent, but this is mixed. For agri, it’s 100 percent because it’s (based on a government) survey. You will notice that usually, (adjustments are) in financial, real estate because we must depend on the financial statements of companies. So here, sometimes just 50 percent (of the data are made available to us). So it’s really the data sources,” Mapa explained. The PSA said major contributors to the downward revision were Real estate and Ownership of dwellings, the growth of which was revised downward to 5.9 percent from the initial 7.9 percent. Other major contributors to the revisions were manufacturing, which was revised to 9.8 percent

from the initial estimate of 10.1 percent; and Wholesale and retail trade, repair of motor vehicles and motorcycles, to 7 percent from 7.3 percent. Meanwhile, the growth rate in Net Primary Income (NPI) from the Rest of the World recorded an upward revision to 105.4 percent from 103.2 percent. However, the growth rate in Gross National Income (GNI) in the first quarter of 2022 recorded a downward revision to 10.6 percent from 10.7 percent. Making room for these adjustments, Mapa said, has already become part of the PSA’s revision policy. PSA revises the GDP estimates based on an approved revision policy (PSA Board Resolution No. 1, Series of 2017-053) which is consistent with international standard practices on national accounts revisions.

See “Give,” A2

IFC provides $5B to E.Asia, Pacific MSMEs

HE World Bank Group’s private sector arm, the International Finance Corporation (IFC), has provided over $5 billion to micro, small and medium-sized enterprises in the East Asia and Pacific region. The amount, the highest it has allocated for the region, includes $3 billion in long-term finance and just over $2 billion in mobilization to help sustain and create jobs, improve services, and protect small and medium sized companies. The announcement came as Ruth Horowitz assumed the role of IFC’s Regional Vice President for Asia and Pacific—covering both East and South Asia—taking over from Alfonso Garcia Mora, who is now IFC’s Regional Vice President for Europe, Latin America, and the Caribbean. “I am very excited to join the region and to work closely with its fantastic staff, clients and stakeholders, and look forward to building on the region’s strong history of impactful private sector engagements,” said Horowitz. Horowitz is a global investment professional with over 30 years of experience. Most recently, she served as the Vice President of IFC’s Equity Mobilization Division—IFC Asset Management Company (AMC), which has raised over $10 billion from investors across 13 funds. Prior to joining IFC as the Chief Operating Officer and Director of AMC, Horowitz worked for Lehman Brothers. IFC’s record financing for the East Asia and Pacific region included $2.34 billion in equity, loans and bonds, including social bonds for financial institutions to support the region’s micro, small and medium-sized (MSMEs) enterprises. MSMEs—collectively EAP’s largest employer—are the region’s growth engine. Supporting the region’s businesses suffering the impacts of the pandemic, IFC delivered $600 million in long-term finance in Covid-response deals, combined with $100 million in short-term finance to help local exporters and importers increase trade activities,

including food and commodities trade during a turbulent global economic period. Overall in the East Asia and Pacific region, from FY20 to FY22, IFC has committed $2.5 billion in response to Covid-19, including $400 million in short-term finance. “With unprecedented global challenges, IFC’s record commitments helped the region weather the impacts of the Covid-19 pandemic, preserve jobs, and focus on a green, resilient, and inclusive recovery path,” said Kim-See Lim, IFC Regional Director for East Asia and Pacific. “The past financial year saw many firsts in the climate space, including blue bond issuances to help address marine pollution and support countries’ climate goals. IFC’s first-ever sustainabilitylinked bond was in the Asia and Pacific region,” she added. IFC’s commitments included $1.2 billion to support climate projects across the East Asia and Pacific region, including funding for innovative green and blue transactions, and for renewable energy and climate-smart urban infrastructure projects. Some of these projects included two in the Philippines which were done with Ayala Corporation and e-commerce startup Growsari. IFC invested $100 million in the first social bond by Ayala Corporation in the health-care sector to help increase availability of muchneeded affordable health-care in the Philippines. T he project w ith Growsari aimed to protect farmers, microretailers, and MSMEs, that are especially vulnerable to economic shocks through the digital transformation of MSMEs. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the Covid-19 pandemic. Cai U. Ordinario

PRICIER UNIFORMS Mang Erning, a school uniform vendor in Divisoria, says that prices of school uniform have gone up as the school system prepares for face-to-face classes. Sales of uniforms have stalled since the Covid-19 pandemic began in early 2020. Vendors in Divisoria, one of the go-to places for buying school uniforms and supplies, said almost all of the providers of these items have raised their prices, and the ultimate peddlers have no choice but to reflect these. NONIE REYES

Rightsizing ‘optional’ in LGUs, Congress, courts By Bernadette D. Nicolas @BNicolasBM

MPLEMEN T I NG r ight si z ing in local government units (LGUs), Legislative and Judiciary branches, Office of the Ombudsman, and Constitutional Commissions is “optional” under the administration’s proposed measure, the Department of Budget and Management (DBM) said. Speaking during the virtual 122nd Philippine Civil Service Anniversary, Budget Undersecretary Goddess Hope Libiran said it would also be “optional” for government financial institutions under Governance Commission for Government-Owned and -Controlled Corporations (GOCCs) to undertake rightsizing as they are excluded from the administration’s proposed National Government Rightsizing Program (NGRP).

“ The government financial institutions under Governance Commission for GOCCs are not covered because they are covered by another law. The same with the legislature, the judiciar y, Office of the Ombudsman and the Constitutional Commissions including the Civil Service Commission; it’s optional for them on whether to rightsize their agency,” Libiran said, partly in Filipino. “Rightsizing for LGUs is also optional based on the Local Government Code of 1991 and it also depends on their financial capability,” she added. The budget official also reiterated that the proposed rightsizing measure does not automatically mean downsizing or reducing the number of personnel in government agencies. In his first State of the Nation Address, President Marcos, Jr. said

the proposed NGRP will entail a comprehensive strategic review of the functions, operations, organization, systems, and processes of the different agencies, and massive and transformational initiatives in the agencies concerned, such as mergers, consolidation, splitting, transfer, and even the abolition of some offices. Those covered by the proposed rightsizing are the 187 agencies in the Executive branch as well as the GOCCs not covered by Republic Act No. 10149 or the GOCC Governance Act of 2011, the DBM said. However, this will exclude teaching and non-teaching-related positions, medical and allied medical positions, as well as military and uniformed personnel. Libiran noted a need to “upsize these sectors.” Under the proposal, a Committee on Rightsizing shall also be established to be chaired by the

Office of the Executive Secretary. This will be cochaired by the Department of Budget and Management, with National Economicand Development Authority, Civil Service Commission, and the Anti-Red Tape Authority as members. The committee shall also consult with agencies concerned, accredited public sector unions and other stakeholders on the program implementation. Affected personnel may apply for positions that will be created as an effect of the rightsizing. Government will also provide a retooling program for personnel so they may apply for vacant positions. Those who opt to retire will receive appropriate retirement benefits. Separation incentives and refund of Pag-Ibig contribution and commutation of unused vacation and sick leave benefits may also be availed by eligible affected personnel.

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, August 9, 2022

Dito accuses competitors of violating antitrust law

By Lorenz S. Marasigan

@lorenzmarasigan

ito Telecommunity Corp. has sued both Smart Communications Inc. and Globe Telecom Inc. for allegedly abusing their dominant positions by purportedly imposing commercial demands for interconnection.

The third telco filed the cases before the Philippine Competition Commission (PCC) on Monday morning, according to Dito Chief Administrative Officer Adel Tamano. “When our competitors do acts that are anti-competitive that abuse their dominant positions, we are constrained to seek redress,” he said in a press briefing Monday. “It is on behalf of these 11 million subscribers that we are filing these cases with the PCC.” Tamano said the cases stem from the limited capacity that both Smart and Globe provided Dito for interconnectivity. In a nutshell, interconnectivity allows subscribers to call from one operator to another. In the case of Dito, Tamano said Dito subscribers are finding it hard

to call Smart and Globe subscribers because the interconnectivity capacity was not enough. The quality of interconnectivity is measured by the so-called grade of service, a metric set by the National Telecommunications Commission (NTC). Under the metric, Tamano said, telcos are given a leeway of having one out of 100 calls not interconnected. But in Dito’s case, only 20 to 30 calls to other networks push through. “It is unfair for our subscribers because when Smart and Globe call us, they’re able to get through,” he said. Dito sued both Smart and Globe for allegedly violating Section 15b and 15c of the Philippine Competition Act.

Both provisions pertain to the abuse of dominant positions by imposing barriers to entry or committing acts that prevent competitors from growing in the market and making a transaction subject to acceptance by the other parties even without connection with the transaction. Tamano refused to divulge the supposed transaction, but said that Smart and Globe are asking for “certain commercial concessions.” PCC OIC Chairperson Johannes Bernabe confirmed that the commission has received the complaints on Monday. “Interconnection is an essential component of the telecommunications industry as it allows interoperability and exchange of calls, SMS, and other information from one network to another. As such, our Competition Enforcement Office [CEO] is now evaluating the merits of Dito’s complaints,” Bernabe said. The commission has 10 days within which to decide whether or not to give due course to the complaint. “If given due course, our CEO will proceed to investigate the charges and if it subsequently finds sufficient basis, file with the Commission en banc a Statement of Objections against the allegedly erring entities,” Bernabe said, noting that the agency will also consult

with the NTC for “related regulatory concerns.” Dito is seeking compensatory damages, as the lack of interconnection has resulted in losses — both in subscribers and revenues — for Dito. It did not specify how much it is seeking from its competitors. Tamano said Dito first tried to reach an amicable settlement with its competitors. The company has sought the NTC’s help since September last year to settle the issue. “The NTC has been incredibly helpful. They have sought for us to go through mediation…yet despite all our efforts they have refused to provide genuine interconnection.” Currently, Dito has about 11.4 million subscribers and is targeting to end the year with at least 12 million subscribers. When sought for comment, both Smart and Globe said they have yet to receive a copy of the complaint. “We do not have a copy of the complaint yet, until such time we will refrain from issuing a statement,” Globe SVP Yolanda Crisanto said via phone. For its part, Smart parent PLDT Inc. said: “We are yet to receive a copy of the complaint, but we can assure the government and the public that PLDT and Smart have always supported and ensured fair competition in the telco industry.”

Bloomberry H1 income hits ₧2.49B By VG Cabuag

loomberry Resorts Corp., the operator of Solaire Resorts and Casino, said it recorded an attributable income of P2.49 billion in the first half, a reversal of last year’s P1.93-billion loss. Gross revenues grew 70 percent to P17.49 billion from last year’s P10.25 billion, as gamblers were allowed to enter its facilities after the government imposed the lowest alert level in Metro Manila for the most part of the period. “Our performance in the second quarter indicates a sustained recovery in all segments of our Philippine operations. Strong demand from the domestic mass market is pushing revenues closer to pre-pandemic levels and spurring the continued improvement of EBITDA and net income,” said Enrique K. Razon Jr.,

Clean energy to power SM malls

Aboitiz gets grant from Washington

@villygc

hopping mall operator SM Prime Holdings Inc. said it has forged a longterm deal with Aboitiz Power Corp. for the supply of renewable energy. Under t he ag reement, AboitizPower will supply SM Prime with energy from Tiwi and MakBan Geothermal Power Plants and PV Sinag’s Power Plants, operated and managed by AboitizPower subsidiar y, Aboitiz Renewables Inc. This long-term contract will power SM Prime properties, including its shopping malls, residential, offices, hotels and other establishments under the Retail Competition and Open Access by the end of the year. VG Cabuag

By Lenie Lectura @llectura

boitiz Power Corp. has secured a grant from the United States Trade and Development Agency (USTDA) for the conduct of a feasibility study for potential offshore wind projects in the Philippines. According to Aboitiz First Vice President for Renewable Energy Philippine Development Lee Hazel Balangue, the grant is worth $800,000. “The study is about a year and a half. During the study, we hope to identify specific locations where we can start developing. Hopefully, we can identify at least six offshore wind projects,” Balangue said after the signing of the grant last Saturday.

VIP volume represents rolling chips. Volumes from the mass table drop tripled while those from slot machines more than doubled during the period. Solaire Korea’s Jeju Sun’s gambling operations at the property have been suspended since March 21, 2020. The company reported consolidated non-gaming revenue of P1.7 billion for the quarter, representing an increase of 163 percent from the P657 million generated last year, due to the reopening of its restaurants. Hotel occupancy was 53.4 percent, still higher compared to 24.1 percent in the previous quarter and 14.9 percent in the second quarter of last year. Non-gaming revenue at Solaire in the first half reached P2.7 billion, representing an increase of 74 percent year-over-year, the company said.

At Solaire Korea, non-gaming revenue for the second quarter amounted to P1.2 million, representing an increase of 6 percent from last year. Second quarter consolidated cash operating expenses reached P6.2 billion, higher by 74 percent from last year’s P3.5 billion on higher gaming taxes and cost of sales consistent with the improved level of business activity at Solaire. As of end-June, Bloomberry had consolidated cash and cash equivalents balance of P36.8 billion. Total outstanding long-term debt was at P88.1 billion, which represents the balance of the current and non-current portions of the amended P73.5 billion and P40-billion syndicated loan facilities. The increase in cash level and debt is due to the drawing of the remaining P13.5 billion from the additional facility in the second quarter.

the company’s chairman and CEO. “Absent the emergence of new Covid-19 variants that could disrupt our gains, we see scope for further recovery as regional travel starts to pick up in the coming months. In the meantime, we will grow our market leadership by continuing to operate Solaire at the highest levels of service and health security.” For the second quarter alone, the company had an income of P1.8 billion, a reversal of last year’s P1.15 billion-loss. Revenues reached P10.22 billion, more than double last year’s P4.76 billion. Total gross gaming revenues (GGR) at Solaire for the period reached P13.1 billion, more than double the P5.7 billion recorded a year ago. Most of the gaming revenues came from VIP tables with a volume of 117,311, more than three times higher than last year’s 35,492. The

The grant was signed by AboitizPower Vice President for Commercial Strategy, Sales and Engagement David Mikel Aboitiz and USTDA Director Enoh Ebong. AboitizPower earlier disclosed plans to build 3,900 MW of renewable energy (RE) projects in the next 10 years, to grow its portfolio to 9,200 MW, and to achieve a 50:50 renewables and thermal capacity mix. “We are hoping to add at least 500MW to 1,000MW would come out of this,” she added, when asked how the planned offshore wind prospects will affect the power firm’s targets. For now, it has about 721 MW of RE projects under priority development, which is part of its RE growth

strategy over the next decade. “Solar is very important to us, but you also need a lot of land to do solar. If we’re able to do offshore wind then we don’t need to use existing land,” she added. AboitizPower envisions a 50:50 balance between its renewable and thermal portfolios by 2030, further growing its Cleanergy capacity along the way in an effort to help build the country’s RE market and contribute to the global RE goals. The company has earmarked P28 billion for capital expenditures (capex) this year to complete its coalfired power plant in Bataan, expand its renewables portfolio, and upgrade its power facilities to ensure adequate power supply this year. Last year, its capex stood at P23 billion.

RHI loss narrows as revenues rise S

ugar producer Roxas Holdings Inc. (RHI) said its loss in its fiscal nine months ending June 30 narrowed to P587.83 million, from last year’s P731.91 million. Gross revenues more than doubled to P6.12 billion from last year’s P3.79 billion after the completion of the standalone refinery project at Central Azucarera Don Pedro Inc.’s plant in Batangas. “Out of 12 refineries in the Philippines operating this crop year, CADP is now the lone refinery continuously producing refined sugar for the industrial and consumer markets beyond the sugarcane harvest season that ended in May,” company chairman Pedro E. Roxas said. “This shows that refining can be achieved year-round to add value to raw sugar produced by the millers

and farmers across the Philippines. The fundamentals to recovery have been set, and gains brought from this pivotal project on the refinery will be more significantly realized in the near-term, with the expected increase in refined sugar production and in tolling agreements with customers.” For its fiscal third quarter alone, the company booked a net loss of P100.23 million, narrower by half than last year’s P152.93-million loss. Revenues grew by almost half to P2.81 billion as against last year’s P1.9 billion. The company said CADP recently embarked on a strategy to maximize refinery production through expanding its fuel sources, by de-coupling from its milling operations and the limited availability of mill-generated bagasse used as fuel. VG Cabuag

Companies BusinessMirror

Tuesday, August 9, 2022

PSE STOCK QUOTATIONS

August 8, 2022

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

BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL MANULIFE PHIL STOCK EXCH SUN LIFE

127,037,814 1,414,324 41,148,974.50 27,850,075 309,346 35,978,290 1,000,533 663,892 169,990 3,988 329,692,034 1,769,099 248,490 240,300 1,209,650 912,763 492,000

9,471,983 726,608 11,797,226 -26,857,480 -138,693 16,391,315 -999,257 -37,301,652.50 -436,834 -1,730 -168,000 1,190,350 -11,550 240,000

INDUSTRIAL ACEN CORP 8.86 8.9 8.86 8.91 8.55 8.9 20,725,400 183,692,248 ALSONS CONS 0.93 0.95 0.95 0.95 0.93 0.95 16,000 15,090 ABOITIZ POWER 31.35 31.4 31.5 31.8 31 31.4 780,000 24,454,740 RASLAG 1.79 1.8 1.74 1.79 1.73 1.79 1,709,000 3,019,220 BASIC ENERGY 0.385 0.39 0.395 0.4 0.385 0.385 5,370,000 2,089,600 FIRST GEN 17.44 17.5 17.02 17.5 17.02 17.5 763,200 13,121,078 FIRST PHIL HLDG 63.6 64 64 64 63 64 7,300 462,331 MERALCO 318 319.8 316.6 319.8 316 319.8 262,320 83,581,154 MANILA WATER 15.04 15.12 14.8 15.1 14.76 15.04 1,165,300 17,482,130 PETRON 2.85 2.86 2.84 2.92 2.83 2.86 250,000 719,730 PHX PETROLEUM 9.3 9.39 9.49 9.49 9.49 9.49 100 949 SYNERGY GRID 12.26 12.28 12.3 12.32 12.22 12.26 942,300 11,551,714 PILIPINAS SHELL 17.7 17.8 17.98 18 17.8 17.8 58,500 1,046,900 SPC POWER 10.52 10.68 10.62 10.7 10.34 10.5 90,700 958,874 SOLAR PH 1.72 1.73 1.62 1.72 1.62 1.72 59,828,000 101,243,830 VIVANT 15.7 17.96 17.98 17.98 17.96 17.96 500 8,986 AGRINURTURE 5.63 5.72 5.67 5.75 5.59 5.72 2,053,100 11,731,299 AXELUM 2.5 2.54 2.54 2.6 2.49 2.54 134,000 335,520 CENTURY FOOD 25.3 25.4 25.1 25.4 25.05 25.4 714,800 17,990,050 DEL MONTE 13.56 13.8 13.8 13.96 13.8 13.8 12,600 174,614 DNL INDUS 6.95 6.96 7 7.01 6.89 6.96 2,078,500 14,433,065 EMPERADOR 19.14 19.18 19.02 19.24 18.9 19.14 7,276,500 139,019,372 SMC FOODANDBEV 45.65 46 46.15 46.2 45.05 46 58,600 2,689,235 FIGARO COFFEE 0.64 0.65 0.63 0.65 0.63 0.64 20,125,000 12,906,770 ALLIANCE SELECT 0.53 0.54 0.55 0.55 0.55 0.55 1,000 550 FRUITAS HLDG 1.03 1.05 1.03 1.05 1.02 1.03 983,000 1,010,990 GINEBRA 100.2 101.9 102.5 102.9 100 100.2 63,960 6,504,635 JOLLIBEE 214.8 215 215 216 212.8 214.8 448,750 96,393,174 KEEPERS HLDG 1.16 1.18 1.18 1.18 1.16 1.16 1,442,000 1,680,110 LIBERTY FLOUR 17.3 17.9 17.3 17.3 17.3 17.3 500 8,650 MAXS GROUP 5.05 5.18 4.62 5.19 4.62 5.19 276,000 1,344,630 MG HLDG 0.102 0.118 0.102 0.119 0.102 0.119 20,000 2,210 MONDE NISSIN 16.1 16.12 15.74 16.12 15.66 16.12 19,418,400 310,974,948 SHAKEYS PIZZA 7.1 7.16 6.98 7.1 6.98 7.1 58,800 417,042 ROXAS AND CO 0.59 0.61 0.61 0.61 0.58 0.61 3,570,000 2,076,930 RFM CORP 3.87 3.9 3.9 3.9 3.9 3.9 20,000 78,000 SWIFT FOODS 0.088 0.09 0.09 0.094 0.09 0.09 80,000 7,290 UNIV ROBINA 124 125 122.7 126.8 122.7 124 1,719,380 214,269,538 VITARICH 0.59 0.6 0.6 0.6 0.6 0.6 2,000 1,200 CEMEX HLDG 0.72 0.73 0.7 0.73 0.69 0.72 3,648,000 2,610,520 EAGLE CEMENT 14.4 14.48 14.32 14.5 14.32 14.4 674,900 9,751,272 EEI CORP 3.36 3.39 3.34 3.4 3.34 3.36 29,000 97,720 HOLCIM 4.48 4.5 4.5 4.52 4.5 4.5 1,061,000 4,774,580 MEGAWIDE 4.33 4.37 4.38 4.39 4.25 4.36 140,000 609,740 PHINMA 19.2 19.26 19.26 19.26 19.26 19.26 1,900 36,594 VULCAN INDL 0.85 0.86 0.85 0.88 0.85 0.86 457,000 395,250 CROWN ASIA 1.39 1.42 1.42 1.42 1.39 1.39 146,000 203,550 MABUHAY VINYL 5.1 5.49 5.2 5.2 5.1 5.1 200 1,030 PRYCE CORP 5.28 5.29 5.29 5.29 5.29 5.29 2,700 14,283 CONCEPCION 18 18.38 18.2 18.38 18.2 18.38 1,200 21,876 GREENERGY 1.67 1.68 1.7 1.71 1.65 1.68 7,846,000 13,185,260 INTEGRATED MICR 6.9 6.92 7.08 7.08 6.8 6.9 79,400 546,667 IONICS 0.65 0.66 0.67 0.68 0.64 0.66 703,000 457,110 PANASONIC 5.59 5.75 5.75 5.75 5.75 5.75 1,900 10,925 SFA SEMICON 1.43 1.44 1.42 1.46 1.4 1.44 777,000 1,117,000 CIRTEK HLDG 3.14 3.15 3.09 3.17 3.09 3.14 659,000 2,054,840

50,907,145 -6,048,220 -8,850 23,350 -132,846 159,831 -8,168,906 -13,758,494 -190,460 923,922 -237,336 7,368 587,120 769,902 -57,490 -5,846,075 -9,351,822 -39,346,528 -2,181,145 3,209,720 3,938,806 16,278,458 506,950 14,540 41,822,260 391,910 -1,106,390 -78,000 47,406,636 -312,900 -5,760 -169,880 -4,250 12,580 3,699,050 -57,680 -

HOLDING & FRIMS

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP METRO PAC INV PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP

117 9.09 95.6 27.55 6.76 48.5 6.38 17.54 55.05 19.7 83.4 76 1.75 3.41 930 159.3 2,400

2.16 699 57.3 9.1 8.7 0.73 0.4 4.27 9.12 6.9 454.6 54.5 0.54 3 8.53 3.62 2.06 0.83 778 100.5

117.9 9.43 96.5 27.9 6.83 48.9 6.99 17.82 56.95 19.94 83.8 78 1.8 3.5 965 160 2,500

2.17 715 57.4 9.24 8.78 0.78 0.405 4.28 9.25 7.07 456 55 0.59 3.1 8.6 3.64 2.07 0.84 779.5 101.4

116.9 8.44 95.5 27.55 6.81 47.8 6.4 17.5 55.5 19.94 83.8 78 1.73 3.49 925 165 2,400

2.12 697 58.2 9.31 8.7 0.72 0.4 4.34 9.23 6.9 453 54 0.59 3 8.69 3.58 2.02 0.83 789 101

118.8 9.43 96.5 28 6.84 48.9 6.4 17.9 55.5 19.94 84.9 78.1 1.8 3.5 965 165 2,400

2.18 715 58.2 9.35 8.7 0.78 0.4 4.34 9.25 6.9 459.8 55 0.59 3 8.7 3.65 2.09 0.83 789 102.9

116.6 8.44 94.1 27.1 6.76 47.8 6.38 17.5 55.05 19.94 83 77.5 1.73 3.41 925 159 2,400

2.07 680.5 57 9.1 8.7 0.72 0.4 4.27 8.97 6.9 453 52.3 0.54 3 8.53 3.57 2.01 0.83 767 100.5

117.9 9.43 96.5 27.9 6.83 48.9 6.39 17.54 55.05 19.94 83.4 78 1.8 3.5 965 159.3 2,400

2.16 715 57.3 9.1 8.7 0.78 0.4 4.28 9.25 6.9 454.6 55 0.59 3 8.53 3.62 2.06 0.83 778 100.5

1,080,810 157,300 428,930 1,016,200 45,400 742,100 156,500 37,300 3,070 200 3,935,750 22,680 139,000 69,000 1,300 5,690 205

23,751,000 370,200 1,747,200 2,121,800 900 16,000 360,000 60,000 6,324,100 6,200 91,700 493,210 114,000 611,000 1,606,000 10,183,000 79,000 5,000 441,390 361,970

50,837,330 261,215,075 100,385,877 19,402,193 7,830 12,080 144,000 257,060 57,370,685 42,780 41,797,590 26,788,845.50 62,310 1,833,000 13,789,389 36,842,330 162,430 4,150 342,830,745 36,407,473

PROPERTY AYALA LAND 25.2 25.3 25.95 26.15 25.2 25.2 4,831,200 122,563,780 AYALA LAND LOG 3.25 3.26 3.24 3.33 3.23 3.26 80,000 260,940 ALTUS PROP 13.38 14.3 14.38 14.38 14.38 14.38 100 1,438 ARANETA PROP 1.3 1.35 1.3 1.36 1.3 1.35 302,000 406,830 AREIT RT 36.05 36.6 36.65 36.7 36.05 36.05 408,000 14,936,410 A BROWN 0.74 0.77 0.77 0.77 0.77 0.77 1,000 770 CITYLAND DEVT 0.67 0.71 0.71 0.71 0.71 0.71 1,000 710 CROWN EQUITIES 0.082 0.086 0.081 0.088 0.081 0.087 3,710,000 323,090 CEB LANDMASTERS 2.44 2.5 2.43 2.5 2.43 2.5 48,000 118,590 CENTURY PROP 0.38 0.385 0.385 0.385 0.385 0.385 290,000 111,650 CITICORE RT 2.43 2.45 2.45 2.45 2.39 2.45 1,135,000 2,744,330 DOUBLEDRAGON 7.51 7.53 7.55 7.55 7.41 7.53 101,700 764,444 DDMP RT 1.5 1.51 1.5 1.52 1.5 1.5 512,000 770,810 DM WENCESLAO 6.84 6.85 6.85 6.85 6.84 6.84 25,700 175,968 EMPIRE EAST 0.194 0.207 0.195 0.195 0.194 0.194 90,000 17,510 EVER GOTESCO 0.29 0.305 0.295 0.305 0.285 0.305 3,420,000 1,024,500 FILINVEST RT 6.78 6.79 6.79 6.8 6.78 6.79 131,200 890,695 FILINVEST LAND 0.91 0.92 0.91 0.93 0.91 0.92 3,630,000 3,340,210 PHIL INFRADEV 1.02 1.04 1 1.03 1 1.03 107,000 108,680 CITY AND LAND 0.7 0.72 0.72 0.72 0.72 0.72 3,000 2,160 MEGAWORLD 2.23 2.25 2.29 2.33 2.23 2.23 9,469,000 21,438,480 MRC ALLIED 0.179 0.181 0.177 0.182 0.177 0.179 620,000 110,770 MREIT RT 15.9 15.94 15.88 16 15.76 15.9 1,059,000 16,887,966 PRIMEX CORP 2.18 2.25 2.26 2.29 2.16 2.25 1,353,000 3,049,880 RL COMM RT 6.37 6.4 6.4 6.41 6.35 6.4 467,900 2,992,100 ROBINSONS LAND 17.6 17.7 17.02 17.7 16.9 17.7 5,079,500 87,577,234 PHIL REALTY 0.211 0.226 0.212 0.228 0.21 0.228 220,000 48,710 ROCKWELL 1.26 1.31 1.25 1.31 1.25 1.31 13,000 16,970 SHANG PROP 2.56 2.59 2.58 2.59 2.58 2.59 3,000 7,750 STA LUCIA LAND 2.82 3.04 3.02 3.04 3.02 3.04 10,000 30,250 SM PRIME HLDG 36.4 36.6 36.8 37.5 35.85 36.6 8,579,300 311,288,660 VISTAMALLS 3.22 3.31 3.2 3.31 3.2 3.31 5,000 16,110 VISTA LAND 1.93 1.94 1.93 1.94 1.92 1.94 351,000 679,610 VISTAREIT RT 1.73 1.74 1.74 1.74 1.73 1.74 135,000 233,780 SERVICES ABS CBN 11.14 11.16 10.96 11.2 10.34 11.16 539,500 5,905,186 GMA NETWORK 11 11.02 10.86 11.04 10.8 11 506,700 5,522,132 MANILA BULLETIN 0.315 0.335 0.335 0.335 0.335 0.335 10,000 3,350 GLOBE TELECOM 2,062 2,070 2,038 2,072 2,012 2,070 67,445 138,865,280 PLDT 1,738 1,743 1,730 1,744 1,711 1,743 28,985 50,338,125 APOLLO GLOBAL 0.034 0.035 0.035 0.035 0.034 0.035 50,300,000 1,753,500 CONVERGE 19.96 20 20 20.1 19.82 20 13,172,200 263,368,385 DFNN INC 3.26 3.3 3.21 3.3 3.2 3.3 172,000 557,380 DITO CME HLDG 3.79 3.83 3.84 3.84 3.78 3.83 1,763,000 6,713,590 NOW CORP 1.09 1.1 1.14 1.16 1.09 1.1 3,205,000 3,609,040 TRANSPACIFIC BR 0.265 0.27 0.27 0.275 0.265 0.265 1,470,000 393,450 2GO GROUP 6.21 6.3 6.35 6.35 6.2 6.2 1,400 8,860 CHELSEA 1.16 1.2 1.15 1.2 1.14 1.2 273,000 321,280 CEBU AIR 42.75 42.8 42.2 42.9 42.2 42.8 39,900 1,705,000 INTL CONTAINER 183.8 184 185 186.8 183.2 184 744,500 137,000,260 LBC EXPRESS 18.22 21.65 18.22 18.22 18.22 18.22 200 3,644 MACROASIA 4.22 4.26 4.25 4.3 4.2 4.26 291,000 1,236,050 METROALLIANCE A 0.86 0.89 0.85 0.89 0.85 0.89 28,000 24,110 PAL HLDG 5.77 5.9 5.8 5.9 5.6 5.9 23,100 135,270 HARBOR STAR 1.21 1.22 1.23 1.26 1.19 1.21 3,182,000 3,914,710 BOULEVARD HLDG 0.074 0.075 0.075 0.076 0.074 0.075 17,230,000 1,292,120 DISCOVERY WORLD 1.57 1.81 1.68 1.68 1.68 1.68 5,000 8,400 WATERFRONT 0.44 0.46 0.445 0.445 0.44 0.44 400,000 176,500 FAR EASTERN U 530.5 550 550 550 550 550 2,000 1,100,000 IPEOPLE 6.1 6.2 6.2 6.2 6.2 6.2 3,100 19,220 STI HLDG 0.33 0.345 0.32 0.34 0.32 0.335 720,000 239,250 BELLE CORP 1.18 1.2 1.19 1.19 1.19 1.19 399,000 474,810 BLOOMBERRY 6.56 6.6 6.25 6.65 6.25 6.6 7,164,100 46,241,935 PACIFIC ONLINE 1.38 1.49 1.5 1.5 1.49 1.49 22,000 32,790 LEISURE AND RES 1.38 1.4 1.38 1.4 1.38 1.38 2,912,000 4,044,780 PH RESORTS GRP 0.75 0.77 0.77 0.79 0.74 0.77 1,735,000 1,309,540 PREMIUM LEISURE 0.435 0.44 0.42 0.44 0.42 0.435 9,980,000 4,321,950 PHIL RACING 4.8 5.96 4.8 4.8 4.8 4.8 19,000 91,200 PHILWEB 3.1 3.12 2.88 3.11 2.88 3.1 2,518,000 7,595,070 ALLDAY 0.31 0.315 0.31 0.315 0.31 0.315 3,610,000 1,130,500 ALLHOME 4.64 4.79 4.83 5 4.55 4.64 134,000 641,700 METRO RETAIL 1.46 1.47 1.47 1.47 1.46 1.47 18,000 26,360 PUREGOLD 31.7 32 31.95 32.15 31.1 31.7 3,057,300 96,879,720 ROBINSONS RTL 59.85 60 60.95 61 59.05 59.85 416,060 24,903,074 PHIL SEVEN CORP 64.2 65 67.7 67.7 64.1 65 1,270 82,137 SSI GROUP 1.53 1.54 1.43 1.53 1.41 1.53 10,741,000 15,996,530 WILCON DEPOT 27.5 27.55 28 28 27.55 27.55 480,800 13,253,315 APC GROUP 0.2 0.21 0.201 0.219 0.2 0.2 320,000 67,370 MEDILINES 0.74 0.76 0.75 0.76 0.74 0.75 628,000 471,760 PRMIERE HORIZON 0.395 0.4 0.395 0.4 0.39 0.395 1,770,000 700,000 MINING & OIL

ATOK 7.7 7.78 7.92 7.92 7.6 7.78 145,700 1,129,431 APEX MINING 1.59 1.6 1.59 1.6 1.56 1.59 792,000 1,256,200 ATLAS MINING 4.6 4.62 4.65 4.67 4.5 4.6 392,000 1,807,740 BENGUET A 5.04 5.05 4.94 5.04 4.92 5.04 48,000 237,372 COAL ASIA HLDG 0.191 0.232 0.2 0.2 0.2 0.2 100,000 20,000 CENTURY PEAK 2.7 2.72 2.7 2.7 2.7 2.7 1,000 2,700 DIZON MINES 3.56 4.91 3.5 3.5 3.5 3.5 3,000 10,500 FERRONICKEL 2.3 2.34 2.34 2.34 2.29 2.34 944,000 2,177,400 LEPANTO A 0.134 0.135 0.14 0.14 0.135 0.135 2,040,000 275,640 MANILA MINING A 0.0094 0.0096 0.0094 0.0094 0.0094 0.0094 20,000,000 188,000 MARCVENTURES 1.38 1.41 1.35 1.41 1.3 1.41 1,635,000 2,222,790 NIHAO 0.9 0.94 0.9 0.95 0.9 0.95 8,000 7,250 NICKEL ASIA 5.51 5.54 5.65 5.65 5.44 5.51 2,987,500 16,515,394 ORNTL PENINSULA 0.76 0.78 0.74 0.79 0.74 0.78 250,000 189,850 PX MINING 3.15 3.16 3.16 3.16 3.14 3.16 920,000 2,903,010 SEMIRARA MINING 39.3 39.5 39.95 40 38.95 39.5 19,710,200 778,394,190 UNITED PARAGON 0.0059 0.0061 0.0059 0.0059 0.0059 0.0059 9,000,000 53,100 ACE ENEXOR 15.52 15.6 15.96 16.08 15.3 15.6 459,300 7,232,332 ORNTL PETROL A 0.01 0.011 0.011 0.011 0.011 0.011 8,200,000 90,200 ORNTL PETROL B 0.011 0.012 0.011 0.011 0.011 0.011 100,000 1,100 PHILODRILL 0.0088 0.0091 0.0091 0.0092 0.0091 0.0092 3,000,000 27,400 PXP ENERGY 5.31 5.32 5.4 5.4 5.32 5.32 158,900 851,907 PREFFERED AC PREF B1 498 505 500 500 500 500 8,000 4,000,000 ALCO PREF D 505 506 505 505 505 505 20 10,100 AC PREF B2R 496.6 500 500 500 500 500 20,090 10,045,000 BRN PREF A 102.5 107 107 107 107 107 200 21,400 CEB PREF 42.3 42.45 42.25 42.5 42.25 42.45 10,400 440,150 CPG PREF A 99.8 100.9 100.9 100.9 100.9 100.9 400 40,360 DD PREF 99 99.5 99 99 99 99 740 73,260 EEI PREF B 106.5 107 106 107 106 107 1,020 108,340 GTCAP PREF B 1,000 1,005 1,000 1,000 1,000 1,000 385 385,000 JFC PREF A 956 975 956 956 955 955 50 47,760 JFC PREF B 960 978 960 960 960 960 1,000 960,000 MWIDE PREF 2A 95.1 99.75 95.1 95.1 95 95 1,000 95,010 PNX PREF 3B 80.6 88.8 80 82.95 80 80.6 51,010 4,084,184 PNX PREF 4 799.5 800 747 800 747 799.5 2,270 1,777,370 PCOR PREF 3B 1,056 1,060 1,055 1,055 1,055 1,055 25 26,375 SMC PREF 2F 75.85 76.45 76 76 76 76 3,100 235,600 SMC PREF 2H 75.3 75.5 75.3 75.3 75.3 75.3 4,930 371,229 SMC PREF 2J 72.75 74 74 74 74 74 460 34,040 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 10.9 10.98 10.1 11 10.1 10.9 85,200 905,364 GMA HLDG PDR 10.76 11.38 10.4 10.78 10.4 10.74 32,200 344,084 WARRANTS TECH WARRANT 0.67 0.68 0.68 0.68 0.67 0.68 314,000 212,750

21,556,110 55,652,570 19,416,042 -13,019,257 -119,840 5,857,828 -7,617,854 8,873,965.50 -33,000 -3,129,689 -17,549,820 10,138,190 23,668,219 -10,083,145 -3,250 -8,454,825 -9,560 -57,850 312,034 31,780 -716,198 -1,182,020 -1,000 -4,666,890 18,200 -4,582,676 -2,294,478 -9,075,052 -1,250 -52,495,770 -457,300 10,440 26,116,320 -11,253,030 -35,000 41,774,352 -76,800 375,620 72,170 95,400 713,790 -43,236,022 -214,000 15,680 -3,040 -6,760 -98,850 16,774,237 -15,290.00 -73,300 38,490 9,300 -20,000 6,651,175 4,207,850.50 55,126 -69,620 61,595 19,760 -71,050 -1,570 4,650 -3,500 -23,080 42,250 950 -685,705 -93,820 -8,170,235 -186,960 -473,221 211,985 -48,000 374,112 178,892 -

SMALL & MEDIUM ENTERPRISES

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH MERRYMART XURPAS

0.73 1.05 0.85 0.68 2.06 1.25 0.295

0.74 1.06 0.86 0.69 2.48 1.26 0.31

EXHANGE TRADE FUNDS FIRST METRO ETF

98.4

0.71 1.04 0.86 0.71 2.32 1.24 0.295

0.75 1.08 0.86 0.72 2.32 1.27 0.31

0.71 1.03 0.85 0.69 2.32 1.24 0.29

0.74 1.06 0.86 0.69 2.32 1.25 0.31

11,540,000 12,813,000 100,000 593,000 24,000 2,596,000 880,000

8,418,230 13,645,460 85,180 409,910 55,680 3,252,960 259,700

6,670 136,500 -384,770.00 -15,030 -

98.45 98.45 97.5 98.4 11,540 1,133,282 -156,455

www.businessmirror.com.ph

Ayala unit aims to hike RE capacity to 20GW by 2030

By Lenie Lectura

@llectura

CEN Corp., the listed energy platform of the Ayala Group, is targeting to achieve a total of 20 gigawatts (GW) of renewable energy (RE) capacity by 2030 from the current 3.4 GW. The target number represents a sixfold growth or a 25 percent compounded annual growth rate up to the end of the decade. ACEN currently has 18 GW of pipeline across the region, which will help with the achievement of the company’s 2030 goals. “The entire organization is com-

mitted to ACEN 2030, which is our vision to reach 20GW of renewables by 2030. It is an aggressive goal, though we believe that we have the right elements to succeed. We have a strong balance sheet, robust pipeline, strong partnerships, and a highly energized organization,” said ACEN President Eric Francia.

The Philippines, it said, would remain as the core market, which currently accounts for 40 percent of total capacity, and is expected to stay at this level. Australia is expected to be its second largest market within the decade as ACEN said it would aggressively grow its investments. Also, it would ramp up its presence in Vietnam, Indonesia and India, and expand its geographic footprint through strategic partnerships. Solar and wind will remain as core energy technologies, complemented by investments in new technologies, such as battery energy storage, floating solar, and offshore wind. “We are now facing a global energy crisis, and the elevated fuel prices are compounding the tight power supply situation in the country. The world

needs to accelerate the energy transition, and the country needs new capacity urgently. We believe that it is an opportune time for ACEN to set bold renewable targets for 2030, and help address the challenges that we are confronted with,” said ACEN Chairman Fernando Zobel de Ayala. ACEN has about 4,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 87 percent, which is among the highest in the region. In 2021, ACEN announced its commitment to achieve net zero greenhouse gas emissions by 2050. This will involve the early retirement of its remaining coal plant by 2040 and transition the company’s generation portfolio to 100 percent renewable energy by 2025.

Office take-up in Metro Manila rises in H1

he first half of 2022 saw a positive net office space takeup, indicating a strong tenant transaction in Metro Manila amid the rise of hybrid work setups. In its recently released quarterly report, Colliers Philippines recorded a 62-percent hike in office transactions to around 325,100 square meters (sq m) in January to June from last year’s 200,700 sq m. For the second quarter alone, deals reached 165,200 sq m from 159,900 sq m a quarter ago, notably in Makati, Bay Area, Fort Bonifacio, and Ortigas. Net absorption from May to June 2022 continued to improve to 45,100 sq m, the highest since the first quarter of 2020. Complete new office supply was halved to 146,700 sq m in the second quarter of this year from the previous quarter’s 306,100 sq m. Per the study, vacancy has reached 17.7 percent from 17.3 percent, as average rents decreased by 2.6 percent from 3.1 percent quarter-on-quarter. Overall, the strong office demand could be attributed to increasing work space requirements of both the traditional and outsourcing companies, with their rent to own or RTO implementation and pursuit of expansion plans, respectively. Colliers expects them to still lead the office space take-up for the remainder of 2022 as the impending threat of a global recession is likely to compel American firms to outsource

RFP.....

Continued from B3

Want to buy that dress or shoe you saw in the mall? Excess cash in your savings account can afford you to buy items that make you feel and look better. Life does need to be enjoyed so better to indulge from time to time. For investors, it is recommended that you move your investments to a more conservative fund or a higher interest earning savings account as you near your goal. For example, car price is cheaper when one buys in cash. There is no need to pay interest from bank financing. If you compute for the interest, it goes for P120,000 and up for a 3-year car loan. This also varies depending on the type of vehicle and the timing of the loan application. A car salesman from Northern Luzon

their services from the Philippines. Likewise, it sees the peso depreciation as a magnet that will attract offshore businesses to the Philippines. The diversified professional services and investment management firm retains its projection of a 350,000-sq m net absorption from a -273,100 sq m year-on-year. It projects a new office space inventory of 356,200 sq m that will be delivered by end of the year, 65 percent of which will come from Makati and Ortigas. The substantial completion of 808,900 sq m of space will cut unoccupancy rate to 18.2 percent come yearend from 15.7 percent in 2021. Rents are generally projected to go down to 6 percent compared to the 12 percent correction last year. According to Kevin Jara, associate director for office services-tenant representation at Colliers, they expect the market to recover gradually. With this, he urged landlords and occupants to capitalize on the growth momentum by assessing hybrid work arrangements that will back up their operations and to take advantage of opportunities brought about by the tenants’ market. He also asked them to clarify concerns on investment promotion agency transition and incentive qualification and to provide f lexibility on office handover conditions depending on tenant preferences. Roderick L. Abad

told me that there are still buyers who carry cash in a basket. With cash, and if the unit is available, you get the car right away. There are many ways to store cash. The most liquid is to have it on hand, or through your ATM or e-wallet. Limit your physical cash if you are a daily commuter. If you want to go for higher interest earning accounts, consider digital banks. If you do not need cash for a few months, there are time deposit products from traditional and digital banks. Cash is king and it is best to have the king by your side. Marion Evangelista is a registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 97th RFP program this August 2022. To inquire, e-mail info@rfp.ph or text at 0917-6248110.

mutual funds

August 8, 2022

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 202.96 -3.87% -8.14% -5.97% -12.93% ATRAM Alpha Opportunity Fund, Inc. -a 1.3219 -4.42% -6.36% -3.74% -20.57% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8171 -2.91% -11.64% -8.31% -12.99% Climbs Share Capital Equity Investment Fund Corp. -a 0.6982 -5.32% -9.79% -7.06% -7.71% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6735 -6.43% -8.18% n.a. -12.63% First Metro Save and Learn Equity Fund,Inc. -a 4.6119 -0.94% -5.38% -4% -11.01% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6876 -1.25% -7.67% -6.58% -12.22% MBG Equity Investment Fund, Inc. -a 77.44 -20.04% -13.52% n.a. -17.99% PAMI Equity Index Fund, Inc. -a 42.2213 -1.93% -6.8% -4.39% -12.27% Philam Strategic Growth Fund, Inc. -a 435.06 -4.19% -7.29% -4.71% -13.11% Philequity Dividend Yield Fund, Inc. -a 1.2004 7.46% -3.24% -1.92% -11.49% Philequity Fund, Inc. -a 32.0838 -1.34% -6.16% -3.51% -12.33% Philequity MSCI Philippine Index Fund, Inc. -a 0.8356 -0.51% -6.92% n.a. -11.24% Philequity PSE Index Fund Inc. -a 4.3749 -0.93% -6.15% -3.76% -11.81% Philippine Stock Index Fund Corp. -a 728.93 -1.38% -6.23% -3.83% -12.02% Soldivo Strategic Growth Fund, Inc. -a 0.6458 -4.08% -11.53% -6.73% -14.19% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2512 -3.92% -9.28% -5.39% -13.89% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8299 -1.65% -6.52% -4.08% -12.13% United Fund, Inc. -a 3.0382 -1.3% -6.59% -3.23% -11.61% Primarily invested in Peso securities (units) Philequity Alpha One Fund, Inc. -a 1.0065 -4.62% n.a. n.a. -13.43% Philippine Stock Index Fund Corp. -a 887.3 n.a. n.a. n.a. n.a. Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 98.2528 -0.98% -6.02% -3.46% -11.86% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.9138 -24.42% -0.16% -2.49% -18.88% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5242 -16.59% 6.51% 5.14% -17.45% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.5719 -4.8% -3.24% -2.54% -7.1% ATRAM Philippine Balanced Fund, Inc. -a 2.1299 -1.12% -2.97% -2.18% -6.64% First Metro Save and Learn Balanced Fund Inc. -a 2.508 -0.5% -2.02% -1.23% -6.8% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1946 5.42% n.a. n.a. -6.89% NCM Mutual Fund of the Phils., Inc. -a 1.8813 -1.35% -1.29% -0.37% -6.71% PAMI Horizon Fund, Inc. -a 3.4082 -5.14% -3.61% -1.95% -9.48% Philam Fund, Inc. -a 15.0798 -6.23% -4.05% -2.28% -10.48% Solidaritas Fund, Inc. -a 1.9541 -2.56% -3.18% -2.02% -7.89% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2972 -3.72% -5.59% -2.9% -9.59% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8639 1.68% -4.91% -2.32% -9.46% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9153 -5.32% -3.7% n.a. -7.53% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8258 -5.35% -6.63% n.a. -12.57% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8133 -4.92% -7% n.a. -12.91% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03455 -10.33% -3.08% -0.72% -8.94% PAMI Asia Balanced Fund, Inc. -b $0.9222 -16.93% -1.2% -1.71% -13.58% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.093 -14.66% 3.41% 3.27% -14.77% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.0449 -13.62% -0.6% 0.39% -12.82% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 375.22 0.52% 2.09% 2.34% 0.25% ATRAM Corporate Bond Fund, Inc. -a 1.8974 -1.54% -0.18% 0.12% 0.67% Cocolife Fixed Income Fund, Inc. -a 3.2482 0.39% 2.01% 3.29% 0.13% Ekklesia Mutual Fund Inc. -a 2.194 -3.45% -0.27% 0.89% -2.55% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4091 -1.59% 0.94% 1.73% -0.7% Philam Bond Fund, Inc. -a 4.2111 -6.46% -0.59% 0.71% -4.2% Philam Managed Income Fund, Inc. -a 1.3138 -0.46% 2.06% 2.67% -0.4% Philequity Peso Bond Fund, Inc. -a 3.909 -1.97% 1.57% 2.37% -1.43% Soldivo Bond Fund, Inc. -a 1.0168 -2.51% 2.21% 1.89% -1.11% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1574 -2.12% 1.55% 2.76% -0.94% Sun Life Prosperity GS Fund, Inc. -a 1.7062 -2.91% 0.63% 2.06% -1.41% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $482.72 -0.97% 1.53% 1.75% -1.4% ALFM Euro Bond Fund, Inc. -a Є211.78 -3.91% -1.17% -0.06% -3.74% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1015 -8.62% -2.55% -0.47% -8.51% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0243 -7.25% -1.98% -0.49% -6.54% PAMI Global Bond Fund, Inc -b $0.9232 -13.13% -5.59% -3.06% -9.74% Philam Dollar Bond Fund, Inc. -a $2.2696 -10.39% -1.57% 0.32% -9.42% Philequity Dollar Income Fund Inc. -a $0.0604812 -4.09% 0.42% 1.09% -2.91% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.879 -10.17% -2.83% -0.94% -9.92% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 132.39 1.49% 2.15% 2.54% 0.91% First Metro Save and Learn Money Market Fund, Inc. -a 1.065 1.04% 1.48% n.a. 0.69% Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.328 1.59% 2.04% 2.46% 0.94% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0648 0.63% 1.1% n.a. 0.4% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund Inc. -a 45.1105 n.a. n.a. n.a. n.a. Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.2864 -3.2% n.a. n.a. -6.98% Primarily invested in foreign currency securities (units) ALFM Global Multi-Asset Income Fund Inc. -a $0.841 -15.05% n.a. n.a. -13.3% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago.

c - Listed in the PSE.

d - in Net Asset Value per Unit

(NAVPU). 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."

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

Put cap on bank fees, BSP asked

Cash is King

INANCIAL literacy is the great equalizer. It doesn’t matter how much you earn; it’s how much you can save. The goal is to know what to do with your cash. Should we invest all of it? Or is there an advantage of holding on to it? My financial journey started with the thinking that investing is the best approach in financial management. In most part, it still is. Investing affords us the opportunity to grow our money over time. There will still be fluctuations in returns, but this should not derail us from our focus towards our long-term goal. If you want to get started on building for your child’s education or for your retirement, a financial planner can help you design an investment plan. An ideal asset portfolio, however, should have a portion for cash. Cash allows one to be liquid. Investopedia defines liquidity as the ease with which an asset, or security, can be converted into ready cash. Cash is the most liquid among assets. As a fresh graduate and with little knowledge on what to do with my savings, I placed all of it in local stocks. Yes, my money eventually grew. Thankfully, there was no emergency that necessitated the need to sell my holdings at a loss at a time when the market was down. Cash can be most useful to respond to emergencies. This is the purpose of an emergency fund. Most financial planners recommend an emergency fund equivalent to 6 months’ to 12 months’ worth of expenses. We relate the word ‘emergency’ to health-related needs such as when a family member needs urgent

Editor: Dennis D. Estopace • Tuesday, August 9, 2022

Marion Evangelista

personal finance medical attention. An emergency fund extends beyond this. With the current rise in the prices of oil and commodities, companies may want to downscale and, as such, may reduce some or most of its workers. Even if you are an employee with security of tenure, this still presents itself as a risk. When this risk affects you, use your emergency fund to augment for expenses as you transition to a new work. Cash can also be used to pay for household expenses. For people who have difficulty managing their credit card bills, this is the way to go. By paying with a credit card, an unaware buyer still has the risk of purchasing more than what he or she needs. Moreover, a credit card acts like a loan, so there is a risk of paying interest should one default. With cash, your available fund is what you have on hand today. Right now, it’s not literally on your hand. It’s now cashless. The pandemic has introduced numerous cashless options such as e-wallets and online banking. Cash can enable you to settle personal expenses with less hassle. By saving monthly, individuals can build cash to fulfill their short-term goals. I have clients who save a few thousand pesos a month so they can have a travel fund at the end of the year. See “RFP,” B2

By Jovee Marie N. dela Cruz

@joveemarie

HE Bangko Sentral ng Pilipinas (BSP) should issue regulations putting a cap on “exorbitant” bank transfer fees amid high inflation, the chairman of the House Committee on Ways and Means said 10 days before monetary authorities meet on August 18. Albay Rep. Joey Sarte Salceda issued the statement that also criticized high transfer fees for the use of the Instapay and PesoNet interbank transfer systems charged by some banks. “If this is not avarice, I don’t know what is. The BSP should cut it,” Salceda said. “We are experiencing elevated inflation. Key policy rates have gone up as a result. Meanwhile, very few if any banks have raised their interest rates on deposits, to at least transfer some of the benefits to savers. And yet, bank transfer fees remain high for several banks,” he added. Citing a report by the BSP, Salceda said interbank transfers using Pesonet can be as high as P2,100 per transaction, with P550 being the highest charged by a purely-local bank. Fees for the use of InstaPay can be as high as P35, according to the “Summary

of Corresponding Fees of BSP Supervised Financial Institutions (BSFIs) from the Disclosures Submitted as of 30 April 2022.”

Just friction

THE lawmaker also slammed transfer fees within the same bank, saying “there are even charges for supposedly ‘unenrolled’ accounts, which to me is just friction. What is the valueadd that the bank is charging for?” “Even money for pickup within the same bank can be charged as high as P100. Again, what is the value-add that merits charging? There isn’t even a guarantee that these transfers are safe. Just a few months ago, we saw mass incidents of bank transfer fraud and interception,” he said. Salceda cited that a cap on fees could force traditional banks “to innovate and be more retail-consumerfriendly.”

“Look at the virtual banks: very high depository interest rates, of up to 6 percent per annum. No traditional bank matches this. Very low to zero fees, even interbank,” the lawmaker said. “If virtual banks are capable of offering the most retail-friendly services at very low fees, I don’t see why our biggest banks can’t.” Salceda said placing a cap would force these entities to innovate and

force them to really offer loans and other financial services instead of “milking” the small client.

Making profits

SALCEDA said he looked at the quarterly reports of the largest private banks in the country, “and all of them would still make profits even if all fees and commissions were reduced to absolutely zero.”

Art

BusinessMirror

Tuesday, August 9, 2022 • Editor: Gerard S. Ramos

❷

www.businessmirror.com.ph

Today’s Horoscope

❸

By Eugenia Last

❶

CELEBRITIES BORN ON THIS DAY: Adelaide Kane, 32; Anna Kendrick, 37; Gillian Anderson, 54; Hoda Kotb, 58. HAPPY BIRTHDAY: Consider your strategy and be receptive to suggestions. How you conduct your life and deal with others will color the outcome. Anger will not win favors, but putting your energy into something you believe in or want to do will make you feel good. By being true to your beliefs and using your skills judiciously, you will reach your destination. Your numbers are 4, 8, 13, 27, 33, 43, 49.

ARIES (March 21-April 19): Put your emotions on the back burner and do the right thing. Refuse to let emotions take over and lead you astray. Don’t let the changes others make mess up your plans. Follow through with what makes sense to you. Nurture and conquer. ★★

TAURUS (April 20-May 20): Don’t be your own worst enemy. By disregarding negativity, you’ll find a unique way to use your skills to conquer your fears. Promote yourself instead of helping someone move into a position you want for yourself. Do what’s best for you. ★★★★★

❶ EMPTY Chair

Empty Mind, Janos Delacruz

❷ KUYA Daks E, Janos Delacruz

❸ KUYA Daks G, Janos Delacruz

Love and solitude in the time of pandemic

‘A

SELF-CONTAINED short story in an ongoing narrative.” Such is the premise of Janos Delacruz’s ongoing solo exhibition at Art Lounge Manila Podium (@artloungemanila), titled Pagibig at Lumbay (Love and Solitude), which explores the artist’s relationship with his muse amid the ongoing global health crises. Themes such as adoration, isolation and unrequited love are probed through a massive collection of 44 artworks in paintings, sculptures, drawings and fine print. The show opened on August 2 and will be on display until August 16. Delacruz often presents philosophical narratives that center on social commentary and selfexploration. He studied at the University of Santo Tomas, where he majored in Advertising Arts and learned the basics of printmaking. Post-graduation, he ventured into other forms of printmaking and

painting as well, winning multiple recognitions to go with the awards he earned as a student, including the Benavides Award for Outstanding Achievement in 2006. In Pagibig at Lumbay, Delacruz tackles yet again the conflicted relationship between the ethereal beauty of the divine and the frail reality of man—his own, particularly during these most challenging last couple of years. Each artwork featured in the exhibition is intended to be viewed as a “chapter illustration of an unwritten novel” that may or may not be entirely the artist’s. It’s a door left ajar that invites the audience to interpret, relate and reflect on the works vis-à-vis their own set of experiences. Delacruz begins with drawings of raw concepts that take shape on paper through lines and patterns. The artist then migrates them to other media, paving the way to an evolution contingent on the material’s limitations and advantages, as well as his particular temperament at the time of process. The prints, for instance, are inspired by illustrated medieval manuscripts, wherein Delacruz left the impurities in the plate and hand-colored the etchings. The idea, according to the artist, who considers this set as his return to his first love of printmaking, is to capture “individuality in the face of uniformity.” Delacruz also presents a series of sculptures, titled Kuya Daks. It tells the story of a man in his most fragile state: unshackled by the “smiling mask” he wears to conform to society. Here, he is bare and free, characterized by unique patterns as a commentary on

the reawakening of unique thought. Delacruz’s Pagibig at Lumbay (Love and Solitude) is curated by Ian Belleza. More information about the exhibition is available at www.artloungemanila.com. ■■■ A MISSIONARY visual artist who aims to evangelize through her artworks and programs, Kristine Lim founded the Artists on a Mission Workshop. The program reaches new generations of artists across the country to share the gospel and create art centers in partnership with local communities and churches. “We are here so we can leave a legacy for generations beyond our own through artists who make art that’s able to do something beyond art; beyond their canvas, themselves and the exhibit halls; all done lovingly and passionately for our God and for our country to better the world,” Lim said. Artists on a Mission Workshop utilizes art to conduct Trauma Debriefing Seminars for children and families affected by natural calamities and the global pandemic. With consecutive sold-out shows, Lim uses the proceeds from her exhibits to support and sustain small community churches, missionaries and NGOs in the country. She is also currently serving as the director of Culture & Arts for Sustainable PH, a nonprofit organization that promotes sustainability and is at the forefront of greenovation in the Philippines. To extend help to the artist and her cause, you may support her exhibits and contact 0917-5308847, 09255464637, or 0935-0319931. ■

Protest held at Uffizi’s ‘Spring’ but painting not damaged ROME—Italian environmental activists glued their hands Friday to the glass protecting Sandro Botticelli’s painting Spring in the Uffizi Galleries in Florence, police said. The museum said thanks to the glass, which was installed as a precaution several years ago, the masterpiece was unharmed. Paired with the Florentine artist’s

other masterpiece, Birth of Venus, the two iconic canvases, dating from the late 15th century, are among the museum’s most popular artworks. The painting is large, standing 10 feet, 6 inches by 6 feet, 9 inches (319 cm by 207 cm). Carabinieri police said two young women and a man, all Italians who

had bought entrance tickets, staged the protest in the Uffizi’s room dedicated to the painter. The activists sat on the floor and displayed a banner reading, “Last Generation No Gas No Coal,” police said. The glue was safely removed from the glass. The Corriere della Sera newspaper quoted the activists as saying in a statement:

“Today, is it possible to see a beautiful Spring like this?” The three were taken to a police station in Florence. Italian media said the activists were issued official orders to stay out of the tourist-popular city for three years, using a strategy in Italy similar to that often applied to violent soccer fans. AP

GEMINI (May 21-June 20): You have the drive and fortitude to reach your goal. Take ownership of the way you present what you want others to experience. Your hands-on approach will give you the additional push to move forward. Don’t underestimate your willpower to win. ★★★

CANCER (June 21-July 22): Extra details will pay off. Pay attention to what others say and do, and you’ll uncover what’s missing that can make a difference between getting things done on time or falling short of your mark. ★★★

LEO (July 23-Aug. 22): Broaden your outlook and ask questions; the possibilities you encounter will be endless. Trust and believe in your ability to get things done and to enlighten yourself along the way. Show compassion, and you will receive the same in return. ★★★

VIRGO (Aug. 23-Sept. 22): Say something and end a troubling situation. Don’t get involved in joint ventures or split an expense that isn’t as applicable to you as it is to someone else. Take charge, make a positive change and relax. ★★★★★

LIBRA (Sept. 23-Oct. 22): Proceed with caution. How you treat your peers or those you live with will determine who includes you in their plans. Criticize less. Willingly do things that help you win favors from those who matter. Say no to temptation. ★★

SCORPIO (Oct. 23-Nov. 21): Emphasize how much your relationships mean to you. Getting along is half the battle when trying to get things done that require assistance. Don’t promise anything or take on responsibilities that infringe on time you’ve already allocated elsewhere. ★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Spend more time at home or with friends or relatives who offer solid advice and hands-on help. Don’t trust someone who is all talk and little action or who tries to manipulate you to change how you think, live or act. ★★★

CAPRICORN (Dec. 22-Jan. 19): Make a transitional change if that’s what’s required. Don’t let someone dictate how and what you strive to achieve. Voice your opinion, live up to your standards and follow your heart. Romance will enhance your personal life. ★★★

AQUARIUS (Jan. 20-Feb. 18): Stand your ground, but don’t lose sight of what’s important to others. Be willing to give others the freedom you wish for yourself, and you’ll eliminate friction. Take care of matters personal to you. ★★★

PISCES (Feb. 19-March 20): You’ll get help, but it won’t be cheap. Expect to give something in return, and you’ll gain respect and find a workable solution for additional concerns. Networking will lead to new possibilities. ★★★★ BIRTHDAY BABY: You are passionate, flexible and creative. You are outgoing and opportunistic. ★: Avoid conflicts; work behind the scenes. ★★: You can accomplish, but don’t rely on others. ★★★: Focus and you’ll reach your goals. ★★★★: Aim high; start new projects. ★★★★★: Nothing can stop you; go for gold.

‘universal freestyle 32’ BY BILLY BRATTON The Universal Crossword/Edited by David Steinberg

ACROSS 1 Type of boat lodged in Niagara Falls for more than 100 years 5 Rapper’s rhythmic pattern 9 Gem with a play of color 13 Hedging words in an estimate 14 Big game venue 15 Fancy fabric spelled with the same consonants as “limo” 16 “Midnite Vultures” singer-songwriter 17 Perfect pair 19 Word before “lettuce” or “cucumber” 20 “For real?” 21 Moralistic types 23 Drink like a cat 24 British bathroom 25 Shows excess concern 26 Room littered with dirty clothes, e.g. 27 Sleep disorder 28 Able to be tried 29 Edge of a hat 33 Made with more than just Nestle Toll House chips, say 36 Certain gender-fluid person, for short 37 Where insults are said to stick

38 39 40 41 44 45

Voltaire, religiously One might be personal or technical Talks immodestly Donkey Korean American actor Philip Forum regular who doesn’t post messages 46 Damage control experts 49 Not trans 51 Prime time? 52 Apiece 53 A single time 54 Vowels in “Old MacDonald” 55 Site such as Fandom 56 Wetland growth 57 Not as much 58 Singer born Eithne Padraigin Ni Bhraonain DOWN 1 Weeps 2 Furtively approach 3 Academy slight 4 Moo goo gai pan pan 5 Worries 6 Remini of The King of Queens

7 8 9 10 11 12 14 18 20 22 25 26 28 29 30 31 32 34 35 39 40 41 42 43

Product line? “Hold on!” Minnesota’s St. ___ College Like the Holy See BP subsidiary Resulted in Vaulted recesses of churches They should last 10-20 minutes, per many sleep experts Perfect Lead-in to a cooking date? Become dim Taj ___ Certain ponytail holder Dreary Create a disturbance “Hard to know what to do” Citi Field players Lodging that may be LEED-certified Noble gases lack them Beanie Babies and Wordle, for two Southwestern pack animal In regard to Book title spot “Well, ___ you asked...”

45 47 48 50 52

Designer Vuitton Have to have “Little piggies” Twelvers’ Islamic branch Lamb’s mom

Solution to today’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

FROM left: GMA president and COO Gilberto R. Duavit Jr., GMA EVP and CFO Felipe S. Yalong, Sparkle GMA Artist Center consultant Johnny Manahan

GMA Network Films president and programming consultant to the chairman and CEO Atty. Annette Gozon-Valdes

MARIAN RIVERA and Dingdong Dantes

DOMINIC ROQUE and Bea Alonzo

FROM left: John Lloyd Cruz, GMA FVP for Program Management Department Joey Abacan, Alden Richards, SAVP for Alternative Productions Gigi Santiago-Lara

BARBIE FORTEZA

Editor: Gerard S. Ramos

• Tuesday, August 9, 2022

FROM left: GMA Kapuso Foundation EVP/COO Rikki Escudero-Catibog, GMA Kapuso Foundation Founder and Ambassador Mel Tiangco, Heart Evangelista and Alden Richards

FROM left: Mavy Legaspi, Kyline Alcantara, senior vice president for entertainment group Lilybeth MEGAN YOUNG and Atom Araullo Gomez-Rasonable and Ken Chan

GMA holds swanky Thanksgiving Gala N OT a few of the brightest stars aligned and gathered together for the first-ever GMA Thanksgiving Gala in celebration of the network’s 72nd anniversary last Saturday, July 30. It was an evening of fun and excitement as the network’s various stars and personalities graced the event at the grand ballroom of Shangri-La The Fort together with GMA executives, industry partners, politicians, beauty queens, and other special guests. The attendees made show-stopping red carpet entrances in their stunning gowns and tuxedo suits, following the Old Hollywood glam theme. Leading the celebration were GMA Network’s president and chief operating officer Gilberto R. Duavit Jr., EVP and CFO Felipe S. Yalong, and GMA Network Films Inc. president and programming consultant to the chairman and CEO Atty. Annette Gozon-Valdes. Making the event truly special was the tribute for GMA chairman and CEO Atty. Felipe L. Gozon for

leading the global triumph of the network through the years. Another highlight of the party was the fundraising for the benefit of the GMA Kapuso Foundation. Through the help of the sponsors, part of the GMA Thanksgiving Gala proceeds will be donated to the victims of the recent earthquake in Abra and the school development project at Magallanes Elementary School in Limasawa Island, Southern Leyte. And, of course, the star-studded soiree also acknowledged those who shined the brightest and were a cut above the rest. Dingdong Dantes and Marian Rivera were named the Couple of the Night. Alden Richards received the Male Sparkle Star of the Night award, and Sanya Lopez was recognized as the Female Sparkle Star of the Night. Bianca Umali bagged two trophies: Beautederm Scene Stealer Award and Belo Beauty of the Night. On the other hand, Marco Gumabao and Rhian Ramos

received the Frontrow Male and Female Icon awards. International fashion and style icon Heart Evangelista took home the Glamorous Star of the Night award. Mavy Legaspi and Kyline Alcantara were hailed Sparkle Love Team of the Night. Miguel Tanfelix and Sofia Pablo were honored with the TikTok Crowd Favorite Male and Female awards, respectively. Meanwhile, Kapuso fans and netizens tuned in to this exceptional gathering of stars via live streaming on GMA Network’s Facebook page and YouTube account, and Sparkle’s TikTok account last Saturday. The hashtag #GMAGalaNight garnered 200 million unique views on TikTok as of August 2. The said hashtag was introduced last Thursday (July 28) to keep a thread of the preparations and latest happenings about the grand event. It was truly a memorable night not only for the celebrities and guests but also for the fans who have always been loyal and supportive to GMA. n

Multiple passions, same intensity

GABBI GARCIA and Khalil Ramos

XIAN LIM

SOLENN HEUSSAFF

THE Tikbalang costume designed and meticulously created by actor-host Paolo Ballesteros for candidate Graciella Lehmann bagged the best national costume prize at the recently concluded Binibining Pilipinas beauty pageant. Not many know that Ballesteros has been designing gowns for pageant aspirants for some time now, and it was only in 2018 when it was publicized that he designed a gown for a Mutya ng Pilipinas candidate. “Designing gowns and costumes is something that I love to do, and I do it with the same intensity as I do my make up transformations,“ he volunteered. Ballesteros has been praised both locally and internationally for transforming himself into famous celebrities like Lady Gaga, Angelina Jolie, Michelle Obama and Julia Roberts. One of the mainstays of the long-running noontime variety show Eat Bulaga, where he hosts a few segments, Ballesteros is also a well-respected actor. In 2016, he won his first international Best Actor award for the movie Die Beautiful at the 29th Tokyo International Film Festival. Ballesteros is also very happy that he was tapped to be the main host of Drag Race Philippines, a reality competition TV series for drag queens spun-off from the phenomenal RuPaul’s Drag Race which started airing on several platforms recently.

“I guess there’s plenty of creative juices that need to be squeezed out, so I try to find avenues and outlets to showcase these. Generally, I love to create something from scratch because it not only challenges and satisfies me but it also makes me very happy, “ he shared. A MAN OF MANY PURSUITS ODELON SIMPAO, a fashion designer, astounded many when he bagged the top plum at the first Hidilyn Diaz open weightlifting championship not too long ago. Originally from Mindanao, Simpao came to Manila to pursue his nursing studies before he was lured into fashion design. “I was already apprenticing for a lot of designers back in Cagayan de Oro City. When I came to Manila,

I was mentored by Frederick Peralta. I wouldn’t be where I am now without them.“ Along the way he discovered the joys of weightlifting. “I learned about Crossfit training more than 7 years ago and I was deeply into it, I also started my romance with weightlifting. It is a sport of strength and discipline. It also involves a lot of mental assertiveness, something you learn and master through time and regular practice.” Simpao told us that he loves to learn new things and turn these into passions. “Ever since I was in grade school, I have always been competitive. I love outdoor sports and adventures. Lately I learned how to wakeboard, but the intensity involved in Crossfit training has always been what I am most passionate about.” During the recent GMA Thanksgiving Gala, Simpao, who has dressed top celebrities, like Marian Rivera, Piolo Pascual and Dennis Trillo, custom-made an elegant suit for award-winning actor Sid Lucero. He was also responsible for several of the gowns of the candidates of the just-concluded Binibining Pilipinas pageant. Simpao, who has also created clothes and costumes for many of our local TV shows, wants to create fabrics that will be infused with our natural, local fibers. “I also want to learn how to manipulate different techniques in draping and designing,” he added.

B6 Tuesday, August 9, 2022

Painting with coffee: A unique medium of drips and stains

Coca-Cola’s Charity Golf Classic tournament raises PHP3.5 M

OCA-COLA Beverages Philippines Inc. (CCBPI) and Coca-Cola Foundation Philippines Inc. (CCFPI) forge stronger ties with partners to help uplift communities through the Coca-Cola Charity Golf Classic 2022 at the Sta. Elena Golf Club. A gathering of 123 customers, industry leaders, and key partners in the business, the tournament raised over PHP 3.5M in pledges. Remaining steadfast to its goal of going beyond good, Coca-Cola will continue to respond to the needs of its communities and develop meaningful initiatives through the raised funds. “We want the Coca-Cola Charity Golf Classic tournament to be a tradition wherein the Coca-Cola community and our partners in the business gather for a greater goal. We are glad to bring all of our friends, stakeholders, customers, and suppliers together to do something wonderful for our local communities and the people that we get to serve and work with on the day-to-day basis,” said Gareth McGeown, CCBPI CEO and President. Proceeds from the previous Coca-Cola Charity Golf Classic tournament in 2019 amounting to approximately PHP 3.4M were diverted to actionable pandemic response—specifically to the mounting of handwash stations in various public areas across the country to curb the spread of COVID-19.

THE COCA-COLA GOLF CLASSIC CHARITY EVENT 2022 OVERALL CHAMPIONS, FROM RIGHT: CCBPI President Gareth McGeown, Ace Stehmeier, CCBPI Manufacturing Director Frank Garcia, Shakey’s Philippines President and CEO Vic Gregorio. With them is CCBPI National Key Accounts Manager Marian Luz Apun. “The donations will definitely go a long way for the programs and advocacies of Coca-Cola Foundation Philippines as we implement more programs under the three pillars of the foundation: water, waste, and wellbeing. With this event, we are grateful to be able to reach out to more beneficiaries through the donations of our partners and sponsors,” said Ting Cabalza, CCFPI Program Manager. The tournament's overall champion— the foursome of JP Reyes, Ace Stehmeier, Frank Garcia and Vic Gregorio—won by

one stroke finishing at gross nine under. The team birdied the last three holes, capped off by Garcia’s 11-foot birdie putt on the last hole to win the tournament. In the last two years, the CocaCola Golf Classic charity event had been postponed due to the COVID-19 pandemic. The beverage company was delighted to bring back this event, to further support the country towards recovery, and strengthen its People First commitment to uplift communities and protect the environment.

N the past few years painting with coffee has become a common practice among many artists around the world. The established International Coffee Festivals among key cities in the whole world were the see-through evidences why coffee art is widereaching accepted. Eventually International coffee artists affirmed that using coffee as their medium are so unique and can’t be compare with any other pigmented mediums and dyes, not to mention its smell of course, because coffee is simply a stain and has a character of its own. Unknowingly, a Filipino coffee artist was already making waves in the International coffee art scene through his winnings at the 2018 Coffee Art Project wherein his Philippine Entry Entitled Golden Happiness Coffee Brings won 1st Runner Up at the New York City Coffee Festival held at the Metropolitan Pavillon, in 12th – 14th of October 2018. Another international recognition at the 2019 Coffee Art Project Runner-Up award in London Coffee Festival held at the Old Truman Brewery in London last March 28-31, 2019 with his Philippine Entry entitled “My Coffee Grows Old With Me”, a recognition from the esteemed judges of the highest merit on Spirit of Humanity. Prior to that, he already did a coffee art exhibition in Paris, France at the “Raconte Moi Le Café”, the 2017 International Coffee Exposition and Art Exhibition in Paris, in March 31 to April 2, 2017, at Delirio (Paris 11), located in the 11th arrondissement of Paris, near Place de la Bastille together with the world’s renowned coffee artists.

A Chinese dining custom can also be experienced in Xin Tian Di as you sample the famed Dim Sum Unlimited, a scrumptious lunch buffet that offers over 60 selections of Dim Sum variety from noodles, rice, vegetarian dumplings, desserts and more. The restaurant has an opulent ambiance, designed with rich colors and decor blending traditional and modern Chinese aesthetics.

The whole area is spacious and can accommodate large crowds at a time, ideal for business travelers and families looking for a sumptuous treat. Show your support to Xin Tian Di by scanning the QR code to the voting link, or you can also go directly to this website: https://www.luxuryrestaurantawards.com/ restaurant/xin-tian-di/ Upon scanning the QR code or clicking the link above, you will be redirected to the voting site. Check the Chinese Cuisine and click the "Vote for this Restaurant." You can vote anytime and as many as you want. Make sure that you are using an ACTIVE email while voting. You can cast your vote until August 21, 2022.

PEAC–REX Edukampyon Iskolar Para Sa Kinabukasan sends 14 teacher scholars to CHED‘s Centers of Excellence

EDUCATION CHAMPIONS SUPPORT PEAC–REX EDUKAMPYON ISKOLAR PARA SA KINABUKASAN SCHOLARSHIP PROGRAM. They are, from left: Diosdado M. San Antonio, Undersecretary for Curriculum and Instruction, Department of Education; Doris Ferrer, Executive Director of Private Education Assistance Committee; Judge Benjamin D. Turgano, President of the Association of Christian Schools, Colleges, and Universities ; Commission on Higher Education Commissioner Dr. Aldrin Darilag, CHRP, RMT, RN, and wife; Dr. Fe Juarez, Executive Vice President of Capitol University; Jeanne Fontelera, Chief Marketing Officer of Rex Education; Dr. Ester B. Ogena, former President of Philippine National University, and Founding Chair and President of ASEAN Teacher Network; Don Timothy Buhain, Chief Executive Officer of Rex Education; and Rev. Fr. Roberto Exequiel Rivera, SJ, President of Ateneo de Naga University.

EX Education and the Private Education Assistance Committee (PEAC) are sending 14 scholars to Centers of Excellence by the Commission on Higher Education (CHED) under the PEAC–REX Edukampyon Iskolar Para Sa Kinabukasan Scholarship Program, an initiative that hopes to strengthen the quality of teachers in the country by seeking out and encouraging students to take teacher education programs in Mathematics and Sciences. “Teaching is such a noble career—it is the profession that creates all other professions. But in reality, with a lot of career options to choose from, Education is not always the top-of-mind choice of students. Great teachers inspire great students. This is why we want to encourage the best and

the brightest to work with us, commit to the profession, and start creating a ripple effect as we enhance teachers’ quality today,” said Don Timothy Buhain, chief executive officer of Rex Education. Teachers are some of the most impactful champions of education—Edukampyons— since they are the closest to the students and can directly impact their education. The scholarship program, launched in October 2021, rings true to REX’s Edukampyon advocacy that aims to champion, strengthen, and advance teacher education. The students who will receive scholarship grants and pursue their specialization in the Sciences from Ateneo De Naga are the following: Lellian Joy L. Alegre, Leschell Mae L. Llagas, Jyla Mir P. Dangca, April Mariella B. Nieves, Maia Niña T. Enimedez,

Sheila May B. Ceguerra, Denise Angela P. Rebueno, Kazzandra Jhean R. Alvarez, and Ma. Bernadette Jane S. Aguay. The students who will pursue their specialization in Mathematics from Ateneo De Naga are Florence M. Pangilinan and Jassi Mary E. Sayson. Three students will also pursue specializations in Mathematics at Capitol University: Jenika Rosandra S. Diaz, James Elvin A. Ipulan, and Maria Ruth Precious O. Lindawan. REX and PEAC hope that this batch of scholars under the PEAC–REX Edukampyon Iskolar Para Sa Kinabukasan will be the first of many, so that more students, Centers of Excellence, and other education champions contribute to the highest quality of teaching in the country. “We want to champion teacher education. We want to make teaching an attractive proposition for our young. And at the same time, ensure that the program will have a very strong values formation program, so that our scholars will have a very strong sense of social responsibility and contribute to nationbuilding,” said Doris Ferrer, Executive Director of PEAC. The PEAC–REX Edukampyon Iskolar Para Sa Kinabukasan is one of the many efforts and collaborations REX enters into to help address the challenges faced by Philippine education. “This small act that we are doing at present, can have a great impact in all our futures. Invest in our teachers to-be today, so we can enjoy a bright and progressive tomorrow,” said Buhain. For more information, visit www.rex.com. ph/#/edukampyon.

In Moscow, Russia, on March 14, 2020, together with top International Master Class Coffee Artists in the whole world, the 1st International Coffee Art Book entitled “Great Coffee Travels” ISBN 978-5-90596154-0 by Julia Latte launched at Yaroslav Library in Moscow, Russia, among them are works of Rens E. Tuzon representing the Culture and the Arts of the Philippines. With the initiative of Kapepunero, and the return of the World Food Expo at the SMX Conventional Center, the involvement of coffee art painting as the evolution continues become part of the Coffee Zone clustering. As Kapepunero features the two well-known Filipino Coffee Artists forming a Two-Man Coffee Art Exhibition with Vin Palasan from Lanao Del Norte and the award-winning Filipino-International Coffee Artist Tuzon, in participation with Bohemya Etnika and Coffee Town Philippines.

Absolute Distilled Drinking Water HERO Foundation partner to support the families of fallen soldiers

Xin Tian Di gets nomination as world‘s ‘Best Chinese Cuisine’ HE World Luxury Restaurant Awards is a recognized global organization providing luxury restaurants with recognition for providing top quality cuisine combined with excellent service, in the luxury restaurant industry. This year, Xin Tian Di at Crowne Plaza Manila Galleria is recognized as one of the nominees together with distinguished restaurants around the globe. Authentic Chinese Flavor is the essence of Xin Tian Di (New Heaven and Earth). Among its long list of specialties is the signature aromatic roast duck - known for its succulent meat encased in crisp skin cooked with state-of-the-art duck oven technology.

FILIPINO Coffee Artist Rens E. Tuzon (right) and veteran photographer Mel Cortez at the Kapepunero Coffee booth featuring coffee art painting during the World Food Expo at the SMX Conventional Center.

BRAND synonymous with the ultimate expression of love for the family, Absolute has proven to be an ally through the journey of motherhood and, now, in caring for the military orphans in need. “Absolute has always been committed to share love that is pure, safe, and secure, as we continue to provide support to our fellow Filipinos. We’re extremely excited to once again take part in a pivotal cause in partnership with HERO Foundation. We know that the past two years have been challenging for our kababayans and this further inspires us to contribute in making the children’s future brighter,” notes Jill Villanueva, Asst. Vice President

for Marketing of Asia Brewery Inc., in an interview. Absolute has incorporated QR code labels in its 350ml and 500ml bottles that can be scanned using the GCash app. The code redirects to the HERO Foundation account, where a financial donation can be placed to help the organization’s cause. HERO Foundation was instituted in 1988. HERO, which stands for “Help, Educate, and Rear Orphans,” provides educational stipends to children of soldiers from the Armed Forces of the Philippines who have died or are permanently incapacitated in the line of duty. The financial support helps keep these children in school as it covers education essentials such as school supplies, transportation, meals and even a portion of their tuition fee. The goal is to put them through college or obtain a certificate in a vocational course, which will give them a better shot of landing a livelihood that grants financial security. The foundation has supported 2,701 scholars since its establishment, with 1190 graduates. For more details, visit https:// herofoundation.com.ph.

RCMW inducts officers, advisers for RotaryYear 2022- 2023

HE Rotary Club of Makati West (RCMW) recently held its 53rd Induction and Handover Ceremony for its new Officers, Board of Directors, and Club Advisers for Rotary Year 2022 to 2023 at the Mindanao Ballroom of Sofitel Manila. DDB Group Philippines Chairman and CEO Gil G. Chua was sworn-in as the club's 55th president, along with the other officers and directors of the club for this rotary year. They are Department of Transportation Secretary Jimmy Bautista, vice president; Juan Antonio “Dax” Carlos, secretary and president-elect; Gerardo Laperal, treasurer; Tristan Choa, Leonardo Cuaresma, Jr., Cong. Paul Daza, Epifanio Delos Santos, Elmer Francisco, Scott Moore, and Charles Bernard Reyes, directors; Javier BerenguerTesta, sergeant at arms; and Franco del Rosario, ex-officio director. District Governor Mildred Vitangcol of Rotary District 3830, where RCMW belongs, was the guest speaker at the inauguration, where she expressed confidence about the RCMW's capacity to serve. “Let us stand in harmony, united in serving humanity. And for all of you in the RCMW, I am sure we can do even more,” Gov. Vitangcol said. For his part, newly installed RCMW President Gil G. Chua introduced the new theme under his term –Imaginaction, and encouraged RCMW members to harness their collective imagination and put it into action. “There is no limit to what we can accomplish together in helping our fellowmen because there’s no limit to our

imagination and our action! It’s never the work of one man, but that of a whole team that runs in one direction with one goal in mind. As the saying goes, it‘s teamwork that makes the dream work,” Chua said. Inducted as well were the Club Advisers for RY 2022-23: Past Rotary International Director (PRID) Guiller Tumangan, and Past Presidents Carmelino Alvendia, Jr., Enrico Angeles, Edgardo Balois, Aurelio Paulo Bartolome, Dave Caldwell, Dennis Decena, Luis del Rosario, Jr., Ramon Guerrero, Amando Jesulito Jimenez, Noel Laman, Teodoro Limcaoco, Ruy Moreno, Larry Ocampo, Antonio Tambunting III, Enrico Tensuan, Roque Tordesillas, Alasdair Thomson, and Victor Vital. Visit https://rcmakatiwest.ph to know more about the Rotary Club of Makati West's programs and activities.

RCMW President Gil Chua and the rest of the Officers, Directors, and Advisers for RY 2022-23 during their oathtaking led by Past Rotary International Director Guiller Tumangan.

World Features BusinessMirror

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

Tuesday, August 9, 2022

Not so fast: California’s last nuke plant might run longer By Michael R. Blood

SHOPPERS shop at a grocery store in Glenview, Illinois, on July 4, 2022. US demand for grocery delivery is cooling as food prices rise. Some shoppers are shifting to less expensive grocery pickup, while others are returning to the store. AP/NAM Y. HUH

Demand for grocery delivery cools as food costs skyrocket By Dee-Ann Durbin AP Business Writer

AREN RASCHKE, a retired attorney in New York, started getting her groceries delivered early in the pandemic. Each delivery cost $30 in fees and tips, but it was worth it to avoid the store. Then earlier this spring, Raschke learned her rent was increasing by $617 per month. Delivery was one of the first things she cut from her budget. Now, the 75-year-old walks four blocks to the grocery several times a week. She only uses delivery on rare occasions, like a recent heat wave. “To do it every week is not sustainable,” she said. Raschke isn’t alone. US demand for grocery delivery is cooling as prices for food and other necessities rise. Some are shifting to pickup—a less expensive alternative where shoppers pull up curbside or go into the store to collect their already-bagged groceries— while others say they’re comfortable doing the shopping themselves. Grocery delivery saw tremendous growth during the first year of the pandemic. In August 2019—a typical pre-pandemic month—Americans spent $500 million on grocery delivery. By June 2020, it had ballooned to a $3.4 billion business, according to Brick Meets Click, a market research company. Companies rushed to fill that demand. DoorDash and Uber Eats began offering grocery delivery. Kroger—the nation’s largest grocer—opened automated warehouses to fulfill delivery orders. Amazon opened a handful of Amazon Fresh groceries, which provide free delivery to Prime members. Hyper-fast grocery delivery companies like Jokr and Buyk expanded into US cities. But as the pandemic eased, demand softened. In June 2022, Americans spent $2.5 billion on grocery delivery—down 26 percent from 2020. For comparison, they spent $3.4 billion on grocery pickup, which saw demand drop 10.5 percent from its pandemic highs. That’s causing some turmoil in the industry. Buyk filed for bankruptcy in March; Jokr pulled out of the US in June. Instacart—the US market leader in grocery delivery—slashed its own valuation by 40 percent to $24 billion in March ahead of a potential IPO. Kroger said its digital sales—which include pickup and delivery—dropped 6 percent in the first quarter of this year. Some think delivery demand could drop further. Chase Design, a consulting firm, says its surveys show the number of US shoppers who plan to use grocery delivery “all the time” has fallen by half since 2021. Cost is the biggest reason. Peter Cloutier, the growth and commercial strategy lead at Chase Design, said it’s difficult to get groceries to a customer’s door for less than a $10 premium, which covers labor and transportation. Often, that cost is higher. Consider a basket of eight staples from Target, including a gallon of milk, a dozen eggs and a pound of ground beef. In store, the order would ring up at $35.12. Target offers curbside pickup for free. Delivery costs $9.99, not including a tip. DoorDash also offers delivery from Target, but it charges more for each item on its website. The cart rings up at $39.90 from DoorDash, which then adds $12.18 in taxes and delivery fees. If the consumer adds a $10 tip, that totals $62.08. Both DoorDash and Target offer free delivery through subscriptions, but those come with a monthly or yearly fee. The premiums are tough to swallow on top of skyrocketing food prices. In June, US grocery food prices were up 12.2 percent over the last 12 months, the largest increase since April 1979, according to government data. Cynthia Carrasco White, an attorney for a nonprofit in Los Angeles, got accustomed to grocery delivery during the pandemic. She still prefers it, since her youngest child isn’t fully vaccinated and it saves time. But earlier this summer, as gas prices approached $7 and a box of strawberries neared $9, she got serious about cutting costs. White now toggles between Instacart, Uber Eats, Walmart and others, using whichever has the best offers and coupons. She will sometimes spend two hours filling a delivery cart and then wait to see if more promotions are posted before she finishes her order. And she has cut back on the amount she tips drivers. “The economy has definitely taken the wind out of our sails,” she said. “It’s just this endless pressure.” Retailers are responding by varying delivery prices by time of day. On a recent morning, Walmart offered to deliver a $35 order within two hours for $17.95; that dropped to $7.95 if the order could be delivered between 3 p.m. and 4 p.m. But cost isn’t the only reason some consumers are moving away from delivery. Cloutier says many customers are wary of the quality of items selected by workers. “There’s a trust gap between what the shopper wants to get and what the retailer fulfills,” Cloutier said. Delivery companies are trying to improve that. Last month, Uber Eats announced upgrades to its online grocery offering, including the ability for consumers to see the products as workers scan them. But even that may not entice some shoppers. Diane Kovacs, a college lecturer in Brunswick, Ohio, has been using curbside pickup for nearly a decade. It saves her money, she says, because she doesn’t get sucked into impulse buys inside the grocery. She got her groceries delivered briefly during the pandemic and she didn’t mind paying $10 or $15 a week for the service. But she still prefers pickup. She likes driving her dogs to the store and chatting with the employees. “I think that people are not using delivery because they want to get the heck out of the house,” she said. True demand for grocery delivery is tough to calculate. Usage can swing wildly when Covid cases rise or companies offer discounts, said David Bishop, a partner at Brick Meets Click. But he sees some patterns emerging. Households with young children and people with mobility issues are sticking with delivery. People over 60 have generally gone back to shopping in person. Bishop says delivery saw five years of growth in the first three months of the pandemic, and demand is probably still elevated. Eventually, he expects delivery sales to settle into more regular growth of about 10 percent per year. But delivery won’t go away, he said. “I don’t see it moving all the way back to pre-Covid levels. That can has been opened up,” he said.

The Associated Press

OS ANGELES—An aggressive push toward renewable energy has run headlong into anxiety over keeping the lights on in California, where the largest utility is considering whether to try to extend the lifespan of the state’s last operating nuclear power plant.

California is the birthplace of the modern environmental movement that for decades has had a fraught relationship with nuclear power, which doesn’t produce carbon pollution like fossil fuels but leaves behind waste that can remain dangerously radioactive for centuries. Now environmentalists find themselves at odds with someone they usually see as an ally: Democratic Gov. Gavin Newsom, a green energy advocate who supported the 2016 agreement calling for the Diablo Canyon Nuclear Power Plant to close by 2025 but now is a leading voice to consider a longer operating run. Newsom often is mentioned as a possible presidential candidate and an attorney for a consumer advocacy group that routinely challenges plant operator Pacific Gas & Electric in rate cases believes “national political ambitions” are at play. The push to keep Diablo Canyon running “is clearly coming from the governor’s office,” said Matthew Freedman of The Utility Reform Network. Newsom “is mindful that problems with electric system reliability can become a political liability and he is determined to take all possible actions to avoid any possibility that the lights go out in California.” Newsom certainly wants to avoid a repeat of August 2020, when a record heat wave caused a surge in power use for air conditioning that overtaxed the electrical grid. There were two consecutive nights of rolling blackouts affecting hundreds of thousands of residential and business customers. In a statement, Newsom communications director Erin Mellon didn’t address the question of politics but said the governor is focused on maintaining reliable energy for households and businesses while accelerating state efforts to meet his aggressive goals for reducing carbon pollution. He continues to support shuttering Diablo Canyon “in the long term.” The debate over the plant comes as the long-struggling nuclear industry sees climate change as a reason for optimism. President Joe Biden has embraced nuclear power generation as part of his strategy to halve greenhouse gas emissions by 2030, compared to 2005 levels.

Nuclear power provides roughly onefifth of the electricity in the country, though generation produced by the industry has dropped since 2010. Saving a plant in green energy-friendly California would carry symbolic weight but the window to make an abrupt turnaround appears narrow. PG&E CEO Patricia “Patti” Poppe told investors in a call last month that state legislation would have to be enacted by September to open the way for PG&E to reverse course. She said the utility faced “a real sense of urgency” because other steps would be required to keep the plant running, including ordering more reactor fuel and storage casks for housing spent fuel that remains highly radioactive. Extending the plant’s operating life “is not an easy option,” Poppe said. “The permitting and relicensing of the facility is complex and so there’s a lot of hurdles to be overcome.” The plant on the coast midway between Los Angeles and San Francisco produces 9 percent of the electricity for California’s nearly 40 million residents. The state earlier set aside up to $75 million to extend operation of older power plants scheduled to close, but it’s not yet clear whether taxpayers might be covering part of the bill—and, if so, how much—to keep Diablo running. The Newsom administration has been pushing to expand clean energy, as the state aims to cut emissions by 40 percent below 1990 levels by 2030. California installed more clean energy capacity in 2021 than in any other year in state history, administration officials say, but they warn reliability remains in question as temperatures rise amid climate change. For Diablo Canyon, the issue is whether the Newsom administration, in concert with investor-owned PG&E, can find a way to unspool the 2016 closure agreement agreed to by environmentalists, plant worker unions and the utility. The decision to close the plant also was endorsed by California utility regulators, the Legislature and thenDemocratic Gov. Jerry Brown. Plant workers now support keeping the reactors open for an extended run while anti-nuclear activists and environmentalists have rejoined a battle they thought was settled six years ago.

THE Diablo Canyon Nuclear Power Plant, south of Los Osos, California, is viewed on September 20, 2005. California’s last operating nuclear power plant could get a second lease on life. Owner Pacific Gas & Electric decided six years ago to close the twin-domed power plant by 2025. But Democratic Gov. Gavin Newsom, who was involved in the agreement to close the reactors, has prompted PG&E to consider seeking a longer lifespan for the plant. AP/MICHAEL A. MARIANT “It only makes sense keeping Diablo open,” said Marc D. Joseph, an attorney for the Coalition of California Utility Employees, which represents plant workers. “There is no one involved who wants to see carbon emissions in California go up.” Critics question if it’s feasible—or even legal—for the utility to break the agreement. “I don’t know how to unwind it, and I don’t think it should be unwound,” said Ralph Cavanagh of the Natural Resources Defense Council, one of the groups that negotiated and signed the pact. Friends of the Earth, another signatory of the deal, would oppose any effort to extend the reactors’ operating span. “None of the conditions have changed to pull back on that agreement,” said the group’s president, Erich Pica. There’s also concern about the aging plant’s safety. Construction at Diablo Canyon began in the 1960s and critics say potential shaking from nearby earthquake faults not recognized when the design was first approved—one nearby fault was not discovered until 2008—could damage equipment and release radiation. Lifting the agreement would place “huge numbers of people at great, great risk. That’s what’s at stake here,” said Daniel Hirsch, retired director of the program on environmental and nuclear policy at the University of California, Santa Cruz, and a longtime critic of nuclear plant safety. PG&E, which has long said the plant is seismically safe, hasn’t said much about whether it will push to extend operations beyond 2025. It is assessing that possibility while continuing to plan for closing and dismantling the plant “unless those actions are superseded by new state policies,” PG&E spokesperson Suzanne Hosn said in a statement. PG&E is considering applying for a share of $6 billion in federal funding the Biden administration established to rescue nuclear plants at risk of closing. The utility announced the move after Newsom suggested a longer operating run would help the state deal with potential future electricity shortages. The Energy Department recently recast

rules at the request of the Newsom administration that could open the way for an application from Diablo Canyon. But some environmentalists question if those changes conflict with the federal law that provided the funds. As part of the closure deal, the state granted PG&E a short-term lease for submerged ocean water intake and discharge structures through 2025, which also would have to be extended to keep the plant operating. Factors cited in the lease agreement echo language in the closing pact, including that the utility would not seek an extended operating license and PG&E was expected to use that period through 2025 to develop a portfolio of greenhouse gas-free renewables and efficiencies to replace Diablo Canyon’s power. PG&E said in a statement it has met its replacement power requirements to date. PG&E’s decision to close Diablo Canyon came at a time of rapid change in the energy landscape. With heavily Democratic California prioritizing renewables to meet future power demand, the utility predicted there would reduced need for power from large plants like Diablo Canyon after 2025. There was even the risk of too much power generation. Rather than too much power, state officials have warned of possible electricity shortages this summer as a warming climate creates more demand for power, wildfires sometimes incinerate power lines and a longrunning drought has reduced hydropower. An emerging tariff dispute—involving products assembled in Malaysia, Thailand, Vietnam and Cambodia using parts and components from China—has delayed solar and storage projects, administration officials say. But environmentalists argue that a nuclear plant—generating large amounts of power continuously—is not a solution to fill occasional gaps, such as when solar dips after the sun sets. Reliable electricity “is not a 24/7 problem,” said Cavanagh, of the NRDC. “The last thing you want to solve a problem like that is a giant machine that has to operate 24/7 in order to be economic.”

UK museum agrees to return looted Benin Bronzes to Nigeria By Danica Kirka

The Associated Press

ONDON—A London museum agreed Sunday to return a collection of Benin Bronzes looted in the late 19th century from what is now Nigeria as cultural institutions throughout Britain come under pressure to repatriate artifacts acquired during the colonial era. The Horniman Museum and Gardens in southeast London said that it would transfer a collection of 72 items to the Nigerian government. The decision comes after Nigeria’s National Commission for Museums and Monuments formally asked for the artifacts to be returned earlier this year and following a consultation with community members, artists and schoolchildren in Nigeria and the UK, the museum said. “The evidence is very clear that these objects were acquired through force, and

external consultation supported our view that it is both moral and appropriate to return their ownership to Nigeria,’’ Eve Salomon, chair of the museum’s board of trustees, said in a statement. “The Horniman is pleased to be able to take this step, and we look forward to working with the NCMM to secure longer term care for these precious artifacts.’’ The Horniman’s collection is a small part of the 3,000 to 5,000 artifacts taken from the Kingdom of Benin in 1897 when British soldiers attacked and occupied Benin City as Britain expanded its political and commercial influence in West Africa. The British Museum alone holds more than 900 objects from Benin, and National Museums Scotland has another 74. Others were distributed to museums around the world. The artifacts include plaques, animal and human figures, and items of royal regalia made from brass and bronze by artists working for the royal court of Benin. The

general term Benin Bronzes is sometimes applied to items made from ivory, coral, wood and other materials as well as the metal sculptures. Countries including Nigeria, Egypt and Greece, as well indigenous peoples from North America to Australia, are increasingly demanding the return of artifacts and human remains amid a global reassessment of colonialism and the exploitation of local populations. Nigeria and Germany recently signed a deal for the return of hundreds of Benin Bronzes. That followed French President Emmanuel Macron’s decision last year to sign over 26 pieces known as the Abomey Treasures, priceless artworks of the 19th century Dahomey kingdom in present-day Benin, a small country that sits just west of Nigeria. But British institutions have been slower to respond.

Nigeria’s Federal Ministry of Information and Culture formally asked the British Museum to return its Benin Bronzes in October of last year. The museum said Sunday that it is working with a number of partners in Nigeria and it is committed to a “thorough and open investigation” of the history of the Benin artifacts and the looting of Benin City. “The museum is committed to active engagement with Nigerian institutions concerning the Benin Bronzes, including pursuing and supporting new initiatives developed in collaboration with Nigerian partners and colleagues,” the British Museum says on its website. The Horniman Museum also traces its roots to the Age of Empire. The museum opened in 1890, when tea merchant Frederick Horniman opened his collection of artifacts from around the world for public viewing.

Suarez keeps ‘Asia’ crown

CHARLY SUAREZ hikes his record to 12-0 won-lost.

IO DE JANEIRO Olympian Charly Suarez retained his World Boxing Association Asia super featherweight crown in scintillating fashion on Sunday night at the Elorde Sports Complex in Parañaque. A 33-year-old from Davao Del Norte, Suarez defeated veteran international campaigner Mark John Yap via a 12-round unanimous decision. He got scores of 120-108, 120-108 and 118-110 from the judges. Yap initially displayed veteran moves when he befuddled Suarez with stiff jabs and hooks to the body. Suarez took full control of the bout midway through the sixth round when he opened up a cut beneath Yap’s right eye with a powerful left hook coupled with a quick right straight. Yap showed a lot of guts but Suarez’s left-right combinations and counter attacks were too much to handle for the Cagayan De Oro City fighter. “It was a great learning experience for me,” Suarez said. “This fight taught me how to be patient and be tactical when facing a resilient boxer like Yap.” The win improves Suarez’s record to 12-0 with seven knockouts while Yap dropped to 30-17 with 15 KOs. It was Suarez’s first successful defense of the WBA Asia belt which he won last March.

By Butch Fernandez

AYING he exemplifies the “excellent, persistent and consistent” athlete, the Senate unanimously adopted Resolution 84 “commending and congratulating” the country’s sole world boxing title holder Dave Mark “Doberman” Apolinario. Apolinario scored an impressive first-round knockout of illustrious South African and three-division world champion Gideon Buthelezi last July 29 to snatch the International Boxing Organization flyweight title and fill the vacuum left by his fellow Filipino boxers who lost their world titles one after the other. He won the fight before Buthelezi’s countrymen at the International Convention Centre in East London. All senators stood as cosponsors of the resolution first brought forward

Sports BusinessMirror

| Tuesday, August 9, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

HIDILYN: 729 DAYS TO PARIS OLYMPICS By Josef Ramos

IDILYN DIAZNARANJO has her calendar marked: 729 days to go before the Paris 2024 Olympics. “We only have 729 days left before the Olympics and even though I don’t need to prove anything, I still want to do my very best for Philippine weightlifting,” the 31-year-old DiazNaranjo said on Monday as she took a break from training with young athletes at the Saulog Sports Complex in Tagbilaran City. And that means a honeymoon with now husband Julius Naranjo, her coach and trainer, had to be scrapped. They got married last July 26, exactly a year after she won the country’s first Olympic gold medal in Tokyo— in Baguio City. “Let’s set aside the honeymoon break,” added Diaz-Naranjo, who

celebrated on Monday the sixth year anniversary of the silver medal she won at the Rio 2016 Summer Games in Brazil. Diaz-Naranjo and Naranjo were invited to oversee the training facility in Bohol which was put up and maintained by former Red Iron Eaters, the monicker for members of the University of the East weightlifting team which also were the same members of the national squad in the 1980s. While there, she didn’t waste time to lift barbells to the delight of upand-coming weightlifters who look to her as their idol and role model. “This is what I wanted ever since—to be excellent in my sport,” Diaz-Naranjo said. “Weightlifting is my source of happiness.” “These hands are reminders that despite those things that I accomplished, weightlifting has pushed me to continue to work my

HIDILYN DIAZ-NARANJO trains while visiting a weightlifting gym in Tagbilaran City. I need your entire support and prayers. I’m determined to do more for our country,” she said. “I’m claiming this for the love of God and our country.” The husband-and-wife tandem established a training center in Jala-Jala, Rizal, with Diaz-Naranjo still attending to her Business Management course at College of Saint Benilde.

Senate united as one in recognizing world boxing champion Apolinario by Sports Committee Chairman Christopher “Bong” Go. He was later joined by senators who were, at one time or another, athletes—Senators Joel Villanueva, who still actively plays basketball; Pia Cayetano, former varsity volleyball player and triathlete; amateur boxer Ronald “Bato” de la Rosa and JV Ejercito. The entire chamber subsequently cosponsored the measure. Majority Leader Villanueva said Apolinario’s feat is made remarkable by his convincing win over Buthelezi, his persistence despite losing his luggage through five layovers on the long journey to South Africa and his consistency in winning—won many times in the Palarong Pambansa before becoming a professional boxer at age 18. Senate President Migz Zubiri, an accomplished arnis practioner, said he and the senators who were either products of the Palaro or were beneficiaries of similar programs will

push for a more intensive and betterfunded grassroots sports program. Zubiri also pitched for the return of contact sports in the country, saying much precious time is lost for

INGWHALE-TAIPEI, parading a blend of young and veteran players, beat Army Black Mamba, 26-24, 25-18, 26-24, to make its presence felt in the Premier Volleyball League (PVL) at the SM Mall of Asia Arena on Monday. The Taiwanese team anchored its victory on Brazilian import Bea Flavio de Carvalho and gutsy plays in a couple of sets that went down-tothe-wire—saving a set point each in the first and third frames with a fine display of grace and composure while dominating the second to complete the victory in one hour and 30 minutes. The victory put the lone foreign guest squad on track to the finals while bundling out the Lady Troopers from the race. The lefty Carvalho provided

training athletes in sports where the Philippines has been winning, such as boxing, karate and arnis. Ejercito said Apolinario deserves full recognition, noting that “he

is the lone Filipino title holder [in boxing] at the moment.” Cayetano said recognition should also be given to the role of private partners who support athletes like Apolinario, saying this form of “public-private partnership” should be properly acknowledged by government. Cayetano cited the group of Mike Pelayo, who supported Apolinario’s journey. Apolinario, who hails from Sarangani Province, drew pride from senators who trace their roots in Mindanao, starting with Zubiri from Bukidnon and Go and De la Rosa from Davao.

HE Philippines fell to Hungary and Georgia in both genders and in similar 2.5-1.5 scores in the ninth round Sunday in the 44th World Chess Olympiad in Chennai, India. The losses all but virtually zapped the country’s hopes of a top 10 finish in both the men and women division. Woman FIDE Master Shania Mae Mendoza and Woman International Master (WIM) Kylen Joy Mordido lost their matches on Boards 3 and 4 while WIM Jan Jodilyn Fronda won on Board 2 and Woman Grandmaster (WGM) Janelle Mae Frayna salvaged a draw on Board 1. The stinging loss sent the Filipinas, whose trip is backed by the Philippine Sports Commission, reeling to a 17-nation tie for 31st place with 11 match points. They need to win their last two games, including one against Southeast Asian rival Vietnam, for them to finish in the top 20. Frayna had a winning position against old conqueror GM Hoang Thanh Trang and Mendoza scrambled to turn an inferior position and a pawn deficit into a drawn endgame. Frayna and Mendoza threw away the opportunities with Frayna ending up with a draw and Mendoza absorbing a heartbreaking setback. The men’s contest saw IM Paulo Bersamina losing to GM Levan Pantsulaia on Board 4 while GMs Mark Paragua, John Paul Gomez and Darwin Laylo all carving out fighting draws on the first three boards. It sent the Filipinos to a tie for 58th place with 23 other countries with 10 points but they could move up from there if they beat the lowerranked Guatemalans in the 10th and penultimate round on Monday.

Kiefer returns to Japan B.League SEN. PIA CAYETANO praises International Boxing Organization flyweight champion Dave Mark “Doberman” Apolinario.

Kingwhale eliminates Army in big PVL debut

KINGWHALE’S Brazilian import Bea Flavio de Carvalho puts on a class act.

hardest for our country,” added DiazNaranjo, who has also in her collection the Jakarta 2018 Asian Games gold medal and back-to-back titles at the 2019 Philippines and 2022 Vietnam Southeast Asian Games. Diaz-Naranjo’s schedule for the next 23 months is hectic. For 2022, the Air Force Staff Sergeant from Barangay Mampang in Zamboanga City has the International Weightlifting Federation World Championships in November in Bogota, and in 2023, lined up are the 32nd SEA Games in Cambodia, 19th Asian Games in Hangzhou. In between are six qualifiers for Paris which she has to complete to make the Olympic grade anew. “Join me in my crusade to go for my last lift,” said Diaz, who vowed to raise a family and become a full-time wife and mom after Paris. “I’m asking for your prayers.” “Team HD will be with me throughout the whole process but again

Filipinos lose bid for top 10 finish in Chennai chess Olympiad

a menacing presence whenever she was on flight, banging in vicious kills that often hit their targets to the delight of the crowd but to the chagrin of the Lady Troopers, who couldn’t neutralize most of those blasts, one of which even hit Ivy Perez in the chest in the third set. “This is the first time we mixed our young and veteran players in a tournament,” said Kingwhale coach Teng Yen-Min, who drew doubledigit outputs from three starters with Carvalhoo finishing with 15, including 13 attack points. “We’re happy the PVL invited us. In our first game against Army, we felt good. This was also the first time that we played in a big gym because there’s nothing like this in Taiwan,” Teng said. “We are just excited to play more games in this tournament.” The visitors finished with 47

‘Aian Asks’ I RECEIVED an invitation from Aian Guanzon of “Aian Asks” to appear on his program to explain the recent successes in Philippine sports. According to the bio of the “Aian Asks” Facebook

attack points, 17 more than the Lady Troopers, who actually produced more blocks, 7-5, and aces, 2-1, and scored 27 points off Kingwhale miscues while yielding 24 points of their own. Army fought back from big deficits in the first and third sets but just couldn’t unleash the strong finishing kick to snatch a win. The Lady Troopers moved to match point at 24-23 in the first set but yielded the next three points on a Carvalho kill, a block off Jovelyn Gonzaga and another hit from Chen Li-Jun. A Gonzaga blast ended a long rally that featured furious exchanges of hits and saves with libero Angela Nunag diving to keep the ball in play that led to the Cebuana ace’s hit that made it 24-23 for Army in the third. But like in the previous frame, the Lady Troopers failed to step up as Chang Chih-Hsuan took over with a couple of kills that sandwiched Wang Yu-Wen’s key block off Jem Gutierrez.

IEFER RAVENA will return to the Shiga Lakes for the upcoming Japanese B.League season, his longtime agent Marvin Espiritu said on Monday. Espiritu didn’t elaborate on Ravena’s new contract with Shiga, but BusinessMirror learned that the former NLEX combo guard signed another lucrative contract runs at for two to three years. “All I can assure you is Kiefer is the happiest man right now,” Espiritu, son of longtime player agent Danny Espiritu, told BusinessMirror from Japan. “But I cannot disclose the terms of the contract. The Japanese people are very strict when it comes to that part.” Ravena, 28, confirmed his return to the Japanese international league through the team’s website. “I’m excited to be back and play for you guys once again! This will be a great season for us and I know the boosters will have fun supporting the team this year,” the former Ateneo star guard said. Ravena averaged 13.2 points, 5.9

page, “Watch as #AianAsks experts and authorities about things you should also know.” The page has 16,000 followers and covers a wide range of subjects and topics. Guests usually have several minutes to explain “Aian’s Ask,” no pun intended. As I earlier mentioned, I’ve been invited to be a guest on Aian’s show to talk about the recent wins in Philippine sports. The recent successes in Philippine sports is a result of better access to training and competition abroad and the enormous private and government funding given to them like Manny Pacquiao, Yuka Saso, Carlos Yulo, Hidilyn DiazNaranjo and several others so that they can compete overseas. Diaz-Naranjo and our women’s football national team, about 80 percent of whom were raised and competed abroad, are at the peak of their respective careers which allows both their national sports associations (NSAs) and the government to save money for developmental needs. Yulo is another example of an athlete getting access to training, nutrition, competition abroad and funding from both the government and private sectors and the

assists, 2.5 rebounds and 1.5 steals in 56 games with Shiga last season, but the Lakes had a forgettable 14-43 won-lost record. Ravena was captain of the national team that finished ninth in the International Basketball Federation (FIBA) Asia Cup in Jakarta. His didn’t come to terms in his negotiations with NLEX while on a break from the Japan league. Josef Ramos

KIEFER RAVENA’S contract with the Shiga Lakes is believed to run two to three years.

results speak for themselves. The common denominator for success is training and competition abroad fueled by huge funds. In my program “Sports For All” this Wednesday, my guest will be Kely Nascimento, who, according to theguardian.com, “Kely Nascimento-DeLuca: ‘If there’s a time to use Pelé’s name it’s for something like this’ Pelé’s daughter on how she came to make a documentary on women’s football, racism in Brazil and the fight for equality.” “There are no words,” says Kely Nascimento-DeLuca, the eldest daughter of Pelé, when I asked about her journey from women’s football novice to documentary maker on the subject. “I’ve always been very into football. I love football. It’s like Christmas, every game in Brazil. It’s hard to explain the feeling, the electricity during a game.” On Saturday, August 13, three-time Bellator MMA world champion Rafael Carvalho will be my guest. I’ll ask Rafael what he is up to these days and what are the things he considers before joining an MMA promotion.