BusinessMirror December 12, 2023 by BusinessMirror

‘Nearly 4K exporters stopped shipping goods’ By Andrea E. San Juan @andreasanjuan

EARLY 4,000 exporters have stopped shipping their products to other countries due to lack of supply, geopolitical reasons and market challenges, according to officials of the Department of Trade and Industry (DTI). At the 2023 Data Dissemination Forum on International Merchandise Trade Statistics (IMTS) organized by the Philippine Statistics Authority (PSA) on Monday, DTI-EMB Director Bianca Pearl R. Sykimte said the number of exporters in 2022 is just roughly

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half of the figure in 2018. “Nearly 4,000 exporters stopped exporting in the last five years,” said Sykimte. Asked about the reasons behind this, Philippine Exporters Confederation Inc. (Philexport) President Sergio R. Ortiz-Luis Jr. told the BusinessMirror that most of these exporters are in the food sector and they stopped because “there is a lack of supply.” “Marami...mostly ‘yung some of the food exporters because there is a lack of supply. So maraming huminto. Maraming pumasok na bago pero yung mga oldtimers marami ang huminto,” he said. Among the old-timers, he said a

lot of these exporters stopped due to geopolitical reasons, cost of doing business and the tough business environment. In terms of ease of doing business which he considered a domestic reason, Ortiz-Luis said, “The transportation, shipping, at marami ang naghinto dahil sa LGU [local government units] ‘yung tinanggal ngayon [na pass-through fees]. Also, ‘yung gastos sa pier masyadong mataas.” He said, however, that the suspension of pass-through fees may encourage some businessmen to start exporting again. “It helps. It’s only one of the reasons but it would help.”

Executive Order (EO) No. 41 was signed by President Ferdinand R. Marcos Jr. last September 25. This measure prohibits the collection of the fees on national roads and “urges” LGUs to suspend the collection of fees on vehicles transporting goods. Sykimte also noted that the number of products that the country exports “has more or less stagnated” while the Philippines’s competitors continued to “diversify” both their products and their markets. “Our trade deficit is ballooning and the share of Philippine exports to GDP is decreasing,” she added.

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See “Exporters,” A2

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FDI NET INFLOWS DROP TO 41-MO LOW IN SEPT w

Tuesday, December 12, 2023 Vol. 19 No. 62

P25.00 nationwide | 2 sections 20 pages |

By Cai U. Ordinario

@caiordinario

HE country’s net foreign direct investment (FDI) plunged to its lowest level in 41 months, according to the September 2023 data released by the Bangko Sentral ng Pilipinas (BSP) on Monday. The data showed total net FDI inflows amounted to $422 million in September 2023, the lowest since the $314 million posted at the height of Covid lockdown in April 2020. BSP said the net FDI inflows represented a contraction of 42.2 percent from the $731 million posted in September 2022 and a decline of 46.58 percent from the $790 million posted in August 2023. “The continued slowdown in net FDIs may be attributed to still higher US/global/local interest rates since 2022 that raised borrowing/funding costs, which weighed on demand for new investments, including FDIs,” Rizal Commercial Banking Corporation (RCBC) Chief Economist Michael L. Ricafort said in the Hexagon Perspective brief. See “FDI,” A2

DAILY GRIND The bustling scene at the Parañaque Integrated Terminal Exchange, with commuters eagerly navigating the early morning rush to reach their workplaces and evade traffic snarls, mirrors the resilience of the Filipino workforce. In sync with this, the National Economic and Development Authority’s optimistic declaration that the Philippines is on course to meet the lower threshold of its 6 percent to 7 percent economic growth target for the year adds a positive note. The encouraging decline in joblessness among Filipinos aged 15 and above, dropping to 2.09 million in October from 2.26 million in September, showcases a promising trend. With an unemployment rate of 4.2 percent, an employment rate of 95.8 percent, and underemployment at 11.7 percent, the nation’s economic landscape reflects a determined stride forward. NONIE REYES

SUMMIT TO FOCUS ON SECURITY MATTERS, TRADE ISSUES–DFA By Samuel P. Medenilla @sam_medenilla

EGIONAL security matters, including the South China Sea (SCS) territorial disputes, and business opportunities are among the issues that will be discussed by President Ferdinand R. Marcos Jr. and other participating leaders in the Association of Southeast Asian Nations (Asean)-Japan Summit in Tokyo. However, the Department of Foreign Affairs (DFA) said the pending Reciprocal Access Agreement (RAA) between Philippines and Japan is unlikely to be signed at the event commemorating the 50th Anniversary of Asean-Japan relations from

December 16 to 18. In a press briefing in Malacañang last Monday, DFA Assistant Secretary Daniel R. Espiritu said a Joint Vision Statement of Asean and Japan and the plan for its implementation will be issued during the summit. “The joint statement covers the inter-gamut of relations between Asean and Japan. What we call the three pillars of Asean, are political-security matters, which include defense issues, and transnational crimes, but also economic issues, trade and investment, socio-cultural issues, people-topeople exchange issues, climate change, and again, etcetera,” Espiritu said. See “Summit,” A2

Senate, House ratify proposed ₧5.76-T budget for next year By Butch Fernandez @butchfBM

& Jovee Marie N. dela Cruz @joveemarie

HE Senate and the House ratified the proposed P5.768-trillion General Appropriations Act (GAA) for next year on Monday. This was after the bicameral conference committee approved the reconciled provisions of the GAA on Monday morning. Lawmakers wrapped up the reconciled versions of the 2024 budget last December 11 in Makati City. The bicameral conference committee report on the Multi-2024 General Appropriations Bill was approved by the Senate and House panels led by Sen. Sonny Angara, chairman of the Senate committee

on finance and Ako Bicol Party-list Rep. Elizaldy Co, chairman of the House appropriations committee. Angara and Co were joined by conferees from the Senate panel: Senators Cynthia Villar, Risa Hontiveros, Nancy Binay, Joseph Victor Ejercito, Sherwin Gatchalian, Ronald dela Rosa; and the House panel: Representatives Neptali Gonzales II, Ralph Recto, Aurelio Gonzales Jr., David Suarez, Stella Quimbo, Marcelino Libanan, Raul Angelo Jil Bongalon, and Manuel Jose Mannix Dalipe. Angara said the national budget for 2024 aims “to sustain the country’s growth and give the Filipinos hope amidst the current uncertainty” triggered by events such as the recent Marawi bombing. See “Senate,” A12

MCKINLEY MAGIC Evoking the grandeur of Macy’s Thanksgiving Day Parade, McKinley Hill in Grand Venice Canal Mall, Fort Bonifacio, Taguig City, came alive with the enchantment of the Grand Christmas Parade on Sunday, December 10, 2023. The spotlight belonged to Giant Santa and whimsical inflatables, captivating families in a festive spectacle reminiscent of a carnival. Lively clowns, mesmerizing cosplayers, and a dazzling fireworks display painted the night sky, creating a magical ambiance. The event was a heartwarming celebration, uniting the community in the joy and enchantment of the Christmas season. BERNARD TESTA

PESO EXCHANGE RATES n US 55.3470 n JAPAN 0.3819 n UK 69.3830 n HK 7.0885 n CHINA 7.7194 n SINGAPORE 41.2729 n AUSTRALIA 36.3464 n EU 59.5700 n KOREA 0.0421 n SAUDI ARABIA 14.7580 Source: BSP (December 11, 2023)

News

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A2 Tuesday, December 12, 2023

‘Global consumers focus on sustainability, technology’ By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

F you’re over 50 and feel you don’t quite get all the advertising that plays out in traditional and digital media these days, there is a reason for that. According to a new study, the median age of consumers in Southeast Asia is now 31.5 years old, making Millennials (born between 1981 and 1996), the likely target of many businesses. And rightly so, because the generation has increasing purchasing power. The study, Evolution of Southeast Asian Consumers, made by Euromonitor International’s Adhitya Nugroho and Leong Soon Yen, showed that the disposable income of Southeast Asian consumers have expanded by 235 percent from 1998 to 2023, with 53 percent living in urban households. With the generation accounting for the largest working age group in Southeast Asia at 39 percent of the total working population, the region becomes a powerful force for consumption as the region accounts for 4.7 percent of the world’s gross domestic product. Two in three people consist of the region’s working age population, with 63 million middle-class households, according

Summit...

to the study’s survey.

AI and all that

AS this developed, the global market research company separately listed the top global consumer trends for 2024: Ask AI: New tools are evolving into co-creators for consumers, influencing their decisions and reshaping their expectations of brand engagement. Delightful Distractions: Consumers seek an escape from daily stress and anxieties to break away from the mundane. Some 29 percent of consumers would be comfortable with brands tracking their emotions and personalizing experiences to their moods. Greenwashed Out: While consumers are attempting to live more

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The exact details of the statement are still being negotiated in Jakarta, Indonesia, according to the DFA official.

sustainably, they want governments and businesses to step up and show proof of their eco pledges. Progressively Polarized: Consumers will not refrain from expressing their convictions. Social responsibility, political affiliation and sustainability initiatives will motivate spending. Value Hackers: Some 44 percent of consumers planned to save more money in 2023, and are employing increasingly clever strategies to get the very best deals. Wellness Pragmatists: Consumers are seeking fast and effective solutions to improve both their physical and mental well-being.

Consumption habits of Millennials

IN a news statement, Alison Angus, Euromonitor’s Head of Innovation said: “Consumer preferences are closely linked to the sustainability agenda, technological progress and the impact of sociopolitical issues. Companies should handle sensitive subjects with caution while staying true to their brand›s core values.” Meanwhile, in Southeast Asia, Millennials are also key to unlocking the next generation of consumers as they become parents of digital natives where 1 in 3 have regular When asked if Marcos will be raising the recent aggression by China in the country’s territory in the SCS,

access to smart appliances, and 1 in 6 have regular access to in-home voice assistants. “Gen Z and Alpha consumers in Southeast Asia grow up with seamless connectivity and are accustomed to having technology embedded in their daily lives,” said the study. Gen Z are those born between 1996 and 2010, while Alpha consumers are those born between 2010 and 2025. To connect with Millennial consumers, producers, retailers, and advertisers need to know the generation’s key characteristics: They use technology (72 percent use it to improve their daily lives); pay for smart tech (41 percent would pay a premium for smart appliances and products); are shrewd shoppers (54 percent agree to shopping in stores that create engaging experiences); are willing to pay more (33 percent are willing to pay more for high quality); shop via social commerce for authenticity (73 percent influenced by friend/ family recommendations); monthly shopping frequency (12 percent of millennials purchase electronics and appliances); and are willing to give up their privacy for personalization (38 percent are willing to share personal data for personalized and targeted offer deals). which resulted in damages to some Philippine sea vessels during the weekend, Espiritu said the matter may be discussed “within the Asean context” during the summit proper on December 17. Other issues to be tackled in the summit are trade and investment, supply chain, connectivity and infrastructure, climate change, and food and energy security. On the matter of the RAA, which will allow the country to hold joint military exercises with Japan, Espiritu said the negotiations for the accord is being done bilaterally. He noted the accord is unlikely to be finalized during the President’s upcoming bilateral talks with Kishida. “An RAA will require a long time to make, so I don’t think it could be done in just one sitting,” the DFA official said. The DFA stressed the importance of the President’s participation in the Summit since the country is one of the top beneficiaries of the Japan International Cooperation Agency (JICA), particularly its youth and people-to-people exchange programs. “We have a stronger relation with Japan than many, if not all, of the members of Asean. And this is even becoming more intensified in the last few years because of common security and economic concerns,” Espiritu said. “At the same time, we were able to maintain the high-level of people-topeople and social cultural exchange between us,” he added.

Meetings ASIDE from the Asean-Japan Summit, Marcos will also attend the Asia Zero Emission Community while he is in Tokyo. During the event, the President will try to rally international support for the country’s bid to host the board of the Loss and Damage Fund board, which was approved at the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28). The chief executive will also once again meet with Japanese Prime Minister Fumio Kishida, who visited the country last month, and have an audience with the Japanese Emperor and Empress. Before concluding his trip in Tokyo, he will have a roundtable meeting with business leaders organized by the Department of Trade and Industry (DTI) on December 18 to get updates on the pledges and agreements, which were signed during his first presidential trip in Japan last February. The President will have at least two business meetings at the sidelines of the summit. Some of the business agreements, which may be signed in the event, Espiritu said, are on the creative economy sector and information technology.

www.businessmirror.com.ph

FDI...

Continued from A1

For the three quarters of 2023, BSP said FDI net inflows reached $5.9 billion, 15.9 percent lower than the $7-billion net inflows recorded in the comparable period last year. “FDI declined on the back of persistent global economic uncertainties, which continued to affect investor decisions,” BSP said. The President and the Economic Team have been conducting roadshows to market the Philippines as an investment destination of choice to investors here and abroad since last year. The country’s glowing economic prospects were communicated to global investors such as those from the United States, Canada, and Europe. On Monday, the last Philippine Economic Briefing (PEB) was conducted in Iloilo. These roadshows, Ricafort said, may have propped up FDIs in previous months, when asked about the impact of the government’s initiative. “One data point pa lang naman ay ‘yung softness, wait-and-see kung masundan because data in earlier months is still relatively stronger,” he added. Jonathan L. Ravelas, senior adviser at professional services firm Reyes Tacandong & Co., told the BusinessMirror that poor FDI performance indicates a lag in terms of the arrival of investments. Ravelas said the uncertain economic landscape worldwide may also be blamed for the contraction in FDIs as well as high inflation. “Lag time is usually the issue. Three stages: Pledged, Committed and Actual. All dependent on current environment,” Unionbank Chief Economist Ruben Carlo Asuncion also told BusinessMirror. “Let’s face it. These investors

Exporters...

can always go elsewhere. It’s also is a tough environment for investments now. Our hope is that it will materialize,” he added. BSP said nonresidents’ net investments in debt instruments declined by 47.8 percent to $238 million from $456 million in September 2022. Further, nonresidents’ net investments in equity capital (other than reinvestment of earnings) went down by 43.9 percent to $105 million from $187 million. The data also showed that and their reinvestment of earnings contracted 9.9 percent to $79 million from $87 million. BSP said nonresidents’ equity capital placements in the country during the reference month came mostly from Japan, Singapore, and the United States. These were invested largely in the financial and insurance industry which accounted for 35 percent; construction, 29 percent; and manufacturing, 22 percent. In January to September, BSP said manufacturing accounted for 50 percent of FDIs followed by others at 24 percent and real estate at 14 percent. The BSP statistics on FDI are compiled based on the Balance of Payments and International Investment Position Manual, 6th Edition (BPM6). FDI includes investment by a nonresident direct investor in a resident enterprise, whose equity capital in the latter is at least 10 percent. It also includes investments made by a nonresident subsidiary/ associate in its resident direct investor. FDI can be in the form of equity capital, reinvestment of earnings, and borrowings.

Continued from A1

While export revenues were higher than prepandemic levels in 2021 and 2022, “muted” economic growth in the country’s key markets, high inflation and geopolitical tensions prevented the Philippines from achieving its targets. Last week, Ortiz-Luis Jr. said Philippine exporters would no longer meet the $126.8-billion exports target for 2023 that is indicated in the Philippine Export Development Plan (PEDP) 2023-2028. He said, however, that it is still possible for Philippine exports to grow by single-digit in 2024.

Inflation, geopolitics

SYKIMTE had said the government would face difficulties hitting the exports target for 2023 as it was set at a time when inflation and geopolitics were stable and before China posted a less favorable economic recovery. “These are the realities that we need to face as we implement the Philippine Export Development Plan in the next five years,” she added. Sykimte said the agency has been sharing these key data “not to weaken our spirits or weaken our resolve to help our export sector but to raise the alarm bell that we should do more because our exports sector is capable of achieving more and we are capable of doing more for this sector.” The director of the export marketing arm of DTI said this as “the Philippines lags behind most of its Asean competitors in almost all sectors from resource-based, low, medium, and high-tech sectors.” Meanwhile, the Trade official also underscored the importance of the Philippine Development Plan (PDP) 2023-2028, which the National Economic and Development Authority (Neda) defined as a “plan for deep economic and social transformation to reinvigorate job creation and accelerate poverty reduction by steering the economy back on a high-growth path.” “The Philippine Development

Plan 2023-2028 also recognizes the importance of evidence-based policymaking in achieving outcome one in the strategy framework to promote trade and investment—that is global position of philippine exports restored, sustained and strengthened by proactively monitoring and implementing preventive measures and interventions for distressed firms,” Sykimte said. Sykimte said the DTI is hoping to further strengthen its partnership with the PSA in pursuing an “evidence-based” export development strategy so they can “dramatically” change the trajectory and propel Philippine exports. Within the Asean region, Sykimte said the performance of the country’s competitors can also serve as an inspiration for the Philippine export community. Despite the issues hounding local exporters, she said the Philippines can still be an “agile” export powerhouse in the region. “If Vietnam was able to leapfrog and surpass four Asean memberstates in terms of merchandise exports to become the second largest exporter in Asean in a span of just 12 years, we have confidence in our people and the entire exporting community that the philippines can be an agile export powerhouse,” she said. At the National Exporters’ Week which was held last week, Sykimte said that along with the Export Development Council (EDC) and the Philexport, they have to discuss the recalibration of export targets set in the PEDP. “Well, admittedly the international trading environment has been very volatile. So the emphasis of PEDP is really developing agile exporters. So we cannot really predict what will happen in the future but what’s crucial is that exporters get competitive so they can easily adjust to whatever opportunities and threats,” she said, partly in Filipino. In 2022, the country’s export revenues from services and goods reached $98 billion.

Tuesday, December 12, 2023

Nation

Editor: Vittorio V. Vitug • www.businessmirror.com.ph

AFP to enforce ‘changes’ on RORE conduct in WPS China accuses PHL of ‘deliberate’ By Rex Anthony Naval & Samuel P. Medenilla @sam_medenilla

FTER experiencing first hand the harassment being inflic ted by China Coast Guard (CCG) and Chinese Maritime Militia (CMM) to Filipino supply ships and their escorts maintaining the contingent manning the BRP Sierra Madre (LS-57) in Ayungin Shoal, Armed Forces of the Philippines (AFP) chief Gen. Romeo Brawner Jr. on Monday said there will be “changes” on how the resupply mission is being conducted. In a radio broadcast interview, the AFP chief, who witnessed the ramming and water cannon attacks of the Chinese vessels aboard Unaizah Mae I (UM-1), said there will definitely will be changes on the conduct of these resupply and rotation (RORE) missions.

“We need to change some of the tactics [we are using in the RORE] but we cannot announce that of course,” he said in Filipino. The National Security Council, at a news conference in Malacañang, for its part, said the country is set to update its strategy against illegal activities of China in the West Philippine Sea (WPS) following the recent provocative acts of Chinese ship against Philippine vessels. “We have to make some adjustments given the recent developments and we hope to be able to present this to the President very soon,” NSC spokesperson Jonathan E. Malaya said. The updated plan is in line with the policy direction of President Ferdinand R. Marcos Jr. and is expected to affect the movement of Philippine forces in the WPS once it is implemented. In a separate statement, the AFP said Brawner is the first military chief to board

and visit the BRP Sierra Madre. “Gen. Brawner is the first sitting AFP chief-of-staff to have set foot on the ship. During their journey, he experienced firsthand the risks faced by the regular resupply missions as the CCG and its maritime militia continue their attempts to obstruct said missions,” AFP public affairs office chief Col. Xerxes Trinidad said in a statement Monday. Brawner briefly joined the troops manning the BRP Sierra Madre to personally convey President Ferdinand R. Marcos Jr.’s appreciation and Yuletide greetings to these military personnel. “Undeterred, Gen. Brawner, accompanied by Vice Admiral Alberto Carlos, Commander of the AFP’s Western Command, and other AFP personnel, proceeded with the mission on board UM-1 and accomplished it,” Trinidad said. After an early “noche buena” with the military personnel manning the BRP Sierra Madre, Brawner underscored the importance of the BRP Sierra Madre in establishing the country’s presence and jurisdiction within its maritime zone. “We value your service and sacrifice

which demonstrates the Filipinos’ indomitable spirit in asserting our rights and performing our obligations under international law,” he added. Also, the AFP chief told troops that the Chief Executive appreciates their sacrifices and devotion to duty. “Your President is with you, I am with you, the whole Filipino nation is with you,” Brawner said.

Brawner recounts experience aboard UM-1

AS this developed, the AFP chief said that he sought permission from the President to join Sunday’s RORE to Ayungin Shoal. “I sought permission from the President to visit the troops [aboard the BRP Sierra Madre], he gave his consent and afterwards, he told me to give his Christmas greetings to the military personnel aboard and give them Christmas gifts, which I did,” he said in Filipino during a separate interview with reporters. The AFP chief added that he boarded UM-1 unannounced via a Navy ship and did See “AFP,” A5

collision near Ayungin Shoal By Malou Talosig-Bartolome

HINESE Coast Guard (CCG) accused the Philippines of “deliberately” colliding with one of their vessels during their latest maritime altercation near the Ayungin Shoal in the West Philippine Sea (WPS). “The scraping between the Philippine vessel and the China Coast Guard law enforcement boat was caused by the Philippines’ deliberate ‘collision,’ and the responsibility lies entirely with the Philippines,”CCG spokesperson Gan Yu said in a statement written in Mandarin posted on its web site. China then warned again the Philippines to “immediately stop its infringements, strictly control frontline provocations and not to shoot itself in the foot.” Global Times, the tabloid newspaper of the Chinese Communist Party (CCP), and China-owned television station CGTN, posted videos of the collision. “The video shows the Philippine vessel Unaiza May 1 disregarded warnings, made an unprofessional and dangerous turn, and intentionally rammed into a China Coast Guard ship,” the Global Times tweeted. But the Philippine National Task Force on West Philippine Sea alleged that it was the CCG vessel with bow no. 21556 that rammed UM1. Gan said their ships “took control measures in accordance with the law” on Philippine vessel M/L Kalayaan, but allowed another civilian vessel, Unaizah Mae 1 (UM1) to pass through. China suspects M/L Kalayaan was carrying construction materials. The Philippine Coast Guard had earlier accused the Chinese Coast Guard and Chinese militias of spraying water against their ships, BRP Sindangan and BRP Cabra, and civilian boats M/L Kalayaan and Unaizah

Mae 1 (UM1). The Philippine vessels were on their way to Ayungin Shoal (international name: Second Thomas Shoal, China name: Ren’ai Reef ) on December 10 to provide supplies to Philippine troops stationed at the dilapidated BRP Sierra Madre, grounded on the shoal in 1999 to stake Philippines claim over the disputed islands west of Palawan. The CCG official said the Philippines “ignored China’s repeated dissuasion and warnings and insisted on sending” the four vessels near Ayungin Shoal. While CCG blocked M/L Kalayaan, it claimed that it let Unaiza May 1 pass. China called it “temporary special arrangements” as it is carrying food and other necessities to Philippine troops stationed inside BRP Sierra Madre. “China’s on-site operations were reasonable, legal, professional and standardized,” the Chinese Coast Guard official stressed. But then, Unaiza Mae “deliberately” hit the bow of the CCG vessel, Gan claimed. “The Philippines’ actions violate the Declaration on the Conduct of Parties in the South China Sea and its own commitments, seriously infringe upon China’s territorial sovereignty and undermine regional peace and stability. This is something that no peace-loving country in the region wants to see,” Gan added. He reiterated China’s “indisputable sovereignty” claim over the Spratly islands, including the Ayungin Shoal, and its “adjacent waters.” “The China Coast Guard will continue to carry out rights protection and law enforcement activities in waters under China’s jurisdiction in accordance with the law and resolutely safeguard national sovereignty and maritime rights and interests,” Gan said.

Tuesday, December 12, 2023

www.businessmirror.com.ph • Editor: Vittorio V. Vitug

There is hope–CRISPR approval could rearrange the health market!

By Henry J. Schumacher

E all have friends or family members who are suffering from diseases like Alzheimer’s and Parkinson’s or are seeing first indications of these alarming diseases. There seems to be hope at the horizon! The first treatment using the geneediting tech CRISPR has already been approved in the US and UK for patients suffering from sickle cell disease. There are still a lot of kinks to work out concerning costs and patient safety in the broader market, but the health industry may be close to having treatments that can tackle notoriously challenging diseases like Alzheimer’s and Parkinson’s. CRISPR, which WSJ describes as “a molecular pair of scissors that can be used to cut and modify a DNA sequence,” is almost ready for prescription. n The UK has already approved CRISPRbased treatments from Vertex Pharmaceuticals and Crispr Therapeutics that tackle sickle cell disease and beta-thalassemia. n The US FDA is set to approve a treatment for sickle cell disease created by Bluebird Bio sometime early next month. n Both use a process called “ex vivo,” which involves collecting cells from the patient, shipping them to a manufacturing facility, genetically manipulating them in the lab with CRISPR, and shipping them back to the hospital. That process is a bit complicated. n So, some firms like Intellia (cofounded by Jennifer Doudna who won the Nobel Prize in Chemistry) are working on a therapy for ATTR disease that’s “in vivo”—meaning the therapy is delivered directly to the patient.

Those approvals could open the floodgates for a variety of new therapies, especially since CRISPR tech is apparently easy to use and administer. The best part is, by changing a patient’s genome, the disease should be cured in one cycle. It’s a little early to call CRISPR therapies “miracle drugs,” but they’ll still likely create some new powerhouse pharmaceutical companies in the process. Even pharmaceutical giants are opening their wallets to acquire firms working in the space. No one wants to catch a case of being behind. Please take note that I am not representing CRISPR; I am just excited about the potential of their drug research and want to share the ‘hope’ with you. I suggest visiting the website of CRISPR or Google it. Let me add another amazing health development:

New Brain Injury Treatment

ELECTRICAL stimulation of a key information relay in the injured brains of five patients improved their cognition by up to 52 percent, according to a newly released study. The small feasibility trial was designed to prove the safety of the implanted electrode device and is a step toward broader clinical studies. Researchers surgically inserted an electrode near the almond-sized central lateral nucleus of the thalamus (see 3D model) in each patient, all of whom had suffered moderate-to-severe traumatic brain injuries between three and 18 years prior. Tests taken before the procedure and after a year of daily, 12-hour deep brain stimulation showed participants’ cognitive abilities improved between 12 percent and 52 percent. Health officials estimate many people suffer from chronic issues as a result of TBIs (Traumatic Brain Injuries), suffered primarily via falls and accidents. Healthy brain functioning relies on an active neural network that integrates the brain’s many regions, a process hampered in TBI patients. Again, let me repeat that I am not representing health companies; I just feel that people, suffering of diseases that new research can address, should be aware of the latest developments that can help them…

@andreasanjuan

HE Philippines and Hungary strengthened their economic ties as the Joint Commission on Economic Cooperation (JCECJ) resulted in agreements forged and cooperation activities conducted, particularly in the areas of water technologies, agriculture, information and communication technologies, among others, according to an official of the Department of Trade and Industry (DTI). In a statement released on Monday, the Trade department said DTI Undersecretary Allan B. Gepty and Hungarian Deputy Minister for Foreign Affairs and Trade

AFP. . . Continued from A4

the same when returning. And while aboard UM-1, the AFP chief recounted efforts of the Chinese ships to ram and water cannon the Filipino resupply boat. Brawner also recounted a CCG ship’s efforts to reverse and hit the UM-1. “They tried to cut us in the front, when it overshot us, we were proceeding on our course, it tried to reverse and hit us again,” he added. Despite these harassments, UM-1 was able to reach BRP Sierra Madre and unload its supplies to the troops there. Also, Brawner said his visit to the BRP

Oil firms announce ‘big-time’ fuel prices rollback By Lenie Lectura @llectura

IL companies announced a price rollback in petroleum products this week by over P1 per liter. In separate announcements, they said will reduce prices of gasoline by

P1.60 per liter, diesel by P1.85 per liter, and kerosene by P1.40 per liter. Seaoil, PTT, Phoenix, Shell, Petron, Caltex, Jetti, Unioil said they will adjust their pump prices effective 6 a.m. of Tuesday, December 12. Cleanfuel, meanwhile, will implement the new prices at 12:01 a.m. Oil firms adjust their prices every

week to reflect movements in the world oil market. The Department of Energy (DOE) said local petroleum products might continue to go down barring unforeseen geopolitical issues that could affect world oil prices. Last week, oil companies implemented an increase in gasoline and

As holiday season shopping peaks, Visa reminds consumers to exercise caution By Cai U. Ordinario @caiordinario

HE happiest time of the year could easily turn sad and stressful, as scam and fraud rates increase, according to the latest Holiday Edition Threats Report of Visa Inc. In a statement, Visa said holiday fraud rate is expected to increase due to higher e-commerce activities and in-person spending across the retail and hospitality segments. In 2022, Visa noted there was an 11 percent increase in fraud and scams during the holidays over the non-holiday and an 8 percent increase year-on-year. “Crooks prepare all year for the holiday shopping season, taking advantage of increased activity and consumers who let their guard down searching for the perfect gift,” Jeff Navarro, Visa’s Country Manager for the Philippines, said in a statement.

The Holiday Edition Threats Report warned that threat actors would seek to exploit consumers’ increased interest and urgency in finding deals and one-of-a-kind gifts. The findings showed there could be more sc a ms a nd f raud committed, such as digital skimming where customer’s account data are compromised as well as ATM/POS skimming since threat actors will likely target these terminals with skimming attacks. Visa also said there is a heightened threat from phishing and social engineering given the advancement of artificial intelligence (AI) over the past year. This makes it harder for consumers to spot fakes. T he report stated that frauds t e r s c a n a l s o c re at e ph i s h i n g websites, often using malvertising (ma licious advertising ) and other il licit search eng ine optimization (SEO) tactics on retail or ser v ice web sites to entice v ictims.

Other types of threats include One-Time-Pin (OTP) By pass and Prov isioning Fraud. Visa said it identified many one-time-passcode (OTP) bypass schemes to gain access to cardholders’ accounts where OTP templates are sent to the victims that appear to be associated with a desired purchase. Another threat is physical theft where threat actors may attempt to physically steal payment cards and/or phones from unsuspecting consumers in crowded retail stores, shopping malls, or parking lots. “At Visa, we are committed to security and reliability, with a promise of 24/7 threat monitoring, even during the busiest time of the year,” Navarro said. “Our updated Security Roadmap for the Philippines is designed to provide enhanced protection for transactions made online and at physical retailers,” he added. Navarro also said Visa partnered

Meralco: Lower cost cuts Dec power rates

kerosene by P0.30 and P0.20 per liter, respectively. On the opposite, the price of diesel has decreased by P0.30 per liter. These price adjustments resulted in a year-to-date net increase of P12.60/liter for gasoline, P5.70/ liter for diesel and P1.94/liter for kerosene.

with government and clients through the education of consumers to increase digital and fraud awareness. “Consumers can rest easy this holiday season knowing Visa’s team of experts is working around the clock to stop fraud in its tracks,” he said. But consumers can also prevent becoming victims to scams and fraud. Visa recommended its 10 Habits for Good Security Hygiene. These 10 habits include double checking the reputation and authenticity of retailers; securing their personal information; avoiding public Wi-Fi networks and only using private internet connections when making purchases; and being more aware of “too good to be true” deals that could turn out to be scams. Visa has invested more than $10 billion in technology to reduce fraud and increase network security. More than a thousand dedicated specialists protect Visa’s network from malware, zero-day attacks and insider threats 24x7x365. In the first six months of 2023, Visa helped to proactively block $30 billion in fraud, preventing many from ever knowing they were at risk of a potential fraudulent transaction.

A study conducted by the International Energy Consultants (IEC) stated that Meralco’s rates are “fair and reasonable.” In its cross-country comparison of 46 energy markets, including two American states, the IEC said Meralco’s average tariff in 2022 ranked 21st and 3 percent below the global average. It added that if subsidized markets were excluded, the power distributor’s tariff would even be 13

percent lower than the world average. The study also noted that electricity tariffs of the Philippines’s neighbor countries, particularly Thailand, Indonesia, Malaysia, Korea, Taiwan and Vietnam, are more than 50 percent subsidized. The IEC study further showed that over the past five years, Meralco’s tariff rose by 24 percent--on a par with the global increase of 23 percent--due to higher generation charge, a passthrough cost, which in turn was a result of fuel price increases particularly

imported coal and domestic gas. “Notwithstanding this increase, all of the components of the regulated tariff are judged fair and reasonable by IEC, based on comparisons with other markets versus the underlying cost of electricity supply in Luzon,” IEC said. “Considering that the Luzon power market is unsubsidized, and the majority of the electricity is produced using imported fuel, Meralco appears to have done a very good job of minimizing tariff increases,” it added.

IEC also recognized that of the tariff components, the Meralco’s distribution charge only went up by 2 percent and the generation charge, while significant, was still relatively lower mainly due to Meralco’s ability to source low- cost power supply agreements. GENERATION In its recommendation, the IEC said it is “critical” to focus on facilitating investment in new generation capacities to meet demand growth. It added that given the country’s reliance on imported fuel, urgent attention should be given in accelerating the development of indigenous renewable energy sources.

(MFAT) Levente Magyar highlighted the significant progress achieved under the 5th Joint Commission on Economic Cooperation (JCEC) mechanism. In terms of inward investments, DTI said the Philippines sees opportunities in Hungary’s expertise in agriculture, information and communication technologies, digital technologies, and water technologies as well as the Philippines’ key industries, such as renewable energy, green metals, electric vehicle manufacturing, and smart and high-tech light manufacturing. The Trade department highlighted that this was further demonstrated during the business forum held on the sidelines of the JCEC wherein at least 60 Hungarian companies engaged in agribusiness, electronics,

water treatment and supply, IT solutions, healthcare, shipbuilding, renewable energy, smart solutions and human resources/ recruitment participated. In the area of water treatment, DTI revealed that Hungary reaffirmed its readiness to offer a “tied aid loan” of $33 million to the Philippines to finance social infrastructure projects related to water management, such as the Philippine Multisectoral Nutrition Project (PMNP) under the Department of Social Welfare and Development (DSWD). The said project aims to provide “interventions for communities to access clean and safe drinking water,” DTI noted. On education, the two sides highlighted the “great interest and uptake” of Filipino scholars of Stipendium Hungaricum—a fully sponsored scholarship program offered by the Hungarian government to 35 Filipino students every year in courses such as agriculture and sustainable development, medicine, water management engineering and hydrology, architecture and protection

of cultural heritage, natural sciences, and environment sciences, among others. According to DTI, both countries also look for ward to implementing the Memorandum of Understanding on Vocational Education and Training (VET) signed in 2022. Meanwhile, updates on agriculturerelated partnerships were also discussed during the said economic cooperation between the two countries. DTI said these include the Hungarian University of Agriculture and Life Sciences’ (MATE) extensive collaboration with various universities, colleges and research institutions in the Philippines as well as with the Philippine Department of Agriculture in aquaculture development, landscape design, urban planning and architecture, rice cultivation and waste management. Apart from these, both sides lauded their ongoing cooperation on labor, which resulted in “concrete outcomes” as the number of Filipino workers in Hungary has already reached 9,000, which DTI said has

expectations to increase further given Hungary’s continued strong interest in hiring Filipinos in the field of agriculture, services, transportation and trucking industries as well as health care. MFAT’s Deputy State Secretary for External Economic Relations Katalin Bihari cited that Filipino workers are known for their excellent linguistic ability, high quality of work, and reliability. She added that Hungary would make every effort for this cooperation to continue. “The conduct of the 5th JCEC meeting comes at an opportune time as the Philippines and Hungary celebrate 50 years of diplomatic relations, which also demonstrate a clear manifestation of their commitment to pursue mutual prosperity,” DTI said. Further, the Trade department noted that new and prospective cooperation activities in energy, science, technology, and innovation, integrated circuit (IC) design, space science and technology, environment, health, and transportation will “position the two economies for greater heights.”

For his part, Trade and Industry Secretary Alfredo E. Pascual said, “The Philippine government looks forward to our continued partnership with Hungary as we work towards a science, technology and innovation [STI] driven economy. With the country’s enabling business environment, we encourage Hungary to make it happen in the Philippines!” DTI said merchandise trade between the Philippines and Hungary amounted to $189.84 million in 2022, displaying an increasing trend since 2020 when trade momentarily declined coinciding with the pandemic year. Likewise, exports and imports showed an increasing trend, indicating the potential to further improve current levels, which would benefit businesses of both countries, the agency noted. Among the 27 European Union (EU) Member-States, Hungary ranked as the Philippines’ seventh top export market and 15th top Generalized System of Preference Plus export market in 2022.

Sierra Madre highlighted the importance of troops manning the ship. “We give importance to their presence in Ayungin Shoal because it is a symbol of our sovereign rights in our exclusive economic zone. And even if the troops think that what they are doing there is small, their contribution to the country is huge,” he added. Brawner also said he and Defense Secretary Gilberto “Gibo” C. Teodoro Jr. will hold a meeting soon along with their respective staffs on what actions can be taken in wake of these Chinese harassments. During Sunday’s RORE mission, the CCG and CMM conducted aggressive actions against Philippine resupply boats and their escorts, damaging two out of the four Filipino craft involved in the operation.

“Today, 10 December 2023, CCG and CMM vessels harassed, blocked, and executed dangerous maneuvers on Philippine civilian supply vessels, in another attempt to illegally impede or obstruct a routine RORE to BRP Sierra Madre at Ayungin Shoal. CCG vessel 5204 deployed a water cannon against the Philippine supply vessels causing severe damage to M/L Kalayaan’s engines, disabling the vessel and seriously endangering the lives of its crew. Currently, PCG vessel BRP Sindangan [MRRV-4407] is safely towing M/L Kalayaan back to Ulugan Bay, Palawan,” the National Task Force for the West Philippine Sea (NTF-WPS) earlier said. It added that BRP Cabra (MRRV-4409) sustained damage in its mast after being

directly targeted by a CCG water cannon. “The PCG vessels and the resupply boats Unaizah Mae 1 and M/L Kalayaan were subjected to reckless and dangerous harassment at close range by CCG and CMM vessels on their approach to Ayungin Shoal. Contrary to China Coast Guard disinformation, UM1 was rammed by CCG 21556. Despite these extreme and reckless actions, UM1 successfully reached BRP Sierra Madre,” NTF-WPS added. President Ferdinand R. Marcos Jr. and several lawmakers condemned the incidents since it endangered the lives of Filipinos and are blatant violations of international law. In response to the incidents, the Depar tment of Foreign Affair (DFA) said it made a demarche to the Chinese Ministry of Foreign Affairs and also filed

a diplomatic protest using its maritime communication mechanism with Beijing. DFA spokesperson Ma. Teresita C. Daza disclosed they also summoned Chinese Ambassador to the Philippines Huang Xilian to explain why such incidents happened despite President Marcos and Chinese President Xi Jinping’s agreement last month to reduce tensions in the WPS. “We are calling on China to be a responsible member of the international community and it is a signatory to UNCLOS [United Nations Convention on the Law of the Sea], to abide by UNCLOS, and for us of course, the arbitral tribunal award,” Daza said. When asked about the calls by some lawmakers to declare the Chinese Ambassador as persona non-grata, the DFA official said

the matter should be “seriously considered” since is also considered an extreme measure. Philippine Coast Guard (PCG) spokesperson Jay Tarriela said they were able to identify 46 Chinese ships in the two incidents—the largest number of maritime forces they were able to document in previous months. Despite the provocations from Chinese ships, Tarriela stressed Philippine sea vessels will not resort to firing back water cannons so the country can maintain its moral high ground against China. “If they are going to choose to do that kind of barbaric attack to prevent the Philippine Coast Guard or the Armed Forces of the Philippines in completing our resupply operation, then let them be so,” Tarriela said.

I look forward to your comments; email me at hjschumacher59@gmail.com

JCECJ further boost PHL, Hungary economic ties By Andrea E San Juan

Continued from A12

BusinessMirror

Tuesday, December 12, 2023

ESTABLISHMENT / ADDRESS

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

7 PRIME TECH, INC. 10/f Ewestpod, Eton Westend Square, Yakal St. Cor. Don Chino Roces Ave., San Antonio, City Of Makati EKA SUNYTA ZAINURI Indonesian Speaking Customer Service Officer

Brief Job Description: Manage large amount of calls, handle customers concerns. HAYKAL EFANDRI Indonesian Speaking Customer Service Officer

Brief Job Description: Manage large amount of calls, handle customers concerns. RUDIANTO GUSMAN Indonesian Speaking Customer Service Officer

Brief Job Description: Manage large amount of calls, handle customers concerns. SUWANDY Indonesian Speaking Customer Service Officer

Brief Job Description: Manage large amount of calls, handle customers concerns.

Basic Qualification: Foreign language speaking.

LU, WEI Warehouse Logistics Manager

14.

Brief Job Description: Perform data analysis and facilitate in delivery to all end users. YANG, KUN Mandarin Speaking Technical Support Manager

Brief Job Description: Manages departmental budget and tracks spending on equipment staff. LIN, EN-TZU Mandarin Speaking Technical Support Specialist

Brief Job Description: Places software into production by loading software into computer. SONG, QIAN Mandarin Speaking Technical Support Specialist

Brief Job Description: Places software into production by loading software into computer.

Brief Job Description: Provide customer service to clients.

Basic Qualification: Foreign language speaking. Salary Range: Php 30,000 - Php 59,999

YU, BAISHUN AHS Specialist [CHI]

15.

Basic Qualification: Foreign language speaking.

10.

Brief Job Description: Provide customer service to clients.

CHOI, GUKCHAN AHS Specialist [KOR] Basic Qualification: Foreign language speaking.

16.

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

Basic Qualification: Good oral and written communication skills in Mandarin.

17.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Good oral and written communication skills in Mandarin.

18.

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

Basic Qualification: Any nationality who can speak and write Chinese fluently. Detail-oriented and has the ability to multitask. Preferably 6 months to 1-year customer service experience.

AM-PRO IMPORTS MARKETING CORP. 16e Residenza Suites, 429 Shaw Blvd., Addition Hills, City Of Mandaluyong

11.

Brief Job Description: Chinese Marketing Specialists develop and execute effective marketing strategies to promote products or services.

Basic Qualification: Ability to work under pressure and motivation to succeed in a competitive environment. Good communication and interpersonal skills. Able to speak and communicate using Mandarin is an advantage. Must be an aggressive salesperson.

12.

Brief Job Description: Chinese Marketing Specialists develop and execute effective marketing strategies to promote products or services.

19.

CAI, ZHIQIANG Warehouse Logistics Manager

13.

Brief Job Description: Are responsible for ensuring that the supply chain is efficient and effective throughout their organization.

Basic Qualification: Strong understanding of warehouse operations and procedures. Excellent organizational and timemanagement skills.

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

Brief Job Description: Experienced in building sophisticated applications or products taking into account.

20.

21.

22.

23.

24.

25.

26.

27.

28.

KHAING THIRI SOE Burmese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquiries.

KO KO DWAY Burmese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquiries.

YAN KWAY LANT Burmese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquiries.

LIU, XIAOWEI Chinese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquiries. MA, DIDI Chinese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquiries. WANG, YAJUN Chinese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquiries. YAN, SHILI Chinese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquiries.

TCHONG XUAN YEN Vietnamese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquiries.

VU, THI TRANG Vietnamese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquiries.

No.

Basic Qualification: Proficient in Mandarin language. Leverages team knowledge across several specialty areas to help resolve recurring seller issues. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in Korean language. Leverages team knowledge across several specialty areas to help resolve recurring seller issues.

29.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in Thai language; excellent interpersonal skills, with the ability to communicate complex issues to internal and external customers.

CHAN, KAI KIT Managing Director

30.

31.

Brief Job Description: Partnering with business units and functions to drive business performance through the provision of financial/ commercial expertise and insights, whilst owning the delivery of the financial targets and an effective control environment.

LU, CHIA-YING Marketing Consultant (mandarin Speaking Clients)

32.

Brief Job Description: Study the company profile and operations to understand its marketing needs. Implement a marketing strategy according to the company’s objectives and budget.

WANG, CHUNYAN Chinese Finance Manager

33.

Brief Job Description: Ensures that the products the company’s overall strategy and goals. SHI, YANQIU Chinese Financial System Manager

34.

Brief Job Description: Ensures that the products the company’s overall strategy and goals. WANG, YUXIANG Chinese Financial System Manager

35.

Brief Job Description: Ensures that the products the company’s overall strategy and goals.

LI, JINGJING Mandarin Coordinator

36.

Brief Job Description: Mandarin Coordinator typically works under a mandarin manager to maintain office equipment, physical and telecommunications systems for a single building.

SUNG, WEN-YUAN Mandarin Coordinator

37.

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

Brief Job Description: Mandarin Coordinator typically works under a mandarin manager to maintain office equipment, physical and telecommunications systems for a single building.

LI, JIAWEI Mandarin Supervisor

38.

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

Brief Job Description: The supervisor in maintaining a structured work environment that benefits both employees and customers. Ensuring that procedures are being followed, while also suggesting ideas for stream lining processes.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese language.

LI, PENG Mandarin Supervisor

39.

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

Basic Qualification: Able to speak, read and write Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese and Vietnamese language.

GAO, JIANING Mandarin Team Leader

40.

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

COLLABERA TECHNOLOGIES PRIVATE LIMITED, INC. U-40 A-d, 40/f Rufino Pacific Tower, 6784 Ayala Ave., San Lorenzo, City Of Makati

Basic Qualification: Bachelor’s degree holder. With Financial Planning, Analysis and Control experience. Salary Range: Php 150,000 - Php 499,999

Basic Qualification: Middle School graduate. With at least 6 months of work experience in a related position. Able to multi-task. Fluent in Chinese language and its dialects. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Foreign language speaking. Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Foreign language speaking. Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Foreign language speaking. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Motivates team members and assesses performance. Provides help to management, including hiring and training, and keeps management updated on team performance.

Basic Qualification: College Graduate. Computer Proficiency. Fluent in Mandarin, Cantonese and Taiwanese Language. Excellent Interpersonal and communications skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate. Computer Proficiency. Fluent in Mandarin, Cantonese and Taiwanese Language. Excellent Interpersonal and communications skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate. Computer Proficiency. Fluent in Mandarin, Cantonese and Taiwanese Language. Excellent Interpersonal and communications skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate. Computer Proficiency. Fluent in Mandarin, Cantonese and Taiwanese Language. Excellent Interpersonal and communications skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate. Computer Proficiency. Fluent in Mandarin, Cantonese and Taiwanese Language. Excellent Interpersonal and communications skills. At least 1-year experience related to the job applying for. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Able to speak, read and write Chinese and Vietnamese language. Salary Range: Php 30,000 - Php 59,999

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

GOODYIELDS SERVICES INC. Unit Ug-08 Ug/f Cityland 10 Tower 2, 154 H.v. Dela Costa Cor. Valero Sts., Bel-air, City Of Makati

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

Basic Qualification: Diploma in engineering and design; 5 years’ experience.

GIGA INFORMATION TECHNOLOGY AND SOFTWARE DEVELOPMENT INC. 2/f Lipam’s Building, 40 Presidents Avenue, B. F. Homes, City Of Parañaque

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese and Burmese language.

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

FLY ASIAN INTERNATIONAL CORPORATION Eighty One Bldg. Newport City, Vab St. Newport Blvd., Barangay 183, Pasay City

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese and Burmese language.

Brief Job Description: Oversee the entire day-to-day operations of the Corporation to ensure standards and objectives are met.

KANTOR, ZOLTAN LAJOS Fp&a, Assistant Manager

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

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

Basic Qualification: Holder of a Bachelor’s degree in Commerce. With at least 5 years of work experience in a senior managerial role in the IT Industry. Fluent in Indian and English languages.

DIAGEO ASIA PACIFIC SHARED SERVICES CENTRE LIMITED, INC. 10th Floor, Commerce & Industry Plaza Bldg., Mckinley Hill, Fort Bonifacio, City Of Taguig

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

Basic Qualification: Bachelor’s degree, experience in software engineering & proven experience in Software design.

Brief Job Description: Play a senior practice lead role in business development, marketing and client engagement efforts in for the Philippines. Responsible for Philippines BFSI sales targets, and closely collaborate with the country leadership, sales and account engagement teams, offshore and onsite pre-sales, suctioning and practice teams to meet our growth objectives.

QUALIFICATION AND SALARY RANGE

CRIMSON GROUP, INC. 2/f First Lucky Place, 2259 Chino Roces Ave. Ext., Magallanes, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in the Mandarin language. Intermediate skills with Microsoft Office including Outlook, Word, and Excel.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION JADHAV, SUSHREEM MADHUKAR Senior Director - Bfsi Practice

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

ANOC99 CORPORATION 5/f To 10/f Ayala Malls Manila Bay Building D., Macapagal Blvd. Cor. Aseana Street, Tambo, City Of Parañaque

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Strong understanding of warehouse operations and procedures. Excellent organizational and timemanagement skills.

Brief Job Description: Communicates effectively with our customer base - buyers, merchants, and internal customers; Takes appropriate action to identify and help minimize the risk posed by fraud patterns and trends.

FERNANDES, ANTHONY BENNY Principal Technical Architect

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

SHI, XIAOWEI Chinese Marketing Specialist

QUALIFICATION AND SALARY RANGE

AMDOCS PHILIPPINES INC. 23rd, 25th, And 26th Floors Eco Tower, 32nd St. Cor. 9th Ave. Bonifacio Global City, Fort Bonifacio, City Of Taguig

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Good oral and written communication skills in Mandarin.

Brief Job Description: • Review the legitimacy and accuracy of submitted documents by sellers. • Evaluates personal and business information from Sellers. • Assesses collected information about new Sellers. THEPSUWAN, PARIYAKORN Invest SPC-TSE [THAI]

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Good oral and written communication skills in Mandarin.

Brief Job Description: Communicates effectively via email and/or telephone with buyers, merchants and internal customers.

WU, KAIYUE Invest SPC - RCP [CHI]

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

CHEN, MEIMEI Chinese Marketing Specialist

Brief Job Description: Communicates effectively via email and/or telephone with buyers, merchants and internal customers.

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

ZHANG, QIAN Customer Service Representative (Chinese Speaking)

ESTABLISHMENT / ADDRESS

AMAZON OPERATION SERVICES PHILIPPINES, INC. B21 Three E-com Moa Complex, Harbour Drive Cor. Bay Shore, Brgy. 076, Pasay City

ALTERA KARNA BUSINESS CORP. 5th, 6th, 7th Flrs. Eighty-one Newport Blvd., Newport City St., Barangay 183, Pasay City

EDDY LAM YUAN KHAI Customer Service Representative (Chinese Speaking)

Brief Job Description: Are responsible for ensuring that the supply chain is efficient and effective throughout their organization.

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

ACSTREAM MANAGEMENT INC. 9/f Sterling Centre, 131 Dela Rosa Cor. Ormaza Sts., San Lorenzo, City Of Makati HUANG, LIANGPING Mandarin Speaking Data Analyst

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

www.businessmirror.com.ph

SONG, XIULI Mandarin Team Leader

41.

Brief Job Description: Motivates team members and assesses performance. Provides help to management, including hiring and training, and keeps management updated on team performance.

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

HIKVISION SINGAPORE PTE. LTD. PHILIPPINES BRANCH 37th/f Joy Nostalg Center, Adb Avenue, Ortigas Center, San Antonio, City Of Pasig LI, PENGFEI Mandarin Technical Manager

42.

Brief Job Description: Provide significant support to senior professionals in China and Taiwan.

Basic Qualification: Proven experience as Mandarin Technical Manager.

AKASAM, NAVEEN SAI KISHORE Head of Private Bank and Wealth Operations GSC Philippines

43.

Brief Job Description: Plan, manage, control and coordinate all the processing activities outsourced to GSC Philippines from various HSBC entities. Monitor the business according to the defined business and strategic objectives and adhere to the laid down credit policy and instruction manuals as applied to group offices.

KUO, MING-HSUAN Management Consultant

57.

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

HSBC ELECTRONIC DATA PROCESSING (PHILIPPINES) INC. Building C-1 Up Ayala Technohub, Commonwealth Avenue, U.p. Campus, Quezon City Basic Qualification: Bachelor’s degree in Commerce graduate. A demonstrated track record of leading large operations teams; extensive experience in, and understanding of, core banking and investments operations; extensive operational risk/business control management experience; strong experience in change/ project management/ transformation; and ability to interact cross-culturally with individuals at all levels of seniority, with strong cultural awareness and sensitivity.

44.

Brief Job Description: Oversight and management of programmed and content design and deployment to Talent design standards and COE model, including efficient design leveraging partners, deployment, management and channel selection.

Basic Qualification: Holder of a Master’s Degree in Business Administration. With deep knowledge in HR systems, governance, transaction process and channels. Salary Range: Php 150,000 - Php 499,999

Brief Job Description: To guide clients through all procedures required and responsible for furnishing clients with relevant information. QIAO, HUANGYU Marketing Specialist

58.

Brief Job Description: To guide clients through all procedures required and responsible for furnishing clients with relevant information. CHEN, YING-YU Operation Supervisor

59.

Brief Job Description: To guide clients through all procedures required and responsible for furnishing clients with relevant information. TSAI, YI-HSUEH Operation Supervisor

60.

Salary Range: Php 500,000 and above BESANT, HITESH Pcx Community Lead

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Brief Job Description: To guide clients through all procedures required and responsible for furnishing clients with relevant information ZHUANG, CAI-NI Operation Supervisor

61.

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

45.

Brief Job Description: Works on post contractual legal agreements relating MSA and allied agreements and undergo client training to review and validate executed legal agreements like NDA, MSA, PSA and relates amendments such as SLA, DPA of specific French and Portuguese accounts. GOPALA KRISHNAPPA, NITHIN Technology Analyst - It Services

46.

Brief Job Description: Troubleshooting IT Infrastructure- System and network related issues.

SON, MYUNG JAE Chef De Cuisine, Korean Basic Qualification: With relative work experience.

47.

48.

Basic Qualification: With relative work experience. Salary Range: Php 90,000 - Php 149,999

Basic Qualification: Foreign language speaking.

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

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

PARUTUNGAN NAULI Indonesian Customer Service Representative

Basic Qualification: Foreign language speaking.

Brief Job Description: Manage large amount of incoming phone calls.

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

49.

Brief Job Description: Attend client meetings, either pre-construction, bidding or project implementation phase.

Basic Qualification: With sound working knowledge of, and experience with contract documents & procedures. Salary Range: Php 500,000 and above

FANG, CHONG-YU Assistant Consultant

50.

Brief Job Description: To guide clients through all procedures required and responsible for furnishing clients with relevant information. RAO, HUAKAI Assistant Supervisor

63.

51.

Brief Job Description: To guide clients through all procedures required and responsible for furnishing clients with relevant information HSIEH, CHIA-LING Financial Consultant

52.

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

ZHONG, WEN Financial Consultant

53.

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

CHEN, YOU-RUEI Management Consultant

54.

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

CHEN, YU-HSUAN Management Consultant

55.

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

HUANG, PO-JU Management Consultant

56.

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s Degree in Business Management, Excellent Communication skill verbal or written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s Degree in Business Management, Excellent Communication skill verbal or written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s Degree in Business Management, Excellent Communication skill verbal or written.

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

Basic Qualification: Bachelor’s Degree in Business Management, Excellent Communication skill verbal or written. Salary Range: Php 30,000 - Php 59,999

QUALIFICATION AND SALARY RANGE

Basic Qualification: Holder of a Bachelor’s Degree in Biochemistry. With at least 3 years of work experience in a Finance and Accounting role and prior work experience in a Shared Service environment.

YOUMBI PANGOP, VANESSA ORLINE Finance and Accounting Analyst - Accounts Payable

73.

Brief Job Description: Perform 3-way matching in the ERP system or manual matching (non-PO reference AP documents). Verifies invoices, performs invoice processing and assist in reconciliation (when required) for Affiliates.

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

UBIQUITY GLOBAL SERVICES PHILIPPINES INC. 10th Floor Bench Tower, 3rd Ave. Cor. Rizal Drive, Fort Bonifacio, City Of Taguig SAINI, MUNISH Senior Vice President - Technology

74.

Basic Qualification: Holder of a Bachelor of Science in Information Technology. With at least 10 years of work experience in a senior leadership role.

Brief Job Description: Handling technology related aspect for the company’s service and its clientele. Accountable for driving the strategic direction and growth of the technology functions, to include the Software Development, QA, Product, Data Strategy, IT and Business Intelligence teams.

Salary Range: Php 500,000 and above

UNI-SOGOOD MARKETING CONSULTANT PHILIPPINES CORP. 29th Floor Joy Nostalg Center, 17 Adb Ave. Ortigas Center, San Antonio, City Of Pasig

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

Basic Qualification: Successful completion of an apprenticeship or relevant training, food safety training/certificate (HACCP) or iso22000 preferred), min 8 years’ professional kitchen experience in a fine dining outlet of a 5-star hotel.

Basic Qualification: Foreign language speaking.

Brief Job Description: Manage large amount of incoming phone calls.

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

CHEN, WENBAO Regional Sales Head

64.

Brief Job Description: Holding frequent meetings with various sales teams within a region to review sales and spending data.

Basic Qualification: Impressive leadership, communication, and presentation skills

Basic Qualification: Advance studies in global business administration, expert level management and leadership skills

LIU, CHI-WEI Chief Operating Manager

75.

Brief Job Description: Overseeing daily business operations, evaluate and improve operations and financial performance

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

VEHICLE MASTER SERVICE CORP. #27, T. Santiago St., Canumay West, City Of Valenzuela

WU, JIANSHENG Business Manager

65.

Brief Job Description: Develop business manager goals and objectives that tend to growth and prosperity. XU, JINYU Business Manager

76.

66.

67.

68.

Brief Job Description: Develop business manager goals and objectives that tend to growth and prosperity. DING, BANGLIN Chinese Financial Manager

VISSIONARIES INC. 20/f Salcedo Towers, 169 H.v. Dela Costa St., Bel-air, City Of Makati 15/f Salcedo Towers, 169, H.v. Dela Costa St., Bel-air, City Of Makati HUANG, YIJIE Recruitment Associate (Chinese Speaking)

77.

Brief Job Description: Developing financial reporting system. ZENG, LING Chinese Financial Manager Brief Job Description: Developing financial reporting system.

Brief Job Description: Scheduling interviews, changing the calendar as needed, returning phone calls and checking emails.

JOYCE TSEE CHIN CHIN Recruitment Associate (Malaysian Speaking)

78.

Brief Job Description: Scheduling of interviews, changing of calendar of activities if needed, returning phone calls and checking of emails.

PYONE PYONE HLAING Recruitment Associate (Myanmari Speaking)

79.

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

Brief Job Description: Scheduling interviews, changing the calendar as needed, returning phone calls and checking emails.

WAI WAI LWIN Recruitment Associate (Myanmari Speaking)

80.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 2 years’ experience in the same field.

Brief Job Description: Identify effective marketing campaigns that will reach targeted audiences effectively and efficiently.

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

Basic Qualification: 2 years’ experience in the same field.

Basic Qualification: Strong knowledge of sales and persuasion techniques coupled with excellent knowledge of the products. Knowledge of data analysis and market research. Intuition about customer desires and practical needs.

LIANG, JIA Chinese Marketing and Sales Consultant

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

SHANGHAI SHENGKAI BUILDERS CO. LTD. CORPORATION Eastfield Center, D. Macapagal Blvd., Moa Complex, Barangay 76, Pasay City

Brief Job Description: Scheduling interviews, changing the calendar as needed, returning phone calls and checking emails

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 2 years’ experience in the same field. Salary Range: Php 30,000 - Php 59,999

JUNG, MYUNG-GYO International Marketing Director

69.

Brief Job Description: Development of business strategies and promote the company. Direct other marketing agents to maximizing marketability of outsourced commodities to recommend marketing or other campaign initiatives.

Basic Qualification: College graduate. Skilled in English and Korean languages. Salary Range: Php 30,000 - Php 59,999

WONGSASANT, PRAADTHANAH Construction Manager

81.

70.

ANDERSON, STUART GEORGE Vice President Brief Job Description: Oversees the overall operation of the company.

Brief Job Description: Plan, coordinate, and manage every aspect of a building project from start to finish

LI, KOULAN Admin Assistant

82.

71.

Brief Job Description: Learn client’s website, policies, procedures and back-end systems that may be used for e-mail, product awareness, shipping, back order information, and other related areas. Ensure attendance in client-related training sessions.

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

TABE, DESMOND TABE Customer Service Representative

72.

Brief Job Description: Highly proficient in oral and written French and English, capable of communicating effectively with internal and external customers

Brief Job Description: The admin assistant will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals.

LIU, XIAOMIN Marketing Manager

TELEPHILIPPINES INCORPORATED Edsa Central It Center 2, United Street Corner Edsa, Greenfield District, City Of Mandaluyong

NDIKUM, LEONIE LUM Customer Service Representative

Basic Qualification: Graduate of a University degree; Experience in handling French accounts or French related duties and responsibilities is preferred Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate. With at least 6 months of work experience in a similar position. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Graduate of any college course. Preferably 6 months to 1-year experience with the recruitment. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Graduate of any college course. Preferably 6 months to 1-year experience with the recruitment Salary Range: Php 30,000 - Php 59,999

Basic Qualification: A bachelor’s degree in construction, business, engineering, or related field. Bachelor’s degree programs in constructionrelated major often include courses in project control and management, design, construction methods and materials, and cost estimation.

XSPACE SERVICE OFFICE INC. U-a&b 20/f Rufino Pacific Tower, 6784 Ayala Ave., San Lorenzo, City Of Makati

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

Basic Qualification: Can read, write and speak English and French fluently. Passionate about building productive relationships with clients, partners, and team members. New customer acquisition expert with emphasizes a mix of online and offline marketing strategies.

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

TAG GL0BAL MANAGEMENT CORPORATION Unit 2108 High Street South Corporate Plaza Tower 1, 26th Street Corner 9th Avenue, Bonifacio Global City, Fort Bonifacio, City Of Taguig Basic Qualification: College graduate with at least 10 years’ worth of work experience in the Garment/Apparel Industry.

Basic Qualification: Graduate of any college course. Preferably 6 months to 1-year experience with the recruitment.

WAYSEER CONSTRUCTION INC. 333 Juan Luna St., Unit 801 State Centre Bldg., Barangay 287, Binondo, City Of Manila

SOLK TECH CORPORATION 403 Shaw It Center, Shaw Center Mall, Addition Hills, City Of Mandaluyong

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

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

TOTALENERGIES GLOBAL SERVICES PHILIPPINES, INC. Unit 903 9th Floor World Plaza, Crescent Park West 5th Avenue Bonifacio Global City, Fort Bonifacio, City Of Taguig

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

ZENG, LI Chinese Customer Service Representative

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

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

No.

RUNTO TECHNOLOGY INC. Unit 2601, And 2602 26th Floor One World Place, 32nd Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s Degree in Business Management, Excellent Communication skill verbal or written.

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

RIDGE OUTSOURCING SERVICES INC. 46/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino St., Bel-air, City Of Makati

MCP BUSINESS CONSULTANCY INC. 207b 2nd Floor, 409 A. Soriano Ave., Barangay 656, Intramuros, City Of Manila Basic Qualification: Bachelor’s Degree in Business Management, Excellent Communication skill verbal or written.

QUALIFICATION AND SALARY RANGE

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

KAJIMA PHILIPPINES INCORPORATED 12/f, Makati Sky Plaza 6788 Ayala Avenue, San Lorenzo, City Of Makati MATSUYAMA, SATOSHI Project Manager

Brief Job Description: Assist the executive chef with his responsibilities for the day to day running of his assigned kitchen.

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

J-NA ALLOUT TECHNOLOGY SOLUTIONS CORP. Block 16 Lot 7, Rainbow Drive, Goodwill 2 Subdivision, B. F. Homes, City Of Parañaque CHRISTIYANI Indonesian Customer Service Representative

62.

ESTABLISHMENT / ADDRESS

MELCO RESORTS LEISURE (PHP) CORPORATION City Of Dreams Manila, Aseana Ave. Cor. Roxas Blvd., Tambo, City Of Parañaque

INFOSYS BPM LIMITED - PHILIPPINE BRANCH 19th-23rd Flr., Bgc Corporate Center, 11th Ave. Corner 30th Sts., City Of Taguig MAKUBO, GUERINE-LEONEL Customer Service Process Specialist

Tuesday, December 12, 2023

83.

Brief Job Description: The marketing manager will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals.

Basic Qualification: Proven experience as admin assistant, familiarity, knowledge and awareness on machinery and heavy equipment use by company. Demonstrable experience in developing strategic business plan. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proven experience as marketing manager, excellent communication, interpersonal and presentation skills. Salary Range: Php 30,000 - Php 59,999

*Date Generated: Dec 11, 2023 Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

Tuesday, December 12, 2023

TheWorld BusinessMirror

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

Battles rage across Gaza as Israel indicates it’s willing to fight for months to beat Hamas By Wafaa Shurafa, Najib Jobain & Samy Magdy

The Associated Press

EIR AL-BALAH, Gaza Strip— Battles raged across Gaza on Sunday as Israel indicated it was prepared to fight for months or longer to defeat the territory’s Hamas rulers, and a key mediator said willingness to discuss a cease-fire was fading. Israel faces international outrage after its military offensive, w ith diplomatic suppor t and arms from close ally the United States, has killed thousands of Palestinian civilians. About 90 percent of Gaza’s 2.3 million people have been displaced within the besieged territory, where UN agencies say there is no safe place to f lee. The United States has lent vital support in recent days by vetoing a United Nations Security Council resolution to end the fighting and pushing through an emergency sale of over $100 million worth of tank ammunition to Israel. Russia backed the resolution. Israeli Prime Minister Benjamin Netanyahu on Sunday spoke to Russian President V ladimir Putin and expressed dissatisfaction with “anti-Israel positions” taken by Moscow’s envoys at the UN and elsewhere, an Israeli statement said. Netanyahu told Putin that any country assaulted the way Israel was “would have reacted with no less force than Israel is using,” the statement added. T he UN Genera l A ssembly

scheduled an emergency meeting Tuesday to vote on a draft resolution demanding an immediate humanitarian ceasefire in Gaza. Riyad Mansour, the Palestinian ambassador to the UN, told The Associated Press that it’s similar to the Security Council resolution the US vetoed Friday. There are no vetoes in the General Assembly but unlike the Security Council its resolutions are not legally binding. They are important nonetheless as a barometer of global opinion. Israel ’s air and ground war has killed thousands of Palestinians, mostly civilians, since the October 7 attack by Hamas and other militants killed 1,200 people and captured around 240. Over 100 of them were released dur ing a week long cease-fire last month. With very little aid allowed in, Palestinians face severe shortages of food, water and other basic goods. Some observers openly worry that Palestinians will be forced out of Gaza altogether. “Expect public order to completely break down soon, and an even worse situation could

ISRAELI troops are seen near the Gaza Strip border, in southern Israel on Sunday, December 10, 2023. AP/LEO CORREA

unfold including epidemic diseases and increased pressure for mass displacement into Egypt,” UN Secretary-General Antonio Guterres told a forum in Qatar, a key intermediary. Eylon Levy, an Israeli government spokesman, called allegations of mass displacement from Gaza “outrageous and false.” Q a t a r ’s p r i m e m i n i s t e r, Sheikh Tamim bin Hamad A l Thani, told the forum that mediation efforts seeking to stop the war and have all hostages released will continue, but “unfortunately, we are not seeing the same willingness that we had seen in the weeks before.” Israel ’s national security adviser, Tzachi Hanegbi, told Israel ’s Channel 12 TV that the US has set no deadline for Israel to achieve its goals. “ The evaluation that this can’t be measured in weeks is correct, and I’m not sure it can be measured in months,” he said. US Secretary of State Antony Blinken told CNN that as far as the duration and the conduct of the fighting, “these are decisions

Negotiators, activists and officials ramp up the urgency as climate talks enter final days By Jon Gambrell & Seth Borenstein The Associated Press

UBAI, United Arab Emirates—Delegates at the United Nations climate talks have little time left to decide how the world plans to cap planetwarming emissions and keep the worst of warming at bay, ramping up the urgency as new drafts were expected on key outcomes of the summit. Simon Stiell, the executive secretary of the U.N. Framework Convention on Climate Change, told journalists Monday morning that the “climate wolves” remained at

the world’s doors as negotiations reach their climax at the summit. “We do not have a minute to lose in this crucial final stretch and none of us have had much sleep,” Stiell said. He added that “the areas where options need to be negotiated have narrowed significantly,” in particular how to reduce planet-warming emissions and the “transition with the proper means of support to deliver it.” When asked directly if it was a possibility that negotiators could leave Dubai without a deal, Stiell did not deny that could happen. “One thing is for certain: I win, you lose is a recipe for collective failure,” he said.

UN Secretary-General Antonio Guterres is expected back at the talks Monday to repeat calls for countries to commit to slashing fossil fuels and limiting warming. “We are on the brink of climate disaster and this conference must mark a turning point,” Guterres said on X, formerly known as Twitter, late Sunday. COP28 President Sultan al-Jaber on Sunday repeated calls for an ambitious outcome at the talks that’s in line with the Paris agreement which calls to limit warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit). “Failure or lack of progress or watering down my ambition is not

for Israel to make.” This is a war that cannot be won, Jordan’s foreign minister, Ayman Safadi, asserted to the Qatar forum, warning that “Israel has created an amount of hatred that will haunt this region that will define generations to come.”

Fighting and arrests in the north

ISR AELI forces face heavy resistance, including in northern Gaza, where neighborhoods have been flattened by air strikes and where ground troops have operated for over six weeks. Israel’s Channel 13 TV broadcast footage showing dozens of detainees stripped to their underwear, hands in the air. One man held an assault rifle above his head, walked forward and placed a gun on the ground. O t her v ideos h ave show n groups of unarmed men held in similar conditions, without clothes, bound and blindfolded. Detainees from a group released Saturday told The Associated Press they had been beaten and denied food and water. Israeli military spokesperson an option,” he said. Sticking points for the Global Stocktake—the part of talks that assesses where the world is at with its climate goals and how it can reach them—are along familiar lines. Many countries, including small island states, European states and Latin American nations, are calling for a phase-out of fossil fuels, responsible for most of the warming on Earth. But other nations want weaker language that will allow oil, gas and coal to keep burning in some way. Lisa Fischer, program lead at E3G, said there is likely to be loophole language—the world “unabated” before fossil fuels for example—that leaves options for burning of oil and gas but somehow capturing the pollution, something that is tricky and expensive. Key will be how “unabated” will be defined, she said.

Russia targets Kyiv with missiles; Ukraine says all of them shot down

Y I V, U k r a i n e — R u s s i a fired eight ballistic missiles at Kyiv early Monday, all of which were shot down, Ukraine’s Air Force said. The thwarted attack still left one person injured by shrapnel and three more suffered severe stress reactions, officials said. A series of loud explosions rang out in Ukraine’s capital just after 4 a.m., as the city was under its nightly curfew, followed by air raid sirens. Interior Minister Ihor Klymenko said that in Darnytskyi district of eastern Kyiv the debris of an intercepted missile fell without catching fire, and elsewhere in the

capital the explosive wave damaged the windows of a house. Kyiv is routinely targeted by Russian drone and missile attacks. Just over two weeks ago, Kyiv came under what Ukrainian officials said was the most intense drone attack since the beginning of Russia’s full-scale invasion in 2022. Ukraine’s air force said Russia launched 75 Iranian-made Shahed drones against the capital, of which 74 were destroyed by air defenses. Elsewhere in Ukraine on Monday, Russia fired 18 drones overnight, and the Air Force intercepted all of them, mostly over the southern Mykolaiv region. AP

RELATIVES of Ukrainian soldiers who were captured by Russia hold their photos demanding to free them at a flashmob action in central Kyiv, Ukraine on Sunday, December 10, 2023. Writing on a poster reads “My heart is in captivity with my son for the second year.” AP/EFREM LUKATSKY

Daniel Hagari said dozens of arrests took place in two Hamas strongholds and that people are undressed to make sure they are not hiding explosives. Residents said there was still heavy fighting in the Gaza City neighborhood of Shijaiyah and the Jabaliya refugee camp, a dense urban area housing Palestinian families who fled or were driven out of what is now Israel during the 1948 war. “They are attacking anything that moves,” said Hamza Abu Fatouh, a Shijaiyah resident. He said the dead and wounded were left in the streets as ambulances could not reach the area. Israel ordered the evacuation of the northern third of the territory, including Gaza City, early in the war, but tens of thousands of people have remained. Heavy fighting also was underway in and around the southern city of Khan Younis.

Waiting days for food

THE price of dwindling food in Gaza has soared. Abdulsalam alMajdalawi said he had come every day for nearly two weeks to a UN distribution center, hoping to get supplies for his family of seven. “Thank God, today they drew our name,” he said. One hundred trucks with humanitarian aid entered Sunday, said Wael Abu Omar, a spokesman for the Palestinian Crossings Authority. That’s far short of what’s needed. Wit h t he wa r in its t h ird month, the Palestinian death tol l in Gaza has sur passed 17,900, the majority women and children, according to the Health Min ist r y in t he Ha m a s- controlled territory. The ministry

does not differentiate between civilian and combatant deaths. Israel holds Hamas responsible for civilian casualties, saying the militants put civilians in danger by fighting in residential neighborhoods. The military says 97 Israeli soldiers have died in the offensive. Palestinian militants have continued firing rockets into Israel. Netanyahu’s office said Hamas still has 117 hostages and the remains of 20 people killed in captivity or during the October 7 attack. The militants hope to exchange them for Palestinians imprisoned by Israel. Israel says it has provided detailed instructions for civilians to evacuate to safer areas, even as it strikes what it says are militant targets. Thousands have fled to areas along the border with Egypt—one of the last places where aid agencies are able to deliver food and water. Demonstrations were again held in several cities in support of the Palestinians and calling for an end to the war, while thousands marched in Europe against antisemitism. The war has raised tensions across the Middle East, w ith L ebanon’s Hezbol la h trad ing fire with Israel along the border and other Iran-backed militant groups targeting the US in Syria and Iraq. Israeli artillery, drone, and airstrikes over Lebanon border towns intensified. Jobain reported from Rafah, Gaza Strip, and Magdy from Cairo. Associated Press writers Edith M. Lederer at the United Nations; Melanie Lidman and Julia Frankel in Jerusalem; and Lujain Jo in Dubai, United Arab Emirates, contributed to this report.

Kishida to take appropriate steps ahead of Cabinet shuffle to tackle party scandal By Mari Yamaguchi The Associated Press

OKYO—Japan’s Prime Minister Fumio Kishida said Monday he planned to take “appropriate steps” over his governing party’s widening slush funds scandal as speculation is rife that he may purge implicated Cabinet members in a major shuffle this week. The scandal mostly involves the Liberal Democratic Party’s largest and most powerful faction formerly led by assassinated ex-Prime Minister Shinzo Abe. Its key members, including those in top Cabinet and party posts, were suspected of systematically failing to report several hundred million yen (several million dollars) in funds in a possible violation of campaign and election laws, according to media reports. The money is alleged to have gone into unmonitored slush funds. Kishida told reporters Monday that he is aware of the growing public distrust over the fundraising scandal and takes it seriously. He has acknowledged that authorities are investigating the scandal following a criminal complaint. “I’ll take appropriate action at the appropriate time to restore public trust and to avoid delays in national politics,” Kishida said, without giving further details. Media reports say he may shuffle Cabinet and top party posts as early as Thursday. The scandal and a major purge of Abe’s faction, which was key to Kishida’s own future, could stir a power struggle within the party and influence the upcoming party leadership vote in September. But the grip on power of the LDP, which has

almost continually ruled postwar Japan, is seen unchanged as long as the opposition remains fractured, analysts say. Kishida reportedly plans to replace four ministers—Chief Cabinet Secretary Hirokazu Matsuno, Economy and Industry Minister Yasutoshi Nishimura, Agriculture Minister Ichiro Miyashita and Internal Affairs Minister Junji Suzuki —and 11 other ministerial positions in his Cabinet as well as those serving key party posts. Approval ratings for his Cabinet have dipped below 30 percent. Matsu no a l leged ly d iver ted more than 10 million yen ($68,700) over the past five years from money he raised from faction fundraising events to a slush fund, while Nishimura allegedly kept 1 million yen ($6,870), according to media reports. Collecting proceeds from party events and paying kickbacks to lawmakers are not illegal if recorded appropriately under the political funds law. Violations could result in penalty of up to five years in prison, but prosecution is difficult as it requires proof of a specific instruction to an accountant to not report the money transfer. Matsuno has been criticized the repeatedly brushing off questions about his alleged involvement. “I plan to fulfil the duties given to me,” he said Monday when asked if he would step down. The main opposition Constitutional Democratic Party of Japan was planning to submit a no-confidence motion against Matsuno later Monday, though it is expected to be voted down.

BusinessMirror

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Tuesday, December 12, 2023

In inaugural speech, Argentina’s Javier Milei prepares nation for painful shock adjustment By David Biller & Débora Rey

The Associated Press

UENOS AIRES, Argentina—It wasn’t the most uplifting of inaugural addresses. Rather, Argentina’s newly empowered President Javier Milei presented

figures to lay bare the scope of the nation’s economic “emergency,” and sought to prepare the public for a shock adjustment with drastic public spending cuts. Milei said in his address to thousands of supporters in the capital, Buenos Aires, that the country doesn’t have time to consider other alternatives.

“We don’t have margin for sterile discussions. Our country demands action, and immediate action,” he said. “The political class left the country at the brink of its biggest crisis in history. We don’t desire the hard decisions that will need to be made in coming weeks, but lamentably they didn’t leave us any option.” South America’s second largest economy

is suffering 143 percent annual inflation, the currency has plunged and four in 10 Argentines are impoverished. The nation has a yawning fiscal deficit, a trade deficit of $43 billion, plus a daunting $45 billion debt to the International Monetary Fund, with $10.6 billion due to the multilateral and private creditors by April.

“There’s no money,” is Milei’s common refrain. He repeated it Sunday to explain why a gradualist approach to the situation, which would require financing, was not an option. But he promised the adjustment would almost entirely affect the state rather than the private sector, and that it represented the first step toward regaining prosperity.

“We know that in the short term the situation will worsen, but soon we will see the fruits of our effort, having created the base for solid and sustainable growth,” he said. Biller reported from Rio de Janeiro. AP writer Almudena Calatrava contributed from Buenos Aires.

A10 Tuesday, December 12, 2023 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

WHO reports on the Gaza situation by the numbers

N his opening remarks at the Special Session of the World Health Organization Executive Board on December 10, 2023, WHO Director-General Tedros Adhanom Ghebreyesus described the event as “a meeting we would rather not be having.”

“As I have said repeatedly, I deplore the barbaric and unjustifiable attacks by Hamas on Israel on the 7th of October, which killed more than 1,200 people. I am appalled by reports of gender-based violence during the attacks, and by the mistreatment of hostages. I am relieved that 114 hostages have been released, and I repeat my call for the remaining hostages to be released. I well understand the anger, grief and fear of the Israeli people following the horrific attacks two months ago,” Tedros said. “I also understand the anger, grief and fear of the people of Gaza, who had already suffered through 16 years of blockade, and are now enduring the destruction of their families, their homes, their communities and the life they knew,” he added. Tedros told the Executive Board: “More than 17,000 people are reported to have died in Gaza, including 7,000 children—and we don’t know how many are buried under the rubble of their homes. More than 46,000 injuries have been reported. Some 1.9 million people have been displaced—almost the entire population of the Gaza strip—and are looking for shelter anywhere they can find it. But nowhere and no one is safe in Gaza.” As more and more people move to a smaller and smaller area in Gaza, overcrowding, combined with the lack of adequate food, water, shelter and sanitation, are creating the ideal conditions for disease to spread. On average, there is one shower unit for every 700 people, and one toilet for every 150 people, according to the WHO chief. Tedros told the Board that Gaza’s health system is on its knees and collapsing. Only 14 hospitals out of the original 36 are even partially functional, 2 north of the Wadi Gaza and 12 in the south. Only 1,400 beds are available out of an original 3,500, while about two-thirds of primary health care centers are non-functional. The two major hospitals in southern Gaza are operating at three times their bed capacity, running out of supplies and sheltering thousands of displaced people. Meanwhile, more than 180 women give birth in Gaza every single day. There are 2,000 patients on cancer therapy; 350,000 patients with diabetes, heart disease and hypertension; and at least 20,000 civilians in need of acute psychiatric care, and many more are expected to suffer from severe mental disorders as a result of the conflict. “Since the 7th of October, WHO has verified more than 449 attacks on health care in Gaza and the West Bank, and 60 attacks on health care in Israel. Health care should never be a target. I also grieve the loss of more than 100 of our UN colleagues in Gaza, including our own Dima Alhaj, who was killed alongside her six-month old son, her husband and her two brothers. In summary, health needs have increased dramatically, and the capacity of the health system has been reduced to one third of what it was,” Tedros said. “WHO is on the ground in Gaza, alongside our partners, to support health workers, who are physically and mentally exhausted and are doing their best in unimaginable conditions. Now the work of the health workers is impossible, and they are directly in the firing line.” It is only through dialogue, mutual understanding and finding common ground that we can ever hope to find a resolution to this crisis, and to the many other crises in our troubled world, Tedros said. “This year is our 75th year as WHO. The opening words of our constitution remain more relevant than ever: that health is a fundamental human right for all people, and that health is fundamental to peace and security.” “I urge you to use this moment to fulfill that vision, recognizing as our founders did in 1948 that there is no health without peace, and no peace without health. I hope you will use health as a bridge to peace.”

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ising inflation this year has been the nemesis of Filipino consumers. Spending habits can drastically change when prices of certain goods or services spike at a short notice.

More Filipinos joining the labor force mean higher consumer spending. This, in turn, will translate into increased factory production and services. We have a vibrant Philippine economy, aided by a decreasing inflation rate. The Philippines is about to receive more blessings this Christmas season.

of Ukraine resulted in higher crude and gas prices, as the two warring nations are major energy producers. Central banks around the world, thus, moved in to strike a balance between economic growth and overheating prices to protect the purchasing power of consumers. They increased lending rates in an effort to slow down spending further and rising inflation rate. Easing supply constraints and reduced spending from consumers, meanwhile, have now trimmed the inflationary pressures. Ample rice harvests in October and November contributed to the overall lower prices. The lower inflation rate registered in the months of October and November this year is a welcome respite. Our consumers need not worry further as food prices are going down. The declining trend in prices gives consumers the confidence to increase their spending budget on non-food items, especially this holiday season. The inflation rate in November retreated to a 20-month low of 4.1 per-

cent from 4.9 percent in October on slower increases in the prices of food and non-alcoholic beverages. Per the data from the Philippine Statistics Authority, November prices were the slowest since the inflation rate went down to 4 percent in March 2022. The food inflation decreased to 5.8 percent in November from 7.1 percent in October. The PSA data showed a deflation in vegetables (-2.0 percent from 11.9 percent) because of favorable weather, and lower inflation of fish (4.9 percent from 5.6 percent), meat (0.5 percent from 0.8 percent), sugar (1.5 percent from 4.9 percent), bread and other cereals (6.9 percent from 7.4 percent) and fruits (13.1 percent from 13.5 percent). The same PSA data showed that non-food inflation also declined to 2.9 percent from 3.4 percent in October. The agency noted a deflation in transportation (-0.8 percent from 1.0 percent) and slower inflation in restaurant and accommodation services (5.6 percent from 6.3 percent). The lower inflation rates in the

Manny B. Villar

THE Entrepreneur

The ordinary Filipino consumer amid a high inflation period will spend less on non-essential items. He reallocates his household budget for more priority items like rent, in the case of those who do not own a house yet, rice and food, transportation and school fees. He may also buy cheaper alternative items for the meantime. Inflation, to me, is a critical barometer of the economy. Higher prices eat into the monthly wage of employees and return on investments, in the case of small entrepreneurs and big businesses as well. The reduced purchasing power of consumers seeps into the overall economy—lower consumer spending leads to reduced factory production and eventually lower employment. Revenge spending following the easing of Covid-19 restrictions partly led to higher prices in the Philippines and the rest of the world. Supply constraints added to the inflationary pressure, as producers were not quick enough to adjust to the increased demand. Russia’s invasion

Boomer mentality

Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Chairman of the Board President Advertising Sales Manager Group Circulation Manager

Christmas spending helped by lower inflation rate

John Mangun

OUTSIDE THE BOX

T is a badge of honor to be labeled a “Boomer” although the accurate term is “Baby Boomer.” But “boomer” is fine, particularly because those who use it as a derogatory term are, as usual for their generation, clueless about what the term boomer means outside their own SocMed world. In Australia, it denotes a large male kangaroo standing 1.8 meters (5 feet 10 inches) tall and weighing up to 90 kilograms. It is also the term for the US Navy’s Ohio-class ballistic missile submarines, individually with wartime capability to launch some 160 separately targeted nuclear warheads. Go boomers. With my age cohort now into or nearing the biblical “three score and ten years,” I am reading more obituaries of people I “grew up” with such

as Jimmy Buffett and Ryuichi Sakamoto. My silent first response is, “I’m glad it’s not me.” Being a boomer gives me a perspective that you can never achieve. Ever. If you were born in 1980 or after, you have no idea what I have seen in real time. The Russian Sputnik satellite was launched a month before my 7th birthday. But of more profound personal impact was a year later when the Sputnik 2 carried the dog Laika to

The decade before became known as the “Swinging Sixties.” But the 1970s, when I marched into adulthood, was marked by unrest and upheaval. The 1970s are famous for disco, the disposable lighter, and the Walkman, but it was also an era of economic struggle, cultural change, and technological innovation. Yet there was also a most economically consequential dynamic that greatly impacts all the Gens since, primarily a result of the attitude of “delayed gratification” that is missing today. space. My second-grade classmates talked about the fact that the dog would die up there. And we watched TV to see Neil Armstrong walk on the moon 12 years later. We lived through—and many were a part of both—the US invasion of Vietnam and the Soviet invasion of Afghanistan. Americans my age

past two months are an indication that our Filipino consumers will boost their spending budget toward the end of the year. Reduced prices give them confidence to buy more goods and services and not worry about their lower purchasing power.

Another piece of good news

Reading the latest data on the unemployment rate gives me further confidence that we will have a solid economic growth in the last quarter of 2023. The nation’s unemployment rate dropped to its lowest level in nearly two decades in October to 4.2 percent from 4.5 percent in the same month last year. It is the lowest unemployment rate since April 2005, per the statement of the PSA. About 2.09 million Filipinos were unemployed in October, down from 2.24 million recorded a year ago. The same labor force survey showed a positive employment rate of 95.8 percent, exceeding the 95.5 percent recorded in October 2022 and marking the highest level since April 2005. In absolute terms, about 47.80 million aged 15 and above were employed as of October this year, up from 47.06 million in the same period last year. More Filipinos joining the labor force mean higher consumer spending. This, in turn, will translate into increased factory production and services. We have a vibrant PhilipSee “Villar,” A11

were drafted to fight in Vietnam and others who previously smuggled hashish from Afghanistan were paid well to smuggle arms back in to the US-supported Afghan mujahideen. My first video game experience was playing countless hours of “Pong.” Our Son #3 will graduate college with a Bachelor of Science in Entertainment and Multimedia Computing degree specializing in Game Development. However, “The baby boomers are the most spoiled, most self-centered, most narcissistic generation ever produced,” says boomer Steve Bannon (age 70 years), White House chief strategist for US president Donald Trump. Further, boomers are the “Lucky Generation”: lucky because we had no world wars, rode the post-war global economic boom, and experienced huge technological developments. And we figured out how to prosper by borrowing from the future generations. Tough luck for you, Kiddies. But that “luck” also brought a See “Mangun,” A11

www.news.businessmirror@gmail.com

Opinion BusinessMirror

Tuesday, December 12, 2023 A11

Hong Kong voter turnout hits record low after China purge

Filing of tax returns: Are we expecting changes?

Fulvio D. Dawilan

Tax Law for Business

By Kiuyan Wong

control.

ong Kong’s local council elections drew their lowest turnout in nearly three decades, as residents snubbed a system lacking political diversity after a revamp to cement China’s

Only 27.5 percent of the 4.3 million eligible voters cast ballots on Sunday in the local elections, David Lok, chairman of the Electoral Affairs Commission said Monday morning. That was the lowest figure since the 1994 polls under thenBritish colonial Governor Chris Patten, the earliest for which records are available. The turnout was a dramatic reverse from the last polls in 2019, when a record 71 percent of voters turned out and handed pro-democracy candidates a landslide victory, as a tsunami of dissatisfaction swept the city. That stunning repudiation of the Beijing-backed government came after months of increasingly violent protests seeking meaningful polls. President Xi Jinping’s ruling Communist Party imposed a sweeping national security law on Hong Kong months later that’s since been used to lock up scores of the city’s political opposition. The finance hub this year redesigned local district councils to slash the number of directly elected seats and effectively exclude pro-democracy candidates. “The election no longer serves as a channel for citizens to speak to authority,” John Burns, emeritus professor at the Department of Politics and Public Administration at the University of Hong Kong, said before the polls. “Had authorities permitted some pan-democrats or middle-ofthe-road candidates, turnout would likely increase.”

Patriots Only

Almost all of this year’s candidates vying to become one of Hong Kong’s lowest rung of elected officials, with no lawmaking powers, were “patriots” loyal to mainland China. Contenders were required to secure endorsements from government-appointed committees that are packed with Beijing loyalists. Hong Kong Chief Executive John Lee said the elections demonstrated the “superiority” of the new district council system in a Monday statement congratulating elected councilors. The Hong Kong and Macau Affairs Office, China’s cabinet-level office overseeing the city, said the new vetting mechanism put an end to attempts by “anti-China elements” to gain political power. Lo Kin-hei, chairperson of the city’s Democratic Party, declined to comment on the latest election, for which his party failed to get a nomination. Voting was briefly interrupted by a computer glitch about two hours before the original closing time, prompting authorities to extend voting by 90 minutes, to midnight. In an emotional press briefing, Lok, the Electoral Affairs Commission chairman, apologized for the

Villar. . .

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pine economy, aided by a decreasing inflation rate. The Philippines

Mangun. . .

Continued from A10

mindset of “Deferred Gratification” that the Gen X, Millennials, “Zs” and “Gen Alpha” are not accustomed to. The Gens of “Instant Messaging,” “Instagram” and Swipe Right “To meet new people” demand to have their dreams fulfilled NOW. T he decade before became

Voting Push

District councilors form the lowest level of government, with no lawmaking powers, but their election through a citywide vote means such polls have taken on greater political significance. Authorities on Sunday arrested six people for allegedly inciting voters to refrain from voting or cast an invalid ballot, including three activists from the pro-democracy League of Social Democrats. The activists, including chairwoman Chan Po-ying, sought to protest how the electoral revamp “deprived Hong Kong people of their right to vote and to be elected,” the group said in a statement on Facebook following their arrests. In the election run-up, city officials rallied to get the public to the ballot box, with three regulators making a rare call for members of their industries to participate. The Mandatory Provident Fund Schemes Authority, Insurance Authority and the Accounting and Financial Reporting Council all issued statements urging members to vote. Cathay Pacific Airways Ltd. offered discounted flights from mainland China to Hong Kong for voters, while local weather reports carried a call to people to take part in the elections, and local celebrities were recruited for an official song promoting the polls. It wasn’t immediately clear what the costs of the campaign were for the government. Chief Secretary Eric Chan told reporters Sunday that authorities hadn’t yet calculated the full cost of the voting push. Low turnout despite the all-out push would indicate a vast majority of the public are now “outside the stadium,” Kenneth Chan, associate professor of the Department of Government and International Studies at Hong Kong Baptist University, said before the elections. “It’s not political apathy,” added the former lawmaker, “but a widespread political disengagement by design.” Bloomberg

opes were high when our legislators started discussing the possible enactment of a law that aims to ease the payment and compliance with tax obligations. This was an opportunity to eliminate the practices that had long been discarded by the passage of time and to take advantage of new opportunities presented by modern business practices. Different versions emerged while the bill passed through different stages. Then came September—the final version became clear when the bicameral conference committee met to reconcile the disagreeing versions. While this is not yet a law, many of its provisions will indeed make compliance easier. Let me present a few of the proposed changes—limiting for this issue the changes on the rules on venue for payment, and the cancellation and transfer of tax registration. Removal of specific venue for the filing of tax returns and payment of taxes. The provisions of the current tax laws and regulations require taxpayers to file their tax returns and pay their taxes within a specific jurisdiction—generally with authorized agent banks and other collection offices located within the revenue district where the taxpayer is registered or required to register. Likewise, those who are required and who voluntarily register under the Electronic Filing and Payment System (EFPS) are mandated to file and pay their taxes electronically. Non-observance of the venue requirement does not go unpunished. When a taxpayer fails to observe these requirements, one-fourth of the tax due is added automatically as a penalty, notwithstanding the timeliness in payment. This strict requirement limits the flexibility of taxpayers in complying with their tax obligations and denies them the available alternative modes of filing and payment. It is counterproductive as the benefits made available to taxpayers by technology

are not fully utilized. The EOPT seeks to change this antiquated rule by doing away with specific method of compliance and removing the requirement for filing and payment in specific locations. Consequently, the imposition of penalties for filing in the wrong venues is also removed. Once this bill becomes law, tax returns can be filed with any authorized agent bank, Revenue District Office through the Revenue Collection Officer, or authorized tax software provider, without limiting the place of filing and payment to specific jurisdictions. Tax returns may also be filed and payments made either electronically or manually, at the taxpayer’s option. Tax returns will be allowed to be filed anywhere in the Philippines where these payment facilities are located. Also, at their option, taxpayers may pay electronically, regardless of where they are, provided they can connect to electronic payment facilities in the Philippines. I suppose this option can be done, even if a taxpayer is not registered under EFPS as required under present rules. This flexibility in the manner of payment indeed affords ease in the taxpayer’s compliance with tax obligations. Initially, there was a suggestion to retain the current rules for specific types of taxes for proper administration. Fortunately, this didn’t materialize as there is no convincing reason to stick to the old rules. Cancellation of registration. A taxpayer who is intending to close its business and/or to cancel

Once this bill becomes law, tax returns can be filed with any authorized agent bank, Revenue District Office through the Revenue Collection Officer, or authorized tax software provider, without limiting the place of filing and payment to specific jurisdictions. Tax returns may also be filed and payments made either electronically or manually, at the taxpayer’s option.

its registration has to underdo certain procedures. This is understood because a taxpayer is terminating its compliance obligations. But this supposed simple procedure sometimes results in a complicated and prolonged process. With the complexity of the process—the end-date of a taxpayer’s reportorial requirements sometimes presents some issues. Should the taxpayer continue filing returns and other reports? When should it stop? This is just among the considerations encountered in a cancellation process. EOPT proposes to minimize these issues by providing that the registration is cancelled by the mere filing by the taxpayer of an application for registration information update. Simply put, a taxpayer is no longer required to comply with the obligations pertinent to a taxpayer once it files an application for cancellation. Of course, this does not necessarily clear the taxpayer for past transactions and even for future transactions if there are any. In fact, regardless of the cancellation of registration by just mere filing, the tax authority is not precluded from conducting audit to determine tax liability. Transfer of registration. Similar to the cancellation of registration, the whole process of transferring registration is sometimes complicated by the different steps required in completing the transfer. Because of this complexity, it is not unusual for disputes to arise between the taxpayer and the tax authority. One of these issues relates to the effective date of the transfer. When does the authority of the old revenue district office end and when

The author is the Managing Partner of DuBaladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 loc 310.

A record high is in the cards for US stocks in 2024

For comments, send e-mail to mbv_secretariat@vistaland.com.ph or visit www.mannyvillar. com.ph

A median of 518 respondents expect the S&P 500 to climb to 4,808 points next year—topping its previous closing peak of 4,797 hit in January 2022—and the 10year Treasury yield to drop to 3.8 percent from this year’s high of 5 percent. More than two thirds of respondents indicated they don’t see a hard economic landing as the top risk to markets and majority expects Federal Reserve interest rate cuts to begin before July. “US exceptionalism remains firmly in place,” said Aneeka Gupta, director of macroeconomic research at WisdomTree. “The key drivers are a more favorable economic backdrop versus China and Europe, improving earnings estimates and cheaper valuations for the equal-weighted S&P 500.” The bullish outlook is a stark contrast from expectations coming into this year, when worries about

a staunchly hawkish Fed and the specter of a US recession had investors bracing for volatile markets. But the economy has defied pessimistic forecasts, the labor market remains resilient and Corporate America’s earnings are rebounding sooner than estimated. Top Wall Street strategists including at Deutsche Bank AG and RBC Capital Markets are also predicting an all-time high for US stocks next year, as they say the S&P 500 has now adapted to the higher rate environment. Not everyone is as optimistic. Bank of America Corp. strategist Michael Hartnett said while a pullback in yields in recent months had certainly fueled equity gains, a further drop to near 3 percent next year would signal a sputtering economy and end up being a drag on stocks. Indeed, about 33 percent of survey participants said they expect an exhausted consumer to

represent the biggest risk to the rally next year. Moreover, the median forecast in the survey—while a record closing high—represents a gain of just about 4 percent from the S&P 500’s current levels. That’s well below an average 19 percent jump recorded in a year in which the index advances, according to data compiled by Bloomberg. The level is also below an intraday all-time peak of 4,819. “We see a bit of tension between possible rate cuts and equity markets,” said Richard Flax, chief investment officer at European digital wealth manager Moneyfarm. “We are currently leaning toward a scenario where growth decelerates and we see some earnings downgrades. That makes us slightly cautious on equities in 2024.” For Goldman Sachs Group Inc. strategists, the ideal approach is to simply remain invested in stocks and avoid the urge to sell during periods of volatility. MLIV participants are planning on following that advice, with 26 percent saying they would increase their holdings over the next month—an above-average reading for a question that the poll began asking in August 2022. The US is also poised to retain

known as the “Swinging Sixties.” But the 1970s, when I marched into adulthood, was marked by unrest and upheaval. The 1970s are famous for disco, the disposable lighter, and the Walkman, but it was also an era of economic struggle, cultural change, and technological innovation. Yet there was also a most economically consequential dynamic that greatly impacts all the Gens since, primarily a result

of the attitude of “delayed gratification” that is missing today. What we boomers did was create the institutionalization of environmental standards that forced the clean-up of pervasive industrial pollution and the re-engineering of the industrial base. Charles Hugh Smith: “In today’s money, cleaning up the sources of air, water, and soil pollution cost trillions of dollars.” And—listen up,

this is the key—“An investment that didn’t generate profits or productivity as measured in financial terms.” Boomers were at the forefront of this change. It was not until the late 1980s that the payoff from this stupendous effort became visible and measurable. It is hard to imagine how bad the air and water quality was in the US and Europe by 1970. The US Environmental Protection Agency (EPA) was established on

December 2, 1970. The first Earth Day was on April 22, 1970, and some 20 million Americans and more in Europe joined to participate in picking up garbage from rivers and setting up community car-pooling for example. Interestingly, not a single person glued himself or herself to a road or tried to damage a classic work of art. The 21st century invented the ultimate form of instant gratifica-

is about to receive more blessings this Christmas season.

does the jurisdiction of the new district office begin? With the proposed new rule allowing the filing of tax returns anywhere, the answer to this question may have been rendered irrelevant as the transferring taxpayer can file anywhere, regardless of where its district office is. However, other than the filing and payment of taxes, there are still many other transactions between the taxpayer and the tax authority that require the identity of a taxpayer’s district office. Thus, it is still relevant to identify which revenue office has jurisdiction over the taxpayer and which revenue office a taxpayer should be reporting to/transacting business with. Any penalties could be imposed, and transactions may be considered unconsummated if done with the wrong office. Hence, the necessity of fixing the effectivity of the transfer of the district office. Similar to cancellation of registration, the EOPT also proposes to make the effectivity of the transfer by the mere filing of an application for registration information update. Apparently, that is not clearly written but that is the intention. From that period, the taxpayer should be dealing with its new revenue district office. The exception is when an audit is initiated by the old district office, it shall continue the same until completed. I am not sure if the provisions of the bill could still be changed. If it can, I hope it would be on the other portions of the bill that adds more burden to taxpayers. For the items discussed above, I hope these will remain and will eventually be part of the law. Merry Christmas to all taxpayers!!!

By Farah Elbahrawy & Sagarika Jaisinghani

he S&P 500 Index will hit a record high in 2024 as the US avoids sinking into a recession, although a weaker consumer will mean the index gains less than this year’s 20 percent surge, according to Bloomberg’s latest Markets Live Pulse survey.

its haven appeal, with 43 percent saying those stocks will continue outperforming international peers in 2024. That’s par for the course, as the S&P 500 has beaten gains in global equities in eight of the past 10 years. But after the seven big tech stocks, including Apple Inc., Tesla Inc. and Nvidia Corp., have dominated the market for most of 2023, investors are turning to roughed-up corners of the market from small caps to value shares as they seek out bargains. “We don’t expect the rally in the Magnificent Seven names to be sustained over the long term,” said Shanti Kelemen, chief investment officer at M&G Wealth. “Valuations are much more attractive in other parts of the US market. As companies in more traditional sectors adopt AI, there is potential to improve productivity.” Asked about the biggest bargains for next year, MLIV Pulse respondents overwhelmingly pointed to emerging markets outside Greater China. Hong Kong’s benchmark Hang Seng Index, heading for a record fourth year of losses in 2023, is likely to remain a laggard next year, too. Gold, meanwhile, is expected to gain about 5 percent. Bloomberg

tion—Virtue Signaling. Elon Musk —2023: “What I care about is the reality of goodness, not the perception of it. And what I see all over the place is people who care about looking good, while doing evil.” Evil is instant; good takes time. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

A12 Tuesday, December 12, 2023

MERALCO: LOWER GENERATION COST CUTS DEC POWER RATES By Lenie Lectura @llectura

LECTRICITY rates for December will go down by P0.7961 per kilowatt hour (kWh) to P11.2584 per kWh from P12.0545 per kWh in November, the Manila Electric Co. (Meralco) announced on Monday. For residential customers consuming 200 kWh, the adjustment is equivalent to a decrease of around P159 in their total electricity bill. The downward adjustment, which will more than offset the increases implemented in the past two months, was brought about by lower generation charge. Generation charge for December went down by P0.6606 to P6.5332 from P7.1938 per kWh last month due to lower charges from the Wholesale Electricity Spot Market (WESM) and Independent Power Producers (IPPs). WESM charges fell by P2.7624 per kWh with the improved supply situation in the Luzon grid as demand declined by around 421 megawatts (MW) and average plant capacity on outage decreased by about 679 MW. Lower spot market prices avoided the imposition of the secondary price cap in November. Charges from IPPs, meanwhile, went down by P0.4731 per kWh

due to First Gas plants’ reduced use of more expensive liquid fuel and lower international coal prices. Also contributing to this was the peso appreciation, which affected around 97 percent of IPP costs that were dollar denominated. However, there was a slight upward adjustment of P0.0805 per kWh in charges from power supply agreements (PSA), owing to lower average PSA dispatch. WESM, IPPs and PSAs accounted for 20 percent, 32 percent, and 48 percent, respectively, of Meralco’s total energy requirement for the period. Transmission charge, taxes, and other charges also registered a net reduction of P0.1355 per kWh. The collection of the FeedIn Tariff Allowance (FIT-All), at the rate of P0.0364 per kWh, remains suspended as directed by the Energy Regulatory Commission. Pass-through charges for generation and transmission are paid by Meralco to the power suppliers and the grid operator, respectively, while taxes, universal charges, and FIT-All are all remitted to the government. Meralco’s distribution charge, meanwhile, has not moved since the P0.0360 per kWh reduction for a typical residential customer beginning August 2022.

Report: Rice imports down 14% as prices remain high

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Philippines’s rice imports from January to November fell by 14 percent year-on-year to a little over 3 million metric tons (MMT) as higher global grain prices dented local traders’ appetite. The latest Bureau of Plant Industry (BPI) data showed that the country’s rice imports during the 11-month period reached 3.033 MMT, about 492,000 metric tons (MT) lower than the 3.526 MMT recorded in the same period last year.

The decline in rice import volume was caused by the elevated global rice prices due to tight world supply on the back of India’s rice export ban, pundits and industry players noted. This is the third year that the country’s rice imports breached the

3 MMT mark. The figure was also hit in 2019 and 2022. Vietnam remained as the Philippines’s top rice import source, accounting for 2.689 MMT followed by Thailand and Myanmar with 161,990.67 MT and 127,818 MT, respectively, based on BPI data. BPI data showed that rice imports from Pak istan reached 34,625.21 MT while those from India and Cambodia reached 13,734.79 MT and 3,615 MT, as of end-November. The country also imported 1,000 MT of rice from Taiwan, 12.36 MT from Italy and nearly 1 MT from Spain, according to BPI data. BPI data indicated that the country’s rice top importer from January to November was Bly Agri Venture Trading with a total import volume of 221,938 MT.

It was followed by Davao Solar Best Corp. with 218,348 MT and Orison Free Enterprise Inc. with 184,733.8 MT. Agriculture officials had said that the country’s total rice import volume this year would be lower than the record-high 3.8 MMT volume last year due to elevated global rice prices. Agriculture Undersecretary for Rice Industry Development Leocadio S. Sebastian earlier said the country’s rice imports for 2023 could settle at around 3.1 MMT, about 700,000 MT lower than the 3.826 MMT recorded last year as higher world rice prices discouraged importers from bringing in foreign stocks. (Related story: https://businessmirror.com. ph/2023/10/17/costlier-worldgrains-to-slash-rice-imports/)

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‘Other regions must grow faster to create more jobs’ By Cai U. Ordinario @caiordinario

THER regions will have to grow faster if they want to create more job opportunities and direct investors’ attention away from Metro Manila, according to the National Economic and Development Authority (Neda). However, Neda Undersecretary Rosemarie G. Edillon told the BusinessMirror that it may take some time before other regions would become more attractive to investors. Currently, the National Capital Region (NCR) still accounts for a third of the country’s GDP. Nonetheless, if it happens, Edillon said this will also increase wages not only in Metro Manila but also in other regions where workers are needed. “We do not yet see it happening, at least not in a big way. But this will happen if there is faster growth in areas outside NCR. This is the sort of development that will lead to increase in wages, both in NCR and the ‘new’ host region,” Edillon told this newspaper. Based on the latest data from the Philippine Statistics Authority (PSA), Metro Manila recorded the highest unemployment rate nationwide at 5.4 percent. There were a total of 347,000 workers who were jobless in NCR in October 2023. This was higher than the 346,000 in October 2022 and the 305,000 in July 2023. PSA data showed the unemployment rate in NCR was higher than the national average of 4.2 percent. The lowest unemployment rate was recorded in Davao region at 2.9 percent The data also showed the lowest employment rate was NCR at 94.6 percent while the highest employment rate was in Davao Region at 97.1 percent. The national average was pegged at 95.8 percent. “In terms of number of employed, it actually went up by 216,000; though the number of unemployed went up by 1,000 persons. The latter, however, is no cause for concern,” Edillon said.

“We would rather have a situation where it is the regions outside NCR that is pulling in labor from NCR, rather than NCR pushing away labor,” she added. Meanwhile, in NCR, of the 5.857 million who are employed, PSA data showed 3.689 million are working 40 or more hours a week and 861,000 worked for less than 40 hours a week. Among those who worked for 40 or more hours a week, the PSA noted that 727,000 had said they wanted to earn more and 559,000 said their job required it. Among those who worked less than 40 hours a week, the data showed 470,000 said they were employed in companies with variable working time or it was the nature of their job. Some 98,000 workers said the company they worked for saw reduced number of clients leading to less hours of work for them while 92,000 said “poor business conditions” led to reduced hours of work. Last week, the Philippines recorded a new unemployment low as the country’s jobless rate hit 4.2 percent in October 2023, according to data released by Neda. Citing data from the Philippine Statistics Authority (PSA), the Neda said in a statement that the jobless rate was lower than the 4.5 percent posted in October 2022, which was initially declared as the lowest unemployment rate in two decades. In terms of magnitude, PSA data showed there were 2.09 million unemployed individuals in October 2023, or lower than the 2.24 million recorded in October 2022 and the 2.27 million in July 2023. The PSA data also showed that the underemployment rate in October 2023 was 11.7 percent, lower than the 14.2 percent recorded in October 2022 and the 15.9 percent posted in July 2023. The data also showed the labor market recorded an employment rate of 95.8 percent in October 2023, higher than the 95.5 rate posted in the same period last year and the highest since April 2005.

(FROM left) Dana Sandoval, the spokesperson for the Bureau of Immigration, Immigration Commissioner Norman Tansingco and Deputy Spokesperson Melvin Mabulac address the media at the 2023 Bureau of Immigration yearend press briefing. The bureau highlighted plans to transition 25 percent of its operations to e-gates by 2024, aiming to streamline and enhance the efficiency of traveler flow at airports. NONIE REYES

BI: Passenger arrivals to hit 1.5M in December By Joel R. San Juan @jrsanjuan1573

HE Bureau of Immigration (BI) announced on Monday that the number of passengers arriving in the country this December is expected to reach 1.5 million, which is slightly lower than the figure recorded prior to the pandemic in 2020. BI Comm issioner Nor ma n Tansingco attributed the steady increase in the number of arrivals to the “aggressive” tourism campaigns of the government. He said the number of arriving

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Meanwhile, Speaker Ferdinand Romualdez said the 2024 General Appropriations Bill “plays a crucial role in realizing these priorities.” “It is not just a financial document; it is a blueprint for national development and a tool for improving the lives of every Filipino. It will allocate funds necessary for infrastructure projects, educational reforms, healthcare improvements, business development, and agricultural support,” he said.

passengers this year is 79 percent higher than in 2022. Tansingco said that the BI started recording around 1 million arrivals per month starting the second quarter of this year, compared to the 100,000 arrivals per month at the height of the pandemic. Likewise, the BI recorded a significant increase in the number of outbound tourists with 1.1 million departures in November alone. The figure, according to the BI, is already “very close” to the 1.3 million departures recorded in November 2019, before the pandemic. The BI chief said the agency has

beefed up its manpower and has deployed augmentation teams and mobile counters to ensure smooth operations during the holiday season. With the expected huge number of arriving passengers, Tansingco warned immigration personnel against asking for Christmas gifts from arriving passengers. Tansingo said BI personnel should avoid greeting arriving passengers “Merry Christmas,” as this might be construed as asking for a gift. He said, however, that he does not see anything wrong if a BI officer would respond to a Christmas greeting from an arriving passenger.

“The standing policy is that it is prohibited to greet ‘Merry Christmas’ especially the Immigration officers assigned at the airports. But we must also understand that this is part of Filipino culture,” Tansingco said. He added that arriving passengers might think that BI officers are rude and impolite if they do not reciprocate with the same greeting. “We always say that Filipinos are hospitable, then if someone greets us, we will ignore the greeting just because they said it is prohibited. So, it will depend on the situation, the intention and how the greeting was made,” he added.

He added the proposed national budget for next year was crafted “with a vision of inclusivity, ensuring that growth is felt by every sector of society.” “It will focus on regional development, ensuring that progress is not centered only in urban areas but is spread across the archipelago,” he said. Co said the core priorities of the P5.768 trillion budget for 2024 remain steadfast: education, healthcare, infrastructure, social services, and social welfare, among others. “Food, jobs, health, education, and housing—these are the president’s legacy projects to be

delivered through the 2024 budget and beyond,” he said. In addition to the standard budgetary items, Co highlighted three legacy projects aimed at enhancing food security, establishing specialty hospitals, and providing housing for the underprivileged. He said these projects, backed by President Marcos and Romualdez, represent “key milestones” for the nation. The lawmaker said the House contingent successfully advocated for budget provisions to bolster food production, aid impoverished and near-poor families, and enhance social and medical services.

CIF removal

CO also commended the removal of the controversial Confidential and Intelligence Funds (CIF), acknowledging the Senate’s support in redirecting these funds to agencies focused on national security. “We’re also pleased with the removal of the controversial Confidential and Intelligence Funds, which have been the source of corruption. Thanks to our Senate counterparts for supporting our stand to remove CIF and transfer the funds instead to agencies involved in national security,” he said. With a report from the Philippine News Agency

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, December 12, 2023

Angeles Electric’s bid to go DOE issues COAs to GEA-2 winner public gets SEC greenlight By Lenie Lectura @villygc

By VG Cabuag

HE Securities and Exchange Commission has approved the direct public offering of Angeles Electric Corp., which hopes to raise as much as P708 million. In its en banc meeting, the SEC approved registration statement of Angeles Electric covering 1.17 billion common shares. Angeles Electric will offer to the public 207.02 million common shares at P3.42 per share. The company expects proceeds to amount to P708.01

million, which will be used to fund a portion of its capital expenditure projects over the next two years. The shares will not be listed on any exchange and may only be traded over the counter. “The entire offer shares shall be issued out of the unissued portion of

the company’s authorized common capital stock and, upon conclusion of the offer, shall represent seventeen and six tenths percent (17.6 percent) of the company’s issued and outstanding common shares and fifteen percent (15 percent) of its total issued and outstanding capital stock,” the company said in its prospectus. The offering will run from December 18 to 22, based on the latest timetable submitted to the SEC. The shares may be sold to any person, domestic corporation, association or partnership. In the case of domestic corporations and associations, 60 percent of its total voting shares and total outstanding capital stock must be owned and held by Filipinos, in line

with the foreign ownership limit for public utility companies at 40 percent of its outstanding capital stock. Angeles Electric engaged Penta Capital and Investment Corporation as the sole underwriter for the transaction. The offering is being made in compliance with Republic Act (RA) 9136 (Electric Power Industry Reform Act), which states that generation companies shall offer and sell to the public a portion not less than 15 percent of their common shares of to the public. Angeles Electric operates an electric light, heat and power system in Angeles City, Pampanga, servicing around 132,000 customer accounts as of December 2022.

MSpectrum bares year’s gains M

sayas and Mindanao that’s been our target since last year. Included in the 30MW for target for next year are commercial and industrial sectors. We are eyeing all those with rooftops.” MSpectrum offers tailor-fit solutions for industrial, commercial, and residential customers. Domingo said Spectrum has also installed solar panels in most of Meralco’s franchise areas and will also do the same in all of Meralco’s subsidiaries. “Probably in our portfolio around 80 to 85 percent of the 60MW are already under Spectrum. We have many clients lined up next year; MGen (Meralco PowerGen Corp.) is one, [also] MGreen (MGen Renewable Energy Inc.), Meralco sectors and offices of Meralco,” she said. Meralco serves Metro Manila,

Ayala Health hikes shares in Mercado Gen. to 94%

Davao Light inks deal with school

HE Ayala Healthcare Holdings Inc. on Monday said it has increased its shareholding in the Healthway QualiMed Health Network or the Mercado General Hospital Inc. to 94 percent, signifying its continued commitment to investing in healthcare in the Philippines. Since acquiring a majority stake in 2020, AC Health said it has invested in upgrading the facilities and equipment of the Healthway QualiMed Health Network, which initially spanned four general hospitals, one ambulatory surgical center and several clinics across the country. “Boosting our stake in the Healthway QualiMed Health Network underscores our continued commitment to advancing healthcare in the country. Moving forward, we will further invest in our facilities and expand our footprint to provide quality and affordable care to more Filipinos,” AC Health President and CEO Paolo Maximo F. Borromeo said. In 2023, AC Health unveiled its unified hospitals and clinics brand, the Healthway Medical Network, demonstrating its commitment to delivering seamless and integrated care across the network.VG Cabuag

By Manuel T. Cayon Mindanao Bureau Chief @awimailbox

AVAO CITY–The Aboitizowned Davao Light and Power Co. agreed in formal writing with University of Mindanao (UM) to engage in research and talent scholarship and acquisition. It was the first time for the two private entities to enter into a Memorandum of Understanding (MOU) and Memorandum of Agreement (MOA). Their executives, however, noted the entities have been partners for more than a decade in these fields of cooperation. “Although we have been doing this partnership for more than a decade, this is the first time that we have the formal MOU signing,” UM Officer-In-Charge Eugenio S. Guhao said. “By joining forces, the University of Mindanao and Davao Light are contributing to the development, skill and knowledge of all individuals who will play a vital role in shaping the future of Davao City and beyond,” added Guhao, also the executive vice president of the Academic Affairs of UM. The UM and Davao Light agreement seeks to strengthen industry-based research and to match the graduates of the academe to the needs of the power industry, a statement read.

Bulacan, Cavite, Laguna, Batangas, Rizal and Quezon. Domingo is confident that the targets will be achieved since it only takes from two months to four months to install the solar power panels. “Knowing our boss, MVP (Manuel V. Pangilinan), the targets are always increasing. There are many government programs that will help us achieve and exceed our targets. These include GEAP (Green Energy Auction Program), microgrid, and we will be participating for all renewable energy (RE),” she said. MSpectrum was recently prequalified to bid for the microgrid system provider (MGSP) - Competitive Selection Process (CSP), the Department of Energy (DOE) earlier announced.

The auction is expected to benefit a total of 15,645 households. Republic Act (RA) 11646 (Microgrid Systems Act of 2022) mandates the conduct of a CSP before an MGSP can serve off-grid areas. The MGSP need not obtain a franchise from Congress. However, the MGSP needs to apply for an authority to operate from the Energy Regulatory Commission. The DOE earlier identified 98 unserved and underserved areas clustered into 49 lots situated in remote areas of the country. These far-flung or remote areas have the presence of economic activities that require the much-needed electricity services. The opening of bids is set on December 27, while the issuance of notice of award is set on Match 12, 2024. Lenie Lectura

SPECTRUM Inc., a wholly-owned subsidiary of the Manila Electric Co. (Meralco), is ending the year with an accumulated installed capacity of 60 megawatts (MW) and P500 million in revenues. “Sixty megawatts,” company president Ma. Cecilia M. Domingo said recently when asked for the capacity of installed solar power panels for 2023. “Hoping, praying and declaring that and maybe half a billion in revenues by the end of the year from P300 million last year.” For 2024, MSpectrum is targeting to install an additional 30 MW of solar rooftop projects next year. “We will be ending this year with 60 megawatts; next year, another 30 megawatts,” Domingo added. “We’re expanding our footprint in the Vi-

“This collaboration is a testament to our shared commitment to advancing knowledge, fostering innovation and empowering the youth,” said Anton Mari G. Perdices, senior vice president and chief operating officer (COO) of Aboitiz Power Distribution. Perdices said the partnership goes back to decades of collaboration on Electrical Engineering scholarship and talent acquisition. “As the partnership unfolds, it holds the promise of not only shaping the future workforce but also propelling advancements in energy distribution through cutting-edge research and development,” he added.

Heart and soul

THE partnership aims to produce future electrical engineers who will drive advancements in the power industry and contribute to academic excellence. This is in line with Aboitiz Power Distribution and Davao Light’s purpose of empowering the evolution of both cities and communities, a document provided by the firm read. “UM has contributed a lot to our leadership and staff which in turn contributed to our successes. With over 80 employees who are alumni of UM, the school has contributed a lot to our leadership and staff requirements and as mentioned earlier, contributed

to where we are today,” Rodger S. Velasco, president and COO of Davao Light, said in his closing remarks. Meanwhile, the Davao Light would be digitizing its substations to increase efficiency and cut cost on maintenance. Velasco said digitization “presents a significant change from Davao Light’s existing conventional substation designs. It could reduce substation construction and maintenance costs over time and bring other benefits, but it would take significant training in IEC 61850 fundamentals and best practices for Davao Light’s engineers to create a solution on their own”. “Our substations are the heart and soul of our service,” he added. A n electr ic substation has many functions, including the transfer of power from high-voltage feeder lines to lower-voltage distribution lines. Substation secondary systems protect, monitor and control the flow of power through primary equipment like power lines, busbars and switchgear, Velasco said.

HE Department of Energy (DOE) has issued the Certificates of Award (COA) to the two wind power projects of Alternergy Tanay Wind Corp. (ATWC) that won in the Green Energy Auction 2 (GEA-2) program. ATWC parent firm Alternergy Holdings Corp. (Alternergy) said the DOE has confirmed compliance by ATWC of the post-auction requirements under GEA-2, which includes posting of the performance bond. Alternergy is accelerating the development of its wind power projects, the Alabat and Tanay wind power projects, with a capacity of up to 164 megawatts, both recently awarded under the GEA 2 program. “The confirmation by the DOE and subsequently the issuance of the COA is a critical milestone as it formally awards our two wind projects with 20-year off-take agreements with the National Transmission Corp. (TransCo) with a specific tariff,” said Alternergy President Gerry P. Magbanua. “The Certificates of Award from the DOE is critical to our project lenders who are close to completing their due diligence with target financial closure by first quarter of next year,” Magbanua added. The ATWC has been conducting competitive bidding for the equip-

ment supply and construction contracts with a target start of construction in the second quarter of next year. In October, the Tanay Wind Power Project announced the signing of a long-term lease agreement with the Rizal Provincial Government for the provincial property as the project site. Also that month, the Alabat Wind Power Project received the thumbs up from the Quezon Provincial Development Council supporting the project. Last week, the ATWC announced the award of the Owner’s Engineer (OE) contract to K2 Management (K2M), a leading energy transition project management and engineering consultancy. As OE contractor, K2M will support Alternergy in the procurement processes within a muti-contracting framework, followed by construction management, design reviews, site management, and quality control measures. Alternergy is a renewable power pioneer with a portfolio of project companies engaged in different renewable energy projects, particularly wind, run-of-river hydro, solar farm and commercial rooftop, battery storage and offshore wind projects. With robust expansion plans in the next three years, Alternergy aims to develop up to 474MW of additional wind, solar, and run of river hydro projects.

EEI broadens into civil works in Saudi Arabia

UCHENGCO-led construction firm EEI Corp. said it is diversifying into civil works in the Kingdom of Saudi Arabia (KSA), where it is constructing its gigacity called Neom. “We need to reinvent ourselves in terms of the business that we’re doing in Saudi Arabia,” EEI CEO Henry Dizon Antonio said as he cited that oil-and-gas projects are starting to wane in the region. In particular, Antonio said that the KSA is laying the groundwork for the hydrogen supply chain, as hydrogen is touted to be a potential alternative to the fossil-based petroleum products. “A lot of the Saudi development plan on energy is associated to developing the supply chain on hydrogen. So that’s a lot of the

projects we’re doing right now,” he said. On civil works, Antonio said the KSA has a lot of requirement for such works, like buildings, warehouses, especially now that it is building its Neom, which is also related to the kingdom’s plan to reduce its economy’s dependence on oil and develop other sectors like the technology sector. “Traditionally, we haven’t done that in Saudi, at least not in a big way. So one of the things have to look into our next series to develop at least one or two teams to start the civil works there,” he said. “So I’ve agreed with my partners that we probably need to develop several themes to go there to help out in the civil component of business,” he said. VG Cabuag

A popular goal

CON V EN T IONA L subst at ion designs rely on long runs of energized copper wire to connect primary equipment to relays and other secondary system devices in the control house.

MODEST MOVES

Global equities posted modest moves at the start of a busy week of economic data and central bank meetings that will test optimism among investors that interest rates will soon head lower. Traders are looking ahead to US inflation figures on Tuesday, a Federal Reserve policy decision Wednesday and retail sales numbers Thursday. Policy decisions at the European Central Bank and Bank of England add to a crowded calendar. CREDIT: Bloomberg News

Companies BusinessMirror

Tuesday, December 12, 2023

MPT Mobility, Baguio LGU in talks after OPS granted

By Lorenz S. Marasigan

@lorenzmarasigan

HE local government of Baguio has granted the original proponent status (OPS) to MPT Mobility Corp., the digital ventures arm of Metro Pacific Tollways Corp. (MPTC), for its P2.5-billion Smart Urban Mobility Solutions unsolicited proposal. Mark Richmund de Leon, MPT Mobility’s VP for Smart Mobility Solutions, told reporters on Monday that the company received the OPS in August and is currently undergoing negotiations with the local government of Baguio. “It’s currently given an original proponent status (August) and we’re now undergoing negotiations. After we’ve come up with the terms for the negotiations, then we’ll proceed with

the Swiss Challenge. The current modality is a concession agreement. But of course, everything will be undergoing negotiations pa, and what’s the best mobility on their side,” he said over lunch. Under its 15-year concession proposal, MPT Mobility will deploy in Baguio smart mobility solutions, “which are integrated and interconnected, systems tailor-fit to the needs of the target city and may in-

clude: advanced traffic management solutions, area-based monitoring and enforcement capabilities, smart command center, smart parking systems, efficient public transportation and fleet management solutions, peak-hour congestion pricing solutions, and roadside assistance support.” The group partnered with Singapore Technologies Engineering Ltd. (STE) to develop the smart solutions. Aside from the deployment of digital solutions, fleet management for public transport, and adaptive traffic management processes and equipment, one crucial component of the deal is the introduction of congestion pricing. Donald Saurombe, AVP of MPT Mobility, explained that congestion pricing is a replacement for the typical number coding scheme. “Instead of number coding, you just have to pay a congestion fee if you choose to drive. It’s supposed to shift the behavior of the motorist to be able to think about when they

want to drive — during congested times or choose a less congested time to make a trip,” he explained. Congestion charging is common in various cities across the world, according to a study conducted by the Asian Development Bank. These include Singapore, London, and Stockholm. De Leon said his group aims to reduce congestion in Baguio by “between 10 percent and 15 percent” with the implementation of the said charge. Proceeds of which will be shared between the local government and the company. He declined to divulge the fee proposed by the company as a congestion charge but noted that it conducted a “willingness to pay survey” which revealed a sweet spot by which road users are inclined to pay to use the roads. “We came up with that magic number. We have that number that we proposed to Baguio, and the response was positive. Majority of the people are still willing to pay,” he said.

McDo bullish after Tarlac opening T

ARLAC CITY—McDonald’s Philippines continues to bounce back from the Covid-19 pandemic, with an impressive growth trajectory on the back of its aggressive initiative to widen further its footprint nationwide. “We’re doing very good. Recovery in 2019 versus 2023, we are at 123 percent [in terms of sales growth]. So we’re really back. What we’re really proud of is the expansion,” Adi T. Hernandez, assistant vice president for corporate relations of McDonald’s Philippines, told reporters during the grand opening on Monday of its 7th Green & Good flagship store at Ayala Cresendo in Tarlac City. While the quick service restaurant’s (QSR) drive thru sales has flattened due to the return of inperson dining post-pandemic, the company remains to have a higher base, according to her.

“Definitely when the [mobility] restrictions eased, our dine-in business is already back again—higher than drive thru and delivery. We’re happy that we’re back to 60 percent dine-in, and 40 percent deliver and drive thru,” she said. With its latest store opening, McDonald’s Philippines to date now has 720 branches all over the country. Twenty more are in the pipeline by end of 2023, bringing it’s total store network to 740. “[We’re opening] 50 stores in 2023, [and] at least 60 in 2024,” Hernandez bared, while citing their objective to hit the 1,000 level by 2028. McDonald’s Ayala Cresendo is the 12th McDonald’s store in the province of Tarlac, and the first Green & Good store in the area. It will be employing 89 crew and 12 Managers who are residents of Tarlac City. Joining the prestigious lineup of flagship stores of such kind, the McDonald’s Ayala Cresendo store features grid-tied solar photovoltaic (PV) systems on rooftop and lampposts that can generate 3,000-kilowatt per hour (kWh)electricity at their peak per month, variable refrigerant flow (VRF) Aircon System, full LED lighting and other energy-efficient solutions that help in the reduction of emissions. Roderick L. Abad

MUTUAL FUNDS

December 11, 2023

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 203.61 -1.61% -3.7% -3.95% -0.74% -2.35% ATRAM Alpha Opportunity Fund, Inc. -a 1.4114 6.12% 2.51% 0.46% 1.6% 5% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8275 -2.65% -3.58% -5.92% -2.5% -3% Climbs Share Capital Equity Investment Fund Corp. -a 0.6673 -3.33% -6.37% -5.44% n.a -4.58% First Metro Consumer Fund, Inc. -a 0.6171 -4.96% -6.73% -5.43% n.a -4.86% First Metro Save and Learn Equity Fund, Inc. -a 4.4862-2.63% -3.35% -2.74% -0.49% -3.52% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6673-4.4% -4.45% n.a n.a -4.82% MBG Equity Investment Fund, Inc. -a 82.94 13.66% -5.99% -6.23% n.a 10.12% PAMI Equity Index Fund, Inc. -a 41.4458 -3.5% -4.08% -3.08% n.a -4.04% Philam Strategic Growth Fund, Inc. -a 431.94 -2.13% -4.14% -3.17% -0.61% -2.8% Philequity Dividend Yield Fund, Inc. -a 1.169 -2.63% 0.04% -1.22% n.a -0.52% Philequity Fund, Inc. -a 32.6176 -1.81% -2.05% -2.05% 1.25% -2.04% Philequity MSCI Philippine Index Fund, Inc. -a 0.8347-1.06% -3% n.a n.a -1.66% Philequity PSE Index Fund, Inc. -a 4.3578 -2.51% -3.19% -2.25% 1.01% -3.07% Philippine Stock Index Fund Corp. -a 725.19 -2.58% -3.35% -2.32% 1.02% -3.17% Soldivo Strategic Growth Fund, Inc. -a 0.6597 -1.11% -3.16% -5.2% n.a -2.14% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.24 -3.25% -3.68% -4.24% -0.76% -3.95% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8223-2.93% -3.66% -2.64% n.a -3.47% United Fund, Inc. -a 3.0167 -3.42% -3.3% -2.72% 0.36% -2.5% Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0209-2.82% n.a n.a n.a -3.34% COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 0.9893 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a 0.9847 -5.79% -3.44% n.a n.a -5.9% Philippine Stock Index Fund Corp. -a 880.23 -2.66% n.a n.a n.a -3.22% Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c98.4455-2.03% -2.98% -2.02% n.a -2.64% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.7902 -8.92% -12.65% -3.31% -2.06% -7.25% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5956 9.18% -0.89% 6.23% n.a 12.05% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.4679 1.3% -4.13% -2.2% -1.64% -1.13% ATRAM Philippine Balanced Fund, Inc. -a 2.1539 4.39% -1.89% -0.26% 0.29% 2.31% First Metro Save and Learn Balanced Fund, Inc. -a 2.447 -1.83% -2.46% -0.42% -0.92% -2.33% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1866 -2.96% -2.15% n.a n.a -3.57% NCM Mutual Fund of the Phils., Inc. -a 1.8962 -1.22% -1.25% 0.72% 1.47% 0.49% PAMI Horizon Fund, Inc. -a 3.4738 1.2% -2.85% -0.18% 0.63% 0.98% Philam Fund, Inc. -a 15.2183 0.63% -3.51% -0.71% 0.27% 0.52% Solidaritas Fund, Inc. -a 1.9883 0.39% -1.72% -0.58% 0.97% 0.09% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3266 0.2% -2.34% -1.75% -0.2% -0.09% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8781 0.24% -0.35% -0.93% n.a -0.09% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.92761.89% -3.17% n.a n.a 1.35% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8213-1.29% -4.82% n.a n.a -1.71% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.7997-2.27% -5.12% n.a n.a -2.77% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03276 1.61% -5.66% -1.3% 0.07% 1.11% PAMI Asia Balanced Fund, Inc. -b$0.8732 -3.1% -8.52% -1.52% -1.41% 3.95% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1333 5.1% -2.36% 3.64% 2.71% 7.47% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0071 1.77% -4.46% 0.61% n.a 3.65% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 389.47 3.32% 1.69% 2.59% 2.18% 3.03% ATRAM Corporate Bond Fund, Inc. -a 1.9048 1.56% 0.11% 0.62% -0.04% 1.6% Cocolife Fixed Income Fund, Inc. -a 3.3213 2.83% 1.14% 2.31% 3.77% 3.5% Ekklesia Mutual Fund, Inc. -a 2.2682 4.19% -0.36% 1.28% 1.29% 3.79% First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4456 2.16% -0.06% 2.08% 1.15% 2.28% Philam Bond Fund, Inc. -a 4.2598 2.11% -2.72% 1.71% 0.74% 2.89% Philam Managed Income Fund, Inc. -a 1.3676 3.54% 1.24% 3% 1.73% 3.65% Philequity Peso Bond Fund, Inc. -a 4.0118 4.19% 0.24% 2.82% 1.46% 3.7% Soldivo Bond Fund, Inc. -a 1.0461 2.54% 0.28% 3.25% n.a 2.9% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2902 4.39% 1.01% 3.53% 2% 4.59% Sun Life Prosperity GS Fund, Inc. -a 1.7581 3.6% 0.22% 2.7% 1.36% 3.68% Corporate Debt Vehicle (units) ATRAM Unitized Corporate Debt Vehicle, Inc. -a,3 1.0037 n.a n.a n.a n.a n.a Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $493.24 2.9% 0.71% 1.96% 2.51% 2.73% ALFM Euro Bond Fund, Inc. -a Є213.07 1.51% -0.9% 0.07% 0.82% 1.62% ATRAM Total Return Dollar Bond Fund, Inc. -b$1.02822.03% -6.8% -1.77% 0.05% 1.86% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0245 2.94% -2.58% -0.32% n.a 3.38% PAMI Global Bond Fund, Inc. -b$0.8459 -2.52% -8.09% -3.87% -3.2% -6.01% Philam Dollar Bond Fund, Inc. -a $2.2629 4.02% -3.58% 0.98% 1.75% 3.8% Philequity Dollar Income Fund, Inc. -a $0.0608398 1.77% -0.77% 1.32% 1.59% 1.91% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7547 -0.07% -4.8% -0.82% 0.41% 1.22% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.57 2.65% 1.74% 2.52% 2.03% 2.49% First Metro Save and Learn Money Market Fund, Inc. -a 1.106 3.19% 1.83% n.a n.a 3.02% Sun Life Prosperity Peso Starter Fund, Inc. -a 1.373 2.76% 1.96% 2.45% 1.99% 2.59% Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.28 4.03% n.a n.a n.a 3.79% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0945 2.41% 1.33% 1.52% n.a 2.37% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 42.0337-3.09% n.a n.a n.a -1.51% Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.3993 11.48% 7.96% n.a n.a 13.57% Sun Life Prosperity World Income Fund, Inc. -a,1 0.9773 n.a n.a n.a n.a n.a Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7836-2.76% -7.18% n.a n.a -0.81%

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PSE STOCK QUOTATIONS

December 11, 2023

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 PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL MANULIFE PHIL STOCK EXCH SUN LIFE VANTAGE

1,282,575 730,018,388 454,011,568.50 5,719,685 3,172,303 58,201,424 4,995,680 64,223.50 178,595 3,670,667.50 10,025,917.50 4,290 273,330 10,500 5,151 27,100 20,050

-14,650 -157,173,739 -68,219,583.50 -1,521,715 -853,885 14,919,775 -643,896 -37,800 1,419,138.50 -7,465,581 -258,520.00 13,500 -

INDUSTRIAL ACEN CORP 4.46 4.49 4.6 4.62 4.46 4.46 20,634,000 92,914,040 ALSONS CONS 0.54 0.58 0.59 0.59 0.55 0.55 99,000 55,610 ALTERNERGY HLDG 0.73 0.74 0.75 0.75 0.73 0.73 405,000 297,950 ABOITIZ POWER 37.5 37.8 37.9 37.95 37.35 37.8 468,700 17,577,965 RASLAG 1.22 1.25 1.22 1.22 1.2 1.22 90,000 108,700 BASIC ENERGY 0.178 0.18 0.181 0.182 0.178 0.178 1,040,000 187,080 FIRST GEN 16.82 16.86 16.8 16.86 16.64 16.82 71,100 1,190,720 FIRST PHIL HLDG 61 61.1 60.1 61.4 60.1 61 4,540 276,326 MERALCO 370 372.6 372.6 372.6 366.6 372.6 127,020 47,169,684 MANILA WATER 18 18.22 18 18.24 18 18 82,600 1,494,214 PETRON 3.41 3.43 3.42 3.44 3.4 3.43 693,000 2,374,090 PHX PETROLEUM 4.76 4.89 4.9 5.19 4.76 4.76 19,600 96,606 REPOWER ENERGY 6.7 6.98 6.65 6.98 6.65 6.98 14,600 100,095 SYNERGY GRID 6.1 6.14 6.15 6.17 6.09 6.14 152,700 932,477 SHELL PILIPINAS 11.3 11.4 11.46 11.46 11.3 11.4 159,400 1,817,150 SPC POWER 7.1 7.36 7.4 7.4 6.7 7 49,400 352,919 SP NEW ENERGY 1.12 1.13 1.14 1.14 1.1 1.13 15,776,000 17,661,730 AGRINURTURE 1.19 1.21 1.28 1.28 1.17 1.2 1,750,000 2,127,020 AXELUM 2.28 2.31 2.32 2.32 2.29 2.31 186,000 429,590 CENTURY FOOD 32.35 32.7 32.4 32.7 32.15 32.55 1,311,100 42,689,280 DEL MONTE 7 7.45 6.91 7.45 6.88 7.45 28,000 194,303 DNL INDUS 6.24 6.3 6.37 6.38 6.24 6.3 1,321,900 8,341,936 EMPERADOR 20.65 20.8 20.85 20.85 20.65 20.65 5,329,000 110,117,580 SMC FOODANDBEV 49.65 50.5 49.5 51.5 48.9 50.5 22,800 1,143,390 FIGARO COFFEE 0.61 0.63 0.61 0.63 0.61 0.63 2,986,000 1,844,780 FRUITAS HLDG 1.02 1.03 1.02 1.02 1.01 1.02 1,257,000 1,280,280 GINEBRA 157 158 158 158.3 156.2 157 9,060 1,426,908 JOLLIBEE 238 238.8 235.6 239 234.2 238.8 191,020 45,317,824 KEEPERS HLDG 1.5 1.51 1.45 1.51 1.44 1.5 1,132,000 1,686,350 LIBERTY FLOUR 12 15 15 15 15 15 100 1,500 MACAY HLDG 5.78 6.49 5.78 6.49 5.78 6.49 2,700 15,677 MAXS GROUP 3.08 3.1 3.18 3.18 3.08 3.1 83,000 259,340 MONDE NISSIN 7.95 8 8.06 8.1 7.8 8 3,823,200 30,359,141 SHAKEYS PIZZA 9.4 9.48 9.4 9.48 9.4 9.48 60,600 569,728 ROXAS AND CO 0.47 0.5 0.47 0.5 0.47 0.5 190,000 92,400 RFM CORP 2.96 2.99 2.95 2.99 2.95 2.99 152,000 454,380 SWIFT FOODS 0.054 0.064 0.056 0.056 0.054 0.054 3,460,000 187,360 UNIV ROBINA 111.9 112.9 112 114.4 111.1 111.9 954,290 107,023,155 VITARICH 0.475 0.495 0.475 0.475 0.47 0.475 405,000 192,100 CONCRETE B 38.5 47.95 48 48 48 48 200 9,600 CEMEX HLDG 0.75 0.79 0.74 0.8 0.74 0.75 136,000 102,360 EC VULCAN CORP 0.69 0.7 0.7 0.72 0.7 0.7 175,000 122,560 EEI CORP 5.62 5.7 5.75 5.75 5.55 5.62 189,100 1,064,691 MEGAWIDE 3.02 3.03 3.06 3.06 3.02 3.03 269,000 814,570 PHINMA 19.5 20 20 20 20 20 74,500 1,490,000 CROWN ASIA 1.51 1.57 1.57 1.57 1.57 1.57 14,000 21,980 EUROMED 0.78 0.79 0.76 0.79 0.7 0.79 18,000 13,530 MABUHAY VINYL 5.7 5.97 5.97 5.97 5.97 5.97 400 2,388 PRYCE CORP 5.19 5.29 5.25 5.3 5.19 5.2 38,800 203,040 CONCEPCION 13.52 14.04 13.8 14 13.52 13.52 4,300 59,284 GREENERGY 0.248 0.25 0.25 0.25 0.248 0.248 3,860,000 960,220 INTEGRATED MICR 3.35 3.39 3.4 3.4 3.36 3.36 325,000 1,104,680 IONICS 1.01 1.03 1.05 1.05 1.02 1.03 187,000 192,730 PANASONIC 4.8 4.95 4.8 4.8 4.8 4.8 1,000 4,800 SFA SEMICON 1.95 2.02 2.02 2.02 1.95 2.02 307,000 619,340 CIRTEK HLDG 1.56 1.59 1.62 1.63 1.55 1.58 240,000 375,700

-16,978,090.00 -6,000 -6,604,540 48,000 -359,278 19,609,360 414,416 -205,200 -73,500 -248,241 10,050 9,060,010.00 -221,670 11,801,300 2,094,869 27,412,650 -204,575 148,800 -81,130 -1,176,193 3,347,370 620,620 1,500 -237,080 -6,548,967.00 -9,400 14,800 -433,550 -36,479,592 71,250 9,090 -53,748 -79,680 -71,190 83,890

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP PRIME MEDIA SM INVESTMENTS SAN MIGUEL CORP SEAFRONT RES TOP FRONTIER WELLEX INDUS

8,800 -18,120,180 -3,793,845 -23,217,573 -1,463,180 214,905 5,200 -40,829,465 11,227,280.00 1,014,716 54,337,735 41,630,544 175,399 -

HOLDING & FRIMS

49 123.4 99.5 30 7.71 51.4 18.14 53 22 69.1 58.5 1.39 2.47 955 171.1 2,700 0.77

0.87 647.5 47.1 9.88 10.98 0.4 0.38 4.4 9.3 5.2 544.5 37.1 0.4 4.3 8.79 2.75 826 114 1.42 100 0.25

49.5 123.9 99.8 30.1 7.75 51.45 18.16 54 22.85 69.65 58.6 1.42 2.54 1,050 172.8 2,720 0.81

0.88 648 47.95 9.9 11.32 0.415 0.385 4.49 9.32 5.29 549 37.9 0.46 4.32 8.8 2.83 835 114.6 1.65 112 0.275

49 123 101.9 30.05 7.95 51.45 18.44 54 22.25 70 57.05 1.43 2.55 1,050 172.9 2,720 0.81

0.84 639.5 48.1 9.8 11.04 0.405 0.38 4.46 9.3 5.2 559 37.55 0.46 4.3 8.8 2.76 822 111 1.66 98 0.25

49.5 125 101.9 30.15 8.29 51.6 18.44 54 22.95 70 58.6 1.43 2.55 1,050 172.9 2,720 0.81

0.89 648 48.3 10 11.36 0.405 0.38 4.46 9.32 5.21 559 37.9 0.46 4.3 8.8 2.76 840 114.6 1.66 114.8 0.25

48.5 122 98.3 30 7.71 51.05 18.16 53.8 22 69 57.05 1.43 2.46 1,050 171.1 2,700 0.77

0.84 631 46.9 9.8 11 0.4 0.38 4.39 9.26 5.2 538.5 36.85 0.46 4.3 8.76 2.76 820 111 1.66 98 0.25

49 123.4 99.5 30.1 7.71 51.45 18.16 54 22.95 69.1 58.5 1.43 2.47 1,050 171.1 2,700 0.77

0.88 648 47.95 9.9 11 0.4 0.38 4.4 9.3 5.2 544.5 37.9 0.46 4.3 8.8 2.76 835 114.6 1.66 112 0.25

26,100 5,916,390 4,574,670 189,800 404,400 1,132,160 273,200 1,190 8,100 52,740 172,150 3,000 110,000 10 30 10 25,000

844,000 82,590 544,100 4,240,200 10,600 180,000 30,000 388,000 1,006,400 29,400 246,830 648,200 10,000 29,000 1,594,500 5,000 200,670 661,630 5,000 11,310 1,000,000

729,690 52,686,355 25,800,025 41,974,743 118,190 72,100 11,400 1,715,910 9,354,784 152,881 134,388,490 24,380,570 4,600 124,700 14,018,844 13,800 166,261,220 74,810,347 8,300 1,158,140 250,000

PROPERTY ARTHALAND CORP 0.425 0.44 0.45 0.45 0.44 0.44 390,000 173,100 ANCHOR LAND 4.39 5.47 4.46 4.46 4.46 4.46 2,000 8,920 AYALA LAND 31.9 31.95 31.4 31.95 31.35 31.95 9,712,500 308,031,370 AYALA LAND LOG 1.6 1.62 1.62 1.62 1.6 1.6 113,000 181,570 ALTUS PROP 8.95 9.2 8.94 8.95 8.94 8.95 5,000 44,703 ARANETA PROP 1.01 1.06 1.06 1.07 1.01 1.06 2,174,000 2,235,730 AREIT RT 31.25 31.3 30.65 31.45 30.65 31.25 1,072,900 33,479,525 A BROWN 0.63 0.65 0.69 0.69 0.63 0.66 25,000 16,400 CITYLAND DEVT 0.66 0.69 0.72 0.72 0.66 0.68 429,000 284,720 CROWN EQUITIES 0.068 0.069 0.059 0.069 0.058 0.069 500,000 29,650 CEB LANDMASTERS 2.46 2.52 2.5 2.51 2.46 2.46 149,000 370,750 CENTURY PROP 0.295 0.305 0.305 0.305 0.305 0.305 10,000 3,050 CITICORE RT 2.55 2.56 2.55 2.56 2.53 2.56 2,449,000 6,246,190 DOUBLEDRAGON 7.84 8.02 7.95 8.05 7.83 8.02 203,900 1,600,664 DDMP RT 1.19 1.2 1.19 1.2 1.18 1.19 1,030,000 1,226,060 DM WENCESLAO 6.18 6.2 6.23 6.23 6.2 6.2 23,100 143,250 EMPIRE EAST 0.124 0.132 0.131 0.132 0.126 0.126 90,000 11,450 FILINVEST RT 2.75 2.79 2.78 2.79 2.75 2.75 734,000 2,028,720 FILINVEST LAND 0.55 0.56 0.56 0.56 0.55 0.55 1,203,000 664,860 8990 HLDG 8.41 9.02 9.03 9.03 9.02 9.02 4,100 37,022 PHIL INFRADEV 0.52 0.56 0.56 0.56 0.52 0.52 27,000 14,470 CITY AND LAND 0.71 0.72 0.74 0.75 0.72 0.72 146,000 107,580 MEGAWORLD 1.98 1.99 2 2 1.97 1.98 3,576,000 7,082,370 MRC ALLIED 1.3 1.35 1.37 1.39 1.3 1.35 330,000 437,790 MREIT RT 12.02 12.1 12.2 12.2 12 12.1 80,400 970,424 OMICO CORP 0.228 0.23 0.228 0.228 0.228 0.228 1,680,000 383,040 PHIL ESTATES 0.32 0.345 0.32 0.32 0.32 0.32 60,000 19,200 PREMIERE RT 1.51 1.53 1.52 1.53 1.51 1.53 99,000 149,960 RL COMM RT 4.74 4.77 4.8 4.8 4.73 4.74 601,000 2,853,010 ROBINSONS LAND 15.06 15.08 15 15.14 14.9 15.08 1,241,300 18,663,378 ROCKWELL 1.36 1.37 1.35 1.37 1.35 1.37 63,000 85,110 SHANG PROP 3.65 3.69 3.65 3.69 3.65 3.69 25,000 91,870 STA LUCIA LAND 3.03 3.3 3.3 3.3 3.3 3.3 2,000 6,600 SM PRIME HLDG 32.65 32.7 32.5 32.7 32.2 32.7 5,973,900 193,756,050 VISTAMALLS 2.25 2.42 2.43 2.43 2.43 2.43 5,000 12,150 VISTA LAND 1.61 1.64 1.61 1.66 1.61 1.64 401,000 646,500 VISTAREIT RT 1.68 1.69 1.69 1.7 1.68 1.69 545,000 921,810 SERVICES ABS CBN 3.6 3.65 3.6 3.65 3.6 3.65 19,000 68,850 GMA NETWORK 8.26 8.29 8.25 8.3 8.23 8.26 73,400 606,876 GLOBE TELECOM 1,718 1,719 1,720 1,724 1,715 1,718 11,355 19,504,315 PLDT 1,250 1,265 1,240 1,265 1,230 1,265 44,175 55,209,475 APOLLO GLOBAL 0.014 0.015 0.015 0.015 0.013 0.015 126,100,000 1,767,600 CONVERGE 7.73 7.79 8.01 8.09 7.63 7.73 12,257,100 95,067,229 DITO CME HLDG 2.24 2.25 2.36 2.36 2.25 2.25 2,084,000 4,755,180 IMPERIAL 0.58 0.7 0.58 0.58 0.58 0.58 164,000 95,120 NOW CORP 1.06 1.07 1.11 1.11 1.05 1.07 1,159,000 1,233,040 TRANSPACIFIC BR 0.133 0.134 0.134 0.134 0.133 0.134 230,000 30,800 ASIAN TERMINALS 15.52 15.72 15.72 15.72 15.72 15.72 1,200 18,864 CHELSEA 1.39 1.4 1.4 1.43 1.35 1.4 455,000 632,790 CEBU AIR 30.8 30.9 31.65 31.8 30.8 30.9 488,500 15,144,050 INTL CONTAINER 227.6 229 228 229.8 225 229 1,199,780 274,197,784 LORENZO SHIPPNG 0.55 0.65 0.55 0.55 0.55 0.55 97,000 53,350 MACROASIA 3.89 3.9 4.05 4.05 3.9 3.9 619,000 2,455,180 PAL HLDG 5.1 5.2 5.2 5.2 5.1 5.1 8,100 41,640 HARBOR STAR 0.75 0.77 0.77 0.77 0.77 0.77 82,000 63,140 ACESITE HOTEL 1.73 1.75 1.75 1.75 1.75 1.75 15,000 26,250 CENTRO ESCOLAR 8.7 8.8 8.8 8.8 8.8 8.8 100 880 STI HLDG 0.465 0.47 0.465 0.47 0.465 0.47 2,610,000 1,224,750 BELLE CORP 1.18 1.19 1.18 1.18 1.18 1.18 14,000 16,520 BLOOMBERRY 9.57 9.61 9.6 9.71 9.53 9.61 19,095,400 183,098,252 PACIFIC ONLINE 3.1 3.14 3.13 3.14 3.13 3.14 70,000 219,760 PH RESORTS GRP 0.95 0.96 1.09 1.11 0.96 0.96 23,609,000 24,319,150 PREMIUM LEISURE 0.57 0.58 0.57 0.59 0.57 0.57 1,333,000 766,280 DIGIPLUS 6.72 6.74 6.61 6.78 6.6 6.72 1,406,100 9,459,444 PHILWEB 1.71 1.78 1.72 1.82 1.7 1.77 221,000 380,120 ALLDAY 0.158 0.159 0.16 0.162 0.156 0.158 3,930,000 620,460 ALLHOME 1.09 1.1 1.07 1.1 1.07 1.09 5,233,000 5,713,160 METRO RETAIL 1.18 1.22 1.22 1.22 1.17 1.18 14,000 16,490 PUREGOLD 26.55 26.8 27.1 27.2 26.2 26.55 2,379,800 63,490,060 ROBINSONS RTL 39.9 40 40.4 40.45 39.8 40 161,900 6,455,125 PHIL SEVEN CORP 71.5 76.5 76.5 78 75 76.5 300,490 22,987,125 SSI GROUP 2.43 2.47 2.55 2.55 2.4 2.43 2,836,000 6,938,930 UPSON INTL CORP 1.56 1.6 1.6 1.6 1.6 1.6 1,000 1,600 WILCON DEPOT 20.2 20.3 20.2 20.5 20.1 20.3 1,720,100 34,896,790 APC GROUP 0.215 0.22 0.221 0.221 0.22 0.22 600,000 132,100 EASYCALL 2.12 2.48 2.1 2.1 2.1 2.1 3,000 6,300 MEDILINES 0.32 0.33 0.325 0.33 0.325 0.33 160,000 52,750 PRMIERE HORIZON 0.162 0.164 0.165 0.165 0.162 0.162 1,120,000 182,080 MINING & OIL APEX MINING 2.79 2.8 2.8 2.83 2.76 2.8 3,446,000 9,633,220 ATLAS MINING 3.31 3.34 3.35 3.5 3.34 3.34 76,000 254,250 BENGUET A 4.71 4.72 4.8 4.85 4.72 4.72 131,000 623,170 BENGUET B 4.85 5 4.87 4.87 4.85 4.85 12,300 59,775 CENTURY PEAK 3.09 3.15 3.1 3.15 3.1 3.15 60,000 186,500 DIZON MINES 3 3.1 3.1 3.1 3.1 3.1 10,000 31,000 FERRONICKEL 2.23 2.24 2.31 2.31 2.23 2.24 454,000 1,019,500 GEOGRACE 0.029 0.033 0.03 0.03 0.03 0.03 500,000 15,000 LEPANTO A 0.083 0.089 0.089 0.089 0.083 0.084 620,000 51,660 MANILA MINING A 0.0047 0.0053 0.0049 0.0053 0.0049 0.0053 12,000,000 59,200 MANILA MINING B 0.0047 0.0051 0.0049 0.0049 0.0049 0.0049 5,000,000 24,500 MARCVENTURES 1.09 1.1 1.03 1.09 1.02 1.09 4,599,000 4,904,420 NIHAO 0.55 0.6 0.62 0.63 0.55 0.55 75,000 44,840 NICKEL ASIA 5.03 5.04 5.1 5.13 5.01 5.03 897,300 4,529,378 PX MINING 2.94 3 3.04 3.04 2.94 3 1,018,000 3,017,000 SEMIRARA MINING 28.75 28.8 28.8 29.05 28.7 28.8 593,600 17,156,325 ENEX ENERGY 4.42 4.77 4.4 4.77 4.4 4.77 9,000 39,990 ORNTL PETROL A 0.0081 0.0083 0.0081 0.0081 0.0081 0.0081 7,000,000 56,700 PHILODRILL 0.0078 0.0084 0.0078 0.0078 0.0078 0.0078 7,000,000 54,600 PXP ENERGY 3.29 3.34 3.31 3.39 3.25 3.34 51,000 169,630 PREFFERED HOUSE PREF B 95 97.5 97.5 97.5 97.5 97.5 1,000 97,500 ACEN PREF A 1,020 1,040 1,020 1,020 1,020 1,020 100 102,000 ACEN PREF B 1,070 1,075 1,070 1,074 1,070 1,074 705 756,930 AC PREF AR 2,470 2,502 2,480 2,480 2,480 2,480 1,000 2,480,000 ALCO PREF D 451 500 451 451 451 451 20 9,020 AC PREF B2R 488 500 488 488 488 488 1,800 878,400 BRN PREF A 96.1 98 98 98 98 98 910 89,180 CEB PREF 31.4 32 31.2 31.45 31.2 31.4 21,200 665,515 DD PREF 91.75 92 92 92 91.7 92 6,390 587,877 GTCAP PREF B 937.5 990 937.5 937.5 937.5 937.5 930 871,875 JFC PREF A 959.5 1,000 959.5 959.5 959.5 959.5 30 28,785 JFC PREF B 910 930 910 910 910 910 9,780 8,899,800 MWIDE PREF 4 90 91 91.25 91.55 90 90 4,850 437,702.50 PNX PREF 4 201.2 249.6 249.6 249.6 249.6 249.6 20 4,992 PCOR PREF 3A 970 984.5 970.5 970.5 970 970 1,050 1,018,800 PCOR PREF 3B 975 1,000 1,000 1,000 961 1,000 2,010 1,973,840 PCOR PREF 4A 951 1,000 1,000 1,000 1,000 1,000 10 10,000 PCOR PREF 4B 920 1,000 1,000 1,000 1,000 1,000 10 10,000 PCOR PREF 4C 970 1,005 1,005 1,005 1,005 1,005 10 10,050 SMC PREF 2F 72.1 73 72.5 72.5 72.5 72.5 100 7,250 SMC PREF 2I 72.5 72.95 72.95 72.95 72.95 72.95 80 5,836 SMC PREF 2J 66.55 67.95 66.5 66.5 66.5 66.5 15,040 1,000,160 SMC PREF 2L 78.5 79 79 79 78.5 78.5 2,010 157,790 SMC PREF 2N 77 78.75 78.8 78.8 78.8 78.8 10 788 SMC PREF 2O 77.9 78 77.5 78 77.5 77.9 26,120 2,035,195

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

152,689,005 -21,120 -894.9999 8,214,880 -110,000 45,900 -183,478 -73,610 797,340 -14,370 11,840 -2,860,100 -295,700 -1,622,350 903,776 15,483,130 -146,590 28,730 -7,942,700 1,625,100 -8,301,027 -1,013,130 67,150 0 6,288 -2,279,305 74,779,892 123,470 97,650 -5,633,379 1,357,430 580 120,814 15,900 -1,739,940 -13,087,890 -2,269,825 -990,315 -3,257,880 -12,570,310 -44,080 52,750 61,300 186,500 31,000 -109,470 14,700 2,490 -1,493,511.00 337,300 -2,261,180 -4,770 -65,600 -628,015 -310,000 790 788 775

3.31 3.77 7.61 8.5 7.61 7.61 7.61 7.61 10,500

79,905

-79,905

0.3

3,450

0.345

10,000

SMALL, MEDIUM & EMERGING

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. 1 - Launch date is August 22, 2023. 2 - Launch date is October 6, 2023. 3 - Launch date is May 25, 2023.

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS LFM PROP MAKATI FINANCE MERRYMART XURPAS

0.41 0.43 0.405 0.405 1,420,000 584,400 -4,100 0.75 0.75 0.74 0.74 44,000 32,690 0.98 1.01 0.97 1.01 460,000 453,650 0.66 0.66 0.62 0.66 338,000 218,330 -12,540 0.052 0.052 0.051 0.051 50,000 2,570 1,530 1.9 1.9 1.9 1.9 8,000 15,200 1.02 1.02 1.01 1.02 1,386,000 1,407,920 0.189 0.189 0.189 0.189 170,000 32,130 -

“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.

EXHANGE TRADE FUNDS

99.2 99.2 97.9 98.65 12,200 1,197,808.50 97,508

pifa. com.ph to see the latest NAVPS/NAVPU.”

FIRST METRO ETF

0.405 0.74 0.98 0.62 0.052 1.9 1.01 0.186 97.9

0.425 0.76 1.01 0.66 0.062 2.57 1.02 0.215

98.65

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, December 12, 2023 B3

AI rules, low transaction rates seen helpful

By Cai U. Ordinario

@caiordinario

OWER rates for cross-border payments and regulation for generative Artificial Intelligence (AI) will speed up financial inclusion in the country, according to the Bangko Sentral ng Pilipinas (BSP).

In the Philippine Economic Briefing (PEB) in Iloilo last Monday, BSP Governor Eli M. Remolona Jr. said the central bank is making good progress in its digitalization efforts, which is a means to further strengthen banks and serve the unbanked. “We’re also trying to digitalize the banking system. And here we offer the open finance framework, digital banking, regulatory sandbox and regulated generative AI,” Remolona said. “When it comes to inclusion, we’re trying to fashion a payment system

that offers a gateway into the banking system for the unbanked and then an efficient cross border payment system,” he also said. In terms of cross-border payments, Remolona said one of the “exciting” developments is the collaboration with the country’s peers in the Association of Southeast Asian Nations (Asean). Through digital fast payment systems, such as InstaPay in the Philippines, Remolona said the region is working toward the creation of a platform to allow seamless payments.

This platform is being envisioned to allow payments across currencies such as Philippine Peso to Thai Baht or to Malaysian Ringgit and Indonesian Rupiah without the use of US dollars or correspondent banks. “It’s going to be very efficient and the cost will come down. We hope this is our goal, our goal in two years to 1 percent of the transfer. The G20 Goal is 3 percent. Our goal is 1 percent for for moving money and this thing is very scalable,” Remolona said. He added that given that this is scalable, it would also allow other countries with similar fast payment systems to join the platform such as Brazil and India. However, it would take more time before the platform can accommodate the United States since it still does not have a fast payment system in place. The platform can also include countries in Europe as long as they have fast payment systems. “The United States of course, when they’re ready, they’re not ready yet, they don’t have that kind of fast payment that we have,” Remolona

also said. “This is very scalable and network effects are very powerful.” In terms of regulating regenerative AI, Remolona said, the BSP is currently examining the risks involved in using this technology. Currently, Remolona said regenerative AI is not yet widely used in the banking system but studying how best to regulate this technology will come in handy when it does become widely used. Meanwhile, Remolona said the latest data showed digital payments increased to 42 percent of transactions as of 2022. This means the BSP is nearing its 50 percent target set for the end of 2023. Further, as of 2021, he said 56 percent of Filipino adults already have formal financial accounts. Remolona said the BSP hopes to increase this to 70 percent which is the target for 2023. Other efforts include the PalengQR program which allows merchants to receive payment through QR codes. Remolona said this program was “unusually successful, more successful than we expected.”

The program is a joint program spearheaded by the BSP and Department of the Interior and Local Government (DILG). It encourages the use of QR Ph as a convenient, safe, and efficient way of making payments in public markets, local transportation, and other establishments. Remolona added there is also something called the InstaPay CashIn, which allows Filipinos to use their e-wallets to take funds from financial institutions, from banks and then use them to pay for other things. He said the receiving institution will acknowledge or recognize their digital payments, making it easier for payments to merchants, creditors, billers, and other payees. The BSP Governor also said there are direct debit payment systems that allow users to make payments for recurring needs such as rent and bills payments. “(It) saves you the trouble of having to remember but you get confirmation, you get receipts, and all that. So these are just a few of what we’re trying to do in the digital payments space,” Remolona said.

Earlier, the World Bank said the widespread adoption of digital payments in the Philippines is essential for the development of a digital economy, benefiting millions of citizens and small businesses. Currently, cash is the dominant form of payment for over-the-counter purchases in grocery stores at 95 percent; government service payments such as driver’s licenses or birth certificate issuance, 97 percent; and government fees and penalties like traffic violation tickets, 88 percent. The country secured a Development Policy Loan (DPL) from the World Bank Group to finance the government’s efforts to increase digitalization and help transform the country into a cashless society. The World Bank said its Board of Executive Directors approved $600 million for the Philippines’ First Digital Transformation DPL. It aims to promote the digital transformation of government and digital infrastructure policies, expand financial inclusion through digital finance, and stimulate the growth of digital services.

How childhood experiences Govt collects over ₧800B via fuel-marking program shape our financial decisions By Jasper Emmanuel Y. Arcalas @jearcalas

EEP within the recesses of our minds lie the untold stories of our childhood. They are the vivid recollections of laughter, tears, and moments that shaped our very being. But what if these seemingly innocent memories held a secret power over our financial decisions? What if the way we played with our toys, watched our parents budget, or even received an unexpected windfall unknowingly laid the groundwork for our financial destiny? Join us on an introspective journey as we delve into the hidden influence of childhood experiences on our financial decisions. As we embark on this exploration into the depths of our past, it becomes clear that our childhood experiences are far from arbitrary moments. They are the building blocks upon which our financial behaviors and attitudes are constructed. Our early encounters with money, whether they were joyful or challenging, leave an indelible imprint on our subconscious minds. Think back to those carefree days of youth when a handful of coins could transport us to a world of imagination and possibility. Perhaps you remember the thrill of finding spare change hidden beneath the cushions of the family couch. In those moments, the value of money may not have been fully understood, but the joy of discovering something valuable was etched into your memory. These small instances of finding money shape our perception of wealth and teach us the value of resourcefulness. Even as adults, the excitement of stumbling upon unexpected funds can evoke a sense of adventure and reinforce the idea that there is always a hidden treasure waiting to be discovered. But it’s not just the positive experiences that leave their mark. Childhood is also a time when we witness the financial struggles and sacrifices made by our parents or guardians. Whether it was overhearing conversations about bills, witnessing moments of stress during financial discussions, or being told that certain things were simply unaffordable, these experiences become part of our financial DNA. These early encounters with financial difficulty can have a profound impact on our relationship with money as adults. Some may adopt a cautious and frugal approach, determined to avoid the hardships they witnessed. Others may rebel against scarcity, seeking to distance themselves from the limitations of their childhood circumstances by indulging in impulsive spending. The influence of our childhood experiences on our financial decisions extends beyond mere memories. It seeps into the very framework of our beliefs, shaping our attitudes towards risk, saving, and investing. Our early encounters with money create patterns that influence how we handle financial

Janice Sabitsana

personal finance challenges and opportunities throughout our lives. Understanding the link between our past and present financial decisions empowers us to gain insight into our own money habits. By recognizing the influence of our childhood experiences, we can begin to reshape our approach to money, breaking free from detrimental patterns and fostering healthier financial behaviors. It requires self-awareness and a willingness to confront our own beliefs, but it can ultimately lead us to greater financial security. For example, if our parents taught us to be frugal with every peso earned, it’s likely that we emulate this behavior even when it’s not necessary or beneficial. We may find ourselves resisting splurging, even though there may be good reasons for doing so. It is important to recognize when a particular financial habit is outdated and no longer serves us, so that we can adjust our financial behavior accordingly. Moreover, the messages about money that we have heard our whole lives may not necessarily be true. If we come from a family of wealth or poverty, these beliefs could potentially limit us in terms of what is possible or achievable with our finances. It’s important to question these beliefs and do research to figure out what we can do to make the most of our money. It may also be beneficial to talk with an experienced financial advisor or planner to gain perspective and get guidance. Finally, it is important to remember that there are many different ways of managing money. Each individual’s journey is unique, and it’s essential to find what works best for us. By remaining flexible, open-minded, and willing to adapt as our circumstances change, we can navigate our financial path with confidence and build a secure future. As we reflect on our childhood experiences, let us not be limited by the beliefs and patterns that have been ingrained in us. Instead, let us take control of our financial destiny and forge a new path towards financial wellbeing. Our childhood may have shaped our financial decisions, but it is within our power to rewrite our money story and create a brighter future. So, let’s embark on this transformative journey together and embrace the limitless possibilities that lie ahead.

Janice Sabitsana is a registered financial planner of RFP Philippines. To learn more about financial planning, attend the 105th RFP program this January 2024. Please e-mail info@rfp.ph or visit https://www.rfp.ph for details.

HE state has collected over P800 billion in taxes and duties from over 70 billion liters of fuel since it started its fuel marking program to curb the smuggling of petroleum products, latest data showed. Latest data released by the Bureau of Customs (BOC) showed that as of end-November, the national government collected a total of P801.55 billion in taxes and duties since it started its fuel marking program on September 4, 2019. The data showed that the national government has marked 70.48 billion liters of fuel products from September 4, 2019 to November 30

of this year. Out of the total collection, about P771.74 billion came from the BOC through the imported fuel products while the remaining amount of P29.81 billion came from excise taxes collected by the Bureau of Internal Revenue (BIR) from locally refined oil products. The national government’s yearly collective revenue collection from the fuel marking program are as follows: P126.5 billion (1st year), P158.4 billion (2nd year), P223.15 billion (3rd year), P234.46 billion (4th year) and P58.93 billion (5th year), BOC data showed. In terms of volume, the national government marked 12.05 billion liters in the first year, 17.086 billion liters in the second year, 18.01

Online platform tracking budget by public planned

HE Department of Budget and Management (DBM) said it is planning to roll-out an online platform that would provide real-time information on the utilization of the national government’s budget to improve the state’s transparency and accountability. Budget Secretary Amenah F. Pangandaman said the DBM would roll-out around the middle or third quarter of next year a publicly available online real-time accounting platform for all government transactions. The platform is part of the short-term measures of the DBM in modernizing its operations and improving its transparency and accountability to the public. “By having that platform, we will be able to note the expenses and the budget [of the state agencies]. We will be able to see how the money has been doing, [whether if] the agencies are able to use the budgets given to them,” Pangandaman said during the Philippine Economic Briefing in Iloilo on Monday. The online platform is part of the national government’s integrated financial information systems (IFMIS), which was adopted by all government agencies by virtue of President Marcos Jr.’s Executive Order (EO) 29 issued last June. “A crucial part of IFMIS is the Budget and Treasury Management System (BTMS), a centralized database that covers all government financial operations, from purchase to payment and real-time transaction monitoring,” the DBM said earlier. “Launched in 2019, temporarily suspended in 2021 and reactivated recently, the BTMS will likewise facilitate financial reports submitted to oversight agencies (DBM, Commission on Audit, Bureau of Treasury),” the DBM added. Monitoring the budget utilization by various government agencies is critical as delayed fund usage may impact the country’s economic growth as what was seen in the earlier quarters of the year. Last month, the DBM noted that the state agencies’ improved spending contributed to the country’s 5.9 percent economic growth in the third quarter. Pangandaman earlier said the state agencies’ catch-up plans are working in boosting their spending which has been quite anemic in the previous quarters. (Related story: https:// businessmirror.com.ph/2023/08/11/government-unitsfirms-told-to-hasten-spending/) Jasper Emmanuel Y. Arcalas

billion liters in the third year, 18.6 billion liters in the fourth year and 4.72 billion liters in the fifth year. The latest government data showed that the BOC collected P107.77 billion in the first year of the fuel marking program and P147.44 billion in the second year. The bureau collected P223.1 billion and P234.46 billion in the third and fourth year of the program, respectively. In the fifth year of the fuel marking program, the BOC collected P58.93 billion, BOC data showed. Under the landmark Tax Reform for Acceleration and Inclusion or TRAIN law, the national government kickstarted a fuel marking program that seeks to ensure tax compliance of oil products sold in the market. Fuel marking makes use of a

unique chemical marker that can be embedded at a molecular level in petroleum products—gasoline, diesel, and kerosene—thereby enabling authorities to test, identify and distinguish petroleum products with paid excise taxes. Under the TRAIN law, petroleum products that are refined, manufactured, or imported to the Philippines such as, but not limited to, unleaded premium gasoline, kerosene and diesel, shall be marked by an official marking agent after payment of taxes and duties. The fuel-marking program was launched with the aim of halting illegal importation, manufacturing, and other fraudulent activities relating to the use and sale of petroleum products in the country.

briefs

➜ CIC issues rules for compliance

THE state-owned Credit Information Corp. announced on November 29 the implementation of its mandatory initial and continuing compliance guidelines to all financial institutions covered under the Republic Act 9510 (Credit Information System Act of 2008). Under the CIC Circular 2023-04, the CIC said through a statement that it also introduced a “compliance rating system” to monitor faithful compliance of all submitting entities in production (SEPs), as well as implementation of a compliance assistance fee, which shall cover the cost of providing technical support and enforcement of the compliance. President and CEO Ben Joshua A. Baltazar was quoted in the statement as saying that “curbing non-compliant behavior of covered entities will safeguard the effectiveness of the credit information system.”

➜ Bank Marketing Awards winners named

THE Bank Marketing Association of the Philippines (BMAP) recently concluded the 5th Bank Marketing Awards. The awarding ceremony was held during the BSP’s Financial Education Stakeholders’ Congress 2023 at the SMX Convention Center in Pasay City. Winners for the 5th BMA and the respective categories were: GoTyme Bank’s debit card (best product program); Rizal Commercial Banking Corp. (RCBC) Diskartech (best brand program); RCBC ATM GO! (best electronic channel); RCBC Pulz/Digital (best program in digital marketing); GoTyme Bank’s Phygital Model (best financial inclusion program); GoTyme Bank, A Human Digital Bank (best customercentric product or service); and, Bank of the Philippine Islands’s Sustainability Awareness Month (best sustainability drive).

➜ SCB names new PHL CEO

Standard Chartered Bank Plc announced the appointment of Michaelangelo K. Samson as new CEO of its Philippines franchise, effective last December 1, subject to regulatory approval. Concurrently, he is also SCB’s head of client coverage for the Philippines and the Association of Southeast Asian Nations, read a statement by the lender. Samson is the second Filipino CEO of SCB’s Philippine office. “This demonstrates the bank’s recognition of another local talent that is truly global in quality and competency,” the lender said. “His extensive banking experience, deep knowledge of the Asean markets and strong client relationships will further deepen the bank’s corporate and institutional business in the Philippines.”

➜ Visa pledges $100M to APEC SMBs

Visa Inc. announced last December 1 that the Visa Foundation is pledging $100 million to support underserved and women-led small-scale and medium-sized businesses in APEC economies over five years. In a statement, Visa announced it has exceeded its 3-year goal of digitally enabling 50 million SMBs globally by June 2023 and has now helped nearly 67 million SMBs. To deepen its support for global SMBs, Visa launched a new initiative to further accelerate digital enablement of underserved SMBs in the United States and developing economies with an initial focus on APEC economies including Indonesia, Mexico, Peru, Philippines and Vietnam.

➜ EW’s CSR initiative recognized

East West Banking Corp. (PSE: EW) announced it was recently awarded “Best CSR Initiative” by Coeus Intelligence Pte. Ltd. at the Singaporean firm’s “Global Retail Banking Innovation Awards” for EW’s project “Magenta Race,” a virtual run/walk and cycle for breast cancer. In its debut year, EW employees rallied to raise funds for breast cancer detection and prevention of the beneficiaries of Philippine Foundation for Breast Care Inc. (PFBCI), also known as Kasuso.org. This was done through the launch of the very first Magenta Race, which was able to raise a significant amount through the employees’ personal donations. A total of 145 employees took part in the first race, with 94 joining the run/walk, and 51 joining the cycle race.

Tuesday, December 12, 2023 • Editor: Gerard S. Ramos

Art

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Silverlens debuts at Art Basel Miami Beach with Norberto Roldan solo

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Mayim Bialik, 48; Madchen Amick, 53; Regina Hall, 53; Jennifer Connelly, 53. HAPPY BIRTHDAY: Stick to the truth and get the facts. Go through ups and downs using your high energy, creativity, strength and courage to ensure you get things done and reap the rewards. It’s up to you to keep tabs on every aspect of your life if you plan to reach your destination and feel good about how things unfold. Showing gratitude will enrich your life. Your numbers are 6, 13, 22, 28, 39, 45, 47.

100 Altars for Roberto Chabe/No. 23, Norberto Roldan, 2014-2023, mixed media, 52.50” x 72” x 6.50”

ARIES (March 21-April 19): An open mind will help you decide what’s feasible and how best to use your energy to reach your goal. Discuss your plans with anyone who will be affected by your decisions. Positive relationships will give you the strength to manifest your dreams. ★★★★★

TAURUS (April 20-May 20): Don’t let anyone talk you into donating something you can’t afford to lose. Showing generosity can be uplifting, but not if you end up suffering. Think issues through instead of letting temptation and spontaneity lead to disappointment and loss. ★★★

ILVERLENS participated at the recently concluded Art Basel Miami Beach for the first time, showcasing in a solo booth the works of Filipino artist Norberto Roldan. The presentation delivers a “powerful story of imaginative retelling” with the artist’s centerpieces from the series titled 100 Altars for Roberto Chabet, made between 2014 and 2023. Roldan serves as the artistic director of the country’s longest-running independent and multidisciplinary platform, Green Papaya Art Projects, which he cofounded at the turn of the millennium. In 2008, the building that housed the group’s archival materials and artworks burned in a tragic fire incident. Roldan managed to recover a few of the works, which he then restored and renovated with second-hand materials and architectural debris, specifically for Art Basel Miami Beach. Showcased in the prestigious art event were altars inspired by the abstracted collages from the 1970s-80s of Roberto Chabet, recognized as the father of Filipino conceptual art. The mixed-media altars come alive in multiple layers of textures and symbols, “reflecting the spirit and struggles of the locales embedded in them.” The presentation of the Roxas City native also included two large-scale tapestries, which take the form of Catholic ceremonial banners. The intricate imagery and found amulets reveal themselves as symbols of Filipino resistance, as the artist pays tribute to revolutionaries who used Catholic iconography as a disguise during the Philippine Revolution against the Spaniards, as well as a battle symbol during the subsequent Philippine-American War. The theme aligns with Roldan’s practice that delves into the post-colonial conditions of the Philippines.

GEMINI (May 21-June 20): Carry on, but don’t be fooled by what others do or say. Someone will mislead you if it benefits them. Stick to what works best for you, and don’t stop until you are happy with what you achieve. You’ll do your best if you work alone. ★★★

CANCER (June 21-July 22): Speak up and ask questions, then change what’s necessary based on what you discover. A partnership will require you to set boundaries or rules to stop infringements that can lead to difficulties. Understanding and trust are mandatory to avoid a communication breakdown. ★★★

He’s known to have a penchant for reflecting on the tumultuous historical and sociopolitical landscapes of his homeland, with his artistic journey characterized as a “profound exploration” of the liberation struggle. Roldan’s presentation precedes his gallery show opening at Silverlens New York in May 2024, which will mark the artist’s maiden US solo exhibition. This year’s Art Basel Miami Beach ran over the weekend. Tagged as North America’s most comprehensive international contemporary art fair, the annual event returned for its 21st edition, gathering art dealers, artists, collectors and art aficionados to celebrate modern and contemporary art from 277 galleries. The venue for the 2023 Art Basel Miami Beach, the Miami Beach Convention Center in Florida, was divided into several sections, each with its curatorial focus. Silverlens’ Roldan showcase formed part of the Nova section, which featured 22 presentations from 22 galleries.

Italy refuses Munich museum’s request to return ancient Roman statue bought by Hitler MILAN—Italy’s culture minister is refusing a request by the German State Antiquities Collection in Munich to return an ancient Roman statue that embodied Hitler’s Aryan aesthetic, calling it a national treasure. The Discobolus Palombara is a 2nd-century Roman copy of a long-lost Greek bronze original. Hitler had bought the Roman copy from its private Italian owner in 1938 under pressure from Italian dictator Benito Mussolini and against the wishes of the education minister and cultural officials. The statue, unearthed at a Roman villa in 1781, was returned to Italy in 1948 as part of works illegally obtained by the Nazis. The dispute arose when the director of the National Roman Museum requested the statue’s 17th-century marble base be returned from the

Antikensammlungen state antiquities collection. The German museum instead asked for the return of the Discobolus Palombara, saying it had been illegally transported to Italy in 1948, the Corriere della Sera newspaper reported Friday. Italy’s culture minister, Gennaro Sangiuliano, expressed doubts that the German culture minister, Claudia Roth, was aware of the Bavarian request. “I made a joke—they’ll have to step over my dead body,’’ the minister told Italian Rai state TV on Saturday evening. In his comments, he slammed the German request for its return as “inadmissible.” “This work was obtained fraudulently by the Nazis, and it’s part of our national heritage,’’ Sangiuliano told Rai. He expressed hope that the base would be returned. AP

According to Artnews.com, art dealers reported robust attendance and strong sales at the 2023 Art Basel Miami Beach. Swiss contemporary and modern art gallery Hauser & Wirth, for one, was said to have sold on the first day of the fair a Philip Guston piece for $20 million. ■

Rizal Day special exhibit at Yuchengco Museum ON view at the Yuchengco Museum is its newest exhibit, Blue Horizons by Glenn A. Bautista, curated from RCBC’s corporate art collection. Viewers can immerse themselves in a world of ethereal blues, capturing the essence of Bautista’s gratitude for life’s experiences, and honors his remarkable journey—a journey painted in hues of blue and boundless horizons. Celebrate the legacy of Dr. Jose Rizal on December 30, 2023. Enjoy free admission from 10 am to 6 pm, and explore our captivating second floor exhibit dedicated to the life and works of this great Filipino hero.

LEO (July 23-Aug. 22): Participate in something that requires energy, skills or connections that can help you get ahead. A challenge will prompt you to redefine what you want to do next. Don’t let the changes others make mislead or cause stress or tension. ★★★★★

VIRGO (Aug. 23-Sept. 22): Learn from an experience you have, and change what is no longer working for you. Set high standards and put your plan in place. Use your insight and discipline to gain alliances that have something to contribute to your cause or concern. ★★

LIBRA (Sept. 23-Oct. 22): Observe who is doing what, and align yourself with those you feel you have the most in common with. You’ll achieve more if you avoid arguing over trivial matters that don’t concern you. Know where you fit in, and you’ll reach your expectations. ★★★★

SCORPIO (Oct. 23-Nov. 21): Make suggestions, spin things in your favor and get on with your day. Opportunities come to those willing to go with the flow and turn negatives into positives. Think outside the box and see what happens. Do more prep work and spend less money. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Listen carefully and define your response to protect your space and plans. A joint effort will make your life easier and lower your expenses. Look into any information you think could be misleading before you move forward. ★★★

CAPRICORN (Dec. 22-Jan. 19): Broaden your outlook, check investments or implement updates that lower your overhead. A positive change at home will give rise to new beginnings. A commitment seems promising, and love and romance are favored. ★★★

AQUARIUS (Jan. 20-Feb. 18): If you put in the time, you’ll gain access to a work-related opportunity. Get what you want in writing. Do what you can to ease stress and avoid temptation. Attending a festive networking event will require restraint and test your moral compass. ★★★★

PISCES (Feb. 19-March 20): No one is perfect. Don’t believe everything you hear or get swept up by the hype someone has to offer. Look inward, pay attention to how you look and feel, and take care of your physical, mental and financial future. Discipline will pay off. ★★ BIRTHDAY BABY: You are sensitive, helpful and enthusiastic. You are imaginative and accepting.

‘do not eat’ BY REBECCA GOLDSTEIN

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Adrian Johnson/Jared Goudsmit ACROSS 1 It’s stuck on an envelope 6 Not well 9 Sustainable crop with shoots 10 Kristen of Barb and Star Go to Vista Del Mar 12 Semiconductor slices 15 Singular 16 Word after “danger” or “comfort” 17 ___ Lingus 19 Knives Out sequel 23 Oil crisis? 24 Watering hole 25 Three, in Turin 26 “You’re talking too much” 28 Endeavor 29 Great Barrier ___ 31 “That’ll do it for me” 32 Pieces of mulch, perhaps 35 Pulsate 38 Style that intentionally lacks style 39 “No reason” 42 Spectacles and such 45 Wish undone

46 Homophone of “eight” 47 Relaxation stations 48 Bit of detritus in an unboxing video, maybe 51 “Thank you for coming to my ___ Talk” 52 Elnaz Rekabi’s Middle Eastern country 53 Awkwafina’s given name 54 Yellow toy that squeaks when squeezed 59 Mincemeat desserts 60 Usher in 61 Unspecified degree 62 Deliver a speech DOWN 1 All of them may be final 2 “Stop oversharing!” 3 Abbott Elementary network 4 Cattle call? 5 Namesake of an investment scheme 6 “Lemme!” 7 Hang on for dear ___ 8 Tell tall tales

9 Base two 11 Honors, as with one’s presence 12 High power? 13 Courts romantically 14 Get a feeling 15 Rainbow flag acronym 18 Observe Shabbat 20 Light flashing to “oontz oontz” music 21 Cookie with a Super Mario variety 22 Something essential 23 Charitable donations 27 “Hooray!” 30 Org. that monitors radio 32 Amazes 33 Cause damage to 34 “Turn off the alarm” 35 Experiment 36 Too energetic 37 Do some research 39 Paddled in a pond 40 180-degree maneuver 41 Letter after epsilon 43 Over again 44 Guffaw

49 Mild chili pepper 50 Rolled joint? 52 “Suuure” 55 Airport security container 56 Queer dating app 57 Roth ___ 58 Cougar, e.g.

Solution to today’s puzzle:

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’Twas a really good year for Piolo Pascual

loved handler in Star Magic, now serves as Pascual’s manager. “There is more room to flex now, and I am very happy that I am always a big part of decision-making, especially about projects that I want to commit to,” he added. Right after Ibarra, Pascual buckled down to work on a movie project that stirred his curiosity but sent an avalanche of unfamiliar emotions down his system. That project is Mallari, a suspense-horror film inspired by the life of a documented Filipino serial killer priest named Severino Mallari in the 1800s. Pascual embraced the challenge to portray three different characters in the movie directed by Derick Cabrido, produced by Bryan Dy for his Mentorque

Judge rules against Prince Harry in early stage of libel case against ‘Daily Mail’ publisher

Productions, to be distributed by Warner Bros. Pictures. Mallari is predicted to be in the top three bracket of the movies of this year’s Metro Manila Film Festival that are competing for both critical and commercial acclaim. We have a strong hunch that Pascual will also take home the filmfest best actor trophy. For the new year, Piolo Pascual already knows his next moves, and he shared with us that his time will be distributed to include activities that will enrich his soul and reinvigorate his energies. “I will be with family, a few close friends and those dear to me, maybe travel to a few places I’ve never been to. As far as work is concerned, perhaps one or two major projects that will make me a happier artist.” n

Taylor Swift’s ‘Eras Tour’ is the first tour to gross over $1B, Pollstar says By Maria Sherman The Associated Press LOS ANGELES—Taylor Swift’s Eras Tour is the first tour to cross the billion-dollar mark, according to Pollstar’s 2023 year-end charts. Not only was Swift’s landmark Eras Tour the No. 1 tour both worldwide and in North America, but she also brought in a whopping $1.04 billion with 4.35 million tickets sold across 60 tour dates, the concert trade publication found. Pollstar data is pulled from box office reports, venue capacity estimates, historical Pollstar venue ticket sales data, and other undefined research, collected from November 17 to 15, 2023. Representatives for the publication did not immediately clarify if they adjusted past tour data to match 2023 inflation in naming Swift the first to break the billion-dollar threshold. Pollstar also found that Swift brought in approximately $200 million in merch sales and her blockbuster film adaptation of the tour, Taylor Swift: The Eras Tour, has reportedly earned approximately $250 million in sales, making it the highest-grossing concert film of all time. According to their estimates, Pollstar predicts a big 2024 for Swift as well. The magazine projects the Eras Tour will once again reach $1 billion within their eligibility window, meaning Swift is likely to bring in over $2 billion over the span of the tour. Worldwide, Swift’s tour was followed by Beyoncé in second, Bruce Springsteen & The E Street Band in third, Coldplay in fourth, Harry Styles in fifth, and Morgan Wallen, Ed Sheeran, Pink, The Weeknd and Drake.

LONDON—Prince Harry lost a preliminary round on Friday in his libel case against the publisher of the Daily Mail tabloid over an article that said he tried to hide his efforts to retain publicly funded protection in the UK after walking away from his role as a working member of the royal family. A judge at the High Court in London ruled that Associated Newspapers Ltd. can continue to argue that the story reflected an “honest opinion” about the facts of the case and therefore was not libelous. The publisher, which is the defendant in the case, has a “real prospect” of showing that public statements issued on Harry’s behalf were misleading, the judge wrote in his decision. “I anticipate that, at trial, the defendant may well submit that this was a masterclass in the art of ‘spinning,’” Justice Matthew Nicklin wrote. “And, the defendant argues, it was successful in misleading and/ or confusing the public.” A hearing is scheduled for Tuesday to discuss the consequences of the ruling. The ruling comes just a day after another judge concluded three days of arguments—mostly behind closed doors—over whether the government unfairly stripped Harry of his security detail after he and his family moved to the US in 2020. Harry, 39, the younger son of King Charles III, is challenging the government’s decision to provide security on a case-by-case basis when he and his family visit Britain. Harry has said hostility toward him and his wife on social media and relentless hounding by the news media threaten their safety. The Mail on Sunday and Mail Online published an article in February 2022 about the issue headlined: “How Prince Harry tried to keep his legal fight with the government over police bodyguards a secret... then—just minutes after the story broke—his PR machine tried to put a positive spin on the dispute.” Harry claims the article was “fundamentally inaccurate” and the newspaper libeled him when it suggested he lied in his initial public statements about his case challenging the government. AP

HE new year is almost in sight and A-list celebrity Piolo Pascual looks back with profound gratitude to this transformational year in his colorful and long-standing career. “I have so much to be thankful for this year. It’s a fact that things remained shaky after the pandemic but the industry fought so hard to make a comeback, and people got their jobs back and new projects were planned and hatched. Although we still need a few big steps before we enjoy the kind of normalcy we once had, but we are definitely on our way,” Pascual said, in his usual calm tone, almost contemplative and zen-like. One achievement that Pascual is most proud of was finding time and giving his all to play the lead part of the musical Ibarra, which had 10 successful shows in the middle of this year. He had to start from scratch, learned each note of the original songs written for the musical and every dialogue that required of his character, and remain in character for every live performance. “Ibarra was special because it opened my eyes to so many truths, not only about myself, but also about people, about my coworkers and their passion and sacrifices just to be able to mount a stage production. It also widened my scope of knowledge about history, patriotism, and how important it is for Filipinos to be reminded about the value of freedom, and how those who came ahead of us fought valiantly for it.” By the time this piece comes out, Pascual would’ve most likely added another trophy to his vast collection. He is favored to win the Best Lead Actor in a Musical plum from the ALIW Awards (which was scheduled to hand out its trophies last night). No doubt Pascual’s artistic pursuits are at an all time high, and he has learned to seize every good opportunity that gets near his path. “I guess I have reached that point in my career which has spanned many decades where I can call the shots and be comfortable in saying no to an offer if I don’t feel like accepting. And I’m saying it with humility, because I think I have worked so hard to reach that point, where my voice and opinion matter and my decision is valued and respected.” Not many know that Pascual is no longer with Star Magic, the talent management arm of ABS-CBN. He is now part of Cornerstone Entertainment’s roster of bankable artists, and he works very closely with his good friend Erickson Raymundo, who is also his business partner in Spring Films, which has produced movies in the past. Lulu Romero, his longtime well-

Editor: Gerard S. Ramos • Tuesday, December 12, 2023

TAYLOR SWIFT performs at the Monumental stadium during her Eras Tour concert in Buenos Aires, Argentina, November 9, 2023. AP

In North America, there was a similar top 10: Swift, followed by Beyoncé, Morgan Wallen, Drake, P!nk, Bruce Springsteen & The E Street Band, Ed Sheeran, George Strait, Karol G, and RBD. Beyond the Swift of it all, 2023 was a landmark year for concert sales: worldwide, the top 100 tours of the year saw a 46 percent jump from last year, bringing in $9.17 billion compared to 2022’s $6.28 billion. In North America, that number jumped from $4.77

billion last year to $6.63 billion. Earlier this week, Swift was named Time magazine’s Person of the Year. Last month, Apple Music named her its artist of the year; Spotify revealed she was 2023’s most-streamed artist globally, raking in more than 26.1 billion streams since January 1 and beating Bad Bunny’s three-year record. Consider 2023 a year of incredible pop music dominance—(Taylor’s Version.)

GLOBAL LIFESTYLE BRAND WELCOMES HOLIDAYS WITH FESTIVE TREE LIGHTING CELEBRATION

GLOBAL apparel retailer Uniqlo gave customers a grand holiday festivity with their tree lighting celebration on November 30 in Bonifacio Global City. It was a well-rounded kick-off to the holiday season, featuring the lighting of the larger-than-life Uniqlo Holiday Tree, special treats from the brand’s holiday partners, and memorable live performances from iconic local acts Jose Marie Chan and Ben&Ben. A live choir set the night’s holiday mood as the Quezon City Performing Arts Development Foundation Inc. serenaded the crowd composed of community partners, influencers, and customers. Uniqlo Philippines chief operating officer Geraldine Sia then joined the celebrations to underscore the true meaning of the holidays, along with the company’s call to find joy in the everyday. Meanwhile, Uniqlo vice president for marketing Georgette Jalasco discussed the value of sustainability and being part of the community. Customers are encouraged to take part in the brand’s global clothing donation drive by donating their pre-loved LifeWear pieces at any Uniqlo store nationwide. These items are then distributed to people in need. Sia and Jalasco, along with Uniqlo chief operating officer Ikezoe Osamu, were then joined on stage by special performers Jose Mari Chan and Ben&Ben in lighting up the holiday tree. It featured images of Uniqlo customers taken at the Holiday Nook displayed at the company’s Global Flagship Store in Glorietta 5 and online entries. With the holiday tree lit up and reflected on the smiles of the guests, Jose Mari Chan and Ben & Ben delivered special performances. The two musical acts collaborated to perform the new Uniqlo Christmas Jingle live. The celebration also featured the brand’s holiday partners who all brought a variety of sustainable products and delicious treats that everyone enjoyed. Among the partners were Mary Grace, Da Gianni On Wheels, Michelle’s Puto Ube, Grow PH, Mang Felix Taho and Mang Alex Fishball.

JOSE MARI CHAN (center) and Ben&Ben perform the Uniqlo Holiday Jingle at the brand’s tree lighting celebration in Bonifacio Global City.

Tuesday, December 12, 2023

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DIGITAL BANK GOTYME INTENSIFIES SECURITY MEASURES, DISABLES SUSPICIOUS ACCOUNTS

OTYME Bank, a joint venture between the Gokongwei group of companies and multicountry digital banking group Tyme, has intensified its security measures and has disabled suspicious accounts to protect the public from fraudulent activities and to keep banking safe and secure. Locking or subjecting accounts for review is a standard bank practice in compliance with the Bangko Sentral ng Pilipinas for accounts suspected of being used for fraudulent or malicious activities. This is in line with efforts to curb phishing, a type of social engineering attack often used to steal user data. A survey by the Statista Research Department on personal finance conducted during the fourth quarter of 2022 in the Philippines found that 51 percent of respondents who had experienced digital fraud attempts were targeted with phishing attacks, while 42 percent were subjected to money or gift card fraud schemes. GoTyme locks accounts to ensure compliance with regulations and so that banking continues to be a safe partnership rooted in trust. It uses AI-powered tools

to detect suspicious activities. A deactivated account goes under review if it had been reported by another bank or by the authorities to be involved in unauthorized transactions or fraudulent activities. Included in these activities is money muling, a type of money laundering in which someone lets someone else use their bank account to transfer money, often keeping a little bit for themselves. The account holder whose account has been disabled needs to immediately get in touch with GoTyme through its official communication channels. Accounts on hold may be reactivated upon completion of the bank’s requirements. Account holders may contact GoTyme Bank’s Customer Success Team anytime for proper guidance and coordination. Albert Tinio, GoTyme Bank co-CEO, assures the public that GoTyme is a proactive bank that anticipates its clients’ needs and problems to better satisfy their demands and improve their experience. “Banks must always make banking secure for their clients,” he says. “We see and monitor banking activities like a closed-circuit television, and we take

all measures to protect our customers and the public. When we disable an account, it undergoes a review and is put on debit hold. This prevents the account holder from withdrawing or transferring funds from the account. To reactivate this account the holder needs to submit regulatory requirements to GoTyme,” he said. A formal investigation will then be conducted to validate the information and documents, and to determine if the review status can be lifted. Generally, banks take down accounts they suspect are engaging in fraud activities, which, besides money muling and phishing, include vishing (a fraudster’s attempt to take confidential details from you over a phone call), skimming (an attempt capture your personal or account information from your credit/debit card), and smishing (a combination of text messaging and phishing, in which email is sent to someone with the intent of obtaining personal information that can be used for identity theft). And while banks do their best to maintain a safe and cyber-resilient culture, customers also have the duty to keep their accounts safe and exercise cyber-hygiene.

Foundever™ in the PHL Triumphs at the Asia CEO Awards 2023

FOUNDEVER™ clinches Circle of Excellence awards for Diversity Company of the Year and Sustainability Company of the Year at the Asia CEO Awards 2023. Pictured are the Foundever team at the awards ceremony held last October at the Manila Marriott Hotel.

OUNDEVER™, a global leader in the customer experience (CX) industry, has been recognized for its commitment to diversity and sustainability at the Asia CEO Awards 2023, winning the Circle of Excellence award for Diversity Company of the Year and the Circle of Excellence award for Sustainability Company of the Year. Organized by the Asia CEO Forum, the Asia CEO Awards is the most coveted business honors in the Philippines and is also widely recognized as the largest event of its kind in Southeast Asia. It recognizes outstanding leadership achievements in the business industry. Foundever’s two wins serve as a testament to its dedication to making a positive impact on the environment and promoting inclusivity within its workforce. The Diversity Company of the Year is awarded to organizations that have exemplified a proactive commitment to embracing and honoring the diversity of the human experience. Foundever received recognition for the various efforts and initiatives they have in place to ensure a safe and

inclusive workplace for all employees including diversity training programs, inclusive healthcare coverage, and a DEI (diversity, equity, inclusion) committee to ensure proper representation and visibility within the organization. The Sustainability Company of the Year recognizes organizations that achieved significant environmental progress and exhibited leadership and commitment to sustainability. Foundever was acknowledged for their eco-friendly practices, such as reducing their carbon footprint, implementing recycling programs, and investing in renewable energy resources. Foundever has also engaged in activities to support local communities and environmental preservation efforts. Just last July, the company had a tree planting activity with 160 of its associates from Foundever in Tarlac as part of their rehabilitation project called “Foundever Forest.” Present at the awarding ceremony was Pamela Donato, Vice President of HR, Marketing and Communications for Philippines and China at Foundever. “These awards are a reflection of

BingoPlus, ArenaPlus Wrap Up a Fun-Filled Week of Entertainment On-Stage, in Game Zones

I N G O P LU S , the first and only live streaming bingo in the Philippines, along with ArenaPlus, your 24/7 sports betting app in the country, delivered a fun and entertaining week both on-stage and online as it presented the recently concluded concert of the young P-Pop boy group ALAMAT titled “Dagundong,” and the debut concert of “All-Out Sundays (AOS)” vocal queens concert “Queendom Live” along with the competitive online tournament Lupon Civil War Reborn League DOTA 2 2023. On December 1, Friday, ALAMAT took the stage at the New Frontier Theater for their first solo concert “Dagundong.” The group, consisting of Taneo, Mo, Tomas, R-ji, Jao, and Alas, is known for consistently creating multilingual and multiethnic music that highlights the beauty and diversity of Filipino culture. Presented by ArenaPlus, the concert was enjoyed and made extra entertaining with games and

prizes provided by the brand. BingoPlus on the other hand had booths with free merchandise distributed to thousands of concertgoers. Following the event, BingoPlus joined the night of power vocals at the Newport Performing Arts Theater as the AOS vocal queens Rita Daniela, Jessica Villarubin, Thea Astley, Mariane Osabel, Hannah Precillas, and Asia’s Limitless Star Julie Anne San Jose staged an epic concert entitled “Queendom Live” last December 2. Attended by thousands of fans, the queens sang their hearts out to their iconic songs and performances, made more entertaining with free merchandise distributed by BingoPlus. Ending the week, ArenaPlus ser ved as the Official Sportsbook Partner of the highly anticipated finale series of the Lupon Civil War Reborn League DOTA 2 2023, a competitive DOTA tournament that took place on December 3 at the Highgrounds Cafe in Quezon City. Seven teams competed for their dream bid to

our tireless commitment to making a positive impact on our employees and the world around us,” Donato said. “We firmly believe that embracing diversity and sustainability goes beyond strategic advantage in today’s business landscape. It embodies our passion and dedication to be a force for good and proactively instigate the change we want to see in the world.” Aside from receiving recognition for diversity and sustainability, Foundever also sponsored the Young Leader of the Year award that recognizes young leaders who made incredible strides to advance the nation’s economy or social standing on the global stage. This year, the award was given to Walther Buenavista, President and CEO of Shawarma Shack. “We are honored to take part in this celebration of exceptional young leaders,” said Ravi Iyengar, Asia Pacific Chief Operating Officer at Foundever. “We believe in the potential of emerging talents and their ability to shape the future. With this award, we aim to encourage and inspire the leaders of tomorrow.” Foundever has a long-standing commitment to talent development and has been a driving force in nurturing talent and leadership skills within the organization. Foundever believes that supporting initiatives such as the Young Leader of the Year award is an extension of their dedication to leadership excellence. The Circle of Excellence awards for Diversity Company of the Year and Sustainability Company of the Year as well as the sponsorship of the Young Leader of the Year award underscores their dedication to promoting sustainability, diversity, and leadership excellence. Moreover, Foundever aspired to motivate fellow industry members and the broader business community to adopt and champion these principles. battle in the championship, ultimately secured by the powerhouse team Pathetic Shitters and ShukShukShuk Ragers. The competition was extremely heated and outstandingly entertaining, with ArenaPlus giving away Free 500 Pesos credits in ArenaPlus app to five onground supporters and P5,000 worth of cash prize to the Astig Team Winner awarded to the tournament champion Pathetic Shitters. There’s no better way to end the year than by consistently providing support to the local entertainment scene, fostering young and rising artists and talents, and ensuring the best and highest-quality experience for everyone. BingoPlus and ArenaPlus have been at the forefront of achieving this highly committed mission for Filipinos since day one, making stages and game zones extra fun and special, anytime and anywhere. BingoPlus and ArenaPlus proudly stand as flagship brands under Digiplus Interactive Corp, solidifying its position as a leading gaming and leisure provider in the country. For more updates, visit www.bingoplus.com and www.arenaplus. net or download the apps now via the App Store and Google Play.

BEIJING Tourism Attaché Dr. Erwin Balane, Philippine Embassy in Beijing Minister and Consul Rodillo Catalan, Hotel101 Group Head of Sales Jamaica Puti and Senior Sales Manager Philip Olimpiada, Acting Head-North Asia Division International Promotions Department of Tourism Promotions Board Micka Anjella Calzado, and Philippine Embassy Beijing Third Secretary and Vice Consul Mr. Mark Hanzel Lao

Hotel101 Group participates in key tourism international expos

OT E L101 Group, the hospitality arm of DoubleDragon Corporation, participated in international expos initiated by the Tourism Promotions Board (TPB) and the Philippines’ Department of Tourism (DOT) throughout the fourth quarter of 2023. These events serve as a testament to Hotel101 Group’s commitment to expanding its global footprint while welcoming international and local tourists to its hotels. “We remain strategic and steadfast in our efforts to promote Hotel101 to our top international markets by joining sales expos and opportunities from the DOT and TPB,” said Head of Sales Jamaica Puti. The series of international expos kicked off with the first Philippine MICE (Meetings, Incentives, Conferences, Exhibitions) Roadshow 2023, held from October 11 to 18, 2023, which strategically targeted four key cities in South Korea: Busan, Yeosu, Suwon, and Seoul. Maria Margarita M. Nograles, TPB Chief Operating Officer, highlighted the Philippines as an ideal “Bleisure” destination, “a place where tourists can seamlessly blend business and leisure travel.” The MICE Roadshow facilitated essential networking opportunities between Filipino sellers and Korean buyers, further positioning the Philippines as an attractive destination for various MICE groups. Following this success, Hotel101 Group further showcased its hotels at the Tourism Expo Japan in Osaka from October 26 to 29, 2023. The journey

continued with Hotel101 Group’s participation in the China Outbound Travel & Tourism Market in Beijing from November 15 to 17, 2023. “We have managed to exceed our entire target for this year, as we are now at 4,860,000 international arrivals,” said Tourism Secretary Christina Garcia-Frasco sharing that the country had breached its target of 4.8 million international visitor arrivals before year end. “As of October 2023, tourism has already contributed P404 billion to our economy,” she added. In line with Hotel101 Group’s global expansion strategy, the company aims to increase awareness and conversion for its operational hotels in the Philippines, including Hotel101-Manila, Jinjiang Inn-Ortigas, Jinjiang Inn-Makati, Jinjiang Inn-Boracay Station 1, Injap Tower Hotel-Iloilo, and the newly opened Hotel101-Fort. “We also started to introduce our newly softopened Hotel101-Fort to these markets, who continue not only to look for value for money, but also the convenience of location and the comfort of the rooms when they stay and book their accommodations,” shares Puti. Hotel101 Group’s presence in these international expos, actively engaging with key markets and fostering partnerships, marks its commitment towards becoming a global hospitality player, providing Filipino hospitality and happy experiences to both local and international guests.

Present during the signing of the Memorandum of agreement were, from left, Cebu Cordova Link Expressway Corp. President and General Manager Allan G. Alfon, Metro Pacific Investments Foundation President Melody M. Del Rosario, Cordova Mayor Cesar E. Suan and Cordova Vice Mayor Victor S. Tago III during the Mangrove Propagation and Information Center Rehabilitation Project MOA signing.

MPIF, municipality of Cordova partner for Mangrove Restoration, Sustainable Tourism

N a collaborative effort aimed at restoring the Cordova Mangrove Propagation and Information Center, Metro Pacific Investments Foundation (MPIF), and the Municipality of Cordova signed a Memorandum of Agreement (MOA) at the Cordova Municipal Hall. This partnership emphasizes the dedication of MPIF and the Local Government Unit (LGU) of Cordova in reviving the vital ecological hub damaged by Typhoon Odette. As the only Mangrove site in the Visayas, the agreement not only focuses on restoring the Mangrove Propagation and Information Center but also envisions its transformation into a sustainable tourism destination for the entire municipality. The signing ceremony also marked the relaunch of the Mangrove Eco-Guides Program, ensuring the daily upkeep of the center and providing informative tours for visitors keen on exploring the mangrove park and its surroundings. As part of their shared dedication to safeguarding coastal biodiversity and promoting sustainable practices, MPIF and the LGU of Cordova have agreed to continue the Mangrove Eco-Guides and the existing Mangrove Propagation and Information Center. “I am confident that this MOA signing will mark the beginning of a fruitful and enduring partnership between the Municipality of Cordova and MPIF, and I am excited to witness the positive impact it will have on our environment and our community,” said Melody del Rosario, President of Metro Pacific Investments Foundation. MPIF spearheads this conservation endeavor through various avenues of support. To enhance the capabilities of the Mangrove Eco-Guides,

MPIF initiates tailored enhancement training. Simultaneously, MPIF provides essential material support, including uniforms, office equipment, and other necessary resources, ensuring the Eco-Guides are well-equipped for their pivotal role in the restoration and maintenance of the ecological center. MPIF pledges a 50 percent share in the monthly allowance for four Mangrove Eco-Guides over a threeyear period. Additionally, MPIF allocates a substantial P4.5 million to the Municipality of Cordova, earmarked specifically for the repair and rehabilitation of the Mangrove Propagation and Information Center, which faced damage from Typhoon Odette. Further enhancing this initiative, the Metro Pacific Tollways Corporation (MPTC) extended its support by contributing funds raised from their Typhoon Odette disaster response and recovery operations to MPIF. This multi-faceted partnership highlights the shared commitment of both companies to actively conserve and protect the country’s coastal and marine biodiversity, emphasizing the critical role of mangrove ecology preservation in this collective mission. Cordova Mayor Cesar “Dido” Suan expressed his gratitude and full support for this partnership, saying, “The mangrove center will truly be a significant part of tourism in Cordova. On behalf of LGU Cordova, we wholeheartedly accept the project and your assistance. We look forward to this being just the beginning of our journey of mutual support. Rest assured, Cordova will always be by your side to assist you in whatever endeavor. Heartily, we accept the help of MPIF, and it truly empowers and strengthens us to continue aiding the people of Cordova.”

World Features

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

BusinessMirror

Tuesday, December 12, 2023

There’s a way to quit coal without wrecking jobs and communities

By Janet Paskin

T’S a persistent global conundrum: Can policymakers close coalmines and power plants without ruining local economies in the process? In August, a delegation of Vietnamese officials looking to answer that question took the two-hour drive east from Melbourne into the Latrobe Valley. Bundled against the Australian winter, they sped past the cooling towers of the Yallourn power station and the open-cut mines near Morwell, vestiges of the region’s rapidly dying industry. The 18 members of parliament visited a new battery facility built on the site of a now-defunct coal-fired power station, and met with local leaders to discuss their approach. After almost a century as Victoria’s central provider of electricity—some 90 percent comes from Latrobe and the broader Gippsland area—most of its mines and power stations are scheduled to close between 2028 and 2035, if they haven’t already. Yet the area has kept decline and diseases of despair at bay, with plans for solar farms, battery storage and the country’s first offshore wind installations. Unemployment is low and the population—currently about 300,000—is growing, along with household income. Real estate values are rising. “There is a confidence, in the community, that we’re going to be okay,” said Chris Buckingham, head of the Latrobe Valley Authority, a regional agency created in 2016 to help manage the coming energy transition. “This is not a smiling-while-drowning conversation, right? This is about, if we get this right, if we work together in a harmonious way, we’re far more likely to come out ahead.” Coal, the dirtiest fossil fuel, still generates about a third of the world’s electricity. It’s especially common in emerging economies, which need fast, cheap, reliable energy and often argue that they shouldn’t have to jeopardize their development to solve a problem that, historically, they didn’t create. Renewable energy has made huge strides, but problems run deeper in countries with constrained infrastructure, and there’s no easy solution: Alreadyrich countries have yet to deliver the billions promised to fund a transition, and the economic blight triggered by the closure of mines and power plants in the US, UK and Europe is hardly inspirational. Still, pressures to quit coal are accelerating. All parties to the Paris Agreement have to submit an emission-cutting plan to the United Nations, and foreign funding for coal has largely dried up. The 2021 COP climate talks in Glasgow introduced aid packages to help developing nations speed the closure of coal plants. Last year, Vietnam signed one of the world’s largest climate finance deals worth $15.5 billion, designed to encourage an orderly coal phase-out that also protects its economy. By its own timeline, it has about 25 years to burn the fuel—and to plan for its peaceful demise.

The idea of slowly, deliberately phasing out coal is relatively new. It hinges on cooperation from the fossil fuel industry and compromise from climate activists. The opportunity to learn from earlier, chaotic mine closures elsewhere is, ironically, a byproduct of Australia’s historically late arrival to climate action. The country is still highly reliant on coal—more so than Vietnam, by some measures—but the Latrobe Valley transition is critical to its new net-zero ambitions.

THE Ha Lam coal mine in Cam Pha, Vietnam LINH PHAM/BLOOMBERG

The broad challenges

EMERGING economies have less money to spend and a wide range of competing priorities—including growth, which depends on more power, not less. But the broad challenges are similar enough, said Thang Do, a climate policy researcher at Australian National University who organized the study tour for the Vietnamese lawmakers. “People are worried: ‘If we shut down coal, what will the alternatives be? And how about the workers in the mines and the plants, and their families?’” he said. “You cannot just close the coal power next year or even in the next five years. But planning—that is something policymakers could do.” The pain of past economic upheavals remains sharp in the Latrobe Valley. People are still talking about the thousands of jobs destroyed with the privatization of the state electricity commission in the 1990s. Then there was the abrupt closure of the Hazelwood mine and power station in 2017, three years after the devastating fire that spewed smoke for six weeks and caused damage upwards of A$100 million ($66 million at today’s exchange rates). E v e n b e f o r e t h a t , To n y Wolfe had started advocating for a shift to renewables. He was 15 years old when he started as an apprentice electrician at Hazelwood; he wrapped his career 44 years later at Alinta Energy’s Loy Yang B. By the midpoint, though, he said, “I could see the writing on the wall. I was working at a power station for 29 years that was designed with a 35-year life span. We hadn’t even talked about planning for another one.” Wendy Farmer, whose husband worked at Hazelwood and volunteered for the local fire brigade, came to a similar realization. In the wake of the fire, she grew furious at the failure of government and industry—and her neighbors—to acknowledge the harms caused by coal. “If your baby can’t breathe at night because of the pollution in the air, you get it. It becomes personal,” said Farmer. She started a group called Voices of the Valley. Initially focused on demanding accountability for the fire, they were soon calling for a total overhaul of the area’s economy. “We would say, ‘We need to

Coal, the dirtiest fossil fuel, still generates about a third of the world’s electricity. It’s especially common in emerging economies, which need fast, cheap, reliable energy and often argue that they shouldn’t have to jeopardize their development to solve a problem that, historically, they didn’t create. Renewable energy has made huge strides, but problems run deeper in countries with constrained infrastructure, and there’s no easy solution: Already-rich countries have yet to deliver the billions promised to fund a transition, and the economic blight triggered by the closure of mines and power plants in the US, UK and Europe is hardly inspirational. transition, we need to improve our health,’” she recalled. “And they would say, ‘We’ve got coal ’til 2048, we don’t need to transition.’” Voices of the Valley developed its own proposal for the region, and then began to lobby the Victoria government. When the state established the LVA and announced A$266 million in funding for the region, Energy Minister Lily D’Ambrosio tweeted, “We heard you @wendyfarmer_.” One of the LVA’s first tasks was to support the laid-off Hazelwood workers, almost all of whom ended up either with early re t i re me nt p a c k a ge s , pl a ce ments in another local facility,

or roles in the long process of decommissioning the mine. It also became a champion for a slew of local projects, including a new performing arts center and an A$57 million geothermally heated aquatic center. The spending demonstrated investment, not abandonment, and softened community attitudes toward an agency that ultimately represented economic upheaval. The LVA also began to develop relationships with renewable energy developers like Macquariebacked Corio Generation, and Elanora Offshore, a five-member consortium that includes CLP’s EnergyAustralia and Royal Bos-

kalis Westminster NV. There are now more dozens of large projects underway in Gippsland, worth about $55 billion in planned capital expenditure. In general, these don’t require as many workers as coalmines and plants. But demand will be high for at least 15 years, estimates Charles Rattray, chief executive officer of Star of the South, a Victoria-based company that applied for one of the offshore wind concessions. “You have thousands of construction jobs to build the projects, he said.” And there’s ancillary work in catering, accommodation, transport, the local supply chain.” The LVA’s 2022 transition roadmap ref lects more than 2,000 community meetings, Buckingham points out, and the work of a 48-person steering committee. “A successful transition for us is built from the ground up,” he said. When Australia’s Labor Party won its first majority in nine years in 2022, it set out to reverse the previous administration’s entrenched denial of climate change and to shore up weakened ties with Southeast Asia. The clean energy transition is now listed as a “ pressing priority” of Australia’s $1.24 billion regional development aid. The country has committed $105 million to support sustainable economic growth in Vietnam. The government also sponsored the Vietnamese delegation’s tour. Australia’s climate policies are far from groundbreaking, but it’s ahead of its regional neighbors. “There’s high demand for learning from Australia’s experience,”

said Thang, the academic. The Vietnamese wanted to know about the practicalities, policy instruments and technology, he said. They spent a week in lectures at the Australian National University in Canberra and a week on site visits, including to the Latrobe Valley. The Vietnamese government declined Bloomberg Green’s requests for comment. Buckingham said their session was so animated they worked through the lunch break. “They were absolutely staggered by the age of our plants,” he said. Coal is Vietnam’s single largest source of electricity and will continue to grow, the government says. At least six plants are set to come online by the end of the decade as the middle class expands and companies set up factories there. That means it’s too early to think about taking coal plants off line or planning for the roughly 200,000 jobs at risk, said John Rockhold, chairman of the power and energy working group for the Vietnam Business Forum. At the same time, the country has set a 2050 net-zero goal. The country has already become a refuge for solar panel manufacturers eager to avoid the US tariffs on Chinese equipment. “The government’s policy is: Let’s get our own renewable industry up and running,” Rockhold said. “We have the rare earths, we have the capabilities. Maybe we should slow down and build our own.” This kind of long-term planning isn’t the most radical idea, but until recently, the coal industry—and its powerful allies—successfully argued there was no need, that climate change was overblown and its causes indeterminate. Net-zero commitments, with their timelines and interim benchmarks, force a longer view. They can also help shift the narrative from disappearing jobs to the new roles being created, as US President Joe Biden did in promoting the Inflation Reduction Act, a stimulus bill plowing billions of dollars into green technologies. “You can’t just stand there and say, ‘Shut power stations,’” said Farmer, who after years of unpaid activism started in 2021 working as a community organizer for Friends of the Earth. “You just can’t take things away from people without offering solutions.” For now, that means letting coal fires burn longer than the market— or the planet—can really tolerate. Rather than suffer another hasty closure, the government has struck deals with AGL Energy Ltd. and EnergyAustralia to keep Loy Yang A and Yallourn open longer than they might otherwise. Vietnam plans to experiment with so-called clean coal practices, which marginally reduce CO2 emissions. Among other trade-offs, those kinds of policies can distort the market for clean energy, discouraging investment just when it’s most needed. In return, communities get a chance to survive the upheaval, maybe even to thrive. “People are rightly very proud of having provided electricity for Victoria for the last 100 years,” Wolfe said. “I think we’ve known for some time that what we’ve been doing is not great, that there’s better, cleaner ways to do it.” “ We h ave a n oppor t u n it y to build an entirely new workforce, and that’s what I’m excited about.” Bloomberg News

PSC flagship programs PNG, Batang Pinoy unfurl Sunday

HE Philippine Sports Commission (PSC) puts in the finishing touches on the Batang Pinoy (BP) and Philippine National Games (PNG) National Finals that kick off Sunday at the Rizal Memorial Sports Complex in Manila. Close to 18,000 athletes aged 17 and below have registered for the BP, with almost 4,000 athletes 18 or older competing in the PNG. “These games represent another significant milestone in our commitment to promoting sports excellence and development of our young athletes,” PSC chairman Richard Bachmann said. “We’re fully committed to providing a world-class platform for our athletes to showcase their talents and compete at the highest level.” The simultaneous staging of BP and PNG features 26 sports— archery, arnis, athletics, badminton, basketball 3x3, boxing, chess, cycling, dancesport, football, gymnastics, judo, karatedo, kickboxing, lawn tennis, muay thai, pencak silat, sepak takraw, swimming, table

tennis, taekwondo, beach volleyball, wrestling, weightlifting and wushu. “We want to provide the best possible exposure for athletes of the Batang Pinoy and Philippine National Games,” PSC Executive Director Paulo Tatad told the PSC Chatroom program. “There’s a lot of learning that we got from competitions abroad like the way they conduct it from the registration, the pre-game up to the actual competition, and post-game.” Tatad added: “One thing we want to pick up is the custom of exchanging pins. We’re encouraging LGUs to create their own pins. We’re trying to recreate that feel.” All participants, coaches and delegations from almost 200 LGUs are expected at Sunday’s opening ceremony where notable BP and PNG alumnus and Filipino sports legends also gracing the event at the Ninoy Aquino Stadium. The PSC partnered with the Philippine Basketball Association, Milo Philippines, Otsuka SolarPocari Sweat, PLDT and Smart Communications, Grab, Chooks To Go, and Shakey’s Philippines.

ERIC JED OLIVAREZ (center) holds his trophies as he poses with (from left) Mayor Eric Olivarez, Olivarez Sports Center manager Edna Olivarez-Nguyen, chairwoman Eva Olivarez and Rep. Edwin Olivarez.

Olivarez registers straight-set win on home court at Verdad’s expense

RIC JED OLIVAREZ reasserted his dominance over Fritz Verdad with a resounding 6-2, 6-0 victory to secure the Rep. Edwin Olivarez Cup at the Olivarez Sports Center in Sucat, Parañaque City, over the weekend. Olivarez, 25, showcased his commanding skills by breaking Verdad twice in the opening set and delivering an impressive all-around performance throughout, turning what was anticipated to be a closely contested match into a virtual workout. The lopsided victory came on the heels of the Western Michigan U product’s triumph in the MITF Open in Iloilo last month where he also defeated Verdad, 6-3, 6-4. Olivarez also ruled the Rep. Edward Hagedorn Open in Palawan last August. After dispatching Marco Macalintal, 6-2, 6-0, in the quarters, Olivarez foiled Eric Tangub, 6-2, 6-5, while Verdad thwarted Andre Alcantara, 7-6(1), 6-1, then ripped Vicente Anasta, 6-3, 6-0, as the duo forged another title clash. Not only did Olivarez shine in singles play but he also flourished in the doubles, teaming up Nilo Ledama to hold off Anasta and Noel Damian, 6-2, 7-5, in the semis before blasting Verdad and Rolly Saga, 6-3, 6-2, in the Group A tournament presented by Dunlop.

Action shifts to City of Naga, Cebu this week for the Dagitab Festival featuring the Open, juniors, classified and legends categories. For details, contact event organizer Bobby Mangunay at 09154046464. The 10-day tournament, backed by Mayor Eric Olivarez, San Jose Salt’s Ivan Ong, Kaizan Steel Trading, Annie Cheng, Brodeth Marketing, Kap Eli Tadeo Demafelis, MITF Group, Norma Clarino and PPBCC Veterinary Hospital, also featured a diverse range of talent. In the juniors division, FilAm Andre Alcantara enhanced a promising career by beating Ariel Cabral, 6-0, 7-5, to pocket the boys’ 18-and-under crown while Quezon City’s Chloe Mercado survived Joy Ansay, 6-0, 4-6, 10-8, to top the distaff side of the tournament held as part of the Palawan Pawnshop National Tennis Championship circuit put up by Palawan Pawnshop president/CEO Bobby Castro, Brice Baisa of Puerto Princesa and Lanao del Norte’s Kale Cyd Villamor bagged the boys’ grand slam doubles with an 8-4 victory over siblings France and Frank Dilao of Sta. Rosa, Laguna, while Digos City’s Juliana Carvajal and Mercado clipped Ave Maria Policarpio of Muntinlupa and Bulacan’s Xophia Oliveros, 8-2, for the girls diadem.

Sports BusinessMirror

Southwoods Chairman’s Charity Cup up

HE Manila Southwoods Chairman’s Charity Cup gears up for another fun but competitive edition when it is held December 15 and 16 with a fullpacked field all primed for battle at the Legends and Masters courses in Carmona, Cavite. To accommodate the huge field of entries, the host club said the number of participants will be capped at 240 on each day. Entry fee, pegged at P6,000, includes giveaways, breakfast and awards lunch on the final day. Entrants also become automatic contenders in the raffle program. For details, contact Front Desk at 09175020784. The event, Manila Southwoods’ flagship tournament which features members and their dependents and guests, made a successful return from pandemic last year, with Jun Jun Plana securing the men’s low gross championship and Raul Magpantay clinching the senior’s low gross trophy. Under the format, members will play one 18-hole round using the Stableford points system with handicaps. Players must hole out, but to speed up play, players must pick up their ball after net bogey. Sponsors will also play one 18-hole round using the System 36 format with the provision to pick up the ball after a double-par. The blue-ribbon event is backed by year-round sponsor Royal Caribbean/Baron Travel and holein-one sponsors Starlux Airlines, Ogawa, Mitsubishi Motors, Alpine Motors, Toyota Silang Cavite and Klio International & Tee One (Srixon).

OS ANGELES—Bronny James showed off his defensive skills in his college debut for Southern California nearly five months after he suffered cardiac arrest and expressed gratitude for the doctors and family who supported him. He had four points, three rebounds and two assists on Sunday, coming off the bench to play in front of his superstar father LeBron James. “I just want to say I’m thankful for everything,” Bronny James said afterward in brief comments to a horde of media. He thanked the Mayo Clinic, where he received treatment, as well as his parents, siblings, coach Andy Enfield and his teammates “during this hard time in my life.” He left without taking any questions. The Trojans lost in overtime to Long Beach State, 84-79. James walked off with his deflated teammates and didn’t greet his father who sat courtside. James logged 16 minutes, including starting the five-minute extra session, but he wasn’t a factor

then before coming out for the last time. He was 1 of 3 shooting, hitting a three-pointer in the second half. His biggest impression came on defense. All of James’s rebounds were on the defensive glass and he had two steals. “I thought Bronny played well,” Enfield said. “He defended at a high level. He guarded the quick ballhandlers on the other team pretty well.” James was quick to pass to his teammates, even when it appeared he could have taken a shot. Enfield said James’ minutes would continue to be monitored by USC’s medical staff. He played six minutes in the first half, when the Trojans led 45-30 at the break. In his second three-minute stint, James made a huge block on Jadon Jones, who was streaking to the basket on a fastbreak, riling up the fans. James assisted on a dunk by Vincent Iwuchukwu, who also suffered cardiac arrest as a freshman. He returned to play 14 games last season. “It’s great to see Bronny out there. He’s put a lot of work in the gym,”

UE high school fencers bag 7 golds in Malaysia

NIVERSITY of the East (UE) high school fencers Nina Canlas and James Lim dominated their respective categories as Red Warriors rookie Willa Galvez made a huge contribution in the Second Malaysia Fencing Federation Minime International Fencing Championship held recently at the Tan Sri Hamzah Arena in Kuala Lumpur, Malaysia. Canlas, a Grade 9 student at UE-Manila, captured two gold medals after ruling the Under-14

PHILIPPINE Olympic Committee president Abraham “Bambol” Tolentino (right) swears into office the new officers of the tennis association led by Parañaque City Mayor Eric Olivarez (second from right). Also elected were Rolen Paulino, Gerardo Alcala, Theodore Jose Matta, Franzes Khu Camacho, Theodore Dy, Elmaerwin Sibucao, Gilbert Paylado, Dickerson Laruan, Fernando Silapan, Joile Mondragon, Jean Henri Lhuiller, Dyan Castillejo and April Toledo.

AFTER long agonizing years, the De La Salle University Green Archers annexed the school’s 10th University Athletic Association of the Philippines (UAAP) men’s basketball title since joining the league in 1986. I’ve been a Green Archers die hard since I was in 7th grade at La Salle Green Hills and the most recent championship ranks right up there together with the 2007 redemption and vindication team and the 2013 squad which bears a lot of similarities to the 2023 title team in terms of the adversity they had to endure like a barely above .500 record at the end of the first round. I’m very happy for Topex Robinson who I’d say, brought a different mindset and approach to coaching. We think that Coach Robinson coaches with values and that’s not to say that the other coaches don’t but you seldom see and hear the words coach, players, love, and care mentioned in the

uesday, December 12, 2023 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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same breath and in the same sentence. Stories like Mark Nonoy’s who lost his confidence and mojo after the controversy involving his former school and Francis Escandor who has been seldomly used but grabbed the opportunity, took advantage of it and ran with it, flourished and shined in the game after they were blown out by 30 points. Like I always say in sports, in any league of any sport, it’s always tough to repeat because teams will give you their best shot. For the now reigning and defending UAAP champs, they’ll get every school’s best shot twice next season when they go for back to back. They now have a bullseye on their back, but I’m confident these kids will be ready and they’ll be up to the task. If Kevin Quiambao decides to forego his junior year, then the team will be fine. I’ve been around La Salle basketball long enough to know that despite key players graduating, the team rises to the occasion and wins a championship despite losing key pieces. I wasn’t expecting the team to win it all in 2004 because I thought that year was a rebuilding year but somehow they got it done.

SOUTHERN California’s Bronny James tries to get by Long Beach State’s Jadon Jones. AP

UNIVERSITY of the East fencers (from left) Nina Canlas, James Lim and Willa Galvez show their medals.

ARAÑAQUE City Mayor Eric Olivarez was elected president of a reformed Philippine Tennis Association (Philta) in Friday’s International Tennis Federation (ITF)-authorized election supervised by the Philippine Olympic Committee (POC). With the election of the new Philta’s board of trustees done—and its executive officials elected—what’s left now is for the POC to report the successful proceedings that would pave the way for the ITF lifting its suspension of the national association for the sport that has drawn for almost three years. “It’s done, the election was held and there’s a new set of officers,”

and Under-17 women’s epee individual, beating Sara Sofea Idongesit of Malaysia’s Five Star Fencing Club, 15-11, in the finals of U-14 and Ching Yang of Taipei, 15-10, in the U-17 finals. Nina, the eldest of three Canlas siblings of UE head coach and former national team chief mentor Rolando “Amat” Canlas Jr., bagged her third gold when she teamed up with UE rookie Juliana Jimenez, Justa Sandoval and Zoey Velasco of Canlas Fencing in a 45-41 win over Malaysia’s Bekking Fencing in the U-17 team women’s epee. Lim, on the other hand, came through with a thrilling 15-13 win over Saif Nordin of Malaysia’s Touche Fencing Club in the U-14 men’s foil finals.

POC president Abraham “Bambol” Tolentino said after the elections held at the Century Park Hotel in Manila. “We’re going to report this to the ITF to at finally lift the suspension on Philta,” said Tolentino, who was overwhelmed by the huge turnouts of members from the country’s 13 regions. “We didn’t expect this huge attendance,” he said. A total of 158 clubs all over the country had filed for memberships with 119 of them getting approval from the election committee headed by POC secretary-general Atty. Wharton Chan with deputy legal Atty. Billy Sumagui and deputy secretarygeneral Carl Sambrano as members.

The University of the Philippines Fighting Maroons will always be a threat. They have the best recruiting class every offseason, they’re well coached, they’re well trained, their player development of blue chip recruits is second to none so they’ll always be there giving diehard fans like me anxiety and stress whenever they go up against DLSU. After the ANIMO championship night, we have a feeling

Iwuchukwu said. “We talked before the game and I told him to go out there and have fun.” James entered the game for the first time about seven minutes in, with some in the crowd standing and cheering. He missed his first shot, a 3-point attempt. Moments before, he tipped the ball away from a Long Beach State player, but the visitors got it back. The possession ended in a shot-clock violation for the Beach. James also snagged a rebound. “He makes the right play all the time,” said Boogie Ellis, USC’s top guard. “Everybody wants a guy like that on their team. He defends well at a high level.” LeBron James arrived seconds before the national anthem, holding hands with 9-year-old daughter, Zhuri, and tapped his son’s rear as he passed the Trojans who were lined up across the court for the anthem. The younger James’ debut capped a big weekend for the family. LeBron helped the Lakers win the NBA’s new In-Season Tournament on Saturday night in Las Vegas, earning everyone on the team a $500,000 per person payday. AP

Also elected were Olongapo City mayor Rolen Paulino as vice president, Calabarzon’s Gerardo Alcala as treasurer and Mimaropa’s Theodore Jose Matta as internal auditor. The other members of the board voted independently by their respective regions were Bicol’s Franzes Khu Camacho,Western Visayas’s Theodore Dy, Ilocos Region’s Elmaerwin Sibucao, Mindanao’s Gilbert Paylado, Cordillera Autonomous Region’s Dickerson Laruan, Cagayan Valley’s Fernando Silapan, Eastern Visayas’s Joile Mondragon, Central Visayas’s Jean Henri Lhuiller, Caraga’s Dyan Castillejo and April Toledo for Gender Equity.

that former Green Archers went out of their way to assist and help Coach Robinson and the players prepare for the game after the blowout and maybe perhaps even also the title clinching game as well. I’d like to think that in any school, there’s a bond that exists between former and current players because the former knows what the latter is going through. Most of the former Green Archers are coaches in their own right like Don Allado is Jack Santiago’s lead assistant over in UE and Ren-Ren Ritualo is the current Head Coach of La Salle Green Hills and Willy Wilson is a basketball analyst but we have no confirmation as to whether they assisted or were there during the practices but we wouldn’t be surprised if they did because of aforementioned bond between brothers. The management and coaching staff will work their tails off to scour the earth for Filipino foreign based kids who want to ply their trade in the country playing college basketball because hopefully, they’re not satisfied and would want to have the feeling again, this time, winning championship number 11.