BusinessMirror December 06, 2021

DOF populist pension fund bills’ risks ‘Closelists borders, cut Omicron exposure risk’

T C

HE Department of Finance

By Cai U. Ordinario (DOF) expressed the hope that @caiordinario the implementation of Philippine Financial Reporting Standards LOSING the country’s borders (PFRS) 4 will enlighten lawmakers is one of the most immediate about state pension funds. courses of action the govern Finance Secretar y Carlos G. ment must take to prevent the latDominguez III said this after memest Covid-19 variant, Omicron, from bers of the press asked him about the reaching Philippine shores, accordpossible impact on the Government ing to local economists.

Service Insurance System (GSIS) T he new var iant is a threat, fund life of “populist” bills filed in e s p e c i a l l y w it h t he hol id ay s Congress. coming up and more foreigners PFRS 4 is the current and interim being a llowed to travel to the accounting standard imposed on inPhilippines, De La Sa lle Universurance entities in the Philippines. It sit y economist Mar ia Ella Oplas was adopted from the International told BusinessMirror.

Financial Reporting Standards or The holidays usually bring in IFRS, which provides guidance on Overseas Filipino Workers (OFWs) the proper financial accounting of who are eager to spend Christmas

ww

insurance contracts. with their loved ones, while for “I hope the 2020 audited F/S (Fieigners living in temperate regions nancial Statement) which is now usually want to relax in tropical compliant with PFRS 4 provides countries like the Philippines. This enlightenment to the legislature,” year’s influx of OFWs is expected to Dominguez told reporters. be heavier since many of them were Among the bills filed in Congress unable to come home for the holidays is the lowering of the compulsory rein December 2020. tirement age of GSIS members to 55 “My recommendation is to protect years old from the current 65 years the borders. Do not allow people with old. a history of travel to countries with Based on the base case estimates positive cases to enter,” Oplas said. in the Fiscal Risks Statement for “We should be more restrictive. [We 2022, the GSIS Fund Life Scenarios have to be] more protective in terms showed the optional retirement of 60 of our measures.” years old and the compulsory retireOplas said that while this will be ment of 65 will lead to October 2041 a setback to some industries, this as the end of the GSIS fund life. is a fair measure considering that However, under Scenario 1— this could help prevent placing the when optional retirement is adjusted country in another strict lockdown,

Monday, December 6,

Monday, November 29,2021 2021Vol.Vol.1717No.50 No.52

to 56 while keeping the compulsory which, she said, the economy can no retirement age at 65 years old would longer afford. mean GSIS fund life will end in No“It is better that we do protective vember 2038. preventive measures than get ex This scenario, which also assumes posed again. We have a lot to lose,” that 100 percent of those aged 56 Oplas said. “We should do it now so to 59 will be subjected to optional that we can open just before Christretirement, will require additional mas. If it gets contained, we can open reserve requirements of P332.36 it again.” billion.

Ateneo Center for Economic Re Scenario 2—when those aged 56 search and Development (ACERD) to 59 optionally retire by assuming Associate Director Ser Percival a 50 percent availment—would spell K. Peña-Reyes said closing the an end to fund life by May 2039. This country’s borders would be effecrequires a lower additional reserve tive but should still adhere to the requirement of P255.37 billion. standards set by the World Health “Lowering the optional retireOrganization (WHO). ment age from 60 to 56 while mainWhat is needed, Peña-Reyes told taining the compulsory retirement this newspaper, is for travel restricage at 65 would decrease the fund tions to be put in place swiftly and

life by about 2 years and 11 months for government to be proactive in for Scenario 1 and about 2 years and imposing them.

5 months for Scenario 2,” the report Previous instances when the from the Bureau of the Treasury country had the opportunity to imstated. pose travel restrictions did not pre “Any lowering in the retirement vent the spread of Covid-19. That was ages, or any benefit enhancement mainly because the decision was not for that matter, especially those made immediately, he said. involving pensions which are long“Kung papatay patay [If we’re term liabilities, would increase slow] and we get caught flat-footcosts. Such costs will necessarily ed, [that’s risky] We were too rebe absorbed by the program, makactive instead of proactive before. ing the program more expensive We should learn from that,” Peñafor those members who will still Reyes said. “It’s a delicate balancing be contributing, as they will bear act. We need to push testing and the brunt of the costs; and for the tracing to be properly informed GSIS as administrator, since it will of our decisions. Blanket/shotgun increase the SIF’s unfunded liabiliapproaches could have dire conseties,” the report explained. quences on the economy.”

Continued on A4 See “Omicron,” A2

PERMANENT TARIFF CUTS NATL GOVT BORROWINGS FORMEAT, 10 MOS DIP TO P2.75T ON FEEDS PITCHED n n

P25.00 P25.00nationwide nationwide||22sections sections18 20pages pages||

By Jasper Emmanuel Y. Arcalas

By Bernadette D. Nicolas

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Hotels Omicronsee risk spurs revival happier of quarantine Christmas rules in PHL this year

@jearcalas @BNicolasBM

& Cai U. Ordinario @caiordinario

HE national HE government government’s must lower tariffs gross on meat and feed borrowings as of products permanently end-October shrank and allocate revenues from these imported by almost 6 percent goods to boost domestic year-on-year to production in order P2.75 trillion. to make food items,

By Samuel P. Medenilla

I H

particularly meat, cheaper forfrom Filipinos, Latest data the Bureau of the Treasury showed experts said. that the govern-

ment’s gross borrowings during the 10-month period fell by 5.99 percent Monetary Board member V. from P2.92 trillion a year ago.

Bruce J. Tolentino told the BusiWith only two months left for nessMirror that the tariff reducthis year, the latest figure is already tions on pork imports must be made equivalent to 89.6 percent of its permanent as part of a proposed P3.07-trillion borrowing program. livestock development bill that Broken down, gross domestic borseeks to modernize the country’s rowings from January to October meat production. settled at P2.23 trillion, down by Tolentino explained that tariff rev5.08 percent from P2.35 trillion enues from livestock imports must be in 2020. plowed back to domestic industries to The bulk of the amount was help them improve productivity and sourced from Fixed Rate Treasury lower production costs.

Bonds (P1.19 trillion), followed by “I believe that they should be short-term borrowings from Bangincluded in the discussions for the ko Sentral ng Pilipinas or BSP (P540 livestock development law. Look at billion), Retail Treasury Bonds/Prethe total tariff revenues coming from myo Bonds (P463.3 billion), Retail livestock and that should go all to the Onshore Dollar Bonds (P80.84 bildomestic livestock sector,” he said. lion). In the same period, there was “This way it is clear where the also a net redemption of Treasury funds for the program are coming Bills amounting to P43.94 billion. from,” he added.

Net debt redemption means Tolentino noted ongoing discusthere were more debts repaid comsions between the legislative and pared to the amount borrowed durexecutive branches of the governing the period. ment to pass a livestock develop Meanwhile, gross foreign borment law in the current Congress. rowings in the same period also Sen. Cynthia A. Villar, who heads contracted by 9.7 percent to P518.7 the Senate Committee on Agribillion from last year’s P574.4 billion. culture and Food, has been vocal This was raised through global about her intentions to craft and bonds (P146.17 billion), program sponsor a bill creating a livestock loans (P139.98 billion), euro-dedevelopment fund akin to the sixnominated bonds (P121.97 billion), year rice competitiveness enhancea project loan (P86.41 billion), and ment fund (RCEF) created by the yen-denominated samurai bonds rice trade liberalization law.

(P24.19 billion).

See “Tariff cuts,” A2 See “Borrowings,” A2

@sam_medenilla

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

The country will celebrate the 158th birth anniversary of Filipino revolutionary hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO

OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND

CATHOLIC devotees attend the first Sunday mass for December at the Quiapo Church in Manila. The annual grand procession of Black Nazarene devotees “Traslacion” will be suspended for the second consecutive year due to the pandemic. NONIE REYES

By Jasper Emmanuel Y. Arcalas

dating its registry following the enactment of the Coconut Farmers and Industry Trust Fund law.

Rosales explained that about 500,000 coconut farmers and Authority (SBMA) officials conworkers were added to the PCA’s firmed on Sunday.

2018 list that had about 2.5 million For the first time here, two coconut farmers and farm workers.

Philippine Airlines (PAL) aircraft The PCA’s next step is to conarrived within two hours of each duct an exclusion-inclusion proother on Sunday to bring home two cedure by making the updated more batches of OFWs from Abu farmers’ registry public, providDhabi and Dubai, both cities in the ing everyone the opportunity to United Arab Emirates (UAE). check the veracity of the list, Ro The recent arrivals brought the sales added.

OFW flights via Subic to a total of “The list will be posted in public 42 and the passengers coming in spaces where people can easily see

them. This allows everyone to see who are listed in the registry and if farmer doesn’t see his name then he shall coordinate with the PCA immediately,” he explained at a recent through the Subic airport since dialogue with coconut farmers.

July this year to a total of 11,410.

“On the other hand, if people SBMA Chairman Wilma T. would see names on the list and Eisma said at least 10 OFW flights they think they are not coconut to the Subic Bay International farmers or their details are incorAirport (SBIA) have been schedrect, they can report it to the PCA uled this month under the govfor immediate action,” he added. ernment’s repatriation program The PCA official noted that despite concerns about the virus the completion of the initial list variant spreading in some African of coconut farmers registry would and European countries. be just in time for the expected “OFWs continue to be repatriated rollout of coconut levy-funded

programs as President Duterte is expected to sign the industry development plan in early 2022.

Rosales said the PCA will not stop updating its list of coconut through Subic, and everything’s as farmers and enjoined them to regnormal as when the program started ister in order to reap the benefits here in July,” Eisma said on Sunday. of the decades-long idled coconut “We can be assured that no paslevy fund. “We will not stop at 3.1 sengers will be brought here from million. We hope that more indiany red-listed country because viduals will register in our coconut the government has prohibited farmers registry,” he said. the inbound international travel The updating of the coconut of all persons from red-list areas farmers registry is mandated by regardless of vaccination status,” Republic Act (RA) 11524 or the Eisma added.

Coconut Industry Trust Fund Act.

See “OFW repatration,” A2

OFW REPATRIATION CONTINUES VIA SUBIC AIRPORT

@jearcalas

M S

ORE than 3 million coconut farmers and

By Henry Empeño workers are now regisCorrespondent tered with the government’s reg istry, which serves as the basis UBIC BAY FREEPORT— for the number of people to be Even as travel restrictions covered by the utilization of the were imposed by some counP75-billion coconut levy fund. tries due to the emergence of the Philippine Coconut Authority latest Covid-19 variant Omicron, (PCA) Deputy Administrator Roel the repatriation of overseas FilipiM. Rosales said about 3.11 million no workers (OFWs) will continue coconut farmers and farm workat the Subic airport here until the ers have been registered with the yearend, Subic Bay Metropolitan government since it started up-

PESO PESO EXCHANGE EXCHANGE RATES RATES nn US US 50.4010 50.4600

See “3-M farmers,” A2

By Ma. Stella F. Arnaldo

NTER NATIONA L concerns @akosistellaBM over the possible spread of the Special to the BusinessMirror more infectious Omicron Co vid-19 variant prompted the govOTELS especially in Meternment to reimpose mandatory ro Manila are projectfacility-based quarantine for all ing a happier Christmas arriving passengers in the country. this year with revenues coming Acting Presidential spokesperfrom longer stays by balikbayans son Karlo B. Nograles announced (homecoming Filipinos) and social on Sunday that the Inter-Agency gatherings.

Task Force for the Management “ The change in quarantine of Emerging Infectious Diseases g uidelines w i l l help improve (IATF) suspended the implemenoccupancy and to some extent, tation of its Resolution No. 150revenue of our hotels,” said PhilA (s.2021), effectively imposing ippine Hotel Operators Associastricter protocols for all inbound tion executive director Benito C. travelers.

Bengzon Jr. in a Viber message To note, IATF Resolution 150to the BusinessMirror. “Even A had allowed fully vaccinated w ith the quarantine requirenon-visa travelers from Green List ment, we remain optimistic that areas to enter the country withthis will not discourage balikbayout the need for facility-based ans from coming home for the quarantine as long as they secure holidays as many of them are negative Reverse Transcriptionfully vaccinated and will want to Polymerase Chain Reaction (RTreunite with their loved ones,” PCR) test within 72 hours prior he added. to their departure.

Due to the gradual spread of “Except for countries classified the Covid-19 Omicron variant as ‘Red,’ the testing and quarantine globally, the Philippine governprotocols for all inbound internament has banned flights from tional travelers in all ports of entry so-ca l led Red List countr ies, shall comply with the testing and while international arrivals from quarantine protocols for ‘Yellow’ countries on the Green and Yellist countries,” Nograles said, citing low Lists, are required to take an the provision of IATF Resolution RT-PCR test 72 hours prior to deNo. 151-A. parture. With a negative result, He noted Hong Kong, which has on arrival in the country’s major confirmed a case of the Omicron gateways, they must quarantine variant, will also fall under the Yelfor five days in a governmentlow list countries. accredited hotel if they have been The suspension of the rules for fully vaccinated, or seven days if “Green List” countries will be in they are unvaccinated or partially effect from November 28, 2021 to vaccinated.

December 15, 2021.

See “Hotels,” A2 Continued on A2

n n SINGAPORE SINGAPORE 36.8968 36.8159 n BSP (December 3, 2021) n JAPAN JAPAN 0.4454 0.4374 n n UK UK 67.0888 67.2329 n n HK HK 6.4693 6.4722 n n CHINA CHINA 7.9027 7.9013 n n AUSTRALIA AUSTRALIA 35.7494 36.2807 n n EU EU 56.9683 56.5758 n n SAUDI SAUDIARABIA ARABIA 13.4356 13.4531 Source: Source: BSP (November 26, 2021)

News

BusinessMirror

A2 Monday, December 6, 2021

165 party-list groups to join Comelec raffle on ballot slot

A

By Samuel P. Medenilla

@sam_medenilla

TOTAL of 165 party-list groups will participate in the raffle to be conducted by the Commission on Elections to determine their ballot positions in the 2022 polls.

In Resolution No. 10735, the Comelec en banc determined the concerned groups are eligible to join the raffle to be held at 10 am on December 10, 2021.

Of the groups qualified for the raffle, 152 are registered partylists, while 13 still have pending applications for registration.

The registered party-list groups include SAGIP, 1-PACMAN, 1TAHANAN, 1-CARE, ABANG LINGKOD, API, ABEKA, ABONO, ACT AS ONE, ACT TEACHERS, ACTSOFW, A TEACHER, AKO OFW, ARTE, AGIMAT, AGRI, AGAP, ANGAT, AKBAYAN, AKO BICOL, AKO BISAYA, AKO BISDAK, AIA, AKO PADAYON, AKMA-PTM, AK AP PINOY, AKTIBONG KAAGAPAY, ASAP, ANAKALUSUGAN, ALONA, AP PARTYLIST, ALTERNATIBA, ALSA BISAYA, ANG PROBINSYANO, AN WARAY, AMIN, ANAKPAWIS, AAMBIS-OWA, 1-RIDER PARTYLIST, ABP, ANG KABUHAYAN, AKKK, AKO LP, ANG KOMADRONA, ALIF, MATA, ANAC-IP,

PAMILYA MUNA, ANGKLA, ACTCIS, ABS, ASENSO PINOY, APEC, AASENSO, and ABANTE PILIPINAS. BABAE AKO. Also considered as registered are BAHAY, BHW, BAYAN MUNA, BTS, BAGONG HENERASYON, BICOL SARO, BG PARTY-LIST, BUHAY, BUNYOG, BUTIL, CANCER PARTY LIST, CIBAC, SENIOR CITIZENS PARTYLIST, CLICK PARTY, CWS, COOPNATCCO, DAMAYAN, DIWA, DUMPER PTDA, DUTERTE YOUTH, FRONTLINERS ANG BIDA, GABRIELA, GP PARTY, H.E.L.P PILIPINAS, HOME OWNER, HUGPONG FEDERAL, IPATUPAD, KABAKA, KABALIKAT, KABAYAN, KAPUSO-PM, KABATAAN, KALINGA, KAMALAYAN, KAPAMILYA, KASAMA, and KM NGAYON NA. The other remaining registered groups are MAYPAGASA, P3PWD, KOOP-KAMPI, KB, KUSUG TAUSUG, LPGMA, LUNAS, MAGDALO, MAGSASAKA, MAHARLIKA, MALASAKIT@BAYANIHAN, MANIL A T E ACHER S, M A R I NO,

AYUDA SANDUGO, MORO AKO, ANGAT PINOY, KONTRA BROWNOUT, ABB-NFCPI, MARVELOUS TAYO, OFW FAMILY, ONE COOP, OFW, 1-UTAP BICOL, 4PS, PTA, COCOMAN, PLM, PASAHERO PARTYLIST, PDP CARES, PVAID, PEACE, PRAI, PHILRECA, PPP, BUKLOD FILIPINO, PINUNO, PROBINSYANO AKO, PATROL, PBA, RAM, RECOBODA, S.M.I.L.E, STL, SILBI, SOLID-CHANGE, SUBANEN, TR ABAHO, TGP, TUCP, TINGOG, TODA, TULUNGA N TAYO, TURISMO, TUTOK TO WIN, 1-ANG EDUK ASYON, UNITED FRONTLINERS, USWAG ILONGGO, WOW PILIPINAS, and YACAP. Those with pending incidents are L.O,G.R.O. KUSINERO, AKO MUSIKERO, BPO, BARKADAHAN, MALABUNG, MALASAKIT MOVEMENT, MOCHA, MAAGAP, PAMILYANG MAGSASAKA, PSIS, PASADA - CC, UFCC, and UNITED SENIOR CITIZEN. Comelec explained that being included in the raffle does not guarantee the party list can no longer be excluded in the ballot.

“At any time, prior to the publication of the final listing, the Commission has the authority to exclude any party-list groups, organizations, or coalitions subject to the pending incidents,” the Comelec en banc said.

Meanwhile, Comelec declared 107 party-list groups are no longer eligible to participate in the raffle

after their petitions for registration were denied.

These include 1-AMPA, 1-ATPINOY, 1-BANSA, A.N.A.K, ABANTE BARANGAY, SAMBAYANAN, ASPA, AKO BALIKBAYAN, AKO BREEDER, BATANG PINOY, AKO TANOD, AKO VENDOR, AKO’Y TECH VOC, AKMMA INC, AKSYON LEGAL, ALALAY NATIN, AKAP, ALAY SA PAMAYANAN, ALZA, ABANTE MASA, ARISE, ALLIANCE, AMUPRA, AKONA, AMBAGAN, ANGKOP, ANG KAMPILAN, APAT DAPAT, SINAG, ANG TANOD, ANG TINIG NG SENIORS, ATM-PL, ANGAT AHON MAGSASAKA, AMK, ATAI, AWAT MINDANAO, ANUBA PILIPINAS, ARAL, ATING GURO, ATLETANG PILIPINO CORP, and AYUDA. Also denied registration were BAHAY KUBO, BBG, BPO CIRCLE, CCWAI, CCW, CHAMP INC, CYMPIL-PARAK,DUTERTEKBGAN, DUTERTE ATIN TO, NAPSPHIL/ESC, ABANTE MIDWIFE, FAMES, FLAGMAHARLIKA, FPJ, GUARDIANS INC, BATANG MAYNILA, GREEN FORCE, IWI, ILOCANO DEFENDERS INC, MIPCPD/IPEACE EPANAW, ISDA PARTY, JUAN PINOY, KABALIKAT NG PILIPINO, KPP-PL, AKO KAIBIGAN, KALSADA SWORD, KAMAIDA, KAAKBAY, ANGAT KABUHAYAN, KILUSANG PAGBABAGO, KP-LOI, KANEGOSYO, The other remaining groups with denied registration are EMPLEYADO, INC, LIBRO, LTODAP, LGBTQ PLUS, LBP, LUNAS AT GAMOT, MALAY DEMOCRAT OF THE PHIL, MAMAMAYANG LIBERAL, MEDCANN, MOTOR, OFWS MRRD, MRRD NECCC, SOLO PARENTS, NORAA, NPIC, NETIZENS, NURSES UNITED, 1 TESDA CORE, ONLINE, PK, PBP, PASAHERO, PASTOR INC, PESANTE, #5PSORG, PCAP INC ONE CRIMINOLOGY, 4PS, SAFETY FIRST, MANIBELA, SAMAHANG NAYON, TDP TRUCK DRIVERS, UMA ILONGGO, VOICE PHILIPPINES, and WACCAA. Comelec will announce the results of its raffle for party-list groups within 15 days after the conduct of the raffle and its publication in two newspapers of general circulation and in the official website of Comelec.

Tariff cuts...

Corn, too

GRADUALLY lowering corn tariffs to 5 percent for imports will help reduce the cost of meat products and boost the production of the local livestock sector, according to an economist from the Philippine Institute for Development Studies (PIDS).

In an interview with BusinessMirror, PIDS Senior Research Fellow Roehlano M. Briones said the proceeds could also be placed in a fund that would help the corn farmers, similar also to RCEF. However, this fund may not be as “lucrative” as the RCEF and would not be able to finance big programs.

This is especially if tariffs are gradually reduced to 5 percent.

“This is the compromise you’re making. Actually right now, you are sacrificing the livestock and feed milling industry. You are actually sacrificing them in the name of the corn farmer,” Briones said.

Tolentino also backs lowering tariffs on corn and other feed materials like wheat, in order to make available cheaper feed materials for the livestock industry. He thinks revenue collections from imported corn and other feed materials must be earmarked for development of the domestic corn industry.

“If we want to solve our problem on high meat prices we must focus on productivity,” he said. “Why are Vietnamese and Thai farmers able to produce more at lower costs?

We should answer that question.

Clearly, the farmers that we are

www.businessmirror.com.ph

Hotels...

Continued from A1

“Regardless of a negative RT-PCR test result, they shall be required to undergo home quarantine up to the 14th day from the date of arrival,” according to Resolution No. 152 issued by the Inter-Agency Task Force on Emerging Infectious Diseases on December 2, 2021. Vaccinated travelers will be tested on the fifth day of their hotel quarantine, while those unvaccinated or partially vaccinated will be tested on the seventh day of quarantine.

‘Greater confidence since Halloween’

Hotels are also upbeat because they are now allowed to hold social gatherings, although still required to strictly enforce healthy and safety protocols.

Peggy Angeles, executive vice president of SM Hotels and Conventions Corp. for one, shared, “As long as the Alert Level stays at 2 and the Omicron variant does not get into the country, we are definitely seeing a better and brighter Christmas this year compared to last year. There is a trend of greater confidence since the long weekend of October 31, and it is our hope that this positive trend will continue not only through Christmas but for the coming year.”

She added, “December 2021 will see more family celebrations especially with kids now allowed to go out. This would mean they will be small-sized events though. Compa-

nies are still cautious and rightfully so because most have not done financially well for the year. Yet I see a doubling of revenues compared to December 2020. But this also only means December will somehow cover some (not all) the slow months of 2021.”

She said this yearend good fortune will not only be felt by all of SMHCC’s properties nationwide, “but this should be the trend for most hotels be in NCR (National Capital Region), Luzon Visayas or Mindanao.”

Enough hotel rooms

MEANWHILE, the Department of Tourism (DOT) assured the public there will be enough hotel rooms to accommodate the projected influx of balikbayan travelers this holiday season, despite the longer quarantine period.

“Even with the five-day quarantine for each arriving balikbayan, there will still be enough hotel rooms to accommodate them in NCR,” said DOT Undersecretary-in-charge for Tourism Regulation, Coordination, and Resource Generation Christopher V. Morales.

He added, “The team led by the Department of Transportation and Overseas Workers Welfare Administration are closely coordinating with us so that adjustments and preparation can be made in so far as quarantine hotels are concerned.

OFW repatriation...

The Philippines’s Inter-Agency

Task Force (IATF) had earlier placed South Africa, Botswana, Namibia, Zimbabwe, Lesotho, Eswatini and Mozambique on the red list after the Omicron variant was identified in South Africa last Nov. 25.

But as the variant was traced in Europe days after, the IATF added to its list Austria, Czech Republic, Hungary, The Netherlands, Switzerland, Belgium and Italy effective Nov. 28 until Dec. 15.

The government had earlier said it planned to suspend measures to relax entry for vaccinated tourists because of the emergence of the Omicron variant, but the Department of Health (DOH) said on Saturday there was no reason to panic over the new variant, as there has been no sudden increase or clustering of cases lately.

Eisma pointed out that the OFW repatriation program here is being handled carefully by the Department of Transportation, Overseas Workers Welfare Administration, and Bureau

Continued from A1

of Quarantine.

“We all see to it that IATF guidelines on health safety are strictly enforced while the repatriation program continues here,” she added.

According to SBMA Senior Deputy Administrator for Operations Ronnie Yambao, more PAL flights are expected this month because of the holiday season. The first flight arrived here on Dec. 3, followed by two more last Sunday, Dec. 5; then one each on Dec. 10, 12, 17, 19, 24, 26, and 31.

SBIA manager Zharrex Santos said a total of 42 OFW flights had so far brought in 11,410 passengers, including returning overseas Filipinos, to the Subic Bay Freeport.

These included six flights in July, seven in August, 10 in September, five in October, 11 in November, and three so far in December, Santos added.

Upon arrival in Subic, OFWs and other returning Filipinos are required to stay in Subic hotels for a BOQ-supervised quarantine of up to 10 days.

Continued from A1

comparing - the Thais and Vietnamese - are more productive since their production cost is lower,” he added.

Tolentino proposed that government do to the corn industry what it did to the rice industry: open it up and allocate tariff collections for its development. Tolentino thinks the livestock and corn development funds must be at least five years.

A presentation shared by Tolentino with the BusinessMirror showed Filipinos pay more than double for pork compared to Thais and 73 percent more compared to Vietnamese.

For chicken, Filipinos pay more than double than Thais and 44 percent higher than Vietnamese. Tolentino attributed the higher costs of meat products to “significantly more costly” animal feeds in the country.

Gradual reduction

BRIONES said tariffs could be reduced gradually, but the first cut should be to bring down duties to 20 percent. This means at least a 50 percentage point reduction from existing tariffs.

Currently, the current tariff of over 40 percent for in-quota tariff and 50 percent for out-quota tariffs are slapped on corn imports from non-Asean countries. The current corn tariff in the Asean is 5 percent.

He said the Asean is not a major corn exporting region given that

the need for the commodity is higher than what can be produced. This implies a need to source corn from major producers like the United States, South America, and Canada.

“Maybe it’s better – so as not to shock corn farmers – to have gradual reductions. And then, when they realize they can cope after all, then they’d be more amenable to further reductions,” Briones said, partly in Filipino.

Extend EO 134

BESIDES reducing tariffs, Executive Order 134 should be extended until the country’s battle against the African Swine Fever (ASF) ends, Briones said. The EO reduced meat tariffs to 5-percent tariff rate on in-quota imports.

“As long as the ASF is not resolved, there’s every reason to keep the EO intact, extend the EO. Now, if you want to eradicate ASF, let’s talk about recalling it later,” Briones said.

Based on a study commissioned by the National Economic and Development Authority (Neda), Briones estimated that animal feed is significantly more costly in the Philippines.

In the cost of large-scale swine farms, of the P112 per kilo, carcass weight, P64 is attributable to feed cost. And of that amount, half is from the cost of corn.

In terms of broiler farms, of the P92 per kilo cost, feed costs account for P60. The same share of the amount is attributed to corn costs.

Economy BusinessMirror

www.businessmirror.com.ph

Villar to build his own ‘Villar City’ in southern part of NCR

By VG Cabuag

F

@Villygc

ORMER Sen. Manuel B. Villar Jr. announced plans to develop a sprawling 2,500-hectare property at the southern edge of Metro Manila into an upscale central business district that he said will rival those of the mature development of the Ayalas in the cities of Makati and Taguig.

Villar said the “Villar City” will be his legacy project that would take some years—or decades—for it to be completed. The family has accumulated these lands over the past 30 years.

He said the property is owned by his privately-held real estate company Villar Land Inc., which develops only upscale projects, and will be his final development project “because it will take more than the rest of my life to develop because of its size.”

It is currently at 2,000 hectares but the company can expand it to 2,500 hectares, according to the businessman.

“There is no other property near this size this close to Metro Manila,” Villar said in a briefing after the group’s online Retail Innovation Shopping Expo.

These lands are within the border or surrounded by 11 cities including Las Piñas, Parañaque, Alabang (in Muntinlupa), San Pedro (in Laguna), and Imus, Bacoor and Dasmariñas in Cavite.

“The property is the biggest contiguous lot in the south of Metro Manila and is right beside AyalaAlabang so it will not have middle-

income residential projects,” Villar said. “I will not be compromising of the quality and it will have beautiful, sprawling malls and upscale residential projects.”

He added that the property will be accessible via the Manila-Cavite Expressway and will be along the train route.

Villar didn’t identify yet the number of buildings that would compose “Villar City” but a hectare of land can fit at least four towers. This means his property can fit up to 10,000 buildings.

“But not all of it will be buildings.

There will be parks, roads retail, residential and commercial, mostly for the middle and upscale sector,” he said.

While the property is held by Villar Land, the project will be developed mainly the Villar Group’s publiclylisted real estate firm Vista Land and Lifescapes Inc., which is already in the business of building malls, office and residential towers as well middle to upscale residential villages.

Some of the portions of the property have already been developed and includes the SOMO Market and NOMO-A Vista Lifestyle Center, both in Bacoor in Cavite and Evia shopping mall.

“I am spending the rest of my life here in this property. This is going to be the new Makati. I want to make this the CBD of the south. There is no rush to do an IPO for this project. There is no rush to develop this myself. I can pass this on (to my children),” Villar said.

Editor: Vittorio V. Vitug • Monday, December 6, 2021 A3

DTI to impose anti-dumping duty on cement imports from Vietnam

By Tyrone Jasper C. Piad @TyronePiad

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HE Department of Trade and Industry (DTI) is imposing a provisional anti-dumping duty on certain Vietnam cement imports, which were found to be flooding the Philippine market— and hurting local players—due to their much lower price tag.

In its report on the preliminary investigation on the anti-dumping case against Vietnam cement imports, the trade department said the collection of duties in the form of a cash bond will cover the importations of Type-1 and Type-1P cement from Vietnam for four months beginning the issuance of relevant memorandum order.

“The imported Type 1 and Type 1P cement from Vietnam are being dumped; and by reason thereof, the dumped imports have caused material injury to the domestic cement industry,” the report said.

The DTI said in a statement issued last Sunday that 9 out of 16 Vietnamese Type-1 cement exporters and that 4 out of 12 Type-1P exporters have been dumping in the country.

The provisional measure, as such, is seen as a “necessary” move to protect the local sector moving forward.

For Type-1 cement, the provisional anti-dumping duty will range

from $1.02 per metric ton (MT) to $10.53/MT, which is equivalent to 2.69 percent to 31.87 percent of the export price. The computed duties for Type 1P cement, meanwhile, are from $1.16 per MT to $12.79 per MT or 3.80 percent to 29.20 percent of the export price.

The provisional duties are estimated to hike the import cost of a 40-kilogram bag of cement by P2.01 to P25.08.

“We do not anticipate that these duties will result in an increase in the retail price of cement because its effect on landed cost is minimal,” Trade Secretary Ramon M. Lopez said. “Any price increases in imported cement will be discouraged by competition from domestic cement producers.”

Based on the electronic Bureau of Customs-Single Administrative Documents, the computed volume of dumped cement reached 4.26 million MT or 55 percent of the total Philippine imports from July 2019 to December 2020. This is much higher than the de minimis volume requirement of 3 percent.

Cement imports from Vietnam, in addition, comprise nearly 90 percent of the Philippines’s total import of said construction material, the DTI noted.

The local manufacturers, the report noted, were “not able to take advantage of the growth in demand

for cement during the period of investigation (POI).”

Their market share, for one, decreased to 74 percent in 2020 from 85 percent in 2017. This, as the share of cement imports from Vietnam rose to 23 percent in 2020 from 18 percent the previous year.

Domestic sales volume and value increased in 2018 but declined by 5 percent and 6 percent, respectively, the year after. This, despite the imposition of safeguard duty on imported cements.

In 2019, the DTI imposed a 3-year safeguard measure on cement based on the findings of the Tariff Commission that imports on said products are seen to inflict serious injury to the domestic industry.

The amount of the safeguard placed for the first year is P250 per MT (or P10 per 40-kilogram bag), for the second year P225 per MT (P9 per bag) and for the third year P200 per MT (P8 per bag).

The investigation also observed the decline in production and capacity utilization of the local producers. With fewer sales volume, inventories also increased by 14 percent in 2019.

“Proliferation of dumped imports makes it difficult to raise capital as volatile market conditions result in uncertainty over future cash flows,” the DTI said. “The decline in Ebitda

[earnings before interest, tax, depreciation and amortization] is impacting the company’s cash generation and the ability to generate an acceptable return on new investments.”

The investigation began after the DTI found enough grounds to look into the anti-dumping case filed by Cemex Philippines, Holcim Philippines Inc. and Republic Cement Builders and Building Materials Inc. in April.

The trade department noted that the POI for dumping is from July 2019 to June 2020. The POI for injury is from 2017 to June 2020.

The documents will be sent to the Tariff Commission for formal investigation to know if there is a need for definitive anti-dumping duties.

The Anti-Dumping Act of 1999 (Republic Act 8752) is in place to protect the local industry from being materially injured by the dumping of articles imported into the country.

The trade department said that the Philippines, being a member of the World Trade Organization (WTO), adheres to rights and obligations identified in the WTO Agreement on anti-dumping practices.

The cement products under investigation are used for high strength concrete designs, including roads, dams, bridges, railway structures, mega-structures, high-rise buildings and condominiums.

The Nation

A4 Monday, December 6, 2021 • Editor: Vittorio V. Vitug

BusinessMirror

SC affirms constitutionality of GMA’s order vs mining in Pinatubo-hit areas

By Joel R. San Juan

@jrsanjuan1573

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HE Supreme Court (SC) has affirmed the constitutionality of Executive Order (EO) 224 issued by former President Gloria Macapagal-Arroyo, which scales down the extraction and disposition of sand, gravel and lahar deposits in provinces affected by Mt. Pinatubo’s eruption in 1991.

In a 24-page decision released to the public last December 2, the Court en banc denied the petition filed by the provincial government of Pampanga assailing the decision of the Court of Appeals issued on April 24, 2010, which reversed the lower court’s decision declaring EO 224 invalid and unconstitutional.

The petition argued that EO 224 violated the principle of local government autonomy under the Local Government Code (LGC). It also argued that the order was an invalid exercise of presidential control and not just general supervision. Other arguments were that EO 224 was a violation of the equal protection clause and was a form of executive lawmaking.

However, the Court held that the issuance of EO 224 was a valid exercise of the President’s ordinance-making prerogative, which forms

part of the power of executive control.

It added that the Philippine Mining Act of 1995 is an environmental protection law, which “justifies the State’s supervision, control and review of the concerned local government units’ compliance with and enforcement of existing regulations on quarrying-related activities.”

Furthermore, the SC noted that the Philippine Mining Act amended the LGC’s provisions by limiting the provincial government’s authority to issue permits only to quarry applications covering areas less than five hectares.

The Court also dismissed the claim of the petitioner that the creation of a task force under EO 224 to ensure compliance of all permit holders with the terms and conditions of their permits disrespected the constitutionallymandated fiscal autonomy of local government units (LGUs).

Under Section 138 of the Local Government Code, a province has the power to levy and collect not more than 10 percent of the fair market value of the quarry resources extracted from its territorial jurisdiction.

On the other hand, Section 4 of EO 224 gave the task force the following powers: to collect

applicable quarry taxes, fees and charges; to ensure that proper taxes and fees are paid before any delivery receipt is issued; to ensure that the appropriate shares of the concerned local government units are fully and timely remitted; and, to render an accounting with the environment secretary.

The SC pointed out there is nothing in the wording of Section 4 that suggests that the task force exercises control over the provincial government.

It added that EO 224 also doesn’t authorize the task force to impose its own set of rules or regulations over the local government unit when it comes to the collection of quarry taxes, fees and charges.

“The task force’s mandate of overseeing the collection of taxes does not violate local fiscal autonomy. The power to impose quarry fees and taxes remains with the local government units. Likewise, the full income due from those sources will ultimately find its way to the coffers of the concerned [LGUs],” the Court said in a decision penned by Associate Justice Marvic MVF Leonen.

“There was no such palpable violation of the Constitution here,” it declared.

Davao City opens 24/7 Covid-19 Cluster Clinic

By Manuel T. Cayon

@awimailbox Mindanao Bureau Chief

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AVAO CITY—The city government and its agency partners opened here last Friday the first 24-hour Covid-19 Cluster Clinic, promising to provide all the necessary services and management needs of residents related to coronavirus concerns.

The clinic at Doña Vicenta Village along Bajada is the first of eight clinics to be opened by the city government to provide free services and open for 24 hours. The Covid-19 Clinic starts serving Dabawenyos on Monday, December 6.

The city’s Covid-19 Task Force Spokesman Michelle Schlosser said the clinic is a one-stop-

site offering free contact tracing, consultation and medicine, swab test, quarantine or isolation, transportation and food for suspected, probable, or confirmed Covid-19 cases.

“All services related to Covid-19 management is there. All will be provided to our patients,” Schlosser said. “The clinic does not limit in terms of the number of patients. We have enough doctors to address their concerns.”

The clinic will also utilize telemedicine for people to consult and communicate with doctors on Covid-related matters in the safety of their homes, she added.

Mayor Sara Duterte-Carpio and Heather Variava, the Chargé d’ Affaires (ad interim) of the US Embassy in Manila, opened the clinic on

Friday. The establishment of the cluster clinics was in partnership with Reach Health-US Agency for International Development (USAID).

Meanwhile, the city inches a few steps closer to herd immunity target with 1,136,577 million residents (about 87 percent of the target) already got their first dose. Schlosser also said about 967,053 had their second dose.

The 3-day vaccination program last November 29 to December 1 had 75,476 people who received vaccines.

As of 2020, Davao City has a population of 1,825,450, according to the Region 11 office of the National Economic and Development Authority. The city has set the target of 1.2 million to achieve herd immunity.

www.businessmirror.com.ph

DOLE to mount ‘hybrid’ jobs fair, business expo

By Samuel P. Medenilla @sam_medenilla

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OLLOWING the easing of quarantine restrictions in previous weeks, the Department of Labor and Employment (DOLE) announced it will be mounting “hybrid” job fair and business expo, where over 15,000 vacancies will be available, during its anniversary celebration starting on Monday.

This will be the first-ever job fair event to be held by DOLE with a limited face-to-face component since the onset of the novel coronavirus disease (Covid-19) last year.

Available vacancies

IN a press statement issued during the weekend, Labor and Employment Secretary Silvestre H. Bello III said of the 15,526 vacancies, 12,598 are local vacancies. These vacancies, Bello said, includes positions like customer service representatives, production workers, sewers, sales associates, salesmen, office staff, helpers and kitchen crew.

Also to be made available are 2,971 overseas jobs positions such as registered nurses, bakers, auto mechanics, household service workers and kitchen crew from 35 recruitment agencies.

Successful applicants for the said overseas vacancies will be deployed to Kingdom of Saudi Arabia, United Kingdom, Germany, Japan, Kuwait and Qatar.

The event is expected to provide new job opportunities to over 4.2 million unemployed workers tallied by state statisticians last September and also to more than 800,000 overseas Filipino workers (OFW) who were repatriated since last year.

Safety protocol

THE labor department said that minimum health standards would be in place during the nationwide event to ensure the safety of the participants of its onsite job fairs.

DOLE spokesperson Rolly Francia told the BusinessMirror that jobseekers will be allowed to participate in the face-toface job fairs regardless of their vaccination status.

Francia said those vaccinated will be required to present their vaccine cards while those who are unvaccinated must undergo free antigen tests.

Labor Assistant Secretary Dominique R. Tutay said that, as an additional safety precaution, onsite applicants would also be required to undergo a temperature check as well as wear a face mask.

Tutay added that only 20 jobseekers at a time will be allowed into the onsite job

fair venues.

“They will be allowed for a maximum of 45 minutes maximum to stay inside [the venue],” Tutay told the BusinessMirror.

Hybrid job fairs

BELLO said the hybrid job fairs, which include both face-to-face and virtual platforms, would be held in the National Capital Region (NCR), Bicol Region, Central Visayas and Zamboanga Peninsula.

In the NCR, the physical job fair would be held in the DOLE Labor Governance Learning Center, San Jose Street, Intramuros, Manila on December 6, while the online job fair to be held in the region will be hosted at the JobQuestPH portal.

For the Bicol Region, jobseekers may go to the fourth floor of the Ayala Mall Legazpi, Legazpi City, Albay on December 8 for the physical job fair, or visit https://www.workbank.com/ if they want to apply online.

Workbank.com will also host the online job fair in Central Visayas, while the physical job fair in the region will be held in SM City Cebu, Mabolo, Cebu City from December 6 to December 8.

The last hybrid job fair would be held in the Zamboanga Peninsula, wherein applicants could go KCC Mall de Zamboanga in Zamboanga City on December 8 to apply in person and at the DOLE IX Job Fair System from December 8 to December 10 for virtual application.

Exclusive onsite or virtual job fairs

BELLO said only physical jobs fairs will be held for the following on December 8: Skyzone Area, Porta Vaga Mall, Baguio City (Cordillera Administrative Region); Pangasinan Provincial PESO, Capitol Complex, Alviar Street East, Lingayen, Pangasinan (Ilocos Region); Malvar, Santiago City (Cagayan Valley Region); and, Bulacan Polytechnic College, Malolos City, Bulacan (Central Luzon Region). He said that the physical job fair in the Mimaropa region would be held on December 13 at the Bulwagang Panlalawigan, Provincial Capitol Compound, Calapan City, Oriental Mindoro.

Other regions that will also conduct only face-to-face job fairs on December 8 are: Western Visayas (SM Iloilo, Iloilo City); Eastern Visayas (Robinsons Mall, Marasbaras, Tacloban City); Soccsksargen (KCC Mall of Gensan Convention and Events Center); and, Caraga (SM Butuan, Butuan City). The face-to-face job fair for the Davao Region would be held at the New City Hall, Tagum City and at the Barangay Gredu Covered Court, Panabo City on December 7.

Covid-19 cases at 2.8M after 603 test positive

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HE Covid-19 cases in the Philippines reached 2,834,775 after the Department of Health (DOH) logged 603 additional infections on Sunday. There were also 1,047 recoveries and 156 deaths.

Of the total number of cases, 0.5 percent (13,853) are active, 97.8 percent (2,771,536) have recovered, and 1.74 percent (49,386) have died.

Of the 156 reported deaths, only 12 occurred in December 2021 and that 36

percent of the reported deaths on Sunday occurred in November 2021. This is due to late encoding of death information to COVIDKaya.

“This issue is currently being coordinated with the Epidemiology and Surveillance Units to ensure information is up to date,” the DOH said.

Six duplicates were removed from the total case count. These 6 are recoveries.

Claudeth Mocon-Ciriaco

DOF lists populist pension fund bills’ risks continued from a1 Meanwhile, Dominguez gave assurances the government is moving to address fiscal risks stated in the report for 2022 including the “ballooning” Military and Uniformed Personnel (MUP) pensions.

Dominguez also assured the public that the GSIS “is not in any danger of not floating” despite the report’s recommendation for it to be tapped “to serve as fund administrator” instead of creating an MUP Fund Authority.

The BTr report said, quoting an actuarial study by the DOF, that the creation of an MUP Fund Authority means an additional requirement of P45 billion annually.

“As CFO of the Government, it is my duty to clearly define the financial issues facing the country and one sure way of doing that is to make certain that all our liabilities, including contingent ones, are recognized and understood by all so they can be rationally addressed by this and future administrations,” Dominguez said. He also hoped these issues would

be resolved before the end of the President’s term.

The BTr said Senate Bill 1419 and the House bills on the MUP Retirement and Pension Reform seek to provide all MUP with adequate remuneration and benefits by revamping the current retirement benefits and pension scheme.

The Department of Budget and Management (DBM) has recommended as of August 2020, that the financial sustainability of the proposed contribution of the national government be revisited.

The contribution rates vary across bills but would generally fall within the range of 18 to 27 percent monthly. This is significantly higher than the 12 percent monthly civilian rate.

“This will result in the ballooning of retirement and pension requirements over the next few years, without the correlative funding sources to support them,” the report said. Cai U. Ordinario

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, December 6, 2021 A5

‘Pandemic prompts Pinoys to eat more fruits’

APPLES from Fishkill Farms in Hopewell Junction, New York. BLOOMBERG NEWS

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE country’s fruit imports this year are expected to rise by 5 percent year-on-year to nearly $730 million as more Filipinos are consuming fresh fruits to stay healthy during the pandemic, an international report said.

A Global Agricultural Information Network (Gain) report projected that the Philippines’s fruit imports in 2021 would increase by $34.75 million from $695 million last year.

The country’s fruit imports last year grew by 36 percent year-on-year.

“In general, consumers believe eating a variety of fruits casts a wider nutrient net. A typical fruit basket will include both local and imported fruits. Apples, citrus, and grapes are a staple for ‘get well-soon’ gifts for loved ones,” the report read.

“Since the start of Covid-19, Philippine consumers have incorporated more fresh fruit into their diet.”

The report was prepared by the United States Department of Agriculture Foreign Agricultural Service in Manila (USDA-FAS Manila).

The Gain report noted that the shift to remote work set-up during the pandemic allowed Filipinos to prepare food at home, enabling the inclusion

of more fruits in their daily meals.

“BusinessMirror reported on the 2020 Diet Decisions Survey by OnePoll and Herbalife Nutrition; the survey revealed 53 percent of respondents have started eating more fruits and vegetables,” the USDA-FAS Manila said.

“Demand for imported fruits peak during the holiday season [October through December] and during the dry season [March through May] as consumers eat more fruit to refresh themselves and stay hydrated.”

The USDA-FAS Manila noted that imported fresh fruits, such as apples and oranges, are often cheaper than locally-produced fruits. The international agency added that quick commerce has become a key factor in the growing sales of fresh fruits during the pandemic.

“Quick commerce brings small quantities of goods to customers almost instantly, and a fast-growing number of fresh fruit online traders along with delivery service players, such as Grab and Lalamove, have been quick to fill this need.”

The USDA-FAS Manila said the top fruit exporters to the Philippines last year were China, Australia, and the United States.

“Exports from mainland China and Australia increased 80 and 17 percent respectively, while US ex-

ports dropped 35 percent in 2020.”

“The decline in US exports was across the top three fresh fruits, namely grapes, apples, and oranges amidst ocean freight challenges, while exports of cherries that are air-flown grew 33 percent.”

The Gain report noted that importers are buying fruits from nearby countries due to shorter transit time amid worsening global logistics and shipping problems.

“While 2021 global exports to the Philippines from January through September climbed eight percent year-on-year [with China and Australia up 9.4 and 8.9 percent respectively and the United States down 40 percent], importers are reporting that the shipping problem will worsen leading to the holiday season. Importers are seeking to minimize risk and prefer to purchase within the region, given the shorter transit time.”

The report noted that US fruit exports to the Philippines last year declined by 35 percent year-on-year to $32.5 million due to “freight challenges which continue to persist.”

“Traders are optimistic that once the pressure on the global supply chain eases, US fresh fruit exports to the Philippines will bounce back to $50 million in annual sales.”

The top fresh fruit exports to the Philippinesincludeapples,grapes,mandarins, lemons, cherries, kiwi fruit, and melons, according to the Gain report.

The top 10 fruit exporters to the Philippines with an annual export value of above $2.5 million are China, US, Pakistan, Hong Kong, Argentina, New Zealand, and Chile, it added.

The BusinessMirror earlier reported that the importation of all unprocessed fruits and vegetables are now exempted from the 12-percent value-added tax (VAT), following a recent amendment made by the Bureau of Internal Revenue (BIR), expanding the coverage of the exemption (Related story: https://businessmirror.com.ph/2021/11/22/ vat-exemption-now-covers-imported-fruits-vegetables/).

NIA: Bicol irrigation projects to benefit 1,799 farmers

By Jovee Marie N. Dela Cruz @joveemarie

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HE National Irrigation Administration (NIA) said Thursday that a total of 1,799 farmers are expected to benefit from irrigation projects in Albay and Camarines Sur in the Bicol Region.

The NIA said these projects, which cost P74,144,127.46, include: the P37.893-million South Quinale River Irrigation System (South Quinale RIS) Rubber Dam in Barangay Busac, Oas, Albay; P874,741.48 IA Model Farm Drip Irrigation Project in Barangay Napo, Polangui, Albay, and P35.377-million Agos Rubber Dam in Barangay Agos, Bato, Camarines Sur. The agency said the project was already inaugurated and turned over

last November 16.

The NIA said supply, delivery, replacement of rubber tube for South Quinale RIS is expected to provide timely and reliable irrigation service to 753-hectares of agricultural land in Barangays Busac, Saban, Manga, and Gumabao in Oas and Barangays Linao, Bacolod, San Isidro and San Vicente in Libon, Albay benefitting 904 farmers and their families.

Also, it added that the construction of Drip Irrigation System and Greenhouse of Mahaba Nasisi Ogsong Hibiga River Irrigation System that is the 1,000-square meter IA Model Farm will benefit 775 Bicolano farmers of Barangays Balinad, Napo, Ponso, Mendez, and Alnay of Polangui and Barangays Balogo and Sitio Maguiron, San Ramon of Oas, Albay.

The NIA said the supply, deliv-

ery, commissioning and testing of rubber dam, canal structures and access roads of Agos Communal Irrigation Project, the first rubber dam in Camarines Sur, is set to irrigate 166.67-hectares of farmlands in the Barangays San Miguel and Agos in Bato, Camarines Sur with 120 farmer beneficiaries.

Meanwhile, NIA announced that 16 units of shotgun, 1,680 ammunition/rounds of 9mm, and 1,920 ammunition/rounds of 12 gauge were turned-over to NIA Region 5 after its central office procured 319 units of shotgun armed gladiator caliber 12 gauge.

Despite the prevalence of Covid-19, NIA said it “remains true to its commitment in providing efficient, reliable, and sustainable irrigation service to the Filipino farmers.”

Cargill opens first basemix plant in Mindanao

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ARGILL recently announced the opening of its first basemix plant in Mindanao in an effort to deliver consistently high-quality, nutritious and safe animal nutrition solutions composed of microingredients—such as vitamins and minerals—meant to improve the health, immunity and growability of hogs and chickens.

This, in turn, stimulates Mindanao’s animal-farming sector and strengthens the local feed and protein supply chains without relying on imported base mixes from other parts of the country, the company said.

Joined by Mayor Jennie Rosalie Uy-Mendez and Mr. Richan Lacanaria, Head of DA Region 10’s Corn Program, Cargill delegates led the inauguration of the basemix plant last November 16.

The new facility is equipped with modern automated technologies with an annual capacity of 30,000 metric tons. It was built beside the Cargill Animal Nutrition and Health’s compound feed production facility in Villanueva in the province of Misamis Oriental, which produces swine and poultry products for the region.

“We are proud and excited to unveil our new basemix plant in Mindanao, a strategic decision that allows us to better serve our customers across the region with our latest animal nutrition offerings and solutions,” said Sonny Catacutan, President of Cargill Philippines and Managing Director of Cargill Animal Nutrition and Health.

“Situated in the nation’s food basket, Cargill ’s new basemix plant reflects our confidence in

and commitment to the southern island. We will leverage and support continuous projects that enable Mindanao communities and businesses to thrive.”

As a leading animal nutrition and health supplier, Cargill provides customers with swine, poultry and aqua feed, along with premix solutions, to livestock farmers and feed millers in the Philippines.

The new basemix plant is an additional capability that generates dozens of direct and indirect employment opportunities for local residents. Mindanao remains to be the country’s food basket due to its rich soil and conducive farming climate. Besides being a major production hub for agricultural crops, the island also plays a crucial role in serving the growing animal protein requirements of the nation.

A6

Monday, December 6, 2021

The World BusinessMirror

Australia confirms community transmission of Omicron virus

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ive people in Sydney, Australia’s largest city, have contracted the Omicron variant of the coronavirus locally, New South Wales health authorities confirmed.

Africa. Travelers arriving from Australia’s southeastern states will need to test on arrival and isolate until a negative result is received, state Premier Steven Marshall said.

South Australian authorities are “extraordinarily concerned” about the outbreak in Sydney and the case in the ACT, but will keep its border open at this stage, Marshall told reporters Saturday.

“We don’t know enough about the Omicron variant at this stage,” he said after a meeting with officials to discuss closing the border.

Omicron is “here in Australia,” he said. “It’s contained to this point but we could receive further information in the coming days that it is no longer contained.”

and tested positive upon return to Melbourne after attending parliament last week, a spokesperson for Bandt said in a statement. Bandt, who is vaccinated, and other employees who were in Canberra last week tested negative for the virus, according to the statement.

Given the positive result, officials “have decided that Parliament House should close to the public until further notice,” the Department of Parliamentar y Services said in a separate statement. Authorities said they are investigating possible close contacts, exposure locations in parliament as well as in the broader community.

The Australian Capital Territory, home to capital Canberra, reported six cases on Sunday, a health department spokeswoman said by phone. Neighboring New South Wales state found 286 new virus infections, while Victoria state recorded 980, according to separate statements on Twitter. Bloomberg News

The cases are linked to two sc hools a nd a c l imbing g y m in Sydney’s western suburbs, which may also be the source of a confirmed Omicron infection in the Australian Capital Territory, NSW Chief Health Officer Kerry Chant said Sunday. Urgent genome testing is underway for a number of other cases linked to the venues and should be available in the coming days, she said in a video update.

New South Wales state has confirmed 15 Omicron infections and more are likely, Chant said.

The outbreak was seeded from infected travelers on a flight from Doha who had been in southern Africa.

The Omicron variant of Covid-19, first identified in southern Africa, has now been detected in countries from the US to South Korea, underscoring the difficulties of curtailing contagious new strains. Researchers worldwide are racing to understand the full impact of the new strain, and governments have banned travelers from South Africa and nearby countries on concerns Omicron could evade the protection of vaccines and fuel new surges.

South Australia state on Satu rd ay i nc rea sed rest r ic t ions for international travelers over Omicron fears, requiring all arrivals to quarantine for 14 days, not just those from southern

Merkel says Covid-19 death toll ‘so bitter because it’s avoidable’

China stock losses in US top $1 trillion on delisting fear

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ERLIN—Outgoing Chancellor Angela Merkel on Saturday made what is likely her final appeal before leaving office next week for Germans to get vaccinated against Covid-19.

Merkel gave what is expected to be her last weekly video message two days after federal and state leaders decided on a series of measures meant to break a wave of coronavirus infections.

The measures include excluding unvaccinated people across the country from nonessential stores, restaurants and sports and cultural venues. In a longer-term move, parliament will consider a general vaccine mandate.

At least 68.9% of Germans are fully vaccinated against the coronavirus, short of the government’s aim of a minimum 75% vaccination rate. The number of unvaccinated residents has been blamed as a key factor in a surge of new virus cases in recent weeks.

Official figures suggest that the infection rate may now be stabilizing, but at too high a level.

The national disease control center on Saturday reported 64,510 new daily cases and a 7-day infection rate of 442.7 new cases per 100,000 residents. Another 378 deaths in 24 hours brought Germany’s total in the pandemic to 102,946.

“Every one of them leaves behind families or friends, stunned, speechless and helpless,” Merkel said in her video message. “This is so bitter because it is avoidable. With the effective and safe vaccines, we have the key to this in our hands.”

She renewed a plea to Germans to take the virus seriously, adding that the new Omicron variant “appears to be even more contagious than the previous ones.”

“Get vacc inated, no matter whether it’s a first vaccination or a booster,” Merkel said. “Every vaccination helps.” Merkel is expected to leave office on Wednesday and be replaced by Olaf Scholz of the centerleft Social Democratic Party, who is currently vice chancellor. Scholz said Saturday that his government’s “most important first task” is to “fight the corona pandemic with all the strength that we have.”

“There would be a different situation now if just a few more citizens had also made the decision to get vaccination,” he said at a convention of the Social Democrats. “We must again make a whole new effort, set in motion a whole new campaign” to get more shots in arms, Scholz said. AP

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brutal 2021 selloff for Chinese stocks trading in the US has now erased more than $1 trillion in value since February and shows no signs of easing as regulators on both sides of the globe continue to put pressure on the firms.

The Nasdaq Golden Dragon China Index—which tracks China-exposed firms listed in the US—plunged 9.1% on Friday, the most since 2008, after Didi Global Inc. said it plans to delist its shares from the New York Stock Exchange. The slump came amid a broader drop in equities on the day, with technology shares bearing the brunt of the decline.

The Didi announcement marks a stunning reversal of fortunes after the firm raised $4.4 billion in an initial public offering in late June, and adds even more uncertainty to the prospects for other US-listed Chinese firms. Didi fell 23% at its weakest on Friday, extending the ride-hailing giant’s slump to more than 50% below its $14 IPO price.

“It’s sad to see what’s going on” with Didi, Edith Yeung, general partner of Race Capital, said in a Bloomberg Television interview.

Parliament House closed

Australia’s Parliament House will be closed to the public for the foreseeable future after a political staffer for Greens leader Adam Bandt tested positive for the coronavirus.

The staffer is fully vaccinated

“When you consider a lot of Chinese companies are walking on egg shells to please the Chinese government, to please the US government,” she said, expecting more to join Didi in shifting toward a Hong Kong listing.

Here’s a look at how China stocks in the US have fared amid the increased scrutiny:

Policy pressures

Friday’s selloff adds to what has been a historically bad stretch for Chinese stocks trading in the US. The Nasdaq Golden Dragon China Index has dropped 43% this year, putting it on pace for its worst annual performance since 2008. An unrelenting wave of policy crackdowns by both Beijing and Washington has resulted in eight separate trading days with declines of at least 5%. To put that in perspective, the S&P 500 Index has only experienced five such declines over the last decade.

Trillion dollar club

The dramatic plunge seen by USlisted Chinese stocks this year has burned investors who rode them from the depths of 2020’s Covid-19 selloff to a record high in February.

In the nine-plus months since its peak, the Nasdaq Golden Dragon China Index’s 95 members have shed more than $1.1 trillion in value combined. Headlining the plunge is Alibaba Group Holding Ltd., which has seen its market capitalization drop by about $430 billion, or nearly 60%.

Feeling exposed

While Chinese stocks that are listed in the US have been pummeled this year, a global gauge of stocks with the highest sales exposure to the nation has managed to deliver investors solid returns. The MSCI World with China Exposure Index is up about 9% this year, outperforming the Golden Dragon China Index by more than 50 percentage points, the most since at least 2003, according to data compiled by Bloomberg. “ T his represents the steady march toward the required de-listing of Chinese companies from US exchanges,” Cowen & Co. analyst Jaret Seiberg wrote in a note. “We do not believe Congress or the SEC see the value of letting Chinese firms list in the US as worth the cost of not being able to inspect the audits.”

Bloomberg News

13 dead, seven people missing in Indonesia volcano eruption

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UMAJANG, Indonesia—The death toll following the eruption of the highest volcano on Indonesia’s most densely populated island of Java has risen to 13, with seven people still missing, officials said Sunday as smoldering debris and thick mud hampered search efforts.

Mount Semeru in Lumajang district in East Java province spewed thick columns of ash more than 12,000 meters (40,000 feet) into the sky, and searing gas and lava flowed down its slopes after a sudden eruption Saturday triggered by heavy rains. Several villages were blanketed with falling ash.

A thunderstorm and days of rain, which eroded and finally collapsed the lava dome atop the 3,676-meter (12,060-foot) Semeru, triggered the eruption, said Eko Budi Lelono, who heads the geological survey center.

He said flows of searing gas and lava traveled up to 800 meters (2,624 feet) to a nearby river at least twice on Saturday. People were advised to stay 5 kilometers (3.1 miles) from the crater’s mouth, the agency said. “ Thick columns of ash have turned several villages to darkness,” said Lumajang district head Thoriqul Haq. Several hundred people were moved to temporary shelters or left for other safe areas, he said, adding that a power blackout hampered the

evacuation.

The debris and lava mixed with rainfall formed thick mud that destroyed the main bridge connecting Lumajang and the neighboring district of Malang, as well as a smaller bridge, Haq said.

Despite an increase in activity since Wednesday, Semeru’s alert status had remained at the third highest of four levels since it began erupting last year, and Indonesia’s Volcanology Center for Geological Hazard Mitigation did not raise it this week, Lelono said.

National Disaster Mitigation Agency spokesperson Abdul Muhari said at least 13 villagers died from severe burns and 57 were hospitalized, including 16 in critical condition with burn injuries. He said rescuers were still searching for seven residents and sand miners along a river in Curah Kobokan village who were reported missing.

Entire houses in the village were damaged by volcanic debris and more than 900 people fled to temporary government shelters, Muhari said.

Liswanto, the head of Semeru’s monitoring post, said his office had informed the community and the miners that hot ash could tumble down from Semeru’s crater at any time, after sensors picked up increased activity in the past week.

But some residents who fled to a

government shelter near Lumajang district’s head office said authorities did not convey any information to them about the volcano’s activities.

“Suddenly everything went dark, the bright afternoon turned into night. A rumbling sound and heat forced us to run to the mosque,” said Fatmah, a resident who fled to the shelter from Curah Kobokan, about 5 kilometers (3 miles) from the crater. “It was a far stronger eruption than in January.”

Transportation Ministry spokesperson Adita Irawati said her office issued a notice Saturday for all airlines to avoid routes near the volcano. She said flight operations are still running as scheduled and that authorities will continue to monitor the situation. The Darwin Volcanic Ash Advisory Centre said the spread of volcanic ash from Mount Semeru was detected to the southwest moving at a speed of 50 knots.

Television reports showed people screaming and running under a huge ash cloud, their faces wet from rain mixed with volcanic dust. The last time Semeru erupted, in January, there were no casualties.

Indonesia, an archipelago of more than 270 million people, is prone to earthquakes and volcanic activity because it sits along the Pacific “Ring of Fire,” a horseshoe-shaped series of fault lines. AP

Editor: Angel R. Calso

More Omicron detected in New York as hospitals strain under Delta surge

Dr. Manjul Shukla transfers Pfizer Covid-19 vaccine into a syringe on Thursday, Dec. 2, 2021, at a mobile vaccination clinic in Worcester, Mass. As the US recorded its first confirmed case of the Omicron variant, doctors across the country are experiencing a more imminent crisis with a Delta variant that is sending record numbers of people to the hospital in New England and the Midwest. AP Photo/Steven Senne

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ew York announced three more cases of the Omicron variant of the coronavirus Saturday, bringing the number of state cases linked to the new variant to eight.

“The Omicron variant is here, and as anticipated we are seeing the beginning of community spread,” state Health Commissioner Mary Bassett said in a news release.

The number of states finding the variant is growing as well, with Massachusetts, Connecticut and Washington state announcing their first cases Saturday, a day after New Jersey, Georgia, Pennsylvania and Maryland reported their first confirmed cases. Missouri reported its first presumed case Friday.

The variant also has been detected in Nebraska, Minnesota, California, Hawaii, Colorado and Utah.

In New York, seven of the cases have been found in New York City, once a global epicenter of the pandemic, and the other in Suffolk County.

The arrival of Omicron comes as hospitals statewide continue to strain under a surge in coronavirus cases, most traced to the Delta variant, along with staffing shortages.

The number of people testing positive statewide each day for the virus has doubled in the last 30 days.

Gov. Kathy Hochul in recent days has authorized the Health Department to limit nonessential, non-urgent procedures at hospitals close to running out of beds and deployed National Guard teams to relieve healthcare workers at facilities dealing with staffing issues and surging caseloads.

Fifteen members of the National Guard arrived at Monroe Community Hospital in Rochester on Saturday, WROC reported. Lt. Gov. Brian Benjamin said Wednesday the state would send 13 National Guard teams to the western New York county, where County Executive Adam Bello has declared a state of emergency.

New York’s Omicron cases so far appear to be unrelated, Hochul said. One of the known cases involved a man from Minnesota who was among 50,000 people who attended a three-day anime festival in New York City in November.

Authorities have urged anyone who attended the conference to get tested for Covid-19 and wear a mask in public.

Much remains unknown about Omicron, including whether it is more contagious, as some health authorities suspect, whether it can thwart vaccines and whether it makes people as sick as the original strain.

Connecticut Gov. Ned Lamont on Saturday reported his state’s first confirmed case of the variant, saying it may also be linked to the New York City anime convention.

The case involves a vaccinated Hartford-area man in his 60s who has a family member who attended the convention. The family member, who is also vaccinated, developed symptoms that have since

resolved, Lamont’s office said.

In Washington state, three cases of the Omicron variant were confirmed Saturday—one each in Thurston, Pierce and King counties, state health officials said.

They noted the investigation is still early, and details were not yet known on the travel histories of the patients, two men and a woman who range from 20 to 39 years old.

A Massachusetts woman in her 20s who had traveled out of state is the first known case of the variant detected in her state, the Department of Public Health announced Saturday. The unidentified woman—a resident of Middlesex County—is fully vaccinated and has experienced mild symptoms.

A woman who recently traveled from South Africa became both New Jersey and Georgia’s first confirmed case after seeking care for moderate symptoms at an emergency room. The fully vaccinated Georgia resident was in her home state for two days between arriving from South Africa and traveling onward to New Jersey, health officials in both states said.

Maryland’s first three cases of the Omicron variant were found in the Baltimore metropolitan region and include two people from the same household, authorities said.

One of the two is a vaccinated person who recently traveled to South Africa. The third case, detected in a vaccinated person with no recent travel history, is unrelated.

In Pennsylvania, a man in his 30s from Philadelphia became that state’s first case. The Philadelphia Department of Public Health did not immediately say whether the man was vaccinated against Covid-19 or if he had been traveling.

Missouri’s presumed first case involves someone who recently traveled within the US, according to state health officials, who did not provide additional details about the St. Louis resident. The St. Louis Health Department said it was awaiting confirmation from the Centers for Disease Control and Prevention.

Case counts in California, Nebraska and Colorado grew Friday.

Five cases in Northern California were linked to a wedding in Wisconsin late last month, public health officials said. One of the individuals had recently returned from traveling internationally, according to the Alameda County Department of Public Health.

Health officials confirmed six new cases of the variant in southeastern Nebraska. State health officials said the state’s first case likely stemmed from one of the six who recently traveled to Nigeria and returned on Nov. 23.

Colorado detected the state’s second case of the Omicron variant just a day after the state’s first confirmed case, officials said Friday.

“We knew the omicron variant was coming and we expect to see more cases. But let me be clear: We are not defenseless,” Hochul said.

“We have the tools to help prevent the spread of this deadly virus: Get your vaccine, get your booster, and wear your mask.”AP

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No shortage of sanctions if Russia invades Ukraine

Austin says US will counter China’s ‘disturbing’ activities

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efense Secretary Lloyd Austin said the US will stand up to an “increasingly assertive and autocratic” China in the Indo-Pacific region and beyond, calling its activity “disturbing.”

A Ukrainian soldier holds a cat and walks in a trench on the line of separation from pro-Russian rebels near Debaltsevo, Donetsk region, Ukraine on Dec 3, 2021. On Friday, the Ukrainian defense minister warned that Russia could invade his country next month. Russia-West tensions escalated recently with Ukraine and its Western backers becoming increasingly concerned that a Russian troop buildup near the Ukrainian border could signal Moscow’s intention to invade. AP Photo/Andriy Dubchak

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A S H I N G T O N —T h e Biden administration has plenty of options to make good on its pledge to hit Russia financially if President Vladimir Putin invades Ukraine, from sanctions targeting Putin’s associates to cutting Russia off from the financial system that sends money flowing around the world.

The United States and European allies have made no public mention of any plans to respond militarily themselves if Putin sends troops massed a long the border into Ukraine, a former Soviet republic with close historical and cultural ties to Russia but now eager to ally with NATO and the West.

Instead, payback could be all about the money.

Secretary of State Antony Blinken this week promised financial pain—“high impact economic measures that we’ve refrained from taking in the past.” President Joe Biden on Friday said the US had developed the “most comprehensive and meaningful set of initiatives to make it very, very difficult for Mr. Putin.”

The United States over the past decade already has put a range of sanctions in place against Russian entities and individuals, many of them over Russia’s invasion and annexation of Crimea and its support for armed separatists in eastern Ukraine in 2014. US sanctions also have sought to punish Russia for election interference, malicious cyber activities and human rights abuses.

Since 2014, the West also has helped Ukraine build up its military. So while Putin denies any intention of launching an offensive, his troops would face a Ukrainian army much more capable of putting up a fight.

The sanctions now imposed on Russians include asset freezes, bans on doing business with US companies and denial of entry to the United States. But in seeking

to punish Russia, the West over the years has weighed even bigger financial penalties.

That includes the so-called nuclear option: blocking Russia from the Belgium-based SWIFT system of financial payments that moves money among thousands of banks around the world.

The European Parliament this year approved a nonbinding resolution calling for that step if Russia does invade Ukraine.

When the US successfully pressured SWIFT to disconnect Iranian banks over Iran’s nuclear program, the country lost almost half of its oil export revenue and a third of its foreign trade, said Maria Shagina, an expert on sanctions and energy politics affiliated with the Carnegie Moscow Center think tank.

The impact on Russia’s economy would be “equally devastating,” Shagina writes. Russia depends on its oil and natural gas exports for more than one-third of its federal revenues, and depends on SWIFT to make the petrodollars flow.

Russia has worked since 2014 to insulate its domestic financial systems from such a cutoff. A SWIFT cutoff would cause indirect pain for Western economies as well.

John Herbst, a former US ambassador to Ukraine and career diplomat, said Friday he believed that while “SWIFT is not off the table, it would be a last resort.”

T he Biden ad ministrat ion earlier this year further limited Russia’s ability to borrow money by banning US financial institutions from buying Russian gover n ment bond s d i rec t ly f rom state institutions. But the sanctions didn’t target the secondary market, leaving this as a possible next step.

Other possible tools and targets, Herbst noted: financial sanctions targeting people close to Putin and their families; and more sanctions on Russian banks and on Russia’s vital energy sector. AP

Lockdown protesters march through Dutch city of Utrecht

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TR ECHT, Netherlands— T housands of people marched peacefully through the Dutch city of Utrecht on Saturday to protest the government’s coronavirus lockdown measures.

Holding balloons, umbrellas and banners, including ones that said: “It’s not right,” protesters watched by a large police presence moved from a park into the city center without incident.

Siebke Koopman said he was demonstrating against more than just the Dutch government’s Covid-19 restrictions.

“The privatization of the health care and education, the involvement in the international conflicts that are nothing to do with the Netherlands, I think we must have more decision rights in those things,” he said. “I think that demonstrating is the only way to show our sentiment peacefully.”

The Dutch government imposed a partial lockdown three weeks ago and tightened it more a week ago as Covid-19 infections remained the highest they have been since the

start of the pandemic. Among the measures, all bars, restaurants and other public venues including stores selling nonessential goods have to close at 5 p.m.

Dutch infection rates this week began to ease slightly but remain close to record highs.

A demonstration in the port city of Rotterdam shortly after the partial lockdown was announced last month degenerated into street violence so intense that police officers opened fire on rioters.

Meanwhile, the Dutch public health institute said Saturday that 18 passengers who flew back to the Netherlands from South Africa just over a week ago tested positive for the Omicron variant. The institute previously had said 14 tested positive for the new mutation.

More than 600 passengers arrived from South Africa on Nov. 26, the day the Dutch government imposed a ban on flights from southern Africa amid concerns about Omicron.

Travelers who had the new variant had either mild symptoms or no symptoms. AP

Monday, December 6, 2021 A7

One way to counter China’s military modernization, growing nuclear capabilities and technological advances is to strengthen US alliances in the region, Austin told a security conference in California on Saturday, fresh from a visit to South Korea.

“The activity that we see in the region and other parts of the globe is disturbing,” Austin said at the Reagan National Defense Forum in Simi Valley. China is “acting to develop military capability as fast as it can, but some of the coercive

activity we see in the region has us and our partners in the region very concerned,” he said.

On visits to seven countries in the Indo-Pacific region since becoming President Joe Biden’s defense chief, Austin said he consistently heard Washington’s partners call for the US to “continue playing our stabilizing role” there, he said. “And make no mistake: we will.”

That means joint military exercises, deepening research and development relationships and

encouraging Europe’s “ helpful and growing security role” in the region, he said.

China’s rise also “means new areas of competition in space and cyberspace, where the norms of behavior aren’t well-established and the risks of escalation and miscalculation are high,” Austin said.

At the same time, he reiterated comments by Biden that the US isn’t seeking conflict with China and will seek to “do everything to dial down the temperature whenever possible.”

Biden and Chinese leader Xi Jinping cited the need for cooperation during their first face-to-face summit in November, a video call that lasted more than three hours but yielded no major breakthroughs in relations. Since then, the US and China have also cooperated in releasing crude reserves in an attempt to bring down oil and gasoline prices.

Yet the next diplomatic conflict

with China is already in sight after the Biden administration included Taiwan among the 110 invitees to a democracy summit on Dec. 9 and 10, a decision intended to signal solidarity with a key democratic ally in the region.

The US will look for ways to do more for Taiwan, Austin said, without elaborating.

On Nov. 28, China sent the biggest sortie of warplanes toward Taiwan in more than seven weeks. Twenty-seven Chinese aircraft, including eight J-16 fighter jets, entered Taiwan’s southwest air defense identification zone, prompting the island ’s foreign minister to say on Twitter that the “coercive action is obviously meant to bring #Taiwan to its knees & keep us away from democratic partners.”

“We’re clear-eyed about the challenge China presents,” Austin said. “But China’s not 10 feet tall.

This is America.” Bloomberg News

Biden, Putin set video call as Ukraine tensions grow

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OSCOW — Presidents Joe Biden and Vladimir Putin will speak in a video call Tuesday, the White House and Kremlin said, as tensions between the United States and Russia escalate over a Russian troop buildup on the Ukrainian border that’s seen as a sign of a potential invasion.

Biden will press US concerns about Russian military activities on the border and “reaffirm the United States’ support for the sovereignty and territorial integrity of Ukraine,” White House press secretary Jen Psaki said Saturday, confirming the planned call after first word came from Moscow.

Putin will come to the call with concerns of his own and intends to express Russia’s opposition to any move to admit Ukraine into the NATO military alliance. Kremlin spokesman Dmitry Peskov said “the presidents will decide themselves” how long their talk will last.

The last known call between the leaders was in July, when Biden pressed Putin to rein in Russia-based criminal hacking gangs launching ransomware attacks against the United States. Biden said the US would take any necessary steps to protect critical infrastructure from such attacks.

Ransomware attacks have continued since then, though perhaps none has been as alarming as the one from May that targeted a major fuel pipeline and resulted in days of gas shortages in parts of the US. Russia is more adamant than ever that the US guarantees that Ukraine will not be admitted to the NATO military alliance. But NATO’s secretary-general, Jens Stoltenberg, said this past week that Russia has no say in expansion plans by other countries or the alliance. Numerous former US and NATO diplomats say any such Russian demand to Biden would be a nonstarter.

US intelligence officials, meanwhile, have determined that Russia has massed about 70,000 troops near its border with Ukraine and has begun planning for a possible invasion as soon as early next year, according to a Biden administration official who was not authorized to discuss that finding publicly and spoke on the condition of anonymity.

The risks for Putin of going through with such an invasion would be enormous.

US officials and former American diplomats say while the Russian president is clearly laying the groundwork for a possible invasion, Ukraine’s military is better armed

and prepared today than in the past, and that sanctions threatened by the West would do serious damage to the Russian economy.

“What I am doing is putting together what I believe to be, will be, the most comprehensive and meaningful set of initiatives to make it very, very difficult for Mr. Putin to go ahead and do what people are worried he may do,” Biden said Friday.

Ukrainian officials have said Russia could invade next month.

Ukraine’s defense minister, Oleksii Reznikov, said the number of Russian troops near Ukraine and in Russia-annexed Crimea is estimated at 94,300, and warned that a “large-scale escalation” is possible in January.

Ukraine’s president, Volodymyr Zelenskyy, recently charged that a group of Russians and Ukrainians planned to attempt a coup in his country and that the plotters tried to enlist the help of Ukraine’s richest man, Rinat Akhmetov.

Russia and Akhmetov have denied that any plot is underway, but the Russians have become more explicit recently in their warnings to Ukraine and the United States.

Biden is also expected to speak with Zelenskyy in the coming week, according to a person close to the

Ukrainian leader. This person was not authorized to comment publicly before the announcement of the call and spoke on the condition of anonymity.

The Kremlin said Friday that Putin, during his call with Biden, would seek binding guarantees precluding NATO’s expansion to Ukraine.

Biden tried to head off the demand in comments to reporters Friday before leaving for a weekend stay at Camp David.

“I don’t accept anyone’s red line,” Biden said.

Psaki said in a brief statement Saturday that Biden and Putin will discuss a range of topics in the US-Russia relationship, “including strategic stability, cyber, and regional issues.”

She said Friday that the administration would coordinate with European allies if it moved forward with sanctions. She alluded to Russia’s 2014 annexation of Crimea, the Black Sea peninsula that had been under Ukraine’s control since 1954.

Russia has also backed separatists in eastern Ukraine in a 7-year conflict that has cost over 14,000 lives.

“We know what President Putin has done in the past,” Psaki said.

“We see that he is putting in place the capacity to take action in short order.” AP

Pope Francis warns of populist threats in democracy’s birthplace

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THENS, Greece — Pope Francis warned Saturday that the “easy answers” of populism and authoritarianism are threatening democracy in Europe and called for fresh dedication to promoting the common good rather than narrow, nationalist interests.

Arriving in Greece, the birthplace of democracy, Francis used a speech to Greek political and cultural leaders to warn Europe at large about the threats facing the continent. He said only robust multilateralism can address the pressing issues of the day, from protecting the environment to fighting the pandemic and poverty.

“Politics needs this, in order to put common needs ahead of private interests,” Francis said. “Yet we cannot avoid noting with concern how today, and not only in Europe, we are witnessing a retreat from democracy.”

Francis, who lived through Argentina’s populist Peronist era as well as its military dictatorship, has frequently warned about the threat of authoritarianism and populism and the danger it poses to the European Union and democracy itself.

He didn’t name any specific countries or leaders during his speech.

The EU, however, is locked in a feud with members Poland and Hungary over rule-of-law issues, with Warsaw insisting that Polish law takes precedence over EU policies and

regulations.

Coincidentally, on the same day Francis warned about the populist threat to Europe, right-wing populist leaders met in Warsaw and declared they will work more closely together to defend their sovereignty at the European Parliament.

Outside the bloc, populist leaders in Brazil and the administration of former US President Donald Trump pressed nationalist policies on the environment that contrasted sharply with Francis’ call to care for “our common home.”

Opening the second leg of his five-day trip to Cyprus and Greece, Francis recalled that it was in Greece, according to Aristotle, that man became conscious of being a “political animal” and a member of a community of fellow citizens.

“Here, democracy was born,” Francis told Greek President Katerina Sakellaropoulou. “That cradle, thousands of years later, was to become a house, a great house of democratic peoples. I am speaking of the European Union and the dream of peace and fraternity that it represents for so many peoples.”

That dream is at risk amid the economic upheaval and other disruptions of the pandemic that can breed nationalist sentiments and make authoritarianism seem “compelling and populism’s easy answers appear attractive,” Francis said.

“The remedy is not to be found in an obsessive quest for popularity, in a thirst for visibility, in a flurry of unrealistic promises... but in good politics,” he said.

Francis praised the “necessary vaccination campaign” promoted by governments to tame the coronavirus. He referenced another Greek doctor-philosopher—Hippocrates—in response to vaccine skeptics and virus deniers, who count many religious conservatives among them. Francis cited the Hippocratic oath to not only do what is best for the sick, but to “abstain from whatever is harmful and offensive to others,” especially the elderly.

Greece’s president echoed the sentiment. “The virus spreads and mutates, helped by the irrational denial of reality and inequalities in our societies,” Sakellaropoulou said.

Greece is grappling with its highest level of coronavirus infections since the start of the pandemic, with deaths approaching record levels. A quarter of the country’s adults remain unvaccinated, and Parliament recently approved a vaccine mandate for people over age 60.

Francis’ trip has been clouded by the Dec. 2 death of the Vatican’s ambassador to the European Union, Archbishop Aldo Giordano, among several prelates who tested positive for Covid-19 after celebrating Francis’ final Mass in Slovakia in Sep-

tember. The Vatican’s EU embassy insisted that Giordano caught the virus days earlier during a European bishops’ meeting in Hungary.

Francis’ visit to Cy prus and Greece also has focused on the plight of migrants as Europe hardens its border control policies. On Sunday he is returning to the Aegean Sea island of Lesbos, which he visited five years ago to meet with migrants at a detention camp.

In Athens, Francis is also met with Archbishop Ieronymos, the head of Greece’s Orthodox Church.

In 2001, Pope John Paul II became the first Catholic leader to visit Greece in more than 1,200 years and he used the occasion to beg forgiveness for the sins “by action or omission” of Catholics against Orthodox over the centuries. Francis’ visit 20 years later sought to further mend Catholic-Orthodox ties, still wounded by the Great Schism that divided Christianity.

Ieronymos told Francis on Saturday that he shared the pope’s vision to forge strong ties to face global challenges like the migration crisis and climate change.

“If the world community, the leaders of powerful states, and international organizations do not take bold decisions, the ever-threatening presence of vulnerable refugee women and children will continue to grow globally,” Ieronymos warned. AP

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Monday, December 6, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Covid Omicron variant: OMG?

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he national and specifically the local governments are to be commended for the success of the three-day Covid-19 vaccination drive. The real credit though goes to “We the People” for getting out there and taking the jab. In other nations the people line up to protest vaccines. In the Philippines, we line up to be vaccinated.

As we have said before, the vaccine is not a magic bullet for the pandemic, may even have severe side effects for a very small percentage of people, and must be combined with other health protocols. However, it is necessary despite any shortcomings. While you can point to countries that have seen an increase in cases and hospitalization after a large percentage of the population has been vaccinated, that is not true for the Philippines for whatever reason.

But we know it is the election season when one newspaper highlights the vaccination drive with the first thought that “government fails to hit 9 million target” and not the fact that “over 7.6 million individuals were vaccinated.”

You also know the election is coming when one candidate for president “urges national government to prepare for Omicron” as if that was a unique and “ahead of the curve” idea.

The headline Covid case count for the Philippines peaked and has been falling rather dramatically on a weekly basis since the middle of September. Likewise, on September 18, we were looking at 188,000 active cases. That latest number is down to less than 15,000. All of this is great news. But what has not been highlighted is this fact.

On September 5, the “Weekly Positivity Rate” was at 28 percent of all persons tested. As of November 28, only 1.8 percent of the tests came back “positive.” This is the lowest since the pandemic began in 2020. Note also that the positivity rate is not dependent on the number of tests. In March 2021 when almost the same number of weekly individual tests was conducted as now, the Positivity Rate was 18 percent.

The latest concern is the Omicron variant of the virus, which was first “discovered” in South Africa but had been identified in the Netherlands a few days before the announcement. The World Health Organization has been naming the variants according to the order of the Greek alphabet so as to “not offend the supposed country of origin.”

In this case, WHO skipped the letter “Nu” because they felt it might be confusing. They also skipped the next letter “Xi” “because it is a common last name” presumably in China.

Actually, “Xi” does not make the list of the top 100 Chinese surnames.

However, it is a “common last name” for the current president of the People’s Republic of China.

The world immediately reacted to the discovery of the Omicron variant. Israel closed its borders to tourists and all Israelis returning to the country are now required to immediately enter quarantine until confirmed virus-free by twin PCR tests. In Greece, unvaccinated residents over 60 face fines of €100 a month as about 17 percent of Greeks over 60 have yet to get the jab. People over 18 in Chile must receive a booster dose every six months to keep their pass that allows access to restaurants, hotels, and public gatherings. Tokyo, like the Philippines, has reinstated stricter border controls.

Yet, the World Health Organization said Omicron has been detected in 38 countries but there are no reported deaths so far from the new Covid-19 variant.

There is no reason to panic. But there is also no reason to let our guard down. Follow protocols. Stay smart. Stay safe.

Since 2005

The post-pandemic workplace is sustainable and inclusive Atty. Jose Ferdinand M. Rojas II

RISING SUN

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S recovery advances specifically in the labor arena, more jobs are slowly opening up and many organizations are struggling to fill vacated positions in the wake of the Covid-19 pandemic. And while there are plenty of employees racing to make up for lost income and regain lost jobs, many of them are not willing to go back to pre-pandemic work conditions.

For instance, they are more interested in jobs that could be done remotely. There are also industries that are more favored, for example, civil engineering, IT, media and communications, and software development. Interest in occupations that do1n’t lend themselves to remote working has expectedly dropped. Examples of this include childcare, food preparation, and jobs in the service sector, warehousing, and the like. This information is based on data from the job site Indeed.

While there are jobs that cannot

Thomas M. Orbos

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workers themselves offer a wealth of ideas. The World Economic Forum’s community of Young Global Leaders offers the following practices that organizations can adopt to be able to build more inclusive and sustainable work environments.

Employers can support their employees—including women and those who have mental health

challenges—when they continue to offer flexible work policies even beyond this pandemic. Another positive practice that organizations can adopt is the establishment of an effective communication and feedback system, not just with employees but also with other stakeholders like clients, shareholders, civil society, and the government.

Additionally, the young leaders also mentioned that employees must be seen and treated as partners in recovery and growth.

The leaders who will thrive in the new normal, according to the young global leaders, are those who have the courage to value the process and not just the outcome, and those who are able to see and respect people’s inner strengths, values, and rhythms.

Just like the huge change that Covid-19 brought about is the equally monstrous adjustments that it demanded from people all over the world, the leaders who can embrace and rapidly adapt to changes, big or small, are the leaders who will thrive in the post-pandemic world. Change is always an opportunity to grow and, in this case, a chance to learn new skills for survival.

Statements on transport by our presidentiables

BusinessMirror A broader look at today’s business Publisher

be done remotely, the pandemic proved to everyone that productivity does not suffer when employees work remotely. This does not mean, however, that workers are always happy working from home. We’ve seen the blurring of that line that separates home life and work life, as more workers suffer mental health issues, including burnout, stress, depression and anxiety.

All this is a challenge for organizations, which must now find ways to keep talents and to support their well-being. For companies that are at a loss on how to do this, the young

Employers can support their employees—including women and those who have mental health challenges—when they continue to offer flexible work policies even beyond this pandemic. Another positive practice that organizations can adopt is the establishment of an effective communication and feedback system, not just with employees but also with other stakeholders like clients, shareholders, civil society, and the government. Additionally, the young leaders also mentioned that employees must be seen and treated as partners in recovery and growth.

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hat are the transport policies of our presidential candidates? Or, what statement or acts have they made that would reveal their transport agenda? Given how vital transport is to our country’s overall development, such a question should be on our list of considerations in discerning who among our candidates should get our vote.

But before I begin, I need to make a full disclosure: I am currently in the campaign team of Mayor Isko Moreno, being a believer in his capabilities as shown by what he has done in Manila and his readiness in having a program to move our country forward once elected. Rest assured, however, that this article will be an objective reporting on what our presidentiables have said, acted or stated so far, relative to transport.

There will be no judgements made but just a presentation of what I have heard, read or gathered from the news sources.

Sen. Ping Lacson: In a virtual meeting with several bus operators, Senator Lacson promised an end to the seemingly unsolvable “kotong” or the grease money that is extracted regularly from our public transport sector by certain members of our

police and traffic enforcer groups.

As such, Senator Ping revealed his thrust to pursue discipline among those in uniform as well as his anticorruption campaign.

Mayor Isko Moreno: Responding to questions on validity of checkpoints raised by motorcycle riders in a face-to-face meeting with them, Mayor Isko said this is discriminatory because only those in motorcycles are the ones required to go through such checkpoints while those in automobiles are allowed to pass. This provides us an insight on Mayor Isko’s pursuit of equal and fair treatment for all, regardless of one’s socio-economic class; and his pro-poor stance, saying that those less in life should have more from the government. He also made several statements on reducing taxes on fuel, which will benefit those in the

Transport is indeed a major concern of any government and it would be good if presidentiables show us their plans on transport and mobility if elected. We still have five months left and we do hope our presidentiables will give us a clearer transport agenda for us to discern and consider.

public transport sector. Mayor Isko also stated publicly that he intends to continue the “Build, Build, Build” program of this administration and sees the program as a key driver to economic recovery.

Vice President Leni Robredo: In a meeting with business leaders, VP Leni stated her priority on infrastructure, in particular making roads for people not cars. A commuter herself, this mobility shift will put more emphasis on public transport, lessening previous car-centric policies from previous administrations.

Former Sen. Bongbong Marcos: Modernization of our country’s transport infrastructure was stated

by Senator Marcos in a recent press statement from his office. This would include the rehabilitation of ageing seaports, airports and railways and the creation of logistics hubs across the country. Marcos also envisions positioning the country as a logistics hub in Asia, similar to what former President Fidel Ramos tried to achieve during his term with the

global logistics giant Federal Express operating its regional hub in Subic at that time.

Sen. Manny Pacquiao: No major transport pronouncement by Senator Manny since he filed his candidacy for president, but one notable act of Senator Manny on transport was when he pushed for the EDSA Bus Rapid Transit when the EDSA buses where still on the right most lane, as well as his endorsement of a bus or rail line that would traverse the eastwest corridor along the Pasig River.

Other candidates: Unfortunately, I have not come across any transportrelated pronouncements from the other candidates, in particular from former General Antonio Parlade and former presidential spokesperson Ernesto Abella.

With regards to Sen. Bong Go, regrettably he has formally stated his intent to withdraw, though he has always been on public transport sector’s side. This he has shown with his recent push for them to be given financial assistance during the pandemic.

Transport is indeed a major concern of any government and it would be good if presidentiables show us their plans on transport and mobility if elected. We still have five months left and we do hope our presidentiables will give us a clearer transport agenda for us to discern and consider.

The author may be reached at: thomas_orbos@ sloan.mit.edu

Opinion BusinessMirror

www.businessmirror.com.ph

US intelligence finds Russia planning Ukraine offensive

Puto ‘Bongbong’ Siegfred Bueno Mison, Esq.

By Aamer Madhani, Ellen Knickmeyer, Nomaan Merchant & Alexandra Jaffe |Associated Press

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ASHINGTON—President Joe Biden has pledged to make it “very, very difficult” for Russia’s Vladimir Putin to take military action in Ukraine as US intelligence officials determined that Russia is planning for a possible military offensive that could begin as soon as early 2022.

The new intelligence finding estimates that the Russians are planning to deploy an estimated 175,000 troops and almost half of them are already deployed along various points near Ukraine’s border, according to a Biden administration official who spoke on condition of anonymity to discuss the finding.

It comes as Russia has picked up its demands on Biden to guarantee that Ukraine will not be allowed to join the NATO alliance.

The official added that the plans call for the movement of 100 Russian battalion tactical groups along with armor, artillery and equipment.

Intelligence officials also have seen an uptick in Russian propaganda efforts through the use of proxies and media outlets to denigrate Ukraine and Nato ahead of a potential invasion, the official said.

Asked about the intelligence finding as he set out for the presidential retreat at Camp David on Friday evening, Biden reiterated his concerns about Russian provocations.

“We’ve been aware of Russia’s actions for a long time and my expectation is we’re gonna have a long discussion with Putin,” Biden said.

The risks of such a gambit for Putin, if he actually went through with an invasion, would be enormous.

US officials and former US diplomats say while Putin clearly is laying the groundwork for a possible invasion, Ukraine’s military is better armed and prepared today than in past years, and the sanctions threatened by the West would do serious damage to Russia’s economy. It remains unclear if Putin intends to go through with what would be a risky offensive, they say.

Earlier Friday, Biden pledged to make it “very, very difficult” for Putin to take military action in Ukraine and said new initiatives coming from his administration are intended to deter Russian aggression.

“What I am doing is putting together what I believe to be the most comprehensive and meaningful set of initiatives to make it very, very difficult for Mr. Putin to go ahead and do what people are worried he may do,” Biden told reporters.

The Kremlin said Friday that Putin would seek binding guarantees precluding NATO’s expansion to Ukraine during the call with Biden. But Biden sought to head off the demand.

“I don’t accept anyone’s red line,” Biden said.

Meanwhile, Ukrainian officials also warned that Russia could invade next month. Ukrainian Defense Minister

Oleksii Reznikov told lawmakers Friday that the number of Russian troops near Ukraine and in Russia-annexed Crimea is estimated at 94,300, warning that a “large-scale escalation” is possible in January. US intelligence officials estimate closer to 70,000 troops are deployed near the border, according to an unclassified intelligence document obtained Friday

by The Associated Press.

The intelligence findings were first reported by The Washington Post.

There are signs that the White House and Kremlin are close to arranging a conversation next week between Biden and Putin. Putin’s foreign affairs adviser Yuri Ushakov told reporters Friday that arrangements have been made for a Putin-Biden call in the coming days, adding that the date will be announced after Moscow and Washington finalize details. The Russians say a date has been agreed upon, but declined to say when.

Biden and Ukrainian President Volodymyr Zelenskyy have also tentatively agreed to have a call next week, according to a person close to the Ukrainian president who was not authorized to speak publicly and spoke on condition of anonymity.

White House press secretary Jen Psaki said administration officials have “engaged in the possibility” of a BidenPutin call. White House officials did not respond to a request for comment on the expected Zelenskyy call.

“It certainly would be an opportunity to discuss our serious concerns about the bellicose rhetoric, about the military buildup that we’re seeing on the border of Ukraine,” Psaki said of a potential Biden-Putin call.

Biden did not detail what actions he was weighing. But Russian Foreign Minister Sergey Lavrov, who met Thursday with Secretary of State Antony Blinken in Sweden, said the US has threatened new sanctions. He did not detail the potential sanctions but suggested the effort would not be effective.

“If the new ‘sanctions from hell’ come, we will respond,” Lavrov said. “We can’t fail to respond.”

Psaki said the administration would look to coordinate with European allies if it moved forward with sanctions. She noted that bitter memories of Russia’s 2014 annexation of Crimea, the Black Sea peninsula that had been under Ukraine’s control since 1954, are front of mind as the White House considers the way forward. Associated Press writers

Vladimir Isachenkov and Dasha Litvinova in Moscow contributed reporting.

THE PATRIOT

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hese days, the chill of the morning breeze alerts us anew that the Christmas season has already come. Purple, among other colors, is usually associated with advent, the period of preparation for the coming of Jesus Christ. Priests usually wear purple vestments, coincidentally matching the color of puto bumbong.

This typical Filipino Christmas delicacy is made from steaming glutinous rice in bamboo tubes (bumbong or bombong). My mother simply cannot resist having this purple-colored rice cake served with margarine, coconut flakes, and muscovado sugar during the Christmas season. The cooking process includes sifting and soaking of grains overnight, draining and blending the ingredients to produce a certain consistency, packing them into bamboo tubes prior to steaming, thereby unleashing a flavorful aroma! This kind of purple puto has been associated with Simbang Gabi, the dawn masses traditionally held a few days before Christmas Day where Christians celebrate Advent, which colors include purple, pink, and white.

Incidentally, this particular advent season also marks a milestone event that will dictate the elections and perhaps the country’s destiny.

Already of public knowledge are the numerous petitions filed before the Comelec against presidential aspirant Ferdinand “Bongbong” Marcos, Jr. Collectively, they seek the denial of due course to and/or cancellation of his certificate of candidacy on grounds of false material representation. The most notable ground is anchored on his supposed disqualification based on Marcos’ 1997 conviction for failing to file his Income Tax Returns covering the periods between 1982 and 1985. Those who seek the cancellation of COC of Marcos Jr. contend that he is perpetually disqualified from running for public office because of material misrepresentation. In the COC, Marcos Jr. ticked off “no” in response to the item as to whether or not he was convicted of any offense involving the penalty of perpetual disqualification. The petitioners consider such seemingly trivial answer as making a false statement of a material representation in his COC invoking Section 78 of the Omnibus Election Code. What is important to distinguish is that the essence of the denial to or the cancellation of the COC is not based on the lack of qualifications but on a finding of false material representation, which may relate to the qualifications required of the public office

Many roles of the accountant Joel L. Tan-Torres

DEBIT CREDIT First of a series

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he ongoing investigation of the Senate Blue Ribbon Committee on the Commission on Audit (COA) findings on the disposition of Covid-19 response funds brought into the limelight the many roles of the accountant in the various communities of politics, government, and business.

The accountants and auditors of the COA revealed the irregularities committed in awarding the bids for the supply of Covid-related supplies, such as testing kits, face masks and personal protective equipment (PPE). The tax examiners and accountants of the Bureau of Internal Revenue have started their audit of the alleged tax evasion of several corporations and persons in the supply of PPE. The Professional Regulatory Board of Accountancy has also been tasked to look into violations of the

Accountancy law and rules of some Certified Public Accountants (CPA) engaged by Pharmally Pharmaceutical Corporation, the supplier that garnered the largest Covid PPE supply contract from the government.

During the hearings of the Blue Ribbon Committee, these CPAs were grilled on their role and responsibilities. It was a learning experience for the senators and those watching the proceedings to know the nuances of the different aspects of financial recording, compilation, reporting,

representation and attestation. Each entails different persons executing the varied processes, with specific responsibilities and accountabilities, and for particular purposes and uses.

It is easy to co-mingle the separate as well as interdependent relationships of these various functions, but doing so arbitrarily will result in confusion and inaccuracies in the decisions and conclusions that may result.

Take the case of the recording process. This is commonly called bookkeeping and involves the process of recording in the accounting books and records the pertinent financial information of business transactions from appropriate documents and sources. This can be done manually via pen and pencil, writing in the accounting records, or digitally by encoding the data into electronic records. This function can be outsourced to third party bookkeeping service providers or done by bookkeepers employed for this purpose.

Whatever option is utilized, the source business documents that are recorded are owned and kept under the custody of the business owners.

The compilation function involves a set of rules and competencies

he is running for.

It must be emphasized that the misrepresentation referred to in Section 78 of the Omnibus Election Code must be material, as in pertaining to qualifications for elective office.

These entries include age, residence and citizenship or non-possession of natural-born Filipino status as ruled in the 2011 Supreme Court case of Gonzalez v. Comelec. The candidate’s status as a registered voter also falls under this classification as it is a legal requirement, which must be reflected in the COC (Hayudini v.

Comelec, GR 207900, 12 April 2014).

In Talaga v. Comelec (GR 196804, 9 October 2012), the violation of the three-term limit by a local official candidate can also be assailed by filing a petition to deny due course or cancel COC. On the other hand, statements that do not refer to the qualifications of a candidate cannot warrant the invocation of Section 78.

Wrong entries as to the profession of a candidate are not considered a valid ground to cancel a COC, neither is the use of a name other than that stated in a candidate’s certificate of birth.

Aside from the requirement of materiality, a false representation under Section 78 must consist of a “deliberate attempt to mislead, misinform, or hide a fact which would otherwise render a candidate ineligible.” Otherwise stated, it must be made with an intention to deceive the electorate as to one’s qualifications. The 1987 Philippine Constitution mandates that no person shall be elected President of the Philippines unless he is a natural born Filipino citizen, a registered voter, able to read and write, at least 40 years old on the day of the election and a resident of the Philippines for at least 10 years immediately preceding the election. The same law provides that no person who has succeeded as President and has served as such for more than four years shall be qualified for election to the same office at any time.

Similarly, a former President of the Philippines cannot run for reelection. Prescinding from this constitutional mandate coupled with the jurisprudential finding of materiality, it appears that misrepresenta-

During the hearings of the Blue Ribbon Committee, these CPAs were grilled on their role and responsibilities. It was a learning experience for the senators and those watching the proceedings to know the nuances of the different aspects of financial recording, compilation, reporting, representation and attestation. Each entails different persons executing the varied processes, with specific responsibilities and accountabilities, and for particular purposes and uses. different from the other processes.

This consists of compiling the financial and non-financial data from the records of the business enterprise and presenting these into the prescribed financial statements with the appropriate disclosures.

The compilation function involves a set of rules and competencies different from the other processes.

This consists of compiling the financial and non-financial data from the records of the business enterprise

Monday, December 6, 2021

In the eyes of a layman, the verdict in the current petitions against Marcos Jr. is predicated on an intricate procedure, perhaps akin to the complex cooking style of puto bumbong (sometimes mistakenly called puto bungbong or puto bongbong). tion can lead to cancellation of COC only pertains to citizenship, voter registration, literacy, age, residence, and Presidential terms, in cases of reelection. Whether or not the accessory penalty of perpetual disqualification from holding office relates to the qualifications of a Presidential candidate (such that declaring “no” to the same in one’s COC constitutes making a false statement) appears to be the million-dollar question awaiting a golden answer. As the election ballots will have to be printed and distributed months before the actual voting in May 2022, the Comelec has the duty to resolve this critical issue that hounds the candidacy of Bongbong Marcos.

Some have argued that since Marcos Jr. has been elected many times, such a “trivial defect” in his COC must have been cured. After all, he has filed a COC many times, having ran and served as a governor and as a lawmaker prior to this controversy. In the landmark case of Romeo Jalosjos v. COMELEC et al. (GR 205033, June 18, 2013), the Supreme Court held that since “accessory penalty had not been expressly remitted in the Order of Commutation or by any subsequent pardon and as such, petitioner’s disqualification to run for elective office is deemed to subsist.” In this case, then convicted felon Jalosjos was sentenced to suffer the principal penalties of imprisonment, which carried the accessory penalty of perpetual absolute disqualification. Jalosjos, therefore, remained disqualified to run for any elective office, despite the fact that he was elected and served twice as mayor.

In the eyes of a layman, the verdict in the current petitions against Marcos Jr. is predicated on an intricate procedure, perhaps akin to the complex cooking style of puto bumbong (sometimes mistakenly called puto bungbong or puto bongbong). These six petitions assailing the candidacy of Marcos Jr. will have to go through the similar process of “sifting” the allegations, “soaking” the issues vis-à-vis the argumentation, “draining” of everything else irrelevant, “packing” the evidence presented, applying legal and jurisprudential principles, “steaming” through the analytical minds of the Commissioners, and eventually (hopefully) unleashing a verdict with flavorful aroma to

and presenting these into the prescribed financial statements with the appropriate disclosures. There are restrictions as to who can do this function. Those persons who may have a “self review” risk or conflict of interest are not allowed to do the compilation services. The external auditors and out-sourced bookkeepers of the business entity are not allowed to do this compilation. This function can be done by the internal accounting staff or outsourced to qualified CPA compilers. I recall that when I was the Chairman of the Professional Regulatory Board of Accountancy, I issued in January 2016 Board of Accountancy Resolution No. 03-2016 that prescribed the issuance of Certificate of Compilation Services that is intended to enhance the rendering of this function. Unfortunately, Resolution 362019 revoked this issuance in 2019 for dubious reasons.

The reporting aspect involves the accountants and CPAs preparing the appropriate financial statements and reports and government forms to users of the FS. There are varied users of the FS, including the stockholders, banks tapped for

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most Filipinos, due to its correctness and fairness.

However which way the Comelec will rule, I fear that the aggrieved party will not rest. This controversy has great national implications, the resolution of which is much more convoluted than cooking puto bumbong. The seeming “pains” interspersed in the attempts of assailing Marcos Jr.’s candidacy are like the growing pains of a Christian in the process of testing his faith. As believers, we should not lose our vision nor wrongly interpret a season of pruning or testing. Even Jesus Christ had to go through suffering to learn obedience, thus: “Though He was a Son, yet He learned obedience by the things which He suffered.” (Hebrews 5:8). The trials and challenges therefore that we encounter in life serve as a foundation for a higher set of standards and values which we should all aim for, much like the multifaceted process of cooking puto bumbong, as well as the intricate process of resolving the petitions filed against Marcos Jr. The end-result of this pruning and testing process ought to be a life lived to honor and praise our Heavenly Father, as echoed in the Bible, “In this you rejoice, though now for a little while, if necessary, you have been grieved by various trials, so that the tested genuineness of your faith—more precious than gold that perishes though it is tested by fire—may be found to result in praise and glory and honor at the revelation of Jesus Christ.” (1 Peter 1:6-7). Fires will come our way, like them or not. We will all end up better after surviving many fires that test our faith.

We all need “fire” during this cold Christmas season. As we await the complicated puto bongbong (verdict in the cancellation of COC) from Comelec and enjoy the aromatic puto bumbong (purple rice cakes) during the dawn masses this December, let’s not forget that the color purple also represents the supremacy of the King of Kings. As we celebrate the coming of Jesus Christ this advent season, the purple around us reminds us to recognize the doctrine that, regardless of how the puto bongbong from the Comelec or the puto bumbong from our street vendor will be served, Our Father in heaven is in control.

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

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

loans, potential investors, financial analysts and government agencies, including the Bureau of Internal Revenue and the Securities and Exchange Commission. For these government agencies, there are additional requirements and forms prescribed for the reporting, such as the tax returns, summary lists of transactions (purchases and sales), the general information sheet, and many others. This function can be done by the internal accounting and tax staff or outsourced to qualified CPAs and tax preparers.

To be continued

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

This column accepts articles for publication from the business and academic community.

Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

A10 Monday, December 6, 2021

EJAP DEPLORES CUSI’S FILING OF LIBEL RAPS ON MALAMPAYA

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HE Economic Journalists Association of the Philippines (EJAP) scored the filing of libel suits by Energy Secretary Alfonso G. Cusi against editors and reporters of seven media companies over their alleged “malicious articles” on the sale of the majority shares of the Malampaya gas field to Udenna chief executive officer Dennis Uy. In a statement at the weekend, EJAP called Cusi’s legal action “an assault to press freedom.”

The organization said, “It sends a chilling effect as this clearly signals that the media would incur the ire of government officials and businessmen even if they do their best to ensure that their stories are factual, accurate, and objective.”

Last week, Cusi filed separate complaints of libel and cyberlibel against the editors and reporters of ABS-CBN Corp., Rappler, Inc., PhilStar Global Corp., Manila Bulletin Publishing Corp., GMA News Media Inc., BusinessWorld Publishing Corporation, and the Philippine Business Daily Mirror Publishing Inc. (BusinessMirror).

Cusi is demanding P200 million in damages from each of the media workers he sued for allegedly damaging his reputation.

The head of the Department of Energy (DOE) said the media entities published news, which he claimed, wrongfully accused him of graft.

EJAP, however, noted that the articles cited by Cusi were based from a press conference, a press release, and documents coming from people who filed graft complaints against him and Uy and other incorporators of the Malampaya deal, which is pending before the Ombudsman.

It noted that the reporting on the Malampaya transaction is of public concern since it involved “the country’s energy security.”

“The media is simply doing its job—to report based on the facts presented to them. Secretary Cusi is a public official and is therefore subject to scrutiny,” EJAP said.

The National Union of Journalists of the Philippines (NUJP) also issued a statement decrying Cusi’s move to sue the concerned editors and reporters as a form of harassment to “intimidate and chill the press.”

Both EJAP and NUJP reiterated their call for the decriminalization of libel to finally end future “attacks” against press freedom.

‘Sampaguita gas deep-water drilling to boost PHL rights’

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By Jovee Marie N. dela Cruz @joveemarie

HE head of the House Committee on Strategic Intelligence on Sunday said the slated deep-water drilling in the Sampaguita gas discovery is expected to forcefully assert the country’s sovereign rights over the West Philippine Sea. Surigao del Sur Rep. Johnny Pimentel said the government has given Forum Energy Ltd.’s an October 16, 2022 deadline to drill its two commitment wells in Sampaguita, which is estimated to contain

up to 4.6 trillion cubic feet of gas and 115 million barrels of oil.

Sampaguita gas discovery is located 250 kilometers southwest of Malampaya.

“We are counting on Forum

Energy Ltd.’s offshore drilling in Sampaguita to demonstrate that the Philippines is determined to enforce its undivided rights over Recto Bank’s vast petroleum resources,” Pimentel said in a statement at the weekend.

“In fact, this early, we want Forum to contract the drillship for Sampaguita,” Pimentel said.

Pimentel was responding to the results of a survey which showed that eight of 10 Filipinos want the next president to champion the country’s rights over the West Philippine Sea. The poll indicated that 82 percent of Filipinos believe that the next administration should put into effect the Permanent Court of Arbitration ruling affirming the Philippines’s rights over its exclusive economic zone and quashed China’s historic-rights claim.

“We have very high hopes that the appraisal wells that will be drilled into Sampaguita’s worldclass hydrocarbon deposits will successfully flow gas at rates deemed economically viable, just like the

producing Malampaya field,” Pimentel said.

Under the law, Pimentel said “all of the government’s private petroleum service contractors, including Forum, are required to exert maximum efforts to discover and produce gas and/or oil as soon as possible.”

“We need Sampaguita developed right away to guarantee the country’s long-term energy security, considering that Malampaya will run out of gas by 2027,” Pimentel said.

The Forum has a 70-percent operating stake in Service Contract 72, which includes the Sampaguita gas find in the Recto Bank concession.

PXP Energy Corp., a subsidiary of Metro Pacific Investments Corp., effectively owns Forum. Both PXP and Metro Pacific are publicly traded entities on the Philippine Stock Exchange.

Forum is projected to spend up to $3 billion (P150 billion) to develop Sampaguita, according to London-based Edison Investment Research Ltd.

Partido Reporma vows help to transport sector on aid, phaseout, ‘kotong’

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ART of what’s driving him to seek an Executive position is Congress’ dismay with the poor implementation of financial aid to the transport sector, where only 1 percent of the P5.8 billion allocated under Bayanihan law was distributed, Sen. Panfilo Lacson indicated at the weekend.

In a consultation with transpor t sec tor leaders, L ac son, standard bearer of Partido Reporma, recalled that the main author of Bayanihan 2, Senate President Vicente Sotto III, had precisely “set aside funds because he knew, we knew, that among the hardest hit were the public utility drivers.”

At the same dialogue, the two leaders also committed to help the transport sector survive the government-mandated phaseout of old public utility vehicles and get rid of the continuing problem of kotong or corruption that bleeds drivers and operators dry.

Speaking mostly in Filipino, Lacson recalled how the transport sector was badly impacted by the Covid-19 pandemic. “No one could go out, because of the lockdowns….So the first thing he [Sotto] thought of was, let’s set aside funds to help them.”

Sotto is Lacson’s running mate under Partido Reporma.

The senator lamented that when they checked on the status of implementation of the Bayanihan laws, “we learned from COA [Commission on Audit] that “only one percent was given out. Do you know what 10 percent of P5.58 billion is? It comes out to P558 million, right?

But it’s just one percent.”

Moderniza1tion

Lacson and Sotto also addressed the drivers’ concern about the government’s push to phase out old publilc utility jeepneys and buses under the modernization program pushed by the Department of Transportation.

The DOT r faileld, Lacson noted, to fully consult the transport sector. “The DOTr just told you to modernize. Form a coopera-

tive or a corporation. But how many of us are familiar with the process? That’s not enough.

There must be assistance, in going through the process,” the senator said, mostly in Filipino, and suggested a one-stop shop to guide stakeholders.

With one jeepney estimated to cost P2.1-million, Lacson said the drivers and operators simply cannot adjust to a new unit given the financial load. Even assuming assistance from the Land Bank and the Development Bank of the Philippines, at 6-percent interest, “the preparations were not enough. The consultation were not enough.”

He asked an association leader if they were consulted, and was told they were, but most of their concerns during consultations were not reflected in the outcome.

Lacson then assured them that he and Sotto thoroughly consider all issues raised when they hold consu ltations, and promised that if given the chance to serve in the Executive branch, they will do a better job at implement i ng we l l-i ntent ioned measures from Congress such as Bayanihan 2.

End to ‘kotong’

FINALLY, the Partido Reporma tandem and their senatorial candidates addressed the issue of corruption in the transport sector that has preyed on drivers and operators.

Adopting Lacson’s battlecry, Partido Reporma senatorial bets affirmed that eliminating kotong ( bribe-seeking )—both on the streets and in government—is not just a police issue but a financial reform and health issue as well.

Partido Reporma senatorial bets Guillermo Eleazar and Dr. Minguita Padilla echoed party chairman and standard-bearer Lacson.

Eleazar, recently-retired Philippine National Police Chief, said Lacson’s “influence in removing corruption in the organization he headed in 1991 permeates up to the present.”Butch Fernandez

ZAMBALES LIGHTS With barely three weeks before Christmas, local government units in Zambales began lighting up government buildings, parks and other public spaces to bring traditional Yuletide cheers to residents in what will be their second Christmas under the Covid-19 pandemic. On Friday night, Governor Hermogenes Ebdane Jr. led the provincial government in the lighting ceremony at the capitol building, as residents cheered for the accompanying fireworks. HENRY EMPENO

Ateneo lawyers back Bongbong-Sara UniTeam

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ORE than a dozen lawyers from the Ateneo Law School have offered their free legal services to presidential aspirant Ferdinand “Bongbong” Marcos Jr. in his presidential campaign to guard his vote and assure him of victory in the 2022 national polls.

The lawyers, who are also members of the Fraternal Order of Utopia, visited the office of Partido Federal ng Pilipinas (PFP) Secretary General retired General Thompson Lantion at BBM headquarters in Mandaluyong city on Thursday afternoon. Marcos Jr. is the standard-bearer of the PFP. “They are here to offer their free legal services to BBM-Sara UniTeam,” Lantion said after meeting the lawyers.

He added that “hundreds more

are coming pro bono from various lawyers’ groups. They want to be part of our vote protection teams which will ensure that the 2016 poll fraud that victimized BBM will not happen again.”

Atty. Richard Brett Uy, one of those who offered free legal services, said they wanted to avoid the repeat of 2016 elections.

“Yung 2016 na nangyari hindi na ’yun mauulit, kasi alam naman natin na natulog lang si BBM nun panalo na siya pero pag gising iba na [What happened in 2016 will not happen again, because we know that when Bongbong slept he was winning but when he woke up, it was somebody else]. We’ll make sure that won’t happen,” Uy said.

Atty. Enrico Alday Jr., meanwhile, believes more lawyers will

join them in the coming days.

“As of this moment we have 13 lawyers; but this could [increase], and all those who will volunteer are all lawyers. We are not yet actively recruiting because we’re new,” Alday noted, partly in Filipino.

“This is pure volunteerism. We are also willing to do the leg work, especially during the printing of the ballots. We are actually willing to volunteer for that. We are also willing to help with the canvassing of the votes, magbantay sa mga presinto sa probinsya [watching the precincts in the provinces],” Uy, for his part, added.

However, the lawyers clarified that they do not intend to interfere in some petitions filed against Marcos Jr. before the Commission on Elections to cancel his candidacy,

but they are prepared, whenever needed.

Just like other legal luminaries, they also agreed that the petitions will not hold water as it is bound to be dismissed.

“From the legal standpoint, medyo mahina yung kaso nila [their case is weak] against BBM. We all know that this is because of politics. Pure harassment. We trust the judgment of the Comelec would rule in favor of the law. In accordance with what the law provides is mahina talaga [really weak],” Uy said.

The lawyers said they support the unifying leadership offered by the BBM-Sara UniTeam. “We feel that he is the most competent to lead the country,” they said of Marcos.

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, December 6, 2021

B1

Meralco: Dec rates to rise on higher generation cost

E

By Lenie Lectura

@llectura

lectricity rates this month could go up due to higher generation charge, the Manila Electric Co. (Meralco) said over the weekend.

Power firms that supply Meralco’s requirement have yet to send their final billings to the utility firm.

Nonetheless, initial indications showed there could be an increase in generation charge for the December bill. Generation charge is a major component of a power bill.

“The prevailing high coal prices in the world market and the continued use of more expensive alternative fuel with the persisting Malampaya gas supply restriction are expected to raise the fuel costs for this billing period,” said Meralco utility econom-

ics head Lawrence Fernandez said.

The increase for the December bill, he added, will also include onefourth, or around 13 centavos, of the deferred generation costs from the November bill, as directed by the Energy Regulatory Commission (ERC).

The generation charge last month went up by around 29-centavos/ kWh. This would have been higher, at around 81-centavos/kWh, but a portion of the increase will instead be deferred to the next four months.

Meralco said it took the initiative to

cushion the impact in the bills of its customers.

“The difference of 52-centavos per kWh will be amortized and added to the December, January, February and March bills at a rate of around 13-centavos per kWh, or 52-centavos divided by four,” Fernandez said.

Meralco said it coordinated with some of its suppliers to defer collection of portions of their generation costs. These deferred charges will subsequently be billed on a staggered basis over the next four months as directed by ERC. November power rates rose by P0.3256 per kWh to P9.4630 per kWh in November from P9.1374 per kWh in October.

The Malampaya shutdown from October 2 to 25 led to an increase in generation charge, a major component of an electricity bill.

The November generation charge went up by P0.2911 per kWh to P5.3346 per kWh from P5.0435 per

kWh the previous month.

Meralco said the Malampaya facility maintenance shutdown led to a reduction in available supply in the Wholesale Electricity Spot Market (WESM). The tight supply condition in the Luzon Grid led to higher WESM prices at P1.7073 per kWh and triggered the WESM secondary price cap on September 30, October 1, October 21, 22.

The Luzon grid was also placed on Yellow Alert on October 20 due to forced outages of several power plants.

Charges from Independent Power Producers (IPPs) also increased by P0.8186 per kWh. Charges from Power Supply Agreements (PSAs) went down by P0.2841 per kWh mainly due to higher excess energy deliveries.

WESM, IPPs and PSAs accounted for 13.9, 37.4, and 48.7 percent, respectively, of Meralco’s energy requirement.

AirSwift resumes Cebu-El Nido flights

By Lorenz S. Marasigan @lorenzmarasigan

G

M R-M eg aw i de C ebu Airport Corp. (GMCAC) announced Sunday the resumption of boutique airline AirSwift’s Cebu-El Nido service with a ranking executive saying the flights will help “reinvigorate” the local economies of Cebu and Palawan.

Louie Ferrer, the president of GMCAC, said the twice-weekly flights of AirSwift between Cebu and Palawan is a welcome development for the travel and tourism industry, as the country slowly eases into normalcy,

thanks to the continued vaccination drives of the government and the private sector.

“We are pleased by the resumption of AirSwift’s Cebu-El Nido service. For us, it indicates that the recovery of travel and tourism in the Philippines, especially in smaller yet no less impressive destinations such as El Nido is well underway,” he said.

AirSwift flies out of the El Nido Airport to the Mactan-Cebu International Airport (MCIA) every Monday and Friday. It first introduced the service in 2015, but had to stop due to the pandemic.

“We at MCIA continue to promote safe and responsible tourism

while helping to reinvigorate the local economies of Cebu and Palawan through the reopening of this route,” Ferrer said.

For his part, Mactan-Cebu International Airport Authority (MCIAA) General Manager Julius G. Neri Jr. reminded passengers to follow government guidelines for safe travel during the pandemic.

“As we slowly reopen the economy through the resumption of domestic flights like the Cebu-El Nido services of AirSwift, we remind our passengers to continue observing the minimum public health standards to ensure the health and safety of everyone,” he said.

Fully-vaccinated tourists travelling to El Nido are required to get an approved S-Pass Travel Permit, which can be obtained by submitting a copy of their Department of Tourism (DOT)-accredited hotel booking confirmation, an accomplished VaxCert via https://vaxcert.doh.gov. ph/ or Covid-19 vaccination card/ certificate, and roundtrip tickets.

Meanwhile, partially vaccinated or unvaccinated tourists are required to present a negative RT-PCR swab test or saliva test result taken 72 hours prior to the time or arrival, a copy of their DOT-accredited hotel booking confirmation, and their roundtrip tickets.

Bidding for ‘Mobile users more vigilant against scams’ Aboitiz EPC deal enters final stages

A

boitiz Power Corp. is wrapping up the bidding for the engineering, procurement, and construction (EPC) contract for its solar power project in Pangasinan.

“For our 94-megawatt (MW) DC solar project in Cayanga, Bugallon, Pangasinan, the engineering, procurement, and construction tendering process is in the final stages and target notice to proceed [NTP] is expected in the first week of December,” said AboitizPower President Emmanuel Rubio during the Energy Investment Forum last Friday.

Once the NTP is issued, the EPC contractor could commence construction for the solar power facility that is expected to be commercially operational by fourth quarter of 2022, added Rubio.

Last May, the power firm said in a statement that it will start the construction of a 74MW solar power facility in Pangasinan within the second half of the year. The Cayanga project will be the company’s second solar power venture after its 59-MW-peak facility in San Carlos City, Negros Occidental, which was inaugurated in 2016.

The solar project, to be built in Cayanga in the town of Bugallon, about 13 kilometers southwest of the provincial capital of Lingayen, recently received board approval and is now in the development stage. Lenie Lectura

businessmirror file photo

T

he PLDT Group said on Sunday it noted a decrease in subscribers clicking fraudulent texts, even as it continues to work to block numbers related to the ongoing smishing scam.

Angel Redoble, the company’s chief information security officer, said his team has “observed a lower count particularly on December 4 with 9,117 access blocked, a lot less than the number of blocked access in the previous days.”

“Despite the sudden influx of spam messages, the decline in the number of access blocked suggests that more Filipinos are now more aware and suspicious, and therefore do not click on the domains that are sent to them via these fraudulent SMS. More mobile users are now practicing vigilance in response to the emerging threats in cybersecurity,” Redoble said.

As of Saturday, the PLDT Group has blocked more than 100,000 attempts to click or access domains directly related and involved in the ongoing text spam modus.

“This also measures the progress of PLDT and Smart’s comprehensive awareness campaign to protect subscribers from unsolicited, fake job hiring content. By propagating advisories and safety tips on social media, the Group is helping more Filipinos make informed, proactive decisions to protect their sensitive information and manage data risks,” Redoble added.

He noted that the group has “reinforced” its collaboration with the National Telecommunications Commission, Department of Trade and

Industry, and the National Privacy Commission to address the smishing scam.

Currently, the government is studying the possibility of implementing policy intervention measures such as SIM card registration and the integration of the national ID to counter the attacks.

For now, Redoble said subscribers are “strongly advised” to “delete, block, and not click too-good-to-be-true job offers propagated by unknown senders, regardless of how enticing the compensation may sound The government has linked the smishing scam to a global syndicate that offers Filipinos non-existent jobs that offer thousands of pesos in salary per day, asking them to deposit money to cash-out prizes.

Redoble said last week that the group has partnered with banking institutions, e-commerce firms, other telecommunications companies, and the government in coming up with a unified strategy to combat the scam.

“PLDT and Smart recognize how crucial data privacy has become, and we have convened with various sectors regarding the matter— a recognition that this issue requires a multisectoral approach. We assure the government agencies and other sectors that PLDT and Smart will take an active role in protecting Filipinos against cybercrime by strengthening our cybersecurity reinforcements,” said Leah B. Jimenez, the Chief Data Privacy Officer of PLDT and Smart. Lorenz S. Marasigan

PSE approves Haus Talk IPO

By VG Cabuag @villygc

T

he Philippine Stock Exchange (PSE) has approved the initial public offering (IPO) of residential developer Haus Talk Inc., which would be the first listing on the bourse for 2022.

“Haus Talk is one of the companies in PSE’s handholding program for potential IPO listing applicants. We are pleased to see that their IPO journey will soon come into fruition,” PSE President and CEO Ramon S. Monzon said.

Haus Talk will offer to the public up to 500 million common shares to be offered at up to P1.50 per share. Its shares will be listed and traded on the small, medium and emerging board of the PSE. The company expects to net up to P723.69 million in proceeds, which will be used for land acquisition, project development and general corporate purposes.

The company’s target offer period is from January 3 to 7.

The final offer price will be de-

termined on December 27, after the company completes its book building process.

The PSE is guiding over 30 companies in their plans to go public under the handholding program, most of which are candidates for SME Board listing.

“We have long wanted to grow the number of SMEs [small and medium enterprises] listed in the PSE. To achieve this, we relaxed our listing rules and beefed up the support we provide to potential listing applicants. We hope that the IPO of Haus Talk will set the tone for 2022 in encouraging other SMEs to consider raising capital through the stock market,” Monzon said.

Organized in 2004, Haus Talk is a residential real estate developer led by the Madlambayan family with projects based in Antipolo and Laguna. The company has sold almost 1,900 housing units, with about 2,300 units in development until 2023.

Investment and Capital Corp. of the Philippines is the issue manager and underwriter for the offer.

B2

Companies BusinessMirror

Monday, December 6, 2021

PSE STOCK QUOTATIONS

December 3, 2021

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH VANTAGE

13,120 428,202,498 165,592,385 966,425 1,972,788 110,206,510 185,680 94,600 1,045,325 1,728 1,202,800 49,948,913 37,489,756.50 164,890 300,000 8,150 3,050 2,850 116,000 8,540 308,040 34,830

21,554,617 -6,934,440 -126,500 -315,594 -82,171,820 -202,180 1,950 4,401,336 8,794,394 -85,290 -

INDUSTRIAL AC ENERGY 11.14 11.2 11.42 11.44 11.04 11.2 14,116,200 158,435,114 ABOITIZ POWER 30 30.05 29.75 30.2 29.6 30 2,033,300 60,794,230 BASIC ENERGY 0.65 0.66 0.65 0.67 0.63 0.65 15,380,000 9,995,710 FIRST GEN 28.4 28.75 28.9 29.15 28.4 28.75 250,000 7,193,645 FIRST PHIL HLDG 72.45 73.3 72.4 72.65 72.4 72.4 41,730 3,021,302 MERALCO 295 297 299.8 299.8 295 295 215,190 63,757,884 MANILA WATER 23.8 24.1 23.4 24.15 23.1 24.1 2,051,400 48,891,380 PETRON 3.21 3.22 3.22 3.25 3.19 3.22 534,000 1,722,120 PETROENERGY 3.93 4.05 4.06 4.06 3.91 3.91 77,000 306,500 PHX PETROLEUM 11.14 11.46 11.12 11.48 11.12 11.48 10,000 114,204 PILIPINAS SHELL 20 20.3 20.6 20.9 20 20 582,900 11,725,915 SPC POWER 13.94 14 13.8 14 13.74 14 75,700 1,056,916 AGRINURTURE 3.94 4.02 3.98 4.02 3.9 4.02 181,000 719,520 AXELUM 2.95 2.98 2.92 2.99 2.88 2.98 3,191,000 9,361,520 BOGO MEDELLIN 61.05 70.95 61.05 61.05 61.05 61.05 40 2,442 CENTURY FOOD 26 26.3 26.9 26.9 26 26 1,018,100 26,562,340 DEL MONTE 14.24 14.38 14.1 14.38 14.1 14.38 24,700 349,326 DNL INDUS 8.55 8.62 8.7 8.74 8.5 8.55 691,800 5,970,283 EMPERADOR 18.02 18.06 18.1 18.1 17.98 18.02 5,528,600 99,528,742 SMC FOODANDBEV 74.5 75.05 75.6 75.6 74.5 74.9 66,160 4,947,750 FRUITAS HLDG 1.24 1.25 1.23 1.25 1.23 1.25 4,686,000 5,797,910 GINEBRA 105 106 100.1 106.4 100 106 81,800 8,487,175 JOLLIBEE 223 225 225 231 223 223 869,250 196,965,396 LIBERTY FLOUR 27.25 28.95 27.25 27.25 27.25 27.25 7,600 207,100 MAXS GROUP 6.48 6.6 6.5 6.6 6.48 6.48 88,600 575,170 MG HLDG 0.15 0.16 0.143 0.16 0.143 0.16 190,000 27,620 MONDE NISSIN 16.7 16.72 16.94 16.96 16.62 16.72 36,413,700 610,292,058 SHAKEYS PIZZA 8.67 8.7 8.5 8.7 8.43 8.7 72,300 625,760 ROXAS AND CO 0.64 0.65 0.66 0.69 0.63 0.65 1,281,000 833,470 RFM CORP 4.58 4.64 4.68 4.68 4.64 4.64 9,000 41,860 SWIFT FOODS 0.111 0.115 0.114 0.115 0.114 0.115 1,730,000 198,880 UNIV ROBINA 130 130.1 130.4 131.4 130 130 1,371,600 178,928,590 VITARICH 0.73 0.74 0.73 0.74 0.72 0.74 299,000 219,870 CEMEX HLDG 1.18 1.19 1.17 1.19 1.17 1.19 350,000 412,140 EAGLE CEMENT 13.72 14 13.66 13.9 13.66 13.72 107,700 1,477,760 EEI CORP 6.44 6.64 6.44 6.65 6.44 6.65 33,800 219,041 HOLCIM 5.33 5.35 5.4 5.4 5.27 5.35 165,900 890,134 KEEPERS HLDG 1.47 1.48 1.48 1.5 1.46 1.48 27,355,000 40,515,640 MEGAWIDE 5.27 5.28 5.19 5.39 5.19 5.28 901,000 4,761,536 PHINMA 18.22 18.42 18.08 18.5 18.04 18.42 66,600 1,208,932 TKC METALS 0.85 0.86 0.84 0.91 0.84 0.85 410,000 351,230 VULCAN INDL 0.96 0.97 0.96 0.99 0.96 0.97 2,052,000 1,998,030 CROWN ASIA 1.69 1.72 1.72 1.72 1.72 1.72 2,000 3,440 EUROMED 1.48 1.5 1.47 1.47 1.47 1.47 12,000 17,640 MABUHAY VINYL 3.8 3.9 3.9 3.9 3.9 3.9 3,000 11,700 PRYCE CORP 5.8 5.87 5.86 5.87 5.86 5.87 12,700 74,546 CONCEPCION 21.2 21.65 21.65 21.65 21.3 21.3 4,500 95,955 GREENERGY 2.34 2.35 2.35 2.36 2.32 2.35 5,266,000 12,348,380 INTEGRATED MICR 8.5 8.52 8.56 8.56 8.48 8.5 685,300 5,825,943 IONICS 0.72 0.74 0.72 0.75 0.72 0.74 8,000 5,890 PANASONIC 5.88 5.94 5.88 5.94 5.88 5.94 17,200 101,426 SFA SEMICON 1.07 1.1 1.07 1.1 1.07 1.1 14,000 15,010 CIRTEK HLDG 3.81 3.85 3.9 3.9 3.8 3.81 594,000 2,285,350

-7,582,642 -4,702,975 -111,900 -4,253,755 -2,996,686 -31,250,390 3,846,025 -451,550 5,567,250 -407,400 -361,470 -57,770 -8,226,815 2,820 -1,707,158 6,077,538.00 -3,404,903.50 6,993,454 -48,899,334 49,050 -12,080 -26,889,352 -285,930 -18,660 -94,846,588 -1,309,022 -262,384 37,060 -880,515 -135,880 -6,295,650 2,079,397.00 -

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL HOUSE OF INV JG SUMMIT KEPPEL HLDG A LODESTAR LOPEZ HLDG LT GROUP MJC INVESTMENTS METRO PAC INV PRIME MEDIA REPUBLIC GLASS SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP ZEUS HLDG

44 120 90.8 25.3 9.34 49.45 8.7 15.9 20.1 55.65 19 117 97 1.6 3.99 0.59 0.92 0.285 890 0.61 207 0.81

0.96 5.7 824 51.35 11.08 5.57 7.33 0.89 0.4 5.06 7.97 7.51 560 3.5 56.8 6.1 0.63 2.93 10 1.1 3.86 1.25 2.8 14.94 939 112.5 0.169

45.9 120.9 90.9 25.35 9.38 49.5 8.8 17.2 20.15 57.6 19.9 117.2 97.2 1.64 4 0.63 1.04 0.31 975 0.69 208 0.88

0.97 5.8 830 51.45 11.1 5.58 7.5 0.91 0.44 5.14 7.98 7.79 565 3.6 58.5 6.2 0.65 2.99 10.04 1.23 3.88 1.3 2.96 14.98 949 113 0.17

43.6 120 90.05 25 9.35 48.9 8.8 17.2 20.15 57.6 19.5 115.2 97 1.6 4 0.59 0.91 0.285 950 0.61 209 0.81

0.97 5.7 843 51 11.2 5.57 7.5 0.91 0.385 5.12 8.01 7.7 565 3.57 58.5 6.1 0.65 2.93 10.06 1.18 3.91 1.31 2.96 14.8 954 111 0.17

44 121.9 91 25.3 9.4 49.8 8.8 17.2 20.15 57.6 19.52 117.2 103 1.63 4 0.63 1.09 0.285 975 0.61 209 0.81

0.98 5.7 843 51.5 11.24 5.63 7.6 0.91 0.48 5.2 8.08 7.79 569 3.57 58.95 6.1 0.66 2.93 10.1 1.18 3.93 1.31 2.96 15.06 959.5 113 0.17

43.6 120 90.05 24.7 9.34 48.9 8.8 17.2 20 57.6 19 115.1 92.1 1.6 4 0.59 0.91 0.285 950 0.61 207 0.81

0.94 5.7 824 50.3 11.1 5.5 7.5 0.89 0.385 5.05 7.95 7.51 560 3.5 56.8 6.1 0.65 2.93 9.98 1.18 3.86 1.31 2.96 14.72 939 111 0.169

44 120 90.8 25.3 9.34 49.5 8.8 17.2 20.15 57.6 19 117 97.2 1.63 4 0.63 1.05 0.285 975 0.61 207 0.81

0.96 5.7 824 51.45 11.1 5.58 7.6 0.91 0.4 5.06 7.97 7.79 560 3.5 56.8 6.1 0.66 2.93 10 1.18 3.86 1.31 2.96 14.98 939 113 0.169

300 3,550,000 1,823,310 38,400 210,700 2,227,100 21,100 5,500 52,100 30 63,000 428,130 384,260 103,000 75,000 13,000 3,000 10,000 120 14,000 1,480 43,000

3,916,000 300 203,240 3,230,080 1,905,200 1,417,000 44,400 114,000 400,000 1,084,100 3,419,100 1,900 199,160 5,000 2,295,850 1,500 17,000 50,000 5,387,800 2,000 16,206,000 10,000 8,000 9,781,500 174,070 59,930 2,830,000

3,786,650 1,710 168,620,400 165,882,692 21,259,280 7,922,924 336,440 102,640 163,600 5,516,780 27,359,858 14,553 112,107,355 17,710 132,350,117 9,150 11,060 146,500 53,942,409 2,360 63,121,630 13,100 23,680 145,948,124 164,311,505 6,728,486 480,670

PROPERTY ARTHALAND CORP 0.63 0.64 0.63 0.64 0.63 0.63 153,000 96,420 AYALA LAND 34.5 34.75 34.3 35 34.3 34.5 6,380,500 221,398,780 ARANETA PROP 0.98 1.03 1.02 1.03 1.02 1.03 15,000 15,340 AREIT RT 47.75 48 45 48 45 48 2,638,300 121,776,120 BELLE CORP 1.37 1.38 1.39 1.39 1.38 1.38 40,000 55,400 A BROWN 0.8 0.81 0.8 0.81 0.8 0.81 92,000 73,630 CITYLAND DEVT 0.73 0.77 0.74 0.75 0.73 0.73 239,000 177,930 CROWN EQUITIES 0.103 0.107 0.108 0.108 0.108 0.108 10,000 1,080 CEBU HLDG 6.13 6.5 6.11 6.5 6.11 6.5 400 2,522 CEB LANDMASTERS 2.81 2.82 2.83 2.84 2.8 2.82 448,000 1,263,400 CENTURY PROP 0.395 0.405 0.39 0.405 0.39 0.405 10,360,000 4,127,350 DOUBLEDRAGON 7.52 7.53 7.45 7.72 7.45 7.53 560,700 4,239,148 DDMP RT 1.79 1.8 1.8 1.8 1.79 1.79 1,897,000 3,399,270 DM WENCESLAO 6.82 6.85 6.85 6.85 6.82 6.85 47,700 326,724 EMPIRE EAST 0.26 0.27 0.265 0.27 0.26 0.27 470,000 123,350 EVER GOTESCO 0.305 0.315 0.315 0.315 0.305 0.305 5,790,000 1,793,950 FILINVEST RT 7.72 7.75 7.6 7.73 7.59 7.72 5,651,900 43,399,627 FILINVEST LAND 1.1 1.12 1.11 1.12 1.1 1.1 3,355,000 3,717,530 GLOBAL ESTATE 0.83 0.84 0.83 0.83 0.83 0.83 3,000 2,490 8990 HLDG 10.68 10.7 10.06 10.7 10.02 10.7 406,900 4,249,214 PHIL INFRADEV 1.15 1.17 1.14 1.18 1.14 1.15 485,000 557,770 CITY AND LAND 0.91 0.99 0.92 1.09 0.85 1.01 448,000 439,570 MEGAWORLD 3.08 3.09 3.04 3.12 3.04 3.09 8,115,000 25,034,140 MRC ALLIED 0.265 0.27 0.265 0.275 0.265 0.27 3,780,000 1,020,750 MREIT RT 18.3 18.32 18.34 18.36 18.3 18.32 1,207,100 22,115,170 PHIL ESTATES 0.53 0.54 0.52 0.56 0.51 0.53 14,067,000 7,603,330 PRIMEX CORP 1.99 2.03 1.91 2.04 1.91 2.03 549,000 1,091,440 RL COMM RT 7.39 7.4 7.2 7.4 7.2 7.4 4,590,000 33,793,394 ROBINSONS LAND 17.7 17.98 18 18.2 17.7 17.98 1,236,500 22,197,910 ROCKWELL 1.5 1.54 1.5 1.53 1.5 1.53 320,000 486,680 SHANG PROP 2.58 2.62 2.62 2.62 2.62 2.62 9,000 23,580 SM PRIME HLDG 35 35.8 35 35.8 35 35.8 20,784,500 736,824,640 VISTAMALLS 3.78 3.79 3.6 3.78 3.6 3.78 10,000 37,080 SUNTRUST HOME 1.18 1.2 1.15 1.27 1.13 1.22 1,087,000 1,290,330 VISTA LAND 3.66 3.7 3.79 3.79 3.64 3.66 371,000 1,357,860

SERVICES ABS CBN 12.9 12.96 13.12 13.12 12.88 12.9 484,800 6,288,076 GMA NETWORK 13.82 13.84 13.6 13.86 13.6 13.84 246,400 3,397,666 MANILA BULLETIN 0.41 0.435 0.435 0.445 0.4 0.435 670,000 276,600 GLOBE TELECOM 3,250 3,280 3,200 3,284 3,200 3,280 73,930 241,467,590 PLDT 1,625 1,630 1,640 1,670 1,625 1,625 123,270 202,516,325 APOLLO GLOBAL 0.073 0.074 0.071 0.073 0.07 0.073 59,920,000 4,302,730 CONVERGE 31.5 31.55 30.85 31.7 30.65 31.5 5,256,700 165,055,720 DFNN INC 2.59 2.7 2.67 2.7 2.53 2.7 1,028,000 2,699,810 DITO CME HLDG 5.72 5.73 5.54 5.75 5.54 5.72 6,077,200 34,580,694 NOW CORP 1.54 1.55 1.51 1.56 1.51 1.55 416,000 641,730 TRANSPACIFIC BR 0.305 0.31 0.31 0.315 0.305 0.305 2,680,000 823,700 PHILWEB 1.84 1.88 1.9 2 1.81 1.85 811,000 1,530,840 2GO GROUP 7.6 7.99 7.5 8 7.5 7.99 15,300 120,097 ASIAN TERMINALS 14 14.2 13.8 14.2 13.8 14.2 8,500 117,500 CHELSEA 1.62 1.68 1.65 1.68 1.6 1.68 629,000 1,037,380 CEBU AIR 43.7 43.75 44 44 43 43.7 362,700 15,825,545 INTL CONTAINER 194 194.2 198.5 203.4 194 194 1,759,020 348,893,089 LBC EXPRESS 21 22 22 22 22 22 700 15,400 MACROASIA 5.38 5.4 5.38 5.46 5.34 5.4 1,436,700 7,764,081 METROALLIANCE A 1.33 1.39 1.32 1.33 1.32 1.33 14,000 18,500 HARBOR STAR 0.88 0.94 0.9 0.94 0.88 0.94 108,000 95,990 DISCOVERY WORLD 1.97 2.08 1.96 2.1 1.96 2.08 59,000 116,450 WATERFRONT 0.47 0.485 0.465 0.485 0.465 0.47 360,000 168,900 FAR EASTERN U 530 598 545 545 530 530 370 197,450 IPEOPLE 7.01 7.47 7.47 7.47 7.47 7.47 1,500 11,205 STI HLDG 0.355 0.36 0.345 0.36 0.345 0.36 3,200,000 1,125,600 BERJAYA 7.8 7.85 7.65 7.94 7.4 7.85 1,045,200 8,175,241 BLOOMBERRY 7.09 7.11 7 7.16 7 7.09 2,092,000 14,836,570 PACIFIC ONLINE 1.8 1.97 1.99 1.99 1.99 1.99 1,000 1,990 LEISURE AND RES 1.46 1.52 1.52 1.55 1.45 1.55 1,197,000 1,796,700 PH RESORTS GRP 0.84 0.85 0.86 0.87 0.84 0.85 1,239,000 1,059,800 PREMIUM LEISURE 0.44 0.445 0.44 0.44 0.425 0.44 7,280,000 3,163,450 PHIL RACING 5.7 5.8 5.8 5.8 5.8 5.8 20,000 116,000 ALLDAY 0.7 0.71 0.71 0.73 0.7 0.71 43,516,000 31,111,310 ALLHOME 9.44 9.45 9.23 9.45 9.22 9.44 187,500 1,764,466 METRO RETAIL 1.42 1.43 1.41 1.43 1.41 1.43 943,000 1,346,230 PUREGOLD 38.9 39.7 39.4 40.1 38.7 39.7 1,719,500 67,592,425 ROBINSONS RTL 63.3 63.35 63 63.7 62.6 63.3 50,250 3,179,288 PHIL SEVEN CORP 89 92 88.9 94 88 93.95 5,760 513,670 SSI GROUP 1.15 1.16 1.14 1.17 1.14 1.16 1,400,000 1,621,900 WILCON DEPOT 31 31.05 31.2 31.2 30.45 31 1,326,300 41,029,060 APC GROUP 0.23 0.239 0.238 0.239 0.238 0.239 30,000 7,160 EASYCALL 5.51 5.9 5.87 6.17 5.75 5.9 190,000 1,123,340 GOLDEN MV 477.2 535 525.5 535 525.5 535 1,410 754,255 IPM HLDG 6.9 7 7 7 7 7 3,000 21,000 PRMIERE HORIZON 0.63 0.64 0.64 0.66 0.63 0.64 8,588,000 5,530,450

MINING & OIL

ATOK 5.75 5.8 5.62 6.09 5.6 5.8 204,800 1,151,127 APEX MINING 1.36 1.37 1.4 1.4 1.37 1.37 409,000 561,120 ATLAS MINING 6.07 6.18 6.07 6.18 6.07 6.18 11,200 68,192 BENGUET A 5.05 5.1 5.01 5.1 5.01 5.1 15,600 78,641 CENTURY PEAK 2.6 2.64 2.6 2.6 2.6 2.6 100,000 260,000 DIZON MINES 5.15 5.46 5.15 5.46 5.15 5.46 1,300 6,726 FERRONICKEL 2.06 2.09 2.13 2.13 2.05 2.06 1,032,000 2,149,840 GEOGRACE 0.196 0.2 0.2 0.2 0.2 0.2 110,000 22,000 LEPANTO A 0.125 0.128 0.128 0.128 0.125 0.128 1,270,000 159,610 LEPANTO B 0.131 0.139 0.14 0.14 0.139 0.14 1,480,000 207,100 MANILA MINING A 0.0087 0.0088 0.0088 0.0088 0.0088 0.0088 3,000,000 26,400 MARCVENTURES 1.26 1.27 1.25 1.28 1.19 1.27 3,657,000 4,528,570 NIHAO 1.01 1.03 1.01 1.01 1.01 1.01 11,000 11,110 NICKEL ASIA 5.15 5.16 5.11 5.18 5.08 5.16 1,728,300 8,899,047 ORNTL PENINSULA 0.73 0.74 0.73 0.73 0.73 0.73 93,000 67,890 PX MINING 4.75 4.76 4.78 4.89 4.76 4.76 547,000 2,614,110 SEMIRARA MINING 22.45 22.8 23.5 23.5 22 22.45 2,082,000 47,166,330 UNITED PARAGON 0.0059 0.0061 0.0059 0.0059 0.0059 0.0059 2,000,000 11,800 ACE ENEXOR 28 28.2 24.9 28.45 24.9 28.2 2,884,000 77,471,230 ORNTL PETROL A 0.01 0.011 0.011 0.011 0.01 0.01 16,200,000 169,400 ORNTL PETROL B 0.01 0.012 0.011 0.012 0.011 0.012 780,000,000 9,358,200 PHILODRILL 0.009 0.0091 0.0089 0.009 0.0089 0.009 5,000,000 44,800 PXP ENERGY 6.04 6.14 6.04 6.2 6 6.14 80,000 484,681

PREFFERED HOUSE PREF A 98.8 101 98.6 98.6 98.6 98.6 30,000 2,958,000 ALCO PREF D 490 505 505 505 500 505 8,920 4,486,000 AC PREF B2R 506 520 505 525 505 525 4,010 2,025,250 BRN PREF A 100.3 100.5 100.4 100.6 100.3 100.5 7,370 740,409 CEB PREF 43.5 43.8 43.1 43.5 43.1 43.5 11,200 487,120 DD PREF 100.7 100.8 100.8 100.8 100.7 100.7 1,110 111,778 GTCAP PREF A 1,010 1,015 1,011 1,011 1,011 1,011 975 985,725 JFC PREF A 999 1,009 1,000 1,000 1,000 1,000 60 60,000 JFC PREF B 1,000 1,028 1,010 1,028 1,000 1,028 1,185 1,202,000 MWIDE PREF 2A 97.8 100.1 98 98 97.8 97.8 4,000 391,510 MWIDE PREF 4 98.2 100.5 100.5 100.5 100.5 100.5 80 8,040 PNX PREF 3B 102.5 104.5 104 104.5 104 104.5 840 87,385 PNX PREF 4 994 997 996 997 996 997 1,010 1,005,980 PCOR PREF 3A 1,051 1,108 1,050 1,050 1,050 1,050 2,000 2,100,000 PCOR PREF 3B 1,080 1,120 1,170 1,170 1,070 1,070 1,000 1,090,200 SMC PREF 2F 79.45 79.6 79.6 79.7 79.6 79.6 360 28,660 SMC PREF 2H 76 76.95 76 76.45 76 76.45 73,100 5,585,750 SMC PREF 2I 79.35 79.5 76.65 79.4 76.65 79.4 47,880 3,769,444 SMC PREF 2J 76.5 77.1 77.2 77.2 76.6 76.6 14,520 1,112,894

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12.1 12.64 12.1 12.1 12.1 12.1 30,000 363,000 GMA HLDG PDR 13.2 13.64 13.6 13.64 13.6 13.64 8,500 115,784

WARRANTS TECH WARRANT 0.84 0.86 0.85 0.86 0.83 0.86 782,000 661,240

32,260 -86,710,170 33,624,113 -10,499,544 16,800 -876,224 5,166,316 1,540 -24,638,450 -54,855,147.50 8,790 -477,076 -15,976,520 -44,517,680 -56,149,890 -739,011 -406,300 14,919,225 35,481,045 19,750 -68,000 -60,832 -14,320 -26,700 1,177,933 -1,970,680 78,960 -10 -18,720 2,676,410 -5,774,558 179,500 18,508,367 -3,970,364 494,481,590 7,560 251,150 -28,612,890 -21,791,665 349,250.00 -16,302,385 4,320 1,499,008 46,500 30,350 -11,400 750 -389,090 -2,272,320 -69,347,501 173,206 -8,900 11,820 -64,700 -5,782,128 1,377,220 357,970 -144,650 1,136,086 -43,181,445 -200,250.50 -350,771 -3,480.00 -26,959,640 -2,380 123,890 12,440 -1,236 260,000 -1,267,320 8,540 1,049,487 -2,159,810.00 9,590,620 10,038,580 - 8,040 21,840 - 1,360 -

SMALL & MEDIUM ENTERPRISES

ALTUS PROP ITALPINAS KEPWEALTH MERRYMART

18.2 2.38 3.4 2.91

FIRST METRO ETF

108

18.5 2.4 3.49 2.93

EXHANGE TRADE FUNDS

108.5

18 2.16 3.49 2.9

19 2.5 3.49 2.99

18 2.16 3.49 2.9

18.5 2.38 3.49 2.91

150,700 5,072,000 1,000 1,518,000

2,775,274 12,085,280 3,490 4,463,780

-376,510 217,410

108.9 108.9 108 108 13,290 1,440,952 42,055

www.businessmirror.com.ph

Villar wants to list Coffee Project, open more stores

R

By VG Cabuag

@villygc

eal estate and retail tycoon Manuel B. Villar Jr. said he is planning to open more branches of the Villar Group’s stable of brands next year while preparing for the initial public offering (IPO) of the Coffee Project chain.

In a briefing after the Villar Group’s Retail Innovation Shopping Expo, Villar said the retail sector will ride on the country’s economic recovery. The local economy is expected to get a boost from higher spending in 2022 as it is an election year.

“I am very glad that [the Covid-19 pandemic] is about to end,” Villar said.

He said listed retail firm AllHome Corp. and newly-listed AllDay Marts Inc. are targeting to open 10 branches each next year as part of the Villar Group’s on-

STOCK-MARKET OUTLOOK

going expansion program.

Foot traffic in their other retail businesses held under AllValue Holdings Corp. has already recovered to pre-pandemic levels starting the fourth quarter, he said.

Villar said even their malls under Vista Land and Lifescapes Inc. and Starmalls Inc. have both seen foot traffic recovering to over 100 percent of pre-pandemic levels and they no longer need to extend concessions to the tenants since their businesses have also recovered.

Maeanwhile, he said the IPO of Coffee Project will be “small” and that he will wait for the coffee shop chain to reach 100 branches before going public.

Villar said he is also thinking of expanding Coffee Project’s branches by converting some of their brands.

“We have eight types of these coffee shops that are world-class and

mutual funds

December 3, 2021

Last week

Share prices plunged last week, with the main index returning to the 7,000-point level, as investors were spooked by the possible effects of the omicron variant of Covid-19 on the economy.

The benchmark Philippine Stock Exchange index fell 223.25 points to close at 7,055.19 points.

The main index was down for the first two sessions of the four-day trading week, falling the most on the first trading day of December but it never recovered its loss even if it posted gains on Thursday and Friday.

Foreign investors now make up 60 percent of the trades but were net sellers at P1.8 billion.

Average daily trading value for the week was high at P13.84 billion.

All other sub-indices ended in the red, led by the All Shares index that fell 81.19 points to close at 3,790.20 points, the Financials index declined 28.01 to 1,558.49, the Industrial index plunged 314.37 to 10,307.05, the Holding Firms index retreated 243.88 to 6,796.39, the Property index was down 107.60 to 3,216.71, the Services index shed 37.96 to 1,938.52 and the Mining and Oil index lost 123.29 to close at 9,362.03.

For the week, losers edged gainers 162 to 54 and 30 shares were unchanged.

Top gainers for the week were Easycall Communications Philippines Inc., ACE Enexor Inc., Berjaya Philippines Inc., Oriental Petroleum and Minerals Corp. and I-Remit Inc. Top losers were ATN Holdings Inc. A, Metro Alliance Holdings and Equities Inc. B, Bogo-Medelin Milling Co. Inc., Alliance Select Foods International Inc., Philippine Estates Corp, and Premiere Horizon Alliance Corp.

This week

Share prices may continue to decline this week as the omicron variant is still sending waves of panic across the world, prodding investors to sell.

“Investors are still expected to watch out for developments over the omicron variant. If the said strain is detected in more parts of the world, worse, if it enters the Philippines, then it may escalate Covid-19 and economic worries which could pull the local market down further,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said.

He said investors are also expected to watch out for the upcoming October labor data this week. Better employment figures may give an upward boost to sentiment since it confirms the continuing recovery momentum of our local economy, he said.

Broker 2TradeAsia said fear of the unknown effects of the omicron variant persists in the market.

“Lightening highly risk-on positions and preparing cash buffer may be the prudent portfolio manager’s go-to,” the broker said.

Chartwise, if the local bourse manages to sustain its position at the 7,000 to 7,100 range, then it may test next its 50-day exponential moving average of 7,160.01 as of December 3, Tantiangco said.

“If it falls below the said range however, then it may test next its 200-day exponential moving average 6,884.47,” he said

Stock picks

Broker Regina Capital Development Corp. advised to take position on the stock of Jollibee Foods Corp. (JFC) as both the selling and buying pressure on its technical readings are heading down and momentum is going sideways.

“This may be an attractive entry-level while JFC trades below its 50-day moving average,” it said, giving a weekly target on the stock at P231.50 per share.

Jollibee shares were last traded at P223 apiece.

Meanwhile, it advised to buy shares of Ayala Land Inc. when its support price holds at P33 apiece.

“The stock is trading at a discount to its key moving averages. Both the selling and buying pressure are falling while the momentum is increasing which may indicate that the stock could trade sideways,” it said.

Ayala Land shares closed Friday at P34.50 apiece. VG Cabuag

even better than those in Europe,” Villar said.

The company has hatched several brands during the pandemic as it adjusted its business strategy due to the sudden change in consumer behavior. These are Ruined Project, Napa, San Marco, Dear Joe, Roma, SOMO Market, Global Market, Green Centralle, Pet Buddies, KAL, No Name, AllGreen, Get All, AllAmerican, Shieldtech, Yummy Bakes, AllBikes, Pet Café, Crossings Café, Sombrero, AllDigital, Bread Basket and Boston Green.

Villar said they are also converting their AllDay convenience stores, which are not part of the AllDay supermarket chain, into AllGreen stores which offers not just groceries but also health and beauty and pharmaceutical products. He said these are patterned after Walgreens in the United States.

NAV One Year Three Year Five Year

per share

Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

224.94

-0.61%

-3.24%

-1.35%

-0.99%

ATRAM Alpha Opportunity Fund, Inc. -a

1.6234

25.89%

5.07%

3.72%

23.64%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.1208

-0.16%

-6.85%

-4.2%

-0.39%

Climbs Share Capital Equity Investment Fund Corp. -a 0.75

-5.87%

-5.44% n.a.

-7.73%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7741 2.88%

-1.91% n.a.

4.38%

First Metro Save and Learn Equity Fund,Inc. -a

5.0308

2.27%

-1.11%

0.4%

1.81%

First Metro Save and Learn Philippine Index Fund, Inc. -a

0.7532

-0.8%

-3.27%

-3.22%

MBG Equity Investment Fund, Inc. -a

-3.28%

-5.83% n.a.

-7.1%

94.64

PAMI Equity Index Fund, Inc. -a

46.1964

-0.65%

-1.71%

0.22%

-1.37%

Philam Strategic Growth Fund, Inc. -a

483.17

-0.82%

-1.75%

-0.46%

-1.18%

Philequity Alpha One Fund, Inc. -a,d

1.134

Philequity Dividend Yield Fund, Inc. -a

1.2836

Philequity Fund, Inc. -a

35.2097

Philequity MSCI Philippine Index Fund, Inc. -a

0.9059

Philequity PSE Index Fund Inc. -a

5.98% n.a. n.a.

3.34%

11.11%

1.08%

1.77%

9.88%

2.62%

-0.98%

0.93%

1.27%

-0.35% n.a. n.a.

-0.78%

4.7613

0.16%

-0.93%

0.93%

-0.62%

794.9

-0.03%

-0.95%

0.87%

-0.84%

Soldivo Strategic Growth Fund, Inc. -a

0.728

1.14%

-5.14%

-2.34%

1.27%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.6234

0.76%

-3.63%

-0.76%

-0.01%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9064 - 0.45%

-1.3%

0.62%

-1.23%

United Fund, Inc. -a

-1.4%

1.45%

0.34%

-0.74%

1.36%

Philippine Stock Index Fund Corp. -a

3.3299

0.8%

-2.99%

Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 106.9091

0.06%

-0.6%

Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b

$1.1283

-3.55%

5.06%

5.5%

-6.2%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.8034

10.69%

14.71%

11.88%

7.81%

Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a

1.6597

0.78%

0.32%

-0.09%

-0.53%

ATRAM Philippine Balanced Fund, Inc. -a

2.2231

-1.47%

0.52%

0.09%

-2.73%

First Metro Save and Learn Balanced Fund Inc. -a 2.6422

0.9%

1.64%

1.79%

0.58%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.2032

2.68% n.a. n.a.

NCM Mutual Fund of the Phils., Inc. -a

2.57%

2.16%

0.38% -2.82%

1.9746

0.71%

PAMI Horizon Fund, Inc. -a

3.6832

-2.34%

1.63%

1.04%

Philam Fund, Inc. -a

16.4922

-2.18%

1.45%

0.92%

-2.64%

Solidaritas Fund, Inc. -a

2.0767

-0.38%

0.48%

0.78%

-0.69%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5515 -0.05%

-0.88%

0.41%

-0.61%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9757

-3.99% n.a. n.a.

-4.59%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9152

-3.24% n.a. n.a.

-3.58%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.9035

-2.73% n.a. n.a.

-3.17%

Sun Life Prosperity Dynamic Fund, Inc. -a

4.34%

3.84%

0.9218

-0.24%

0.56%

2.57%

Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a

$0.0376

-3.93%

2.53%

1.48%

-3.84%

PAMI Asia Balanced Fund, Inc. -b

$1.054

-5.96%

3.68%

3.49%

-6.73%

7.28%

10.85%

8.76%

4.78%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.1895 0.44%

5.66%

4.35%

-1.06%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.7285

Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a

373.59

0.97%

2.93%

2.61%

0.67%

ATRAM Corporate Bond Fund, Inc. -a

1.9245

1.38%

1.29%

0.35%

1.27%

Cocolife Fixed Income Fund, Inc. -a

3.2424

1%

3.1%

3.97%

0.84%

Ekklesia Mutual Fund Inc. -a

2.2459

-2.01%

1.82%

1.7%

-2.28%

-1.1%

3.14%

1.86%

-1.35%

-5.21%

3.97%

1.87%

-5.25% -0.39%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.42 Philam Bond Fund, Inc. -a

4.3868

Philam Managed Income Fund, Inc. -a

1.3161

-0.04%

3.76%

2.71%

Philequity Peso Bond Fund, Inc. -a

3.9527

-0.66%

4.21%

2.61%

-1.21%

Soldivo Bond Fund, Inc. -a

1.0246

-1.11%

4.81%

2.3%

-1.81%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1727

-0.43%

4.67%

3.71%

-1.04%

Sun Life Prosperity GS Fund, Inc. -a

-1.19%

3.85%

3.06%

-1.89%

1.7218

Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a

$488.46

1.17%

2.99%

2.48%

ALFM Euro Bond Fund, Inc. -a

Є219.49

0.39%

1.1%

0.94%

0.12%

$1.199

-5.54%

2.21%

1.73%

-6.31%

ATRAM Total Return Dollar Bond Fund, Inc. -b

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 -2.26%

0.92%

1.46%

0.95%

-2.63%

$1.0153

-7.17%

-0.27%

-0.79%

-6.85%

Philam Dollar Bond Fund, Inc. -a

$2.4865

-1.65%

5.08%

2.79%

-2.11%

Philequity Dollar Income Fund Inc. -a

$0.0623569

0.35%

3.08%

2.05%

0.09%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1575 -1.59%

3.27%

1.63%

-2.05%

PAMI Global Bond Fund, Inc -b

Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a

2.56%

0.95%

First Metro Save and Learn Money Market Fund, Inc. -a 1.057 0.95% n.a. n.a.

131.05

1.13%

0.85%

Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3141

1.33%

1.49%

2.86% 2.64%

2.53%

Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0601

0.8%

1.47% n.a.

0.62%

Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d 1.3504

22.64% n.a. n.a.

19.55%

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -a,d

$0.96

-1.03% n.a. n.a.

-2.04%

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.).

"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.businessmirror.com.ph

Banking&Finance

Cayetano flags franchise application for e-sabong

A

MID mounting opposition to the e-sabong measure from religious leaders and other legislators, former House Speaker Alan Peter Cayetano challenged the 18th Congress to be more critical of the 25-year franchise applications from e-sabong (electronic cockfight) operators.

Cayetano said members of the House of Representatives are now considering approving a second franchise application by an e-sabong operator despite existing regulations put in place by the Philippine Amusement and Gaming Corp. (Pagcor) since April this year.

“Pagcor’s emergency use of e-sabong, so to speak, is to grant licenses to operators because the agency said it was running out of cash. But why would you give e-sabong operators full access or full authorization for 25 years when we’ve regulated them for barely six months? We haven’t seen whether it is beneficial or harmful or neutral to society.” the lawmaker said.

Cayetano added that no member of Congress can order Pagcor around.

“The President can; not us,” he said. “But we do have a say in the granting of franchises. So why would you give them 25 years to operate

without fully knowing its effect on society?”

Earlier, the Catholic Bishops’ Conference of the Philippines (CBCP) denounced the legalization of e-sabong as a “disastrous” move by the government.

“In the context of the pandemic that has locked down the elderly, the vulnerable, and the children for too long, the legalization of e-sabong has been one of the most disastrous things ever allowed by the government,” CBCP President Bishop Pablo Virgilio David said.

Cayetano has opposed the approval of the 25-year franchise granted by Congress to e-sabong operator Lucky 8 Star Quest Inc. in September. He said the best outcome would be for Pagcor to revoke the operating licenses it has given to at least seven operators.

The lawmaker suggested that members of the House can simply allow Pagcor to implement its existing regulatory framework for e-sabong operators for at least six months, and commission a report on the revenues generated from licensing fees and the operations’ impact on society, instead of an outright granting 25-year franchises.

Jovee Marie N. Dela Cruz

Perspectives Five misconceptions about climate-related risks

C

LIMATE change is a hot topic; not only for citizens, but also for the corporate

world.

The Paris Agreement, and growing public and regulatory pressure, brought the matter to the top of the corporate agenda.

Companies understand that managing the risks and opportunities arising from climate change now is crucial to becoming futureproof.

However, this is not yet a majority.

Misconceptions

OUR company will not be hit by climate-related risks. In fact, many companies have already been affected by the impact of climate change. More frequent and severe weather events are damaging infrastructure and disrupting supply chains.

The transition to a lower-carbon economy comes with new policies, regulations and rapid changes to market dynamics, with consequences for companies in different sectors. Some oil and gas companies are already facing lawsuits over their contributions to climate change. In addition, some companies, like the chemical multinational company BASF, already faced a financial damage of EUR 250 million due to extreme drought. The drought affected the water level in the Rhine river so badly that ships couldn’t navigate the river and BASF couldn’t use the river as a source of cooling water for chemical reactors.

Our company already has a sustainability plan. It is sometimes believed that having a sustainability plan and a net-zero target means the company is prepared for climate-related risks.

This could be true if companies are active in a carbon-intensive industry, like oil and gas. Decreasing their emissions would not only be the right thing to do for society, their reputation and the reputation of their sector, it would also reduce the risk of having to pay higher operating costs as a consequence of a future carbon price or tax.

Our risk management department looks at all risks. These challenges make traditional risk

management inadequate. Risk managers traditionally look at the likelihood and impact of an identified risk. Scenario analysis, on the other hand, can be considered a form of risk management, but it has distinctly different characteristics, especially regarding its long-term outlook (more than 10 years) and acknowledgement of the impact of volatile events.

Scenario analysis allows companies to understand the climaterelated risks relevant to their business and how they may evolve over time.

Climate change: we’ll see it when we get there. Companies don’t only need to measure their exposure to climate-related risks and subsequently manage them, but also incorporate them in their strategic plans. Failure to do so could undermine the sustainability and resilience of their business. If, as a company, you don’t make a decision about climate change, climate change will make the decision for you.

Taking actions on climate change only cost money. Let’s be clear: mitigating risks will indeed cost money but failing to act will be even more expensive in the future. The current debate however sometimes focuses too much on the risks. Not everybody sees the opportunities that will arise: innovation and technology development, new products, retaining talent and being seen as a leader.

Acting now to prepare your company for climate change will definitely pay off in the future. It will not only help your company to unlock new market opportunities and create lasting commercial advantages, it will also help avoiding potentially catastrophic climate change in the second half of the century.

The excerpt was taken from the KPMG Thought Leadership publication entitled “Five misconceptions about climate-related risks.” © 2021 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent memberfirms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

BusinessMirror

Editor: Dennis D. Estopace • Monday, December 6, 2021

B3

Govt urged to spend ₧90B to boost aggregate demand

T

By Jovee Marie N. dela Cruz

@joveemarie

O boost aggregate demand as the economy reopens, the chairman of the House Committee on Ways and Means has called on the national government to spend P90 billion for wage-subsidies and temporary-employment programs.

Albay Rep. Joey Sarte Salceda said in a statement over the weekend these programs will assist sectors undergoing seasonal surges in demand.

According to Salceda, there is not more strategic time than at present to launch big stimulus and employment programs to boost aggregate demand.

“Momentum is on our side; a boost will go a much longer way now than it would have done during the restrictions. Recovery is no time for ‘incrementalism,’” he said. “You want

a big boost.”

Likewise, Salceda said the government has fiscal space for the implementation of these programs he sees this year’s deficit smaller than expected by the Development Budget Coordinating Committee (DBCC).

“The deficit is likely to be P200billion less than programmed so there will be fiscal space [for wage subsidies and a temporary-employment program],” he added.

Salceda earlier said that the gov-

ernment is very likely to see deficit hit P1.7 trillion at year’s end.

The lawmaker is proposing a 3-pronged approach: P90-billion employment program composed of P30 billion for reemploying furloughed workers; P30 billion for a micro, small, and medium enterprise (MSME) worker-retention subsidy; and, another P30 billion for a recalibrated “Tulong Panghanapbuhay sa Ating Displaced (Tupad) workers program of the labor department.

“The rehiring subsidies can be for businesses of all sizes so they can rehire furloughed, irregular or retrenched workers,” Salceda said.

“The MSME wage subsidies will help small businesses.”

The lawmaker further explained that the Tupad workers program will be distributed as follows: P5 billion for rice farmers; P10 billion for nonrice farmers; P5 billion for fishermen and forestry; P5 billion for the tourism sector; and, P5 billion for barangay development programs.

“The tourism programs will be in partnership with the DOT [Depart-

ment of Tourism]. The hospitality sector is experiencing something like a ‘revenge tourism’ phenomenon. All deferred travel is being taken now,” he said. “So they can serve as tour guides, tourism site maintenance, tourist assistants and others. Priority should be given to those who were not recipients of previous Tupad legs.”

The lawmaker emphasized that with the reopening of the economy and vaccination rates near targets, “people are learning to live with the virus.”

“Recovery is at hand. You want recovery plus, because the pandemic also took more out of our economy than a regular downturn would.”

Salceda added that Tupad workers could also complement the public works program.

“You could see less than usual public infrastructure spending and completion due to hiring restrictions under Comelec [Commission on Elections] rules,” the lawmaker said. “You would want to make up for it with employment programs for Barangay-level works.”

LandBank loans went to farm infra, post-harvest hubs

By Cai U. Ordinario

@caiordinario

M

AJORITY of the loans extended by the LandBank of the Philippines (Landbank) this year were allocated for the improvement and construction of farm infrastructure and postharvest facilities, according to the Department of Finance (DOF).

The DOF said LandBank’s total loans amounted to P251.5 billion with 93 percent of the amount (P233.6 billion) allocated for the agriculture sector as of October. In that month alone, the LandBank released P94.01 billion for Filipino farmers and fishermen.

These loans were tapped by 2.988 million farmers and fishermen as of the end of October, representing an increase of 13,125 farmers and fishermen. Majority (10,189) availed of regular loans from the bank.

According to the DOF, the P5.39billion net growth in loans of the Landbank as of October was attributed to the increase in loan releases of P4.41 billion to small, medium and large agribusiness enterprises from last September.

Further, of the P233.6 billion in agriculture loans, close to two-thirds (P150.16 billion) supported small, medium and large agribusinesses enterprises, while the remaining amount of P83.44 billion went to small farmers and fishermen.

Of this amount, P32.92 billion were extended to farmers and fishermen while the agri-aqua related projects of local government units (LGUs) and government-owned and controlled corporations or GOCCs accounted for P50.52 billion of the loans.

Small farmers and fishers borrowed a total of P1.34 billion through

Bond market’s big faith in Fed set to be tested

B

OND traders’ faith in the Federal Reserve’s power to curb inflation is about to face its biggest test in four decades.

A drumbeat from Fed officials about combating rising consumer prices intensified in recent days after Chair Jerome Powell told US lawmakers that inflation has become “more persistent” and should no longer be referred to as transitory. He said an elevated inflation rate that will “linger well into next year” lays the groundwork for the central bank to discuss winding down its asset purchases at a faster pace.

The market reacted by narrowing the gap between short- and long-term Treasury yields, wagering that tighter monetary policy will cool growth and bring prices under control.

The Fed’s pivot comes as analysts expect data on December 10 to show that the US consumer price index surged 6.7 percent in November from a year earlier, up from a pace of 6.2 percent in October.

That would be the biggest jump since the Fed was aggressively fighting the inflationary spiral of the early 1980s and provide a crucial test of investors’ views on how long such increases will persist.

“Our view is that inflation pressure will ease during the course of next year,” according to Jason Pride, the chief investment officer for private wealth at Glenmede Investment Management. Pride expects the gradual resolution of supply-chain issues and slowing wage growth.

“In the near term, hotter inflation numbers will put pressure on the Fed to move faster” and extend the recent sharp climb in short-dated Treasury yields, he said.

Longer term, the bond market has gained confidence in the view that peak

inflation is near. The recent tumble in commodity prices, led by oil, added momentum to a reversal in widely watched bond-market measures of inflation expectations that are followed by Fed officials. So-called inflation breakeven rates over the next 5 and 10 years—which are based on the difference between yields on inflation-protected and normal Treasuries -- have retreated sharply from the peaks hit less than a month ago.

“We have been short breakevens and they look a little more fairly priced,” said Bob Miller, head of Americas fundamental fixed income at BlackRock Inc., who expects the 10-year breakeven rate to fall toward 2.25 percent from the current level of around 2.45 percent. “We expect CPI peaks by the end of the first quarter next year, and long-dated breakevens had reflected a view of higher inflation for longer than that.”

The hawkish tone from the Fed has also spurred a more pronounced flattening of the yield curve, a reaction that typically reflects a jump in policy sensitive shortdated Treasury yields on expectations of rate hikes in the next 12 months. But the recent flattening has also been driven by declining 10-year and 30-year yields, signifying expectations for slower long-term growth and inflation.

Even so, Glenmede’s Pride said the move may well reflect a decision by pensions and other long-term investors to sell equities that have performed well during the last 18 months and allocate the proceeds to long-maturity bonds. The coming sales of 10- and 30-year debt will test market demand at current levels and could produce sloppy auctions ahead of the inflation report. Bloomberg News

direct lending and another P31.58 billion through conduits such as cooperatives and farmers’ associations, rural financial institutions and other credit mechanisms.

DOF also said in terms of economic activity, there was a P5.79 billion increase in loans supporting agriculture related activities such as the improvement and establishment of public markets, farm to market roads, warehouses, cold storages, irrigation systems, fish port and agri-tourism.

As of October this year, the LandBank has released 100 percent of the P11.04 billion in program funds of farmer-friendly loans it has been administering for the Department of Agriculture.

This includes the following: the Agricultural Competitiveness Enhancement Fund; the Socialized Credit Program under the Sugar-

cane Industry Development Act; the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund; the “survival and recovery assistance” program for palay farmers; and, the “Survival and Recovery Assistance Covid-19” program.

For the credit assistance program’s program beneficiaries’ development it has been administering for the Department of Agrarian Reform, the LandBank has also released the full P65-million program fund for loans to agrarian reform beneficiaries.

In terms of economic activity, outstanding loans to agri-processing and trading activities reached P84.48 billion of the total loans, while the livestock subsector was supported with P34.95 billion, crops with P17.74 billion and fisheries with P2.43 billion as of end-October.

Moody’s updates ratings on 3 financial institutions

By Bianca Cuaresma @BcuaresmaBM

I

N T ERNAT IONA L credit watcher Moody’s Investor Service has affirmed the ratings of two local banks and downgraded one bank’s rating over the weekend.

In separate statements, Moody’s has affirmed the long term deposit ratings of China Banking Corp. and Security Bank Corp. It has, however, downgraded the long term deposit rating of Rizal Commercial Banking Corp.

(RCBC).

For Chinabank and Security Bank, the international credit watcher said both banks had relatively stable metrics amid the pandemic.

Security Bank, in particular, was retained at Baa2 as it was assessed to have a strong and aboveaverage capital position that offsets its elevated asset risks and average profitability.

Moody’s also noted Security Bank’s modest funding structure reflecting its moderate deposit franchise as a medium-size bank in the Philippines and adequate its liquidity.

The international credit watcher said while an upgrade is unlikely for Security Bank, a downgrade is

possible if its asset quality deteriorates, its capital buffer materially declines or its core profitability declines to below a certain threshold.

For Chinabank, Moody’s retained the bank’s Baa2 ratings noting its improved capital and profitability which mitigates risks to asset quality.

Moody’s also said Chinabank’s capital will remain stable over the next 12 to 18 months, with upside potential, as balance sheet growth will be muted.

On the other hand, the ratings agency downgraded the rating of RCBC from Baa2 to Baa3.

“The downgrade is driven by weak asset quality and deterioration in capital,” Moody’s said.

“The bank’s loan growth has been significantly higher than the system, with year-on-year loan growth of 13 percent at endSeptember 2021 compared to 3 percent for the system. This poses downside risks to asset quality,” Moody’s said.

“The strong loan growth has also impacted capital, with the Common Equity Tier-1 as of end September 2021 declining to 12.1 percent from 12.6 percent as of the end 2020. Capital will further fall as Moody’s expects the bank to maintain strong loan growth,” it added.

Explainer BusinessMirror

B4 Monday, December 6, 2021

www.businessmirror.com.ph

Variants, boosters turn rich-poor vaccine gap into chasm Gavi, the vaccine alliance that helps run the global initiative to share coronavirus vaccines, warned that a substantial number of doses might only show up in late 2022 or even 2023 as wealthy countries drag out their donations while locking in contracts for new shots by the hundreds of millions.

A MALAYSIAN nurse vaccinates an elderly woman in her house in Sabab Bernam, central Selangor state, Malaysia, on July 13, 2021. AP/Vincent Thian

By Lori Hinnant & Maria Cheng

T

The Associated Press

HE global initiative to share coronavirus vaccines fairly already scaled back its pledge to the world’s poor once. Now, to meet even that limited promise, COVAX would have to deliver more than a million doses every hour until the end of the year in some of the world’s most challenging places.

That seems unlikely: Gavi, the vaccine alliance that helps run COVAX, warned in internal documents that a substantial number of doses might only show up in late 2022 or even 2023 as wealthy countries drag out their donations while locking in contracts for new shots by the hundreds of millions.

Even if the UN-backed initiative secured the doses and overcame the logistical hurdles, the developing world would still face a gaping need. COVAX’s new promise is for 1.4 billion doses, but according to the documents, mid- and low-income countries need 4.65 billion to vaccinate 70 percent of their populations.

And that need is only expected to increase—as many countries pursue boosters and tweaked vaccines that can tackle new variants.

At this point more than half the world’s population has received at least one shot, but only 6 percent of the population in the poorest countries have. Meanwhile, richer countries are pushing ahead with buying up third and fourth doses for their citizens.

COVAX was formed soon after Covid-19 became a pandemic, intended to guarantee that low- and middle-income countries would

quickly get vaccine doses—without having to muscle their way into competitive markets with nations that could outbid them or be at the mercy of unreliable donations.

Getting vaccines to every corner of the globe is especially important because experts say that until protection is broadly spread across the world, everyone remains at risk.

But COVAX lacked cash during the crucial months that the United States, countries in Europe and other wealthy nations locked in contracts. Its first delivery came February 24—to Ghana—more than two months after injections started in Britain and the United States.

Poor countries fell further behind by the day, and COVAX was dealt a new blow in March when the Serum Institute of India, which was supposed to be its main supplier, cut off exports to boost domestic vaccine supplies amid a massive surge in coronavirus cases. Those exports are only now resuming.

In September, COVAX abandoned its initial goal to deliver 2 billion doses by the end of 2021, reducing it to 1.4 billion.

Gavi and the World Health Organization have trumpeted each donation pledge in bold headlines

AIRPORT workers spray the cargo of Covid-19 vaccines, donated through the UN-backed COVAX program, on arrival in Antananarivo, Madagascar, May 8, 2021. COVAX, created to share coronavirus vaccines fairly, already scaled back its pledge to the world’s poor once. Now, to meet even that limited promise, it would have to deliver more than a million doses every hour until the end of the year. AP/Alexander Joe

in news releases, while quietly burying the much smaller numbers of donated doses that are actually delivered.

“We have been vocal in calling out high income countries for hoarding vaccines and manufacturers for failing to prioritize COVAX, which represents a failure of multilateralism, not of COVAX, and I’m proud that COVAX has been able to make such a transformative impact in countries that otherwise would have been left out in the cold completely,” said Aurelia Nguyen, its managing director.

But Gavi and WHO have both shied away from criticizing their biggest donor countries by name, even when they began vaccinating children or offering boosters to healthy adults—despite WHO’s plea to countries to prioritize the world’s poor over boosters and shots for kids at home. WHO’s position on boosters could change depending on what’s learned about omicron.

Despite the setbacks, in private

briefings to partners ahead of a board meeting that ends Thursday, Gavi has consistently maintained that an increased vaccine supply in late 2021 would salvage their goals.

The hope was rich countries would wrap up their immunization campaigns in late 2021, and send more doses to the rest of the world.

That hasn’t happened.

The push for booster shots in many wealthier countries presented the first obstacle—though it’s not clear they make it impossible to keep promises. Rich countries pledged to donate 1.2 billion doses by mid-2022, and data from analytics company Airfinity from mid-October showed that those donations could go out this year and there would still be enough for boosters at home.

Now, manufacturers are looking at creating second-generation vaccines to tackle variants. Airfinity said that would take until late next year at best for a global rollout and would mean taking current

vaccine production offline.

Not only that, but emerging preferences for certain shots— with better safety and efficacy profiles or easier transport requirements—undermined COVAX’s hope to use a wide pool of WHO-authorized vaccines, including those made in China, Russia and India.

As COVA X transitions from emergency mechanism into longer-ter m ef for t, some public health officials want to abandon the model altogether.

“There hasn’t been any admission of how badly they miscalculated things,” said Kate Elder, senior vaccines policy adviser at Doctors Without Borders.

She explained that a significant proportion of COVAX doses are now based on donations, rather than the deals with pharmaceuticals the effort was banking on last year. That’s because rich countries including Britain, Canada, Germany and others signed early deals with drugmakers that

reserved the vast majority of the limited Covid-19 vaccine supply, cutting out COVAX. Meanwhile, their promised donations are only trickling in.

Sajid Javid, Britain’s health minister, was asked about the discrepancy between rich and poor nations when it comes to vaccines and booster shots. He told Parliament on Monday that he and his counterparts among the G-7 wealthy nations understood the need to share with poor nations and had “all agreed about the importance of this and about redoubling efforts.”

Four days later, the UK announced it had sealed deals into 2023 to offer Britons fourth doses.

“I don’t know if there’s a way to make governments not hoard vaccines, so maybe we need a way to force them to donate a certain percentage instead,” Elder said.

Although COVAX has now revised some of its initial practices, little has been changed about the effort’s fundamental structure.

But Dr. Madhukar Pai, of McGill University’s School of Population and Public Health, said the blame primarily rests with governments of wealthy countries that are ignoring basic public health tenets.

“It’s almost as if they’ve decided their main strategy for pandemic response is to purely protect themselves with more and more doses and to close borders to anyone who might bring the virus in.

This is primitive thinking,” Pai said. “The amount of money that would be required to vaccinate the whole world, and if you compare it with the carnage, the lives lost, the economic loss. … It’s the deal of the century.”

In a statement last week, Gavi applauded Switzerland’s decision to cede its place to COVAX in the queue to obtain Moderna vaccines.

That would mean COVAX will get 1 million doses later this year—putting it nearly an hour closer to its goal.

Style

BusinessMirror

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The Feisty Chie Filomeno

C

hIE FILOMENO is a far cry from the “sweet Calendar Girl” that Neil Sedaka sang about in the 1960s, when the pin-ups were Marilyn Monroe and Betty Grable.

Maybe a bit more of the Farrah Fawcett mold in the 1970s. Or the athletic swimsuit supermodels in the 1980s, such as Christie Brinkley and Elle McPherson.

Or a progression of the stunning Pinays who were catapulted to stardom after turning sexy in calendars for liquor brands.

Chienna “Chie” Roseph Filomeno, 25, is the petite spitfire who embodies these times’ hopeful attitude, after having herself endured setbacks in her budding showbiz career of late. That makes her the perfect choice as the poster girl for 2022 of the world’s largestselling gin. “[She] is a modern woman who is passionate in her work as a model, vlogger, youth influencer, and actress. Ginebra San Miguel chose [her] because she embodies the attributes that our products stand for—a modern Filipina who personifies our brand attributes of being ‘matapang,’ ‘ganado,’ and having that never-say-die attitude,” GSMI national sales and marketing manager Allan Mercado says in a statement.

“To be a part of the GSM family is such a big fulfillment for me. This is a dream come true. I am really happy and grateful to be a part of the brand’s legacy,” says Chie, who was recently evicted from the Pinoy Big Brother: Kumunity Season 10 house and will soon to be seen in the series Love in 40 Days.

DARING AND DAUNTLESS ThE calendar showcases Chie as a daredevil and adventuress: a health and fitness enthusiast, a race-car driver, a roller skater, a fashion trendsetter, a surfer, and a beach lover. The photographs also display her body confidence in all its glory. She was unveiled as a Calendar Girl via a virtual presscon on December 1.

“I’ve always been comfortable with my body kasi alam kong meron dito na petite like me, sinasabihan ng, ‘Hoy ang payat payat mo!’ So I want to be the face for those girls or kahit anong gender ’yan, I want to be the image for them na it’s okay to have this kind of body as long as you know you are healthy inside and out. ’Yun na ’yung pinaka importante,” Chie says. “It is definitely beyond that. It is about being strong. It is about feeling and looking good, not just on the outside but also on the inside. I know I am more than just a pretty face.

I am more than my mistakes. I know I still have a lot to prove, not to other people, but to myself. My competition is myself and not [with] anyone else.”

As for how she maintains her slender frame: “I’m more about lifting weights. I avoid cardio since I’m petite. So I want to gain muscle, I want to be toned and lean. And for my diet, hindi man kayo naniniwala pero malakas talaga ako kumain. I give my body what it needs.

Kasi ayoko i-deprive ’yung body ko eh. So that’s why I work out. Kailangan rin ’yung mind mo and your soul healthy din ’yung fini-feed mo sa sarili mo. It shows. I also

Editor: Gerard S. Ramos

• Monday, December 6, 2021

B5

SPREAD THE LOVE, SHARE THE JOY

THERE’S no greater joy than giving, and The Body Shop’s new, best-ever Christmas gift collection is bursting with love and care. This year, the global brand is spreading love and kindness with treats packed with body-loving goodness for everybody and every budget.

Featuring packaging that’s kinder to the planet with clever, reusable constructions, this year’s line-up also supports The Body Shop’s Community Fair Trade partners behind their most loved gift boxes and jute bags. Moreover, every purchase over the Christmas period will help support thousands of unpaid carers that shine a light on their ultimate acts of selfless love.

Discover what surprises are packed inside the Share the Joy Advent Calendar. Inspired by acts of selfless love shown by people all over the world, this beauty calendar is filled with joyful treats and daily acts of kindness to bring joy to friends and family. Make someone feel really special with this year’s line-up of special-edition body care in festive fragrances— fruity floral Love & Plum, sweet and vibrant Kindness & Pear, and fresh, light and floral Joy & Jasmine collection.

The Body Shop (www.thebodyshop.com.ph) also has gifts to delight everybody on your list. From their Comfort & Cheer Body Butter Trio, to their Shake & Swish Ginger Haircare Gift, there are top-to-toe treats to surprise and pamper every inch this Christmas.

Other ways to spread the love to people and the planet: iconic Florals & Frost White Musk treats, overflowing with floral, cruelty-free favorites; and Fresh & Festive Drops of Youth to help smooth and give you a fresh-faced looking glow. And for a gift anyone can feel really good about giving, one can choose from The Body Shop’s Community Fair Trade must-haves, which are perfect for pampering.

The Body Shop once again partners with Yellow Boat of Hope Foundation to support their Teach Anywhere program. It aims to be part of the solution to provide tools to aid community-based intervention to help kids that are left behind in reading and numeracy to move forward. This holiday season, with every The Body Shop purchase, the brand aims to donate to build the Community Learning Hut along with supplies to aid the children of Zamboanga Sibugay.

THE sweet, vibrant and fruity fragrance of Kindness & Pears will put you in the Christmas spirit. It is enriched with pear extract from Italy and notes of juicy pear, strawberry and warm tonka bean.

PHOTOGRAPHED BY XANDER ANGELES

make sure na balanced ’yung diet. Alam mo ’yung feeling kapag nakakain ka ng junk food? I really avoid pork kasi nararamdaman agad ng body natin ’yung bigat after eating those foods. Ang bilis mag-react ng body natin if active tayo mag-workout and also ’yung lifestyle natin.”

UNDER THE INFLUENCE IT also helps GSM that Chie Filomeno is a socialmedia phenomenon with a combined following of more than 6 million on TikTok, Instagram and Twitter. That sphere of influence can be a doubleedged sword. Bashing can be vicious but Chie opts to use the platforms as a force for good.

“I use it in a positive way, to inspire people, because that is what we all need right now. We should use our influence to inspire and give hope. That has been my goal,” the Antipolo City native says. This realization came after she and her group, GirlTrends, received widespread ridicule when they performed rather erratically on It’s Showtime sometime in 2019. her stint at the “Bahay na Kuya” reinforced

SURPRISE festive fragrance lovers with The Body Shop’s vegan Joy & Jasmine essentials. Enriched with jasmine extract from India, the Joy & Jasmine range has fresh, light, joyfully floral notes of orange flower, rose and sensual jasmine.

her belief in herself. “Ang pinaka-best lesson ko na natutunan ko, which is so funny kasi ito rin ang natutunan ko sa parents ko and natutunan ko rin kay Kuya, is to never give up. Kasi, what if you are this close to that success ‘tapos you’re giving up? Sayang lahat ng effort, dugo’t pawis sa bagay na iyon.”

NEVER-SAY-DIE ATTITUDE ChIE follows a long line of captivating GSM Calendar Girls: Marian Rivera (2009 and 2014), Anne Curtis (2011), Solenn heusaff (2012), Kim Domingo (2017), Miss Universe 2015 Pia Wurtzbach (2019) and Sanya Lopez (2020).

Just like her beautiful predecessors, Chie also imbibes the brand’s never-say-die mantra when faced with the challenges of a life led in the limelight.

“Kung ano ’yung nakikita nila sa social media, ’yun na ’yun. We are public figures but we’re not public property. For me, I have to be feisty. Hindi nila dapat kami matapakan kasi tao rin kami. I am a strong woman in a good way naman.” n

SPREAD the love this Christmas with The Body Shop’s sustainable gift and packaging. The global brand has designed most of their gift packaging to be reused or repurposed too, so your treats and surprises have a long life after the season.

Beauty gift ideas for millennials, Gen Z IF you’re still looking for gifts to give for the holidays and the recipients are millennials and Gen Z, here are some ideas.

Many beauty brands are going vegan, cruelty-free and organic. One of those brands is Tower 28. All of the brand’s products are made with clean, non-toxic ingredients that “won’t harm or irritate your skin.” All the products are vegan and PETA-certified, meaning they don’t test on animals at all. I read a description of the brand somewhere that “Tower 28 is as cool as Glossier without the snootiness” and that’s very accurate.

Tower 28’s new release, a tinted sunscreen called Sunnydays, has the National Eczema Association’s Seal of Acceptance. But if I were to gift someone with any product from Tower 28, it would be the ShineOn Milky Lip Jelly. This product is made with apricot oil and raspberry seed oil, so it’s a gloss that is also a lip treatment.

Another clean beauty brand is Merit, which promises to be free of parabens, sulfates SLS and SLES, phthalates, mineral oils, formaldehyde and other “harmful ingredients.” I normally steer clear of fear-mongering in beauty but like Tower 28, Merit seems to be a genuinely good brand. If I were to choose one product from Merit that would be great for gifting, it would be Flush Balm, a cheek color that “deposits a creamy, transparent veil of color to let your skin show through.” Both Tower 28 and Merit are

TOWER 28 is an American beauty brand that’s vegan, cruelty-free and organic. @TOWER28BEAUTY ON INSTAGRAM

available at Sephora in the US. On the local front, millennials and Gen Z would love anything from Filipino brand Colourette Cosmetics. The best sellers are the Colourtints, which are multi-use tints, but my favorites are the Colourbalms. For the Colourtints, I love Ava, Rosa and Isla. I wish I was more adventurous but I always stick to Ava. Also worth trying is the Blur Balm, a lip primer. For 12.12, Colourette has mini trios for gifting.

Check out their products at www.colourette.ph.

Gift cards to department stores were favorite gifts pre-pandemic.

Now, you can give virtual gift cards. For Lazada, all you have to do is simply tap on “Lazada Gift Card” icon on the app or search for “Lazada Gift Card” on the search bar of the Lazada app and choose an amount ranging from P100 up to P5,000, enter the

mobile number, e-mail address, as well as the name of recipient. Customize and input your message and finally click on the “Buy Now” button to proceed to checkout. Recipients will be notified of the gift card you sent via SMS or e-mail. Upon activation of Lazada Wallet, the recipient can redeem the amount with the voucher codes they receive, and use it across over 85

million products available on the platform. Gift cards below P500 are valid up to a year while those with a value of P1,000 and above have no expiry.

I love giving and getting electronic gift cards because you don’t need to go out to buy them and if you’re the recipient, it’s so nice to actually choose what you want.

B6 Monday, December 6, 2021

Democracy Advocates: Denounce trolls, fight disinformation to uphold democracy Udenna’s hard work, passion for excellence wins three honors at the 2021 GBO Awards our mission to enrich Filipino lives with excellent services and digital innovations.

Port of Change, Gateway to Progress

EIGHT8ATE President and CEO Joey R. Garcia with the Conti’s team

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HE Udenna Group cornered three awards in the recently held Global Outlook Awards 2021 with entries from Eight8Ate, DITO Telecommunity, and Calaca Industrial Seaport Corporation.

The GBO recognizes outstanding displays of business excellence across the globe annually. The global recognition is designed to facilitate the exemplary work of businesses and business leaders across industries, in terms of performance, innovation, and drive to create industry value.

An Innovator in Philippine F&B

EIGHT8ATE President and Chief Executive Officer Joey R. Garcia was hailed as the F&B CEO of the Year - Philippines 2021.

With Garcia’s leadership, quick thinking, and resolute decision-making, the team was able to create avenues to thrive amid the challenging atmosphere created as a result of the global COVID-19 pandemic.

As the restaurant and food industry suffered major blows due to the lockdowns and quarantine situations, Garcia’s unwavering commitment to customer delight has been clearly seen through his efforts to nourish the senses with culinary offerings

and nurture a better quality of life for Filipino consumers with food for the soul that has resulted in inroads made in the past years.

The DITO Difference

DITO Telecommunity was recognized as the Fastest Growing Telecommunications Provider - Philippines 2021.

With its growing base of more than four million subscribers and is present in more than 400 cities and municipalities nationwide, and close to 41,000 sales channels, DITO was recently recognized by the respected global award-giving body - TM Forum, with its 2021 Excellence Award for the telco’s all digital and cloud-native IT and network architecture.

DITO Telecommunity Chief Administrative Officer Adel Tamano said, “DITO truly is a testament to the commitment of Udenna Corporation to ensure affordable, world-class connectivity that Filipinos deserve. We provide a differentiated customer experience, agility, and flexibility in designing and launching our relevant offerings.”

DITO Telecommunity’s network and IT infrastructure are 100% digital, embracing a digital-first design principle, keeping in mind

THE Calaca Industrial Seaport Corporation (CISC), a wholly-owned subsidiary of Udenna Land Inc. (ULI), bagged the Best Industrial Real Estate Development-Philippines 2021 Award for its pioneering and enduring proposition of being the only port-based industrial park in the country, and for its continuous contributions to local and national progress by way of stimulating economic activity, generating much-needed employment, and being a valued partner for the sustainable development of its communities of operation.

The Calaca Seaport is home to a community of various dynamic essential businesses related to petroleum, steel, power, warehousing, industrial chemicals, and others. Foreign and local locators have considered the park due to its unique port facility feature that has made the development a port of change and a bustling gateway to progress.

“For 25 years, we continue to remain true to our mission to be a generator of nationwide progress through sustainable innovations, collaborations, and partnerships with businesses and enterprises. Indeed, the Calaca Seaport is a vital contributor to the continued growth and development not only of the region but the national economy.” shared ULI President Wilfredo Placino.

Udenna Corporation Chairman and Chief Executive Officer Dennis A. Uy said, “We are humbled and grateful that our teams’ innovative thinking, hard work, and passion for excellence have been recognized internationally. Words cannot express how proud I am of my colleagues and how far we have come.”

Go Negosyo’s ‘Kandidatalks’ reaches 1M people, BBM shares plans for MSMEs

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RESIDENTIAL aspirant and standard bearer of the Partido Federal ng Pilipinas (PFP) former Sen. Ferdinand “Bongbong” Marcos Jr.’s turn as featured candidate on Go Negosyo’s “Kandidatalks” series reached more than one million people and attracted 379,000 total views when it streamed live over Go Negosyo’s Facebook page last December 1.

During the show, Marcos shared his plans should he become the next President of the Philippines. Among these are rationalizing taxes and allocating portions of the Internal Revenue Allotment (IRA) to micro, small, medium enterprises (MSMEs), strengthening the country’s agriculture and transport sector, and continuing President Rodrigo Duterte’s “Build Build Build“ program.

Marcos reiterated the importance of MSMEs in helping the country recover from the COVID-19 pandemic. “People need jobs, and the biggest bang for our buck are the MSMEs. The effect of any effort we have to help MSMEs will be felt immediately,” he said, adding that these will be felt even by the big corporations.

Marcos said it has been a challenging year for MSMEs. “Most people are willing to become entrepreneurs, but we find MSMEs in a difficult situation,” he said.

LGUs, he said, can set aside funds to help MSMEs while at the same time mentoring them by assessing the soundness of their business plans. Marcos thinks a portion of the Internal Revenue Allotment (IRA) can be allotted to help MSMEs. He believes organizations like Go Negosyo can help assess the business plans of MSMEs. “We need to teach them all the things needed to run a self-owned business,” he said. “They have the capacity from the added IRA, now the capability and training has to go into that.” Marcos added that efforts in developing small businesses should start in areas where COVID cases are low and vaccination rates are high.

During the forum, a leading

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ILIPINOS have a moral duty to counter disinformation because it threatens democracy by hampering people’s ability to make enlightened decisions for their lives and the future of our nation.

Transparency and governance advocates agreed on this during the fifth and last session of Pilipinas Conference 2021, titled Recovering Philippine Democracy Beyond 2022, and organized by Stratbase ADR Institute on November 26.

“We should learn from the damaging lessons of these times,” said Professor Dindo Manhit, President of Stratbase ADR Institute. “We need to collectively expose and denounce trolls.”

Dean Ronald Mendoza of the Ateneo School of Government said the root of our deep troubles lies in the different forms of inequality affecting politics, economics and society, and that inequality in power has its roots in inequality of wealth.

“Political concentration of power leads to economic concentration because it doesn't really change the status quo, in fact politicians tend to benefit from the status quo,” he said.

How, then, can we break free from this trap? Inclusion is the answer, Dr. Mendoza said. “Filipinos have to reclaim the development narrative, which we have lost, and which is the reason populists are able to take and maintain power,” Mendoza said.

Meanwhile, Dr. Francisco Magno, Trustee & Program Convenor, Stratbase ADR Institute and Professor of Political Science, De La Salle University, said citizens are more than voters – they can be actively engaged in between elections. “Participation is a mechanism – is a process for fostering transparency and accountability, so when we discuss participation, it has to be considered in the context of how it actually promotes transparency and accountability,” he said.

Zy-Za Nadine Suzara, Executive Director of the Institute for Leadership, Empowerment, & Democracy (iLEAD), said that the 2022 budget is ill equipped to contain the COVID-19 pandemic.

“There is a need to recast the 2022 proposed budget towards an inclusive recovery. The priorities, proposed by the People’s Budget Coalition, are these: there should be boost in funding for the healthcare system, there should be support for workers and small businesses, there should be aid and social protection not only during lockdowns but also help people recovery from the financial impact of the pandemic to them, there should also be safe and humane public transportation

in the new normal,” Suzara said.

Dr. Leni Jara, Executive Director of the Council for Health & Development, acknowledged that the current Philippine health care system “is really not in very good shape” and that there is a shrinking government role in health.

“We have to remove unjust socioeconomic structures in health. It should be people centered,” she said. “There should be a redistribution of wealth and equitable access to health. And we should be self-reliant and responsive to the needs of the people.

However, these are all not happening.”

Natalie “Ching” Jorge, Chief of Party, YouthLed, said the country deepened its democratic backsliding through the crackdown on free media, the curtailing of freedom of expression, the militarization of the pandemic, response, executive overreach, and weakening checks and balances.

She emphasized the role of family as the greatest influence – at 54% – on whom to vote for at the national level. The youth also looked to family at 59% on their stance on political issues and look to their family as a guide at 57% on their support for government policies and activities.

Finally, Dr. Julio Teehankee, Full Professor of Political Science & International Studies & Former Dean of the College of Liberal Arts, De La Salle University, said that many scholars are puzzled by the outcome of some countries who have undergone democratic transitions – the return to power of parties and personalities who have deep roots in the dictatorship.

“It is confounding to note that after gaining the right to pick their leaders in free and fair elections people would still vote for candidates identified with the authoritarian regime” he said.

This has greatly affected the consolidation of the country’s democratic gains and has weakened our electoral and party system.

“It all depends on us, those who would want to make an impact on the outcome of next year’s election and prevent further regression and backsliding. And this can be done if we go out of our respective echo chambers. The real struggle is outside social media. Not talk down on the voters, not to look down on the poor voters, but to try to understand and listen and address the concerns they have.”

Professor Manhit said that generations of Filipinos fought for our democracy, and it is this that should prevail in our country, founded on the ideals of transparency and accountability.

Aboitiz hosts webinar on AI and Tech’s social influence

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businessman asked Marcos about his plans for agricultural productivity.

“One of the first things we felt during COVID was the food supply problem,” said Marcos. “It showed the weaknesses in our agricultural system.”

Recalling his father’s “Masagana 99” program, he said that the country’s approach should go beyond planting rice, but extend to R&D, the search for resilient varieties, support for farmers in securing loans and accessing agricultural inputs such as fertilizers and pesticides.

He emphasized the need for mechanization to lower production costs, and pointed out the need for small farms to achieve scale by putting up more cooperatives. Government, he said, must provide assistance in processing and bringing products to market.

“This was what NFA used to do: stabilize market prices of commodities and keep prices at a level where farmers can still earn.” He added that the country must have a strategic supply of rice, and not merely be an importer of the commodity. He said government initiatives such as the Food Terminal Inc. and the Kadiwa stores demonstrated a successful, vertically integrated solution to agricultural productivity.

He said other aspects of agriculture must be developed, including high value crops,

livestock and fishery. “An accompanying program to Masagana 99 was the provision of bancas to fishermen,” he said. “We need to update that and have bigger and better equipment for our fishermen so they can make a better living,” he said. “Agriculture is a critical element of the socioeconomic structure; it is the foundation. We cannot build industrialization unless we have a strong agricultural foundation.”

He said that the pandemic exposed the weaknesses of the country’s supply line, as demonstrated by the need for cold storage for vaccines and the challenges in getting goods across during the lockdowns. The country’s ability to build a good transport system will be crucial if it is to take advantage of the rise in demand next year as economies start to recover.

Marcos said that in order to help MSMEs who are now in debt, the government must consider granting tax amnesties. Further, to help them succeed, he said, they should have lower taxes and their goods must be non-VATable, as in the case of cooperatives earning Php10 million or less.

The “Kandidatalks” series aims to ask the candidates for the country’s top national posts about their plans for the country’s MSMEs. Watch its Facebook Live streaming ony Monday, Wednesday and Friday at 6 p.m.

HE AIM Aboitiz School of Innovation, Technology, and Entrepreneurship (ASITE) in partnership with the Department of Science and Technology (DOST) hosted a webinar entitled Mind Hackers: How Technology and AI are Influencing your Mind on November 25 in honor of Science and Technology Week. The event covered a breadth of topics, including clickbait, e-commerce, distance education, and news and information. Several students from the PhD in Data Science classes covered these topics throughout the webinar.

The event opened with a discussion on clickbait and its effect on the consumption of information online by Gilbert Chua, President of the Master of Science in Data Science Class of 2020 and currently a PhD in Data Science student. He explains that technology and information’s massive influence on human behavior and psychology is closely linked to media and advertising. In the past year, Google and Facebook alone invested over $200B in advertising.

“We want to look at the benefits and the side effects of technology and AI,” Chua said. “What we want to do is argue, to understand how technology is influencing your mind.”

Eloi Ventura, President of the PhD in Data Science Class of 2023, cited some of the tangible benefits that technology provides.

“Given the loads of information that are available out there, one of the benefits that these platforms give us is that they organize information for us,” she says.

E-commerce is a pertinent technology platform that helps many consumers discover new products. The use of technology organizes information so that consumers can make informed purchasing decisions.

Crisis management is one other area that has largely benefited from the integration of AI and technology. Organizations like the Philippine Institute of Volcanology and Seismology (PHIVOLCS), The Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA), and The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) have been able to send alerts and spread information to the public.

The Aboitiz School of Innovation, Technology, and Entrepreneurship is committed to develop future-ready leaders who will change the landscape of data science in the country and in Asia. To learn more about the PhD in Data Science program, visit https://asite.aim.edu/ programs/phd-in-data-science/.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, December 6, 2021 B7

How 21 Days of Happy Can Lead

to 365 Days of Happiness PR Matters

By Joy Lumawig-Buensalido

The Buensalido PR & Communications team created 21 days of happiness in 2020

Buensalido ‘happiness calendar’ for 2022

Javelyn Ramos: Pinocchio grew wings yet still belonged to Dolly, 2020 Collage on Board

I

N an online mass last year, I remember the priest saying in his homily: “In a crisis, you become either chaotic or creative.”

Last year, in November of 2020 to be exact, when the stringent quarantine restrictions made the prospect of celebrating Christmas seem bleak and inappropriate, someone thought of a brilliant idea on how we could make our agency team think happy. Monique Buensalido, our AVP for Account Management and Digital, simply asked each one of us to focus on what makes us happy. She called her proposed project: “21 Days of Happy.”

As a holiday team exercise that would culminate in a simple yet meaningful online or virtual celebration last Christmas 2020, Monique encouraged everyone in Buensalido PR and Communications to find something outside of work that made them happy every single day for 21 straight days.

Monique said: “I read somewhere that it takes 21 days to build a habit, so each of us should build a habit by making time for any of the following: passion, joy, creativity or gratitude. Being creative boosts enthusiasm, energy, and well-being.”

Unfortunately, during such a time of upheaval, most of us—to put it understatedly—felt that our

Brand & Business: Ayala Corporation’s ACTIVE Fund joins investors to secure $26 million for SlashNext Series B funding

MANILA, Philippines—ACTIVE Fund, the largest venture capital fund to come out of the Philippines, has joined a team of investors to secure $26 million in Series B venture capital funding

for SlashNext, the leader in SaaSbased spear-phishing and human hacking defense across digital channels and apps. The amount will accelerate the company’s mission to protect the world’s 4B Internet users from all forms of phishing—the No. 1, multi-billion-dollar cybersecurity threat to organisations and consumers.

With new investors the ACTIVE Fund of the Ayala group as advised by Kickstart Ventures, G3 Enter prises, Telia Group, and participation from early investors Norwest, Wing, and Alter Ventures, the round brings SlashNext’s total funding to $43 million.

Ninety-one percent of all suc-

Guia Santiago: Your memory is too large. It doesn’t fit in any rooms, 2020, oil, pen, colored pen on paper

energy and enthusiasm had been greatly depleted.

Creativity was defined as “coming up with new ideas, expressing one’s self in an original way, or engaging in artistic pursuits.” But this time we were not going to demonstrate creativity for work. For a change we would do it for ourselves!

Gratitude, on the other hand, builds resilience and willpower, according to an article entitled “Resilience and the Practice of Gratitude” in Psychology Today.

We challenged our team to come up with something that makes them feel good and share this with the rest of us at the end of 21 days. We told them they can do anything that will take their mind off work and give them a sense of joy, something that can hopefully uplift the rest of us once they reveal what they have done.

How did we do it? We were given four simple steps to follow: Choose your happy. It can be whatever comes to mind but make it positive and make it count. Find something you haven’t done or need to do more of. Take this as a sign to start something new or take a leap!

Do it every single day from December 1 to 21—for a total of 21 days.

Document it. We were encouraged to post about it everyday, or

cessful cyber breaches start with spear-phishing—including ransomware, data theft, and over $30B of financial fraud. 1 Further, NTT’s recent Global Threat Intelligence Report for August showed that 3-4% of malware detected is ransomware, translating to hundreds of thousands of attacks.

Since January this year, attacks have increased at least 50%, and continue to rise. They predicted a likely 300% growth in ransomware, which could equate to US$20 billion in damages.

In Sout heast A sia, c ybercrimes are increasing on Tor darknet, including fake passports, fake currencies, stolen credit card and personal iden-

create a new social-media account for it. We were asked to use the hashtag #Happy 21.

Share it. On December 22, everyone was given five minutes (and one slide or visual) to share how the 21 days had gone.

We were given some sample ideas on what to do: Start working out. Connect with some friends.

Start a blog (or Tiktok!). Whatever would give us a serotonin boost.

The challenge was accepted and the 21 days went by too quickly.

We didn’t know what to expect as the idea was to make our staff de-stress and relax. The project’s outcome was a delightful surprise for all of us, not only because it allowed us to gain more insights into each other’s psyches; it also affirmed Monique’s idea that the habit of happiness can be built in only 21 days.

Just to give you an idea what happy and creative activity each one of us presented during our v ir tua l Chr istmas gather ing: Tina and Marivic became instant plantitas as they showed us the lush plant collection they had put together; Andy proudly related that he had taught his two young children how to pray; Honey shared with us interesting food discoveries she had carefully curated during the pandemic; Clifford submitted four aquascapes

tification information, drugs, and cybercrime toolkits. There have also been cyberespionage attacks against government entities in Myanmar and the Philippines since at least October 2020 through spear-phishing emails containing a malicious Word document.

SlashNext’s patented cloud and on-device AI goes beyond e-ma i l protect ion a nd stops spear-phishing, social engineering, and other targeted human threats across popular communication channels and collaboration apps.

With its pinpoint accuracy and 48-hour time to detection advantage, only SlashNext pro-

Clifford Go: Now I know why down is up, 2020, Diorama/Aquascape

he had designed on his computer; Tessa showed us a couple of fashion sketches she had ventured into with a new app; Trisha presented some personal essays she had written during the 21 days; Marion started cooking and baking, while Heather read self-help books; Guia unveiled for the first time the paintings that she had been working on in her limited free time; JV also revealed her artistic side as she showed us several of her colorful collages of textile and visual pegs; Monique took us through some of her favorite coffee discoveries from her travels.

As for my own contribution, I showed them photos of selected gifts I had given a few recipients, which gave me a sense of happiness. I had also written a pandemic poem but not only for 21 days.

Realizing that our fun project had uncovered unique and highly creative pieces, the idea cropped up that we should share the results of our 21-day activity with others—not only because these made each and all of us happy, but also because sharing our happiness journey could inspire others to start their own.

I wish I could include snippets of what every body shared but space constraints allowed me to choose only a batch of those art pieces that we have now put into

tects organisations from these malicious user threats launched from legitimate, trusted sites that easily evade current SEG, proxy, SASE, and endpoint security tools.

“When cybercriminals launch successful spear-phishing attacks, the results are massively disruptive to people, organisations, and the economy,” said SlashNext CEO Patrick Harr.

“This is the number one cyber challenge that organisations and individuals globally face, and bad actors are only increasing their attacks and becoming more sophisticated at taking advantage of the most vulnerable part of organisations—its people. Our

a desk calendar for 2022. Called 365 Days of Happiness, this personally crafted calendar will be our precious gift to our partners, our friends, our families, and to our immediate community.

We also captured some carefully selected quotations to go with the visuals so that for each of the twelve months of 2022, we may be inspired by words such as “...happiness can be found in the darkest of times, if one only remembers to turn on the light.”

—J.K. Rowling Please allow me to share here some of our team’s original artistic creations that we hope will bring positivity and happiness to every day of 2022.

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior communications professionals around the world. Joy Lumawig-Buensalido is the president and CEO of Buensalido PR and Communications.

PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@ gmail.com.

mission is to protect our customers from these threats, and this new funding will enable us to scale and innovate faster so that we can help customers outpace the risk.”

SlashNext has experienced significant growth over the last 12 months since its 360 Phishing Defense-as- a-service launch with adoption in. With pinpoint accuracy and 48-hour time to detection advantage, SlashNext is delivering the best-in-class AI cloud and on-device protection, stopping spear phishing, social engineering, and other targeted human threats across popular communication channels and collaboration apps to SEA.

Team Dasmariñas CL shocker one for the books

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EAM Dasmariñas didn’t look it stood a chance against a Go for Gold-Air Force side composed mostly of national team standouts.

But the Monarchs—who had only two players with championship experience—simply believed in themselves and emerged as the first-ever Philippine National Volleyball Federation Champions League kings.

“Most of us have not won a championship. My brother Madz [Gampong] is a champion for National University, while [Ronniel] Rosales had championship experience with Perpetual Help,” said Cian Silang, the tournament’s Best Setter. “That’s why we left everything on the floor. We gave our best to become champions,” Even Coach Norman Miguel has finally experienced how it takes to become a winner for the Monarchs.

Miguel was part of University of Santo Tomas coaching staff under August Santamaria and Shaq delos Santos that won University Athletic Association of the Philippines titles in 2007 and 2010.

“I really prayed hard for our wish to be granted,” Miguel said.

The Monarchs, who went undefeated in five matches including the masterful four-set romp of the Aguilas, prepared for two months for the country’s first men’s volleyball tournament in the pandemic at the Aquamarine Recreational Center in Lipa City.

“Volleyball is such a small world, I have known these players. One good talk and we are ready to go,” said Miguel who formed the team only in early October. “I think it’s all about the trust.”

With a bevy of young players like tournament Most Valuable Player and 1st Best Outside Spiker Mark Calado, and veterans like 1st Best Middle Blocker and team captain Jayvee Sumagaysay, the Monarchs were ready to rule.

“For me, it’s a great opportunity to win this beautiful award [MVP] but for me, it is more beautiful if everyone in the team wins,” said Calado, who topscored for the Monarchs in the semifinals and the final.

“My motivations are my coach and my brothers in the team,” he said. “I was thinking of those sacrifices I did in training, all the hardships. I also included my family and of course God.” By winning the Champions League, the Monarchs will represent the Philippines in the 2022 Asian Men’s Club Volleyball Championship in Urmia, Iran, from May 15-22.

“We are excited for that,” said Miguel, as his team will immediately go back to the drawing board next month as they prepare to extend their reign and compete in the continental club tournament.

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ANIIL MEDVEDEV had just put Russia into the Davis Cup final by sealing a win over Germany when he turned to the stands at Madrid Arena and started pointing repeatedly at the hard court beneath his feet.

He was here to stay in Madrid for one more day, to lead Russia against Croatia for the most illustrious team trophy in men’s tennis.

The jeers poured down from the German fans and neutral Spaniards, but the world’s second-ranked player didn’t mind. In fact, he egged them on and defiantly stamped his foot before he pumped his fist to the Russian contingent soaking up their victory.

Medvedev said it was just his team’s way of celebrating in an imitation of other team sports like soccer where the ‘stay calm’ gesture has become popular. And if the crowd took it wrong, so be it.

Sports

Afghans’ passion for wrestling keeps burning in Kabul

BusinessMirror

B8

| Monday, December 6, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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TOKYO Olympics silver medalists Carlo Paalam (left) and Nesthy Petecio (second from right) and bronze medalist Eumir Felix Marcial (center) receive symbolic keys to their new homes from Philippine Olympic Committee (POC) President Rep. Abraham “Bambol” Tolentino (right) and Senator Francis “Tol” Tolentino. ROY DOMINGO

HOME SWEET HOME

By Josef Ramos

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AGAYTAY City—Tokyo Olympics medalists Nesthy Petecio, Carlo Paalam and Eumir Felix Marcial are now forever

neighbors.

The three boxers received the keys to their respective brand new homes in Barangay San Jose in this cool city overlooking picturesque Taal

Volcano from Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino and Senator Francis Tolentino.

“We’re very, very happy and “we are thankful to Congressman [Abraham] Tolentino,” said Paalam, 23, men’s f lyweight silver medalist in Tokyo. “We’re motivated to work

DANIIL MEDVEDEV will stay another day in Madrid. AP

Medvedev seals Russia’s victory vs Germany in Davis Cup semis “We have a joke on the team when we practice or play cards, I have seen football players like Cristiano (Ronaldo) do it, we say ‘calm, calm, calm’,” Medvedev said.

“So I decided to celebrate like this and everyone started whistling...I am just really happy we managed to still be here on Sunday.”

Medvedev brushed aside JanLennard Struff aside, 6-4, 6-4, to seal the Russian victory on Saturday after Andrey Rublev won the opening singles over Dominik Koepfer, 6-4, 6-0.

Germany won the doubles when Kevin Krawietz and Tim Puetz beat Aslan Karatsev and Karen Khachanov 4-6, 6-3, 6-4 to make the final score 2-1.

Croatia awaits Russia after eliminating Novak Djokovic’s Serbia on Friday. Russia and Croatia will be aiming for a third Davis Cup title.

“Croatia is a very strong team, it has always been at the Davis Cup,” Medvedev said. “I am not

Suzuki Cup: PHL-SG ELEVEN years ago, then-Singapore head coach Raddy Avramovic was asked his thoughts of his team’s first assignment of the Suzuki Cup that was against the Philippines. His terse reply was “Ask me again when you’ve won a game.”

While the Philippines didn’t defeat Singapore in the 2010 Suzuki Cup (they drew, 1-1), the Filipinos have posted a winning 3-2-2 (win-loss-draw) slate since. That last time they both met was in the 2018 staging where Patrick Reichelt scored the only goal for a Philippines win.

expecting anything easy, so we will have to play our best to have our chances to win.”

Medvedev reaches the final, where he should face Croatia No. 1 Marin Cilic, after not dropping a single set at the tournament.

With four players ranked in the top 30, Russia was favored against a German team playing without star Alexander Zverev.

The reigning US Open champion had little trouble commanding his serve against Struff, and it seemed only a matter of when he could pounce on a mistake by the German.

Struff hung tight with Medvedev until he dug himself into a 0-40 hole at 4-4 in the first set. He saved two break points before sending an approach shot into the net to fall behind.

Medvedev then held his serve easily to take a one-set lead.

Medvedev pressed home his advantage after going up a break at 3-2 in the second set. AP

Of course, no one wins games based on previous results or reputation alone. They need to win it on the pitch.

The Philippines will find some of their concerns mirrored by its Suzuki Cup foes.

For starters, the Lions enter the competition with players missing their camp in Dubai and possibly, even the tournament all together. Safuwan Bahrudin, Irfan Fandi and Zulfahmi Arifin were all recalled by their respective foreign clubs in the middle of their training camp.

In a preview for the Singapore broadsheet The Straits Times, former Singapore defender R. Sasikumar (incorrectly) observed, “The Philippines will be able to call on many European-based players of mixed heritage from different foreign clubs, so they will have the edge in terms of physicality.”

Most of the Filipino players of mixed heritage were not released by their clubs since the tournament does not fall under an official Fifa calendar. Granted, this is the first time it happened—it does have repercussions. And that has been noted.

He did get something correct when he underscored this: “But as we have seen from the Asian Football Confederation Under-23 Asian Cup qualifiers, they may not be so familiar with each other and will rely more on individual brilliance rather than teamwork.”

harder and persevere more.”

Petecio, also a silver medalist in women’s featherweight, said the house is the best reward from her Olympic success saying her family never had a permanent home before.

“I’m so blessed, very happy.

My family is here to witness the turnover ceremony and the blessings,” Petecio said. “We didn’t have a permanent home, so I am very thankful to Congressman Tolentino for providing for us.

Marcial, the men’s middleweight bronze medalist, was beaming all over with his wife Princess.

“To all athletes, I am hoping that they will be very persistent in their trainings and competition because we have leaders who are willing to reward them once they bring home glory to our country,” Marcial said.

The Tolentino brothers personally rewarded the three boxers—including gold medalist Hidilyn Diaz—with their homes. The boxers’ twobedroom homes with lofts sit on a 120 square meter lot. They are worth a total of close to P10 million.

The Tagaytay City homes are the second for each of the three boxers.

They also received houses from the National Housing Authority in their respective hometowns—Zamboanga del Sur for Marcial, Cagayan de Oro for Paalam and Davao del Sur for Petecio.

“To Filipino athletes, do persevere. All hard work have a beautiful ending just like what happened to Hidilyn Diaz and the boxers,” Senator Tolentino, also the kickboxing president, said.

“This is for you,” Rep. Tolentino told the medalists as he and Francis Tolentino presented the symbolic keys to the boxers.

All three are back to training with Paalam returning to the Baguio City training camp along with Petecio.

Marcial will also resume his pro career and is expecting his second fight, an eight-rounder this time, in the US in March.

The boxers declared on Friday their intentions to target the gold medal in Paris 2024. If they do, will they again have new homes in Tagaytay City?

“Just do your best. I will announce in 2024,” Tolentino said.

“My Christmas wish is for them to be with their families.”

AFGHAN men wrestle in Kabul, a scene played out each week after Friday prayers in the sprawling Chaman-e-Huzori Park. AP

It is rather annoying when other countries call out the Philippines for using players of mixed heritage when they have naturalized far too many players for a national side that one wonders how they were able to suit up all at the same time.

They perhaps forget that Aleksandar Duric (Bosnia and Herzegovina), Fahrudin Mustafic (Serbia) and Daniel Bennett (England) were in the 2010 squad.

For this 2021 Suzuki Cup, the Lions have fit South Korean-born Song Ui-young into the line-up that already includes Denmark-born Jacob Mahler.

Lions supporters have expressed concerns about fitness and morale in this time of Covid-19. But so is every other fan for their respective side.

And lastly, there are questions whether Singapore can pull together in time after unofficial friendlies with Kyrgyzstan (a 2-1 loss despite the winning team being down to 10 men), and Morocco (a 7-1 loss). The Lions also fell short a win—a 3-0 loss to Saudi Arabia, a 5-0 thrashing at the hands of Uzbekistan, and a 4-0 hiding from Palestine all in World Cup Qualification, and a 1-1 draw with Afghanistan in a friendly. All these six matches were played this 2021.

Granted they played superior competition, they still looked disjointed and were shaky on defense.

ABUL, Afghanistan— Through clouds of billowing dust, two men circle each other warily before one plunges forward, grabbing his rival’s clothing and, after a brief struggle, deftly tackling him to the ground.

The crowd, arrayed in a circle around them, some sitting on the ground, others standing or clambering onto the backs of rickshaws for a better view in a park in the Afghan capital, erupts in cheers. Victor and vanquished smile good-naturedly, embracing briefly before some of the spectators press banknotes into the winner’s hand.

The scene is one played out each week after Friday prayers in the sprawling Chaman-e-Huzori park in downtown Kabul, where men— mainly from Afghanistan’s northern provinces—gather to watch and to compete in pahlawani, a traditional form of wrestling.

Although the Taliban, who took over Afghanistan in mid-August, had previously banned sports when they ruled the country in the 1990s, pahlawani had been exempt even then.

Now, just over three months into their new rule of the country, a handful of Taliban police attended the Friday matches as security guards.

The matches are simple affairs.

There is no arena other than the broad circle formed by the spectators.

The competitors, barefoot in the dust, all use the same tunics, one blue and one white, passed from one athlete to the next for each match. Each competitor represents his province, with the name and province announced to the spectators by the referee.

Each match has four rounds, and the winner is the first who can flip his opponent onto his back. A referee officiates, while judges among the crowd deliver their verdicts in cases when there is no obvious winner. Many end in ties.

“We provide this facility so our people can have some enjoyment,” said Juma Khan, a 58-year-old judge and deputy director of last Friday’s event. A security guard at a market during the day, the former wrestling athlete has been judging competitions for the past 12 years, he said.

Just like his father, and his grandfather, and his great-grandfather before him. “It’s our culture.”

Most athletes and spectators spend two to three months in the Afghan capital working—as manual laborers or in hotels, restaurants and markets—before heading back home to their families for a few weeks.

Pahlawani provides a few hours of much anticipated entertainment.

The men gather in the dust-blown field that is Chaman-e-Huzori park at around 2 p.m. every Friday and stay until sunset, with around 10 to 20 young men coming forward from the crowd to compete.

Then, as the sun sets behind Tapai Maranjan hill in the background, the competitors are finished. In the blink of an eye, as billowing dust swirls around speeding rickshaws, their horns blaring, the crowd melts away for another week. AP

However, Singapore’s Japanese head coach Tatsuma Yoshida doesn’t believe that the losses would have any bearing.

He knows they are playing higher ranked teams and come the Suzuki Cup, they will not be far off from other squads.

They do have something to cheer about with striker Ikhsan Fando who was allowed by his Norwegian club, FK Jerv, to play in the Suzuki Cup, and they will be playing at home.

The Philippines went 1-1-1 in the second round of the World Cup Qualifiers with a 2-0 loss to China, a 3-0 win over Guam and a 1-1 draw with Maldives.

There are concerns about the fitness and conditioning of the players and if they have even had the opportunity to train.

Like Singapore, the Azkals will also have something to cheer about as naturalized player Bienvenido Maranon will make his Philippines debut in this tournament.

Whether the Philippines runs it 3-5-2 or Singapore its 4-2-3-1 formation at this point is irrelevant. It will come down to who gets their tactics right, who adjusts, who performs, and who wants it more.

The Philippines and Singapore battle on Wednesday, December 8, at 8:30 p.m. The 2021 Suzuki Cup and the matches of the Philippines will be televised on the Premier Football channel on Skycable and Cignal as well as on streaming via the Tap Go application.