BusinessMirror December 15, 2022

THE Philippine economy’s performance, especially in the third quarter, “shattered” the expectations of the Asian Development Bank (ADB) prompting the Manila-based multilateral development bank to raise its forecast for the country’s GDP growth this year.

e ADB said growth this year is now projected to reach 7.4 percent from the bank’s September estimate of 6.5 percent.

ADB Philippine Country Director Kelly Bird said this is the highest growth forecast in the region.

However, due to high infl ation and the impact on the economy

of the recession in advanced economies like the United States and the European Union, growth is expected to be more muted next year at 6 percent from the initial estimate of 6.3 percent.

“ e Philippines’s economic

ULTILATERAL lending institutions and a United States-based think tank have thrown their support behind the establishment of the country’s own sovereign wealth fund (SWF), the budget chief said on WednesDepartment of Budget and Management Secretary Amenah F. Pangandaman said during the previous administration, the International Monetary Fund (IMF) and the Asian Development Bank (ADB) backed the idea of creating a Philippine SWF.

Pangandaman said that it was during the stint of current Finance

Secretary Benjamin E. Diokno as Bangko Sentral ng Pilipinas (BSP) governor when the idea of creating an SWF was floated during the Duterte administration.

She added that they formed a technical working group (TWG) during the previous administration to determine the feasibility of establishing an SWF.

“During that time, we really had a surplus in our reserves. e IMF has said we should only have at least three months of our reserves, but during governor Diokno’s time, it was 10 months, sobra-sobra po,” Pangandaman said.

“So we did research, TWG, we even met with ADB, the IMF. Both development partners said it’s okay, pero hindi po sa [BSP] kasi wala

po sa mandate ng central bank,” she added.

Pangandaman said she supports the creation of the country’s wealth fund since it would generate additional budget for the government amid “limited” fi scal space.

“Any measure, program, law that will help our budget, given our limited space right now, is welcome news for me, and at least for the DBM po. We will support the creation of the wealth fund,” she said.

e budget chief said that the national government has tapped the Milken Institute of Singapore to determine the feasibility of creating a Philippine SWF, particularly the specific type of such fund suitable for the country.

Based on the fi ndings of the

forthcoming report of the think tank, Pangandaman said the right time to create the country’s SWF is “now.”

“Just this morning, part of our TWG is a meeting with the Milken Institute of Singapore. ey will release a report soon. And I think the report will say that the time is now,” she said.

“We also tapped them to help us when we were working on the type of sovereign wealth fund, because there are several types—some are using it for their pension system, others are using it for their natural resources. Ours is for development, to develop and to fund at least our infrastructure projects and pro-

PRESIDENT Ferdinand Marcos Jr. is expected to sign the P5.268-trillion 2023 national budget on Friday, the budget chief said Wednesday.

Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman said the President will sign the General Appropriations Act (GAA) on December 16 and that the Executive is now “working” on his veto message.

Pangandaman added that the DBM is now consolidating all the numbers brought about by the amendments and changes made during the ratification of the 2023

budget by Congress last week.

She also said the President will veto about two to three items in the 2023 GAA. However, she did not disclose the amount involved or detail the items that will be vetoed by Marcos Jr.

Pangandaman said the president’s veto message will be “very friendly” given the warm relationship between the Executive and Legislative branches of the government.

“I think we will have two vetoes, two to three direct vetoes, and all the rest are just conditional and

grams,” she added.

Pangandaman also disclosed that Finance Secretary Benjamin E. Diokno met with the World Bank last week to discuss the proposed Maharlika Wealth Fund (MWF) of the country.

Despite growing opposition to it, the economic managers of the Marcos Jr. administration last week urged Congress to fast-track the passage of MWF, which they claimed would lead to a more “prosperous” Philippines. (Related story: businessmirror.com.ph/2022/12/09/ diokno-on-maharlika-wealth-funddont-deprive-people-of-chance-atprosperity)

Govt plans to use MIF for projects that

food output

6608 will make use of “idle” government funds to create the MIF, which will be managed by competent individuals.

“It would be a very, very good form of its utilization and to get the best of the brightest people be accountable for this proper management of the investments,” Romualdez said.

‘Urgent

ficial delegation of President Marcos in Brussels for his participation in the ASEAN-EU Commemorative Summit, said.

As of 1 p.m. Wednesday, the official records in the House showed that the total number of lawmakers who signified their intention to be co-authors of House Bill (HB) No. 6608 seeking to establish the MIF has ballooned to 246.

PEZA VOWS TO MEET DEADLINE FOR SUBMISSION OF RBE APPLICATIONS

bill’

general observations,” she said.

e DBM chief said the P70 billion worth of realignments made by lawmakers in the 2023 national budget were devoted to priority areas of the current administration.

“ ere is the amount of roughly P70 billion that they realigned. Upon our initial analysis and checking of the numbers, most of it went to our priorities like education—funding on [state universities and colleges]—social assistance, they included an amount for the EDSA carousel [program] and for our medical sector,” Pangandaman said. Jasper Emmanuel Y. Arcalas

e pronouncement was made by House Speaker Martin G. Romualdez, who said House Bill (HB) 6608 has already gained “considerable backing” in the House of Representatives (HOR) since it can help the government in the development of capital-intensive sectors. “To participate in large projects whether be infrastructure, power; the agricultural sector, you need massive capital,” Romualdez said during a press briefi ng in Belgium last Tuesday.

“We have a lot of other ideas on how to use this fund to actually help the power crisis, the agriculture needs of the country and having skill always does matter,” he added. He noted more lawmakers fi nally supported the legislation after the issue on the fund sources for the MIF was fi nally ironed out.

Safeguards

ROMUALDEZ said over 200 law-

makers have already co-authored HB 6608.

“We are very excited for it and I see that two-thirds of the House who have already seen the wisdom and you know the benefits to the country and to the people as a whole, so we’re quite excited for this,” he said.

In the initial version of the bill creating the MIF, its P250-billion initial capital was supposed to come from the Social Security System (SSS) and the Government Service Insurance System (GSIS), Land Bank of the Philippines (LBP), Development Bank of the Philippines (DAP), Bangko Sentral ng Pilipinas (BSP), and the Philippine Amusement and Gaming Corp. (Pagcor).

However, Congress decided to drop SSS and GSIS from the list of fund sources for the MIF upon opposition from some sectors, including labor groups.

Romualdez also assured HB

DESPITE having the numbers in the House to pass the MIF, Romualdez said it is still up to the President if he wants to certify the bill as urgent so it could be approved on third and fi nal reading before the House adjourns for its Christmas break.

“Well, that’s up to him [President Marcos],” Romualdez said when asked if the President wants to ensure swift passage of the bill in the House. By certifying the bill as urgent, the House can dispense with the three-day rule—the requirement of the Constitution that no bill shall become a law unless it has passed three readings on separate days.

e House is set to adjourn its session this week.

“ e Majority Floor Leader [Manuel Jose Dalipe] told me that we had over 220 [co-authors] and I think by the time I get back baka umabot na ng 250. So there will be over two-thirds of the House who will be co-authoring because there have been exhaustive briefi ngs,” Romualdez, who is part of the of-

EMSA compliance period

IN another development, Romualdez said the country was fi nally given a deadline to address the concerns raised by the European Maritime Safety Agency (EMSA) on the country’s compliance to the Standards of Training, Certification and Watchkeeping (STCW) Convention.

“ ere is a three-month period within which we have to comply with certain conditions, certifications of the various schools, various maritime academies and schools that train our seafarers,” Romualdez said.

President Ferdinand “Bongbong” R. Marcos Jr. ordered the creation of an advisory board composed of representatives from government agencies, international shipowners and other stakeholders to ensure the country will fully comply with the STCW.

About 50,000 Filipino seafarers, who are working European vessels, are at risk of losing their jobs due to deficiencies in implementing the STCW in the last 16 years.

ADB raises PHL growth forecast for ’22 to 7.4%

performance this year has shattered all of our forecasts for 2022. at’s shattered, it broke, Generation Z would say ‘slayed’ our forecasts for 2022. As you know, in the three quarters it was around 7.7 percent year-onyear. Our forecast in 2022 is 7.4 percent,” Bird said on Wednesday.

In its ADB Outlook Supplement, the Manila-based multilateral development bank said growth in the three quarters of the year was driven by “robust private consumption and investment and by sustained public infrastructure spending.”

Bird also noted that the recovery of employment; increase in remittances; buoyant tourism, retail trade, services exports; and expansion of the manufacturing sector helped boost economic growth.

However, this may not be sustained due to high infl ation. e ADB expects infl ation to average 5.7 percent this year, higher than its September forecast of 5.3 percent. e increase in the prices of commodities is expected to slow but remain above target at 4.3 percent in 2023. is is the same rate ADB projected in September.

“Core infl ation is a rough measure of infl ation expectations. e core infl ation rates have been going up and that means infl ation expectations are rising. at raises a concern that infl ation starts to become sticky, that is, it’s hard to reduce. e [Bangko Sentral ng Pilipinas] is fully aware of that and just to let you know, it’s not just in the Philippines but it’s global,” Bird said.

Nonetheless, Bird said, there is light at the end of the tunnel. Many advanced economies are already seeing core infl ation peak and with the Philippine economy two quarters behind these countries, it is possible that infl ation will peak by mid-2023.

Apart from infl ation, Bird said other factors that dampened the outlook for 2023 includes the negative impact of monetary policy tightening on the economy. Bird said with higher interest rates, this may discourage investments in the country.

He added that the recession in advanced economies and the continuation of the war in Ukraine are also expected to take their toll on the country’s economic growth.

e Russian invasion of Ukraine has affected food and oil prices globally.

“Asia and the Pacific will continue to recover, but worsening global conditions mean that the region’s momentum is losing some steam as we head into the new year,” said ADB Chief Economist Albert Park.

“Governments will need to work together more closely to overcome the lingering challenges of Covid-19, combat the effects of high food and energy prices—especially on the poor and vulnerable—and ensure a sustainable, inclusive economic recovery,” Park added.

ADB lowered its forecast for infl ation in developing Asia and the Pacific this year to 4.4 percent from 4.5 percent.

However, the bank raised its projection for next year to 4.2 percent from 4 percent, due to lingering infl ationary pressures from energy and food.

ADB’s growth forecast for Southeast Asia this year was raised to 5.5 percent from 5.1 percent, amid robust consumption and tourism recovery in Malaysia, the Philippines, ailand, and Viet Nam. Projections for next year, however, were lowered to 4.7 percent from 5 percent due to weakening global demand.

ADO is published every April, with an update in September and brief supplements published normally in July and December. Developing Asia refers to the bank’s 46 developing members.

THE Philippine Economic Zone Authority (PEZA) has vowed to endorse all applications it received for the paper transfer of PEZAregistered business enterprises (RBEs) to the Board of Investments (BOI) before the December 31 deadline.

At a media briefi ng on Monday, PEZA Deputy Director General (DDG) for Operations Vivian S. Santos said the PEZA came up with an internal deadline, which is on December 16, based on PEZA Memorandum Circular (MC) 2022-070. “ e BOI would not extend PEZA’s endorsement. So, in order for PEZA to endorse on or before December 31, we need to also come up with a deadline and the deadline we have provided in our memorandum circular is December 16. at’s the last day of fi ling,” Santos said.

However, the PEZA official noted that the agency will see to it that applications with complete requirements will be endorsed to the BOI on or before December 31 as the effectivity of the paper transfer that will allow 100 percent work from home will be on January 1, 2023.

As of December 12, PEZA said it has received 351 applications for the paper transfer of registered business enterprises (RBEs) to the BOI.

According to the PEZA MC 2022-070 dated October 24, “ e earlier deadline of December 16 is to ensure that PEZA will have sufficient time to review the applications before we endorse it to BOI.”

“ e endorsement by PEZA to BOI is considered as a certification of its no objection and that the endorsed RBEs are compliant with the terms and conditions of registration and are in good standing,” PEZA told the BM last month in a Viber message.

Pursuant to the Department of Trade and Industry (DTI) Memorandum Circular No. 22-19, supported by the Fiscal Incentives Review Board (FIRB), which was issued last October 18, the RBEs have until December 31 to exercise the option to register with BOI. e DTI said RBEs that can exercise the option to register with BOI are: RBEs that have remaining tax incentives under Section 311 of Corporate Recovery and Tax Incentives for Enterprises (CREATE) law; and RBEs with approved incentives on or before September 14, under the CREATE law with the concerned investment promotion agency, particularly those currently registered with Peza, that intend to register with the BOI.

However, those who did not exercise the option shall no longer be allowed to register and shall be covered by Section 309 of CREATE.

Section 309 of Republic Act 11534 or CREATE law states: “A qualified registered project or activity under an Investment Promotion Agency administering an economic zone or freeport shall be exclusively conducted or operated within the geographical boundaries of the zone or free port being administered by the Investment Promotion Agency in which the project or activity is registered.”

government is planning to use the Maharlika Investment Fund (MIF) for projects that aim to address the country’s “power crisis and agricultural needs.”

will hike energy,

The Nation

BusinessMirror

By Glen Jacob Jose

WITH the yearly “Simbang Gabi” set to start at dawn on Friday, the head of the National Capital Region Police District Office (NCRPO) has ordered the five district directors to tighten security around churches and residential areas as part of security preparations for “Ligtas Paskuhan 2022,” and ensure public security and safety during the Yuletide season.

T he five districts covered by the NCRPO are the Manila Police District (MPD), Quezon City Police District (QCPD), Northern Police District (NPD), Southern Police District (SPD), and Eastern Police District (EPD).

T he traditional nine-day dawn masses (Simbang Gabi) start on December 16 and end on December 24, or Christmas Eve. NCRPO chief Maj. Gen. Jonnel Estomo instructed the implementation of maximum police visibility around churches in Metro Manila amid the expected influx of people going to churches to attend Simbang Gabi or “Misa de Gallo.”

“ This is an important Filipino tradition that we cannot afford to miss. We don’t have many frets on our security preparation and implementation due to our existing S.A.F.E. NCRPO strategy where our personnel are wide-awake, even during the unholy hours of the day. We are prepared to address any security issue that can possibly spoil this event,” Estomo said on Wednesday in a news statement, adding that his order is in line with the Philippine National Police’s “Ligtas Paskuhan 2022” program.

He said more than 13,000 personnel were deployed in different areas in the metropolis, including places of worship, malls, public markets, major thoroughfares, transportation hubs/terminals, and other places of convergence, which started last December 1 to cover various aspects of the police operation, heightened police presence and respond to other necessary measures for an orderly, peaceful, and safe Yuletide season.

Police Assistance Desks (PADs) were also established near the church entrances for immediate attention to any emergency and untoward incident.

Estomo reminded Metro Manila cops to maximize their presence in the field to prevent crime and terrorism. And to continue to collaborate and open their communication for better coordination.

“Despite everything we have been

through this year, let’s not forget to thank God for all the blessings He has given us. In the coming year, may we continue to be the channel of the blessing of peace by keeping the people of Metro Manila safe and secure against any form of criminality and injustice,” said Estomo.

Meanwhile, Philippine National Police chief Gen. Rodolfo Azurin Jr. ordered full alert status on Friday coinciding with the start of Simbang Gabi, to ensure the safety of people during the Christmas season.

“Full alert will start on Friday, coinciding with the opening of Simbang Gabi. I have directed our policemen to be visible in churches for the Simbang Gabi. They should be visible so that if police response is needed by our countrymen, they are ready…They should be ready, on call, anytime,” Azurin told reporters at the PNP national headquarters at Camp Crame.

A zurin said he has already given instructions to police units to beef up police presence in areas where people frequent, including malls.

A zurin said policemen are allowed to go on Christmas break but said they should be on call to report for duty in their respective areas if their services are needed.

We will require our personnel, where they are on vacation, to report their presence to the nearest police station so if police response or additional police assistance is needed in that area, they can help,” the country’s top cop said.

For her part, PNP spokesperson Col. Jean Fajardo said police visibility will not only be increased in churches but also in malls and restaurants where people may go after attending Simbang Gabi.

“Our chief PNP wants enough number of [police] personnel who will be assigned and doing patrol in the vicinity of churches,” said Fajardo.

“After Simbang Gabi, our countrymen may go to malls, go to restaurants, we will double our presence there,” she added.

Fajardo said more policemen will be deployed in transport terminals due to the anticipated increase of people availing of public transportation during the season.

Fajardo said the PNP has not monitored “any serious or credible threat” to disrupt the celebration of the Yuletide season.

But of course, we are not going to be complacent,” said Fajardo, adding that police units will be ready to respond to any threat.

SC chief Gesmundo reminds lawyers to ‘be mindful’ of their socmed posts

By Joel R. San Juan @jrsanjuan1573

reposed in him.

I think many of us have posted on Twitter or in Facebook. That is prohibited because there is attorney-client privilege…Absolutely prohibited by our Canons that a lawyer posts any communication from a client including a text message thanking him, including legal fees” Leonen said.

from clients or pleadings to be filed in their social media accounts in Facebook or Twitter.

A t a news briefing, CJ Gesmundo said the final draft will be presented after consultations with stakeholders.

Gesmundo said the CPRA tackles the use of social media, formation and definition of lawyer-client relationship, conduct of non-legal staff and other intricacies experienced by practitioners.

T he CPRA also consolidates sep -

arate regulations pertaining to the discipline of lawyers.

A ssociate Justice Marvic Leonen, on the other hand, warned lawyers to be cautious in their social media posts that tend to violate the attorney-client privilege under the Code of Professional Responsibility (CPR).

L eonen said he and his fellow magistrates have been noticing that there are lawyers who post letters

L eonen reminded lawyers that such posts are prohibited under Canon 21 of the CPR, which requires lawyers to preserve the confidence and secrets of their clients even the attorney-client relationship is terminated.

Rule 21.01 of Canon 21 provides “a lawyer shall not reveal the confidence or secrets of his client” except when authorized by the client, required by law and by judicial action.

C anon 17, on the other hand, states that “a lawyer owes fidelity to the case of his client and he shall be mindful of the trust and confidence

“ We need to preserve the confidentiality between us and our clients because once you post, you are actually opening to third parties your communication and that [could be considered as] actionable,” Leonen explained.

T he associate justice said the SC’s tolerance on these social media posts has been “stretched” and that sooner or later disbarment cases might be filed against some lawyers for violation of attorney-client privilege.

L eonen also said lawyers should refrain from airing their commentaries on pending cases before the courts as (a gesture) of respect for the Judiciary.

I hope others will become aware about the attorney client privilege and the respect of a lawyer and officer of the court to the court that are deciding cases is absolute,” he stressed.

Lawmakers push Bautista’s DOTr confirmation

THE problem-ridden transportation sector, recently described as a “broken system,” is expected to have a veteran crisis manager overseeing it with the endorsement by key lawmakers of the confirmation of Secretary Jaime Bautista of the Department of Transportation (DOTr).

No less than Senate President Juan Miguel Zubiri late Tuesday endorsed to the Commission on Appointments (CA) the plenary confirmation of Bautista, who had drawn admiration in his long stint as head of Philippine Airlines (PAL), drawing awards for the flag carrier amid a myriad of crises it underwent.

Presiding as concurrent chairman of the bicameral CA, Senate President Zubiri described Bautista as a “responsible and reputable fellow” who “does not need to go through the learning curve.”

B autista knows his stuff “even when he is sleeping,” added Zubiri. “He thinks about the transport problem in the country, and we need him now because of the traffic congestion because of the Christmas season. We need him to focus on his job.”

LEADERS of the indigenous Teduray and Lambangian people from Mindanao have sought the help of Senator Robinhood Padilla to look into the 26-year delay of their much-awaited ancestral domain recognition.

In a courtesy call facilitated by the National Commission on Indigenous Peoples on Monday, December 12, a delegation of the Teduray Lambangian Ancestral Domain Claim (TLADC) met with Padilla, currently the chairman of the Senate Committee on Cultural Communities and Muslim Affairs to complain about how the alleged denial of their claim to their ancestral domain had displaced their peoples and relegated them to live in hazardous areas.

This became evident when the recent onslaught of typhoon “Paeng” caused deadly landslides, according to the leaders of the Teduray and Lambangian people.

“We thank Sen. Padilla for the productive conversation on the status of the Teduray and Lambangian peoples’ ancestral domain claim, and the issues and concerns at ground zero. The protection of our lands, lives, and livelihoods are crucial for our pathway towards genuine sustainable development and climate resilience,” Timuay Alim Bandara, head claimant

of TLADC, said in a statement.

Data from the Task Force Barat, a formation of Teduray, Lambangian and Dulangan Manobo peoples responding to the crises left by Paeng, revealed that a total of 2,025 families from their tribes were affected, resulting in 46 dead and 6 others missing.

The issuance of a Certificate of Ancestral Domain Title (CADT) for the Teduray and Lambangian has been denied for more than two and a half decades, they told Padilla. The latest snag is a resolution by the Bangsamoro Parliament issuing a cease and desist order to the CADT application process as part of the complexities of the Bangsamoro transition.

For its part, the legal, research, and policy institution Legal Rights and Natural Resources Center (LRC) urged the Senate to push through with a special investigation in aid of legislation.

“We urge our honorable lawmakers to probe into the persisting delays of CADT issuance for the Teduray and Lambangian people with the aim of fast tracking the process. This is a right ensured under IPRA [Indigenous Peoples Rights Act of 1997],” Atty. Ryan Roset, Direct Legal Services Coordinator of LRC, said. Jonathan L. Mayuga

At the committee level hearing, Senator Cynthia Villar sought Bautista’s support for the establishment of three first border facilities in different areas of the country.

Villar stressed the importance of the 2023 national budget-funded facilities in Bulacan, Cebu and Davao City. As chairperson of the Committee on Agriculture, Food, and Agrarian Reform, she noted that funding was allocated for the project years ago but the Department of Agriculture failed to implement it due to lack of space in the Port of Manila.

S ome agriculture stakeholders agreed to lend their land for the establishment of the first border facilities, according to Villar. “Our agriculture stakeholders are in earnest to build this because of what happened with the African swine fever and the avian flu. We don’t have first border facilities that’s why diseases easily enter the country to the detriment of the agricultural sector,” Villar said.

For his part, Sen. Joseph Victor “JV” Ejercito asked the DOTr if it could finish the two big-ticket railways projects in Metro Manila on time. At the meeting of the Committee on Transportation of the CA on the ad interim appointment of Bautista as DOTr secretary, Ejercito said he is one of those who fought for the restoration of the DOTr’s budget allotted for the Metro Manila Subway Project and the NorthSouth Commuter Railway project in the 2023 national budget. Butch Fernandez

CHIEF Justice Alexander Gesmundo on Wednesday said he is hoping to present to the public soon the final draft of the Proposed Code of Professional Responsibility and Accountability  (CPRA), which seeks to improve and modernize the practice of law as well as provide guidelines for the use of social media by lawyers.

Editor: Vittorio V. Vitug

BusinessMirror

PBBM sees revitalized Asean-EU trade and investment after Brussels summit

By Samuel P. Medenilla @sam_medenilla

WHILE the proposed Association of Southeast Asian Nations-European Union (Asean-EU) Free Trade Agreement (FTA) is still pending, President Ferdinand “Bongbong” R. Marcos Jr. said both regional blocs are eyeing to roll out a new trade and investment program next year to boost economic cooperation.

I n his closing remarks during the 10th Asean-EU Business Summit in Brussels, Belgium, on Tuesday, Marcos said the Asean-EU Trade and Investment Work Programme of 2022-2023 would help in the growth of businesses in both regional blocs.

M inisters had already endorsed

the framework and representatives of the EU during the 18th Asean Economic Ministers-EU Trade Commissioner Consultations last September 2022.

“ The Asean-EU Trade and Investment Work Programme of 20222023 will provide the Asean and EU with a framework with, which will serve [or] that will serve as a platform to enhance economic cooperation in addressing new emerging challenges and seeing new opportunities for trade and investment amongst Member States and Countries,” Marcos said.

Let us continue to strengthen trade and investment endeavors between the EU and Asean, with the end in view of enhancing economic integration between the two blocs,” he added.

Pending FTA

HOWEVER , he noted the long-term objective of both parties is the completion of the FTA, which has been pending since 2007.

“Economic cooperation initiatives will be prioritized on areas of mutual interest in order to bridge the gap and realize this long-term objective,” Marcos said.

To better integrate with the European market, he said Asean is also initiating its digital transformation agenda through the ongoing Bandar Seri Begawan Roadmap (BSBR) and transitioning into a “low carbon circular economy.”

T his is in line with the Asean-EU Joint Ministerial Statement on Connectivity 2020.

The initiative affirms the commitment between Asean and the

EU to further boost connectivity through the implementation of key strategies, such as the EU Strategy Connecting Europe and Asia and the Master Plan on Asean Connectivity [MPAC] 2025, with specific focus on the following areas: sustainable infrastructure, digital innovation, seamless logistics, regulatory excellence, and people mobility,” Marcos said.

T he President said the Asean is ready for a trade agreement with Europe since it is already part of the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

“Asean is well-positioned to accelerate intra-regional trade and profit,” Marcos said.

Senate tackles bills seeking to ease burden of paying taxes

By Butch Fernandez @butchfBM

SEN. Sherwin Gatchalian, presiding chairman of the Senate  Ways and Means, convened a hybrid public hearing Wednesday to review options aimed at easing the taxpayers’ burden of paying taxes to the government.

At the hearing, Gatchalian explained the committee has decided to split the administrative part of easing the payment of taxes and the taxpayers’ bill of rights so that the latter will be a stand-alone bill.

A ccording to Gatchalian, Senate Bill No. 1346 and House Bill No. 4125 or the Ease of Paying Taxes Act, both aim to provide a simple and convenient method to taxpayers and for them to gain access to the latest digital technologies in paying taxes.

That is the simple philosophy of the measures today,” said Gatchalian.

T he Senate panel, he added, are working on measures to “simplify the lives of our taxpayers, make it convenient, and enable them to use cuttingedge technologies as means of paying taxes,” and to simplify the concepts that are being practiced in the past.

www.businessmirror.com.ph

Digitalization

By Jasper Emmanuel Y. Arcalas @jearcalas

THE Department of Budget and Management (DBM) on Wednesday said it has laid out plans to fully digitalize the release of various documents, including allotment releases, by the next quarter, allowing the government to save at least P33 million from printing costs.

B udget Secretary Amenah F. Pangandaman said the move is part of the current administration’s priorities in making bureaucratic processes, records and databases more “efficient.”

Pangandaman explained that the digitalization would involve the releases of Special Allotment Release Order (SARO), Notice of Cash Allocation (NCA), and Notice of Organization, Staffing and Compensation Action (NOSCA).

“Noong Cabinet meeting po, sinabi po ni Presidente that he’s also pro-digitalization to reduce ‘yung cost of doing business, transparency, and accountability,” Pangandaman said.

So, noong lumabas po ‘yung second version [of the draft budget], most of the agencies po, we adopted

‘yung kanilang mga digitalization programs. We have provided more than P300 billion for the digitalization program of the different national government agencies,” she reported.

P angandaman explained the DBM started its digital transformation initiatives after it signed a deal with three authorized governmentservicing banks for the implementation of the online release of NCA.

The banks were Land Bank of the Philippines, Development Bank of the Philippines and Philippine Veterans Bank.

“ So, doon sa NCA palang, if we start next year, we will save at least P33 million on the printing and the cost of paper. Kasi special paper po ‘yan—para ‘pag napunta po sa masamang tao, hindi po n’ya magamit,” Pangandaman said.

“So, we don’t have to print that [special paper]. So, hopefully po, until first sem of next year, lahat po ng releases ng DBM, wala na pong hard copy. It will all be digital,” Pangandaman added.

Pangandaman said the DBM is also investing in its cyber security to ensure that its digital processes would be “free” from criminal or unauthorized use.

BCDA breaks ground

in NCC

By Andrea E. San Juan

THE University of the Philippines (UP) has partnered with the Bases Conversion and Development Authority (BCDA) and the Department of Public Works and Highways (DPWH) for the construction of the state-run university’s first campus in New Clark City (NCC).

T he BCDA announced in a news statement issued on Wednesday the construction of the new campus broke ground on a 3.4-hectare patch of land within the NCC on Monday, December 5.

According to the statement, BCDA Chairman Delfin N. Lorenzana, UP President Danilo L. Concepcion, Department of Public Works and Highways (DPWH) Assistant Regional Director Denise Maria Ayag, and BCDA Senior Vice President for Conversion and Development Joshua M. Bingcang led the ceremony.

T he BCDA said “the site will serve as UP-NCC’s satellite campus, helping the state university establish an early presence in New Clark City,” the same BCDA statement read.

T he BCDA also noted that the main university area will be located in another 76-hectare property within the “rising metropolis.”

M oving forward, the BCDA said the UP-NCC Satellite Campus is seen to become UP’s hub for education, research, training and collaboration, focusing on sustainable development.

In addition, it noted the project aims to provide support to BCDA and other stakeholders in the development of NCC as the country’s next smart, sustainable and green city.

B CDA said the university has tapped the DPWH for the construction of Phase 1 of the satellite campus with a target completion of September 2023.

In a few months you will see the eventual transformation of this area into a modern learning community... DPWH, as the government’s engineering and infrastructure arm, is proud to be part of this mission of constructing the future home of intellectuals in Central Luzon and for being with you all in this magnificent occasion,” Ayag said.

O nce completed, BCDA noted, UP’s main campus and satellite campus in NCC will be introduced as an academic hub offering inter-, multi-and trans-disciplinary studies that will help “catalyze” national development.

Moreover, the BCDA said it will supplement UP’s continuing internationalization efforts in NCC through joint programs with top universities in the world.

Like other top universities in the world, the BCDA said the UP system aims to integrate “distinct” fields of study that address both national and global concerns.”

Concepcion also shared plans to transfer the UP Open University to NCC.

A ccording to BCDA, the UP president said NCC will also house another branch of the Philippine General Hospital (PGH) as well as a National Institute of Health where professionals can conduct research on health sciences.

T he UP president said the groundbreaking ceremony is one of the university’s “most long-awaited occasions.”

TO boost the vegetable production of a group of farmers in San Remigio, Cebu, the Department of Agrarian Reform (DAR) has turned over a farm tractor worth P1.26 million.

T he 40-member Hugpong Sa Nagkahiusang Mag-uuma (HSANAMA) based in Barangay Gaway-gaway received the four-wheel drive, 35-horsepower tractor during a simple turnover ceremony recently.

W ilfredo H. Ruedas, HSANAMA president, said the new farm machinery would be a great help to the members of the group in improving individual and collective

vegetable production.

Grace B. Fua, DAR Cebu Provincial Agrarian Reform Program Officer II, encouraged the ARBs to fully utilize the tractor to increase the organization’s farm production as well as the income of its members.

S he also reminded the members to provide a secured place for the safe keeping and maintenance of the machinery.

T he farm equipment was provided under the Climate Resilient Farm Productivity Support Project (CRFPSP) on Major Crop-Based Farm Productivity Enhancement and Sustainable Livelihood Support. Jonathan L. Mayuga

to enable DBM to save ₧33M in printing cost

SEN. Sherwin Gatchalian, chairperson of the Committee on Ways and Means, leads the hybrid public hearing on several measures seeking to ease the burden of taxpayers in paying taxes on Wednesday, December 14, 2022. Gatchalian explained the committee decided to split the administrative part of easing the payment of taxes and the taxpayers’ bill of rights so that the latter will be a stand-alone bill. According to Gatchalian, Senate Bill No. 1346 and House Bill No. 4125 or the Ease of Paying Taxes Act aim to provide a simple and convenient life to taxpayers and for them to have access to the latest digital technologies in paying taxes. “That’s the simple philosophy of the measures today. The measures aim to simplify the lives of our taxpayers, make it convenient, and enable them to use cutting-edge technologies as means of paying taxes, and to simplify the concepts that are being practiced in the past,” Gatchalian said. JOSEPH VIDAL / SENATE PRIB

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China cuts Covid case number reporting as infections surge

BEIJING—China’s National Health Commission scaled down its daily Covid-19 report starting Wednesday in response to a sharp decline in PCR testing since the government eased anti-virus measures after daily cases hit record highs.

Hospital’s fever clinic in Beijing, a dozen people waited for nucleic acid test results. Nurses in full-body white protective gear checked in patients one by one.

A few kilometers (miles) south, at Chaoyang Hospital, about a dozen people waited in a line of blue tents, deflecting winds amid subzero temperatures. One person in the queue took out a bottle of disinfectant and sprayed it around her as she waited.

Across the street at Gaoji Baikang Pharmacy, around a dozen people waited in line for cough medication and Chinese herbal remedies. A sign at the front told waiting customers: “Avoid panic and hoarding, we are doing all we can to stock up to fulfill your medicinal needs.” A man coming out had bought two packages of Lianhua Qingwen, a Chinese herbal remedy, saying that each customer was restricted from buying any more than that.

Inquiries to health hotlines have increased six-fold, according to state media.

Without asymptomatic cases being counted, China reported just 2,249 “confirmed” infections Wednesday, bringing the nation’s total to 369,918—more than double the level on October 1. It has recorded 5,235 deaths— compared with 1.1 million in the United States.

A notice on the commission’s website said it stopped publishing daily figures on numbers of Covid-19 cases where no symptoms are detected since it was “impossible to accurately grasp the actual number of asymptomatic infected persons,” which have generally accounted for the vast majority of new infections. The only numbers they’re reporting are confirmed cases detected in public testing facilities.

This poses a key challenge for China as it relaxes its strict “zeroCovid” policy. With mass-PCR testing no longer obligatory and people with mild symptoms allowed to recuperate at home rather than in one of the field hospitals that became

notorious for overcrowding and poor hygiene, it has grown more difficult to gauge the true number of cases.

Beijing’s streets have grown eerily quiet, with lines forming outside fever clinics—the number of which has been increased from 94 to 303— and at pharmacies, where cold and flu medications are harder to find.

Despite a push to boost vaccinations among the elderly, two centers set up in Beijing to administer shots were empty Tuesday except for medical personnel. Despite fears of a major outbreak, there was little evidence of a surge in patient numbers.

At the China-Japan Friendship

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

Since Tuesday, the US consulates in the northeastern Chinese city of Shenyang and the central city of Wuhan have been offering only emergency services “in response to increased number of Covid-19 cases,” the State Department said.

President Xi Jinping’s government is still officially committed to stopping virus transmission. But the latest moves suggest the party will tolerate more cases without

quarantines or shutting down travel or businesses as it winds down its “zero-Covid” strategy.

Despite relaxed rules, restaurants were mostly closed or empty in the capital. Many businesses are having difficulty finding enough staff that hasn’t gotten infected. Sanlitun, one of Beijing’s most popular shopping districts, was deserted despite having its anti-Covid-19 fences taken down in recent days.

Hospitals have also reportedly been struggling to remain staffed, while packages were piling up at distribution points because of a shortage of China’s ubiquitous motorized tricycle delivery drivers.

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

Starting Tuesday, China also 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 will be eased on inbound travelers and Chinese wanting to go overseas.

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 Xi and the Communist Party to step down—a level of public dissent not seen in decades. 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.

Experts warn there still is a chance the party might reverse course and reimpose restrictions if a large-scale outbreak ensues.

Russian drone strikes damage 5 buildings in Ukraine capital

By Hanna Arhirova & Jamey Keaten The Associated Press

KYIV, Ukraine—Russian drone strikes damaged five buildings in the capital, Kyiv, on Wednesday even as Ukrainian air defenses thwarted many more, authorities said. No casualties were reported.

The attacks underline how Ukraine’s biggest city remains vulnerable to the regular Russian attacks that have devastated infrastructure and other population centers, mostly in the country’s east and south in recent weeks.

Ukrainian President Volodymyr Zelenskyy, in a brief video statement, said the “terrorists” fired 13 Iranian-made drones, and all were intercepted. Such drones have been part of Russia’s firepower along with mortar, artillery and rocket strikes across Ukraine in recent weeks.

The head of the Kyiv city administration, Serhii Popko, wrote on Telegram that the strikes came in two waves, and shrapnel from the intercepted drones damaged one administrative building, while four residential buildings sustained minor damage.

The capital remained largely calm after the attack, which occurred around daybreak and before the start of the business day,

and the destruction appeared limited compared to fallout from other Russian strikes that have taken lives and upended livelihoods across the country in recent weeks.

As the workday began in Kyiv, authorities sounded the all-clear on an air raid alert system.

The strike left a gaping hole in the roof of a three-story administrative building in the central Shevchenkyvskyi district, and the blast blew out windows in parked cars and in a neighboring building. It was not immediately clear whether there were any casualties.

In a sign of Ukrainians’ reactivity and resilience to hundreds of such strikes in recent months, clean-up crews were on site quickly to shovel away the rubble and roll out plastic sheeting to cover blown-out windows to cope with freezing temperatures in the snow-covered capital. One man, unfazed, pushed his son on a swing set on a nearby playground as the crews did their work.

The attack underscored the continued vulnerability of the capital, which has largely been spared of damage in the latest phases of Russia’s nearly 10-month onslaught in Ukraine.

Ukraine in recent weeks has faced a barrage of Russian air strikes across the country, largely targeting infrastructure, as well as continued fighting along the front lines in the eastern and southern regions.

During the latest round of Russian military volleys on December 5, more than 60 of 70 strikes were intercepted by air defense systems, including nine out of 10 targeting the capital and its region, Ukrainian officials have said.

US officials said Tuesday the United States was poised to approve sending a Patriot missile battery to Ukraine, agreeing to an urgent request from Ukrainian leaders desperate for more robust weapons to shoot down incoming Russian missiles.

Zelenskyy pressed Western leaders as recently as Monday to provide more advanced weapons to help his country in its war with Russia. The Patriot would be the most advanced surfaceto-air missile system the West has provided to Ukraine to help repel Russian aerial attacks in the war between the countries that erupted with Russia’s invasion of Ukraine on February 24.

US officials also said last week that Moscow has been looking to Iran to resupply the Russian military with drones and surface-tosurface missiles.

Biden signs gay marriage law, calls it ‘a blow against hate’

By Chris Megerian The Associated Press

WASHINGTON—A celebratory crowd of thousands bundled up on a chilly Tuesday afternoon to watch President Joe Biden sign gay marriage legislation into law, a joyful ceremony that was tempered by the backdrop of an ongoing conservative backlash over gender issues.

“This law and the love it defends strike a blow against hate in all its forms,” Biden said on the South Lawn of the White House. “And that’s why this law matters to every single American.”

Singers Sam Smith and Cyndi Lauper performed. Vice President Kamala Harris recalled officiating at a lesbian wedding in San Francisco. And the White House played a recording of Biden’s television interview from a decade ago, when he caused a political furor by unexpectedly disclosing his support for gay marriage. Biden was vice president at the time, and President Barack Obama had not yet endorsed the idea.

“I got in trouble,” Biden joked of that moment. Three days later, Obama himself publicly endorsed gay marriage.

Lawmakers from both parties attended Tuesday’s ceremony, reflecting the growing acceptance of same-sex unions, once among the country’s most contentious issues.

Senate Majority Leader Chuck Schumer, D-N.Y., wore the same purple tie to the ceremony that he wore to his daughter Alison’s wedding. She and her wife are expecting their first child in the spring.

“Thanks to the millions out there who spent years pushing for change, and thanks to the dogged work of my colleagues, my grandchild will get to live in a world that respects and honors their mothers’ marriage,” he said.

House Speaker Nancy Pelosi told the crowd that “inside maneuvering only takes us so far,” and she thanked activists adding impetus with “your impatience, your persistence and your patriotism.”

Despite Tuesday’s excitement, there was concern about the nationwide proliferation of conservative policies on gender issues at the state level.

Biden criticized the “callous, cynical laws introduced in the states targeting transgender children, terrifying families and criminalizing doctors who give children the care they need.”

“Racism, antisemitism, homophobia, transphobia, they’re all connected,” Biden said. “But the antidote to hate is love.”

Among the attendees were the owner of Club Q, a gay nightclub in Colorado where five people were killed in a shooting last month, and two survivors of the attack. The suspect has been charged with hate crimes.

“It’s not lost on me that our struggle for freedom hasn’t been achieved,” said Kelley Robinson, president of the Human Rights Campaign. “But this is a huge step forward, and we have to celebrate the victories we achieve and use that to fuel the future of the fight.”

Robinson attended the ceremony with her wife and 1-yearold child.

“Our kids are watching this moment,” she said. “It’s very special to

have them here and show them that we’re on the right side of history.”

The new law is intended to safeguard gay marriages if the US Supreme Court ever reverses Obergefell v. Hodges, its 2015 decision legalizing same-sex unions nationwide. The new law also protects interracial marriages. In 1967, the Supreme Court in Loving v. Virginia struck down laws in 16 states barring interracial marriage.

The signing marks the culmination of a monthslong bipartisan effort sparked by the Supreme Court’s decision in June to overturn Roe v. Wade, the 1973 ruling that made abortion available across the country.

In a concurring opinion in the case that overturned Roe, Justice Clarence Thomas suggested revisiting other decisions, including the legalization of gay marriage, generating fear that more rights could be imperiled by the court’s conservative majority. Thomas did not reference interracial marriage with the other cases he said should be reconsidered.

Lawmakers crafted a compromise that was intended to assuage conservative concerns about religious liberty, such as ensuring churches could still refuse to perform gay marriages.

In addition, states would not be required to issue marriage licenses to same-sex couples if the court overturns its 2015 ruling. But they will be required to recognize marriages conducted elsewhere in the country.

A majority of Republicans in Congress still voted against the legislation. However, enough supported it to sidestep a filibuster in the Senate and ensure its passage.

Tuesday’s ceremony marks another chapter in Biden’s legacy on gay rights, which includes his surprise endorsement of marriage equality in 2012.

“What this is all about is a simple proposition: Who do you love?” Biden said then on NBC’s “Meet the Press.” “Who do you love and will you be loyal to the person you love? And that is what people are finding out is what all marriages at their root are about.”

A Gallup poll showed only 27 percent of US adults supported same-sex unions in 1996, when President Bill Clinton signed the Defense of Marriage Act, which said the federal government would only recognize heterosexual marriages. Biden voted for the legislation.

By the time of Biden’s 2012 interview, gay marriage remained controversial, but support had expanded to roughly half of US adults, according to Gallup. Earlier this year, 71 percent said same-sex unions should be recognized by law.

Biden has pushed to expand LGBT rights since taking office. He reversed President Donald Trump’s efforts to strip transgender people of anti-discrimination protections. His administration includes the first openly gay Cabinet member, Transportation Secretary Pete Buttigieg, and the first transgender person to receive Senate confirmation, Assistant Secretary for Health Rachel Levine.

Associated Press writer Seung Min Kim contributed to this report.

The

RESIDENTS wearing masks line up during a cold day outside a pharmacy to purchase medicine in preparation for a possible wave of Covid-19 outbreaks 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/NG HAN GUAN

PRESIDENT Joe Biden speaks during a bill signing ceremony for the Respect for Marriage Act on Tuesday, December 13, 2022, on the South Lawn of the White House in Washington. AP/PATRICK SEMANSKY

A WOMAN passes by anti-tank hedgehogs in central Kyiv, Ukraine on Monday, December 12, 2022. Ukraine has been fighting with the Russian invaders since February 24 for over nine months. The mayor of Kyiv is reporting multiple explosions on Wednesday, December 14, 2022, in the Ukrainian capital, the first such time in weeks during Russia’s ongoing war against the country. AP/EFREM LUKATSKY

Agriculture/Commodities

BusinessMirror

PHL suspends issuance of SPSICs for frozen fish

By Jasper Emmanuel Y. Arcalas @jearcalas

curb the diversion of frozen fish products for institutional buyers to wet markets.

Under existing rules and regulations, frozen fish products imported by institutional buyers and processors cannot be sold in the wet markets. Also, institutional buyers, processors and canners may import frozen fish products sans a certificate of necessity issued by pertinent authorities as long as they secure SPSICs for their inbound shipments.

Conditions

UNDER AC 11, processors and importers who supply raw materials to processors with a License to Operate issued by the Philippine Food and Drug Administration, are compliant with existing food safety standards, and with a “verifiable” recording system of production may still import fish products.

have a verifiable recording system. For this purpose, a verifiable record of consumption by institutional buyers shall contain, among others, the following information: name of importer and species and volume of imported fish delivered and the corresponding dates of deliveries.”

by the importer to the processor or institutional buyer,” AC 11 read.

However, the national government would still allow certain institutional buyers and processors to import fish products as long as they comply with the additional regulatory requirements.

T he Department of Agriculture (DA) issued Administrative Circular (AC) 11 that suspended the issuance of sanitary and phytosanitary import clearances (SPSICs) for roundscad, bonito, mackerel, moonfish, pompano and tuna.

T he issuance of SPSIC is required prior to any food importation as it certifies that the inbound shipments are safe for human consumption and does not pose any threat to the local

animal health population.

In AC 11, Senior Agriculture Undersecretary Domingo F. Panganiban said the government suspended the SPSICs of certain fish imports for institutional buyers and processors to “prevent” the diversion of said supplies to the wet markets.

T he AC 11 established a traceability system that allowed the government to monitor the movement of imported fish products by institutional buyers, processors and canners by requiring additional documents.

T he spotlight was trained on the Bureau of the Fisheries and Aquatic Resources (BFAR) in recent weeks following its intensified efforts to

BFAR’s recent campaign against the illegal diversion of imported fish products cut short after some quarters and senators opposed it. They argued that the campaign would exacerbate the increase in local food prices as it would create supply constraints.

Under AC 11, canners are now temporarily disallowed from importing roundscad and moonfish.

T he issuance of SPSICs for the importation of roundscad, bonito, mackerel, moonfish, pompano and tuna by-products for the use of processors has been suspended as well. However, some processors that will comply with additional requirements imposed by the DA may still be allowed to import the said fish products.

For importers supplying raw materials to processors, the species and volume of the products to be imported and the receiving processors thereof must be pre-identified in the application of the SPSIC and shall not be allowed to be supplied to any other processor,” AC 11 read.

Provided further that, for importation destined for new processors, the same shall be allowed only upon verification by BFAR of the production capacity of the new processor which shall maintain a verifiable recording system for all its importation.”

T he issuance of SPSICs for the importation of roundscad, bonito, mackerel, and moonfish for institutional buyers was also suspended unless they comply with the additional import requirements, according to AC 11.

“ The institutional buyer must

Institutional buyers are now also required to present pertinent documents during the BFAR’s conduct of verification of the disposition report: supply agreement, purchase order, or any other proof of contract with institutional buyer; delivery receipt with the name and complete address of institutional buyer; withdrawal records from the cold storage; local transport permit; proof of ownership of cold storage or cold storage warehouse agreement.

T he DA said all importers (institutional buyers, processors and canners) must submit a disposition report of their previous importation to be verified by the BFAR for the new issuances of SPSICs.

All importations under FAO [Fisheries Administrative Order] 195 shall be recorded or submitted by the importers to an electronic recording system provided or prescribed by BFAR within twenty four [24] hours from the time of delivery

“ Importers allowed to import for processing and institutional buyers shall be solidarily liable with their client processor or institutional buyer for violation of importation rules and regulations, including diversion of the imported products to wet markets. For this purpose, a prima facie presumption of collusion between the importer and the processor or institutional buyer to commit such violation is hereby established.”

B FAR is currently reviewing FAO 195, which outlined the rules and regulations for the importation of frozen fish products in the country, after some groups said it is already outdated.

Food security advocacy group Tugon Kabuhayan backed the efforts of BFAR to review and update FAO 195 and called on the bureau to focus its efforts on smugglers and importers, who are diverting fish products to the wet market in violation of existing regulations.

Tugon Kabuhayan also welcomed the issuance of AC 11, noting that the measure would be helpful in addressing the “diversion” of imported frozen products to wet markets.

THE country’s meat imports in January to November surged to a new record high of 1.25 million metric tons (MMT), surpassing the volume recorded in 2021, due to more pork purchases, the latest government data showed.

Bureau of Animal Industry (BAI) data indicated that total meat imports in 11 months rose by 13.63 percent from 1.1 MMT recorded a year ago.

A lso, import volume during the 11-month period was already higher than the 1.165 MMT recorded in 2021.

BAI data showed that pork imports drove the double-digit expansion rate in total meat imports as it accounted for more than half of the total volume imported during the 11-month period.

Porkimportsreached664,154.535 MT, 27.5 percent higher than the 520,932.057 MT recorded a year ago.

T he country has been on a porkbuying spree after the government lowered tariff rates to boost domes-

tic supply which has been drastically reduced by African swine fever.

T he Philippines imported 375,219.027 MT of prime cuts of pork (bellies and cuts) during the 11-month period. Out of the volume, 299,424.825 MT were pork cuts while the remaining 75,794.202 MT were pork bellies, based on BAI data.

T he country’s chicken meat imports, which accounted for a third of total meat imports, declined slightly to 372,040.394 MT from 375,736.273 MT due to lower leg quarter purchases. The country’s chicken leg quarter imports fell by 15 percent year-onyear to 91,514.302 MT.

T he country’s imports of mechanically deboned meat (MDM) of chicken, a vital raw material in producing processed and canned meat products, slightly increased to 222,668.901 MT from last year’s 217,461.320 MT.

T he country’s beef imports rose by 15.77 percent on an annual ba-

sis to 171,600.268 MT while purchases of buffalo meat abroad fell to 43,371.414 MT from 44,527.574 MT, based on BAI data.

The Meat Importers and Traders Association (Mita) earlier warned that the price of imported meat products could rise by at least 10 percent in the coming months due to the continuous weakening of the peso and tightening global supply. (Related story: https://businessmirror.com.ph/2022/09/22/ imported-meat-prices-to-riseonpeso-global-supply-woes/)

Mita already wrote to President Ferdinand R. Marcos Jr., urging him to issue a new executive order (EO) that would extend the validity of lower tariff rates on pork imports to mitigate price increases.

In a letter submitted to Marcos, the group proposed the extension and further lowering of pork tariff rates for at least five more years to “stem” the rate of increase in the country’s food prices. Jasper Emmanuel Y. Arcalas

Brazil, the world’s biggest beef exporter, is turning away from meat

less animal protein, 93 percent said they plan to keep their current diet or reduce meat further. “There’s no immediate anxiety to increase meat consumption,” GFI, said mentioning a promising outlook for plant-based meat substitutes in Brazil. “Those who curbs meat consumption enter a journey to cut it even more.”

Australian beef

AUSTRALIAN beef output is poised to ramp up in the first half of next year as the herd continues to rebuild, increasing supply for markets in the US, Japan and South Korea, according to a major agribusiness lender.

AFTER nine months of war in Ukraine, rural households are increasingly affected by the conflict with many forced to scale down or abandon agricultural activities, according to a new survey released by the Food and Agriculture Organization of the United Nations (FAO).

MEAT consumption in Brazil, the world’s biggest beef and chicken exporter, fell sharply this year as rising food prices curbs demand. What’s most curious: more than 90 percent of Brazilians say they don’t want to return to their past meat-eating habits.

S ome 67 percent of Brazilians ate less animal protein in the past 12 months than in the year before, according to research from the Good Food Institute (GFI) and Toluna, a global research firm. While most of them mentioned higher prices as the main reason for the cut back, more than a third said health concerns were the principal motivation for changing habits. About half of those said the change was self motivated.

Brazil joins the list of big meat markets that curbed consumption amid rising prices, sparked by higher feed and logistic costs and lower supplies as exports to Asia soared.

Similar changes hit beef sales in Argentina and the United States, which along with Brazil are the biggest consumers of the red meat.

One-in-three Brazilians curbing meat consumption adopted plantbased fake meat as a replacement, up from 25 percent a year earlier. Such products are most popular among buyers that slashed meat from the diet for health issues, but are also being chosen by customers hurt by food inflation, the GFI said.

Only 7 percent of Brazilians said they want to eat more meat next year. In the group that is already buying

Favorable seasonal conditions have improved pastures, allowing producers to keep expanding cattle numbers following years of drought, which ended in 2020, according to Australia’s Rural Bank in its agriculture outlook.

With increased slaughter rates, beef production is likely to rise 5 percent in the first half, though it will remain well below average, the bank said. The pace of slaughter will continue to be limited by a lack of labor, it said.

T he demand picture is mixed across major export markets, the bank said. There are growing opportunities for Australia’s beef producers to export into Japan and South Korea as US shipments decline through the year, supporting global prices. US demand is seen increasing through June as culling rates fall. Bloomberg News

T he Impact of the war on agriculture and rural livelihoods in Ukraine: Findings of a nationwide rural household survey revealed that one in every four of the 5 200 respondents surveyed had reduced or stopped agricultural production due to the conflict. Rural households were interviewed to enhance understanding of the current agriculture and livelihoods situation and needs, particularly in view of the upcoming winter season.

“ Ukraine’s agriculture sector is an important source of livelihoods for the roughly 13 million Ukrainians living in rural areas. While around two-thirds of agricultural production is made by enterprises, rural households produce around 32 percent,” said Pierre Vauthier, head of FAO’s Ukraine Country Office.

The report indicates that 25 percent of the Ukrainian rural population involved in agriculture stopped their activities or reduced their output due to the war. The situation is much worse in the most agriculture-dependent regions of Ukraine, where over 40 percent of rural families are affected.”

T he impact of the war on the broader production system, characterized by disruptions to value and supply chains and price volatility, has had repercussions on the rural population, underlining their interdependence with the country’s agricultural economy. While the effects of the war are more prominent in the oblasts (regions) along the front line, these are also widely experienced in the rest of the country.

“ The report focuses on those households mostly involved in backyard farming and small-scale agricultural production,” said Lavinia Antonaci, coordinator of the assessment. “Although not officially defined as farmers, they play a pivotal role in ensuring the food security, incomes and livelihoods of rural populations by providing for their own food consumption as well as selling products locally, thus contributing to local supply chains.”

Key findings

ONE in every four respondents had reduced or stopped agricultural production due to the war, with some oblasts, including Sumska, Dnipropetrovska, Odeska, Chernihivska and Mykolaivska, reporting higher numbers—over 40 percent of the rural households in these regions. Increase in agricultural production costs for both crop (72 percent of the households) and livestock (64 percent of the households) activities due to the war were widely felt across the country.

Over half of the rural households reported a decrease in income from across the country, compared with the same period last year. In the frontline oblasts, this trend was more accentuated: Sumska—67 percent, Mykolaivska—65 percent, Donetska—63 percent, and Zaporizka—63 percent. Internally displaced persons and returnees are more affected by income decreases.

With regard to food expenditure, more than half of the rural households interviewed reported to have spent over 50 percent of their total expenditure on food between June and September 2022. In the frontline oblasts, almost one in five respondents (18 percent) declared to have spent over 75 percent of their total household expenditure on food. Across the country as a whole, this figure was around 14 percent.

On average at national level, around 57 percent of the households interviewed have adopted negative coping mechanisms by spending savings and borrowing money, selling productive assets, reducing expenses on healthcare, or decreasing expenditure on fertilizer, pesticide, animal feed and veterinary care.

T he major difficulties expected in the next few months in terms of agricultural production for both crop and livestock activities are low benefits from sale of products, constrained access to fertilizers or pesticides, fuel or electricity to power equipment, and animal feed.

MANILA has suspended the issuance of import clearances to institutional buyers, processors and canners for certain frozen fish products as the government tightens its regulations on fish imports.

‘Ukraine rural households are increasingly affected by the war’

BLOOMBERG NEWS

BEEF steak on a barbecue griddle. PHOTOGRAPHER: BLOOMBERG CREATIVE PHOTOS/BLOOMBERG CREATIVE COLLECTION

editorial

Institutionalizing WFH policy in the country

THe Philippines is considered a powerhouse in the business process outsourcing (BPO) industry. Filipino call center agents are among the best when it comes to work ethics and professionalism. With hundreds of established companies in the country, the BPO industry is seen posting annual growth rates of 7 percent to 9 percent in the short term. This makes it one of the fastest-growing industries in the Philippines.

The information technology and business processing management (IT-BPM) sector helped keep the Philippine economy afloat during the pandemic. On top of giving jobs to 1.44 million Filipinos, the sector contributed around P320 billion monthly to the economy, according to the Philippine Economic Zone Authority. That’s because PEZA allowed registered business enterprises in the IT-BPM sector to adopt work-from-home arrangements, a pre-emptive measure against the spread of Covid.

With the reopening of the economy, IT-BPM companies are facing a dilemma. They can’t afford to lose generous tax perks that hinged on compliance with requirements to have staff on-site, but they also do not want to lose talented staff who value the freedom of remote work.

IT-BPM employees have been asking authorities to make the WFH arrangement permanent, which is allegedly not allowed under the CREATE Law. After working from home for more than two years now, these employees are reluctant to go back to their offices. And sources said that some IT-BPM companies are willing to bear the brunt of penalties rather than increase attrition by forcing their employees to return to office.

The American Chamber of Commerce of the Philippines (AmCham) said it is pushing for the amendment of the Philippine Economic Zone Authority Law to allow PEZA-registered business enterprises (RBEs) to adopt a permanent WFH arrangement. AmCham Executive Director Ebb Hinchliffe told reporters at the sidelines of the recent Arangkada Forum press briefing that the “usual suspects” in terms of attracting foreign direct investments are high energy cost, labor cost, ease of doing business, and corruption (Read, “AmCham backs PEZA law revision,” in the BusinessMirror, December 5, 2022).

Hinchliffe put the spotlight on the issue of paper transfer of registration from PEZA to BOI to adopt up to 100 percent WFH arrangement, noting that all members of the foreign chambers in the Philippines are dealing with this issue. “We’re a little concerned...I think all of our members are dealing with the current BOI versus PEZA issue because that’s a big one—the WFH issue. One of my priorities is to get the PEZA law, [Corporate Recovery and Tax incentives for Enterprises] CREATE Act revised so that it allows WFH… that’s a very top priority.”

He said the AmCham is pushing for the amendment of the PEZA law “absolutely as fast, as hard as we can” to put a stop to the “continued rift” on the work-fromhome arrangement. “The current investors here… the BPO industry in particular are saying ‘ok that won’t affect the manufacturing, it only affects financial service companies and they want work from home, and the law won’t allow it.’”

Under Fiscal Incentives Review Board Resolution 026-22, RBEs in the IT-BPM sector that have remaining incentives under Section 311 of the National Internal Revenue Code of 1997, as amended by the CREATE Act, or those with approved incentives under the CREATE Act on or before September 14, 2022, may opt to transfer their registration to BOI to implement up to 100 percent WFH. The resolution said an RBE contemplating transferring its registration to BOI must file a request with its concerned investment promotion agency (IPA) on or before December 31, 2022. However, according to the Department of Trade and Industry Memorandum Circular 22-19, those who did not exercise the option to register with the BOI shall be covered by Section 309 of CREATE, which states: “A qualified registered project or activity under an Investment Promotion Agency administering an economic zone or freeport shall be exclusively conducted or operated within the geographical boundaries of the zone or freeport being administered by the Investment Promotion Agency in which the project or activity is registered.”

While BOI is not affected by zone limits, Hinchliffe cited the advantages of being a PEZA-registered business enterprise. “The best plus for PEZA is dealing with the local government units. BOI does not deal with LGUs. PEZA does. And so that relationship is a must.”

The Philippines can leverage sustainable trade practices to attract foreign investment and, more importantly, retain current investors. As cited by AmCham and the PEZA-based IT-BPM companies, there’s an urgent need to amend the PEZA law, particularly to institutionalize the work-from-home policy with incentives so that the BOI and PEZA are put on equal footing.

Doomsday or good fortune

John Mangun

OUTSIDE THE BOX

AS of today, I am officially out of the “Doomsday” prediction business. There is nothing more to predict. Doomsday is here.

The word first used in the 11th century means “a day (dæg) of final judgment (dom)” and more recently “a time of catastrophic destruction and death.” It makes sense. Daniel 5:27: “‘TEKEL’—you have been weighed on the scales of righteousness and found deficient.” Having been judged, then we probably deserve destruction and death.

The “global economy,” which is nothing more than the sum of the national parts, has been manipulated by the sins of commission and omission to create irregular growth patterns and incredibly unequal individual wealth distribution.

Over the past 60 years, there have 29 when global gross domestic product (GDP) growth was higher than the previous year and for 40 years, the global annual inflation rate was lower on 22 occasions. This may seem to show stability. But while the overall quality of life and standard of living everywhere has improved dramatically, F. Scott Fitzgerald was essentially correct in “The Great Gatsby.”

“The rich get richer and the poor get —children.”

“Stagflation” will be an increasingly serious problem but only for the short term. We are already seeing an overall price decline, which is being hailed as proof of the wisdom and actions of the central banks by raising interest rates.

What we are seeing with the decline in the crude oil price—down 30 percent since May—is that buyers are not buying. Tracked since 1990, the current wholesale price of heroin and cocaine in the US and Western Europe is at the bottom of the price range. The New York Federal Reserve Bank released the November 2022 Survey of Consumer Expectations, which shows that inflation expectations decreased in November for the short, medium, and longer terms. Doomsday. Why?

US household wealth in 2022 saw the second-fastest decline in history rivaled only by the 2008 housing crisis. “Ok, but inflation is going down and Biden assures that the economy

Listening to the AmBoy/EuroBoy analysts and those that, for personal or political reasons, want the Philippine economy to fail will deprive you of wealthincreasing opportunities. Therefore, start accumulating local stock market issues. There are many issues with revenues and profits above 2019 levels and stock prices as much as 50 percent lower.

is ‘as strong as hell.’” However, the total size of the US GDP is lower this year than in 2021. You cannot increase wealth with the economy barely moving. And US employment numbers are as truthful/accurate as the FTX financial statement and Sam Bankman-Fried’s income tax return.

If you want to assume that increasing the US Federal Funds Effective Rate by 3,900 percent from 0.10 to 4 percent (as of now) “stopped” inflation, it could only achieve that objective by slowing demand and the economy. An economy is like a massive ship that cannot turn instantly. What is the Fed going to do if GDP growth continues to slow? “Erase, erase, erase. Tomorrow the benchmark interest rate will be one percent. Carry on.” Remember, in fourth quarter 2021 BEFORE the first Fed rate increases, GDP growth was 7 percent. The FED will begin lowering rates by Q2 2023.

Now to the Philippines. Fact, not nonsense political bias. This economy is awash with individual cash. Residential property prices in Metro Manila have more than doubled since 2021, says real estate brokerage services firm Leechiu Property Consultants. Sales of upper middle-income segment (P4-P7 million) grew by 53 percent, middle-income (P2.3-P4 million) by 15 percent, and the lower middle-income segment (P1.4-P2.3 million) by 64 percent. Demand for office space closed at around 975,000 square meters, up from 540,000 square meters in 2021.

Listening to the AmBoy/EuroBoy analysts and those that, for personal or political reasons, want the Philippine economy to fail will deprive you of wealth-increasing opportunities. Therefore, start accumulating local stock market issues. There are many issues with revenues and profits above 2019 levels and stock prices as much as 50 percent lower. Start slowly borrowing money to expand your business when the BSP starts lowering interest rates. Domestic tourism is up but is only now starting to recover some of the businesses that closed in the past two years. What is the opposite of “doomsday”? Good fortune? That is what the future essentially holds for the Philippines.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

‘Carpe diem’ as mantra of our high school life

enough to remember essential experiences or mere encounters in life.

‘C

Dennis gorecho

KUwEnTOng KUlE

ArPe DIem” is a symbolic quote from the 1989 film “Dead Poets Society” that aptly captures memories of our high school life.

Carpe Diem is lifted from the Latin phrase “carpe diem quam minimum credula postero,” that can be translated as “pluck the day, trusting as little as possible in the next one.”

Literally meaning to seize the day, the Latin phrase is commonly interpreted to mean look for opportunities in life and make the most of them.

John Keating (Robin Williams) was hired as a new English teacher in an elite all-boys preparatory school that is known for its ancient traditions and high standards. He uses unorthodox methods to reach out to his students.

Keating’s “carpe diem” philosophy inspired many of his students to lead lives structured around their own unique passions, ignoring the dictums of their parents and the other school teachers.

The movie highlights the importance of the fact that you only live once and you should live on your own terms.

High school is that time when we are not extremely stressed with the harsh realities of life. There is no problematic work, no major duties or responsibilities, and the like.

At the same time, high school is the point where we are matured

It is a period that paves the way for life-changing moments that can define a person, through the guidance of our teachers and shared experience with our classmates.

High school life is an important passage for a person to transition from childhood towards adulthood.

It is like a magnifying glass. It amplifies everything, heightening each feeling at an age when most of us lack the experience or self-control to be able to handle it. It is during this period of adolescence when we were at our most vulnerable state, and were still struggling to reconcile ourselves to the adult world.

As important part of our school life, teachers give students purpose, set them up for success as citizens of our world, and inspire in them a drive to do well and succeed in life.

The children of today are the leaders of tomorrow, and teachers are that critical point that makes a child ready for their future.

The number 60 appears numerous times in our everyday life: 60 seconds in a minute, 60 minutes in an hour.

For graduates of Sta. Clara Parish School (SCPS) in Pasay, this year marks the 60th (diamond) anniversary of our beloved alma mater.

In 1962, the school started as an extension to the Boys Department of St. Mary’s Academy.

In 1968, 21 high school seniors together with 72 elementary learners became its first graduates.

It was only a year later, in 1969, when it was given the government’s official recognition as an autonomous SCPS.

In 1980, SCPS became the only secondary school exclusively for boys in Pasay City after it stopped accepting students at the elementary level.

In 1994, the school started accepting girls, making 1997 as the year with the last all-boys batch to graduate and 1998 as the first mixed gender batch.

The school was managed by the Religious of Virgin Mary (RVM) nuns from 1962 to 1967 and from 1981 to 2017. It is now administered by the Archbishop of Manila.

The school produced 52 batches, where 30 (1968 to 1997) are allSee “Gorecho” A13

Fed set to extend inflation fight with 7th rate hike of 2022

By Christopher Rugaber | AP Economics Writer

WASHINGTON—After four straight three-quarter-point interest rate hikes, the Federal Reserve is set to announce a smaller half-point increase in its key rate Wednesday, a first step toward dialing back its efforts to combat inflation.

At the same time, the Fed is expected to signal that it plans more hikes next year than it had previously forecast to try to conquer the worst inflation bout in four decades. And most economists think Chair Jerome Powell will stress that the Fed will likely keep its benchmark rate at its high point through next year, even after the hikes have ended.

The Fed’s decision Wednesday will follow a government report Tuesday that provided hopeful signs that inflation is finally easing from chronically high levels. Gas prices fell, the cost of used cars, furniture and toys declined, and the costs of services from hotels to airfares to car rentals dropped.

The six rate hikes the Fed has already imposed this year have raised its key short-term rate to a range of 3.75 percent to 4 percent, its highest level in 15 years. Cumulatively, the hikes have led to much costlier borrowing rates for consumers as well as companies, ranging from mortgages to auto and business loans. Worries have grown that the Fed is raising rates so much in its drive to curb inflation that it will trigger a recession next year.

Yet with price increases still uncomfortably high—inflation was 7.1 percent in November compared with a year earlier—Powell and other Fed officials have underscored that they expect to keep rates at their peak for an extended period.

With inflation pressures now easing, though, most economists think the Fed will further slow its hikes and raise its key rate by just a quarter-point at its next meeting early next year. “The data (Tuesday) kind of fits with our idea that the Fed will downshift further in February,” said Matthew Luzzetti, an economist at Deutsche Bank and a former research analyst at the Fed. “Downshifting helps to maximize their prospects of a soft landing,” in which the Fed’s rate hikes would slow growth and tame inflation but not tip the economy into a recession.

On Wednesday, members of the Fed’s rate-setting committee will also update their projections for interest rates and other economic barometers for 2023 and beyond. Most analysts have forecast that they will pencil in a peak range of at least 4.75 percent to 5 percent, or even 5 percent to 5.25 percent, up from their September forecast of 4.5 percent to 4.75 percent.

Despite Powell’s recent hard-line remarks—he said late last month that “we have not seen clear progress on slowing inflation”—he and other Fed officials have made clear that they’re ready to dial down the pace of rate hikes. In doing so, they will have time to assess the impact of the increases they’ve already imposed. Those hikes have sent home sales plummeting and are starting to reduce rents on new apartments, a leading source of high inflation.

Fed officials have also said they

Gorecho

boys and 22 (1998 to 2022) are with mixed genders, while two years (20162017) are without graduates due to the K-12 basic education program.

As a catholic school, SCPS is committed to provide quality and relevant education that promotes discipline, human values, holistic development, service and excellence rooted in Christian faith.

I finished high school at SCPS in 1987 as the valedictorian and entered college life at the University of the Philippines where I finished

want rates to reach “restrictive” levels that slow growth and hiring and bring inflation down to the their annual target of 2 percent.

“What policy rate is sufficiently restrictive we will only learn over time by watching how the economy evolves,” said Lisa Cook, one of seven members of the Fed’s Board of Governors. “Given the tightening already in the pipeline, I am mindful that monetary policy works with long lags.” Fed officials have stressed that more important than how fast they raise rates is how long they keep them at or near their peak. In September, the Fed forecast it would do so through 2023. Yet Wall Street investors are now betting that the Fed will reverse course and start cutting rates before the end of next year.

In remarks late last month, Powell said he was tracking price trends in three different categories to best understand the likely path of inflation: Goods, excluding volatile food and energy costs; housing, which includes rents and the cost of homeownership; and services excluding housing, such as auto insurance, pet services and education.

In his speech, Powell noted that there had been some progress in easing inflation in goods and housing but not so in most services. Some of those trends extended into last month’s data, with goods prices, excluding food and energy, falling 0.5% from October to November, the second straight monthly drop.

Housing costs, which make up nearly a third of the consumer price index, are still rising. But real-time measures of apartment rents and home prices are starting to drop after having posted sizzling price acceleration at the height of the pandemic. Powell said those declines will likely emerge in government data next year and should help reduce overall inflation.

As a result, Powell’s biggest focus has been on services, which he said are likely to stay persistently high. In part, that’s because sharp increases in wages are becoming a key contributor to inflation. Services companies, like hotels and restaurants, are particularly labor-intensive. And with average wages growing at a brisk 5 percent to 6percent a year, price pressures keep building in that sector of the economy. How the Fed will slow a robust labor market to help bring down 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 demand 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.

BS Economics (1991) and Bachelor of Laws (1998).

We had some bad times in high school, but we also had so many amazing experiences.

High school years were indeed difficult moments, but the best and memorable times were spent with those who shared the experience.

Those years were full of vivid memories that still bring smiles and funny thoughts to each of us, many years hence.

Atty. Dennis R. Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@sapalovelez.com or call 0917-5025808 or 0908-8665786.

Maharlika mess: Where is the development framework?

Dr. Rene E. Ofreneo

LABOREM EXERCENS

THe authors of the Maharlika Wealth Fund claim they started on a wrong foot.

The truth is that the original proposal was a total disaster. The discerning public could not believe that the proposed bill creating a sovereign wealth fund would have the following features: sequestration of workers’ pension savings as seed capital, wholesale disregard of government rules on fund handling such as the conduct of customary audit, sky-is-the-limit compensation for the fund managers with the removal of standard rules on pay and eligibility, and lack of concrete safeguards against bribery and possible investment failures. Above all, there is the arrogant presumption that a few wise men and women can manage for the country a huge amount of government funds and, in the process, secure for the Philippines “its place not only as the Rising Star of Asia but as a real economic leader in the Asia Pacific.”

The public outcry against the MWF was swift and widespread. Hence, the Maharlika authors had to beat a hasty retreat and had to craft a new Maharlika version sans any references to pension contributions. They also had to remove the patently objectionable features of the original fund project such as exemptions from government audit.

The reality, however, is that it is the task of every government, especially in a country that still has not recovered from Covid recession, to find the means to generate growth, including searching for ways to mobilize funds in order to finance recovery and sustained development.

The question is “how?” Sadly, this is where the Maharlika proponents have also failed and continue to fail.

They cannot spell out how allocating huge funds for possible investments in projects at home and bonds abroad can create wealth and jobs for the nation—NOW. The need for quality jobs and sustainable recovery is in the present, not in an uncertain distant future when the MWF is supposedly bearing profits for the nation.

Now everybody knows a little more on what is a sovereign wealth fund. It is a fund set up by governments enjoying extra budgetary surpluses for investment to achieve long-term economic development goals for the well being of their citizens. Norway, United Arab Emirates and Alaska are often cited as models. Their sovereign wealth funds were organized to take advantage of surplus funds generated by their oil revenues; these funds, in turn, are invested in stocks, bonds and profitable enterprises. In Alaska, citizens get an annual dividend from the earnings of their sovereign wealth fund.

But a sovereign wealth fund can also be used for very clear nationbuilding tasks. Thus, in the case of Singapore, Temasek was established in 1974 to help the then fledgling city state, after its secession in the1960s from the Federation of Malaysia, manage some of the productive assets left behind by the British colonial rulers. Temasek was also used by Singapore to develop and maintain “government-linked” corporations

In the case of the Philippines, the MWF initiative appears to be an anomaly, as various critics have duly noted. The country has no budgetary surplus and is deeply in debt. Its budgetary deficit for 2023 is estimated to reach P2 trillion.

and industries such as Singapore Power, Singapore Air Lines, Keppel and Singapore Telecom, which is a part-owner of Globe Telecom.

Temasek also helps manage the Central Provident Fund, which is a major source of retirement funds for Singapore citizens.

In the last 20 years or so, China and Russia have joined the sovereign wealth fund bandwagon. This time the reason is more than having budgetary surpluses or rich mineral exports. In the case of China, the Communist Party of China, staunchly committed to build “socialism with Chinese characteristics,” saw the need to tame the runaway trend towards the development of a free-wheeling capitalist order lorded over by a few corporate behemoths such as Jack Ma of Alibaba. In the 1970s and 1980s, more than half of the state-owned enterprises (SOEs) built during the Maoist era disappeared. However, since the turn of the millennium, a number of sovereign wealth funds have sprouted and are now occupying the commanding heights of the Chinese economy. They include the China Investment Corporation, which is a major player in spreading the “global reach” of China through its Belt and Road Initiative.

In the case of Russia, the government of Vladimir Putin tried to “correct” the destruction of the public sector of Russia due to the implementation of the IMF-led neoliberal “shock therapy” in the 1990s. Of course, Russia has huge oil and mineral resources to back up the formation of sovereign wealth funds.

In the case of the Philippines,

the MWF initiative appears to be an anomaly, as various critics have duly noted. The country has no budgetary surplus and is deeply in debt. Its budgetary deficit for 2023 is estimated to reach P2 trillion.

The timing is also bad. The country’s growth prospects in the coming years are very uncertain given the volatility in the global economic order. Even the World Bank took note of this in its 2022 Philippine update. The World Bank projected a growth rate of five percent or so for 2023 and the years thereafter; in contrast, the government technocrats have never tired talking of 7-8 percent growth rate for the coming years.

Given the foregoing, some civil society organizations such as the Third World Network, Freedom from Debt Coalition and the Nagkaisa Labor Coalition are advocating instead for the adoption of a wealth tax to finance the national budgetary shortfall, reduce the country’s mounting debt problem and yes, finance development projects needed to rev up the economy and create more and better jobs. On this last point, there are many promising areas where the government, if it has the money, can steer or even channel investments. These include the agri-food sector, which has been flattened by decades of neglect and one-sided trade liberalization.

PBBM has also mentioned in his recent speeches the importance of building up domestic manufacturing, blue economy and green economy. These are all laudable targets for development. The problem is that the government has not released enough details on how these targets can be developed. As the country’s experience with the controversial Maharlika proposal, the angel or the devil is in the details.

Dr. Rene E. Ofreneo is a Professor Emeritus of the University of the Philippines.

For comments, please write to reneofreneo@ gmail.com.

Fusion breakthrough is a milestone for climate, clean energy

By Matthew Daly, Michael Phillis, Jennifer Mcdermott & Maddie Burakoff | The Associated Press

WASHINGTON—Scientists announced Tuesday that they have for the first time produced more energy in a fusion reaction than was used to ignite it—a major breakthrough in the decades-long quest to harness the process that powers the sun.

Researchers at the Lawrence Livermore National Laboratory in California achieved the result last week, the Energy Department said. Known as a net energy gain, the goal has been elusive because fusion happens at such high temperatures and pressures that it is incredibly difficult to control.

The breakthrough will pave the way for advancements in national defense and the future of clean power, Energy Secretary Jennifer Granholm and other officials said.

“Ignition allows us to replicate for the first time certain conditions that are found only in the stars and the sun,’’ Granholm told a news conference in Washington. “This milestone moves us one significant step closer” to having zero-carbon fusion energy “powering our society.”

Fusion ignition is “one of the most impressive scientific feats of the 21st century,” Granholm said, adding that the breakthrough “will go down in the history books.”

Appearing with Granholm, White House science adviser Arati Prabhakar called the fusion ignition achieved December 5 “a tremendous example of what perseverance really can achieve” and “an engineering marvel beyond belief.’’

Proponents of fusion hope it could one day displace fossil fuels and other traditional energy sources. Producing carbon-free energy that powers homes and businesses from fusion is still decades away. But researchers said the announcement marked a significant leap forward.

“It’s almost like it’s a starting gun

going off,” said professor Dennis Whyte, director of the Plasma Science and Fusion Center at the Massachusetts Institute of Technology and a leader in fusion research. “We should be pushing towards making fusion energy systems available to tackle climate change and energy security.”

Kim Budil, director of the Livermore Lab, said there are “very significant hurdles” to commercial use of fusion technology, but advances in recent years mean the technology is likely to be widely used in “a few decades” rather than 50 or 60 years as previously expected.

Fusion works by pressing hydrogen atoms into each other with such force that they combine into helium, releasing enormous amounts of energy and heat. Unlike other nuclear reactions, it doesn’t create radioactive waste.

President Joe Biden called the breakthrough a good example of the need to continue to invest in research and development. “Look what’s going on from the Department of Energy on the nuclear front. There’s a lot of good news on the horizon,” he said at the White House.

Billions of dollars and decades of work have gone into fusion research that has produced exhilarating results — for fractions of a second. Previously, researchers at the National Ignition Facility, the division of Lawrence Livermore where the success took place, used 192 lasers and temperatures multiple times hotter than the center of the sun to create an extremely brief fusion reaction.

Fusion works by pressing hydrogen atoms into each other with such force that they combine into helium, releasing enormous amounts of energy and heat. Unlike other nuclear reactions, it doesn’t create radioactive waste.

The lasers focused an enormous amount of heat on a miniature spherical capsule, said Marvin Adams, deputy administrator of the National Nuclear Security Administration, an Energy Department agency. The result was a superheated plasma environment where a reaction generated about 1.5 times more energy than was contained in the light used to produce it.

Riccardo Betti, a professor at the University of Rochester and expert in laser fusion, said there’s a long road ahead before the net energy gain leads to sustainable electricity.

He likened the breakthrough to when humans first learned that refining oil into gasoline and igniting it could produce an explosion. “You still don’t have the engine, and you still don’t have the tires,” Betti said. “You can’t say that you have a car.”

The net energy gain achievement applied to the fusion reaction itself, not the total amount of power it took to operate the lasers and run the project. For fusion to be viable, it will need to produce significantly more power and for longer periods.

Budil said people sometimes joke that the Livermore lab, known as LLNL, “stands for ‘Lasers, Lasers, Nothing but Lasers.’” But she said the lab’s motto “sums up our approach nicely: Science and technology on a mission.”

It is incredibly difficult to control the physics of stars. Whyte said the fuel has to be hotter than the center of the sun. The fuel does not want

to stay hot—it wants to leak out and get cold. Containing it is a challenge, he said.

Results from the California lab exceeded expectations, said Jeremy Chittenden, a professor at Imperial College in London specializing in plasma physics.

Although there’s a long way to go to turn fusion into a usable power source, Chittenden said, the lab’s achievement makes him optimistic that it may someday be “the ideal power source that we thought it would be”—one that emits no carbon and runs on an abundant form of hydrogen that can be extracted from seawater.

One approach to fusion turns hydrogen into plasma, an electrically charged gas, which is then controlled by humongous magnets. This method is being explored in France in a collaboration among 35 countries called the International Thermonuclear Experimental Reactor, as well as by researchers at the Massachusetts Institute of Technology and a private company.

Last year the teams working on those projects on two continents announced significant advancements in the vital magnets needed for their work.

Carolyn Kuranz, a University of Michigan professor and experimental plasma physicist, hoped the result would help bring “increased interest and vigor” to fusion research — including from private industry, which she and others said will be needed to get fusion energy to the grid.

“If we want to prevent further climate change, we are going to need diverse options of energy production to deploy,” Kuranz said. “And nuclear energy—both fission and fusion— really must be a part of that equation. We’re not going to get there with renewables alone.” Daly reported from Washington, Burakoff from New York, Phillis from St. Louis and McDermott from Providence, R.I.

‘PHL MAY AVOID RECESSION, BUT GROWTH STILL FRAGILE’

By Cai U. Ordinario @caiordinario

THE Philippine economy has a “big chance” of escaping a recession next year, thanks to strong domestic consumption, but growth remains fragile as threats remain, according to a local economist.

I n a virtual briefing on Wednesday, BPI Chief economist Emilio S. Neri said barring any spike in Covid-19 or monkeypox cases, the Philippines would escape a recession. However, Neri said, what is expected is a slowdown in growth. This could still get worse if investments in the country remain below pre-pandemic levels.

BPI expects GDP growth to average 7 percent this year. However, the bank expects GDP growth to average 5.6 percent in 2023 and 5.8 percent in 2024, both below the expected historical growth rate of the country of around 6 percent.

Of course we should probably aspire to not just avoid a recession but actually see a decent growth rate in 2023. But we believe that this (no recession) is true. Recessions typically for the Philippines are driven by very sharp reductions in demand because we are a demand and consumption driven economy (and) we have no problems with demographics, clearly we have the most favorable demographic profile here in Southeast Asia if not the whole of Asia,” Neri said.

“ Things like Covid, things like Monkeypox, those types of problems are the ones that could lead to a recession for the Philippines. So if we avoid those, then the likelihood that we will go through one (recession) is low. Instead, we expect an economic slowdown,” he added.

Neri noted that consumption and government spending have

both exceeded pre-pandemic levels. However, investment remains low and if there is no substantial improvement in these levels, economic growth will fall below target.

He said that while interest rates have risen and the uncertainty abroad could give the Philippines a chance to lure in investors, the likelihood of that happening next year is lower compared to the prepandemic period.

Investments are still low. It’s still 9 points below pre-pandemic levels as of the end of the third quarter. This is our fear. If there is no improvement in investments, which is crucial for growth rates above 7 percent for the Philippine economy, we will find it very difficult to achieve the goal of (attaining) 6 to 7 (percent growth) and we may have to settle with something like 5 to 6 percent. So it’s very crucial that we are able to boost investments,” Neri said.

I nflation is also expected to dampen the outlook for the Philippine economy next year. BPI’s forecast for inflation is that it will average 5.8 percent this year and 4.8 percent in 2023.

W ith this, the Bangko Sentral ng Pilipinas (BSP) is expected to continue tightening monetary policy, with the policy rate expected to end this year at 5.5 percent.

However, the recession in the United States could prompt the Federal Reserve to reduce its policy rate next year. This will give monetary authorities some space to cut interest rates leading to a policy rate of 4.75 percent by the end of 2023.

T he Philippine peso is also expected to be pummeled by the US dollar as it is expected to be the underperformer in the region averaging P56.1 to the dollar this year and P55.9 to the greenback next year.

Local car sales to beat target for 2022–Campi

By Andrea E. San Juan

THE Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) said it is “convinced and confident” that car sales will exceed its forecast of 336,000 units this year after sales in November grew 32.4 percent year-on-year.

A joint report released by Campi and the Truck Manufacturers Association (TMA) showed that vehicle makers sold 35,037 units in November, higher than last year’s 26,456 units.

A s demand for cars continues to grow, Campi President Gutierrez said the automotive industry is convinced that it will surpass its sales forecast for 2022.

“ The auto sales performance has been improving, recording double-digit growths for nine successive months. With the continued growing consumer demand for new motor vehicles, the industry is convinced and confident in exceeding its sales forecast of 336,000 this year”, Gutierrez said.

D ata from Campi-TMA also showed that from January to November, vehicle sales reached 315,337 units, 31 percent higher compared to the 240,642 units sold in the same period last year.

Meanwhile, on a monthly basis, data indicated that car sales increased by 9 percent from the 32,146 units sold in October.

“ The automotive industry underscores the importance of pentup demand from consumers supported by continued economic recovery, boosting business and con -

sumer confidence. These, alongside the containment of the pandemic, are significant factors towards sustained growth”, Gutierrez added.

A mong all the vehicle segments, trucks and buses performed poorly in January, November 2022.

I n contrast, the light commercial vehicle, commercial vehicle, and Asian utility vehicle segments posted gains in November.

S ales of trucks and buses fell by 19.2 percent to 831 units in January to November from the 1,028 units sold in the same period last year.

Toyota Motor Philippines Corp. led year-to-date sales with 156,874 units, followed by Mitsubishi Motors Philippines Corp. with 46,692 and Ford Motor Company Phils. Inc. with 21,450 units.

L ast month, Gutierrez stressed that the “sustaining growth trend” in the remaining months of the year “gives us confidence that the industry will be able to emerge strong, exceeding its forecast speaking from the current business-as-usual standpoint.”

I n June, Campi said the automotive industry recovery is progressing as new motor vehicle sales reached an upward growth trajectory driven by pent-up demand from consumers amid the “less than ideal economic conditions.”

In 2021, the automotive industry sold 268,488 units. Meanwhile, in 2020, Campi said total vehicle sales reached 223,793. Local car dealers said in January that they are bullish on the industry’s prospects for this year, as vehicles rose by 20 percent in 2021 despite the challenges brought by the pandemic.

IEMOP: Power spot prices fall by 7.48% in November

By Lenie Lectura @llectura

Visayas average demand declined to 8,659 MW from 9,075 MW and 1,696 MW from 1,734 MW, respectively.

T he supply level, meanwhile, slightly increased by 1.58 percent or averaging 13,691 MW with coal remaining to be the major player in the generation mix.

W ith these, the margin greatly improved by 25.04 percent compared to the month of October and resulted in lesser instances of Secondary Price Cap impositions.

tions, a downward movement was seen from 13.3 percent or 967 GWh to 11.7 percent or 841 GWh last November.

“ The interaction of demand and supply took a foothold on this occurrence as the system demand levels diminished by 4.21 percent and amounted to around 10,355 megawatts (MW),” according to the Independent Electricity Mar -

ket Operator of the Philippines (IEMOP).

T he operator of the Wholesale Electricity Spot Market (WESM) also reported on Wednesday that regional demand levels followed suit as the figures for the Luzon and

However, IEMOP observed that spot prices in the first few days of December amounted to approximately P9.12/kWh. “As of December 11, this was noted to be brought about by the increase in demand and decrease in the level of supply,” it said.

A s for the spot market transac -

L ikewise, the Effective Spot Settlement Price lowered from P9.21/kWh to P8.62/kWh in the said period. “Overall, the electricity demand for 2022 saw a normalcy in terms its growth as compared to its previous levels in 2020 and 2021 where the effects of the pandemic are extremely felt. On average, it has grown by 3.6 percent versus the 2019 levels. In terms of peak demand values, the demand has grown by 8 percent from the recorded peak demand in 2019,” it said.

T he WESM prices for 2022 also recorded significant increase brought about by the soaring prices of imported fuel in the global market.

IBPAP teams up with govt to upskill workers

THE IT and Business Process Association of the Philippines (IBPAP) said it has laid out initiatives to support the agenda of the national government in upskilling the country’s existing workforce.

I BPAP President Jack Madrid said on Wednesday that the flagship organization of the IT and Business Process Management (ITBPM) industry “will continue to support” the agenda of the national government in improving the collaboration between the public and private sectors for the continuous upskilling of Filipino workers.

T he head of IBPAP said, “We will continue to support this agenda of the national government by: upskilling entry-level talent and the existing workforce through a national talent upskilling program; increasing the capacity for specialized degree courses; establishing early-stage interventions to boost proficiency and employability; and

creating an IT-BPM services online talent hub.”

M adrid said one of the several initiatives underway to get these accomplished is IBPAP’s recent signing of a memorandum of understanding (MOU) with the Commission on Higher Education (CHED) “to embed training programs designed by the ITBPM sector into the curriculum of Higher Education Institutions (HEIs) for more readily employable graduates with industryrelevant skills.”

L ast month, the IBPAP chief said “we are working hard with our partners in government—[Department of Education] DepEd, Commission on Higher Education [CHED]. [Technical Education and Skills Development Authority] TESDA, to upskill our existing workforce.”

M adrid said another initiative is the newly launched IT-BPM Talent Hub, which he said is “a career portal where organizations can

post their information, post about job openings, conduct screening processes, and engage with potential talent.”

T he IBPAP chief also noted that the organization is currently working with the local government unit (LGU) of Quezon City to implement a “revised work immersion program” for select schools within the Academic Year 2022-2023 in collaboration with Concentrix.

M adrid said IBPAP intends “to replicate this nationwide once tested and perfected.”

He said another major initiative that IBPAP has in the pipeline is an IT-BPM Talent Summit that IBPAP will be holding in April 2023 together with BOI.

“ The event will serve as a venue to strengthen the IT- BPM talent ecosystem and to rally stakeholders in the government and the academe to speak about and work together to address pressing issues on talent attraction and development,”

Madrid said on Wednesday.

M adrid said that while these activities are ongoing, IBPAP will work “towards developing a strategic and operational framework for a national upskilling program that can be rolled out across the country.”

“ We want to remain ahead of the changing business and talent landscape by ensuring they are equipped in the top skill areas for IT-BPM: next-generation IT and digital skills, Small and Medium Enterprises (SMEs) for business process functions, traditional IT skills, industry-specific SMEs, soft skills, and language skills that go beyond English,” he added.

T he head of IBPAP said this will require a “multi-year and multistakeholder cooperation.” With this, he said the IBPAP is hoping to receive more support from the administration of President Ferdinand R. Marcos Jr. in making this successful.

E. San Juan

ELECTRICITY spot market prices in November declined by 7.48 percent to P8.53 per kilowatt hour (kWh) from October’s P9.22 per kWh mainly due to the cool weather which reduced the demand for power.

NONOY MELCHING, who has been in the parol-making business for 50 years, is seen at his shop in Las Piñas. According to Melching, the business has been passed on to him by his parents and he will pass it on to his children, too. NONIE REYES

MWC to spend ₧9.9B for pipes

and Rosario, all in Cavite Province.

By Jonathan L. Mayuga @jonlmayuga

MWC, which serves the West Zone of the Greater Manila Area, is the private water concessionaire of the Metropolitan Waterworks and Sewerage System (MWSS).

It covers areas in the cities of Manila (certain portions), Quezon City

(certain portions), Makati (west of South Super Highway), Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon all in Metro Manila; the cities of Cavite, Bacoor and Imus and the towns of Kawit, Noveleta

The deteriorated pipelines, which are located in portions of Manila, Parañaque, Pasay, Muntinlupa and Las Piñas, is part of the plan to upgrade the company’s distribution system and further reduce water loss.

This project is part of MWC’s P219.8-billion total spending plan for 2023 to 2027.

Once completed, these pipe replacements—along with MWC’s leak repair and network diagnostic activities—will allow for the recovery of some 66 MLD (million liters per day) of water, which is enough to supply the water needs of almost 340,000 residents.

“We are committed to investing in our infrastructure to continuously improve our services. Our

goal is to provide 100% of our concession area with 24-hour supply at appropriate water pressure,” MWC Chief Operating Officer Randolph T. Estrellado was quoted in a statement as saying.

Since its re-privatization in 2007, MWC has replaced 2,974 kilometers of old pipelines, which is as long as the distance between Manila, Philippines and Beijing, China. This means that MWC has already renewed around 64% of the pipe network it inherited from the government in 2007, some segments of which were installed as far back as World War II.

Publicly-listed MWC is the largest private water concessionaire in the Philippines in terms of customer base.

DoubleDragon to raise $125M for SG unit

THE board of DoubleDragon Corp. has approved last Wednesday the process to raise $125 million in Series A and series B offshore equity capi-

tal issuances for its Singaporeregistered unit Hotel101 Global Pte. Ltd.

The said fund raising activity is expected to expand DoubleDrag-

on’s total equity to exceed P80 billion from its current P71.6 billion.

Hotel101 Global will primarily hold all international investments of its hotel brand outside

the Philippines, and is intended to be the future overseas initial public offering vehicle for the group’s international expansion of Hotel101. VG Cabuag

DepEd fetes Fortune Life

for partnership

THE Department of Education (DepEd), led by Vice President

Sara Z. Duterte, concurrent DepEd Secretary, and Atty. Gerald L. Chan, CESO I, Undersecretary for Legislative Affairs and Partnerships, awarded a Certificate of Partnership to Fortune Life Insurance Co. Inc. at the DepEd’s Partners Appreciation Program held last 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 Co. Inc. and the DepEd at the Citystate Tower Hotel, Manila.

DepEd officials were led by Undersecretary Atty. Chan, Director Edel B. Carag of the DepEd External Relations Service, Director Ronilda R. Co of the DepEd Disaster Risk Reduction and Management Service and DepEd Private Sector Partnership Head Zeny B. Lastimosa.

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

Fortune Life and its sister company in the ALC Group, CSBank, maintain a strong alliance with and continue to support DepEd initiatives specific to teachers.

Photo shows (from left) Director Edel B. Carag of the External Relations Service of the Department of Education (DepEd); DepEd Undersecretary for Legislative Affairs and Partnerships Atty. Gerald L. Chan; Fortune Life Insurance Co. Inc. Senior Vice-President for Group Sales and Related Contracts Virgilio S. Aquino; and, Fortune Life Assistant Vice President for Corporate Communications Floreda C. Constantino at the 2022 Partners Appreciation Program where the DepEd honored its partners at Wack-Wack & Country Club, Mandaluyong City, on tuesday. NONOY LACZA

MAYNILAD Water Services Inc. (PSE: MWC) is planning to spend P9.9 billion to replace 639 kilometers of old, leaky pipes in various locations within its concession area over the next five years.

Banking&Finance

Pag-IBIG collects ₧66.66B, fetes property developers

By Roderick Abad @rodrik_28 Contributor

THE Home Development Mutual Fund (HDMF), or PagIBIG Fund, reported collecting P66.66 billion in savings from its current 14.91 million active members.

During the presentation of its recent Stakeholders’ Accomplishment Report (StAR) for the first quarter to third quarter of 2022, Pag-IBIG CEO Marilene C. Acosta also announced that the agency continues to soar, with a total of P810.07 billion in total assets as of today, up nearly 10 percent or P65.49 billion from P744.58 billion in 2021.

Acosta said the Modified Pag-IBIG II (MP2) voluntary saving program grew to P33.72 billion.

She expressed gratitude to members and stakeholders for the support that, Acosta said, enabled the government-owned and controlled corporation to improve performance amid the pandemic.

With significant contributions to the continued growth of the Pag-IBIG Fund, the StAR was held to honor top developers, employers, service partners and key stakeholders across five major regions nationwide for their continued back up of the organization in the pursuit of its thrusts.

Top performers

ABOUT 22 members of the Subdivision and Housing Developers Association Inc. (SHDA) were commended as top-performing real estate developers during the event.

These developers included: Raemulan Lands Inc.; Axeia Development Corp.; The New Apec Group of Companies; 8990 Housing Development Corp.; Borland Development Corp.; Homemark Group of Companies; P.A. Alvarez Properties and Development Corp.; Cenqhomes Development Corp.; and, Phinma Property Holdings Corp. These firms claimed the top nine spots for developers in the National Capital Region (NCR).

Borland Development won the “best performing loans ratio” and the “best performing accounts ratio” accolades.

The North Luzon top develop-

ers were: Hausland Group (Top 1); Borland Development Corp. (Top 3); 8990 Housing Development Corp. (Top 4); The New Apec Group (Top 7); and, P.A. Alvarez Properties (Top 8).

Again, Borland Development bagged the “best in performing accounts ratio award in the region.”

The “best in performing loans ratio” award went to The New Apec while the “best performing conversion” was conferred to 8990 Housing.

Hailed as the top developers in South Luzon were: The New Apec Group (Top 2); Lynville Land Development Corp. (Top 3); Borland Development (Top 7); Shelter Systems Development Corp. (Top 8); and, Bellavita Land Corp. (Top 10).

Visayas, Mindanao

SHDA members also dominated the Visayas region with 8990 Housing (Top 1); Cebu Landmasters Inc. (Top 3); Saekyung Realty Corp. (Top 5); Johndorf Ventures Corp. (Top 7); Pacific Land Ventures and Property Development Inc. (Top 8); and, Juanito King and Sons Inc. (Top 9). Cebu Landmasters bagged the “best performing loans ratio” award.

The top developer in Mindanao was 8990 Housing, followed by Johndorf Ventures Corp. (Top 2) and VCDU Realty Corp. (Top 3). Other spots were captured by: Davao Joyful Homes Realty Corp., or DJHRC, (Top 5); Liberty Land Corp. (Top7); and, Phinma Property Holdings (Top 8). The “best in performing accounts ratio” and “best in performing loans ratio” awards were given to DJHRC.

“As the largest and leading housing and real estate developers association in the Philippines, it is truly an honor for us that HDMF recognized the achievements of some of our members, which have delivered outstanding performance in the first to the third quarter of this year,” said SHDA President May P. Rodriguez.

“We are proud to say that our members have been consistent recipients of Pag-IBIG Fund’s StAR Awards year after year. This shows how our alliance is committed to PagIBIG Fund’s pursuit of providing affordable home financing for Filipino families and a more vibrant housing and real estate sector,” she added.

SEC confirms BPI’s RISE as Asean social bonds

THE Bank of the Philippine Islands (BPI) announced last Wednesday it is at the final stages of its planned offering of 1.5-year peso fixedrate bonds due 2024 that the lender calls the “BPI Reinforcing Inclusive Support for MSMEs Bonds,” or “BPI RISE Bonds.”

The lender said it has received confirmation from the Securities and Exchange Commission (SEC) that the bonds will qualify as “Asean Social Bonds.”

The latter, a statement by the lender said, are an emerging class of investments developed by the Association of Southeast Asian Nations (Asean) Capital Markets Forum to support the region’s need for sustainable development instruments. Bonds carrying this classification have been independently verified to have systems in place to ensure that proceeds raised will be directed toward projects that benefit society.

This gives bondholders confidence that their investments will be used to make a positive social impact. With its “RISE Bonds,” the bank intends to demonstrate its continuing commitment to achieve positive social outcomes and create value not only for its business, but also for other stakeholders towards nation building, BPI’s statement read.

Unique opportunity

THE lender said that the upcoming issuance of its bonds presents investors with a unique opportunity to support micro-scale, small-sized and mediumscale enterprises (MSMEs).

MSMEs underpin the Philippine economy, accounting for 99.6 percent of businesses and 64.7 percent of total employment1. Recognizing this significant contribution to the economy, the bank will offer and issue an aggregate principal amount of P5-billion BPI RISE Bonds, with an option to upsize

and use the net proceeds to finance or refinance the business requirements of eligible MSMEs in accordance with BPI’s “sustainable funding framework” (SFF). The lender said it considers support for such MSMEs as critical to the post-crisis recovery of an economy battered by high unemployment, rising inflation and disrupted supply chains.

Under BPI’s SFF, eligible social projects include loans to MSMEs that meet the qualifications set in the “Manual of Regulations for Banks” of the Bangko Sentral ng Pilipinas and the “Guidelines on the Issuance of Social Bonds” under the Asean Social Bonds Standards in the Philippines issued by the SEC.

Support to MSMEs

THESE include loans that: benefit underdeveloped regions; support and promote underserved and under banked segments of the population; or, support MSMEs negatively impacted by natural calamities, with significant consequences on the people, public health, infrastructure, assets, or the economy are also entitled for sustainable financing.

“As a member of the Ayala Group of companies, the bank’s issuance of the RISE Bonds contributes to the Group’s many initiatives to support MSMEs,” said the country’s third-largest lender in terms of assets.

In the Philippines, the SEC regulates the use of the Asean Social Bond label to ensure that only issuances that comply with the corresponding Asean Social Bond Standards use this classification. The terms of the BPI RISE Bonds are consistent with BPI’s SFF, which has been identified in the second-party opinion issued by Chicago-based investment research firm Morningstar Inc. to be aligned with the Asean Social Bonds Standards.

ADB to extend $12.9B worth of loans, grants to PHL ’til ’25

By Cai U. Ordinario @caiordinario

THE Asian Development Bank (ADB) is extending $12.9 billion worth of loans and grants to the Philippines in the next three years under its new assistance framework for 2023 to 2025. The amount is equivalent to P718.659 billion at current exchange rates.

In a news briefing last Wednesday, ADB Philippine Country Director Kelly Bird told reporters that the Manila-based multilateral development bank’s assistance is estimated at $4.3 billion (about P239.553 billion) annually.

This is larger than the 2019 to 2022 program worth $8.7 billion. During the period, ADB programmed P2.9 billion-worth of assistance every year.

“We are discussing with the government the Country Partnership Strategy [CPS] and we are looking at three core strategic pillars that are aligned with President Marcos’s 8-point socioeconomic agenda and it will also be aligned with the development plan that’s forthcoming,” Bird said in ADB’s first onsite news briefing at its headquarters in Manila

since lockdowns were imposed to address the pandemic in 2020.

Bird said the three core pillars are climate change and food security; climate smart infrastructure; and Filipino’s well-being which covers projects focused on education, health, social protection, and nutrition, among others.

For climate change and food security, the ADB intends to finance climate change action policy reforms and finance, resource mobilization and institutional capacity building.

Climate, housing

THE ADB will also finance climate investments on mitigation, adaptation and conservation—agriculture, floods protection, irrigation, environmentally sustainable tourism, disaster management and resilience,

RCBC approves spin-off of trust, investments biz

By VG Cabuag @villygc

THE board of Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has approved the spin-off of its trust and investment business into a Stand-Alone Trust Corp. (SATC).

RCBC Head of Trust and Investments Group (TIG) Robert B. Ramos announced to the bank’s clients that the TIG is transitioning to an SATC in line with the vision of the Bangko Sentral ng Pilipinas to have more stand-alone trust corporations in the country.

SATCs are stock corporations authorized by the BSP to engage primarily in trust and other fiduciary business and investment management activities.

“Special benefits are granted to SATCs such as the ability to access third-party agents and the further use of digital strategies to reach clients and make products more accessible,” Ramos said.

He added that the changes in the corporate structure, which include the establishment of a board of di-

rectors separate from the bank, will also strengthen the controls and safeguards that ensures management of clients’ accounts are free from conflicts of interest.

The spin-off to an SATC will establish a separate legal entity solely focused on delivering trust, asset management and other fiduciary services with its own capital and corporate governance structure, the bank said.

Ramos said that the corporation to be established will be majority Filipino owned. Even when the transition to an SATC is completed, the trust corporation will continue to be part of the Yuchengco Group of Co. and partly-owned by RCBC. This means that the financial backing of YGC and RCBC will remain. Existing accounts will not be affected with this spin-off.

RCBC is the country’s seventhlargest bank in terms of assets. Its retail products and services include transactional loans, mortgages, personal loans, online banking, credit cards, and checking and savings accounts.

protecting biodiversity

The Manila-based multilateral development bank also intends to focus on institutional capacity building as well as climate investments on mitigation, adaptation and conservation —agriculture, floods protection, irrigation, environmentally sustainable tourism, disaster management and resilience, protecting biodiversity.

For climate smart infrastructure, the ADB will prioritize the financing of transport and communication policy reforms such as e-vehicles and digitalization; and institutional capacity building.

An example is the $300-million loan for the Department of Transportation and Department of Public Works and Highways Infrastructure Preparation and Innovation Loan which has a technical assistance support of $5 million to $6 million.

Bird also said ADB will support investments on mass public transport projects, pedestrian walkways, bridges, expressways, and road networks.

In terms of investing in Filipino’s well-being, ADB intends to support projects that seek to address learning losses in education; improve technical and vocational skills development; and business and employment recovery.

ADB will also provide financing for social protection; projects that support vulnerable mothers/ child nutrition and job transition programs; universal healthcare and health sector investments; and, hous-

ing for the poor.

Projects supported BIRD also mentioned a number of projects that will be included in the new CPS. These are: the BataanCavite Interlink Bridge; the Laguna Lakeshore Expressway; MRT 4 (a railway that will connect Ortigas and Taytay); and, the Davao Public Transport Modernization Project.

The list of projects and programs also include: the Integrated Flood Resilience and Adaptation Project Phase 1; Mindanao irrigation project; Post-Covid Business and Employment program; Competitive and Inclusive Agriculture Development program; and, the Climate Change Action Plan program.

For 2022, the ADB has a committed lending program of $2.5 billion. This includes the $1.75-billion worth financing for the South Commuter Railway Project Tranche 1 and the $400-million Support to Capital Market Generated Infrastructure Financing, Subprogram 2.

The ADB is also supporting the Climate Change Action program (Subprogram 1), which is co-financed with the French Development Agency ( Agence Française de Développement) for 150 million euros while ADB’s portion is $250 million.

The list also includes the $100-million loan for the Supporting Innovation in the Philippine TVET (technical and vocational education and training) System project.

China asks banks to buy bonds thru prop desks

CHINA asked some of the nation’s biggest banks to help stabilize the domestic bond market after a wave of fund redemptions by retail investors fueled the biggest credit selloff since 2015, according to people familiar with the matter.

Regulators asked lenders to buy bonds via their proprietary trading desks, said the people, who spoke on condition of anonymity to discuss a private matter. The goal is to absorb the selling pressure caused by retail withdrawals from some of those same banks’ wealth management products, the people said.

The so-called window guidance on bond purchases includes notes issued by Chinese local government financing vehicles, one of the people said.

The People’s Bank of China didn’t immediately respond to request for a comment.

The guidance underscores regulators’ concern that a downward spiral of fund redemptions and falling bond prices may stoke financial instability.

While China’s local debt market has proved resilient to turmoil in the property industry and wider economy in recent years, bond prices have slumped

rapidly since early November as investors shifted money out of fixed-income products and into riskier assets on signs of economic recovery.

Triggers contagion

YIELD premiums on three-year AAArated corporate bonds have climbed to the highest level since August 2020, according to Bloomberg-compiled data. The spread has widened 35 basis points so far this month, heading for the biggest monthly jump since March 2015.

That has prompted firms, including many LGFVs, to pull a cumulative 84 billion yuan ($12.1 billion) of planned bond sales since the start of November, according to data compiled by Bloomberg.

“That could trigger contagion and indiscriminate selling.”

Regulators are expanding efforts to support the market after a meeting with market participants last week in which they asked the nation’s biggest insurers to buy bonds being offloaded by wealth products. At the time, banks raised the prospect of stepping in with their proprietary trading desks. Bloomberg News

China Banking launches financial-inclusion bid

By Rizal Raoul S. Reyes @brownindio

MAKATI City-based CBS China Bank Savings, the retail banking arm of China Banking Corp., and a member of the SMIC Group, recently launched an initiative that aims to boost financial inclusion and encourage the majority of Filipinos to shift to a cash-lite economy.

“In a country with 70-percent smartphone penetration, the harsh reality is that the majority of Filipinos are still without bank accounts,” CBS Digital Business Banking Group head Adonis C. Yap said. The initiative called “CBS GO” is a mobile app that Yap said “will make it easy and affordable” for non-CBS customers, especially entry-level depositors, to open

their first savings account with CBS.

The app launched last Monday is part of the lender’s program to build “branch lites” or small branches in the countryside that was launched in late 2021 to reach more of the country’s underbanked and unbanked population. Latest figures from the Bangko Sentral ng Pilipinas show that 53 percent of adult Filipinos or 41 million citizens have yet to open an account.

“The results in 2022 were inspiring,” said CBS Chief Marketing Officer Josephine F. Fernandez. “Our ‘Build & Rise’ program proved that we could cover more ground. Today, CBS has made it possible to open a savings account right where one is, right on your device.”

As a pioneer in the country’s thrift banks, Yap said the lender supports

the “Digital Payments Transformation Roadmap” of the Bangko Sentral ng Pilipinas (BSP). The BSP expects the roadmap to raise the number of Filipino adults with bank accounts to 70 percent and shift 50 percent of total retail payments to electronic channels by 2023.

Branch on phone YAP said the lender developed the app “to bridge the gap for financial services, especially in the countryside.”

This makes CBS China Bank Savings one of the few Philippine thrift banks with a digital on boarding app, he said adding that the lender is committed to supporting BSP’s thrust to develop a cash-lite/digital economy.

The app makes it quick and easy for the majority of Filipinos to open a deposit account and transition to

digital transactions anytime, wherever they might be in the Philippines, according to Yap.

“CBS GO brings the branch directly to your smartphone,” he said. “You don’t have to be techie to get a CBS Go account. All you need is a smartphone and a data connection. No lines, no forms, no fees. One valid ID and just a selfie will enable you to create an account and verify, and you’re set to go.”

According to Yap, the app would allow entry-level depositors to gain real-time control over their finances, allow them to instantaneously receive and transfer funds to other banks via InstaPay, as well as manage everyday financial tasks such as retail purchases, paying for utilities, loading e-wallets, and topping-up pre-paid mobile phone credits.

Editor: Dennis D. Estopace

Health& Fitness

Don’t forget to get physical during the holidays and beyond–Dr .Tayag

By Rory Visco Contributor

activity per week.

Mitigating risks of Covid-19

THE risk of getting Covid-19 is not just about age anymore but whether one’s immune system has been compromised or weakened or there are underlying health conditions. So what should be done to mitigate these risks? Dr. Tayag said we must make sure that we are vaccinated, get tested at the right time and get treatment. If one had Covid and got vaccinated then that’s a good situation.

protocols you might find yourself at risk going to these venues,” he said.

Dr. Tayag also mentioned a risk assessment that became the basis for all these recommendations, such as the risk analysis done for the English Premier League football that was published so that everyone is guided about specific risks.

That means calling someone a couch potato may be passé already.

Dr. Enrique Tayag, Undersecretary of the Department of Health (DOH), said that during the almost three-year Covid-19 pandemic and the various states of lockdown, much has indeed changed, particularly in the physical activity and sedentary behaviors of people.

“A lot of studies showed that physical activity levels decreased while sedentary behavior levels increased during the Covid-19 lockdown across all reviewed populations except for eating disorder patients. Public health strategies should include the promotion of physical activity and also effective guidance on how to decrease sedentary behavior,” Dr. Tayag said during the latest TV UP webinar “ ng ayong Pasko Maging Aktibo: Galaw, Sayaw, Hataw!” organized by the University of the Philippines (UP), the UP Manila n I H national

Telehealth Center, and the UP-Philippine General Hospital (UP-PGH).

Physical activity for the young and

old alike

SInCE the majority of people were unable to move about like they used to prior to the pandemic, the Covid-19 lockdowns certainly created an impact on both the young and the elderly. Since they were not allowed to go out and there’s no school, physical activities of kids were stunted. Luckily, lockdowns are already a thing of the past and children are now moving about, at home or at school.

For senior citizens, however, Dr. Tayag said that just because they are old does not mean they shouldn’t move anymore. The World Health Organization, he said, published evidence-based recommendations for older adults to improve health through at least 150 minutes of moderate intensity aerobic physical activity or at least 75 minutes of vigorous intensity aerobic physical

During the pandemic’s early days, Dr. Tayag said self-guides have been published to teach people how to decrease risk, like the length of time they should stay in a place, or if there were people with active symptoms at the time of the exposure, whether they wore masks, plus the issues on ventilation, filtration and social distancing.

But are people really safe if they choose to be active? He reiterated that doing nothing is still not an option but people should also realize that getting into physical activities in whatever form or manner should also take into consideration the place, whether outdoor or indoor venue, both of which have different avenues of risks.

“Whether it’s martial arts, yoga, swimming, basketball, volleyball or even triathlon, just remember that you may be at the highest risk or at the lowest risk of contracting Covid-19. What if you’re not actually being active and enjoying yourself with games and sports but you’re only a spectator? Unless you follow health

“It’s not enough to know your risk. The guide provides an algorithm so that you can be guided if you take into consideration the time you spend exposing yourself, the distance between you and a possibly infected person in the same venue,” he said.

Is sitting the new smoking?

SO is sitting the new smoking? Dr. Tayag emphasized that smoking still gives us the greatest risk in getting ailments such as cancer, cardiovascular disease, diabetes, those diseases that people fear when they age. While sitting is also a risk factor, Dr. Tayag said succinctly that there’s actually no comparison because smoking gives the greater risk.

There were also some debates or arguments about the benefits of high-intensity training and lowintensity exercise.

“You can choose but what’s important is you remain active during these holidays and for months to come even when the pandemic is over. But you actually don’t need to leave the comforts of your homes just to exercise. You can do it virtually if you have the proper gadget and good internet connection that can allow you enjoy any scenic view any time you like and make exercise not just healthy but also more fun,” he said.

By Claudeth Mocon-Ciriaco.

MAKATIZE n S will soon enjoy a complete range of primary care services, including preventive health screenings, diagnosis and treatment of common medical conditions, laboratory tests, RT-PCR tests, nutrition consultations, 24/7 pharmacy services, and more.

Makati City Mayor Abigail Binay on December 12, which is also her birthday, visited the soon-toopen Makati Life 24/7 primary care clinic.

Binay conducted an ocular inspection of the new Makati Life Medical Center in Malugay Street, Bgy. Bel-Air, in anticipation of the

hospital rolling out its primary care services soon.

“I wanted to see how construction and preparation at Makati Life Medical Center are progressing. We'll be opening the 24/7 primary care clinic soon, and I consider this a big milestone for Makati. We’re proud to be at the forefront in bringing modern, affordable, and accessible health-care services to the public,” the mayor said.

Yellow card

M A KATI Life Medical Center is the second hospital in Makati that will serve Yellow Card holders for free.

The state-of-the-art facility has 360 beds and 190 doctor’s clinics.

The Level 2 hospital with multiple

specialty centers boasts of advanced medical technology and modern facilities focusing on prevention, treatment and rehabilitation services.

According to the mayor, Makati Life's 24/7 primary care clinic is set to be operational early next year.

As a public private partnership project, Binay has high expectations for Makati Life.

She stresses that the hospital will be a game changer for healthcare services in Makati, providing top-notch medical care to ordinary citizens and the underserved.

“We are committed to providing the people of Makati better access to quality healthcare. I am confident that Makati Life Medical Center will be the cornerstone in this endeavor.

By Roderick L. Abad Contributor

TOP performing hospitals and laboratories were feted by the United States Agency for International Development (USAID) for having the highest number of clients tested for tuberculosis (TB) using the GeneXpert machine recommended by the World Health Organization.

The honorees were De La Salle Medical and Health Sciences Institute, Chinese General Hospital and Medical Center, and Hi-Precision Diagnostics.

They form part of the Philippine Private Sector Diagnostics Consortium or “The Consortium” of 26 private health-care institutions and laboratories using a pooled procurement system.

With the help of the USAID, the Consortium was able to bring down the cost of diagnostic testing for TB, thus making it now available to more Filipinos, especially those

who cannot afford it.

The alliance offers the use of the GeneXpert machine at a discounted price of not more than P2,500, or 70 percent cheaper than other facilities.

“The Consortium has been instrumental in finding more TB cases among Filipinos who prefer to get services from private hospitals and

laboratories,” said Michelle Lang-Alli, director of USAID’s Office of Health.

Reaching out to more patients

THE Consortium is being managed by the Philippine Coalition Against Tuberculosis (PhilCAT) with the support of international nongovernment organizations Family Health Inter-

We envision an efficient, inclusive, and patient-centered health-care system that will benefit all Makatizens,” the mayor added.

Makati Life Medical Center is a public-private partnership joint venture between Life nurture Incorporated and the City Government of Makati.

The P9.77-billion hospital is more accessible to City Hall employees and residents of the first district.

In July, the Makati Life project won the Public-Private Healthcare Partnership of the Year trophy at the Healthcare Asia Awards due to its vision to become a transformative health care collaboration between the local government and the private sector.

national or FHI 360 and Interactive Research Development.

With members coming from Luzon and Visayas, this coalition has tested more than 14,000 clients for TB in the last two years, of which over 2,200 or 22 percent tested positive.

PhilCAT President Dr. Manuel Po enjoined other facilities to become members of The Consortium as other diagnostic testing for Covid-19 and HIV and AIDS will be introduced soon for pooled procurement.

He welcomed new members, such as Cebu Doctors’ University Hospital, Cebu Velez General Hospital, Delos Santos Medical Center, Detoxiare Molecular Diagnostics Laboratory Inc., and Manila Central University—Filemon D. Tanchoco Medical Foundation Inc.

new governing council members were also sworn into The Consortium.

Its campaign to mitigate the cost of diagnostic TB testing was shortlisted in the 2022 Marketing Excellence Awards under the nonpofit marketing campaign category.

pioneering

MOU to help ensure medicine access under UHC framework

On the occasion of the global celebration of Universal Health Coverage Day, Baguio City Mayor Benjamin Magalong signed a memorandum of understanding (MOU) with the Pharmaceutical and Healthcare Association of the Philippines (PHAP) to help accelerate the implementation of access to medicines under a Universal Health Care (UHC) framework.

Each year on December 12, the UHC Day marks the date to call on leaders to make smarter investments and accelerate towards “Health for All.” With this year’s theme “Build the World We Want: A Healthy Future for All,” the UHC Day amplifies the call for greater access to quality services without financial hardship.

“Health is a priority agenda for Baguio City. It is one of our primordial concerns. This MOU signing with PHAP will take us one step closer to realizing better health for all people living in the city. As the pilot city for this novel partnership, we are very committed to it. Every time we see innovation, we want to be pioneering it,” Mayor Magalong said during the MOA signing held at the Baguio Convention Center.

Under the MOU, Baguio City will be the pilot site for the first UHC Blueprint on Access to Medicines Project, a partnership designed to accelerate the implementation of access to medicines in local government units.

The MOU signing was witnessed by PHAP Vice President and Zuellig Pharma Market Managing Director Jannette Jakosalem and Philippine Alliance of Patient Organizations (PAPO) President Karen Villanueva.

“We recognize that Baguio City is a leading innovation center in the country. The goal of this pilot program is to demonstrate that quality health care can be achieved through early screening and prevention, and access to innovative medicines enabled by public-private partnerships.

We believe that under Mayor Magalong’s leadership, we can develop and implement access to medicines and health-care programs that benefit the people living in Baguio City,” PHAP Executive Director Teodoro Padilla said.

PHAP represents the researchbased medicines and vaccines sector in the Philippines. Its members are in the forefront of discovery, manufacture and distribution of Covid-19 vaccines and treatments, as well as for other diseases and conditions that impact Filipinos.

The MOU will set off a baseline study on the health needs of Baguio City residents, as well as commence discussions on the details of the project which has two components. The first component is the consolidation of PHAP Members’ health and medicine access programs. The second component, meanwhile, is composed of ecosystem building for a stronger healthcare system in the city.

“As we have seen at the height of the Covid-19 pandemic, we need to strengthen our health-care system and ensure that life-saving medicines and vaccines are available to the people. This MOU is an example of an innovative public-private partnership. We are working together with the private sector to find ways to make health care more accessible to everyone living in the City. As we do this, we are continuing our advocacy for good governance beyond politics,” Magalong said.

On February 20, 2019, Republic Act no. 11223 or the UHC Act was signed to implement major healthcare system reform. The law calls for a whole-of-systems, whole-ofgovernment and whole-of-society approach where “government agencies work across portfolio boundaries to develop integrated policies and programs towards the achievement of shared goals” and engage “all relevant stakeholders including the private sector and industry.”

P&G Philippines, in consultation with the Philippine FDA (Food and Drug Administration), has initiated the voluntary recall of Sangobion® Kids 100 ml (Iron + Vitamin B-Complex) in the Philippines.

Sangobion® Kids 100 ml is indicated for the treatment and prevention of iron deficiency anemia (IDA) in children, latent insufficiency of iron and vitamin B during the growth period, and iron deficiency after loss of blood. It is also used as a supplement during conditions of chronic illnesses and during convalescence.

In a statement, P&G Philippines said the voluntary recall is limited to Sangobion® Kids 100 ml sold in the Philippines. Sangobion® Kids sold in other countries are not impacted by this recall. no other Sangobion® product sold in the Philippines or other countries is impacted.

“Upon learning of the potential presence of ethylene glycol above the allowable limits in raw material, we decided to take precautionary measures including the voluntary recall of all batches of Sangobion® Kids 100 ml. Though the issue only impacted some batches, we are recalling all batches out of an abundance of caution,” the statement read.

nothing is more important to us than the safety of our consumers and the quality of our products. The potential presence of ethylene glycol in the product may result in adverse drug reactions. That is why even though our inspections and tests are still ongoing, we have decided to proactively recall all batches still in circulation to ensure our consumers only get products that meet P&G’s quality promise,” the statement continued.

WHAT SHOULD YOU DO?

THOSE who have purchased Sangobion® Kids 100 ml in the Philippines, are advised to discontinue using he product. You may contact P&G Consumer Care at https://sangobion.com.ph/contactus or by scanning the QR code for guidance

on return and refund of the product.

Retailers and pharmacies are requested to stop distribution, sale and use of the product and contact the authorized distributor’s representatives for the return of remaining stocks. Healthcare professionals are also requested to stop distributing sales samples and return remaining stocks to their P&G sales representatives. For any additional questions, you may contact us at (02) 8894 3955 (Metro Manila) or 1800 1888 8008 (Outside Metro Manila).

If a child has consumed the product and experienced adverse reactions including the following: vomiting, diarrhea, abdominal pain, headache, altered mental state, symptoms of acute kidney injury like inability to pass or reduced urine, lower back pain, or additional symptoms of irritability, lethargy, pale appearance, decreased muscle tone, and loss of appetite in younger kids, please contact the national Poison Management and Control Center at (02) 8524 1078 and seek urgent medical attention and please report to the FDA: www.fda. gov.ph or at the P&G Consumer Care contacts above.

“As one of the leading consumer health companies in the world, P&G will always comply with the law and regulations where our business operates. We continue to work with the FDA, our customers, and consumers in taking the necessary actions on this matter,” the statement said.

WHEN someone calls you the next chairperson, he may not be referring to you as being the top honcho in a company or organization. The reference may be something like you’re being “horizontally challenged.”

Baguio City, PHAP ink

How parents can play a key role in the prevention and treatment of teen mental health problems

BY TORIA HERD Penn State

MORE than 44 percent of teens reported persistent feelings of sadness and hopelessness in the first half of 2021, according to a report from the Centers for Disease Control and Prevention. The early 2022 report, which was based on an online survey, also found that nearly 20 percent had seriously considered suicide, and 9 percent attempted suicide.

The Covid-19 pandemic is a likely contributor to these startling figures, but rates of teen mental illness have been rising over the past decade.

One crucial factor that has received little attention in supporting teen mental health is the role that parents can play.

This is surprising, since research has clearly established that participation by a caregiver in their child’s mental health treatment is directly related to a successful outcome. A key reason for this is that parents generally interact with their teen on a daily basis and can model and cultivate coping skills.

Yet, for mental health professionals, it can be challenging to integrate parents into teens’ treatment when there are discrepancies between the perspectives, goals and expectations of teens and parents. In addition, consent and privacy laws sometimes limit providers’ abilities to disclose key details about a teen’s mental health to parents.

As researchers studying childhood trauma and adolescent development, we see parents and caregivers as a critical link in addressing the urgent mental health crisis among teens.

THE TEENAGE YEARS CAN BE BRUTAL

PARENTS often dread the teenage years, anticipating mood swings, risk-taking behaviors and endless arguments. Some of this is developmentally normal: Teens are developing their identities, testing limits and asserting their autonomy. These combined factors can lead to hostility and a lower-quality parent-teen relationship.

Physically, teens are sleep-deprived, in part due to overly early school start times and hormonal changes associated with puberty. As a result, teens can be irritable and sensitive to stressors. They also haven’t developed the self-control to manage their reactions.

And it’s important to note that half of all mental illness emerges by age 14 and 75 percent by age 24, making adolescence a highly sensitive period for the prevention and treatment of mental health problems.

SIGNS AND SYMPTOMS

OF A MENTAL HEALTH CONCERN

MENTAL health problems in teens can sometimes take unexpected forms. Depression and anxiety can manifest as irritability and noncompliance, which parents may reasonably view as disrespect and laziness. Understanding what is beneath those behaviors is challenging. Teens are quite secretive, so they may not disclose the extent of their struggles.

Traumatic experiences like bullying, dating violence and sexual harassment and assault are unfortunately too common in adolescence and can cause drastic changes in behavior and affect.

Although anxiety is a normal emotional response

at any age, about a third of adolescents have some type of anxiety disorder, and about 10 percent experience severe impairment as a result.

experience agitation or irritability, issues with sleep, perfectionist tendencies, or may try to avoid stressful things altogether.

Among teens, 17 percent struggle with depression. Depression generally involves a loss of interest or pleasure in daily activities, but it is more than feeling blue. For teens, symptoms of depression may look like withdrawing from family or social activities, shutting down during conversations or conflict, lethargy, difficulty concentrating, hopelessness about the future or negative feelings of self-worth. Depression can also be associated with self-harm and suicide.

In determining whether a teen is experiencing a mental illness, parents should consider how behaviors are affecting their teens’ everyday lives and plans for the future. Those who are falling behind in school, damaging important relationships or engaging in high-risk behaviors may be most likely to be experiencing a mental health issue—as opposed to typical teenage challenges.

SHORTAGE OF MENTAL HEALTH CARE

A

DESPITE the growing need for mental health care, the US has a dire shortage of professionals to meet the demand. Insurance companies create barriers to accessing mental health care by restricting the numbers of in-network providers and approved sessions. As a result, many providers prioritize patients who will pay out of pocket.

Parents and teens may wait months for an appointment, and the quality and effectiveness of the services they receive are highly variable. All the while, symptoms may worsen, straining the

Spreading Christmas cheer

THE Yuletide season is all over SM

City Manila as it spreads Holiday Christmas Cheer with creative centerpieces, festive performances, fun with Santa, and sharing with cute and cuddly Bears of Joy.

No less than Manila Mayor Honey Lacuna graced the Christmas Tree Lighting launch with Vice Mayor Yul Servo Nieto. They were joined by Manila City District 5 officials led by barangay chairman Carol Malabag, as well as councilors Jaybee Hizon, Laris Borromeo, Charry Ortega, Raymundo “Mon” Yupangco, Ricardo “Boy” Isip Jr. and Roberto “Bobby” Espiritu II.

Manila City Hall officials also came in full force led by Engr. Armand Andres, Richard Zacarias of business permits and license, and city health officer Arnold Pangan.

They all admired the mall’s

atrium centerpiece: a larger-thanlife red and gold Christmas tree adorned with twinkling lights, gold rings, red and gold Christmas balls, and Atomic stars. The tree also showcases four Instagram and photo-op ready platforms for mallgoers’ Christmas picturetaking

During the event, the public was treated to a festive performance by National University Chorale with their singing of all-time favorite Christmas carols.

Mallgoers can also share the happiness of Christmas with SM’s Bears of Joy by greeting family and friends with special messages: World’s Best Dad, Greatest Mom, Sweetest Sister, and Coolest Brother. Buy a bear and donate another to a child in need for only P250. Know more about holiday gift options at bit.ly/3FtroQG.

THIS is where parents come in, since they can serve as role models for teens’ coping and emotional development. While good sleep, consistent exercise and quality meals can often be the first line of defense in preventing and managing symptoms of mental health problems, there are several behavioral strategies for parenting struggling teens. Indeed, foster parents care for children with complex histories of trauma, and many of the behavior management strategies taught to foster parents may be useful for traditional family settings, as well.

When teens are unkind or disrespectful, parents may take it personally. But parents who are aware of and able to manage their own triggers can react calmly to challenging behavior, creating opportunities for effective communication with their teen. Building and maintaining the parentteen connection, such as by watching a TV show together or other low-pressure opportunities to be together, is key. These experiences create safe spaces and opportunities for teens to communicate about difficult emotions or situations. Parents who assist teens in recognizing, talking about and dealing with difficult thoughts and feelings help them to understand how their thoughts and feelings can affect their behavior.

Parents can also help their teens manage negative emotions by reinforcing their self-esteem and strengths and encouraging self-efficacy. Parents who offer praise to their teens who are working hard to overcome challenges—as opposed to focusing solely on the outcome—can help teens see their worth beyond their accomplishments.

their parents agree to certain conditions in writing— can provide a structured way to establish shared expectations. When consequences are necessary, natural consequences allow teens to learn without parental intervention. For example, if a teen stays up late the night before a big softball game, their coach may bench them for playing poorly. Parents can help teens to connect the frustration and disappointment they experience to their choices regarding sleep, which can be more helpful for their future decisionmaking than getting into an argument with a parent about their decision or receiving a parent-imposed consequence, such as removing phone privileges.

When natural consequences are not an option, discipline should be specific, time-limited and focused on a specific outcome, such as not allowing preferred activities until homework and chores are complete. It is also important that parents avoid power struggles with their teens by modeling respectful communication without trying to manage the teen’s reaction or perspective. Teens are unlikely to admit to being wrong—particularly in a heated moment—and if the point is made, there is rarely a benefit to insisting upon a particular reaction such as a forced apology.

Parents can best support their teens by maintaining connection alongside enforcing structure and discipline. While challenging behaviors can be the status quo of adolescence, parents should be on the lookout for signs that might reflect a pervasive mental health issue, since early detection and treatment is crucial. THE CONVERSATION

FOR THIS SEASON OF SHARING

FILIPINOS love to share and spread cheer and happiness, especially during this season of giving. From our loved ones to friends and people with whom we share small moments with every day, we try to let them know they matter.

Spread holiday cheer by gifting the festive Cuckoo and Weeshee Bags from Oishi, now available at supermarkets everywhere. Filled with childhood favorites and new yummy discoveries from Oishi, they are perfect for sharing and munching on during the holiday break. And believe it or not, these festive bags start at just P87.

To spread more joy this season, Oishi is also giving the public discounts when they purchase online. There is P160 off for every bundle of 8 Cuckoo Bags, and P105 off for every bundle of 8 Weeshee Bags when you check out from Oishi’s official store in Shopee and the flagship store in LazMall. The discount is valid until December 31, 2022.

PHOTO BY MOJTABA RAVANBAKHSH ON UNSPLASH

‘TIS the season to spread cheer with Santa and the kids

IT is a bear-y memorable Christmas at SM City Manila with “Holiday Christmas Cheer” as the mall centerpiece with its giant red bears.

Enjoy your holiday trips in a new Toyota with these special deals

IT’S finally the much-awaited month of the holiday season!

With celebrations just around the corner, December is the perfect time to give oneself and the whole family the gift of mobility. This month, Toyota Motor Philippines (TMP) is spreading Christmas cheer by offering exciting deals and promotions for its wide range of vehicles.

A tribute to the 12 days of Christmas, 12 Toyota models can be availed through the Pay Low, Pay Light or Cash Savings options this season.

Under the Pay Low option, customers can get a brand-new Vios, Corolla Altis, Rush, Innova or Fortuner for as low as 15 percent down payment, 60 months to pay, free one-year insurance and three-year LTO registration with no chattel mortgage (finance lease).

Drive over to your extended family’s noche buena with a brandnew Vios XE CVT at only P115,350 down payment, or take the family out for a Christmas day lunch with the Innova J DSL MT at P178,650 down payment. You can also rush into the holiday spirit with the Rush GR-S, available with a down payment of only P176,400!

The Pay Light option lets fans purchase the Vios, Wigo, Corolla Altis, Avanza, Veloz, Rush, Raize, Innova, Fortuner, Hilux or Hiace with low monthly plans, 50 percent down payment and 60 months to pay. Truly a holiday treat, customers can avail the Wigo under the Pay Light option at P6,256 per month, the Vios at P8,212, and Raize at P10,110

Finally, under the Cash Savings option, customers can get up to P50,000 in cash savings when they purchase a Corolla Altis. The Vios gets P45,000 and P8,500 savings for the XLE CVT and XE CVT models, respectively. Models that get P20,000 cash savings are the Innova E A/T and E M/T, and Fortuner 4x4 LTD and 4x2 G Dsl A/T. Meanwhile, customers enjoy P15,000 in savings for the Fortuner 4x2 G Dsl M/T, and P10,000 for the Rush, Innova V, G and J, and Lite Ace pickup.

Travel worry-free this holiday

season when you purchase a Toyota vehicle this December! TMP offers free maintenance for every brand-new Vios, Corolla Altis, Raize, Avanza, Veloz, Rush, Innova, Fortuner, Hilux and Hiace.

Customers may avail of the Free Periodic Maintenance Service (PMS) within 18 months from the release date of the vehicle.

A bonus treat for Lite Ace fans is that all variants of the Lite Ace sold and released during the promotional period are eligible for the Fixed 1K to 40K KM Periodic Maintenance Service which requires customers to pay just P1,999 for each PMS up to the 40K KM checkup. A total of nine (9) Fixed Periodic Maintenance Service: (1K PM, 5K PM, 10K PM, 15K PM, 20K PM, 25K PM, 30K PM, 35K PM, 40K PM) are included in the promotion within 24 months of the vehicle's release date.

For family vacations and outings, the Toyota Vios is the perfect holiday getaway car! A free five-year warranty will be included with every new Vios G, E, and XLE purchased from accredited Toyota Dealers with a coverage of five years or 150,000 miles, whichever comes first.

Thinking of upgrading to a new vehicle this holiday season? Get up to P35,000 rebate when you trade your Wigo to a Vios or your Vios to an Innova. A P30,000 rebate also awaits those who will trade in their Vios to the Raize G CVT. You can also get up to P20,000 in

rebate when you trade in your Vios for the Avanza, Veloz or Raize Turbo and E. All Toyota vehicles are also entitled to a P10,000 rebate when traded with any model.

A final present from TMP to its Filipino customers, all new Vios, Corolla Altis, Raize, Avanza, Veloz, Rush, Innova, Fortuner, Hilux and Hiace purchased in December are eligible for a free one-year insurance. Just make sure you buy your new vehicle from an accredited Toyota Dealer!

Customers are entitled to one-year Comprehensive Insurance provided by Toyota Insure with Emergency Roadside Assistance; Own Damage; Loss/Theft; Excess Bodily Injury; Property Damage; Acts of Nature; and Passenger Auto Personal Accident Insurance. The owner should note that the insured vehicle cannot be converted into a public utility vehicle; it may only be used for private purposes.

The vehicle will be insured for a full year beginning on the day of release.

Make the holiday season more exciting with Toyota’s special promos and deals. Hurry! All deals and promotions run until December 31 only. To know more about TMP December promotions and participating vehicles, visit https:// toyota.com.ph/promos/HolidayDeals. DTI Fair Trade Permit No. FTEB-156796 Series of 2022

Sports company PUMA expands porfolio in the PHL with newest and largest store at SM City North Edsa

INTERNATIONAL sports company

PUMA continues to expand their portfolio in the country by opening a new PUMA store at SM City North Edsa.

This is PUMA's first store within the SM Mall group and the largest to date at 350 sqm. PUMA offers its full assortment of products from Football, Running and Training, Basketball, Motorsports, and

Sportstyle to exclusive collaborations such as LaMelo Ball’s MB.02 collection, PUMA x Coca-Cola and PUMA x POKÉMON.

“We are pleased to partner with Sports Central for their first PUMA store. We are excited to share that there will be many more to come.” shares Paolo Misa, Country Manager Philippines, PUMA.

Philip Go, President of Sports Central Inc. said, “Sports Central welcomes PUMA to our roster of global sports brands. Excited to serve and provide access to this iconic brand in northern Metro Manila.”

Visit this new, largest PUMA store located on Level 2, SM City North EDSA Main Building, Quezon City.

Every King Sue Ham Lets You Feel The Magic of Christmas

SMOKY, savory, drenched and glistening with glaze. There is truly nothing in the world that beats ham for Christmas. Ham is a staple for any celebration, especially in December. In fact, it’s not a question of whether ham should be included in your Christmas spread, it’s what kind of ham should be featured in your menu. Thankfully, King Sue Ham’s all-time favorite Christmas hams are back. Here’s everything you need to know about your options to host a yuletide celebration that’s fit for a king.

For Bone-In Options

FOR bone-in ham, you can estimate around half a kilogram per person. So, for a party of 12, you’ll need three kilograms of King Sue’s Chinese Ham Bone-In. Now, the key thing to remember about King Sue Chinese Ham Bone-In is that the ham bone contributes to the moisture and flavor as the meat bakes. This means the premium quality pork leg that’s been smoked following King Sue’s nearly century-old recipe gently seeps into the meat to enhance the taste and create a soft, juicy, and smoky morsel with every bite. If you’re thinking of doing a Christmas breakfast, you can use the King Sue Chinese Ham Bone-In left-over bones to make that Sopas ala King Sue, that will surely make this year’s Christmas morning a lot memorable.

Choosing A Special Glaze

KING Sue Piña Ham is the best choice for those looking for that perfect blend of salty and smoky flavors. The premium meat preserves the natural ham flavor that is enhanced with a special brine to bring out a distinct sweet and salty profile. No other ham can strike the perfect balance between savory and juicy so well.

Going with A Classic SWEET ham is a perennial favorite, loved by children especially for its soft and juicy meat with a lightly smoky taste that’s distinctly

salty and sweet. The King Sue Sweet Ham is renowned for its curing process that draws out the classic and familiar sweet ham flavor profile. A definite must-try for even the pickiest palates.

Traditional With a Twist

HAWAIIAN ham embraces the confluence of cultures and flavors in a single dish that can serve as a beautiful Christmas centerpiece.

King Sue Hawaiian ham is distinctly leaner, but thanks to King Sue Ham’s long-standing heritage of curing and brining, it manages to preserve the tenderness and flavor in the meat. It’s definitely a hearty addition to any Christmas menu.

Versatile Flavors

KING Sue Pear-Shaped Ham is one of the most versatile hams that you can serve this Christmas. Soft and juicy in texture, every bite is a celebration of rich, savory goodness that you can easily complement with choice side dishes or enhanced with home-made glazes.

Once you’re ready to make your choice, head over to FB Shop, GrabMart, or visit King Sue Ham’s Main Office at 402 Tandang Sora St., 1st Ave. Grace Park, Caloocan City and pick up your choice of ham for five percent OFF, only from December 5 to 31.

For more information about King Sue Ham, visit their Facebook page, Instagram, or get in touch with them via (02) 8364-8575 8364-8548 8376- 6500. You may also contact sales at +63 917 713 8229.

BingoPlus Foundation in search of 10 deserving students to get Full College Education Scholarship

THE country’s pioneering livestreaming and digital bingo game operator BingoPlus through BingoPlus Foundation is set to invest in the vast potential of young Filipinos to help engineer a better future for the country.

BingoPlus Foundation officially inked a three-year, FutureSmart Scholarship Program worth P6 million with iACADEMY, one of the most innovative and sought-after technology, design, and business academic institutions in the country. The FutureSmart Scholarship program will provide scholarships in BCSC software engineering, BS in entertainment and multimedia computing game development, and BS in information technology with specialization in web development to ten outstanding students from deserving families.

Jasper Vicencio, President of BingoPlus and Trustee of BingoPlus Foundation said, “The FutureSmart Scholarship is our way of investing in the country’s youth as the driver of progress in the future. And we want to give equal opportunities to deserving students with so much potential but lack the necessary resources to continue their education in pursuit of their dreams and aspirations for themselves, their families, and the nation. Indeed, doing something good especially for education is a plus.”

The choice of technology for the program is inspired by BingoPlus. “Economies depend on digital-savvy individuals who are ready to take the helm of their organization’s digital transformation. BingoPlus itself, like any modern company, runs on the wonders of technology and a solid IT infrastructure. Our mission is not only to provide support for education but also future employment for qualified individuals,” Vincencio added.

iAcademy Chief Operating Officer Raquel Wong, meanwhile, expressed her utmost gratitude to BingoPlus Foundation for extending its generosity to exemplary students who will not have to worry about finishing the program due to lack of financial resources.

“What the BingoPlus Foundation and iAcademy crafted for the program will definitely help students fulfill their dreams, as well as contribute positive change to our society. The career path in computing is very lucrative and iAcademy has been very consistent because our programs, especially the ones related to computing, delivered 96 percent placement rate,” she says.

Stringent criteria, requirements and screening process have been set to ensure that only qualified and deserving students are accepted for the program. Students must have good moral character, General Weighted Average (GWA) of not lower than 1.75 and no grade lower than 2.50 and must not have been subjected previously to any disciplinary action by their schools, either academically or administratively.

The application also requires a twominute video pitch explaining why they deserve the scholarship, and how they intend to collaborate with BingoPlus Foundation after finishing the course.

Interested parties may submit their applications at scholarship@iacademy.edu. ph. The names of the selected 10 scholars will be announced in January 2023.

FROM left are Jocelle Pe, Sports Central Marketing Head; Richie Ticzon, FEU Team Manager; Denok Miranda, FEU Assistant Coach; Patrick Sleat, FEU Player; Jocelyn Clarino,

SM Malls AVP Operations; Mitch So, SM Malls VP Leasing; Harley Bangayan, Sports Central SAVP Operations; Winnie Oliver, SM Malls VP Leasing; Jerome Rouch, PUMA SouthEast Asia Director for Retail and E-Commerce; Paolo Misa, PUMA Philippines Country Manager; Xyrus Torres, FEU Player and Bryan Sajonia, FEU Player.

DILG AWARDEE Las Pinas City Vice-Mayor April Aguilar (left) and Mayor Imelda Aguilar (right) receive the special award for 2022 SubayBayani from the Department of Interior and Local GovernmentNational Capital Region (DILG-NCR)

iACADEMY Raquel Wong Chief Operating Officer and AB Leisure Exponent, Inc. President and BingoPlus Foundation Trustee Jasper Vicencio

Envoys&Expats

‘CONSTITUTIONOFTHEOCEANS,INSTRUMENTOFINTERNATIONALLAW’

SFA Manalo emphasizes UNCLOS’ essence at Asean maritime assemblies

THE Philippines led timely discussions on multifaceted maritime issues with participants from Asean and its partners.

This, as the country hosted the 12th Asean Maritime Forum (AMF) and the 10th Expanded Asean Maritime Forum (EAMF) in Manila on December 6 and 7.

In his keynote at the commemoration dinner, Secretary of Foreign Affairs Enrique Manalo stated: “It is often said that the UNCLOS [United Nations Convention on the Law of the Sea] is a ‘constitution of the oceans.’ The heft of this description should not be lost on us, 40 years onward.”

Manalo further stated: “The crafting of a constitution for any

country is a massive national undertaking. Not only does it lay down the foundations for structures and institutions for a country, but a constitution [distilled] into a single document the common values and norms shared by a people.”

He continued: “In Asean, reference to the UNCLOS is now a staple in statements and outcome documents pertaining to maritime security and cooperation. It has essentially been elevated to the status of agreed language…Now more than ever, Asean must be more intentional with its words. There

must be no doubt that for [the region], we uniformly subscribe to the UNCLOS as an instrument of international law.”

Established in 2010, the AMF

is a venue for dialogue on a wide range of maritime issues such as maritime-security trends, maritime cooperation, maritime-dom ain awareness, and maritime-

Sweden: Decent labor conditions key to sustain PHL’s socioeconomic devt

THE Embassy of Sweden in Manila and Swedish companies operating locally recently promoted the inclusion of labor rights as a crucial part of furthering socioeconomic development in the country.

At the “Sustainability Talks: The Right To Decent Work” forum, Atlas Copco, IKEA, Swedish Match and Transcom presented their current labor practices in the Philippines. The Department of Labor and Employment and the International Labour Organization (ILO) highlighted the importance of upskilling Filipino workers.

Georg Platzer, head of IKEA Phils. which inaugurated its largest department store in the world in Manila in December 2021, attributes their success to the Swedish value of treating everyone with equal importance, and by treating coworkers with dignity and respect.

IKEA Phils. has given regular contracts and paid leaves to retail employees since the store’s opening. It also provides parental leaves: four months for mothers, and four weeks for fathers. Decent treatment of workers also extends to their supply chain, ensuring that factory workers have safe working conditions and fair wages.

Platzer emphasized that the retail industry relies on their employees being “competent and confident” about the brand and products they are selling. The practice of contractualization, he said, hinders workers from developing these, since retail workers are often transferred to a

different store or brand before they could have specialized knowledge in their product category.

Meanwhile, Swedish Match has a factory in Laguna Technopark, which is one of their largest factories in the world and employs more than 300 workers. They belong to labor unions, and are able to negotiate for better compensation, health care and insurance. Through these consultations, the employees understand that Swedish Match provides the best benefits that the company can afford.

Transcom, a business-process outsourcing and customer-service company, employs over 14,000 staff in Metro Manila, Iloilo, Bacolod and Davao. The firm supports its employees’ professional growth and personal development through career pathing, mentoring, and skillsenhancement programs. These are anchored on company values and malasakit (empathy and responding to one’s needs).

It also champions gender equal-

ity and diversity by partnering with local government and nongovernment organizations for diversity and inclusion initiatives, and via on-site facilities like a daycare for single parents, and gender-neutral facilities.

Atlas Copco is an industrial company and a global leader in sustainable productivity solutions, present in 70 countries and has been operating in the Philippines since 1967. The embassy shared that it prioritizes the morale and livelihoods of their workers during the pandemic. Specifically, by shifting to cloud computing early on, avoiding company retrenchment and instead cutting back on noncompulsory allowances enabled it to keep all its workers employed. This has led to the achievement of the company mission of consistently supplying innovative solutions benefiting their clients.

Investing in Pinoy work force

ILO’S Country Office Director Khalid Hassan mentioned that the pandemic revealed underlying labor issues in the Philippines: technological and demographic challenges, unemployment, gender disparity and climate change.

Hassan maintained that due to challenges in developing and improving the manufacturing and agriculture industries, the country—as a service-oriented labor market— misses its potential to create good and productive jobs in those areas.

According to him, the climate crisis will lead to workers’ displace-

ment and result in nearly 6 million jobs lost, but will be offset with 24 million newly created ones. However, those jobs will require a higher level of education and training, thus workers and employers should prepare for such via lifelong learning and skills development.

“The future of work is shaped by developing work institutions and infrastructure focused on humancentered policy, decent work, and sustainability,” Hassan said. “If skills in these areas are taught to the workers, the Philippines can be developed and competitive, and move forward in terms of socioeconomic development.”

Ambassador Annika Thunborg mentioned that strong labor movements, as well as collective agreements between the employers and workers, have been crucial in achieving successful socioeconomic development not only in Sweden, but in other countries in Europe and the Nordic region.

“Collective agreements have created decent working conditions and stable labor markets without strikes and unrest, which have been beneficial to employers, to employees, to companies, and to society,” explained Thunborg.

Sweden is a leader in corporate social responsibility and sustainable business. Its embassy said that Swedish firms are trusted to act in a sustainable and responsible manner by working for labor rights, the environment, and anticorruption initiatives.

Former diplomat is new Citem executive director

PRESIDENT Ferdinand Marcos Jr. has named Edward L. Fereira as the new executive director of the Center for International Trade Expositions and Missions (Citem).

Prior to his entry to government service, particularly in promoting the country’s trade industry, Fereira worked in various fields, including science, business management, marketing and diplomacy.

He was the first honorary con-

sul of the Republic of Kazakhstan in the Philippines from 2004 to 2011. He was designated as special envoy to the said country in 2018.

During his private sector stint, he was a former president of the Management Association of the Philippines. The country’s biggest business and management organization composed of top business luminaries became his springboard to diplomacy, as he led and chaired different private

and government trade missions to various countries.

His government career includes leadership roles at the National Development Corp., Philippine International Trading Corp., First Cavite Industrial Estate, Manila Gas, and LandBank Realty Development Corp., among others.

Recently Fereira took his oath of office before Trade Secretary Alfredo Pascual at the Department of Trade and Industry headquarters. Roderick L. Abad

environmental protection, among others.

Topics discussed at the 12th AMF included stocking of maritime-related activities in Asean, review of the implementation of the 1982 UNCLOS in its 40th anniversary, and exchange of views on regional maritime developments.

Assistant Secretary Daniel Espiritu of the Department of Foreign Affairs’ (DFA) Office of Asean Affairs cited the AMF’s importance as a “single venue to discuss crosscutting maritime issues of common concern…beneficial for the region in coordinating its work across all sectoral bodies and Asean-led mechanisms.”

The EAMF, on the other hand, is a “Track 1.5” venue for Asean and its dialogue-partners to discuss a wide range of maritime issues. It was established in 2012 with the Philippines as inaugural chair.

Expert presentations and discussions at the 10th EAMF centered on Asean’s UNCLOS implementation, implications of sea-level rise, information-exchange mechanisms, and combating illegal, unreported and unregulated fishing or IUUF.

The assistant secretary noted the importance of holding the EAMF in Manila on its 10th iteration, as he recalled that the inaugural EAMF was also held in the Philippine capital in 2012.

Espiritu, Assistant Secretary Maria Angela Ponce of the DFA’s Maritime and Oceans Affairs Office, and Deputy Assistant Secretary Noel Novicio of the DFA Office of Asean Affairs, jointly chaired the two meetings.

The Philippines also took the opportunity of hosting the two fora in Manila to commemorate the 40th anniversary of the 1982 UNCLOS.

PHL, SoKor to deepen cooperation in energy

THE Korea-Philippines Energy Forum on December 9 at the Korean Embassy was jointly hosted by the Republic of Korea (South Korea) and the Department of Energy (DOE, held in conjunction with the latter’s 50th anniversary and the National Energy Consciousness Month.

Energy Undersecretary Felix William B. Fuentebella stated in his keynote that the forum is symbolic of the decades-old relationship of the Philippines and South Korea, which has evolved into a strategic partnership.

Further, he welcomed the DOE’s utmost desire to strengthen their strong engagement, particularly in boosting Korean investments in the local energy sector.

In his welcome remarks, Korean Embassy’s Minister-Counselor Hong Soon-chang cited that the “importance of energy has… been highlighted due to the global supply-chain disruption, climate change, and the Fourth Industrial Revolution.”

Recalling that President Yoon Suk-yeol and President Ferdinand Marcos Jr. agreed to cooperate on energy at the sidelines of the Asean-related summits on November 12, Hong stressed that “the forum is a great opportunity to deepen understanding of energy policies and technologies, and seek practical ways to cooperate in the energy sector between the two countries.”

About 100 representatives from government, energy companies, research institutes, and experts in the energy sector attended, according to the Korean Embassy. The forum, it said, consisted of five topic-sessions and focused discussions on energy policies, renewable energy, energy efficiency and conservation, new and emerging technologies such as hydrogen and electric vehicles (EVs), as well as nuclear energy.

“Energy is emerging as a core factor in national security and carbon neutrality…[The Korean] government is pursuing five goals: to establish a feasible and reasonable energy mix, [including] nuclear power and renewable energy; to secure strong resources and en-

ergy security; to [improve] energy efficiency…and market structure based on market mechanisms; to promote the export of energy technology and foster new growth engines such as nuclear power, hydrogen, [as well as] solar/wind power; and to enhance energy welfare and policy acceptance,” said Dr. Lee Sang-lim, Korea Energy Economics Institute’s research fellow.

“[South] Korea is seventh in electricity consumption, relying 92.8 percent on imported energy. To improve energy efficiency, [our] government is taking measures: to support investment in energysaving facilities in industries; to promote the construction of highefficiency buildings in buildings; to disseminate highly efficient and environment-friendly vehicles in transport; and to encourage the use of high-efficiency equipment and appliances,” said Kim Ga-yon, Korean Energy Agency (KEA) manager.

“The cumulative number of EVs and EV charging stations in Korea stands at 230,000 and 72,000, respectively. The Korean Government is accelerating the promotion of EVs through subsidy programs, etc.,” said Dr. Kang Jong-su, Korea Automotive Technology (KATECH) Institute director. “Moreover, [we support the development of electric shuttle buses] for Asean.”

“Kia and KATECH are proceeding with the design and development of [the] electrified Purpose Built Vehicle for the Philippine market, which is expected to be delivered by 2025,” shared Kwak Taeyoung, Kia Corp. senior manager.

“[Our company has] developed the System-integrated Modular Advanced Reactor, which is 100-times safer than the current nuclear power plants; and has competitive economics which acquired standard design approval in 2012,” revealed Lim Chae-young, Korea Atomic Energy Research Institute vice president. “KAERI has maintained partnership with other countries such as Saudi Arabia, United Arab Emirates and Jordan in technology transfer, joint research and development projects, as well as human-resources development.”

SECRETARY Enrique Manalo: The heft of UNCLOS’ description should not be lost. DFA-OPCD/PHILIP ADRIAN FERNANDEZ

AMBASSADOR Annika Thunborg: “Collective agreements have created decent working conditions and stable labor markets without strikes and unrest.”

NEWLY APPOINTED Center for International Trade Expositions and Missions Executive Director Edward Fereira (right) takes his oath of office before DTI chief Alfredo Pascual.

PNVF national beach volleyball team to set up training camp in Club Laiya

THE national beach volleyball teams will hold training camp at the Club Laiya in Batangas following a partnership forged between the Philippine National Volleyball Federation (PNVF) and Landco Pacific Corp.

PNVF President Ramon “Tats” Suzara and Club Laiya consultant Patrick “Pato” Gregorio signed the memorandum of agreement over the weekend during the Volleyball World Beach Pro Tour Futures where the Philippines won gold and silver—a breakthrough achievement—in the women’s competition.

“ We gladly and sincerely appreciate this partnership with Club Laiya on the beach volleyball training camp,” Suzara said. “The timing is perfect now that we achieved a breakthrough on the global beach volleyball stage.”

PNVF vice president Dr. Arnel Hajan, secretary-general Donaldo Caringal, Landco Pacific Corp. VP for Sales and Marketing Gerard Peñaflor, Philippine Olympic Committee deputy secretaries-general Carl Sambrano and Karen Tanchanco Caballero and members of the national men and women teams witnessed the ceremony staged on Court 2 of the Subic Bay Sand Court inside the Subic Bay Metropolitan Authority.

“We at Club Laiya welcome the national beach volleyball teams,” said Gregorio, Tourism and Hospitality consultant for Millennial Resorts Corporation. “It’s a pleasure for us to have our national beach volleyball athletes hold their training camp in our resort.”

The one-year partnership starts in January 2023.

Under the agreement, two beach volleyball courts will be built at Club Laiya with 10 of the 18 members of the national men and women team holding camp seven days a week in Batangas. The rest of the national athletes who are still students will be in Laiya on weekends.

Philippine beach volleyball achieved a milestone last Sunday after the Sisi Rondina-Jovelyn Gonzaga and the Genesa Jane “Jen” Eslapor-Floremel Rodriguez duo won gold and silver at the Volleyball World Beach Pro Tour Futures, the best finish by any national team in a major international competition.

There are three teams each in the national men and women squads which recently welcomed renowned Brazilian coach Joao Luciano Kioday and managed by former national athlete Mayi Molit-Prochina.

The third women’s team coached by Jan Paul Doloiras and Romnick Rico is composed of Grydelle Joanice Matibag and Khylem Harl Progella.

Th e men’s squads coached by Rhovyl Verayo and Jason Gabales are Anthony Lemuel Arbasto Jr. and Jude Garcia for Team 1, Alnakran Abdilla and Jaron Requinton for Team 2 and James Buytrago and Pol Gringo Salvador for Team 3.

MESSI, ARGENTINA IN FINALS

LUSAIL, Qatar—Lionel Messi bent over, clutched his left hamstring and appeared to grimace, immediately spreading panic through the soccer world but especially among all Argentines. Was their superstar—their idol— injured? Was he going to have to come off early in the World Cup semifinals?

No such luck for Croatia.

B efore long, Messi was producing perhaps the best performance of his record-tying 25 appearances at the World Cup, leading Argentina to a 3-0 victory over Croatia on Tuesday that set up a meeting with either France or Morocco in Sunday’s final.

Messi is back in soccer’s biggest match on his mission to win the game’s greatest prize for the first time. At 35, he could hardly be playing any better.

Messi converted a penalty and played a part in the other two goals by Julián Álvarez—one with an outrageous piece of skill that brought roars of approval from Argentina’s huge following—to turn an initially tense occasion into a procession.

A lot is going through my head— it’s very emotional seeing all of this,” Messi said in a post-match interview on the field as he looked up at Argentina’s celebrating, scarf-waving supporters. “To see the fans—‘the family’— during the whole tournament was so incredible. We’re going to the final, which is what we wanted.”

It will be Messi’s second World Cup

final—Argentina lost the other one to Germany in 2014—in what might be his last appearance at the tournament.

The stage is set for a player widely regarded as one of the game’s best, if not the absolute best, to go out on the ultimate high.

He is thrilling his legion of fans along the way.

H is swivel and driving run to set up the third goal for Álvarez in the 69th minute left Josko Gvardiol— one of the best defenders at the World Cup—grasping at thin air and epitomized Messi’s confidence and swagger.

He is embracing the responsibility of leading Argentina to its third World Cup title, scoring in five of his six games in Qatar.

He even had a penalty saved in the one game in which he didn’t score.

I am honored to train him and see him play,” said Argentina coach Lionel Scaloni, who was in tears in the post-match celebrations. “Every time you see him play, it’s a huge source of motivation for his teammates, fans and the whole world.”

C roatia failed in its bid to reach a second straight World Cup final after conceding two goals in a five-minute span from the 34th, just when the team was looking comfortable at Lusail Stadium and Messi was raising concerns by rubbing his hamstring.

M aybe it was a ruse. Messi was soon toying with his opponents in a way only he can and put Argentina ahead by lifting his penalty into the top corner after Álvarez was taken out by Dominik Livakovic after clipping the ball past the Croatia goalkeeper.

Á lvarez scored himself in the 39th

after a surging run from halfway, which started after he collected Messi’s short pass. Then came the crowning moment, Álvarez’s second goal, after Messi took Gvardiol for a ride in the right corner.

It was one game too far for Croatia, which had beaten Japan and Brazil on penalties in the knockout stage, and star midfielder Luka Modric, who—at 37—has likely played his final World Cup match.

Summing up a frustrating game for the little midfield magician, he was substituted in the 81st minute and had a bright red nose after the ball slammed into his face moments earlier.

“The first goal took the match in a different direction,” Croatia coach Zlatko Dalić said. “It’s the true Messi we all expected to see.”

A rgentina maintained its record of never having lost in the World Cup semifinals and has reached the final for the sixth time.

T hose dark days after losing to Saudi Arabia in its opening group match seem so long ago now for Argentina, which will be hard to stop in the final with Messi playing this well. AP

FRANK AIMS TO LEVEL UP IN 2023

By Josef Ramos

SOFIA FRANK has a busy 2023 calendar to guarantee that she levels up following her gold medal-winning performance at the Asian Open Figure Skating Trophy held last week at the Oasis Centre Arena in Jakarta, Indonesia.

O nly 17 and the first Filipino to win gold at the Asian Open, the 17-year-old figure skater said her latest victory boosted her morale to do better in the coming years.

B ut she needs to polish her craft some more.

“ I still need to improve on the level of spins and execution of my jumps so I can get a better grade,” said Frank, who’s in town with her mom Preciosa and younger sister Natasha for a brief vacation. “If I work on those and everything matches really well, everything will be really good after that.”

Frank garnered 143.97 points in ruling the senior women figure skating event that lured eight athletes. Hong Kong’s Joanna So tallied 138.14 points for the silver medal and Chinese-Taipei’s Tzu-Han

championships to be won in separate UAAP seasons taking place in the same calendar year, 2022.

The year 2022 is interesting in itself. It’s when the league really made efforts to get back to “pre-pandemic normal,” bringing back all its 21 sports in all divisions and making sports fans witness events live, in unrestricted numbers. But 2022 is also interesting in how it relates to the fortunes of the Fighting Maroons. It’s the Year of the Tiger, and if we go back to the one and only post-war title won by UP in the UAAP, that was 1986, a Tiger Year too, 36 years ago.

Maroon numbers

IS it just me or do you also notice something uncanny about the University of the Philippines (UP) Fighting Maroons who are again on the verge of capturing another basketball title in the University Athletic Association of the Philippines (UAAP)?

Not just another title, mind you. But back-to-back titles and the first ever (and maybe only) consecutive

From the looks of it, Tiger Years are lucky for UP. They won their second UAAP crown in Season 84, 2022. Never mind that it was Friday the 13th and the winning shot was made by #13 (JD Cagulangan) who scored a total of 13 points that night. Talk about Tiger luck negating the supposed bad luck of the number and the day.

Well, the Season 85 Finals is still happening in a Tiger Year. Could the Maroons—still protected by the power of the Tiger—achieve the super feat of a historic backto-back that would completely reverse their luckless 0-14 years of 2007, 2010 and 2013?

Take a closer look at those numbers, by the way. Those 0-wins and 14-loss seasons are evenly spaced at three years

Ting 136.40 points for the bronze medal.

S he won the gold after topping the short course program with 50.19 against Ting’s 48.48 and Hong Kong’s Cheuk Cheung got 46.87 and the free skate program with 93.78, pushing So to second with 91.56 and Ting to third with 87.92.

“ It’s really big that I accomplished something and it’s really cool that I am the first Filipina who accomplished that,” she said.

Frank said that she’s gearing up for the Four Continents Figure Skating Championships from February 7 to 12 in her hometown Colorado Springs and the Junior World Championships from February 27 to March 5 in Calgary, Canada.

To add to her skills, Frank said she needs to focus on how to compete against herself and not against other skaters.

Just like learning how to manage myself during the competition, just learn how to compete against myself and not against other people,” she said. “I have to handle my nerves a lot better and if I do that everything will be fine.”

LOIS KAYE GO and Mafy Singson gear up for strong starts as they join Rianne Malixi in the title hunt in the 118th Malaysian Amateur Open which gets under way Thursday at the Palm Resort Golf and Country Club’s Cempaka course in Johor Bahru.

G o tees off at 8 a.m. with Korean Kim Ye Rim and Malaysia’s Wang Xin Yao and Chong Shin Ling, while Singson drew an 8:40 a.m. start, also on No. 10, with Canada’s Lucy Lin, Mirabel Ting from Sarawak and Wong Xian Xuan from W. Persekutuan.

But focus will be on Malixi, who

apart. Is there some strange numerology there?

L et’s look at some trivia to push the numerology angle a bit more. The Fighting Maroons ended Season 84 with a 7269 win over the then defending champions, the Ateneo Blue Eagles. Would you believe they opened Season 85 with the same winning score, 72-69, against the De La Salle Green Archers on October 1, 2022?

W hat’s with the Maroons and No. 72? On Sunday, December 11, the Diliman squad won Finals Game 1 against their Katipunan foes with the score of 72-66. We can stretch the numbers a bit more and say if we reverse one 6 in the Ateneo score, we’d still get 72-69. But that’s where the Gen Z would say “Char!” (for charot or “just kidding”).

B eyond numbers, there are other interesting links or coincidences between the 1986 Tiger Maroons and the 2022 Tiger Maroons. Almost all in the 1986 Maroons were juniors champions from the San Beda Red Cubs.

Ronnie Magsanoc, Eric Altamirano, Joey Mendoza, Duane Salvatierra, Jig Mendoza, Benjie Paras and before them, Raymond Celis and Dondi Roque chose to play for UP in college because the Beda seniors team did not participate in the National Collegiate Athletic Association during that stretch.

7 aspirants make grade in Chooks-to-Go national tryouts

SEVEN out of 56 prospects stood out in the first Chooks-to-Go Pilipinas 3x3 national tryouts for guards at the Activate Hoop Arena in Mandaluyong City Tuesday.

Paul Desiderio leads the batch of possible new additions to the program’s talent pool which is being expanded for the 2023 season—a crucial year for the country’s hopes of qualifying to the Paris 2024 Olympics.

Celebrity athlete Gerald Anderson and seasoned pros Jaypee Belencion, Shaq Alanes and RJ Deles also made the grade. Also making the cut are young players Ian Pardo, 23, and Zaljun Cartagena, 25.

With the 2023 FIBA 3x3 season being crucial in our drive to compete in the Paris 2024 Olympics and Olympic Qualifying Tournament, we want to find the best players possible,” Chooksto-Go president Ronald Mascariñas said. “And this tryouts for guards is an excellent jumpstart to it,” said The aspirants were tested right away in a 3x3 match with national players Mac Tallo, Brandon Ramirez, Dennis Santos and Vince Tolentino to cap off the open trials.

C hooks 3x3 head trainer Chico Lanete, however, said that nothing is set in stone yet as the seven candidates will still have to undergo a thorough screening by the program’s top brass together with new consultant MIlan Isakov.

I sakov was a former coach of longtime 3x3 powerhouse Liman and also played for Serbia.

Go, Singson, Malixi start Malaysian Am Open hunt

also expects to get going in soft conditions in the World Amateur Golf Ranking event with the rising International Container Terminal Services Inc. (ICTSI)-backed star slugging it out with local bets Kaathiyayani Gunasegar and Pang Hee Jie and Indonesia’s Natalia Yoko in the 7:50 a.m. group, also at the backside of the par-72 layout.

“I like the course layout, not easy with the wet and dewy conditions but knowing where to place and execute your tee shots and irons leave a great chance for an easier target angle to the pin and putt,” said Malixi.

Today’s Maroons are also powered by juniors champions, but from National University (NU). Carl Tamayo, Gerry Abadiano, Terrence Fortea, Harold Alarcon and Cyril Gonzales were all NU Bull Pups. Two more Bull Pups are serving residency before they play in the UAAP. That’s Janjan Felicilda and Reyland Torres.

U P’s successful runs in both Tiger years seems to have benefited from the “exodus” of junior champions from one program to the other.

B oth batches had “babies” in their squads, too. Year 1986 had Benjie Paras—the ”missing link” that provided his batch with a strong presence in the paint and later earned him the monicker “Tower of Power”—was famously doted on by his maternal grandmother. Year 2022 has Carl Tamayo, whom fans fondly call Baby Carl, because his boy-man looks trigger the maternal instincts of those who adore him.

S o do these quirky coincidences really bind the fortunes of these two batches of Fighting Maroons? Will the 2022 Maroons go down in history as the only team to win two titles for two consecutive seasons in one calendar year?

Depends on how the Best of Three series pans out. Depends on what script Destiny writes.

MICHAEL JORDAN NBA MVP TROPHY

The National Basketball Association Most Valuable Player award has been renamed The Michael Jordan Trophy in honor of Jordan, a five-time MVP with five trophies named for Maurice Podoloff—the league’s first commissioner. After six decades of the award bearing Podoloff’s name, the NBA decides the time was right to rebrand. AP

LIONEL MESSI is back in soccer’s biggest match on his mission to win the game’s greatest prize for the first time and at 35, he could hardly be playing any better. AP

PHILIPPINE National Volleyball Federation (PNVF) president Ramon “Tats” Suzara (seated left) and Club Laiya consultant Patrick “Pato” Gregorio (seated right) seal the partnership. Joining them are (standing, from left) PNVF vice president Dr. Arnel Hajan, national athletes Alnakran Abdilla, Jaron Requinton, Bernadeth Pons, Grydelle Joanice Matibag and Khylem Harl Progella, PNVF secretarygeneral Donaldo Caringal and Landco Pacific Corp. VP for Sales and Marketing Gerard Peñaflor.

SOFIA FRANK’S in town for short vacation after winning gold in Jakarta.