BusinessMirror December 14, 2022

Don’t tie BSP hands for Maharlika–Neda chief

THE use of the Gross International Reserves (GIR) and lowering the reserve requirement of banks to finance the Maharlika Investment Fund (MIF) may limit the tools at the disposal of the Bangko Sentral ng Pilipinas (BSP) during times when inflation is high.

In his Commission on Appointments hearing on Tuesday, Socioeconomic Planning Secretary Arsenio M. Balisacan said the GIR and the adjustments in the reserve requirements of banks are important instruments of the BSP to

implement monetary policy.

Senator Chiz Escudero asked if Balisacan would back proposals to use the GIR and adjust the reserve requirement to allow banks to invest in the MWF in lieu of the removal of pension funds from financing the sovereign wealth funds. On the latter, Escudero said, the country had the highest reserve requirement among its peers and some highincome countries, at 12.2 percent.

“If you believe there is high inflation and part of that is because of high liquidity, that’s [reserve

requirement] one instrument [BSP can use to cool inflation]. I wouldn’t want the Bangko Sentral to lose these instruments,” Balisacan said.

Balisacan also said banks’ investments in general must be diversified in order to minimize risk. This was his response when Escudero asked if he was in favor of allowing banks, including government financial institutions, to invest all their funds in the MIF.

“I don’t think that’s a good idea, your honor. The portfolio of the bank has to be diversified enough,

to allow it to absorb [shocks],” Balisacan said. “But I think what the fund could do is to diversify its possible sources of [financing].”

Balisacan also said the impact of drawing the financing for the MIF through the National Budget would largely depend on which part of the budget will be drawn from.

If the funds are sourced from infrastructure projects, as used in the example of Escudero during the hearing, Balisacan said it may be

OCT EXPORT EARNINGS UP, BUT $100-B GOAL DIMS

By Cai U. Ordinario @caiordinario

THE country’s prospects of seeing export earnings rise to $100 billion are dim, with local economists highlighting the global economic slowdown and issues surrounding the local manufacturing industry among the biggest challenges for attaining this.

On Tuesday, the Philippine Statistics Authority (PSA) reported that the country’s exports grew 20 percent in October 2022, the highest since May 2021 when exports rose 30.8 percent. The country’s export earnings reached $7.695 billion in October 2022, higher than the $6.41 billion posted in October 2021.

(Full story: https://businessmirror.com.ph/2022/12/13/

electronics-helps-phl-exportearningspost-highest-growthsince-may-2021/)

However, merchandise export earnings between January and October this year have only reached $66.01 billion, representing a slim 6.3 percent growth compared to the $62.1 billion posted in the same period last year.

See “Export,” A2

Digital trade integration, key driver in pandemic recovery

DIGITAL trade integration will positively impact its emerging digital services trade and become a key driver in the post-pandemic economic recovery, according to researchers from the Philippine Institute for Development Studies (PIDS).

In a study published by the government’s think tank, the authors—Senior Research Fellow Francis Mark A. Quimba and Supervising Research Specialist Neil Irwin S. Moreno—said the country’s “relatively open digital environment” facilitated the growth of digital trade.

The study said the country’s

digital economy significantly grew in the past two decades with digital services exports rising to $23 billion in 2020 from $5.3 billion in 2005. But, the authors said, more needs to be done to accelerate the growth of the digital economy.

“Capitalizing on the ‘lowhanging fruits’ to accelerate regional digital integration. This includes acceding to the revised World Trade Organization’s [WTO] Agreement on Government Procurement [GPA]; revisiting the policies on data retention

See “Digital Trade,” A2

216 HOUSE MEMBERS COAUTHOR MAHARLIKA

By Jovee Marie N. Dela Cruz  @joveemarie

THE supermajority or 216 members of the House of Representatives have coauthored the proposed Maharlika Investment Fund (MIF) Act which, they said, would help fast-track economic development and provide better public services for Filipino people.

Quezon Rep. Mark Enverga, one of the leaders in the House of the Nationalist People’s Coalition (NPC), said, “this proposal has become contentious, but it is important to recognize that the country needs the MIF to fund its needs.”

“So we see the importance of this measure, and we support it, particularly for the reason that it will increase national revenues,” Enverga said.

H ouse Bill 6608 or the bill creating the MIF is currently undergoing plenary debates in the lower chamber. The Office of the Speaker said the authors of the bill are now around 216 lawmakers.

D eputy Speaker Aurelio Gonzales Jr. said he supports the planned creation of the sovereign wealth fund initiated by Speaker Martin G. Romualdez that would tap investible government resources to maximize their profitability for the

See “MIF,” A2

CONNECTIVITY BOOST Vice President and Education Secretary Sara Duterte and San Juan City Mayor Francis Zamora visit Pinaglabanan Elementary School to inspect the facilities, especially the free fiber optic internet connection and smart TVs in the classrooms provided by the local government. The launch is part of the local government’s efforts to provide quality education to students and give all 13 public schools in the city fiber optic internet connection and WiFi in all classrooms and in common areas of the school, as well as 55-inch smart TVs. NONOY LACZA

PARTNERS APPRECIATION

From left, Director Edel Carag of the Department of Education’s External Relations Service, DepEd Undersecretary for Legislative Affairs and Partnerships Atty. Gerald Chan, and Dennis Mancilla, Head-APDS Loans of Citystate Savings Bank are seen at the 2022 DepEd Partners Appreciation Program held at Mandaluyong City on Tuesday, December 13, 2022. StoryonpageA2 NONOY LACZA

DepEd recognizes CSBank partnership

CSBANK (Citystate Savings Bank) was awarded a Certificate of Partnership by the Vice President Sara Z. Duterte, concurrent Department of Education (DepEd) secretary, and Atty.

Gerald L. Chan, CESO I, Undersecretary for Legislative Affairs and Partnerships at the DepEd’s Partners Appreciation Program held on Tuesday.

The recognition rites at the Wack

Wack Golf and Country Club had followed a Stakeholders and Partners Meeting on November 14, 2022 jointly held by CSBank, Fortune Life Insurance Company and the Department of Education at the Citystate Tower Hotel, Manila.

DepEd officials were led by Undersecretary Atty. Chan, Director Edel Carag of External Relations Service, Director Ronilda Co of Disaster Risk Reduction and

Management Service, and Private Sector Partnership Head Zeny Lastimosa.

Media coverage for that event was led by the ALC Media Group that includes CNN Philippines, BusinessMirror , Pilipino Mirror and DWIZ 882.

CSBank maintains a strong alliance and continues to support DepEd initiatives specific to Teachers.

more useful to finance infrastructure projects immediately rather than wait for the returns from the MIF.

Ultimately, Balisacan believes the funding sources for the MIF could be created over time. He said he is already studying the possible ways to do this.

Earlier, the economic managers of the Marcos Jr. administration urged Congress to fast-track passage of the MIF, which they claimed would lead to a more “prosperous” Philippines.

In a press briefing, Finance Secretary Benjamin E. Diokno said the world economic managers are backing the passage of the MIF, which they described as “long overdue.” (Full story: https://businessmirror.com.ph/2022/12/09/ diokno-on-maharlika-wealth-fund-dont-deprivepeople-of-chance-at-prosperity/) Cai U. Ordinario

Export. . .

“I don’t think we can [attain a $100 billion-worth export earnings]. $80 billion perhaps [may be more likely given the] anticipated recession next year,” former University of the Philippines School of Economics Dean Ramon L. Clarete told the BusinessMirror

Ateneo de Manila University economist Leonardo Lanzona Jr. told this newspaper that signs of the global recession are already palpable given the slower growth of the country’s imports.

requirements to lessen compliance burdens, especially for micro, small, and medium enterprises (MSMEs); and ensuring effective copyright enforcement,” the PIDS said.

Quimba and Moreno said the Philippines ranked third among Southeast Asian countries after Singapore and Malaysia, and ninth among 22 selected Asia-Pacific countries in the Regional Digital Trade Integration Index.

However, some restrictions remain, particularly in public procurement, investment, infrastructure, and competition. For instance, the authors said there are still strong entry barriers in the telecommunications sector.

“This, along with the inadequate enforcement of laws, hinders the country’s regional digital integration,” the authors said.

Quimba and Moreno recommended that the Philippines apply from being an observing party to a member of the WTO GPA committee in a process known as accession.

They explained that acceding to the revised GPA is important because it includes provisions about digitalization, specifically on modern procurement practices such as using electronic procurement tools and facilitating e-commerce.

“Since the agreement does not compel parties to cover all industries, the Philippines could identify which sectors can be fully covered by the GPA provisions and those that need greater protection from foreign competition,” they said.

They added that accession is possible because the country’s Government Procurement Reform Act (Republic Act [RA] 9184) and its implementing rules and regulations are mostly aligned with the

GPA provisions.

The authors also said that the current data retention requirements are hurting MSMEs. The Cybercrime Prevention Act (RA 10175) requires firms to keep the traffic data and subscriber information for a minimum of six months and the call traffic data for two to four months or as required by the National Telecommunications Commission.

“Requiring long periods of data retention increases risks of data leaks, data abuse, and misuse...and the unnecessary cost on firms... [which is why the country must] strengthen its digital services trade without giving too much burden on businesses and exposing the countries on cybersecurity issues,” the authors said.

The study also emphasized the need to crack down on online piracy, warning that a high level of online piracy can “greatly decrease” the Philippines’s attractiveness as a trading partner. Cai U. Ordinario

benefit of future generations of Filipinos.

San Jose del Monte City Rep. Florida P. Robes, another PDP-Laban stalwart, said the House intends to put enough safeguards in the MIF bill to prevent possible abuse, corruption and dissipation of the funds.

Romblon Lone District Rep. Eleandro Jesus Madrona, a Nacionalista Party leader, said investing government assets for optimum profit for their population is what 49 countries with sovereign wealth funds are doing.

Quezon City Rep. Marvin Rillo, a member of the LakasChristian Muslim Democrats (CMD), said “the Philippines, in creating a sovereign wealth fund, should learn from the best practices of countries with successful investments and avoid the mistakes of others.”

Rep. Margarita Ignacia Nograles of party-list group PBA said the House under Speaker Romualdez listened to the suggestions of the public on the proposed MIF by adding safeguards against corruption, fraud and other potential acts of wrongdoing.

“The most important of these are the penalty clauses or provisions. We want to avoid possible graft and corruption and scandals, which the public is afraid of. So we want the penalties to be at par with those contained in the Corporation Code,” Nograles, who is a lawyer, said.

She said another feature added to the bill is the earmarking of 20 percent of MIF profits for social projects.

Northern Samar Rep. Paul Daza, who belongs to the minority, said he was inclined to support the MIF bill after the House leadership introduced improvements.

Upon the instruction of Speaker Romualdez, the House removed the Social Security System and the Government Service Insurance System from the list of potential MIF contributors.

Marikina Rep. Stella Quimbo, a vice chairperson of the appropriations committee, said the MIF would rely on national government dividends from the Bangko Sentral ng Pilipinas.

According to House Committee on Banks and Financial Intermediaries Chairman Irwin Tieng, the sovereign fund measure has undergone multiple revisions.

Tieng said at least 20 percent of the net income of Maharlika Investment Corp. (MIC) will be remitted to fund the social services of the national government.

Tieng disclosed that the 15-man board would have four, instead of the original two, independent directors.

According to Tieng, his committee has approved the penal provisions proposed by Albay Rep. Joey Sarte Salceda providing that any director, trustee, or officer who willfully or maliciously violates investment guidelines set by the board of directors or whose acts of gross negligence, willful misconduct, fraud, actions in breach of any investment agreement, and in a loss suffered by the fund shall be liable for all damages resulting therefrom suffered by the corporation.

He said stockholders or members and other persons shall be punished by imprisonment of not less than one year but not more than five years, or a fine of not less than P50,000 but not more than P2 million, or both at the discretion of the court.

Tieng said his committee formally adopted the removal of the Government Service Insurance System (GSIS) and the Social Security System (SSS) as fund contributors.

Under the bill the BSP will now be a fund source of the MIF, joining the LBP and DBP. The LBP will contribute P50 billion, while the DBP will contribute P25 billion.

At last Friday’s hearing, BSP Deputy Gov. Francisco Dakila Jr. proposed a flexible set-up wherein the BSP will contribute from its declared dividends to the MIF’s start-up fund.

Dakila assured the congressmen that their proposal would not affect the country’s international reserves.

BSP lawyer Leila Rivera explained to the House panel that BSP declares dividends in the amount of 50 percent of their income.

R ivera said that for the year 2022, their estimated income is P60 billion to P70 billion, which would translate to dividends of P30 billion to P35 billion.

The Philippine Amusement and Gaming Corporation (Pagcor) is also mandated to contribute 10 percent of its online gaming proceeds to the MIF.

Representatives from the Land Bank, the DBP, and Pagcor formally expressed their support for the creation of the MIF during the hearing.

Meanwhile, the Department of Finance secretary will replace the Philippine president as chairman of the board of governors in the approved unnumbered bill.

The proposal also excluded the General Appropriations Act (GAA) as one of the mandatory sources of funding for the MIF.

PSA data showed Philippine import bill grew 7.5 percent to $11 billion in October 2022 from $10.23 billion in October 2021. Per data, this is the slowest growth of imports since January 2021 when purchases from the country’s trade partners contracted 11.8 percent.

“The decline in imports reflects the global economic slowdown. If imports had risen, the rise in exports could have been seen as more permanent. However, since imports have declined, the increase in electronic exports are likely coming from inventories,” Lanzona said.

The growth in the country’s exports, Lanzona said, may owe to base effects which are expected to “dissipate over time.” He noted that this is part of the same effects that led to recent improvements in the country’s GDP growth.

Clarete said the improved export performance may also be associated with China’s recent electronic manufacturing problem associated with the Covid-19 lockdown and labor relations.

“[There is a] need for downstream firms to diversify its sources away from China,” Clarete said. “[There is an] anticipated recession of the global economy. I disagree that recession is going to be prolonged but I’m in the minority.”

Based on data obtained from the PSA, the country’s merchandise exports peaked in 2021 at $74.65 billion. This is the highest export earnings registered by the country in 42 years.

The PSA’s data also showed that the lowest export growth since 1980, meanwhile, was $5.01 billion posted in 1983 followed by $5.02 billion in 1982.

Commodities

THE country’s export performance in October was mainly driven by the 39.6-percent growth in shipments of Electronic Products. This was due to the 62.7-percent growth in semiconductors.

The PSA noted that electronic products accounted for 66.3 percent of total exports in October while semiconductors accounted for 55.8 percent of the total.

Other commodities that posted high growth in October were iron and steel, soaring 571 percent; other products manufactured from materials imported on consignment basis, 145.3 percent; copper concentrates, 136.8 percent.

In terms of imports, PSA data showed electronic products contracted 0.4 percent while semiconductors grew only 8.8 percent.

Electronic products accounted for 26.2 percent while semiconductors accounted for 20.1 percent of all exports in October.

Nonetheless, the importation of commodities such as metalliferous ores and metal scrap surged 462.7 percent in October, followed by artificial resins, 316 percent; chemical compounds, 187 percent; and other special transactions, 111.9 percent.

PSA data also showed that by major type of goods, exports of manufactured goods shared the biggest to the total exports in October 2022 amounting to $6.57 billion or 85.4 percent.

This was followed by mineral products with a share of $548.58 million or 7.1 percent; and total agro-based products, which contributed $425.57 million or 5.5 percent.

Meanwhile, by major type of goods, imports of raw materials and intermediate goods accounted for the largest share of total imports amounting to $4.26 billion or 38.7 percent in October 2022.

PSA data also showed imports of capital goods ranked second with a share of $2.88 billion or 26.2 percent, followed by consumer goods with $1.89 billion or 17.2 percent.

Markets

THE country’s largest export market in October was Hong Kong, which comprised the highest export value of $1.28 billion or a share of 16.6 percent to total exports during the month.

The top five major export trading partners also included the United States of America (USA), $1.18 billion or 15.3 percent of the total and Japan, $999.67 million or 13 percent of the total.

The list also includes the People’s Republic of China with $959.59 million or 12.5 percent of the total and Singapore, $438.03 million or 5.7 percent of total exports in October 2022.

For imports, China was the country’s biggest supplier of imported goods valued at $2.22 billion or 20.2 percent of the total imports in October 2022.

The top five major import trading partners in October were Indonesia with $1.27 billion or 11.5 percent of the total; Japan, $1.01 billion or 9.2 percent; Republic of Korea, $920.05 million or 8.4 percent; and USA, $767.87 million or 7 percent of total imports.

Earlier, the Philippine Exporters Confederation Inc. (Philexport) said earnings from exports of goods and services this year could reach nearly $100 billion.

Philexport President Sergio Ortiz-Luis Jr. told reporters that the value of the country’s exports this year would still surpass last year’s receipts of $87 billion despite the 2-percent decline in export earnings in August (Full story: https://businessmirror.com.ph/2022/10/13/ export-earnings-seen-to-hit-100-billion-this-year/).

Groups highlight responsible parenthood through photos

By Jonathan L. Mayuga @jonlmayuga

THE international humanitarian and development organization Oxfam Pilipinas and women’s rights groups launched a photo exhibition to reiterate calls for responsible parenthood and gender equality,

The event, which marks the 10th anniversary of the passage of the Responsible Parenthood and Reproductive Health (RPRH) Law or Republic Act 10354 dubbed “RPRH Law: Isang Dekada Na, was opened to the public on December 9 at Eastwood Mall, Quezon City. The exhibit, which ran until December 12, showcased the images captured by women’s rights organizations and the media.

The images depicted the journey before the passage of the law, its milestones and the impacts of the landmark legislation on women, men, youth, people with diverse sexual orientation, gender identity and gender expression, families and communities ten years after the passage of the law.

“This event celebrates our collective efforts to pass this landmark legislation. We recognize the gains, but we want to highlight that there’s more to be done to fully realize sexual and reproductive health and rights for everyone, especially those with limited access to health services, commodities and information,” Oxfam Pilipinas Executive Director Erika Geronimo said.

The photo exhibit aimed to share the aspirations by women’s rights organizations of responding to the gaps and challenges in fully implementing the RPRH Law.

“Clearly, there is still much work to be done and many more dialogue spaces to create as we continue our commitment to promote SRHR in the Philippines,” Geronimo said.

Among the gaps in the implementation of the law is the complete rollout of comprehensive sexual education (CSE), the need to have more adolescent-friendly health facilities and the provision of age and development-appropriate reproductive health education for adolescents in formal and non-formal educational settings.

Disproportionately affected THE group Women’s Global Network for Reproductive Rights (WGNRR) echoed these implementation gaps, which they have recently presented as the civil society organizations’ legislative agenda to lawmakers.

“Women and girls are still disproportionately affected by issues rooted in systematic problems that limit them from fully exercising their SRHR, as well as the lack of measures that will protect them from all forms of violence,” WGNRR Asia Projects Coordinator Christelyn Sibugon said.

For its part, the Philippine Commission on Women (PCW) reaffirmed its commitment to continuously advocating for the rights of women and girls to sexual and reproductive health in its policy issuances and plans.

In her message during the photo exhibit launch, PCW Executive Director Kristine Rosary Yuzon-Chavez vowed the formulation and adoption of new laws that promote women’s health and empowerment through the Women’s Priority Legislative Agenda.

“Ensuring women’s and girls’ reproductive health must be our utmost priority as this means improved health and wellbeing for our children, our families and our communities as a whole,” Chavez said.

‘Law allowing teens access to RH services may prevent pregnancy’

Uphill battle

By Cai U. Ordinario @caiordinario

PASSING legislations such as the pending bill allowing adolescents to access reproductive health services will help maximize the 10-year old Responsible Parenthood and Reproductive Health Law, according to the Commission on Population and Development (Popcom).

On Tuesday, Popcom Officer in ChargeExecutive Director (OIC-ED) Lolito R. Tacardon told the BusinessMirror that this will also help further reduce adolescent or teenage pregnancy in the country.

The Philippine Statistics Authority (PSA) earlier said that while adolescent births are on the decline, there was still an increase in births to mothers younger than 15 years old.

“There is also a need for affirmative action for marginalized sectors like the poor, those working in informal economy, living in GIDAs [geographically isolated and disadvantaged areas] and IPs [indigenous peoples],” Tacardon told the BusinessMirror. “Social protection for adolescent parents is also something that we are working on.”

SIGNED into law by the late President Benigno S. Aquino III on December 21, 2012, RA 10345 was considered one of the biggest wins for sexual and reproductive health rights legislation.

The law’s passage was marked by years of struggle, as it faced strong opposition from powerful groups for over a decade. Even after the law’s enactment, it had to surmount legal battles from 2013 to 2017.

“A decade after its enactment, it is everybody’s task to sustain the gains and maintain the momentum of the RH Law. We need to address gaps in policy and implementation and guarantee that the benefits of the law reach especially the most vulnerable women and girls in the country,” said United Nations Population Fund (UNFPA) Philippines Country Representative Leila Saiji Joudane.

Strong support

OTHER challenges to the full implementation of RH Law include budget and the integration and streamlining of RH activities into a comprehensive set of services local government units can adopt.

The PLCPD stressed that legislators should maximize the fact that public support and demand for RH and family planning remain strong to push for new laws and regulations that address the gaps seen in the implementation of RA 10345.

A public opinion poll conducted in March 2022 revealed that 9 out of 10 Filipinos believe that it is important to have the ability to plan the family and that the government allocates funds for modern family planning methods.

“As we celebrate the victories ushered by the landmark passage of the RH Law, we cannot stop until the promise of SRHR for all is attained. How do we reach that point? By unceasingly working towards addressing gaps in policy and implementation and guarantee that the benefits of the law reach all intended recipients,” Philippine Legislators’ Committee on Population and Development (PLCPD) Executive Director Romeo C. Dongeto said.

Contraceptive prevalence

DATA from the National Demographic and Health Survey 2022 (2022 NDHS) showed that the modern contraceptive prevalence rate increased from 40.4 percent in 2017 to 41.8 percent in 2022, while the total fertility rate (TFR) and unmet need for family planning (FP) have seen a continuous decrease over the years.

The TFR decreased from 2.7 in 2017 to 1.9 children per woman in 2022 and the unmet need for FP decreased from 17 percent in 2017 to 12 percent in 2022.

Following the success of the RH Law, several landmark legislations were also passed in recent years, significantly contributing to SRHR.

These include the Philippine HIV and AIDS Policy Act of 2018, the First 1,000 Days Act of 2018, the 105-Day Expanded Maternity Leave Act of 2019, the Safe Streets and Public Spaces Act of 2019, An Act Prohibiting the Practice of Child Marriage and the Act Increasing the Age to Determine Statutory Rape.

Activists’ plea for bail gets Court approval

By Joel R. San Juan @jrsanjuan1573

THE Regional Trial Court of Manila has granted the joint petition for bail filed by detained human rights activist Reina Mae Nasino and two others who are on trial for illegal possession of firearms and explosives charges.

In a 5-page order dated December 12, 2022, Manila

RTC Branch 47 Presiding Judge Paulino Q. Gallegos held that the “evidence of guilt against all accused were not strong.”

Aside from Nasino, granted bail were co-accused Ram Carlo Bautista and Alma Moran. The three were arrested in Tondo, Manila, in November 2019 for alleged illegal possession of firearms and a grenade.

Authorities insisted that they were supporters of the communist New People’s Army (NPA), which the accused all denied. In approving the petition, Gallegos said the prosecution failed to provide, at this point in

the case, strong evidence to substantiate the allegations against the three.

“The essential elements of the offenses, the surrounding circumstances, the subject of the offenses (corpus delicti) and the identify and participation of each of the accused were not shown to be strong,” the court said.

“Wherefore, premises considered, for failure of the prosecution to prove that the evidence against all accused are strong, the joint petition for bail filed by all accused is hereby granted,” it added.

The court ordered Nasino and Moran to pay the bail amount of P420,000 and P570,000 for Bautista before they are allowed out of detention.

In his decision, Gallegos said the two prosecution witnesses—a barangay chairperson and a police officer—failed to identify Nasino and her two fellow activists and which firearm was recovered from each of them during the raid.

The court said that while there were photographs of the seized firearms allegedly recovered from the possession of accused, Corpuz and Jacinto failed to identify the accused and which firearm was recovered from each of them.

“The general testimony of witnesses Corpuz and Jacinto will not suffice to establish that indeed the evidence against the accused were strong,” the court added.

Just three months ago, the Court of Appeals declared null and void the search warrants issued by Quezon City Executive Judge Cecilyn BurgosVillavert that led to the arrest and filing of illegal possession of firearms, ammunition and explosives against the three human rights activists.

Nasino, who was then pregnant, was arrested along with Bautista and Moran on November 5, 2019 at the Bayan-Manila office in Tondo.

While in detention and at the height of the

Covid-19 pandemic, Nasino gave birth to a baby girl on July 1, 2020, who was turned over to her mother for care after a month.

The baby died a few months after. The three petitioners have denied the charges against them and claimed that they were arrested without a warrant.

They claimed that the firearms, ammunition and explosives do not belong to them and were just planted by the raiding team. Meanwhile, human rights group Kapatid yesterday appealed to the court to reduce the bail bond imposed on the three human rights activists, which it branded as “patently unequal and grossly unjust.”

“The decision of Manila RTC Branch 47 allowing detained activists Reina Mae Nasino, Moran and Bautista to post bail is bittersweet because it is long overdue but the amount attached to the freedom is excessive that it becomes another injustice,” the group said.

‘Aling Pacita’ recalled as bill for health workers approved

By Jovee Marie N. dela Cruz @joveemarie

THE chairman of the House Committee on Local Government on Tuesday said the approval of Magna Carta for Barangay Health Workers (BHWs) is a “giant step” towards improving the conditions of BHWs who have been at the frontlines of healthcare at the grassroots level.

According to Valenzuela 1st District Rep. Rexlon T. Gatchalian, the Magna Carta of BHWs—one of the priority measures of the Marcos administration— was approved on final reading last Monday evening by the House with an overwhelming 258 votes.

“It is time to recognize the vital role that our BHWs play in the delivery of health services in the communities, especially in the rural areas of the country,” Gatchalian said.

He considered lawmakers’ “collective efforts to ensure the passage” of the measure is how Congress expresses “gratitude for their diligence and sacrifices.”

“We hope that in this small way, we are taking a giant step towards improving the conditions of our BHWs,” said Gatchalian, who is also one of the primary authors and sponsor of House Bill (HB) 6557.

The lawmaker said BHWs are close to his heart as, he said, his 9-year stint as Valenzuela City Mayor has allowed him “to be on the ground and personally see, among others, the extreme sacrifices made by BHWs as community educators in preventing simple diseases, monitors and data gatherers for policy-makers, and primary healthcare providers.”

During his sponsorship speech, Gatchalian cited the case of Aling Pacita, a 58-year-old mother of four, and a BHW in her free time.

“She has been working for the past 16 years as a BHW. She tirelessly walks around her neighborhood to give primary health care services and gathers data on the overall health status of the

community. She is the one administering vaccines in the barangay hall, facing the risk of infection but always keeping in mind the health of the community. Ever since she began to volunteer her time as a BHW, she has been at the frontlines of healthcare,” he said.

“Our BHWs have been at the frontlines of healthcare since time immemorial. Aling Pacita is a symbol of the thousands of BHWs who risk their own personal safety and sacrifice their personal comfort to improve the health of the community.

They have always done their role, it is now time to do ours,” Gatchalian said.

HB 6557, which is a consolidation of 49 measures, seeks to provide BHWs with a comprehensive set of compensation and benefits that include hazard allowance, transportation allowance, subsistence allowance, one-time retirement cash incentive, health benefits, insurance coverage and benefits, vacation and maternity leaves, cash gifts, and disability pay, among others.

The measure also mandates that an accredited BHW who has rendered at least five (5) years continuous service shall be conferred with a first grade Civil Service Eligibility; and mandates the Department of Health (DOH) to provide continuing education and training programs for BHWs.

It mandates the municipal, city or provincial government and the Department of the Interior and Local Government (DILG) to establish a grievance mechanism to address complaints regarding acts of discrimination and unjust removal of BHWs from the service;

With HB 6557 now on its way to the Senate, Gatchalian expressed optimism on its eventual enactment into law this 19th Congress.

A similar act providing a Magna Carta for Barangay Health Workers has been approved by the House of Representatives during the 18th Congress, but failed to pass in the Senate for “lack of material time.”

Economy

DOE sticks to providing incentives as oil, gas sectors draw investors

By Lenie Lectura @llectura

ENERGY Secretary Raphael Lotilla said the agency’s commitment to preserve and maintain investment incentives for service contractors under Presidential Decree (PD) 87 has been met with renewed confidence and strong interest by local and foreign investors in the oil and gas sector.

Just recently, the Department of Energy (DOE) allowed Nido Petroleum Philippines Pty. Ltd., operator of Service Contract (SC) 6B and SC 54, to proceed with the site survey of their drilling locations in their service contract areas by the last quarter of this year.

Lotilla said during a forum on energy investment last Tuesday the survey “is the first step.”

He added the energy department also approved the sale of the 45-percent interest of Shell Philippines Exploration B.V. (Spex) in the Malampaya Service Contract 38 to Prime Infrastructure Capital Inc. (Prime Infra) after a thorough review in accordance with PD 87.

“The new entrant is committed to maximize the utilization of the remaining natural gas in the Malampaya-Camago reservoir to develop the nearby gas fields. We see natural gas as a transition fuel to low carbon fuel,” said Lotilla.

The energy chief is confident this trend will continue as “we reaffirm to prospective investors the openness of our economy to foreign and local investors and assure them of the continued stability of our legal framework, especially in the upstream oil and gas sector.”

Policy amended LOTILLAS said the DOE also recently amended a policy that opened the renewable energy sec -

tor to 100-percent foreign ownership based on an opinion by the Department of Justice (DOJ).

Department Circular 2022-110034 prescribes the amendments to Section 19 of the implementing rules and regulations (IRR) of the Renewable Energy Act of 2008 (Republic Act 9513). The circular is already in effect.

The circular also stated that the following activities will be reserved to Filipinos or corporations with at least 60 percent Filipino ownership: the appropriation of water direct for a natural resource based on PD 1067; and, the exploration, development and utilization of geothermal resources except for financial or technical assistance agreements.

“This recent development paves the way for the entry of more investments in the development and implementation of offshore wind energy projects, which has a potential of 178 gigawatts,” said Lotilla.

“In fact, the President [Ferdinand R. Marcos Jr.] has given the ‘green light’ to proceed and firm up the regulatory framework.”

13 measures pushed by Ledac approved at Lower Chamber

By Jovee Marie N. dela Cruz @joveemarie

THE House of Representatives has approved a total of 13 priority measures of President Ferdinand R. Marcos, Jr. included in the common legislative agenda of the Legislative-Executive Advisory Council (Ledac).

The passage of the 13 bills in Monday’s caucus brought to 15 the total number of priority measures the House had approved since it resumed session last November 7.

Prior to the resumption of sessions, Speaker Martin G. Romualdez reiterated the “unwavering commitment” of the House to act swiftly on the proposed P5.26-trillion national budget for 2023 and the priority measures under the Ledac’s agenda.

Five weeks later, both Chambers ratified the bicameral conference committee report on the 2023 national budget, which is expected to be signed by the President when he returns this week from Belgium where he’s attending the EU-Asean Commemorative Summit.

“We will continue working on the passage of other Ledac-priority bills to ensure better public services for Filipinos and expedite economic growth,” Romualdez said.

The lawmaker believes the country is “on the first stage to full economic recovery, and we are marching in the right direction.”

“Judging from interests shown by global businessmen in our international roadshow with the President, the Philippines may soon become the favorite investment destination in Asia,” Romualdez added. “We, in Congress, are committed to bring this goal to

reality. Stay the course with us, and share the benefits of progress and development.”

“The best is yet to come,” he said.

Bills approved

APPROVED on the third and final reading during Monday’s session included the establishment of a National Disease Prevention Management Authority and the condonation of agrarian reform debts. Also approved were the Philippine Passport Act and the Internet Transaction Act or e-Commerce Law.

The House, likewise, approved the following: Waste-to-Energy bill; Free Legal Assistance for Police and Soldiers; Apprenticeship Act; Public–Private Partnership (PPP) Act; Magna Carta of Barangay Health Workers; Valuation Reform Bill (Package 3); Eastern Visayas Development Authority; and, the Leyte Ecological Industrial Zone.

Last week, the House approved two other measures included in Ledac’s agenda, namely, the Virology Institute of the Philippines and the Passive Income and the Financial Intermediary Taxation Act. The latter is the fourth package under government’s tax reform program.

Apart from the passage of these measures, the House also approved last Monday night on second reading the “Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery” bill, another measure under the common legislative agenda.

Two other bills in the Ledac agenda—the SIM Registration Act and the Resetting of the Barangay and Sangguniang Kabataan elections—have been signed into law by the President.

THE head of the Philippine Economic Zone Authority (Peza) announced that Japan-based firms have expressed interest to apply for new and expansion projects in areas of logistics and apparel, among others.

Peza Officer-in-Charge Tereso O. Panga announced this after a 3-day mission in Osaka and Okayama where she and other trade officials engaged in several business-to-business and government-to-government meetings to promote investments to the Philippines.

The Peza chief said last Monday these companies based in Osaka and Okayama include high-end apparel manufacturer Marukame Trading Co. Ltd. and marine equipment-maker Nakashima Propeller Co. Ltd. Panga also cited those who expressed interest to apply for new and expansion projects include the following: Shibutani Shoten Corp. (autoparts); Junca Holdings Inc. (biotechnology); Synergy Life Solutions Pvt. Ltd. (wastewater treatment); Showa Spring Co. Ltd. (metals and molds); Valtes Co. Ltd. (software design and development); Global Network Japan Co. Ltd. (tourism ecozone development); and, Inabata Philippines Inc. (logistics).

Jobs expansion

ACCORDING to the Peza, Inabata is looking at expanding its warehouse footprint in the next two years to cater to its client ecozone locators nationwide.

Valtes is looking at expanding the operations of its Valtes Advanced Technology Inc., The firm plans to hire an additional 100 software engineers. Nakashima, according to the Peza, plans to bring in new technology. The manufacturer is also “incorporating” innovation to its plants worldwide, particularly in its facility in the Cavite Economic Zone.

Showa Spring, which has a Peza-registered export manufacturing enterprise, is also scouting for a separate location in the Calabarzon area for expansion. This firm has a production facility of metals in the Mactan Economic Zone, Cebu.

Marukame seeks to hire a hundred more employees for its Philippine company, Marukame Fashion Cebu Inc., a 100-percent exportmanufacturer of high-end and global apparel brands located in Mactan Economic Zone.

Junca Holdings eyes to register its bio-technology operations with the Peza. Its partner firms, Global Network Japan and Synergy, are also exploring the possibility of putting up a tourism economic zone and an anaerobic/waste-to-energy water treatment plant, respectively, in the Philippines through Peza.

Peza officials also met with executives of Shibutani Shoten, a manufacturer of car seat, arm rest and headrest covers for car companies, to discuss the firm’s plans of putting up a company in the Philippines to support its employment and training program for Filipino workers and expand its brand to the international market.

Japanese investment

PANGA said Peza officials also invited around 30,000 Japanese smallscale and medium-sized enterprises (SMEs) to invest in the Philippines.

Panga said these SMEs will be “vital in boosting the Philippines’s manufacturing supply chain and industrial ecosystem.”

From January to November 2022, Peza said investments from Japan accounted for P17.755 billion, or 31.12 percent of the P57.048-billion, investments generated in the said period.

Peza said the investments came from top big-ticket projects like Shinetsu Magnetics Philippines Inc., Cebu Mitsumi Inc., TDK Philippines Corp., Tamiya (Philippines) Inc. and Philippine International Manufacturing and Engineering Services Corp.

According to data by the investment promotion agency, to date, there are 891 Japanese enterprises registered in Peza and located in various Peza ecozones nationwide.

These companies contributed P746.093 billion of investments from 1995 to November 2022. The Japanese remain the top investors in Peza comprising 27.52 percent of its total investments, according to the Peza.

Andrea San Juan

Japan-based firms eye new projects with Peza

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Ukraine leader again presses West for advanced weapons

By Jamey Keaten & John Leicester The Associated Press

KYIV, Ukraine—Ukrainian President Volodymyr Zelenskyy pressed Western leaders again on Monday to provide more advanced weapons to help his country in its war with Russia, and he repeated his calls for Russian forces to withdraw from occupied areas of Ukraine, suggesting Christmas as a date to retreat.

During a video conference, Zelenskky told host Germany and other leaders of the Group of Seven industrial powers: “It would be right to begin the withdrawal of Russian troops from the internationally recognized territory of Ukraine this Christmas. If Russia withdraws its troops from Ukraine, then a reliable cessation of hostilities will be ensured.”

He added: “The answer from Moscow will show what they really want there: either a further confrontation with the world or finally an end to aggression.”

The G-7 leaders supported Zelenskyy’s appeal, saying in a statement after their meeting that “Russia can end this war immediately by ceasing its attacks against Ukraine and completely and unconditionally withdrawing its forces from the territory of Ukraine.”

The Kremlin has rejected all previous appeals to reverse its land grabs in Ukraine. It didn’t immediately respond to this latest one.

The two countries haven’t engaged in any recent peace talks and there is no end in sight for the war, which is in its 10th month and has killed and wounded tens of thousands of people and left dozens of Ukrainian cities and towns in ruins.

Russia has illegally annexed parts of eastern and southern Ukraine, including the Crimean Peninsula in 2014, though it doesn’t fully control all of them. Zelenskyy has said his goal is to reclaim all occupied territory, while Russian President Vladimir Putin insists on solidifying his forces’ control over the areas.

In his address to the G-7, Zelenskyy echoed his prime minister’s Sunday appeal for long-range missiles, modern tanks, artillery and missile batteries and other hightech air defense systems to counter Russian attacks that have knocked out electricity and water supplies for millions of Ukrainians. He acknowledged that, “Unfortunately, Russia still has an advantage in artillery and missiles.”

Prime Minister Denys Shmyhal told French broadcaster LCI that in addition to making Ukrainians suffer, Russia wants to swamp Europe with Ukrainian refugees by striking power stations and other infrastructure. Zelenskyy told the G-7 that protecting Ukraine’s energy facilities from Russian missiles and Iranian drones “will be the protection of the whole of Europe, since with these strikes Russia is provoking a humanitarian and migration catastrophe not only for Ukraine, but also for the entire EU.”

Poland’s president, Andrzej Duda, said his nation already has seen an increased demand to shelter refugees.

“The number of refugees in Poland has risen (recently) to some 3 million. That will probably also mean an increase in their numbers in Germany,” Duda said following talks with German President Frank-Walter Steinmeier in Berlin.

On Monday, Russian shelling again mostly focused on eastern and southern regions that Putin illegally annexed.

To defend against further strikes, Shmyhal repeated Ukrainian calls for Patriot surface-to-air missiles—a highly sophisticated system. During the LCI interview, he also asked for more German and French air-defense systems, resupplies of artillery shells and modern battle tanks.

Providing Patriot missiles to Ukraine would advance the kinds of defense systems the West is sending to help the country repel Russian aerial attacks, and would likely mark an escalation.

A US official told reporters the Pentagon has no current plans to send Patriot missiles to Ukraine, but that discussions continue.

The key issue is that the complex, high-tech system requires significant maintenance and training, said the official, who spoke on the condition of anonymity to discuss ongoing operations in Ukraine.

Air defenses were also a topic of a phone call Zelenskyy held Sunday with US President Joe Biden.

Biden “highlighted how the US is prioritizing efforts to strengthen Ukraine’s air defense through our security assistance, including the December 9 announcement of $275 million in additional ammunition and equipment that included systems to counter the Russian use of unmanned aerial vehicles,” the White House said. The G-7 leaders said in their statement that they’ve set an “immediate focus on providing Ukraine with air defense systems and capabilities.”

Even with their current systems, Ukrainian forces have already succeeded in intercepting missiles and drones, and a spokeswoman for the country’s southern armed forces, Natalia Humeniuk, said Monday on Ukrainian TV that “the effectiveness of anti-aircraft defense is 85 percent-90 percent” against weaponized drones.

US officials agree with Ukraine’s reported success in shooting down drones and missiles, attributing the high kill rate in part to intelligence that the US and other allies are providing.

Russian drones are still active. Their attacks near the Black Sea port of Odesa over the weekend destroyed several energy facilities and left all customers except hospitals, maternity homes, boiler plants and pumping stations without power.

Slovakia said that in cooperation with Germany, it has opened a center to repair Ukrainian howitzers and air defense systems of Western origin. The center is located inside a military base in the town of Michalovce, some 35 kilometers (22 miles) west of the border with Ukraine, the EU member nation’s Defense Ministry said.

In Ukraine, the eastern Donbas region, made up of Donetsk and Luhansk provinces, again has become a focus of intense fighting, particularly around the city of Bakhmut.

Ukrainian officials said Monday the country’s forces hit a hotel in the Luhansk region that served as a headquarters of the Wagner Group, a private Russian military

contractor and mercenary group that has played a prominent role in eastern Ukraine.

The region’s Ukrainian governor, Serhiy Haidai, said in an unverified claim that hundreds of Russians were killed in the strike on Kadiivka on Sunday. Moscow-backed local officials in Luhansk confirmed that a Ukrainian strike destroyed a hotel building in Kadiivka but claimed it was unused.

Ivan Fedorov, the Ukrainian mayor of the southeastern town of Melitopol, reported that Ukraine attacked a hotel that reportedly housed analysts from Russia’s top security agency, the FSB. Moscow did not comment on that claim, and none of the reports could be independently confirmed. Russian officials, meanwhile, accused Ukrainian forces of blowing up pillars of a bridge in a suburb of Melitopol on Monday night. Various reports said Russian forces had been using the bridge to transport supplies and that traffic across it has now stopped.

Elsewhere, the Ukrainian prosecutor general’s office said two civilians were killed and 10 were wounded in Russia’s shelling of the town of Hirnyk in the Donetsk region.

Yaroslav Yanushevych, the governor of the Kherson region, said a Russian strike on the southern city of the same name, which Ukraine reclaimed a month ago, killed two civilians and left five wounded on Monday. He said the Russian shelling hit residential buildings and damaged power lines.

And in Skadovsk, about 62 miles (100 kilometers) south of Kherson where the Russian-installed Kherson regional administration had been relocated, a senior government official was lightly injured Monday in an assassination attempt, the Russian Ria-Novosti news agency reported. The driver of a car carrying the official was killed in the attack, it said.

L eicester reported from Le Pecq, France. Associated Press Lolita C. Baldor in Washington contributed to this report.

ISIS bomb targets Chinese diplomats, business executives in Afghanistan

By Eltaf Najafizada

AN Islamic State offshoot took credit for an attack at a Kabul hotel popular with Chinese diplomats and businessmen, the first attack targeting citizens from one of the few countries with good ties with the Taliban since it came to power last year.

Two armed members of the Islamic State-Khorasan, a local affiliate of the militant group operating in the Middle East, detonated explosive devices inside the Kabul Longan Hotel in a posh district of the Afghan capital Monday. The group

claimed the suicide attack killed or wounded at least 30 people, according to the SITE Intelligence Group.

A spokesman of Afghanistan’s Talibanled government, Zabihullah Mujahed, said two foreign nationals were injured while jumping from the hotel balcony and three assailants were killed after a gun battle with government forces.

China was “deeply shocked” by the attack, Foreign Ministry spokesman Wang Wenbin said Tuesday at a regular press briefing in Beijing. Chinese diplomats in the South Asian nation made serious representations with Afghanistan about the incident, he said,

adding that Beijing supported the nation in countering terrorism.

This is the group’s third attack in the last few months hitting targets associated with nations that have friendly ties with the Taliban. Earlier this month there was an attack on Pakistan’s embassy in the country. In September, the group claimed an attack just outside the Russian embassy, which killed several people including a senior diplomat and a security guard.

The IS-K group is one of the Taliban’s most serious security threats, carrying out large-scale attacks in densely populated areas. Even before the Taliban took over

the militant group was fighting it in an attempt to impose their even-harsher Islamic ideology and expand their influence in the region.

The attacks highlight the difficulties the Taliban faces to break its international isolation and draw in foreign investments to the country’s largely untapped mineral resources.

The militant group has limited diplomatic links with only seven countries, including Russia and China, but even those countries have not formally recognized its government. With assistance from Philip Glamann/Bloomberg.

Indian, Chinese troops clash at border in fresh face-off

By Sheikh Saaliq The Associated Press

NEW DELHI—Soldiers from India and China clashed last week along their disputed border, India’s defense minister said Tuesday, in the latest violence along the contested frontier since June 2020, when troops from both countries were killed in a deadly brawl.

Rajnath Singh, who addressed lawmakers in parliament, said the Friday’s encounter along the Tawang sector of eastern Arunachal Pradesh state started when Chinese troops “encroached into Indian territory” and “unilaterally tried to change the status quo” along the disputed border near Yangtze. Singh said no Indian soldiers were seriously hurt and troops from both sides withdrew from the area soon afterward.

Singh said local military commanders met Sunday to discuss the dispute and the Indian government spoke to China through diplomatic channels. There was no immediate comment from the Chinese side.

On Monday, a statement from the Indian Army said troops from both sides suffered minor injuries during the Friday clash.

For decades, India and China have fiercely contested

the Line of Actual Control, a loose demarcation that separates Chinese and Indian held territories from Ladakh in the west to India’s eastern state of Arunachal Pradesh, which China claims in its entirety. India and China fought a war over the border in 1962.

In recent years, soldiers from both sides have patrolled areas along the disputed border. Opposing soldiers often come into contact and the two Asian giants have accused each other of sending troops into each other’s territory.

In June 2020, a clash in the Karakoram Mountains in the Galwan Valley in Ladakh sparked tensions after soldiers fought with stones, fists and clubs. At least 20 Indian and four Chinese soldiers died. The countries both stationed tens of thousands of troops backed by artillery, tanks and fighter jets along their de facto border.

After multiple meetings between military commanders, some Indian and Chinese soldiers have pulled back from a key friction point in Ladakh, but tensions between the two Asian giants remain.

In November, Indian army chief Manoj Pande said there had been “no significant reduction” in Chinese troop strength in Ladakh. He said the border situation was “stable but unpredictable.”

Russia, North Korea restore rail trade halted since early 2020

By Jon Herskovitz

RUSSIA and North Korea appear to have resumed trade over a rail link that had been suspended for almost three years due Covid-19, according to satellite imagery, in the latest sign of warming ties between the neighbors.

Goods were delivered from Russia to North Korea in late November and early December, 38 North said in report published late Monday. Unloaded cargo was spotted at least twice on the North Korean side and expanded freight handling at a station there suggested preparation for greater volume, the group said.

“Based on our observations, it appears the resumption of trade between Russia and North Korea is well underway,” 38 North said, calling it “another sign of North Korea’s slow opening-up to the world as the Covid-19 pandemic lessens.”

Any trade between the longtime partners could raise concerns of international sanctions violations, since North Korea is facing punishment for its pursuit of nuclear weapons and Russia has been hit with measures

over its invasion of Ukraine. The link had been closed in February 2020 when Kim Jong Un sealed his borders against the emerging Covid-19 threat.

The US has accused North Korea of selling artillery rounds to Russia to help Vladimir Putin’s war efforts. While Pyongyang has denied the accusations as groundless, it has lauded the Russian president and been one of the few countries that have recognized the Kremlin-controlled “People’s Republics” in Donetsk and Luhansk in eastern Ukraine.

North Korea has one of the world’s largest artillery forces and been stockpiling shells for decades. Any arms sales would mark a reversal in roles between the neighbors, as North Korea for decades relied on weapons from its former benefactor, the Soviet Union.

An arms sale, however, could potentially give Kim’s regime much-needed cash, oil, and perhaps even technology to help with its nuclear weapons program. The rail link had been closed since early 2020 and 38 North previously reported that Kim’s regime sent a three-car train across it in early November.  Bloomberg News

A HOLE in the roof of the Catholic cathedral damaged by Russian shelling in Bakhmut, the site of the heaviest battles with the Russian troops, in the Donetsk region, Ukraine on Sunday, December 11, 2022. AP/ANDRIY ANDRIYENKO

SMOKE rises from a hotel building after explosions and gunfire in the city of Kabul, Afghanistan on Monday, December 12, 2022. A Taliban official says that a hotel building has come under a complex attack in the Afghan capital Kabul. AP

Oil extends gains as China signals further easing of strict Covid rules

By Yongchang Chin

OIL rose for a second day on signs of further easing of China’s strict Covid-19 restrictions and as a key US pipeline remained shut.

West Texas Intermediate rose toward $74 a barrel after closing 3 percenthigher on Monday, the first gain in seven sessions. China’s ambassador to the US said the nation will continue relaxing its curbs and will welcome more international travelers soon, lifting demand hopes in the world’s top oil importer.

China is rapidly dismantling its Covid Zero policy, although a surge in cases has raised some concerns about energy consumption over winter. Economists are also expecting China to loosen fiscal and monetary policy to bolster growth.

Crude is still on track for its first back-to-back quarterly decline since mid-2019 on concerns about the global economic outlook, with thin liquidity in the oil market exacerbating price swings.

Investors will be watching a reading on US consumer prices later Tuesday for clues on the path of monetary policy.

TC Energy Corp. is yet to submit a restart plan needed to resume operation of the Keystone pipeline following an oil spill. The conduit has now leaked more crude than any other pipeline on US land in the past 12 years.

Time spreads continue to signal ample near-term supply, with the prompt spread for WTI and Brent holding in contango. The gap between the two nearest contracts for the global benchmark was 31 cents a barrel in contango, compared with $1.58 a barrel in backwardation about a month earlier.

Freezing conditions will remain across Northern Europe through the week, placing a heavy strain on power grids and adding to the demand outlook for fuels. The UK had asked for two standby coal-fired units to run on Monday before canceling the request amid signs of relief from winter weather. Bloomberg News

Peru president’s call for early elections fails to curb chaos

By Stephan Kueffner & Matthew Bristow

THE violent chaos roiling Peru spread on Monday after President Dina Boluarte’s call for early elections failed to calm demonstrators protesting against her five-day old government.

Crowds blocked highways and massed in city centers in several regions of the Andean nation, and at least four people were killed as security forces tried to reimpose order, according to the Health Ministry.

Demonstrations have gathered momentum since Pedro Castillo of the socialist Peru Libre party was ousted from the presidency and then arrested on Dec. 7. His supporters are calling for his release from the police base where he is being detained, the dissolution of congress, early elections and a rewrite of the constitution.

In an address late Sunday night, Boluarte called for elections to be brought forward two years to 2024, and also imposed a state of emergency in in some Castillo strongholds where protests are most intense. Boluarte was elected as Castillo’s vice president, for a term that expires in 2026.

“We see an escalation of political confrontation that’s not healthy for the country,” Boluarte said in her address.

Protesters have blocked key highways that connect Lima and the country’s main port with agricultural heartlands, and clashed with police in riot gear in downtown Lima. A breach of security by protesters in Arequipa forced the local airport to close.

The developments over the last week underscore Peru’s long-running political crisis that has seen congress continually confront sitting presidents for the better part of a decade, with the last person to fully finish his term being Ollanta Humala in 2016. Boluarte is the nation’s sixth head of state since the start of 2018.

To try to defuse the crisis, Boluarte’s government submitted a bill to congress, which would allow early elections.

“It’s urgent to carry out democratic and constitutional changes in the congress, fundamentally obeying the citizens’ sentiment,” the cover note accompanying the text of bill read. It would need 87 votes from the 130 members of the unicameral legislature to pass.

Market reaction

PERU’S stocks, bonds and currency all weakened Monday, with the selloff in stocks made worse by lower copper prices.

The magnitude of the protests has been surprising, said Sarah

“The protests really matter because if they are prolonged and if they are big, then they can have an impact on fundamentals,” she said.

The call for early elections is “the right thing to do,” keeping the overall look for markets in 2023 “fairly stable,” Daniel Rico, a FX strategist at RBC Capital Markets, said in response to written questions.

Ratings agency S&P Global Ratings Monday revised the nation’s outlook to negative from stable, citing increased risks to institutional stability, but kept its rating two notches above junk territory at BBB, in line with Panama and Uruguay.

Mines and agriculture

THE demonstrations are affecting harvesting, packing and transport to the port of perishable goods, said Gabriel Amaro, head of Peru’s agricultural producers, in reply to written questions. Peru is a major exporter of agricultural goods including blueberries, avocados, grapes and asparagus.

The political unrest also threatens to inflame simmering community tensions in mining areas. Peru’s rise to become a major producer of copper, zinc and silver has been hampered by sometimesbloody protests and sporadic roadblocks as indigenous groups vent frustrations over what they see as insufficient compensation for land being used by mining companies.

Antamina, the giant copperzinc venture owned by BHP Group and Glencore Plc, was operating normally Monday, Chief Executive Office Victor Gobitz said in an emailed response to questions.

Hochschild Mining Plc’s two underground mines in southern Peru were also unaffected by political protests. MMG Ltd.’s Las Bambas copper mine—the target of a multiple community protests since it opened in 2016—didn’t immediately respond to a request for comment.

Street protests

CASTILLO’S approval ratings had fallen to about 25 percent by the time he was impeached, but he did still enjoy significant backing among the poorest farmers and some other groups such as teachers. Many of them resent Boluarte for having ditched Castillo when he attempted to dissolve congress.

Via Twitter, Castillo Monday called his running mate a “usurper” and complained that he was “humiliated, kept incommunicado, mistreated and kidnapped.”  With assistance from James Attwood, Maria Elena Vizcaino and Leda Alvim/Bloomberg.

China students return home amid Covid travel spread fears

BEIJING—Some Chinese universities say they will allow students to finish the semester from home in hopes of reducing the potential of a bigger Covid-19 outbreak during the January Lunar New Year travel rush.

It wasn’t clear how many schools were taking part, but universities in Shanghai and nearby cities said students would be given the option of either returning home early or staying on campus and undergoing testing every 48 hours. The Lunar New Year, which falls on January 22 this year, is traditionally China’s busiest travel season.

Universities have been the scene of frequent lockdowns over the past three years, occasionally leading to clashes between the authorities and students confined to campus or even their dorm rooms.

Tuesday’s announcements came as China begins relaxing its strict “zero-Covid” policy, allowing people with mild symptoms to stay home rather than be sent to a quarantine center, among other changes that followed widespread protests.

Starting from Tuesday, China has stopped tracking some travel, potentially reducing the likelihood people will be forced into quarantine for visiting Covid-19 hot spots. Despite that, China’s international borders remain largely shut and there has been no word on when restrictions on inbound travelers and Chinese wishing to go overseas will be eased.

The move follows the government’s dramatic announcement last week that it was ending many of the strictest measures, following three years during which it enforced some of the world’s tightest

virus restrictions.

Last month in Beijing and several other cities, protests over the restrictions grew into calls for leader Xi Jinping and the Communist Party to step down—a level of public dissent not seen in decades.

While met with relief, the relaxation has also sparked concerns about a new wave of infections potentially overwhelming health care resources in some areas.

With so many people staying home, Beijing’s downtown streets were eerily quiet on Tuesday. Small lines formed outside fever clinics—the number of which has been recently increased from 94 to 303—and at pharmacies, where cold and flu medications have become harder to find.

Many residents of mainland China have taken to ordering medication from pharmacies in Hong Kong, which has already relaxed many restrictions.

The government of the semiautonomous southern city took a further step Tuesday, saying it would remove restrictions for arriving travelers that currently prevent them from dining in restaurants or going to bars for the first three days. It would also scrap the use of its contact-tracing app, although vaccine requirements to enter venues like restaurants will remain in place. The new measures take effect Wednesday.

The easing of control measures on the mainland means a sharp drop in obligatory testing from

which daily infections numbers are compiled, but cases appear to be rising rapidly, with many testing themselves at home and staying away from hospitals.

China reported 7,451 new infections on Monday, bringing the nation’s total to 372,763—more than double the level on October 1. It has recorded 5,235 deaths— compared to 1.1 million in the United States.

China’s government-supplied figures have not been independently verified and questions have been raised about whether the ruling Communist Party has sought to minimize numbers of cases and deaths.

The US consulates in the northeastern Chinese city of Shenyang and the central city of Wuhan will offer only emergency services from Tuesday “in response to increased number of Covid-19 cases,” the State Department said.

“Mission China makes every effort to ensure full consular services are available to US citizens living in the PRC, but further disruptions are possible,” an e-mailed message said, using the initials for China’s official name, the People’s

Republic of China.

Xi’s government is still officially committed to stopping virus transmission, the last major country to try. But the latest moves suggest the party will tolerate more cases without quarantines or shutting down travel or businesses as it winds down its “zeroCovid” strategy.

Amid the unpredictable messaging from Beijing, experts warn there still is a chance the ruling party might reverse course and reimpose restrictions if a largescale outbreak ensues.

The change in policy comes after protests erupted Nov. 25 after 10 people died in a fire in the northwestern city of Urumqi. Many questioned whether Covid-19 restrictions impeded rescue efforts. Authorities denied the claims spread online, but demonstrators gave voice to longstanding frustration in cities such as Shanghai that have endured severe lockdowns.

The party responded with a massive show of force and an unknown number of people were arrested at the protests or in the days following. AP

Twitter Blue service is back, including ‘verified’ badges

TWITTER Inc. resumed selling its Twitter Blue premium offering, which gives users a blue verification badge by their names, following a weeks-long pause because some subscribers were using the paid service to impersonate well-known accounts.

After several postponements, the social network said in a blog post that Twitter Blue is available now. Users who pay $8 a month will receive a check mark in a blue badge next to their profile pictures and will be able to edit tweets, among other perks.

Twitter said it will take “a number of other steps to detect and prevent impersonation,” including a requirement that users have a valid phone number attached to their account. Users who change their user name or photo will also lose their check mark “until those changes are reviewed by Twitter.”

“Accounts found to be breaking our rules may be suspended without a refund,” the blog reads.

Before billionaire Elon Musk took the company private in late October, Twitter verified accounts with a blue badge as a way to distinguish prominent users, or those at risk of being impersonated, including celebrities, musicians and journalists. But the process of getting verified was also unclear, and Musk has criticized it as a “lords & peasants system.”

The San Francisco-based company said it will also start offering different colored check marks, including a gold one for businesses and a gray one for political accounts. In a tweet later Monday, Musk said Twitter Blue subscribers will also see half as many advertisements as regular users, and added that the company is planning to sell subscriptions for an ad-free version of the service later next year.

An earlier attempt at the payfor-verification system led to widespread impersonation when users who bought check marks changed their user names to those of prominent brands and people, including Musk. The verification process was temporarily suspended as the company tried to figure out how to fix the issue.

Musk is also taking a subtle shot at Apple Inc. as part of Twitter Blue’s relaunch. The company will charge users $11 per month if they subscribe through the Twitter app for Apple’s iOS, an effort to recoup fees collected by Apple for in-app purchases. Musk has repeatedly complained about those fees, calling them a “de facto global tax on the internet.”

Users who don’t pay for Twitter Blue will lose their verification badges “in a few months,” Musk tweeted Monday, though he has made similar statements before.

A MASKED worker prepares fever and cold medicine at a pharmacy in Beijing on Tuesday, December 13, 2022. Some Chinese universities say they will allow students to finish the semester from home in hopes of reducing the potential of a bigger Covid-19 outbreak during the January Lunar New Year travel rush. AP/ANDY WONG

Glendon, senior analyst at Columbia Threadneedle Investments in New York.

Editor: Angel R. Calso

editorial

PHL can become food self-sufficient

More expensive food was cited as the top culprit behind the acceleration in inflation in November (See, “Inflation-easing plan lacking; it’s 8% in November,” in the BusinessMirror, December 7, 2022). The inflation rate last month was the highest since November 2008, during the global financial crisis when commodity prices jumped by more than 9 percent. The uptick in inflation, according to the Philippine Statistics Authority (PSA), was due to the increases in the prices of vegetables, tubers as well as flourbased products and rice.

However, despite hitting a 14-year high in November, inflation has not yet peaked, according to economists. Signs point to the possibility that even after inflation touches another record, it will remain elevated due to man-made disasters and weather phenomena. For one, the conflict in Eastern Europe caused by Russia’s attack on Ukraine will continue to weigh on the prices of commodities that the Philippines requires, like wheat and palm oil.

Just recently, experts from the International Monetary Fund (IMF) said countries should brace for the impact of La Niña, which could dampen the output of certain crops like sugarcane (See, “IMF experts flag added inflation risk: La Niña,” in the BusinessMirror, December 12, 2022). While a mild La Niña may be beneficial for rice, the country’s staple food, an extreme event would be disastrous for rice-producing regions that will be affected by it as floods could destroy standing crops.

IMF experts warned that La Niña could exacerbate the food supply situation of countries that are already reeling from high commodity prices caused by the war in Ukraine and rising energy prices. La Niña was one of the major factors behind the decline in the country’s sugarcane output in the previous crop year and the resulting increase in sugar prices. The weather event will put additional upward pressure on prices and make food less accessible, especially to vulnerable sectors.

Local economists noted that supply-side constraints have driven inflation in the Philippines in recent months. Beefing up food supply by boosting production is the most ideal intervention as the country would not have to rely on foreign countries for its requirements. While people understand that this cannot happen overnight, the economic blueprint being drawn up by policymakers must detail strategies that will expand the contribution of agriculture to GDP.

Sans a solid plan that will exponentially increase the productivity of the local agriculture sector amid climate change, the country will always have to rely on foreign food producers to stabilize consumer prices. We are capable of producing many of the food items needed by Filipinos, but big investments are necessary to mechanize farming, drastically reduce postharvest losses, and improve logistics to make it easier and cost-efficient to transport food to urban areas. Agriculture may be an expensive proposition but Southeast Asian countries like Thailand and Vietnam that placed their bet on the sector have shown that doing so will yield big rewards.

China casts long shadow over US-Africa Leaders Summit

By Aamer Madhani & Lolita C. Baldor | The Associated Press

WASHINGToN—With dozens of African leaders descending on Washington this week, the Biden administration is offering a not-so-subtle pitch in its economic competition with China on the continent: The US offers a better option to African partners.

Ahead of Tuesday’s start of the three-day US-Africa Leaders Summit, Deputy Commerce Secretary Don Graves acknowledged that the US has fallen behind as China has surged past American foreign direct investment in Africa but argued that the US remains the “partner of choice” in Africa.

“We took our eye off the ball so to speak, and US investors and companies are having to play catch up,” Graves said at an event hosted by the news outlet Semafor. He added, “We’re bringing the best technologies and innovations, the highest standards.... The US helps to build capacity in our partner countries as opposed to exploiting those countries.”

Heads of states from 49 African nations and the African Union have been invited to take part in the summit that has been billed as an opportunity for President Joe Biden’s administration to re-engage the continent’s leaders.

The continent, whose leaders often feel they’ve been given short shrift by leading economies, remains

crucial to global powers because of its rapidly growing population, significant natural resources, and a sizable voting bloc in the United Nations. Africa remains of great strategic importance as the US recalibrates its foreign policy with greater focus on China — what the Biden administration sees as the United States’ most significant economic and military adversary.

Even before the summit officially began, the White House announced Biden’s support for the African Union becoming a permanent member of the Group of 20 nations and that it had appointed Johnnie Carson, a well-regarded veteran diplomat, to serve as point person for implementing initiatives that come out of the summit.

White House national security adviser Jake Sullivan on Monday also said that the administration would commit to spending $55 billion in Africa over the next three years on “a wide range of sectors to tackle the core challenges of our time.”

“If you compare what the United

States is committing over the next three years to what any other country is committing, I think we stack up extremely favorably,” Sullivan said.

And while the administration has tried to minimize concerns about China’s deepening presence on the continent as a driving force at this week’s talks, Beijing’s shadow over the biggest international gathering in Washington since the start of the pandemic nearly three years ago looms large.

Without direct mention of China, Deputy Treasury Secretary Wally Adeyemo on Monday sounded the alarm about petering private investment in middle- and low-income countries, particularly in Africa. The infrastructure finance gap, or money needed for essential projects like lighting homes and businesses, responding to the Covid pandemic and to making communities resilient against extreme weather, sits at $68 billion to $108 billion per year, Adeyemo said.

At the same time, Adeyemo lamented that huge amounts of private capital among the wealthy nations around the globe remains untapped.

“There is a clear disconnect between the large amount of available private sector capital and the urgent need to fund critical infrastructure projects in Africa and elsewhere. The question for us is: how do we connect this massive supply of savings with

high-quality infrastructure projects in Africa?” Adeyemo said at the US Trade and Development Agency. Trade between the US and subSaharan Africa was $44.9 billion last year, a 22 percent increase from 2019. But foreign direct investment into the region fell by 5.3 percent to $30.31 billion in 2021. Trade between Africa and China last year surged to $254 billion last year, up about 35 percent as Chinese exports increased on the continent.

The Biden administration, as it addresses criticism that Africa has remained an afterthought in US foreign policy, has taken veiled jabs at China.

During his visit to Nigeria last year, Secretary of State Antony Blinken said that “too often, international infrastructure deals are opaque, coercive” and “burden countries with unmanageable debt.”

The language—while tough—may have been more restrained than the Trump administration’s rhetoric; Vice President Mike Pence at the time accused Beijing of “debt diplomacy” in Africa and elsewhere.

China’s ambassador to the US, Qin Gang, pushed back on Monday against the Chinese debt trap notion and made the case that China has long been “sincere” in approaching Africa as the vibrant emerging market of the future.

A diminished US workforce could lead Fed to keep rates high

By Christopher Rugaber | AP Economics Writer

WASHINGToN—Still eager to hire, America’s employers are posting more job openings than they did before the pandemic struck 2½ years ago. Problem is, there aren’t enough applicants. The nation’s labor force is smaller than when the pandemic struck.

The reasons vary—an unexpected wave of retirements, a drop in legal immigration, the loss of workers to Covid-19 deaths and illnesses. The result, though, is that employers have to compete for a smaller pool of workers and to offer steadily higher pay to attract them. It’s a trend that could fuel wage growth and high inflation well into 2023.

In a recent speech, Federal Reserve Chair Jerome Powell pointed to the shortfall of workers and the resulting rise in average pay as the primary remaining driver of the price spikes that continue to grip the economy.

Though inflation pressures have eased slightly from four-decade highs—average gasoline prices are now below where they were a year ago—costs are still rising fast in much of the economy’s vast service

sector. As a result, the Fed is expected Wednesday to raise its benchmark short-term rate for a seventh time this year, though by a smaller amount than it has recently.

The central bank has boosted its key rate by a substantial three-quarters of a point four straight times, to a range of 3.75 percent to 4 percent, the highest level in 15 years. Powell has signaled that the Fed will likely raise its benchmark rate by a half-point this week, and many economists expect quarter-point rate hikes after that.

Cumulatively, those rate increases may be helping slow inflation. But they have also sharply increased borrowing costs for consumers and businesses—on mortgages, auto loans and credit cards, among other loans. Many economists have warned that the resulting decline in borrowing and spending will likely cause a

In a recent speech, Federal Reserve Chair Jerome Powell pointed to the shortfall of workers and the resulting rise in average pay as the primary remaining driver of the price spikes that continue to grip the economy.

recession in 2023.

Yet with price increases still uncomfortably high, Powell and other Fed officials have underscored that they expect to keep rates at their peak for an extended period, possibly through next year. On Wednesday, members of the Fed’s rate-setting committee will update their projections for interest rates and other economic barometers for 2023 and beyond.

The higher wages that many employers have to offer don’t always lead to higher inflation. If companies invest in more efficient machines or technology, workers can become more productive: They can increase their output per hour. Under that scenario, businesses could raise pay without having to raise prices.

But productivity has been espe-

cially weak in the past year. And Powell has noted that higher pay will likely feed too-high inflation in the service sector—everything from restaurants and hotels to retail stores, medical care and entertainment. The employers in these industries are labor-intensive, and they tend to pass their higher labor costs on to their customers through higher prices.

Higher wages also typically spur Americans to keep spending, a trend that can perpetuate a cycle that keeps prices high.

“This labor shortage that we have,” the Fed chair said, “it doesn’t look like it’s going away anytime soon. It’s been very disappointing and a little bit surprising.”

The leading cause of the worker shortfall, according to research by the Fed, is a surge in retirements. In his recent speech, Powell noted that there are now about 3.5 million fewer people who either have a job or are looking for one compared with pre-pandemic trends. Of the 3.5 million, about 2 million consist of “excess” retirements—an increase in retirements far more than would

China to set economic plans amid shift from Covid Zero to growth

That’s the view from economists, who expect President Xi Jinping and his officials to flesh out policy objectives for the coming year at the Central Economic Work Conference taking place this week. A target for next year’s growth will also likely be discussed, although it won’t be disclosed until March, during the annual legislative meeting.

The Communist Party’s new Politburo, stacked with Xi’s allies after he secured a third term in power in October, last week set the tone of the economic conference by making a decisive shift toward propping up growth. Officials must now try to reverse some of the damage done to the economy from three years of stringent Covid controls and the worst downturn in the property market in modern history, which have battered consumer and business confidence.

This year’s CEWC “will provide the first real signal of what the leadership envisions for economic policy after the end of Covid Zero,” said Christopher Beddor, deputy China research director with Gavekal Dragonomics. “It’s probably going to mark the start of a new chapter in economic policy making.”

The annual economic conference will likely begin on Thursday and is set to include members of the Politburo, provincial governors, and heads of government agencies and financial institutions. The meeting is usually three days long, with a readout published in state media at the end.

On Thursday, the government will also release monthly economic data for November, which is expected to show a deeper contraction in retail sales and a notable slowdown in industrial production amid the latest Covid wave.  Here’s a look at some of the major issues likely to be discussed at the economic work conference:

GDP target

SENIOR officials have been debating a growth target of around 5 percent for next year, with some of them arguing that a relatively high goal will help local governments shift their focus away from Covid controls to boosting growth. Others are concerned the objective could be too ambitious.

Economists surveyed by Bloomberg predict gross domestic product will expand 4.9 percent next year, although a surge in Covid cases makes the outlook uncertain.

With the economy expected to grow just 3.2 percent this year—the slowest pace since the 1970s barring the pandemic slump in 2020— policymakers are under pressure to stimulate growth next year in order to achieve longer-term objectives.

Xi’s goal of raising the nation’s per-capita GDP to the level of a medium-developed country by 2035 would require annual growth rates at 5 percent or higher through 2030, according to Yang Weimin, a senior economic official at the Chinese People’s Political Consultative Conference, the top political advisory body.

Monetary and Fiscal Policy

THE Politburo said last week it will seek an active fiscal policy next year and implement a prudent monetary policy that’s “targeted and forceful.”

Analysts in China have been calling on the central government to expand its official fiscal deficit and sell more general bonds to spur growth and reduce the debt burden of local authorities.

“China’s pandemic support has focused spending largely on infrastructure and supporting enterprises. A shift toward supporting consumption would be a significant—and growth-positive—change in course, though it’s hard to say how likely that is,” said Bloomberg economists

Senior officials have been debating a growth target of around 5 percent for next year, with some of them arguing that a relatively high goal will help local governments shift their focus away from Covid controls to boosting growth. Others are concerned the objective could be too ambitious.

Chang Shu, Eric Zhu and David Qu.

Goldman Sachs Group Inc. estimates China will raise the narrow fiscal deficit to 3.2 percent of GDP in 2023 from 2.8 percent this year, and allow local governments to sell 4 trillion yuan of new special bonds, slightly lower than this year’s actual issuance.

Monetary easing will also likely come through structural tools such as re-lending for vulnerable sectors of the economy, rather than broad policy rate cuts, Goldman’s economists said. That’s because growth should recover next year and inflation may pick up while Covid controls are loosened.

Property easing

THE Politburo statement didn’t mention the property sector, which some analysts have taken as a sign that more easing may be coming.

Bloomberg reported last week that officials are considering playing down the significance of its stance that “housing is for living, not for speculation,” language that’s consistently been used over the years to show the government’s determination to curb debt and home prices. Beijing aims to reverse the downward trend in property industry and resume normal operation of the industry, according to people familiar with the discussions.

Any reference to the sector, change in wording, or even omission from the statement to be released after the CEWC would be key to gauge policymakers’ stance on the embattled industry.

“I expect to hear the CEWC stress support for home demand,” said Duncan Wrigley, chief China economist at Pantheon Macroeconomics. “This would provide cover for additional local easing measures such as partly rolling back purchase restrictions in large cities and mortgage easing.”

The property market is in its worst downturn in modern history following the government’s crackdown on speculation and debt risks. The slump showed little signs of easing in November, with home sales continuing to plunge despite a spate of rescue measures recently.

Market confidence

THE Politburo made a rare pledge to “significantly boost market confidence,” igniting hopes that more business-friendly and pro-growth measures will be introduced. Confidence among businesses, consumers and economists has hit record lows recently.

The Politburo said last week officials will be emboldened to get things done and local governments will be encouraged to “break through.” The rarely used phrases may drive local officials to compete to achieve faster economic growth in their regions, with GDP possibly becoming part of their performance assessments again, Morgan Stanley economists including Robin Xing wrote in a note.

The Politburo also revived the socalled “two unwaverings” slogan — a pledge to “unwaveringly” support both public and private companies. The phrase, which hasn’t been mentioned in the Politburo statement since October 2018, has in the past signaled more support for private firms. Bloomberg

Finding joy: A mission possible

Siegfred Bueno Mison, Esq.

THE PATRIOT

NOTE: Below is a written collaboration with my daughter Regina Victoria as I asked her to share insights during this season of giving and sharing.

IN yesterday’s sermon on the 3rd Sunday of Advent, we were called to find joy in uncertainty. This call has been particularly challenging for my family members who are going through major transitions and hurdles in life now and in the years to come. But, as the pandemic years end, it’s understandable that some of us still carry the worry of something going completely awry once more; and, because of what transpired all over the world, there are others who are still trying to bounce back from the illnesses and loss they’ve experienced. In his valedictory speech, Mark Vergara of the Ateneo Law School (ALS) Class 2022 quoted some of Taylor Swift’s lyrics: “We survived the great war. May we all continue to crash through walls, move mountains, and fight dragons—always, and in all ways, for the greater good of those we will serve.”

Fr. Tito Caluag, the mass presider I listened to last Sunday, shared that we can find joy in knowing and seeing our contributions to the mission we were given in this life. For it is through these, he said, will we be able to redirect our perspective; find joy and fulfillment in being able to live out our purpose and see our actions bear fruit, and take comfort in knowing that we are not walking this life on our own. By way of an example, I will no longer look farther than my own father, who became a Bible reader a few years ago and embraced Jesus Christ as his Lord and Savior.

At first, I did not find the relevance of such commitment. But the recent interactions I had with my father revealed that he has found joy in life.

From a captain in the Army to a law practitioner, from a Bureau commissioner to a corporate executive, I think my father has found a much better compass in life.

As believers, he and I know that the mission of Christians is the interconnection between loving people and teaching people how to love. But knowing this Great Commission as found in Matthew 28:19-20 where it says to “go therefore and make disciples of all nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit, teaching

China . . .

continued from A12

“We are not interested in the views of any other countries on China’s role in Africa,” Qin said at the Semafor forum. Asked whether Biden administration officials would directly approach US concerns about Chinese involvement in Africa during this week’s meetings, officials bristled.

“It’s not going to be about China,” White House press secretary Karine Jean-Pierre added. “It’s going to be about Africa.”

But the Pentagon has acknowledged that China’s increasing efforts to set up military bases in Africa and

them to observe all that I have commanded you” is not enough. Knowing is one thing, doing it is another, and a harder thing. I am delighted to see my father integrate this mission into his day-to-day life—as a worker in the private sector and as a servant of God as he also conducts bible studies in his workplace.

Integrating this divine mission into our life’s work can be done in big ways like dedicating time to spread the Word or regularly volunteering to help the least, the last, and the lost. In grade school, I remember asking my father to always have crackers and food items in our car so we can give to those who are begging for some blessings in the streets of Manila. But we can also integrate this mission in small ways like praying for others and engaging those around us with encouraging conversations like how my father did it. For instance, the articles he has written for this newspaper has evolved from mere management/leadership topics to an inspirational and Spirit-filled message designed to correlate business and political stories with biblical principles. He has hosted a radio program, together with his pastor friend, whose title speaks for itself —ULOL, Usapang Law of the Land and Law of the Lord. Aside from his

forge stronger economic ties across the continent fuel US security concerns that will limit how much the America’s military can work with countries that have growing ties to Beijing.

Officials said in the run-up to the meetings that while America can’t and won’t tell African countries to turn away from China, the administration is making it clear that allowing Chinese bases on their soil and using Chinese telecom systems could hurt US military relations with them.

“We have a particular type of security and military and defense relationship...with African partners, and that could be jeopardized if they

ly empty. Motion-sensitive lights would turn off, and she’d have to walk around to turn them back on. Women’s bathrooms in her building, Soini said, were often locked.

In all these different ways, we’ll all be able to contribute to our shared mission with our Lord and find joy, fulfillment, and comfort in the process. As the eldest daughter, I have committed to work to support and empower young learners and aspiring changemakers in different parts of our world. I find joy in helping others, as seen in my resume which contains at least 5 employers in the non-government sector.

writing and radio hosting, my father has also integrated this divine mission in the servant leadership talks and workshops that he does outside of his 9-to-5 job. His goal is to help younger public servants, either in PMA or in the PNP, come up with their personal mission statements grounded in who they are and what they value, who they want to be and what they want to achieve, and in the faith that will help them do the best they can especially when times get hard—all with the grace of God.

Uplifting words can come in different ways. ALS Class 2022 valedictorian, Mark Vergara, whose class still mourns and carries the trauma of a violent death of a classmate’s parent, acknowledged that while the scars may take time to heal, he also recognized his classmates’ fair share of victories, finishing law school in Ateneo, for instance. “Perhaps we are unanimous in this consciousness that Ateneo has humbled us down to our very cores. It is in Ateneo that we have witnessed even the mightiest fall. It is in Ateneo that we have witnessed our peers crumble and come apart at the seams. But perhaps we are likewise unanimous in this consciousness that it is also in Ateneo that we have witnessed, multiple times, genuine collaboration, and selflessness: constantly helping each other get a grip and stand back up after every checkmate and heartbreak.” There is joy in the grueling process of earning an Ateneo degree. Just ask my younger sister Regina Elena who is now on her third year in law school. Little did and my sister Mark know that their professors, like my father, find joy, not in humbling (nor “terror-

were to have Chinese basing in their region just because of the type of exercises, the type of work, the type of collaboration and training that we do with them,” Chidi Blyden, the deputy assistant defense secretary for African affairs, told reporters last week.

Speaking at a defense forum put on by George Washington University’s Project for Media and National Security, Blyden said the use of China’s Huawei communications network “makes it hard for us to be able to work with African partners.”

She said it impacts the ability of the US to communicate on a “clear and secure channel.”

The comments underscore long-

izing”) students, but molding them to be God-fearing and God-serving lawyers in the Ignatian spirit. In all these different ways, we’ll all be able to contribute to our shared mission with our Lord and find joy, fulfillment, and comfort in the process. As the eldest daughter, I have committed to work to support and empower young learners and aspiring changemakers in different parts of our world. I find joy in helping others, as seen in my resume which contains at least 5 employers in the non-government sector. Now, at this point in my career, I have a choice between finding another development organization to work with or to start my own. While both choices have major pros and cons in them, I am not as anxious and scared as I was a few years ago. It’s a difficult choice, but I know that the Lord will direct me in keeping with His promise—“In their hearts humans plan their course, but the LORD establishes their steps” (Proverbs 16:9). But I’m more grateful to be at that crossroad because I’ve seen what the Lord has been able to do through me in the lives of others I helped in my own little way. And, right now, I’m learning to trust Him even more.

I understand how pain and sorrow can truly take their toll in one’s health, having first faced clinical depression and anxiety back in 2014. I have really come a long way since. My father has witnessed how I am now persevering through my bad days and trying to express love where and when I can. My father and I are reminded that finding joy is possible in and through our Lord. In sharing my story and excerpts of the speech of ALS Class 2022 valedictorian Mark, may the readers find joy, despite the uncertainties in life, in helping and loving others, as their token contribution to the Great Commission.

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

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

standing concerns among military commanders that the US must not only keep pace militarily with China in the Indo-Pacific, but in other regions of the world also. Those include Africa, South America and the Middle East, where China is eyeing military and economic expansion.

US officials have also expressed concerns that China is looking to establish a military base on the western coast of Africa.

“China’s Huawei network, which is very robust across the continent, makes it hard for us to be able to work with African partners who may adopt some of these systems,” she said. Associated Press writers Seung Min Kim and Fatima Hussein contributed to this report.

have been expected based on preexisting trends. Roughly 400,000 other working-age people have died of Covid-19. And legal immigration has fallen by about 1 million.

For Diane Soini, it was the experience of working from home and then having to endure a dismal return to the workplace that led her to retire after working 11 years as a computer programmer with the University of California, Santa Barbara. Before the pandemic, Soini had enjoyed going into work. She felt respected by colleagues. She had asked for, and received, her own office.

“And the pandemic came along and took it all away,” said Soini, 57, who lives in Santa Barbara.

She disliked communicating over Zoom and felt disconnected from her co-workers. Once she returned to the office, she often found it main-

“I just thought, this is horrible, I hate this,” she said.

Soini retired in July. Soon after, she hiked 800 miles of the Continental Divide trail along the Montana and Idaho borders. Next spring, she plans to hike the Arizona National Scenic Trail from the border with Mexico to Utah.

Soini and her partner are financially secure, she said. She puts the likelihood of her ever returning to work at maybe one-third. She quit a volunteer job she had taken once it began to seem like work.

Besides fueling inflation, a smaller workforce is causing other consequences. Some businesses, particularly retailers and restaurants, have had to cut back their hours of operation, losing revenue and frustrating customers.

Jeffrey Moriarty, who manages a family-owned 42-year-old jewelry company called Moriarty’s Gem Art in Crown Point, Indiana, said his company had to close its jewelry repair business late last year, a service it had provided for 30 years, because it couldn’t replace its longtime employee. Though the repair service accounted for only about 15 percent of Moriarty’s revenue, it allowed the business to distinguish itself from rivals in the area.

“It’s hard enough finding workers, but a bench jeweler is a dying breed,” said Moriarty, referring to an artisan who does stone setting and engraving. “You just can’t bring someone in with no experience.”

How the Fed will manage a robust labor market, with its effect on inflation, could prove perilous. Powell and other Fed officials have said they hope their rate hikes will slow consumer spending and job growth.

Businesses would then remove many of their job openings, easing the de-

mand for labor. With less competition for workers, wages could begin to grow more slowly.

Powell has even named a wage target: He regards annual pay growth at a rate of about 3.5 percent as compatible with 2 percent inflation. Right now, average pay is growing about 5 percent to 6 percent a year.

Three months ago, the Fed’s policymakers estimated that the unemployment rate would rise to 4.4 percent next year, from 3.7 percent now. On Wednesday, the policymakers may forecast a higher unemployment rate by the end of 2023. If so, that would suggest that they foresee more layoffs and likely a recession.

“What will it take to get wage growth to slow to the extent that inflationary pressures go away?” asked Matt Klein, an economics commentator who writes The Overshoot newsletter. “We don’t really know the answer.” AP Business Writer Anne D’Innocenzio contributed to this report from New York.

ChINA’S abrupt ending of its Covid Zero policy injects more uncertainty into an already fragile economy, raising the prospect of looser fiscal and monetary policy and more easing in the property market to bolster growth.

PHL-BELGIUM JOINT PLAN OF ACTION EYED FOR ‘23

PRESIDENT Ferdinand “Bongbong” R. Marcos Jr. is pushing to strengthen the country’s bilateral relations with Belgium with a new Joint Action Plan.

M arcos said he will meet with King Philippe of Belgium this week to discuss areas where both countries could further cooperate.

“ We look forward to signing a Philippines-Belgium Joint Plan of Action for 2023 to 2027 that could further enhance bilateral cooperation, allow our two countries to discuss regional and global issues of mutual concern,” Marcos said during his meeting with the Filipino community on Sunday.

H e noted the country’s relationship with Belgium in the last 76 years remains strong and vibrant partly due to the good reputation of Filipinos based in the Northwestern European country.

“ Our ties with Belgium continue to flourish, not only because of G2G or governmentto-government contracts but because of the strong interpersonal linkages of the Filipino community with Belgians and other expatriates, whether through employment or marriage and family ties,” Marcos said.

To help improve government

services for Filipinos residing in Belgium and other countries in Europe, Department of Migrant Workers (DMW) Secretary Susan V. Ople said they are considering the deployment of additional labor attachments in the said continent.

So, we are now studying [in] which areas in Europe we can add [labor attachments],” Ople said in Filipino.

Marcos and some members of his Cabinet are currently in Brussels, Belgium to attend the Association of Southeast Asian NationsEuropean Union (ASEAN-EU) commemorative summit.

He said the summit is expected to foster cooperation between the regional blocs in the areas of the economy, politics, security, culture and development.

D uring his three-day trip in Brussels, the President will also attend the ASEAN-EU business summit and also hold bilateral talks with Estonia, the Czech Republic, Spain, Denmark, Germany, Poland, Finland, the Netherlands and the EU.

We do this with the leaders of several EU countries and institutions with the aim of further enhancing bilateral relations and bringing more investments to the country,” Marcos said.

Samuel P. Medenilla

PEZA: 181 projects in 11 mos brought ₧57-B investments

By Andrea E. San Juan

B ased on data provided by the investment promotion agency, this is a 11.50-percent decline from the P64.463-billion investments recorded in the same period last year.

PEZA said, however, it remains confident of hitting its target of growing approved investments by 6 to 7 percent until the end of this month.

“ With two more board meetings scheduled this December, we are confident that we can achieve our target 6-7 percent increase in 2022 approved investments versus 2021,” PEZA Officer-in-Charge Director General Tereso O. Panga

told reporters in a viber message on Tuesday.

A s to the number of projects, PEZA said it has so far approved 181 new projects in the 11-month period this year. This is lower than the 229 projects approved in the same period in 2021.

Meanwhile, as of October 2022, PEZA said its direct employment rose by 4.62 percent to 1,850,842 from the 1,768,986 recorded in January to October last year.

T he agency also noted that its exports increased by 4.68 percent to $54.239 billion in January to October, from the $51.814 billion exports recorded in the same pe -

riod last year.

A ccording to PEZA, P17.755 billion worth of investments or 31.12 percent of the total investments from January to November 2022 came from Japan, including top big-ticket projects by Shinetsu Magnetics Philippines Inc., Cebu Mitsumi Inc., TDK Philippines Corporation, Tamiya (Philippines) Inc., and Philippine International Manufacturing and Engineering Services Corp. (P.IMES Corp.).

Lotilla leads PNOC-EC, DOE, Prime Infra visit to Malampaya project

By Lenie Lectura @llectura

THE Department of Energy (DOE) and the Philippine National Oil Co. Exploration Corporation (PNOC-EC) recently visited the Malampaya Deep Water Gas-to-Power Project (Malampaya) Shallow Water Platform to assess its condition and ensure continued operations and sustainability.

D OE Secretary Raphael Perpetuo M. Lotilla led PNOC-EC acting President Franz Josef George Alvarez; DOE Undersecretary Alessandro O. Sales; and Legal Counsel to the DOE Secretary Atty. Teodulo Antonio G. San Juan joined Prime Energy General Manager Sebastian Quiniones, Prime Infra Director Steven Paradies, and Prime Infra President Guillaume Lucci during the visit to the shallow water platform.

“I am happy to have visited the Malampaya platform and to have met personally the all-Filipino professional team that has maintained the facility in good condition for the benefit of a generation of Filipinos. I look forward to the facility’s serving future generations of Filipinos,” said Lotilla.

T his effort was spearheaded by Prime Infrastructure Capital Inc. (Prime Infra) on behalf of the consortium and in partnership with the DOE as the new operator of Malampaya. Prime Infra recently completed its acquisition of the 45-percent operating stake in Malampaya through one of its subsidiaries, Prime Energy. Since November 1, 2022, Prime Infra has assumed full ownership and control of Shell Philippines Exploration B.V. (SPEX) after a successful transition process for a safe and seamless handover of operations. This move marks the initial foray of Prime Infra Chairman Enrique K. Razon Jr’.s infrastructure arm into the upstream energy market.

“The Malampaya project signaled the birth of the Philippine

natural gas industry. It has not only become a symbol of the country’s journey towards energy selfsufficiency, but it has also become a symbol of national pride. Given the urgency to sustain the operations of Malampaya at a time of great energy insecurity, this visit by the DOE officials with the Prime Infra Group to the shallow water platform is timely and necessary,” Lucci said.

Prime Infra has committed to deliver outstanding operational performance and further the potential of SC38 covering the Malampaya project to ensure the continuity of gas production as long as the reserves can accommodate it.

“ We are at a critical time right now in our country’s energy transition. We aim to contribute by doing all that can be done to generate as much power as possible to keep up with the energy demands in Luzon. The most important thing to do for the company right now is to sustain and expand gas production while we address the license extension for SC38,” Lucci added.

L ocated some 50 kilometers offshore from Palawan, the shallow water platform is the part of the facility that processes the gas that will subsequently be exported through a 504-kilometer underwater pipeline. During the assessment, the DOE officials went around the facility to check its condition together with the Prime Infra officials.

A s one of the country’s most important power assets, the Malampaya project harnessed indigenous natural gas to reduce oil imports, contribute to better air quality, and generate significant revenues for the local government amounting to $12 billion or over  P1 trillion.

Since 2001, Malampaya continues to power up to 20 percent of Luzon’s total electricity requirements. All these legacy and contributions make it one of the country’s most successful Public-Private Partnerships.  The consortium’s license for the project is set to expire in 2024.

A t the recent investment mission in Japan, the PEZA OIC pitched to Japanese firms PEZA’s being a “one-stop shop” investment promotion agency. The features of a one-stop shop include: ease of doing business; issuance of PEZA Visa; building and occupancy permits; environment clearance certificate; exemption from Local Government permits and fees.

L ast month, PEZA announced it secured seven investment pledges for a total $65 million during its investment mission in Taiwan.

T he agency said various Taiwanese firms expressed “serious interest” during the various business-tobusiness meetings in Taiwan last month.

T his includes Asia Optical Co., Inc., a company that is into the scope of guns products. PEZA said this firm wants to put up an agroindustrial park with a 5-hectare ecozone area requirement, and with an estimated initial cost of investment at P1 billion. (Full story: https://businessmirror com.ph/2022/11/09/taiwanroadshow-nets-peza-65m-ininvestment-pledges/)

New player Ph1 World will ‘disrupt’ property scene

By Lito Gagni

Ph1 World Developers, a new property player in the market, on Tuesday vowed to “disrupt” the industry through innovation and engineering technology that aims to satisfy part of the housing backlog of about six million units.

PH1 World president Gigi Alcantara bared the new offering that is meant to give a fresh dimension to the current offerings in the property market with the introduction of innovative lofts that are not included in the pricing of their products.

A lcantara told a news briefing of its partnership with engineering innovator and infra trail-blazer Megawide, its sister company, about the introduction of what could be  a disruption in the property market with the additional space afforded by lofts that were offered free.

Megawide chairman Edgar Saavedra said the addition of lofts in Ph1 World condominium projects arose from the extra height of the units of another meter to the prevailing property offering. This will result in a changeover in the property development, hence, the projected disruption.

A lcantara said the additional loft in each of the units of its Modan Lofts Ortigas Hills can now be viewed at its My Enso Lofts in Timog Avenue.

The property development will consist of three mid-rise condominium buildings and is set for completion in 2026.

Modan Lofts is actually the third offering of Ph1 World with its flagship project, The Hive Residences in Taytay, Rizal and its first-high rise development My Enso Lofts in Timog Avenue, Quezon City.

T he Ortigas offering, which is near the Katipunan area, was created primarily for young professionals and upgraders and start-up families who prefer to live close to their workplace. Modan Lofts, which will have six elevators, per tower, is utilizing the Add-Loft technology that Megawide has come up with.

A dd-loft helps create additional space in the units which can be customized and personalized by the user depending on one’s lifestyle.

THE Philippine Economic Zone Authority (PEZA) said the country attracted P57 billion in investments from 181 projects in January to November.

PANGA

Dito sets sights on doubling subscriber base next year

By Lorenz S. Marasigan @lorenzmarasigan

Dito telecommunity Corp. is targeting to almost double its subscriber base by 2023, a feat that will be driven largely by its expanded coverage nationwide.

On tuesday, Dito chief Administrative Officer Adel tamano said the group has set a tall order of adding 11 million more subscribers to its existing base of 14 million subscribers by the end of 2023.

“We have surpassed our target of 12 million subscribers this year by 2

million to 14 million. We have a great product — it’s as simple as that,” he said. “We want to at least double that to 25 million by 2023.”

Dito chief technology Officer rodolfo Santiago noted that the group is prepared to handle more traffic on its network.

“ r i ght now, we are about 74 percent in terms of population coverage. So we expect that more people will benefit from our services,” he said. “Next year, we’ll have more than 80 percent of the population covered.”

meanwhile, tamano said Dito is supporting the government’s initiative in swiftly implementing the new SIm registration Law.

It plans to encourage its subscribers to register their accounts by providing them with rewards.

“We will give them additional data and a free SIm that they can give to their friends to encourage other people to register,” he said.

Dito will also have an online portal for the registration process.

t hese new mechanisms will be in place come December 27.

In July, the company said it is keen on becoming the top telco in the philippines. taco said Dito is no longer just “crawling” its way to the market, but has transitioned from “walking to running,” gunning to become the preferred telco in the philippines.

Dito is aggressively pushing for the deployment of new tower assets to cover as much as 80 percent of the population by mid-2023.

In winning its license, Dito had to provide the government service level and investment commitments. part of its fifth year commitments is having an 84-percent national population coverage.

LRWC to raise funds via private placement

By VG Cabuag @villygc

GA mI NG firm Leisure and resorts World corp. (LrWc)

on tuesday said it will raise some p 1.85 billion from private placement.

A special stockholders’ meeting was set on November 24, in which the company obtained the approval of the issuance of 691.2 million common shares for a new round of private placement fund raising.

t h e approved subscription amount for LrWc ’s most recent private placement is p1.70 or 5 percent premium over its 30-trading day vol-

ume weighted average price (VWA p) per share, whichever is higher.

t he company, however, witnessed rapid growth in its share price since the launch of Bingoplus, which it said was a factor on the increase of its stock value as well.

With the improved performance, LrWc ’s stock price is reported to have a VWA p of p2.55 according to the philippine Stock exchange’s calculation. A 5 percent premium over the VWA p would be p2.68.

t he figures for the three quarters this year align with the investment and business strategies that the company’s management had outlined,” LrWc president Andy tsui said.

t he company will continue to build on that momentum and invest heavily on technology and new products to support future growth opportunities. We will continue to strive for improvement and maximize returns for our stakeholders.” p roceeds of the private placement is to further strengthen its technological platforms, to develop better products and services, and to support expansion of the company’s businesses. t he company said it anticipates the need to have more ready capital to support the cost of operational and capital expenditures.

LrWc reported total revenues of p2.9 billion in the third quarter,

an increase of 491 percent from the previous year’s p4 86 million. t he increase was mainly from bingo games, electronic games, and the casino businesses. While there was a slight decrease in the network and licensing sector, it did not have a significant impact on the company’s overall performance.

For the three quarters of the year, the company experienced its first positive net income of p172.36 million, from the previous p465.21 million loss, since the pandemic swept up the world’s economy. t hird quarter of 2022 resulted in a p428.79 million net income as compared to the previous year’s net loss of p106.89 million.

By Lenie Lectura @llectura

EN erG Y Development corp. (eDc) is piloting the use of electric vehicles (eV ) fueled by steam energy from the charging station that it built at its tongonan Geothermal power plant in Kananga, Leyte.

During the launch of the first geo 24/7-powered vehicle, officials unveiled the first of three r ich6eV 4x2 pickup trucks. t he two other vehicles will be made available in the first quarter of 2023 through its partner, hong equipment and Development (he A D) corp.

Geo 24/7 is eDc s brand of geothermal energy that has been providing the country clean, low carbon power. t he tongonan plant, meanwhile, is the company’s first ever geothermal facility that also has the biggest wet steamfield in the world.

t hese three initial eVs are part of eDc s transport fleet from he A D corp., its reliable equipment and service vehicle provider for over 30 years, and will be tested in eDc s Leyte project site for six months to determine how many units should be added to its rented fleet not only in Leyte but also in all its facilities across the country.

“ t his electric vehicle symbolizes our company’s over 30-year journey as a partner of eDc It is the most modern model that can run for 300400 kilometers when fully charged. more than just an electric vehicle, what makes it special is it is powered by geothermal, which makes it a 100 percent renewable energypowered vehicle.

Others are powered by electricity that usually comes from carbonintensive coal. t his eV is the vehicle of the future. t hank you, eDc , for making this happen,” said William hong, Vice president for Business Development at he A D corp.

eDc said it is thankful to he A D corp. for readily committing to make this dream of using eVs a reality and for saying yes to the testing phase that will allow both parties to learn more about the cost savings, avoided carbon emissions, and also the challenges of using them.

“We have been searching for a partner that offers the best deal for our shift to electric vehicles and we found one in he A D corp.,” said Gloria Amboy, eDc ’s Supply chain head for Indirect category and program manager for the company’s eV project.

eDc is also looking at renting electric buses that will shuttle its employees to its project sites and put up eV charging stations in its host city, starting off with Ormoc city in Leyte.

“Our long term goal is to roll out this project in all eDc sites across the country. After all, what we want is to continuously be true and consistent with our mission to have a decarbonized future,” added Amboy.

eDc ’s 711-megawatt Leyte geothermal facility currently supplies more than 30 percent of the country’s installed geothermal capacity. It is also responsible for putting the philippines on the map as the world’s 3rd largest geothermal producer and has been providing a reliable supply of clean power to the Luzon and Visayas regions for almost 40 years.

Spectrum, a wholly owned subsidiary of the m a nila e l ectric c o. ( me ralco), has energized the 98.28 kilowatt-peak (kWp) new solar rooftop facility of North Bound Infinity r e al e s tate and Development Inc. in Bulacan province.

t he solar project is expected to generate approximately 125,600 kWh of clean energy every year, and allow the company to save approximately p8 40,000 in energy costs annually.

t he company will likewise reduce its carbon footprint by an estimated 89 metric tons, which translates to more than 4,100 trees planted and more than 356,300 kilometers reduced in vehicle travel per year.

North Bound provides adequate and accessible storage facility and assists deliveries of goods and services between me tro m a nila and nearby provinces in the North Luzon region.

t h rough its solar rooftop project, North Bound hopes to achieve operational efficiency while strengthening its environmental stewardship.

“We are now in an era where a customer’s engagement with me ralco is no longer just about provision of basic electric service. As we move towards a greener future, the One meralco Group goes beyond its mandate of delivering stable and reliable electric service to its customers,” Spectrum p r esident

HO m e G r O WN financial technology (fintech) player Next p a y, a startup backed by the Sy, Gokongwei, and Ayala Groups, has clinched a podium finish in the recent Shell LiveWI r e to p te n Innovators Awards for the Business Innovation c a tegory.

A global competition designed to highlight entrepreneurs that create meaningful impact in their communities, Shell LiveWI r e received a total of 195 applications from 17 countries around the world.

Next p a y is part of the to p te n Innovators for Business Innovation in this year’s awards, after demonstrating “innovative solutions in their products or services or business model, including leveraging e-commerce and digital marketing to reach new markets.”

“We are very humbled to be named as one of the to p te n Innovators in the world when it comes to Business Innovation. While this victory brings prestige to the company, Next p a y is also more than happy to bring honor to the p h ilippines with this award. u n doubtedly, now with Shell’s stamp of approval, we can say that the country is on its way to a booming economy which prioritizes business innovation and social impact in the postpandemic era,” said Next p a y c e O a nd c o -Founder Don p a nsacola.

Next p a y provides simpler allin-one digital financial solutions to businesses, often seen as too small for traditional enterprise banking services. It offers micro, small, and medium enterprises ( m S m e s) simplified and stream-

lined tools to help them scale up at a fraction of the cost by automating processes to collect, send, and manage money.

t h e commitment you’ve shown in finding innovative solutions to help micro, small, and medium businesses experience easier financial operations, proved to be the key to your achievement. m a y you continue to be part of rebuilding our nation and spark change to our fellow Filipinos. to gether, we can keep moving the p h ilippines forward,” p i lipinas Shell pe troleum c o rp. c o untry Social pe rformance and Social Investment m a nager c o nrad p a rizal said.

Since it was introduced during the height of the pandemic in 2020, Next p a y has processed more than p 2 .7 billion worth of payments for more than 3,500 growing companies and raised pre-seed funding from Yc o mbinator, an established business accelerator on the global startup stage.

“Next p a y and Shell share a common vision – both of us are committed to empowering growing businesses, as they are the backbone of the economy. m o re than just another achievement to list under our startup’s name, this win is a testament to Next p a y commitment to making a meaningful impact in the lives of Filipinos,” said Next p a y c o -Founder and c O O Artie Lopez said.

Next p a y is backed by Silicon Valley-based startup accelerator Y c o mbinator, Singapore-based venture capitalist Golden Gate Ventures, and Gentree Fund, a private investment vehicle of the Sy Family of the S m Group conglomerate, and other investors.

“Being hailed as one of the world’s to p te n Innovators for Business Innovation in the world encourages us to develop more fintech solutions that are tailored to the ever-evolving needs of growing businesses,” Next pay c o -Founder and c h ief e x perience Officer Aldrich ta n said. Lorenz S. Marasigan

The pl atinum Group me tals c orporation ( p Gmc )

FNI’s Surigao-based operating arm, has been awarded the p residential m i neral Industry e n vironmental Award ( p m I e A ) for the Surface m i ning Operation c ategory during the 68th Annual National m i ne Safety and environment conference held in Baguio c it y recently.

p m I e A is the highest award given to a mining company by the Awards Selection committee led by the Department of environment and Natural r esources (DeN r) and the ph ilippine m i ne Safety and env ironment Association.

t h is year, a total of 12 companies received the p m I e A , which was divided into three categories: surface mining operation, quarry operation, and mineral processing.

m e anwhile, p G m c s Sammy D. p a coma received the Best Surface m i ner accolade for being “devoted and safety conscious” in the performance of his work.

t h e p m I e A was officially established on February 3, 1997, through e x ecutive Order 399 of the late- p r esident Fidel V. r a mos, in fitting recognition of the initiatives and exemplary achievements of the minerals sectors in protecting the environment.

t h e honor reflects our people’s collective commitment to exceed expectations, to be the change we wish to see, and to leave our communities better than we found them. All our employees and stakeholders share in this award as much as the responsibility to uphold its ideals,” p G m c

Senior Vice p r esident c a rlo A. m a tilac said in a statement.

In October, p G m c received ISO certifications for its Quality m a nagement System (ISO 9001:2015), Occupational h e alth and Safety m a nagement System (ISO 45001:2018), and e n vironmental m a nagement System (ISO 14001:2015) as an Integrated m a nagement System (I m S ).

It remains committed to fulfilling its environmental, social, and governance targets to the fullest and envisions creating an atmosphere that provides continuing and healthy synergies between the demands of its operations and the needs of its stakeholders. pGmc has spent close to p42 million for its pandemic response and p14 million more for disaster relief operations following the onslaught of ty phoon Odette.

“We are confident that we will be able to address climate change, energy transition and human betterment with the wellspring of talents in the mineral industry and the remarkable organizations comprising this award-giving body headed by De N r Secretary m a . Antonia Yulo-Loyzaga,” added m atilac.

“I’d like to take this opportunity to congratulate the winners and awardees for this year, especially the recipients of the prestigious [p m I e A ],” Loyzaga said in her keynote address during the awarding ceremonies. “We are certain that your exemplary achievements will set the trajectory, encourage replication, and raise awareness of the mining industry’s vital contributions to inclusive, resilient, and sustainable progress.”

Jonathan L. Mayuga

MOVING OUT

SO, it is true that the socialite and her husband have now separated. It took years before the socialite realized that her husband isn’t just a cheater but he is also a predator who victimizes women he perceives to be weaker than him. The socialite is reportedly selling the marital abode and plans to move with her kids The husband has removed all of his wife’s pictures on his social-media platforms while the socialite keeps posting about their kids. The wife definitely keeps the kids and the house as she has solid proof of everything that her husband has done.

EXPENSIVE ART

WHO is the celebrity who had to reduce the prices of her artworks because they wouldn’t sell? The celebrity is very talented and her works are way more collectible than those of other celebrities who paint but the prices are beyond the reach of small collectors, the very people who’d love owning her artworks. The celebrity also once had an issue with the theme of her painting. The theme would not look good in a living or dining room. Concerned associates of the celebrity talked to her and she agreed to tone things down.

NEW BIG PROJECT

AFTER the big flop of a project starring a relatively unknown, the network will no longer take a risk with its next big one, The new project, which is actually a rehash of a classic, will star one of the hottest young actresses of her generation. She’s so hot that even her boyfriend became a trending topic because of her. It’s a pity that the network doesn’t pay much attention to this actress as it does to its starlets. The very beautiful young actress is not only popular on social media but she is also very talented. She is said to have an attitude, which those who are close to her vehemently deny. They say the actress is simply misunderstood.

LIKE MOTHER, LIKE DAUGHTER

WHO is the tactless talent manager who blurted out to an actress that “your daughter is just like you,” meaning she also fell in love with a gay man? The actress’s lovely daughter is being linked to a guy who is rumored to be gay, just as the mom fell in love with someone who was gay. The actress made many enemies in the past because of this guy and they eventually separated. She didn’t know what to say to the tactless talent manager so she just smiled and changed the topic.

Exciting holiday shows

THE World of Christmas signature holiday celebration is upon Newport World Resorts (www. newportworldresorts.com) with a full festive season of live entertainment. Family and friends will delight in awe-inspiring circus performances, all-out concerts, and full-blown entertainment happening at the award-winning stage of the Newport Performing Arts Theater this December.

This season, the Super American Circus is coming to town, combining cutting-edge circus acts and carnival fun perfect for family bonding. Enjoy the amazing and shocking feats of world-class circus performers conquering dangerous heights and unbelievable stunts. The Super

Tabloids fume, many in UK shrug over Harry and Meghan series

By Jill Lawless | The Associated Press

ONDON—Britain’s press erupted in outrage on Friday at Prince Harry and Meghan’s documentary series, which lambasts the UK media over its treatment of the royal couple. But much of Britain reacted to the Netflix show with a shrug. Buckingham Palace had no comment, and the prime minister didn’t watch.

The first three hour-long episodes of Harry and Meghan were released on Thursday, with three more due December 15. So far, the series has contained few of the bombshells the palace had feared.

In the program the couple, along with friends and Meghan’s family members, recount their early lives and blossoming romance, leading up to their fairytale wedding at Windsor Castle in 2018, and their growing discontent with what they saw as the media’s racist treatment of Meghan and a lack of support from the palace.

Harry and Meghan walked away from royal duties in early 2020 and moved to California to start a new life as campaigners, charity benefactors and media personalities.

At the heart of the show is the symbiotic and sometimes toxic relationship between Britain’s royal family and the media. Each side needs the other, but both are often dissatisfied with the arrangements.

Prince Harry has long railed against press intrusion that he says clouded his childhood and contributed to the death of his mother, Princess Diana. She was killed in a car crash in Paris in 1997 while being pursued by photographers.

Meghan claims in the documentary that the media wanted to “destroy” her, while Harry says his wife was subjected to a press “feeding frenzy.” That riled British newspapers, many of which splashed their anger across front pages and editorial columns.

Some objected to claims in the series that the Commonwealth of the UK and its former colonies—an organization led until her death by Queen Elizabeth II—is an extension of the British Empire and its racism. The Daily Telegraph’s front page accused the show of being a “direct hit” on the queen’s legacy. In an editorial, the conservative-leaning Daily Mail called the show “little more than a hatchet job from start to finish.” The tabloid Sun said the documentary was “made for an American audience—cementing their

money-making potential in the US—and to hell with everything and everybody else, including the truth.”

Scotland’s Daily Record said the palace was stunned by the couple’s allegations, running the headline: “We are not amused.”

Bob Seely, a lawmaker with the governing Conservative Party, said he would try to introduce a bill in Parliament to strip the couple of their royal titles, the Duke and Duchess of Sussex. Seely said Prince Harry was attacking important British institutions, “as well as trashing his family and monetizing his misery for public consumption.”

Employment Minister Guy Opperman branded the couple “utterly irrelevant” and urged people “to boycott Netflix and make sure that we actually focus on the things that matter.”

Prime Minister Rishi Sunak’s office said it did not back Seely’s bill, or a Netflix boycott.

“It’s a matter for the public what channels they want to watch,” said spokesman Jamie Davies. He said the prime minister had not watched the series, and the government “would never comment on royal matters.”

The show comes at a crucial moment for the monarchy. King Charles III is trying to show that the institution still has a role to play after the death in September of the queen, whose personal popularity dampened criticism of the crown during her 70-year reign.

The king declined to comment on the Netflix series during public engagements in London on Thursday or during a visit Friday to Welsh soccer club Wrexham AFC, where he met the team’s owners, Hollywood actors Ryan Reynolds and Rob McElhenney.

Both said they had not watched the series, with McElhenney joking, “I’ve never heard of it.”

Many in Britain had mixed feelings about a show that rehashes long-running grievances between the Sussexes, the palace and the press.

In London, 59-year-old Lucy Barratt said the documentary was “too much”—but that she might watch it anyway,

“I know it’s awful being a royal, but part of being a royal is not complaining,” she said. “Go on, have a drink with a mate and talk about it.

“I’m torn between watching it and I slightly want to cancel Netflix. But then, as a sort of voyeur, I might watch it.” n

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Vanessa Hudgens, 34; Sophie Monk, 43; Beth Orton, 52; Dee Wallace, 74.

HAppY BIRTHDAY: Ask questions and be honest with yourself and others regarding your feelings and intentions. Sticking to the truth and following a route that feels right will help you achieve your goal this year. Engage in activities that eliminate stress rather than escalate it. You will make better decisions if you choose to learn and keep up with whatever is trending or marketable. Your numbers are 5, 13, 20, 27, 32, 38, 43.

aARIES (March 21-April 19): Take the high road if someone spews negativity in your direction. A kind word will make a difference and help change the atmosphere in the room. Put your energy into tidying up loose ends and preparing for the upcoming year. HHH

American Circus runs from December 21, 2022, to January 8, 2023, produced by Global Entertainment Productions.

On December 15 and 16, Australian pop-rock duo Air Supply returns to

the Newport Performing Arts Theater stage with their sell-out

of Love,” “Just Another Woman” and so much more.

Come December 31, spend the last night of the year at the biggest New Year’s Eve bash in Newport City, the Grand Countdown to 2023. Welcome the year with a bang through backto-back showstopping performances from Lani Misalucha with Mel Villena and the AMP Big Band and Gigi de Lana with the Gigi Vibes. The Grand Countdown will be hosted by Nicole Laurel-Asensio.

Tickets are available at all TicketWorld and SM Tickets outlets.

For inquiries, contact Newport’s Archli Enriquez at 0917-8239602 or Kenneth Navoa at 0917-8079387; Ticketworld at 8891-9999, or SM Tickets 8470-2222.

‘seen but not heard’

The Universal Crossword/Edited by Amanda Rafkin

b

TAURUS (April 20-May 20): A little festive cheer with clients, colleagues or someone you love will get you in the festive spirit. Touch base with people you won’t see over the holidays or volunteer to help those in need. HHHHH

cGEMINI (May 21-June 20): Take a moment to recap what’s happening around you. Be safe instead of sorry when dealing with matters that have consequences. Question everyone and everything before you move into fast-forward and turn your intentions into a reality. HH

d

CANCER (June 21-July 22): Stretch your mind, be innovative and update your skills to fit today’s trends. You have plenty to gain if you set a course that takes you from beginning to end. Completion is the goal, and discipline and drive will get you there. HHHH

e

LEO (July 23-Aug. 22): Stick to your plan and carry on, regardless of what others do. By putting your heart and soul into things that matter to you, you’ll get results that make a difference. Don’t let someone’s uncertainty unnerve you or interfere with your progress. HHH

fVIRGO (Aug. 23-Sept. 22): An opinionated approach when dealing with others won’t help you get what you want. The way to bring about change is through positive action and being willing to do the work yourself. HHH

g

LIBRA (Sept. 23-Oct. 22): Walk on eggshells. It will be easy to disrupt domestic situations if you don’t choose your words wisely. Focus on being helpful, positive and patient with those you spend a lot of time with, and you’ll dodge an emotional bullet. HHHH

h

SCORpIO (Oct. 23-Nov. 21): Keep your life simple. Don’t change anything that’s not necessary. Clearing up time-sensitive business will help stabilize your life personally and professionally. Touch base with an older friend or relative, and you’ll gain an interesting point of view. HHHH

iSAGITTARIUS (Nov. 22-Dec. 21): Leave nothing to chance. Have patience with others, but don’t take on responsibilities that belong to someone else. Take precautions when faced with controversy. Don’t suggest ideas or concepts that aren’t tested or proven. HH

jCApRICORN (Dec. 22-Jan. 19): You’re on a roll, and nothing can stop you. Challenges will be easy for you to handle. Share your vision with people who can help you achieve your goal. By mixing business with pleasure, good things will transpire. HHHHH

kAQUARIUS (Jan. 20-Feb. 18): Reach out and help those less fortunate. Volunteer, and you’ll meet someone interesting. A proactive approach will ensure you get things done on time and to your liking. Do something that reflects the spirit of the season with someone you love. HHH

lpISCES (Feb. 19-March 20): Share your thoughts and feelings with someone you love and resolve differences. Keeping the peace will help you sail into next year with the hope of good things to come. HHH

BIRTHDAY BABY: You are unique, playful and loving. You are intelligent and motivated.

H: Avoid conflicts; work behind the scenes. HH: You can accomplish, but don’t rely on others. HHH: Focus and you’ll reach your goals. HHHH: Aim high; start new projects. HHHHH: Nothing can stop you; go for gold.

BY JOE DIpIETRO

concert Air Supply: The Lost in Love Experience. Fans are in for an early Christmas gift of “Every Woman in the World,” “All Out

Banking&Finance

₧1.2-B tax evasion case filed vs vape traders

‘Tax cuts to boost consumer growth’

AFRESH round of income tax cuts would drive consumer spending as it expands Filipinos’ purchasing power and remain as the backbone of the country’s economic expansion next year.

“The strong GDP [gross domestic product] is well supported by our consumer growth,” Michael Gerard D. Enriquez of Sun Life Investment Management and Trust Corp. (SLIMTC) said. “We see the resiliency of consumption.”

Enriquez, SLIMTC president and chief investment officer, explained that the Train law (Republic Act 10963) on income tax cut kicks in starting January 2023 and “hopefully, that provides additional spending power to the consumers.”

Under RA 10963 or the “Tax Reform for Acceleration and Inclusion” law, Filipinos earning P250,000 and above annually would experience a fresh round of income-tax reductions.

According to Enriquez, this reduction in taxes would fuel growth in consumer spending, which hasn’t been fazed despite higher inflation. The SLIMTC expects the average inflation rate next year to decelerate to around 4.5 percent. But Enriquez emphasized that the accelerating increase in prices of goods has yet to peak some time in the first quarter.

“It is still outside the BSP’s [Bangko Sentral ng Pilipinas] acceptable of 2 percent to 4 percent but at least it is nearing [that target band],” Enriquez said last Tuesday. “That is why we expect BSP to become less hawkish in adjusting policy rates next year.”

Inflation

ENRIQUEZ said the trust corporation expects inflation to peak “some time” in the first quarter. However, Enriquez did not provide the SLIMTC’s projected peak rate for inflation next quarter.

Enriquez said SLIMTC expects inflation this month to remain hovering around the 8-percent level. The country’s inflation rate soared to a 14-year high in November at an annualized rate of 8 percent.

“Inflation [in December] will be elevated near 8 percent as economists have been predicting that there are some weather disturbances that are yet to be factored in to the prices,” Enriquez said.

“But starting January probably we will be seeing [some] weighing down because of base effects on inflation given that inflation continues to be elevated for the entire year of 2022. So, starting January we will probably see a lower degree of inflationary growth for next year especially in the first quarter,” he added.

Given the anticipated slowdown in the increase of prices of goods, Enriquez said they expect the BSP to continue hiking interest rates but at a “slower pace.”

Enriquez added that they see the BSP hiking interest rates by 25 basis points this month and by another 25 basis points next month.

“The BSP will continue to hike [interest rates] because we are not out of the woods yet since we see inflation still peaking locally,” he said.

Growth

ENRIQUEZ said the country’s economic growth might taper to a slower pace next year at an average of 5.3 percent due to “base effects.”

“Due to base effects, we see a slightly slower pace of [economic] growth but still growth,” Enriquez said in a news briefing. The trust corporation earlier projected that the country’s gross domestic product (GDP) this year would grow at an annualized rate of 7.6 percent. SLIMTC’s projected economic growth next year is lower than the Development Budget Coordination Committee’s revised GDP target of 6 percent to 7 percent.

Aside from base effects, the anticipated global headwinds, particularly the projected recession of the US economy, would impact the country’s economic growth next year, Enriquez said.

Jasper Emmanuel Y. Arcalas

By Jasper Emmanuel Y. Arcalas @jearcalas & Joel R. San Juan @jrsanjuan1573

THE Bureau of Internal Revenue (BIR) filed before the Department of Justice (DOJ) last Tuesday a P1.2-billion tax evasion charges against five vape traders who were earlier caught selling smuggled and untaxed vape products.

Named as respondents in the complaint were Wei Feng Bao, Christina Poa, Sandoval Severino Briones, Jimmy Go and Bibiano Lesaca.

According to the BIR, these individuals are facing preliminary investigation for violations of Republic Act (RA) 111346 (An Act In-

creasing the Excise Tax on Tobacco Products, Imposing Excise Tax on Heated Tobacco Products and Vapor Products and Increasing the Penalties for Violations of Provisions on Articles Subject to Excise Tax), as well as the National Internal Revenue Code of 1997.

BIR Commissioner Romeo D. Lumagui Jr., who personally led the filing of the complaint, said the government is very serious in its crackdown against illegal vape traders not paying the correct taxes.

It is the first tax evasion filed under the administration of President Ferdinand R. Marcos Jr.

“I hope this serves yet another warning to those who think that they can continue to evade the payment of their taxes. We are handson and focused in our job, and we

take this very seriously,” Lumagui, a lawyer, said.

He also called on those who are planning to sell vape products and cigarettes to register; otherwise, they will be considered illegal and subject to confiscation and filing of appropriate charges.

Revenue losses

THE filing of the complaint stemmed from the raid conducted by a specialized team on the onsite and online business operations of the accused in Binondo, Manila, last month.

The operation led to the seizure of approximately 50,000 units to 100,000 units of vape (a device used for inhaling vapor containing nicotine and flavoring), 899 boxes of untaxed excisable articles composed of 175,050 pieces of pods and 61,400

pieces of bottled flavored juice.

The estimated value of the items seized ranged from P15 million to P30 million with taxes and penalties reaching around P1.2 billion.

The BIR earlier appraised that the government loses around P1.4 billion in revenue annually due to smuggling of vapes.

“The popularity and wide use of vape as a smoking alternative has tempted many unscrupulous businessmen and traders to import and sell them illegally,” said Lumagui. “As a word of advice, they should go through the proper and lawful channels, and make sure that they are in full regulatory compliance. Otherwise, we will confiscate their illegal products and file the corresponding criminal charges against them.”

Finance educators’ group tells CA: Alfredo Pascual is best for DTI

THE Finance Educators Association (Fin.Ed) has appealed to the Commission on Appointments to confirm the ad interim appointment of Trade and Industry Secretary Alfredo E. Pascual.

“As a nationwide association of educators, we in Fin.Ed consider Secretary Pascual as a fellow educator, having accomplished himself as a teacher at the Ateneo de Manila University, Asian Institute of Management, and the University of the Philippines in which he was

also the president. His background in national and global finance and investment, especially coming from his many years at the Asian Development Bank, is serving the Philippines well,” the organization said in a statement sent to media.

“Soon after assuming the position, Secretary Pascual communicated his encompassing vision for the Department of Trade and Industry [DTI], which aligns with that of the Philippine government,” the group added.

It recalled that on December 11,

2021, Pascual was the group’s guest speaker, right before he assumed the leadership of the Management Association of the Philippines (MAP) and right after his successful leadership of the Institute of Corporate Directors (ICD).

“His core message to Fin.Ed members was to remain vigilant in committing to ethics and integrity in the practice of the profession. We believe that Secretary Pascual remains true to ethics and integrity in his present position in public service, and is a credit to the Phil-

ippines and the Filipino people.”

The group assured lawmakers serving in the Commission on Appointments that confirming the appointment of Pascual is “for the good of both the DTI and the country.”

The statement was signed on behalf of the Fin.Ed board and its nationwide membership by the Fin.Ed president, Melvin Jason S. De Vera.

The Finance Educators Association is the Philippines’s largest nationwide organization for teach-

ers, lecturers, administrators in the finance education sector, including the owners and managers of companies’ finance departments and of finance institutions.

Established in 2012, it is partnered with a coalition of students (JCFAP, the largest association of finance students in the country) and professionals (CFAP) and includes over 200 schools across the Philippines that make up the finance education ecosystem under the consortium of the Financial Literacy Partners.

Solon seeks swift enactment of law to lower remittance costs

By Jovee Marie N. dela Cruz @joveemarie

ALAWMAKER called for the swift enactment of a measure that would provide overseas Filipino workers (OFWs) discounted rates on remittance fees and safeguard their hard-earned money sent back home from exorbitant charges.

Last Tuesday, Davao City 1st District Rep. Paolo Z. Duterte called for the approval of House Bill (HB) 4469 along with other similar measures that aim to protect OFW remittance fees from usurious charges as the nation commemorates the Month of Overseas Filipinos this December.

Passing the measure would also complement the OFW-friendly legacy of his father, former President Rodrigo Duterte, which is the establishment of the Overseas Filipino Bank (OFBank)—the first branchless and digital-only bank in the country exclusively catering to the financial needs of Filipinos based abroad, the Davao City lawmaker said.

“The billions of dollars in remittances sent home by our OFWs,

who we consider as modern-day heroes, have always been one of the country’s major economic drivers,” Duterte said. “The money they send home helped the country ride out the economic shock triggered by the Covid-19 pandemic. It is important that we protect their hard-earned earnings.”

Cut on fees

HB 4469, which was filed by Duterte, Benguet Rep. Eric G. Yap and ACT-CIS Partylist Reps. Jeffrey P. Soriano and Edvic G. Yap, also makes it mandatory for OFWs and their families to attend financial education seminars conducted by the government to teach them in properly handling and investing their money.

The bill also backs a proposal setting a 50-percent cut on OFW remittance fees imposed by banks and non-bank financial intermediaries, which, in turn, can claim such discounts as tax deductions on gross income. The total deductions that can be claimed from the grant of the 50 percent discount is

capped at P24,000 per OFW every taxable year.

Duterte said that this hefty reduction in OFW remittance fees is possible and can even be lowered further with the use of technology, as shown by the innovations done by financial technology (fintech) developers who use mobile apps and other digital platforms to offer zero transaction fees and reasonable foreign exchange rates in processing remittances.

These pioneering financial services are now available in the market and are expected to flourish after the pandemic forced a shift to more digital options in transactions, Duterte said.

Digital banking DUTERTE recalled that the administration under his father pioneered digital banking services for OFWs by opening and operationalizing the OFBank.

Duterte noted that the OFBank not only offers 24/7 availability, but also shields OFWs from ludicrous foreign exchange rates and unreasonable remittance fees by offering

Benefits of mixed-use developments

BANGKOK—Changing demographics and an evolving real estate market are creating demand for high-quality, integrated and walkable communities in major urban areas worldwide. The rise of mixed-used developments is most evident in this capital city of Thailand, where its benefits extend far beyond enhancing the social good.

Two such mega-projects–the “Dusit Central Park” and the “One Bangkok”—are located on Rama IV Road, the city’s landmark artery that has become synonymous with Bangkok’s breakneck evolution.

“Rama IV Road makes the perfect alignment and direct interlink with main avenues in Bangkok,” said Marciano Birjmohun, director of the Singapore-Thai Chamber of Commerce.

The upcoming Dusit Central Park is embedded on a 3.7-hectare property overlooking the Lumpini Park, Bangkok’s foremost central green lung. It was where the iconic Dusit Thani Hotel once stood but has since

been demolished to give way to the mixed-use venture across Silom Road, Bangkok’s equivalent of New York’s Wall Street.

On the other hand, One Bangkok will be the most expensive real estate project in Thai history upon its completion in 2027. It is envisioned to become the largest integrated development in Bangkok’s central business district, while its 92-floor Signature Tower will be one of the tallest skyscrapers in Southeast Asia.

Over at Muang Thong Thani, a northern suburb of Greater Bangkok situated in Nonthaburi province, lies the Impact commercial complex

consisting of an arena, convention center, exhibition halls, hotels and restaurants. The Impact Convention and Exhibition Center itself is eight times the size of SMX Convention Center at the Mall of Asia complex in Pasay City.

Birjmohun believes that mixeduse developments add more value to stakeholders. According to him, “they represent the future of our communities, not just in Bangkok, but everywhere.”

Digitizing the property sector BACK in Manila, the PropTech Consortium of the Philippines (PropTech PH) commemorated its first anniversary with the theme, “Celebrating the Digital Transformation of the Philippine Real Estate Industry.” The event was recently staged at the Manila Marriot Hotel and it highlighted the digitalization partnership project between PropTech PH and the state-run Home Development Mutual (Pag-IBIG) Fund.

Amid the pandemic, the con-

zero charges on transfers between OFBank accounts and Land Bank of the Philippines accounts.

OFBank account holders are also able to invest in retail treasury bonds through the OFBank Mobile Banking App, among other financial services, he added.

“These innovations pioneered by OFBank can be strengthened by passing House Bill 4469 and the eight other bills now pending in Congress with similar provisions,” Duterte said.

OFW remittances rose 3.8 percent year-on-year in September 2022 alone to USD2.84 billion, according to data from the Bangko Sentral ng PIlipinas (BSP).

Even amid a pandemic, money sent home by OFWs hit a new high in 2021, reaching USD31.42 billion, which exceeded the previous record of USD30.13 billion in 2019.

Cash remittances in 2021 rose 5.1 percent from USD29.9 billion in 2020.

Financial literacy UNDER HB 4469, banks and

other financial service providers are barred from raising their current remittance fees without prior consultation with the Department of Finance (DOF), BSP, and the Philippine Overseas Employment Administration (POEA).

Duterte underscored the need for OFWs and their families to be financially literate so that they can learn to spend, save and invest their money wisely, which is why HB 4469 also contains a provision that requires the DOF, BSP, POEA and other relevant government agencies to educate them in handling their earnings and remittances.

Violations committed under HB 4469, such as the misappropriation or conversion of foreign exchange remittances that prove prejudicial to the OFW or his or her beneficiary, and the imposition of excessive remittance fees, among other infractions, are penalized under the bill with imprisonment and fines depending on the amount of money involved.

sortium was launched last year by eight member organizations from the property sector to promote a more efficient, advanced and innovative Philippine real estate industry.

Among the thought leaders spearheading PropTech PH are Emma M. Imperial, Justo A. Ortiz, Rosemarie Bosch-Ong, Josephine Romero, David L. Rafael, Amor Maclang, Ricardo F. Lagdameo, Catherine S. Saldaña and Sylvester Wong.

These innovative industry veterans aim to digitally transform the sector and eradicate obsolete processes that slow down the growth and progress of property developments.

The integration of technology with the industry will positively impact present concerns and future challenges on property planning, construction, financial solutions and swift transaction processing which will mitigate the effects of climate change, poverty, housing backlogs and corruption.

Green technologies in community development and building construc-

tion are now being given priority with added incentives from various government agencies. The focus now is on clean and renewable sources of energy to benefit homebuyers and the environment. Modern apps and digital solutions are being adapted by financing institutions so they can fast-track transactions and reduce the number of complaints from stakeholders.

PropTech PH’s roadmap to 2023 is focused on achieving a sustainable and transformative real estate industry for the benefit of the greater market. As the country’s premier property technology community, it will continue to unite developers, building tech manufacturers, designers, suppliers, brokers, banks, policymakers and digital innovators to create a resilient and smart nation.

#FinexPhils www.finex.org.ph

Joseph Gamboa is the chair of the Finex Media Affairs Committee and director of Noble Asia Industrial Corp. The views expressed herein do not necessarily reflect the opinion of these institutions and the BusinessMirror.

FInex FRee enteRpRIse

Joseph Araneta Gamboa

Yes, adulTs Can have aCne, Too

MUCH like sudden growth spurts and the appearance of hair and curves in places where there never used to be any, acne is a rite of passage few teens can escape. But what if it extends beyond the teen years and well past our 20s? “Acne after the age of 25 is called adult acne or post-adolescent acne,” says Elsie Reynosa P. Floreza, MD, a Dermatologist and Chair of the Department of Dermatology and Chief of the Skin and Laser Hub of the top hospital in the Philippines, Makati Medical Center (MakatiMed, www.makatimed. net.ph). “Like adolescent acne, adult acne is caused primarily by the excess production of oil in the skin, dead skin, and accumulation of bacteria resulting in inflammation.

“Hormones, stress level, diet, lifestyle, personal care products like certain soaps, shampoos, moisturizers, and makeup trigger the production of oil in the skin,” Floreza explains.

Medications, most commonly steroids, both oral and topical, have also been known to cause acne. So too can your diet: Studies have shown a link between increased acne and the consumption of dairy products and high-glycemic-index food. A family history of acne is a major predisposing factor, as well.

“Acne can even be a manifestation of more serious internal conditions like polycystic ovary syndrome or Cushing Syndrome [when your body produces too much of the hormone cortisol],” adds Floreza. In such cases, a thorough examination and blood tests will either confirm or rule out these diseases.

Otherwise, adult acne can be addressed the same way as adolescent acne: with topical products containing salicylic acid or benzoyl peroxide, gentle facial cleansers, and oral prescription drugs. Lasers have been known to dramatically improve scars and blemishes from acne, and facilitate flattening out of active red bumps.

Other proactive steps to take:

n Do wash your face before bedtime. “Never go to bed with makeup on, and wash your face with an oilfree facial cleanser,” Floreza emphasizes. “steer clear as well of oil-based shampoos and other personal care products that can induce further clogging of the pores.”

n Do watch what you eat. “Avoid foods that are high on the glycemic index. These include sugar- and carbohydrate-rich cake, white rice, white bread, and soda.”

n Do keep your hands away from your face.

“While it’s tempting to pop a pimple yourself, it’s best to let it run its course,” Floreza points out. “Popping a pimple may just lead to infection and leave a scar.”

n Do let the pros handle it. “it is highly advisable to seek the help and expertise of a board-certified dermatologist,” says Floreza. “He or she will be able to identify the cause behind your adult acne and offer the best mode of treatment for your condition.”

Performance evaluation done right

discuss their performance. Whenever applicable, ask them to provide documented justifications for their self-evaluation to prevent the evaluation from being too subjective. This provides them the opportunity to highlight what they have done well for the year. Take note of these achievements as these could indicate what they enjoyed doing and the important lessons they have learned.

NOT everyone in your team will perform at the same level. Some will slack for a while but will use that time to improve themselves. Others will perform well at the start but will eventually fade into the background. And then there are those who are just coasting. When year-end incentives depend on how people performed during the year and work requirements are continually evolving, how do you evaluate your team’s performance?

The first thing you need to have is your team’s Individual Performance Scorecard (IPS) which lists what you need to accomplish for the year. Your team’s IPS should indicate what they need to do, their targets, and the bases for identifying if they have achieved their targets. It is important that you set this before or at the beginning of the year so they know how they

It is ideal to have a mid-year performance evaluation to serve as a checkpoint to calibrate your team’s deliverables against expected outcomes. This is also the time to address any issues they have in performing their tasks and any other factors that are hindering them from effectively doing their job. You can also use this time to get to know your team members and understand their motivations and personal goals. This will help you later in identifying appropriate intervention methods when you need to push and motivate them, or when they need to be

During the annual performance evaluation, ask them to do their self-evaluation before sitting down to

misinformation.

By Anjana Susarla Michigan State University

TWiTTer’s decision to no longer enforce its Covid-19 misinformation policy, quietly posted on the site’s rules page and listed as effective November 23, 2022, has researchers and experts in public health seriously concerned about the possible repercussions.

Health misinformation is not new. A classic case is the misinformation about a purported but now disproven link between autism and the MMr vaccine based on a discredited study published in 1998. Such misinformation has severe consequences for public health. Countries that had stronger anti-vaccine movements against diphtheria-tetanus-pertussis (DTP) vaccines faced a higher incidence of pertussis in the late-20th century, for example.

As a researcher who studies social media, I believe that reducing content moderation is a significant step in the wrong direction, especially in light of the uphill battle social-media platforms face in combating misinformation and disinformation. And the stakes are especially high in combating medical

MiSinforMAtion on SociAl MediA THeRe are three key differences between earlier forms of misinformation and misinformation spread on social media.

First, social media enables misinformation to spread at a much greater scale, speed and scope.

Second, content that is sensational and likely to trigger emotions is more likely to go viral on social media, making falsehoods easier to spread than the truth.

Third, digital platforms such as Twitter play a gatekeeping role in the way they aggregate, curate and amplify content. This means that misinformation on emotionally triggering topics such as vaccines can readily gain attention.

The spread of misinformation during the pandemic has been dubbed an infodemic by the World Health Organization. There is considerable evidence that Covid-19-related misinformation on social media reduces vaccine uptake. Public health experts have cautioned that misinformation on social media

Give them the time to evaluate themselves and while waiting, write down your own evaluations and notes. This might also be a good time to assess whether the performance indicators are appropriate for what they have accomplished throughout the year. It would be easier for you to evaluate your team if you have a tracker of the milestones for the year and individual contributions to the projects. An activity tracker will also help you in your own self-evaluation because the individual accomplishments of your team are also your own. This will benefit you in your own self-evaluation.

When you evaluate, you also need to consider those items which are not in the scorecard but are instrumental to the team’s function. These include stretch assignments or special projects that may not have been part of their job description or even your own expectations, but they did them anyway. Assign additional points for these projects because they went beyond what was expected of them. These should still feed into their overall evaluation especially if these took significant time and effort to accomplish.

When you do the evaluation, find a comfortable and private place where you and your team member can talk freely without being overheard. Create a comfortable and welcoming environment so they are free to discuss their accomplishments. Allow them to highlight what they think are their greatest achievements, but also ask what they think are the top three things they can improve. This will help you in providing guidance and direction, and provide the needed support in the form of a professional development plan which should be incorporated in their IPS. The goal of the meeting is to agree on their evaluation and the needed interventions necessary for them to achieve, or even exceed expectations.

seriously hampers progress toward herd immunity, weakening society’s ability to deal with new Covid-19 variants. Misinformation on social media fuels public doubts about vaccine safety. Studies show that Covid-19 vaccine hesitancy is driven by a misunderstanding of herd immunity and beliefs in conspiracy theories.

coMBAting MiSinforMAtion

THE social-media platforms’ content moderation policies and stances toward misinformation are crucial for combating misinformation. In the absence of strong content moderation policies on Twitter, algorithmic content curation and recommendation are likely to boost the spread of misinformation by increasing echo chamber effects, for example, exacerbating partisan differences in exposure to content. Algorithmic bias in recommendation systems could also further accentuate global healthcare disparities and racial disparities in vaccine uptake.

There is evidence that some less-regulated platforms such as Gab may amplify the impact

The next step is to agree on what the actual evaluation will be per measure. In theory, this is agreed on by both the rater and the ratee but in reality, the rater almost always prevails because they have an overview of how the entire team operates and a standard by which to measure everyone in the team. If you have not done so, explain how you arrived at your rating by providing documented proof. Be careful also—because there are also cases when the ratee assesses themselves too low, probably because they have a low opinion of themselves, or they lack confidence in their accomplishments. This is a good opportunity to boost their morale by explaining how you arrived at your evaluation and then rating them as they deserve.

After you have evaluated them, set new targets based on how they performed throughout the year. To reduce subjectivity, always refer to the agreed scorecard and carefully evaluate how additional projects will be used in the evaluation. Agree on what needs to be done the following year and depending on the baselines and how they fared in the previous year, set realistic and achievable goals. This tells your team that they are important, and you are there to help them improve.

If needed, put people under a performance improvement plan if they consistently fall below expectations. You are doing a disservice not just to the team member involved, but to the entire team if you do not help them improve. Putting a team member under a performance improvement plan sends a message to your team that you will do everything you can to help them, but it is up to them if they want to improve. And if they do not shape up, then you have to let them go.

Thomas Reid once said that a chain is only as strong as its weakest link. The same goes for a team. And as a people manager, it is your role to ensure that everyone is in their most optimal condition. You can only do that if you monitor them consistently and appraise their performance as objectively as you can.

When the entire team understands what they need to do, it becomes easier to direct them to where they are supposed to be. n

of unreliable sources and increase Covid-19 misinformation. There is also evidence that the misinformation ecosystem can lure people who are on social-media platforms that invest in content moderation to accept misinformation that originates on less moderated platforms. The danger then is that not only will there be greater anti-vaccine discourse on Twitter, but that such toxic speech can spill over into other online platforms that may be investing in combating medical misinformation.

The Kaiser Family Foundation Covid-19 vaccine monitor reveals that public trust for Covid-19 information from authoritative sources such as governments has fallen significantly, with serious consequences for public health. For example, the share of Republicans who said they trust the Food and Drug Administration fell from 62 percent to 43 percent from December 2020 to October 2022.

In light of what researchers know about Covid-19 misinformation on Twitter, I believe that the announcement that the company will no longer ban Covid-19-related misinformation is troubling, to say the least. THE CONVERSATION

PHOTO BY ANNIE SPRATT ON

Twitter lifted its ban on Covid misinformation—research shows this is a grave risk to public health

Give a gift of remarkable depth, flavor from the Johnnie Walker Luxury boutique

THE holidays can present some challenges when it comes to choosing the right gift for the special people in your life. But something that proves to be a great choice year after year is a bottle of exquisite whisky. Whether it’s to mark momentous occasions in their lives or simply make a sincere gesture of gratitude, whisky is always a special gift – especially one that is unmatched in its depth and flavor, like Johnnie Walker Blue Label.

An exquisite combination of Scotland’s rarest and most exceptional whiskies, Johnnie Walker Blue Label is renowned for its complex layers of flavor, so when you give the iconic blue and gold bottle, you know you’re giving someone a truly special experience. With the opening of the Johnnie Walker Luxury Boutique at its newest location at One Bonifacio High Street, BGC, that experience becomes even more memorable.

“The Johnnie Walker Luxury Boutique invites whisky enthusiasts to browse through our Luxury Collection while also exploring different gifting options that they can give to the people closest and most special to them,” shared Nio Judalena, Diageo Philippines Marketing Director.

The centerpiece of the Luxury Boutique’s elegant interiors is the presentation of the brand’s portfolio of luxury spirits, also known as The Diageo Rare & Exceptional Collection. Featuring the very best of Diageo’s portfolio, visitors can expect to find Johnnie Walker Blue Label, as well as some of Diageo’s Classic

Expanding

WITH better economic growth forecasts from the World pegged at 7.2 percent at the end of the year, investors may well ride the waves of a recovering tide of investment and consumption.

As startups pop up in different industries, one after the other, so do angel investors. An angel investor is a high net-worth individual who provides capital for startups, usually in exchange for equity in the company.

“Seeing the business take shape and grow into a real revenue contributor, was an exhilarating experience,” Alfonso “Chito” Zulueta, angel investor and chief executive officer of CZ Ventures, a venture capital firm, relates his first attempt in angel investing.

Certainly, angel investing is no easy feat. It is a combination of business acumen, willingness to take risks, and networking.

Fret not, however, because here are four tips to help you start your angel investing journey from certified angel investors:

New ideas are worth the bet

A SEVEN-TIME serial entrepreneur, engineer, architect, and philanthropist, Claus Karthe, chief executive officer and founder of German Entrepreneurship Asia, says, “A startup is more likely to achieve success if he/she is willing to listen, learn, adapt, and act on advice from those who have either succeeded or failed in the market they are venturing in.

“Similarly, an angel investor who is open to listening to new ideas and building on them, and at the same time able to manage risks through proper due diligence, has high chances of success.”

Rapid changes in business and technology means that angel investors have to be adaptable and not so ossified with rigid ways of doing business.

The business has to make sense to you

WITH a 25-year career in banking in New York, Hong Kong, and Singapore, Carl Bautista, who has now ventured into specialty coffee and human resource technology, relates that, “I choose a business that I can understand, and which I believe I can assist in some form.”

Apart from providing funding for

An exciting immersive taste experience with these whiskies awaits visitors who visit the Luxury Boutique’s experience bar. During an exclusive one-hour whisky mentoring session, held every Wednesday through Sunday from 7:30 to 8:30 pm, guests will treat their senses and sample the exceptional single malts that make up Johnnie Walker Blue Label’s exquisite blend: The Mortlach 20, the Cardhu 18 and the Talisker 25.

The mentoring session is offered for only Php 2,500 on a first come, first served basis and will be limited to three participants only. Consumers may book their session via the digital booking system inside the Luxury Boutique.

Finally, the Luxury Boutique provides bespoke services to add a personalized touch to shoppers’ holiday gifts. Each

purchase from the Luxury Boutique comes in limited-edition gift packaging, with the option to include a custom leather bag tag with initials in gold lettering or to have their bottles engraved with a special message or the name of the recipient.

“Personalized gifts are always the most impactful, and we’re thrilled to launch the Johnnie Walker Luxury Boutique in time for the holidays as shoppers look for unique gifts to connect with family and friends during this season,” added Judalena.

The Johnnie Walker Luxury Boutique is located near M Bakery and Zara at One Bonifacio High Street, BGC. Discover Johnnie Walker’s exceptional depth and flavor at the Luxury Boutique from 11 AM – 10 PM every day until January 14, 2023. Drink responsibly. Visit the DrinkIQ. com site to learn more about alcohol facts.

ANGIE BARRIOS—Tough as metal and making

big in the Events Management Industry

HEADING an events management team is no easy task. Ensuring that an event goes well takes great skill that invovles from conceptualizing and intricate planning with arrangements that go hand in hand, like gears meshing precisely with each other. And when you want your event to not only go smoothly as planned, but beyond than expected, there is one name you can depend on-Angie Barrios.

Barrios has made a name for herself in the events organizing and management industry. Her hands-on style combined with the mindset of trust, confidence and transparency within her organization, more so, with her clients, is one of the secrets in managing her company MAI (Market Access & Innovations) Management Philippines. Set up in October 2002, Barrios has proven the kind of leadership that is most effective: a humble approach, passion for the job, and resilient determination.

The first three years of MAI were tough. Even when she felt like quitting, she still pushed on. This steely resolve paid off and today she is now at the forefront of the industry. She is also now the President of Business Innovation Solutions and Services, Inc. (BISSI).

The year 2022 made Barrios decide

that she would nurture her advocacy for the metalworking industry with a show. Her first project as an event organizer was for a machinery and metal work show in Cebu back in 1995 and she has grown fond of metalworking since then.

Together with MAI Events Management Philippines, she will be organizing the International Machinery, Tools and Accessories Philippines (i-MTAP 2023) show in April 2023. i-MTAP 2023 will host leading local and international industrial and caliber companies showcasing top-ofthe-line machinery, tools, and accessories.

Barrios is overwhelmed to see the great progress the metalworking industry has made here in the Philippines. And with almost three decades in the industry, Angie Barrios knows that when metal gears mesh together perfectly in sync, successful movements are sure to follow.

Follow us on instagram - mai_mgt_phils, Fb -www.facebook.com/maieventsmgtphils, and linkedin -www.linkedin.com/company/ mai_management-philippines/. You may visit our websites: PSMEX 2023 - https:// psmex.weebly.com, I-MTAP 2023 - https://imtapphilippines.weebly.com, MAI Events Management Phils :http://maimgt.weebly. com/ or contact us at (632) 89853375 and email us at mai_mgt@compass.com.ph

development

revenues

much. There are so many risks involved, especially if you are a neophyte in angel investing.

To mitigate the risks, investors can join an investment network that pools capital together, screens startup applications, and provides investment training and support. Among notable networks in the Philippines is the Manila Angel Investors Network (MAIN) a, group of private investors that is actively supporting several startups.

“Angel investing is less daunting when you do it with a group that shares the same due diligence as you,” Karthe said.

ILOILO City is poised to become a major trading hub that will attract more cargoes, jobs, and economic activities.

This, after the International Container Terminal Services, Inc. (ICTSI) is planning to revive its proposal to develop and operate the Iloilo Commercial Port Complex (ICPC) in the metropolis.

Iloilo City Mayor Jerry P. Treñas, who also chairs the Infrastructure Development Committee (IDC) of the Regional Development Council (RDC), has expressed his full backing of the big investment.

startups, angel investors share their business expertise to contribute to startups’ growth. While new ideas are great, an angel investor has to understand them for them to work.

ENGAGED in the recruitment industry for more than 25 years, Manila-based James Gundry relates that, “The most important quality of a successful startup lies in their people. You can have the most groundbreaking idea in the world but without the right people with the right mindset driving the business, they won’t work as planned.”

“Apart from a strong business model, a startup has to have a leadership team who can execute and get things done,” Zulueta said.

The business model is but a machine run by motivated individuals with success as a goal in mind. It is people, in the end, that maintain the business.

“The founding team needs to be good at so many things,” Bautista added.

Adjacent to the founders’ drive for success, Lara Lorenzana with a 20-year experience in investment banking and structured finance in Manila and New York says that, “The startup must demonstrate to the investor that the money entrusted to the founder is used wisely and as promised.”

Having a keen eye for people, successful angel investors do not simply look for profitable business models, but people who they can trust with their money.

Find your tribe—join an investment network! A SINGLE angel investor can only do so

Passionate in helping startups grow, Karthe relates that, “MAIN has a very experienced group of people as angel investors. I firmly believe that an active angel investor network is necessary for the country to develop its nascent startup ecosystem that is growing rapidly.”

Seeking to bank on the Philippines’ expected growth, Lorenzana said that she and her husband, a seasoned investor from New York, returned home from the United States to invest in what she describes as, “Our generation’s land of opportunity. With MAIN as our guide, we hope to apply what we learned and observed in the U.S. to the Philippines.”

“I joined MAIN because of a desire to be close to the startup scene, to listen to new ideas, be around optimists who dream of a better world and are actually doing something about it, and to contribute in whatever way to help them achieve those goals,” Bautista said.

If you want to get to know more about MAIN, Gundry has some advice for you: “Attend MAIN’s pitch night where you can listen to a few startup pitches. Get a sense of what is on offer because startup investing is different from investing in traditional, mature businesses.”

MAIN conducts various activities geared towards promoting knowledge and expertise sharing among angel investors, new and old, and even for startups. For updates on their activities and if you are interested in angel investing, reach out to invest@main. ph and become part of the Philippines’ largest and most active angel network.

"We welcome the plans of ICTSI to develop Iloilo Port and we will do everything to support it. As chair of the IDC, I fully support the project and will ensure that the RDC approves the same right away," Treñas stressed.

The port improvement is seen to generate faster shipment of goods, making it more costefficient for local players and in turn boosting the city’s economy.

The investor’s interest is part of the company’s goal to help the government in improving the country’s port network.

ICTSI Executive Vice-President and Chief Risk Officer Christian Razon Gonzales said the firm is renewing its attention to Iloilo.

“We want to push that again, for

sure. We’re waiting for guidance from the government whether it will be a public tender done by the Philippine Ports Authority or they will welcome an unsolicited proposal,” he added.

ICTSI initially wanted to pour in an estimated investment of over P5-billion to fully develop the ICPC. It also set eyes on Port of Dumangas in the province.

The upgrade would help PPA in the hope of facilitating inter-island and international cargo movement, ICTSI said in a statement posted on its website.

An integral part will include the dredging and deepening of the port itself and the channel to allow the direct entry of generation, international vessels, it added.

much-awaited reunion with friends!

THE most wonderful time of the year is finally here! Avon, the number 1 makeup brand in the Philippines, recently released an upgraded version of their best-selling lipstick that’s not just extra, but oh so Ultra!

Avon Lipsticks are worldwide beauty favorites, with one piece sold every second globally. The beauty giant levels up further by relaunching and improving its best-selling range with the new Ultra Lipstick collection, which now comes in 26 bold shades of Ultra Matte and Ultra Creamy finishes that can match every mood, style, or occasion—be it for the next office Christmas Party or that

Each Ultra lipstick is reformulated with nourishing ingredients infused with an exclusive and luxurious blend of Avocado Oil, Sesame Oil, and Vitamin E to keep lips plump and moisturized while retaining an ultra-rich color payoff that will definitely embody that main character energy! With a new bullet shape and precision tip, any kween can swipe with no mess and less drama this season and beyond. It comes with SPF 15 and a mocha crème aroma, making every swipe truly a royal experience.

The Avon Ultra Lipstick Collection brings #TheUltraEffect—a contagious confidence that spreads from one to another which is why it’s the perfect gift for your loved ones: your sister, your girl friend, your work bestie, and literally anyone you want to share the spotlight with this Christmas.

Make the holiday celebrations loud and proud because, for this season, everyone can be the kind of kween they want to be with every swipe of Avon Ultra Lipsticks!

Iloilo City Mayor pushes for port

to attract more investments, generate

your investment portfolio? Here are four tips from angel investors to make your investment soar

So you understand the startup, can you trust the founders too?

Claus Karthe, CEO and founder of German Entrepreneurship Asia

it

Malts such as Talisker, The Singleton, and The Mortlach.

This hot new Avon lippie collection will make everyone an Ultra Holiday Kween this Christmas!

LRG expects a buLL Run in 2023

By Rizal Raoul S. Reyes

The same goes with the realestate industry in particular as many analysts believe the industry is raring to stage a comeback and achieve a steady recovery in the coming year and much better progress in the years to come. This is the fearless forecast of the Lobien Realty Group (LRG).

According to LRG CEO Sheila Lobien, the Philippine real estate industry is very sensitive to the overall economic performance of the country. When the Asian Development Bank’s (ADB) made a forecast that the country’s 2022 GDP will grow from 6.0 percent in April to 6.5 percent in September, the real estate industry took

it positively.

She said the increase becomes even more special as it showed divergence with the downward adjustment of GDP growth for Asia from 5.2 percent in April 2022 to 4.3 percent in September. The Philippines is expected to overshoot its 6.5 percent to 7.5 percent GDP target as a result of its Q3 GDP performance of 7.6 percent despite economic headwinds and high inflation. For 2023, the Philippines is again expected to grow by 6.3 percent, one of the highest growth rates in the region.

“LRG believes the strong connection between the overall economy and the real-estate industry.

When the economic outlook improves and GDP increases, the realestate industry also rallies to the point where a bull market prevails for years,” Lobien said.

“LRG expects the warehouse and storage sector to continue

New Cebu LEED-certified tower poised to benefit from recovery

WIT h 2 022 Cebu City office demand as of November more than 300% the full-year 2021 figure, office developers in the southern capital of the Philippines look forward to heightened activity in the coming year.

Premiere developments like the 21-story Johndorf Tower at the Cebu Business Park’s main thoroughfare Mindanao Avenue are once again enjoying pre-commitments even months before its completion in Q2 2023 indicative of better times ahead. The PEZA accredited, LEED-gold certified tower is represented by exclusive leasing agent Leechiu Property Consultants (LPC).

According to Bobby Apas, LPC Commercial Leasing senior manager, Cebu’s economy has bounced back quickly and is on the road to recovery. Full year 2021 office demand in the metropolis registered at 16,683 sq m. As of November, the figure has risen to 68,451 sq m. with more transactions expected to be completed before the end of the year.

Current demand is led by the IT-BPM sector at 44,000 sq m. or 65%; followed by serviced offices, 18%; and others, 17%.

Due to its large labor force and dynamic economy, Cebu has been a top choice for IT-BPM firms seeking alternative locations to Metro Manila for almost 15 years now, said Apas. The metropolis already hosts notable BPO players like JP Morgan, Accenture, Google, Amazon and the like.

As global markets head towards recession, firms in the West are likely to outsource more jobs to countries like the Philippines and India as they did in the late 90s during the Global Financial Crisis, according to LPC studies.

Thus, firms like Johndorf Ventures Corporation (JVC) , developer of Johndorf Tower, pursued expansion into the office segment, recalled Apas. JVC has championed for over 30 years now

affordable living in major cities in the Visayas and Mindanao and has P3 billion worth of projects in the pipeline.

Even at the height of the Covid pandemic, and local lockdowns, Johndorf Ventures was driven to continue and complete its 21-story tower confident that the VisMin economy would soon recover. Upon completion in a few months, Johndorf Tower will be the newest building offering highly sustainable LEEDcertified amenities and features at the Cebu Business Park, a top

choice for IT-BPM firms.

Easily accessible to Ayala Center Cebu and its retail and dining outlets and transportation hubs, the building has a typical floor plate of 1,427 sq m. It has 5 passenger elevators, high ceilings and a modern air-conditioning system.

“We are confident Johndorf Tower will be among the most attractive IT-BPM locations in Cebu City in 2023 and that its developer will reap the benefits of great business timing,” Apas confirmed.

its growth trajectory for years to come. During the pandemic, this is the only segment of the real-estate industry which did not contractposting an 8.2-percent growth, primarily driven by the doubling of e-Commerce revenue in a span

of two years—from P600 billion in 2020 to a projected P1.2 trillion industry in 2022,” Lobien added.

Meanwhile, Lobien said the Real Estate Investment Trusts (REITs) made investors smile as it delivered significantly on their

promised dividend yield with 6.750 percent actual versus 6.768 percent expected dividend yield and are expected to outperform stocks until the majority of retail investors increase their stock exposure amid inflation concerns.

She said the office space market lease-out rate has also improved as of 3Q 2022 (versus 2022) and is expected to further recover in 2023, underscored by probable decrease in rental rates as landlords push vacant spaces in the market and the increased demand due to economic recovery and back-towork actions of most companies.

“LRG always has and will always continue to keep tabs on the economic factors affecting the real-estate market. In addition to monitoring vacancy rate, rent, and, demand & supply, LRG also monitors GDP from construction; the number of building permits; real-estate loans; and even interest rates vis-à-vis the movements of several economic indicators to have a more holistic feel of the industry,” Lobien explained.

With the economy expected to recover in 2023, Lobien said: “Our fearless forecast: another frenetic bull run in the real estate market is expected after its recovery in 2023.”

PCAB’s licensing for construction sector now ISO certified

By Roderick L. Abad

FOLLOWING its full migration to end-to-end virtual licensing last September, the Philippine Contractors Accreditation Board (PCAB) has gained accreditation from the International Standards Organization (ISO) for its management systems and processes that have passed global standards and quality assurance.

The Department of Trade and Industry’s (DTI) attached agency was awarded the ISO 9001:2015 Certification by A Cube TIC, proving its dedication to bring reforms to its operations as well as streamline the licensing requirements for the construction industry.

PCAB is the sole government agency that has achieved an online end-to-end license processing.

Its digital processing started in June of 2020, covering application and renewal for contractor’s licenses, as well as stand-alone government registration for public infrastructure projects.

DTI Undersecretary Ireneo V. Vizmonte praised PCAB on its accomplishment. h e said: “These milestones are just our means to the end, we aim to have a high client satisfaction rating.”

On their part, PCAB Executive Director h e rbert DG Matienzo attributed such achievement to the trade agency’s official, who supported and guided such initiative that cuts short the process for renewal and new license application from four weeks to four days, as well as trims down the needed documents from 24 to nine. Applying for joint venture licenses may also be secured in just one day.

h

e , likewise, thanked the United States Agency for International Development (USAID), particularly the USAID/Deliver Project team, for assisting them to shift to the online platform.

The PCAB website includes streamlined requirements and complete digitalization of licensing application available 24/7;

settlement via digital payment platforms such as Paymaya/ Maya, GCash, and LandBank Linkbiz Portal; virtual interview for the new authorized managing officers and newly nominated sustainable technical employees; real-time feedback for status application; downloading of digital license certificate; and license verification website for public utilization.

Also included in the portal is the recently debuted “Pakyaw” license that caters both the micro, small and medium enterprises and small-scale contractors.

Since it kicked off two years ago, the number of applications and transactions significantly has grown. In fact, the applications processed through this web channel aggregated to 45,359 from June 2020 until December 2021.

With the launch of the PCAB Online Portal, the agency’s processed applications increased by 115.18 percent to 136,182 between 2016 and 2021, or 72,897 higher than 63,285 from 2010 to 2015.

In terms of the number of accredited contractors during the periods in review, there has been a marked surge in new licenses by 100.48 percent to 79,156 between 2016 to 2021, or up 39,674 from the accumulative total of 39,482

from 2010 to 2015.

As of September this year, PCAB has already cracked the glass ceiling of 50,000 transactions.

According to PCAB Chair Dr. Pericles P. Dakay, customer service and data mining will be the focus of their next phase of development.

“By yearend, we will also surpass the P350 million projected target this year. We shall prioritize better client feedback platform, and mining of statistics on contractors, their market shares in the Philippines and value of the construction work being done to be able to get a better picture of the industry and enhance our services further,” he said.

The calculated net worth of PCAB Licensed Contractors for Contracting Fiscal Year 20212022 reached almost P241.5 billion, compared to P235.4 billion and P213.6 billion in the previous years.

PCAB is one of the implementing boards in the Construction Industry Authority of the Philippines. It is mandated by law through Republic Act 4566 to issue, suspend, and revoke licenses of contractors; investigate violations under its implementing rules and regulations, and register and classify licensed contractors for government projects.

Notwithsta NdiNg the current global events is forcing a lot of economies are experiencing a beating in one way or another, experts are optimistic that many industrial sectors are expecting a rebound in the near future.

THE Philippine Contractors Accreditation Board (PCAB), an agency attached to the Department of Trade and Industry (DTI), has been awarded an ISO Certification for its management systems and processes that have passed international standards and quality assurance, highlighted by its successful transition to full online licensing system in September 2022. In photo during the announcement are (from left) Arthur N. Escalante, PCAB Board member; DTI Undersecretary Ireneo V. Vismonte; Atty. Herbert Matienzo, PCAB executive director; Dr. Pericles P. Dakay, PCAB chair; and Erni G. Baggao, Board member.

ARAB WORLD REJOICES ON MOROCCO STREAK

DOHA, Qatar—It’s a rare moment in the Middle East when the public’s voice roars louder than those of the governments. But Morocco’s surprise string of wins at the World Cup in Qatar have stirred a joy and pride among Arab fans that have, at least for a moment, eclipsed the region’s many political divisions.

Perhaps most striking is the love fest between Palestinians and the Moroccan team, despite the Moroccan government’s normalization of ties with Israel as part of the 2020 Abraham Accords.

The Moroccan team waved a Palestinian flag after its victory over Spain last week, thrilling Palestinians. Throughout the tournament, the Palestinian flag has been unfurled all over, carried by Arab fans and some non-Arabs—so much so that the running joke is that Palestine is the 33rd team at the World Cup.

Palestinians see it as a sign Arab public support still runs strong for their cause even as they feel Arab governments have abandoned them, with the United Arab Emirates, Bahrain and Sudan also normalizing ties with Israel.

I didn’t expect this. It’s spreading

the word and showing that Palestine is not just a political issue, it’s a human issue,” said Ahmed Sabri, a young Palestinian in Doha after watching Morocco’s win over Portugal on Saturday. He had the Palestinian flag draped over his back.

H is Egyptian friend, Yasmeen Hossam, wrapped in a Moroccan flag, said, “This is the first World Cup in the Middle East and the first one FOR the Middle East.”

Morocco is the first Arab and African team to make it this far in a World Cup, playing a semifinal Wednesday against France. Part of the Arab embrace of the team has come simply from having something to celebrate in a region where many countries are mired in economic crises, armed conflicts and political repression.

For some, it’s gratifying to see their culture displayed in a positive way on a massive international stage—whether it’s the Moroccan team doing a quick Muslim prayer during huddles or Morocco winger Soufiane Boufal dancing with his veiled mother on the pitch after the quarterfinal victory over Portugal.

“ We are all clinging to this Moroccan team as some sort of source of hope and happiness in a time

where I think we all could really use some good news,” said Danny Hajjar, a Lebanese-American music writer.

The excitement with each victory has crossed boundaries and political divisions.

A lgerians joined in, even though their government cut ties with Morocco last year. The two countries have a long-running conflict over Western Sahara, which Morocco annexed in 1975 and where Algeria long supported Sahrawis in the Polisario Front seeking independence. Algeria was angered by the US recognition of Moroccan sovereignty in the territory in exchange for normalization with Israel.

At Morocco and Algeria’s often tense border, fans lined up on both sides and cheered to each other across no-man’s land, videos on social media showed. In the French city of Nice, diaspora Algerians and Tunisians joined Moroccans in cafes and in each others’ homes for the matches, setting off fireworks in celebration on the famed Mediterranean boardwalk Promenade des Anglais.

I n contrast, Algerian state TV has not even reported on Morocco’s wins, leaving them out of daily World Cup reports.

Dragons to face ‘different’ Beermen in semis

By Josef Ramos

THE top-seeded Hong Kong Bay

R iding their impressive run in the elimination and quarterfinals, 6-foot10 former Orlando Magic Andrew Nicholson is expected to be in the middle of a showdown of “bigs” in their 3 p.m. encounter with the Beermen.

He [June Mar Fajardo] is tall and I expect a good game from him,” said

Nicholson, who subbed for 6-foot-2 Myles Powell who sprained his ankle last week. “I’m also looking forward to a strong match up.”

Nicholson posted 32 points in first three quarters before sitting the entire fourth period and Hayden Joel Blankley had 47 points in the Dragons’ 126-96 rout of Rain or Shine in the quarterfinals.

B ut Bay Area Dragons coach Brian Goorjian said their 113-87 victory over the Beermen in their first clash last October 16 was thrown out the window.

This is not the same San Miguel Beer anymore that we saw in the regular season with the return of scorer Terrence Romeo and big man

June Mar Fajardo,” Goorjian said. “It’s going to be a real challenge for us.”

San Miguel Beer, which beat Converge twice in their best-of-five quarterfinals last week to reach the semifinal, has adequate firepower from CJ Perez, Mo Tautuaa, Marcio Lassiter and Vic Manuel to match up Hong Kong’s wrecking crew.

M agnolia and Barangay Ginebra San Miguel collide in Game 1 of their own semifinal series at 5:45 p.m.

Ginebra coach Tim Cone of Ginebra expects war with the Hotshots.

We have had so many battles with that team,” Cone said. “We know them well, they know us well and they know what we like to do.”

full containing the juggernaut that is Hong Kong’s Bay Area Dragons at 3 p.m., while Barangay Ginebra and Magnolia tangle in a sister-act confrontation at 6 o’clock kicking off the pair of best-of-five semifinal series.

I nterestingly, all of SMC’s Ramon Ang teams Ginebra, Magnolia and SMB advanced.  Unfortunately, all of Manny V. Pangilinan’s teams TNT, NLEX and Meralco were eliminated—a first.

I n the amateur backyard, UP can wrap it all up with its killer defense humming as Ateneo is under intense pressure to bounce back and send the Finals to a deciding Game 3.

For Palestinians, the games have been a breath of fresh air. The peace process with Israel has long mouldered in a jar on the shelf; a far-right government in Israel is poised to take office; tensions have risen in recent months with several deadly Palestinian attacks in Israel, near daily Israeli raids in the West Bank and increasing harassment by Jewish settlers.

At the same time, many Palestinians feel they have been forgotten by Arab governments; besides the Abraham Accords, countries like Egypt and Jordan have largely gone silent on the Palestinians’ future while increasing cooperation with Israel.

World Cup host Qatar has been a vocal supporter of Palestinians and a major economic lifeline for the Gaza Strip, governed by the Hamas militant group and under Egyptian and Israeli closure for years.

soccer coach from the Shati refugee camp in Gaza City, said he feels proud see ing the Palestin ian flag so much among fans in Doha.

Gainsan wins gold in wushu jr worlds

SANDREX GAINSAN won the qiangshu (spear play) golf medal at the recent 8th World Junior Wushu Championships 2022 in Tangerang, Indonesia.

Gainsan’s teammates Vincent Ventura, 18, and Zion Diaraliay, 14, grabbed a bronze each in nandao (southern broadsword) 15 years and under class and 42-step taijiquan 12 to 14 years categories, respectively, for six-athlete Team Philippines.

Gainsan beat Singapore’s Shaoyang Ian Sim and Malaysia’s Waipeng Hew on his way to duplicating his golden performance at the 10th Asian Junior Wushu Championships three years ago in Bandar Seri Begawan, Brunei.

Gainsan’s mint was the country’s fifth in seven junior worlds engagements, a strong indication

of the strength of the WFP’s [Wushu Federation Philippines] junior development program,” WFP president Freddie Jalasco said.

We are elated with the victory,” said delegation head, Julian Camacho, WFP secretary general and International Wushu Federation executive board member.

The Philippine Sports Commission underwrote the team’s participation in the biennial event.

Baguio City’s Krisna Malecdan (56 kgs) and Rhomlaiza Dagson (48kgs) and Davao City’s Geoff Basto Bustamante (56 kgs) failed to advance to the medal round of the sanda event.

C hinese coach Li Jian Fang and former sanda world champion Jessie Aligaga coached the squad under head coach Samson Co, a back-to-back taolu world champion.

Fighting Maroons go for UAAP men’s hoops crown in Game 2

UNIVERSITY of the Philippines (UP) goes for back-to-back men’s basketball crowns when it battles Ateneo anew in Game 2 of their race-to-two University Athletic Association of the Philippines Season 85 Finals on Wednesday at the Smart Araneta Coliseum.

The Fighting Maroons move to the cusp of repeating as champions with a 72-66 victory in Game 1 last Sunday, 72-66, and are hoping to end the series in Game 2 starting at 6 p.m.

B ut for UP coach Goldwin Monteverde, winning two straight in a Finals series is easier said than done.

It’s only one game and we have to focus on the next,” Monteverde said. “We won the first game but we still have more to improve on.”

We know what kind of team Ateneo is. We cannot afford to lower our guards. We have to prepare heading into Game 2,” said Monteverde, whose wards won the crown, won UP’s first title in 36 years, only seven months ago when UAAP basketball action returned under a restricted environment.

Z av Lucero had 14 points and Joel Cagulangan contributed 12 points in Game 1 for the Fighting Maroons who have enough firepower in Malick Diouf and Carl Tamayo.

But Blue Eagles head coach Tab Baldwin said they would do whatever it takes to survive the pressure especially from the Fighting Maroons’ leech-like defense.

Execution during the whole game was difficult because the pressure from UP was really tight,”

Baldwin said. “Certainly, we have to figure out ways to compensate for the pressure as we need to focus on playing solid defense as well.”

“ You’ve got to find counters. We thought we had some [in Game 1] but we need more,” he added.

D ave Ildefonso and Kai Ballungay also need to deliver big in Game 2 for Ateneo with naturalized big man Ange Kouame, Forthsky Padrigao and BJ Andrade expected to double their effort.

I f Ateneo wins, Game 3 will be played Monday also at the Big Dome.

NU JINS BAG

POOMSAE CROWN

NATIONAL University captured its first-ever title in a tight-contested taekwondo poomsae championships Tuesday at the Blue Eagle Gym.

C eanne Rosquillo, James Lopez and Jed Tan sealed the Bulldogs’ breakthrough title by ruling the men’s team event with 8.265 points.

U niversity of the Philippines’s Dominic Navarro, Joshua Cachero and Datu Rayhan were second with 8.235, while University of Santo Tomas’s Vincent Rodrigues, Kobe Macario and Darius Venerable finished third with 8.165.NU’s other gold came from season MVP Laeia Soria, who ruled the women’s individual category with 8.250 points, beating Aidaine Laxa (8.135) of University of Santo Tomas and Mikee Regala (7.880) of De La Salle University.

The Bulldogs finished with a 2-2-0 (gold-silver-bronze) medal tally, while the Tiger Jins amassed 2-1-1.

Josef Ramos

Obebe dominates COPA swimfest

wares here in August, a result of the Fiba officials’ decision to allow us to choose a country that will play here next year.

O ur co-hosts Japan and Indonesia have also made their choices.  Tokyo selected Slovenia that stars the multidimensional Luka Doncic of the Dallas Mavericks.  Indonesia chose Canada, which boasts of Andrew Wiggins, the prolific scorer from the reigning NBA champions Golden State Warriors.

Basketball galore anew

The Christmas rush shopping will have to be on hold as fans troop to their favorite games.

I n the PBA, San Miguel Beer (SMB) will have its hands

A nd, with their chief guard Forthsky Padrigao hobbled by a leg injury, the Blue Eagles are suspect to soar again.  Well, let’s see.

Meanwhile, there’s another huge reason to celebrate as Team USA is playing in Manila for the Fiba World Cup next year. My tukayo, Al Panlilio, the president of the Samahang Basketbol ng Pilipinas, just couldn’t hide his unabashed joy.

We are honored that the USA Team will play a minimum of five games or a maximum of eight games in our country,” Panlilio said.  “That will definitely be a big treat to our Filipino fans.  A once-in-a-lifetime chance.”

Th at would be an absolute thrill, indeed, as stars from the National Basketball Association (NBA) will strut their

The Fiba event here marks only the second time that we are hosting it since 1978, that forgettable year when we lost all our games using a second-rate, starless team because the country’s superstars were then playing in the PBA.  But that’s another story.

T HAT’S IT With the Senate also finally giving its nod to the naturalization of Justin Brownlee, Gilas Pilipinas has become all the more upbeat in its aim to do well in the Fiba Worlds next year.  Why because Brownlee’s addition will add more ceiling to Gilas that has skyscrapers in 7-foot-3 Kai Sotto, 6-foot-10 June Mar Fajardo and 6-foot-9 Japeth Aguilar—not to mention that the 6-foot-6 Brownlee is an insatiable point-producer as well.  Sen. Bong Go’s counsel to Brownlee? “Cherish being a Filipino, Justin.”...Happy birthday, Ka Abel (Manliclic)!

Manlalangoy ng Pilipinas (SMP) Christmas Friendship Swimfest held over the weekend at the Teofilo Yldefonso Swimming Pool

Malate, Manila.

Obebe, the pride of Aqua Sprint Swim Club, closed out her four-event campaign with sterling performances in the girls 12 years old 100 meters freestyle with a clocking one minute and 6.76 seconds to further her Most Outstanding Swimmer (MOS) award.

I’m very happy and hopefully next year I can beat my times,” said Obebe, who also ruled the Class A 50m butterfly (31.18), 50m backstroke (34.83) and 50m free (29.33).

C alled COPA’s “Diamond Girl,” Diamante, representing RSS Dolphins of coach Anthony Reyes, absorbed her first tournament defeat as she settled for the silver medal behind Maria Felisha of Bulacan Water Dragons in the 11 years old Class A 100m freestyle event.

The Grade 7 honor student at Augustinian Abbey School in Las Piñas clocked 1:11.77, finishing some three seconds behind Celso (1:08.79).

The loss was Diamante’s first since COPA resumed its events last August. She was a previous MOS in the 50m freestyle (31.66), 50m backstroke (34.43) and 50m butterfly (34.43).

She amassed a total 24 gold medals.

I’ll do my best the next time,” Diamante said. “Whatever coach sees as my weakness, I’ll work on it.”

COPA board member and SMP President Chito Rivera said Rob Wright of the famous Hong Kong swimming family and head of the HK Stingray Swim Club already confirmed a 12-member team for COPA’s next tournament tentatively set in March.

R ivera also said that the COPA plans to hold more tournaments and seminars for coaches and public school Physical Education teachers to sustain the vision of COPA president and Batangas 1st District Rep. Eric Buhain.

A HEAVY basketball schedule is on tap again Wednesday with the semifinals of the Philippine Basketball Association (PBA) Commissioner’s Cup blasting off and the University of the Philippines (UP) gunning for the University Athletic Association of the Philippines (UAAP) men’s crown against Ateneo.

PAULENE BEATRIZ OBEBE completed another sweep while Nicola Queen Diamante fell short in her final event at the close of First Congress of Philippine Aquatics Inc. (COPA)-Samahang

inside the Rizal Memorial Sports Complex in

NICOLA QUEN DIAMANTE in action in the butterfly event.

PALESTENIANS wave Moroccan and their national flags as they watch a live broadcast of the match between Morocco and Portugal in Gaza City Saturday. AP

Area Dragons brace for a potential classic semifinal showdown with No. 4 San Miguel Beer on Wednesday at the start of their best-of-five semifinal series in the Philippine Basketball Association Commissioner’s Cup at the PhilSports Arena in Pasig City.

EXPECT a battle of “bigs” between the Beermen’s June Mar Fajardo and the Dragons’ Andrew Nicholson.