BusinessMirror December 18, 2023

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END-SEPT PHL DEBT UP BY 10% TO $118.8B–BSP

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Philippines’s total external debt as of end-September rose by 10 percent year-onyear to over $118 billion as the state borrowed more abroad to augment its financing requirements domestically, the Bangko Sentral ng Pilipinas (BSP) said.

The BSP said the country’s total external debt (EDT) stood at $118.8 billion at the end of September, $10.923 billion over the $107.91 billion recorded EDT in the same period last year.

The BSP attributed the yearon-year increase to the $6-billion total net availments of the country, the bulk of which represented borrowings by the national government.

The BSP added that the increase also factored in the change in the scope of the country’s external debt to include non-residents’ holdings of peso-denominated debt securities issued onshore, reported in the first quarter of

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Monday, December 18, 2023 Vol. 19 No. 68

P25.00 nationwide | 2 sections 20 pages |

JOY RIDE Under the enchanting glow of festive lights, a family of five takes a pedicab ride through the streets of Las Piñas City, transforming an ordinary outing into a cherished holiday memory. Sparkling Christmas decorations provide a magical backdrop, capturing the true essence of the season— uniting loved ones, fostering forgiveness, and embodying the resilient spirit that defines the Filipino people. NONIE REYES

Wowed by Japan, PBBM eyes new 10-yr econ blueprint

By Bernadette D. Nicolas @BNicolasBM

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ECOGNIZING Japan as a technological leader and one of Association of Southeast Asian Nations’ (Asean) important strategic partners, President Ferdinand R. Marcos Jr. is now pushing for the creation of a new 10-year economic road map, which allows both parties greater cooperation on climate resilience and food security.

“It is imperative for Asean and its partners, including Japan, to create a modern, comprehensive, highquality, and mutually beneficial economic partnership,” the chief executive said at the second session of the Asean-Japan Commemorative Summit in Tokyo, Japan on Sunday.

The Philippines is the permanent country coordinator for AseanJapan Economic Relations.

2023, amounting to $3.3 billion.

The BSP noted as well adjustments of $1.5 billion in the prior periods that contributed to the increase, as well as the positive foreign exchange revaluation of $291 million.

“The sale of Philippine debt papers issued offshore by nonresidents to residents of US$224 million had a minimal offsetting effect on the year-on-year increase of the debt stock,” the BSP said in a recent statement.

The BSP said the country’s EDT as of end-September also rose by $915 million from the $117.9 billion recorded level in end-June.

See “PHL debt,” A2

People-centered

WITH Japan’s access to new technology, Marcos said it can undertake “people-centered” joint ventures with Asean, which will help members of the regional bloc to

4 IN 10 PINOYS FOOD-INSECURE IN NEXT 6 MOS, SAYS STUDY

By Roderick Abad @rodrik_28

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VEN if inflation has slowed down, the uncertainty among many Filipinos on whether they have food to eat for the next six months is seen to continue in the long run.

The results of a nationwide survey released Friday by CapstoneIntel Corp., showed that while majority or 59 percent of 1,503 respondents have felt “very secured” (16 percent) or “secured” (43 percent) when it comes to their food supply for the next six months, 42 percent have sensed otherwise, with some saying they are “neither secured or not secured” (34 percent), “insecure” (6 percent) and “very insecure” (2 percent).

“The 34 percent that is uncertain or neutral about being foodsecured,that is worrying already because a significant portion of

the Filipinos are not confident if they will have food for the next six months,” Capstone-Intel Research and Publications Director Ella Kristina Domingo-Coronel said in mixed Filipino and English during a media briefing held in Manila.

The study conducted from November 22 to 29 revealed that staple “rice and grains”—the most integral part of their regular diet—are thought of by 62 percent of the participants to have mostly increased in prices; followed by meat and poultry, 23 percent; fruits and vegetables, 7 percent; fish and seafood, 5 percent; processed or packaged foods, 3 percent; and dairy products, 1 percent.

Where do they buy food? Mainly at the public market (84 percent).

More than half (56 percent) purchase at grocery/supermarket; restaurant, carinderia or fast-food chain (18 percent); street vendors (15 percent); and delivery apps (11 percent).

See “Pinoys,” A2

See “PBBM,” A2

MB clears new ad hoc ways to spur more green lending

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HE Monetary Board (MB) has greenlit additional temporary measures, including the reduction of the reserve requirement rate on sustainable bonds, to entice banks to extend more loans for green or sustainable activities.

The Bangko Sentral ng Pilipinas (BSP) said the temporary measures, to be effective for two years, “ incentivize” banks to ramp up their loan portfolio for green or sustainable projects or activities, including transition financing for decarbonization.

“As a sustainable finance champion, the BSP will continue to play an active, enabling role in fostering the transition towards a sustainable economy,” BSP Governor Eli M.

Remolona Jr. said in a press release.

“We will identify and create appropriate incentives that are within our mandates, empowering the banking system to steer capital flows toward growing green or sustainable investments and accelerate the development of solutions addressing just transition and adaptation-related challenges,” Remolona added.

Under the new temporary measures, the BSP pointed out that the banks’ required reserve requirement rate for green, social, sustainability and other sustainable bonds will be “gradually” reduced to zero percent from the current three percent.

See “MB,” A2

EXPLAINER »B4

UKRAINE’S A STEP CLOSER TO JOINING THE EU. HERE’S WHAT IT MEANS, AND WHY IT MATTERS

PESO EXCHANGE RATES n US 55.6890 n JAPAN 0.3926 n UK 71.0981 n HK 7.1329 n CHINA 7.8326 n SINGAPORE 41.9471 n AUSTRALIA 37.2949 n EU 61.2301 n KOREA 0.0432 n SAUDI ARABIA 14.8456 Source: BSP (December 15, 2023)

ROCHU2008 | DREAMSTIME.COM

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News

BusinessMirror

A2 Monday, December 18, 2023

PHL Debt...

Continued from A1

“The rise in the debt level was due to prior periods’ adjustments [i.e., borrowings made in previous quarters] amounting to US$2.0 billion, of which US$1.9 billion were borrowings by private sector non-bank firms,” the BSP said.

The negative foreign exchange revaluation in the third quarter and the sale of Philippine debt papers to residents by nonresidents “partially tempered” the increase in the debt stock on a quarterly basis, according to the BSP. The BSP also noted that it recorded a net repayment of $200 million in the third quarter.

“The recorded net repayments during the quarter pertain largely to the redemption by two [2] local banks of its maturing medium-term notes [US$900 million],” the BSP said.

EDR improves

HOWEVER, the BSP pointed out that despite the increase in debt stock, the country’s external debt ratio (EDR) improved to 28.1 percent from the previous quarter’s 28.5 percent owing to the economy’s growth in the third quarter.

Despite the better ratio on a quarterly basis, the country’s latest EDR as of end-September was still higher than the 26.8 percent recorded in the same period of last year, based on BSP data.

The EDR is expressed as a percentage of a country’s gross domestic product or GDP. The BSP emphasized that the country’s external debt remained “predominantly” medium- and long-term (MLT) in nature with a share to total at 85.6 percent.

The country’s major creditor countries were: Japan, which owns $14.8 billion of the country’s external debts; the United Kingdom, $4.1 billion, and Singapore $3.3 billion.

BSP data also showed that loans from official sources such as multilateral and bilateral creditors had the largest share at 38.3 percent out of the total outstanding debt.

This was followed by borrowings in the form of bonds/notes which accounted for 32.7 percent of the total; and obligations to foreign banks and other financial institutions at 22.5 percent; while the rest, at 6.6 percent, were owed to other creditors (mainly suppliers/ exporters).

In terms of currency mix, the country’s debt stock remained largely denominated in US Dollar at 77 percent and Japanese Yen at 8 percent.

The 14.9-percent balance pertained to 17 other currencies, including the Philippine Peso, Euro and Special Drawing Rights.

PBBM...

Continued from A1

reduce their carbon emissions, promote renewable energy, and enhance environmental sustainability.

“The Philippines is particularly pleased that the vision includes pillars that aim to achieve sustainability while striking a balance between diversity and inclusiveness as well as building an ecosystem for co-creating human capital,” Marcos said.

The President also thanked Japan for its contribution to Asean’s measures to address food security problems caused by climate change such as the Asean Plus Three Emergency Rice Reserve and the Asean-Japan International Cooperation Agency (Jica) Food Value Chain Development Project.

Japan, he said, can also help Asean make its supply chains more resilient to disruptions and shocks through diversification, digitalization, and risk management initiatives.

MB...

Continued from A1

The reduction in the reserve requirement rate for the sustainable bonds would be implemented on a staggered basis: a 200-basis point reduction in the first year and an additional 100-basis point cut in the succeeding year.

“The gradual and calibrated reduction in the reserve requirement rate for sustainable bonds does not constitute a change in the monetary policy stance but is envisioned solely to be a tool to promote sustainable finance,” the BSP said.

www.businessmirror.com.ph

The said measures are expected to be included in the Asean-Japan Strategic Economic Cooperation Roadmap and Future Design and Action Plan for Innovative and Sustainable AseanJapan Co-Creation 2023-2033.

Japan is the Asean’s fourth largest trading partner and fourth largest source of Foreign Direct Investments (FDIs).

THE security aspect of climate change together with regional instability and threat will also be raised during the Asean Defense Ministers’ Meeting (ADMM) Plus starting next year.

The ADMM Plus Experts’ Working Group on Maritime Security will be cochaired by the country and Japan for 2024 to 2027.

During the event, issues related to climate change, marine environmental protection, humanitarian and disaster relief, maritime security, military medicine, will be discussed.

It will also include talks on counterterrorism, peacekeeping opera-

New solutions

IN his interview with the Japanese media, the President reiterated his concern on the country’s growing tensions with China in the SCS. He noted the dispute is preventing the country from conducting muchneeded gas exploration in its exclusive economic zone in the SCS. “We are still at a deadlock right now. It is in a conflict area. So, that’s another thing that we have to try and resolve to see what role any countries play,” Marcos said.

As a “new solution” to the “complex geopolitical challenge,” he said the

country is now eyeing more bilateral and multilateral agreements such as its partnership with Japan.

“This alliance that we have come together with Japan is again, is to show, to help us rather, work together more closely. Because in the military, since there is a tactical operation that we really have to train with one another,” Marcos said.

The country is the first recipient of the Japanese Official Security Assistance (OSA). It is also currently negotiating Reciprocal Access Agreement (RAA) with Japan so they can conduct joint military operations.

“The so-called interoperability between the different forces and it doesn’t…it is not sufficient actually with just Japan and the Philippines to enter into this agreement. We really must get more of these kinds of arrangements in place,” Marcos said.

In their joint vision statement, Asean and Japan affirmed a rulesbased, free and open Indo-Pacific region with emphasis on respect for sovereignty and territorial integrity.

T he BSP ex plained that the banks’ sustainable bond issuances must comply with the appropriate domestic and international standards and regulations. In particular, the banks must comply with the disclosure requirements in the Sustainable Finance Framework and not engage in greenwashing.

Furthermore, the banks are now allowed to extend loans for eligible green or sustainable projects or activities with a top-up 15 percent Single Borrower’s Limit, according to the BSP. BSP emphasized that the eligible projects or activities must meet any of the principles or eligible categories of projects laid out in various state and regional investment priority plans.

“The underlying project or activity should be legal and compli-

ant with any Philippine environmental laws and regulations. An activity or prohibited activity may still be considered an eligible exposure if the same is an enabler of climate change mitigation,” it said.

The BSP noted that the banks are “expected” to comply with credit risk management guidelines and adopt controls to protect their financial interest such as use of insurance or negative pledge covenant.

The BSP, however, pointed out that the new regulatory incentive does not cover the banks’ existing credit ceilings to related parties or separate SBL for project finance.

The BSP argued that these temporary measures are part of its suite of initiatives under the 11-point Sustainable Central Banking Strategy “to mainstream sustainable finance as

well as support the achievement of the country’s climate commitments and sustainable development goals.”

“Both measures shall be available to banks for a period of two years from the effectivity of the policy and may be further reviewed as warranted by circumstances,” the BSP said.

Citing its ad hoc survey, the BSP said 75 percent of its respondent universal and commercial banks as of end-June 2022 have already financed or approved loans amounting to P830 billion to bankroll green or sustainable projects.

“The top five green/sustainable activities or projects supported by these banks are renewable energy, sustainable water and wastewater management, energy efficiency and green buildings,” according to the BSP. Jasper Emmanuel Y. Arcalas

Security matters

Pinoys...

tions, humanitarian mine action, and cybersecurity.

Marcos stressed the importance of the conduct of the ADMM amid the prevailing complex geopolitical developments in Asia, including the intercontinental ballistic missile tests by the Democratic People’s Republic of Korea, unilateral actions in the East and South China Sea (SCS), and worsening violence in Myanmar.

SEEING Filipinos are aware that the Philippines is a “net agriculture importer,” Capstone-Intel Chief Data Scientist Dr. Guido David expects food security will not just be an issue for them within the next six months, but long-term.

“We see this as a national concern still. Our compatriots think about food security maybe more than six months or long-term. So we have to sort out issues regarding food security,” he said.

As food signifies a fundamental human right and critical household expenditure, targeted policy interventions may contribute to the strength of food security foundations nationwide. Investing further in cereal crop productivity, supply chain infrastructure , price stability measures, and agricultural mitigation could pay dividends for both farmers and consumers over the long run.

“Food security is an important component of the well-being of the nation, meaning, it impacts on health, it impacts on stability, and impacts on the productivity of our population,” Capstone-Intel Chief of Public Affairs Atty. Nick Conti.

Agreeing with him, the president of PAGASA said that both the government and the private sectors should put their acts together since this challenge can’t be resolved immediately. He also pushed the development and promotion of certain industries that can generate employment beyond six years or within a presidential term. Continuity of national programs as such is very important to ensure long-term food security in the country, he added.

“Shortcut, quick fix firefighting doesn’t work. We have to look at the long term,”Cua said.“We have to think of our own if we want to. We have to develop our industries, if 20 years from now we want to see a brighter future.”

vice, “I spotted unscrupulous individuals trying to make a deal with some foreigners—what do you expect in such a situation? I overheard one foreigner remark, ‘What? That’s too expensive.’ So there we go—no protection for the hapless tourists,” he stressed. (https://t.ly/x3JFb) Terible and 2,500 other cruise passengers, which included foreigners and Filipino-American retirees, were on a 10-night cruise of Southeast Asia aboard the MV Norwegian Jewel, which departed from Laem Chabang, Thailand and took them to Vietnam, Singapore, Brunei, and Malaysia, and concluded in Manila on November 30 after day trips in Boracay and Puerto Princesa.

The ship is operated by the Norwegian Cruise Line, which earlier celebrated its return to Asia after being sidelined by the pandemic. (See, “Norwegian Cruise Line includes 3 new PHL ports on cruise itineraries,” in the BusinessMirror, October 12, 2023.)

“I BOOKED the cruise through a Filipina cruise planner based in the US,” said Terible, and said he didn’t file any formal complaint with her. “I just wanted to prevent the same situation from happening,” he added.

In a news statement, PPA described the recent chaotic arrival of the cruise passengers as an “isolated incident” and has asked ATI and Ben Line Agencies, the vessel’s ship agent,“to provide an explanation on complaints raised by passengers…”

Separately, the Department of Tourism (DOT) said it was “not included in the pre-arrival coordination meetings of the [PPA] for the Norwegian Jewel with concerned parties, [ATI], and Ben Line Agencies Inc….” adding that the issues raised in the processing of the passengers “are beyond the jurisdiction of the [DOT].”The agency has requested the Department of Transportation’s intervention “to ensure that no such incidents are repeated.”

Continued from A1

In terms of weekly expenses, almost half or 47 percent spend P1,001 to P2,500; 23 percent spend less than P1,000; 20 percent, P2,501 to P4,000; 9 percent, more than P4,001; and 1 percent, not familiar with their expenditure.

“This [study] points to food representing a major household expenditure for most Filipinos. As such, stability in food costs is critical for family budgeting nationwide. Persistently elevated food inflation could rapidly push more households into financial distress without mechanisms to offset price pressures on key dietary necessities,” Coronel noted.

The release of the survey results came after that of the November 2023 Consumer Price Index Report of the Philippine Statistics Authority, which indicated that the country’s inflation had further eased from 4.9 percent in October to 4.1 percent the following month.

While Philippine Amalgamated Supermarkets Association (PAGASA) President Steven Cua—when pressed on his forecast—admitted that he doesn’t have an inkling about inflationary movement in January of next year, he said the law of supply and demand still applies in pricing.

“When demand is low, nobody

Need...

Continued from A12

We were greeted by 2-3 customs personnel at the entrance, supposedly to collect our declaration forms. We told them that it was already given at Puerto Princesa Port of entry, and asked them for extra forms if they really needed a completed form, but we were told that they ran out of forms so they just let us pass.”

Terible, who told the BusinessMirror he was traveling with three other family members, said there was only one narrow passenger exit, and was told that the Philippine Ports Authority (PPA) didn’t want to open other passenger exits.“Nobody could move, we were packed in like sardines carrying big luggages that we couldn’t leave, and shuffling slowly,” he added. At the area, where passengers could be fetched by their transport ser-

notices some companies will increase their prices. There are 15,000 items inside the supermarket. DTI [Department of Trade and Industry] monitors 283 of them,” he said, while sharing one thing that people didn’t notice about inflation.

According to him, when everybody was worrying about their health, dead relatives and all that stuff at the height of the Covid-19 pandemic, the price of sardines went up by 12 percent and never went down in a span of nine months of 2021, as instant noodles surged by 24 percent and bottled water rose by 33 percent.

“Those are just three major items. That’s a sweeping statement. But just to tell you, at what rate prices have been going up? So nothing more to increase. Actually, price increases had slowed down already,”Cua said.

Long-term concern

PPA, DOT statements

Monday, December 18, 2023

A4

The Nation

Traders shun exports path due to state requirements

By Andrea San Juan @andreasanjuan

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NLY seven percent of 28,000 entrepreneurs studying under the training arm of the Department of Trade and Industry (DTI) applied to become exporters.

“Yung sa exporters natin, including those in the Halal industry who have acquired certification, maybe over 200 those who have acquired standards, food safety standards and certification,” Nelly Nita N. Dillera, Executive Director of the Philippine Trade Training Center (PTTC), told reporters last week. Speaking on the sidelines of a signing ceremony held in Pasay City, Dillera said the documents are some of the basic requirements for a license to export.

The PTTC official said that for the year, the training arm of the DTI is targeting to teach 30,000 individual micro-sized, small-scale and medium-sized enterprises (MSMEs). As of November, she said they have trained around 28,000 small enterprises.

The PTTC is mandated to “raise the level of awareness” of Philippine businessmen on export opportunities and availability of alternative sources of import products or diversified markets for export.

The PTTC’s Global MSME Academy (GMEA) is the dedicated Center for the administration, development and conduct of trade-related training and management of facilities to support the requirements of globalizing industries and services, most especially MSMEs. Dillera explained one of two types of training they offer is companybased, meaning companies are requesting for training, which is implemented every year.

“It’s training for production of certification or marketing; but it’s just for one organization,” she said.

Dillera said the other type of training is public, which has different tracks.

“We have a track for budding— those who are just starting up a business—and for those who are already operating in the domestic scene; also for those who are already exporting,” the PTTC official explained.

In terms of content, she said that budding enterprises are offered training lessons such as how to have an entrepreneurial mindset and how to embrace business opportunities, adding that PTTC aims to connect these businesses to the market.

“Mahirap kasi produce tayo ng produce ng product wala tayong market.

So hinahanapan din natin ng market of course nakukuha natin information niyan from [our] partner agencies sa DTI-Export Marketing Bureau and the Bureau of Domestic Trade,” Dillera said. [It would be difficult if we only produce and we don’t have a market. So we are also looking for a market.]

“So if you already know what are the marketable products, yun yung ipopromote din namin as possible business opportunities then from there; how to set up,” she added.

Dillera said the export-oriented training program is the “highest” level of PTTC’s classification. However, she noted the difficulties of becoming an exporter.

“Marami sa kanila do not want to become exporters kasi mahirap. So what we want them to be is to become suppliers to existing exporters; parang sub-contracting, supplier ng raw materials, or basic items that can be put together for export,” she said.

“So they don’t have to go through the nitty-gritty of exporting.”

Dillera cited documentation and demand requirements as some of the difficulties faced by potential exporters.

The company also has to supply the demand requirement, usually, volume.

Stricter enforcement of toys safety laws pushed by group

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S the season of gift-giving draws near, a toxics watchdog called on businesses to strictly comply with a 12-year-old law to ensure that toys containing endocrine-disrupting chemicals (EDCs) called phthalates are not produced, imported, and offered for sale.

The EcoWaste Coalition made the call in time for the 12th anniversary of the issuance of the Department of Health Administrative Order 2009-0005-A is observed.

Issued on December 14, 2011, the order makes it unlawful for any person to manufacture for sale, offer for sale, distribute in commerce, or import into the country any children’s toy that contains concentrations of more than 0.1 percent of di-(2-ethylhexyl)

“Pag maliit lang sila na enterprise, it will be really challenging for them to do that,” the PTTC official said.

“Pero ang maganda noon kasi if they become a supplier, halimbawa, ako I don’t want to export I’m a small or micro enterprise, but I’m willing to sell my products to whoever exporter.

We comply with the standard of that exporter for me to be able to become a supplier of that exporter….raw material or something that can contribute to putting together the product of the very exporter,” Dillera explained.

Of the 200 would-be exporters among the small enterprises trained by the PTTC, Dillera said the majority are willing to go into the food sector, which she deems as the “strength” of Philippine exporters. “[But], of course, we’re already going beyond food with the signing of the PCIDA [Philippine Creative Industries Development Act]. We’re already looking at gaming development, animation, visual arts, even performing arts, film, etc.” Dillera said.

Last week, DTI- Export Marketing Bureau Director Bianca Pearl R. Sykimte said that nearly 4,000 exporters have stopped shipping their products to other countries in the last five years.

Philippine Exporters Confederation Inc. President Sergio R. Ortiz-Luis Jr. said the reasons behind this are the lack of supply in the food sector, geopolitical tensions and the tough business environment in the country.

(See: https://businessmirror.com. ph/2023/12/12/nearly-4k-exporters-stopped-shipping-goods/)

Despite being banned by the FDA in 2015 and again in 2021, the group’s vigilant monitoring has confirmed the continuing sale of cheap artificial nails marketed for children’s use that come with an adhesive containing DBP. This product is often sold in stores outside public schools.

“It is very likely that more soft plastic toys containing restricted phthalates are sold in the market as current regulations do not prohibit the use of PVC in toys,” said Manny Calonzo, Campaigner, EcoWaste Coalition. “As the PVC ban on toys is not yet in place, we urge business establishments to refrain from selling soft toys that are not authorized, certified and labeled PVC- and phthalate-free,” he added, stressing “unauthorized toys which have not gone through the FDA’s notification process may pose health risks to children.”

phthalate (DEHP), dibutyl phthalate (DBP) or benzyl butyl phthalate (BBP).

It further disallows toys that can be placed in a child’s mouth that contain more than 0.1 percent of diisononyl phthalate (DINP), diisodecyl phthalate (DIDP) or din-octyl phthalate (DnOP).

Found in a wide range of toys and other children’s products, especially those made of polyvinyl chloride (PVC) plastic, phthalates are able to leach out from the materials containing them and get ingested, inhaled, or absorbed by the skin.

The group noted that despite the directive restricting phthalates in toys, PVC toys laden with phthalates are still found in the market. For example, the group last October

monitored the online sale of a flying spinner toy, which the Swedish government banned for containing excessive amounts of DBP and DEHP, as well as toxic lead and short-chain chlorinated paraffin.

Last year, seven baby care and toy products with PVC components, including a doll, boxing gloves, and mini basketball, submitted by the EcoWaste Coalition to a global testing company for phthalate analysis were found contaminated with DBP, DEHP, and DINP. In August, the FDA issued an advisory warning consumers against the purchase and use of a bathtub dog playset that was tested and found adulterated with high levels of phthalates, particularly DBP and DEHP.

ate Committee on Migrant Workers, highlighted its critical importance in protecting the rights and welfare of Filipino seafarers, whom he referred to as the “unsung heroes” of the maritime industry.

He also underscored that the bill’s ratification is a timely gift for seafarers this Christmas, symbolizing the nation’s recognition and appreciation of their contributions.

“As an author of this vital bill, I am filled with immense pride and confidence in the bright future that awaits our esteemed seafarers. This is a testament to our collective commitment to uplift the lives of our

maritime workers,” expressed Go. “The Magna Carta of Filipino Seafarers is a crucial step in recognizing and safeguarding the invaluable contributions of our seafarers. They are, without a doubt, the unsung heroes of the maritime industry, relentlessly braving the seas and playing a crucial role in our economy. This legislation ensures that their rights are protected, their welfare is prioritized, and their contributions are duly acknowledged,” he added.

The original House version is aligned with the Maritime Labour Convention, stipulating 2.5 days of leave per month.

Meanwhile, the Senate’s proposal was more generous at 4.5 days. The final agreement, according to Tulfo, settled on 3.5 days per month of employment, striking a balance between the two initial proposals.

Another critical aspect of the bill is the institutionalization of shipboard training.

This training will be regulated and monitored by the Maritime Industry Authority.

“As we move forward, I remain confident that we will continue to advance the interests of our Filipino workers. Let us celebrate this victory for our seafarers, who deserve nothing but the best from their country,” Go said.

consumers nor the government will pay for it.

“That’s all industry, it’s a private expense.

It will not be imposed or added on top of the LPG price and it will not be shouldered by the government,” he said.

Asked if the LPG firms have the financial muscle to shoulder the amount, Ty said preparations have been underway for about three years now.

“We have prepared everything when the law was passed in 2021. We have funded the whole 2022 and 2023. The important thing is to let the consumers know that they need to have their tanks replaced,” he said, adding that a nationwide information drive would take place next year to be spearheaded by the DOE and DTI. Among others, the LIRA established a regulatory framework for the safe operation of LPG. “Under the law, by January 7, 2025, all the substandard and dilapidated cylinders need to be replaced within one year and one month starting today,” Ty said last Friday. “So,

by January 7, 2005, these LPG cylinders will be confiscated. To those holding those cylinders,

the last touch policy will be enforced.”

Early this year, DOE Secretary Raphael Lotilla and DTI Secretary Alfredo Pascual signed the three remaining Rules and Regulations (IRR) covering the following: application for a License to Operate (LTO) which replaces the previous Standards Compliance Certificate (SCC); rules on administrative cases including more stringent procedures on fines and penalties; and the Cylinder Exchange and Swapping Program which is an end-to-end process for eliminating substandard cylinders in the market.

The mandatory Cylinder Swapping and Improvement Program will help ensure that unsafe and substandard cylinders that do not conform with DTI benchmarks are gradually and effectively removed in the market.

“We encourage all our consumers to replace their substandard LPG cylinders, the ones that don’t have a brand, are rusty, because all of that will be replaced by the industry,” added Ty. “Everyone who has a license to operate issued by the DOE will replace the cylinders that will be returned.” Lenie Lectura

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

Solon seeks fund for education of nurses A

MID the worsening shortage of nurses in hospitals, a lawmaker is pushing for the establishment of a dedicated Nursing Education Support Fund (NESF) amounting to P1 billion, aimed at addressing the escalating shortage of nurses in hospitals.

In House Resolution 1510, Makati City Rep. Luis N. Campos Jr. has urged the House committees on appropriations, higher and technical education, and health to evaluate the feasibility of creating the NESF. The fund is intended to enable 73 state universities and colleges (SUCs) that currently lack a Bachelor of Science in Nursing (BSN) program to establish their own nursing schools, thereby augmenting the pool of qualified healthcare practitioners.

“Empowering more SUCs to produce highly qualified BSN graduates will boost the capability of the Philippines to supply both the domestic and global demand for nurses in the years ahead,” Campos said.

“This in turn will benefit our public health care system and the economy as well, considering that highly paid Filipino nurses in America and Britain are among the biggest providers of cash remittances to their families here at home,” Campos added.

Currently, only 44 out of 117 SUCs nationwide have nursing schools, accounting for 37 percent. In Metro Manila, only one of the eight SUCs offers the BSN program, highlighting the regional disparities. Campos draws attention to entire regions and island provinces, such as Davao, Caraga, Occidental Mindoro, Oriental Mindoro, Romblon, Guimaras, Bohol, and Siquijor, where no SUC offers the BSN program.

“We have entire regions where not a single SUC offers the BSN program,” Campos pointed out.

“The advantage of SUCs offering BSN programs is that they can be accessed freely by underprivileged but qualified high school graduates,” the lawmaker said.

Under the Universal Access to Quality Tertiary Education Act of 2017, the national government shoulders the tuition and other school fees of students enrolled in SUCs. In pushing for the adoption of his resolution, Campos invoked Article XIV, Section 2 (1) of the 1987 Constitution, which mandates that “The State shall

establish, maintain, and support a complete, adequate, and integrated system of education relevant to the needs of the people and society.”

He likewise invoked Ar ticle XIV, Section 1 of the Constitution, which provides that “The State shall protect and promote the right of all citizens to quality education at all levels and shall take appropriate steps to make such education accessible to all.”

The World Health Organization (WHO), in its State of the World’s Nursing 2020 report, forecasts that “without action, there will be a shortfall of 4.6 million nurses worldwide by 2030.”

“The shortfall of nurses in the Philippines is expected to be 249,843 by 2030, unless greater investment is made now to retain them in the local health sector,” the WHO report said.

The Commission on Higher Education (CHED), anticipating the severe lack of nurses, removed in July 2022 the 10-yearold moratorium on the opening of new nursing schools and the offering of BSN programs.

Public and private higher education institutions that still do not have nursing schools may now apply and comply with the requirements to put up such colleges and offer BSN programs.

Last March, President Ferdinand R. Marcos Jr. ordered the CHED to come up with further interventions to address the scarcity of nurses, which is partly due to overseas migration and partly due to nurses dropping out of the profession to pursue other occupations.

Public hospitals run by the Department of Health (DOH) currently have 4,500 vacant items for nurses, according to Health Secretary Teodoro Herbosa.

Meanwhile, the Private Hospitals Association of the Philippines Inc. said their members lack 40 to 50 percent of their nursing staff.

The WHO recommends a ratio of 27 nurses per 10,000 people, but the Philippines has only 16 nurses per 10,000.

The DOH said the country would need an additional 127,000 nurses actively practicing their profession to meet the WHO recommendation. Jovee Marie N. Dela Cruz

Jonathan L. Mayuga

Most Pinoys for PUV modernization Bong Go lauds Senate ratification of bicam report on Magna Carta of Filipino Seafarers amid opposition to consolidate–poll

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ENATOR Christopher “Bong” Go expressed his gratitude following the Senate’s approval and ratification of the Bicameral Conference Committee’s version of the Magna Carta of Filipino Seafarers on Wednesday, December 13.

This legislation, aimed at enhancing the rights and welfare of Filipino seafarers, emerged from a reconciled report of Senate Bill 2221 and House Bill 7325.

The bill’s sponsorship was led by Senator Raffy Tulfo, chairperson of the Senate Committee on Migrant Workers.

Go, one of the authors and co-sponsors of the bill and vice chairperson of the Sen-

4M LPG cylinders must be replaced

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HERE are four million unsafe LPG (liquefied petroleum gas) cylinders in the market that should be replaced before January 7, 2025, South Pacific Inc. and Republic Gas Corp. (Regasco) said over the weekend.

Out of the estimated six million unsafe LPG cylinders only two million have so far been replaced since the LPG Industry Regulation Act

(LIRA) was passed into law in 2021, Regasco Chairman Arnel U. Ty said. The remaining four million are mostly distributed in Luzon.

“There are six million substandard cylinders out of the 40 million cylinders population under the data of the DOE [Department of Energy]. The industry has received about two million since 2021. We estimate that there are four million more that needs to be replaced,” said Ty. The government has already established swapping centers in which consumers can turn over their dilapidated LPG cylinders at no cost.

Ty said the swapping centers are administered by the DOE and the Department of Trade and Industry (DTI). “These will be controlled by the DOE and DTI so they will manage but the expense will be shouldered by the private participants in the industry,” he said.

The estimated cost to replace all six million LPG cylinders that are in poor condition could reach P20 billion. Ty stressed that neither the

By Roderick L. Abad Contributor

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ARELY two weeks before the December 31 deadline for consolidating Public Utility Vehicle (PUV) operators nationwide, majority or 70 percent of Filipinos are happy about the PUV Modernization Program that the government will fully implement as President Ferdinand R. Marcos Jr. announced it will no longer be extended.

Based on the results of a nationwide survey released by Capstone-Intel Corp. on Friday, 41 percent of 1,503 respondents rated the initiative as “Good” and 29 percent gave it a “Very Good” performance rating. On the other hand, 24 percent graded it “Neutral.”

Meanwhile, 5 percent negatively assessed it, with 3 percent saying it’s “Bad” and 2 percent as “Very bad,” as 1 percent as “not familiar” of it.

The significant positive sentiment was amid the outcomes that jeepneys (34 percent) are the second most commonly used mode of land transportation in the country, next only to owned motorcycles (37 percent).

Among the respondents, 514 are jeepney riders, who viewed the PUV Modernization Program as “Very Good” at 28 percent and “Good” at 40 percent, but “Neutral” is at 26 percent compared to 24 percent of nonjeepney riders.

As for its financial implications, threefourths or 75 percent of individual respondents said they spend less than P5,000 a week. But for households, the study showed a slightly higher portion of their weekly transport allocation, with more than half or 54 percent shelling out less than P500 per week, while 43 percent spend even more.

“These modest transportation expenses highlight the widespread accessibility of public modes like jeepneys. However, households

shoulder a heavier financial burden,” said Capstone-Intel Research and Publications Director Ella Kristina Domingo-Coronel at a media briefing in Manila.

With the positive feedback on the upgrade of jeepneys, 56 percent think the Department of Transportation (DOTr) is providing a safe, accessible public transportation, with 14 percent as “Strongly Satisfied” and 42 percent as “Satisfied.” Around 30 percent are “Neutral” in their perception, while 12 percent are “Dissatisfied” and 2 percent are “Strongly Dissatisfied.”

While the public support on the modernization of PUVs is high, the government should not be complacent in regulating this sector, according to Capstone-Intel Chief Data Scientist Dr. Guido David.

“We just have to make sure that we can put the proper measures [on] the safeguards or the modernization. And also to help our jeepney drivers, we have to make sure that we give them the support financially. These are the challenges that we have to sort through,” he said.

While government policy should be responsive to the needs of affected drivers, it should not mean that the jeepney fare will increase immediately because of modernization, pointed out Capstone-Intel Chief of Public Affairs Atty. Nick Conti. He said: “That will directly impact on the daily expenses of our commuters. With that comes the government subsidy.”

Since the PUV Modernization has been pushed by the government—starting from the previous administration—National Center for Commuter Safety and Protection (NCCSP) Convenor Elvira Medina said financial support has been thrown at the operators to shift to modern jeepneys. In fact, she cited that the P180,000 subsidy for every unit remains the same despite the arrival of new models at a cheaper price.

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

Monday, December 18, 2023

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PHL to tie up with Japanese firms to expand creative markets reach

By Samuel P. Medenilla @sam_medenilla

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RESIDENT Ferdinand R. Marcos Jr. said the country is now eyeing to expand its share in the $2.6-trillion global creative market through partnerships with Japanese firms.

In his speech during the Creative and Sustainable Economy Through Innovation Event in Tokyo, Japan, the chief executive said such partnerships can help

improve the international exposure of Filipino products.

“The global creative industries market, estimated at $ 2.6 trillion in 2022, is projected to reach up to

[$] 3.4 trillion in 2028, as we intend to increase our share of the pie of these numbers,” Marcos said.

“One way to accelerate this is by partnering with like-minded countries such as Japan,” he added.

Among the partnerships announced in the event organized by the Department of Trade and Industry (DTI) is between Go Lifestyle Group from the Philippines and STYLEM Takisada-Osaka Corporation for the production of contemporary wear using indigenous Philippine products.

Auro Chocolate and Japan’s retail giant Mitsukoshi will also collaborate to create product lines combining cacao beans from Davao and traditional Japanese ingredients

such as matcha, hojicha, and miso.

Marcos also cited the decision of the Japanese animation studio to establish operations in the country to tap Filipino talents.

He noted the government is prioritizing the development of the creative industry due to its sustainability.

“In order to address the effects of climate change, we are advocating for collaborations in accelerating climate financing and implementing nature-based solutions,” Marcos said. “ This activity today displays ways on how we can improve and provide solutions to societal problems sustainably and with innovation,” he added.

ADB plea to extend bidding for NAIA rehab gets backing

By Jovee Marie N. Dela Cruz @joveemarie

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AWMAKERS called on the Department of Transportation (DOTR) to consider the recommendation of the Asian Development Bank (ADB) to extend the bidding for the Ninoy Aquino International Airport (NAIA) rehabilitation project by one month to ensure a fair and competitive process.

House Committee on Metro Manila Development Chairman Rolando M. Valeriano and OFW Party-list Rep. Marissa P. Magsino argued that the ADB’s position should not be ignored but followed as it would be for the best interest of the government and the public as well.

They emphasized the importance of due diligence, avoiding a potential monopoly, and ensuring a fair and competitive process for the benefit of the government and the public.

The ADB suggested that extending the dead line to January 29, 2024, would attract more bidders, foster competition, and achieve a better financial outcome.

The proposal aims to address concerns about potential favoritism and rigging in the bidding process. “[The] ADB is well versed in projects like this. I hope their opinion will be heard to extend

the deadline. This is better and the DOTR can choose the most qualified to do the project because more people can participate in the bid and they can prepare better. A lot of money is at stake; due diligence is a must,” Valeriano said last Sunday.

Following the December 27 deadline, there are only two potential bidders, given that these two entities have submitted unsolicited proposals for the project and are expected to be the only bidders meeting the timeline.

“We strongly believe that extending the bid submission date would attract more bids, thus resulting in greater competition and a better financial outcome for the government. It would also send a strong statement that the government is committed to ensuring a level playing field for all investors, now that recent reforms allow local and foreign investors to compete for NAIA on the same terms, without foreign ownership restrictions,” the ADB explained in its memo.

Magsino, for her part, stressed that the one-month delay in the bidding for the project “will be more beneficial.”

“If extending the deadline for proposals on these plans will allow the government to choose from more reputable companies and secure the most cost-effective agree-

ment, then the one-month delay eventually will be more beneficial,” the lady lawmaker said.

“The only thing we want to ensure in whatever decision the government will make is that the people will not be shortchanged; the option we will take must vastly improve the services of NAIA, solve capacity issues, upgrade the technology infrastructure, and ensure steady and reliable operation for the benefit of air passengers, especially our OFWs,” she added.

In an internal memo previously leaked to the media, the ADB proposed that the bidding be extended from December 27, 2023, to January 29, 2024, primarily to allow potential bidders more time to prepare and participate. It said that increased competition will ensenure a better financial outcome for the government.

Moreover, Magsino said the DOTR leadership must seriously consider the proposal and heed the clamor from stakeholders and government leaders to have the deadline extended.

“We believe the leadership of the Department of Transportation and the Manila International Airport Authority, in coordination with the National Economic and Development Authority, exhaustively studied the pros and cons of the rehabilitation and expansion of NAIA

Solon bares govt move to pursue alliance for growth

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PEAKER Martin G. Romualdez said that the Philippine government is actively pursuing strong partnerships with its allies to enhance food stability and economic opportunities for millions of Filipinos.

Romualdez issued a statement after the first session of the Asean-Japan Commemorative Summit in Tokyo, Japan, attended by President Ferdinand R. Marcos Jr. The solon expressed confidence that the Manila’s participation in the summit would “ensure a stable and prosperous future for Filipino agriculture and the families who depend on it.”

“By working together with our friends and allies, we can build a food-secure future where Filipino families thrive and

our nation enjoys continued growth and prosperity,” he said.

Romualdez, who is part of the President’s official delegation to the summit, said Marcos’s focus on food security “sends a clear message: the well-being of Filipino families is a top priority.”

The lawmaker cited the President’s emphasis on “enhancing resilient and sustainable agriculture and food systems through new technologies and innovation” in the Chief Executive’s intervention during the first session of the commemorative summit.

He noted the President’s acknowledgment of Japan’s ongoing support through the Asean-Plus-Three Emergency Rice Reserve and the Asean-JICA Food Value

Chain Development Project.

Elaborating on the potential benefits of the President’s initiatives, Romualdez said the emergency rice reserve and collaborative food development projects could provide crucial safeguards against food shortages and price fluctuations, protecting Filipino families from hunger and economic hardship.

Likewise, he said Marcos’s call for embracing new technologies in agriculture signals a commitment to modernizing food production and distribution, boosting efficiency, and yielding increased harvests.

“Investing in sustainable agricultural practices opens doors for job creation and economic growth in rural communities, strengthening

Lawmaker notes Marcos order on water projects

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LEADER of the House of Representatives strongly backed the recent order by President Ferdinand Marcos Jr. to concerned government agencies to complete all water-related projects

by April next year, stressing swift action to mitigate the effects of an expected drought.

A statement quoted R izal 4th District Rep. Juan Fidel Felipe F. Nograles as say ing that Marcos’s order “signifies the government’s commitment to protect our people from the harsh effects of the

coming drought.”

Nograles said he hopes “our agencies tasked with overseeing these projects will not only comply, but seek to exceed expectations.”

The countr y is facing the potential of the most severe drought in decades, with only 10 typhoons entering the Philippines this year compared to the annual average of 20, as recently announced by the government.

A d d i t i o n a l l y, t h e D e p a r t ment of Sc ience a nd Tec hnolog y pre d ic t s “mo d e r at e to s e v e re

d rought cond it ions” f rom Feb r u a r y to May 2024, w it h 77 per cent of t he cou nt r y ’s prov i nces e x pected to be in d rought by t he end of May due to t he ongoi ng El Ni ño phenomenon.

Nograles emphasized the urgency of swift action to mitigate t he ef fects of t he a nt icipated drought “Time is of the essence, and every moment of inaction will lead to more families being affected by the drought,” the lawmaker said.

Nograles also praised the recent

through concession agreements, as well as the advantages and disadvantages of privatized operations for our international airports,” the lawmakers said. “Lastly, we hope the winning proposal will not result in higher terminal fees for air passengers. The government must retain its authority in the pricing of fees.”

The bid documents for the project were acquired by eight companies, including the Asian Airport Consortium, Turkish firm Cengiz Insaat Sanayi ve Ticaret A.S., South Korea’s Incheon International Airport Corp., India’s GMR Group, Turkish conglomerate Limak Holding A.S., Manila International Airport Consortium, San Miguel Corp. and Spark 888 Management Inc. The bidding process for the rehabilitation, expansion, and operation of NAIA commenced last August, led by the DOTr and the MIAA. The project aims to tackle longstanding capacity issues, increasing the airport’s annual capacity to a minimum of 62 million passengers from the current 35 million.

The winning bidder will be granted a 15-year period to rehabilitate passenger terminals and airside facilities, develop commercial assets and utility systems, and provide surface access facilities, among other responsibilities. Additionally, the concession agreement allows for a potential 10-year extension.

livelihoods and improving the quality of life of our citizens,” Romualdez said.

The lawmaker reiterated the full support of the Lower Chamber for Marcos’s ongoing efforts to prioritize food security on the national and regional agendas.

Earlier, Romualdez had said that Congress earmarked funds under the P5.768trillion 2024 national budget to implement a revolutionary program of the Marcos administration that would drive down the price of good-quality rice by almost half for seven million families, or 28 million Filipinos, in challenging situations through monthly rice discount vouchers.

The new program was formulated in partnership with the Social Welfare and Development Secretary Rex T. Gatchalian and local government units.

Jovee Marie N. Dela Cruz approval of House Bill 9663 (proposed National Water Resources Act, or NWR A), aimed at establishing a Department of Water.

He highlighted the importance of a cohesive framework for national water management, policymaking, and planning, especially in the face of the climate crisis.

“Now more than ever, we need a united body instead of various fragmented units to manage our water resources. The passage of the [NWR A] is instrumental towards achieving that aim and protecting this invaluable resource,” the lawmaker said.

Jovee Marie N. Dela Cruz

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Monday, December 18, 2023

The World BusinessMirror

Editor: Angel R. Calso

Japan and Asean bolster ties at special summit on security and economy amid China tensions

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By Mari Yamaguchi | The Associated Press

OKYO—Leaders from Japan and the Association of Southeast Asian Nations, at a special summit on Sunday marking their 50th anniversary of friendship, adopted a joint vision that emphasizes security and economic cooperation while respecting the rule of law amid growing tensions with China in regional seas.

Ties between Japan and Asean used to be largely based on Japanese assistance to the developing economies, in part due to lingering bitterness over Japan’s wartime actions. But in recent years the ties have focused more on security amid China’s growing assertiveness in the South China Sea, while Japan's postwar pacifist stance and trust-building efforts have fostered friendlier relations.

The leaders, in a joint statement, called for strengthening their “mutually beneficial” partnership and working together for peace and stability in the Indo-Pacific. They also called to pursue greater prosperity for the region and to promote people exchanges among the younger generations, Kishida told a joint news conference with Indonesian President Joko Widodo, this year’s Asean chair.

Front from left: Cambodian Prime Minister Hun Manet with his wife Pich Chanmony, Indonesian President Joko Widodo, Japanese Prime Minister Fumio Kishida with his wife Yuko, Lao Prime Minister Sonexay Siphandone with his wife Vandara and Brunei Sultan Haji Hassan Bolkiah with Prince Abdul Mateen; and back from left: Wan Aziz, wife of Malaysian Prime Minister Anwar bin Ibrahim with Anwar bin Ibrahim, Philippine President Ferdinand Marcos Jr. with his wife Louise Araneta, Singaporean Prime Minister Lee Hsien Loong with his wife Ho Ching, Thai Prime Minister Srettha Thavisin, Vietnamese Prime Minister Pham Minh Chinh and East Timor Prime Minister Xanana Gusmao pose for a photo prior to their dinner at the Akasaka Guesthouse in Tokyo on Saturday, December 16, 2023. Asean and Japan celebrate the 50th anniversary of their friendship and cooperation in Tokyo through December 18. Yoshikazu Tsuno/Pool via AP The leaders adopted an implementation plan for 130 projects. Japan called to step up cooperation in security and defense, while reinforcing support for efforts in climate change and investment, including in the region’s automotive industry, he said.

“As divisions and confrontations

deepen and the world faces compounded crises, Japan will tackle the issues together with Asean, which is the linchpin of a ‘free and open IndoPacific,’” Kishida said. “Based on our mutual trust, we will tackle new issues, and contribute to peace and prosperity of the region in order to create a world

where people can benefit while their dignity is respected.”

Japan adopted a new security strategy last year and has been rapidly building up its military and expanding its military partnerships to better counter China’s growing assertiveness in the region.

On Saturday, on the sidelines of the December 16-18 summit, Kishida held a series of bilateral talks as Japan seeks to step up bilateral security ties with Asean members.

Kishida and his Malaysian counterpart, Anwar Ibrahim, signed a 400 million yen ($2.8 million) deal to bolster Malaysia’s maritime security capability. It is a new Japanese official security assistance program specifically for militaries of friendly nations to help strengthen their law enforcement and security capabilities.

The assistance includes provisions of rescue boats and other equipment to help improve the military capability of Malaysia, which sits at a crucial location on sea lanes connecting the Indian Ocean and East Asia and serves a vital role in warning and surveillance operations for the entire region.

Separately on Saturday, Kishida signed a deal with Widodo, offering a grant of up to 9.05 billion yen ($63.7

million) to fund Indonesia’s maritime security capability advancement plan and includes a Japanese-built largescale maritime patrol boat.

In November, Japan announced a provision of coastal surveillance radars to the Philippine Navy, and the two sides also agreed to start talks for a key defense pact called the Reciprocal Access Agreement designed to smooth their troops’ entry into each other’s territory for joint military exercises.

Later that month, Japan and Vietnam agreed to elevate the status of their relationship to a top-level comprehensive strategic partnership, under which they will discuss details of a possible deal to broaden their defense cooperation.

But Asean members are not in lockstep in their stance toward China, with which many have strong ties and are reluctant to choose sides. Japanese officials say they are mindful of the situation and not trying to get them to choose sides.

Japan also hopes to push forward energy cooperation with Asean leaders at a summit for the Asian Zero Emission Community initiative planned for Monday, when Australian Prime Minister Anthony Albanese is expected to join online.

Netanyahu says Israel is as ‘committed as ever’ to war after soldiers mistakenly killed 3 hostages

By Julia Frankel, Najib Jobain & Samy Magdy The Associated Press

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ERUSALEM—Three Israeli hostages who were mistakenly shot by Israeli troops in the Gaza Strip had been waving a white flag and were shirtless when they were killed, military officials said Saturday, in Israel's first such acknowledgement of harming any hostages in its war against Hamas.

Prime Minister Benjamin Netanyahu said in a nationwide address that the killings “broke my heart, broke the entire nation’s heart,” but he indicated no change in Israel’s intensive military campaign. “We are as committed as ever to continue until the end, until we dismantle Hamas, until we return all our hostages,” he said.

Anger over the mistaken killings is likely to increase pressure on the Israeli government to renew Qatar-mediated negotiations with Hamas over swapping more of the remaining captives, which Israel says number 129, for Palestinians imprisoned in Israel.

A senior Hamas official, Osama Hamdan, reiterated that there will be no further hostage releases until the war ends and Israel accepts the militant group’s conditions for an exchange. Netanyahu said Israel would never agree to such demands.

Israel’s account of how the three hostages were killed also raised questions about its soldiers’ conduct. Palestinians on several occasions have said Israeli soldiers opened fire as civilians tried to flee to safety. Hamas has claimed other hostages were previously killed

by Israeli fire or airstrikes, without presenting evidence.

An Israeli military official, who spoke on condition of anonymity to brief reporters in line with military regulations, said the hostages likely had been abandoned by their captors or had escaped. The soldiers’ behavior was “against our rules of engagement,” the official said, and was being investigated at the highest level.

The hostages did everything they could to signal they weren't a threat, “but this shooting was done during fighting and under pressure,” Herzi Halevi, chief of the military's general staff, said in a statement. Halevi added: “There may be additional incidents in which hostages will escape or will be abandoned during the fighting. We have the obligation and the responsibility to get them out alive.”

The hostages, all in their 20s, were killed Friday in the Gaza City area of Shijaiyah, where troops are engaged in fierce fighting with Hamas. They had been among more than 240 people taken hostage during an unprecedented raid by Hamas into Israel on October 7 in which around 1,200 people were killed, mostly civilians.

Speaking at a rally in Tel Aviv, Rubi Chen, father of 19-year-old hostage Itay Chen, criticized the government for believing hostages can be retrieved through military pressure.

“Put the best offer on the table to get the hostages home alive,” he said. “We don't want them back in bags.”

The Israeli military official said the three hostages had emerged from a building close to Israeli soldiers’ positions. They waved a white flag and were shirtless, possibly trying to signal they posed no threat.

Two were killed immediately, and the third ran back into the building screaming for help in Hebrew. The commander issued an order to cease fire, but another burst of gunfire killed the third man, the official said.

Israeli media gave a more detailed account. The mass circulation daily Yediot Ahronot said that according to an investigation into the incident, soldiers followed the third man and shouted at him to come out, and at least one soldier shot him when he emerged from a staircase.

The Israeli newspaper Haaretz said the soldiers who followed the third hostage believed he was a Hamas member. Local media reported that soldiers earlier saw a nearby building marked “SOS” and “Help! Three hostages” but feared it might be a trap.

Dahlia Scheindlin, a political analyst, said it was unlikely the killings would massively alter public support for the war. Most Israelis still have a strong sense of why it is being fought and believe Hamas needs to be defeated, she said.

“They feel like there’s no other choice,” she said.

The killings emphasized the dangers hostages face in areas of house-to-house combat like Shijaiyah, where nine soldiers were killed this week in one of the war’s deadliest days for Israeli ground forces. The military has said Hamas has booby-trapped buildings and ambushed troops from a tunnel network it built under Gaza City.

On Saturday, the Hostages and Missing Persons Families Forum asserted that another hostage, 27-year-old Inbar Hayman, had been killed in Gaza. The group gave no details.

Hamas released over 100 hostages for Palestinian prisoners during a brief cease-fire in November. Nearly all freed on both sides were women and minors. Talks on further swaps broke down.

Hamas seeks the return of all Palestinian prisoners. As of late November, Israel held nearly 7,000 Palestinians accused or convicted of security offenses, including hundreds rounded up since the war began.

The war has flattened much of northern Gaza and driven 85 percent of the territory’s population of 2.3 million from their homes.

Only a trickle of aid has been able to enter Gaza.

Israel has said it would open a second entry point at Kerem Shalom to speed up deliveries.

The offensive has killed more than 18,700 Palestinians, the Health Ministry in Hamas-run Gaza said Thursday. It does not differentiate between civilian and combatant deaths.

It was the ministry’s last update before the latest communications blackout in Gaza. “Now 48 hours and counting. The incident is likely to limit reporting and visibility to events on the ground,” said Alp Toker, director of NetBlocks, a group tracking Internet outages.

The war has been deadly for journalists.

Mourners held funeral prayers for Samer Abu Daqqa, a Palestinian journalist working for broadcaster Al Jazeera who was killed Friday in an Israeli strike. The Committee to Protect Journalists said the cameraman was the 64th journalist to be killed in the conflict: 57 Palestinians, four Israelis and three Lebanese.

In devastated Gaza City, resident Assad Abu Taha reported “violent bombardment” Saturday.

The Latin Patriarchate of Jerusalem asserted that two Christian women at a church compound in Gaza City were killed by Israeli sniper fire and that seven other people were wounded. The women were identified as a mother and daughter. Gaza has a small Christian community consisting of about 1,000 people. There was no immediate Israeli comment.

The United States, Israel’s closest ally, has expressed unease over Israel’s failure to reduce civilian casualties, but the White House continues to offer support with weapons shipments and diplomatic backing.

Israel and the US remain far apart on who should run Gaza after the war. Washington wants to see a unified Palestinian government in Gaza and the West Bank as a precursor to eventual Palestinian statehood. A two-state solution to the Israeli-Palestinian conflict enjoys broad international support.

Netanyahu reiterated Saturday that Israel will retain security in a demilitarized Gaza and that a Palestinian state would pose a threat to Israel. “I am proud to have prevented the establishment of a Palestinian state,” he said.

US Secretary of Defense Lloyd Austin was traveling to Israel to continue discussions on a timetable for winding down the war’s intense combat phase. But Netanyahu and military leaders vowed to continue until “complete victory,” which the prime minister noted will take time. Jobain reported from Rafah, Gaza Strip and Magdy from Cairo. Associated Press writers Bassem Mroue in Beirut and Iris Samuels in Jerusalem contributed to this report.

US and Britain say their navies shot down 15 attack drones over Red Sea

By Jill Lawless

The Associated Press

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ONDON—A US warship shot down 14 suspected attack drones over the Red Sea on Saturday, and a Royal Navy destroyer downed another drone that was targeting commercial ships, the British and American militaries said.

Houthi rebels in Yemen have launched a

series of attacks on vessels in the Red Sea, one of the world's busiest shipping routes, and have launched drones and missiles targeting Israel, as the Israel-Hamas war threatens to spread.

US Central Command said that the destroyer USS Carney “successfully engaged 14 unmanned aerial systems” launched from Houthi-controlled areas of Yemen.

The drones "were shot down with no dam-

age to ships in the area or reported injuries,” Central Command tweeted.

UK Defense Secretary Grant Shapps said that HMS Diamond fired a Sea Viper missile and destroyed a drone that was "targeting merchant shipping." The overnight action is the first time the Royal Navy has shot down an aerial target in anger since the 1991 Gulf War. Shapps said attacks on commercial ships in the global trade artery by Yemen's Houthi reb-

els “represent a direct threat to international commerce and maritime security.”

“The UK remains committed to repelling these attacks to protect the free flow of global trade,” he said in a statement.

HMS Diamond was sent to the region two weeks ago as deterrent, joining vessels from the US, France and other countries.

See “US,” A8

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Monday, December 18, 2023 A7

Russia, Ukraine exchange drone attacks after European Union funding stalled

By Karl Ritter & Elise Morton The Associated Press

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YIV, Ukraine—Russia and Ukraine each reported dozens of attempted drone attacks in the past day, just hours after Hungary vetoed 50 billion euros ($54.5 billion) of European Union funding to Ukraine.

Ukraine’s air force said Saturday that Ukrainian air defense had shot down 30 out of 31 drones launched overnight against 11 regions of the country.

Russia also said Friday evening that it had thwarted a series of Ukrainian drone attacks.

Russian anti-aircraft units destroyed 32 Ukrainian drones over the Crimean Peninsula, the Russian Defense Ministry said on Telegram. Russia annexed Crimea from Ukraine in 2014, a move that most of the world considered illegal, and has used it as a staging and supply point during the war.

Earlier, Russia's Defense Ministry said that six drones had been shot down in the Kursk region, which borders Ukraine.

In Ukraine's partially occupied southern Kherson region, the Russia-installed governor, Vladimir Saldo, reported on Telegram that Russian anti-aircraft units had downed at least 15 aerial targets near the town of Henichesk. Saldo said later Saturday that a Ukrainian missile attack on a village in the Russia-held part of the region had killed two people.

Meanwhile, shelling wounded two people in Ukrainian-held parts of the Kherson region, regional Gov. Oleksandr Prokudin

said Saturday.

Stepped-up drone attacks over the past month come as both sides are keen to show they aren’t deadlocked as the war approaches the two-year mark. Neither side has gained much ground despite a Ukrainian counteroffensive that began in June, and analysts predict the war will be a long one.

On Friday, EU leaders sought to paper over their inability to boost Ukraine’s coffers with a promised 50 billion euros ($54.5 billion) over the next four years, saying the funds will likely arrive next month after some more haggling between the bloc's other 26 leaders and the longtime holdout, Hungarian Prime Minister Viktor Orbán.

Instead, they wanted Ukraine to revel in getting the nod to start membership talks that could mark a sea change in its fortunes—although the process could last well over a decade and be strewn with obstacles placed by any single member state.

Also on Saturday, Russia returned three Ukrainian children to their families as part of a deal brokered by Qatar, according to the head of Ukraine's presidential office, Andriy Yermak, and Ukrainian human rights ombudsman Dmytro Lubinets.

Lubinets voiced hope last week that a coalition of countries formed to facilitate the return of Ukrainian children illegally deported by Russia—the National Coalition of Countries for the Return of Ukrainian Children—will be able to come up with a faster mechanism to repatriate them. More than 19,000 children are still believed to be in Russia or in occupied regions of Ukraine.

Elise Morton reported from London.

Cardinal is convicted of embezzlement in big Vatican financial trial, sentenced to 5½ years

By Nicole Winfield The Associated Press

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ATICAN CITY—A Vatican tribunal on Saturday convicted a cardinal of embezzlement and sentenced him to 5½ years in prison in one of several verdicts handed down in a complicated financial trial that aired the city state‘s dirty laundry and tested its justice system.

Cardinal Angelo Becciu, the first cardinal ever prosecuted by the Vatican criminal court, was absolved of several other charges and his nine co-defendants received a mixed outcome of some guilty verdicts and many acquittals of the nearly 50 charges brought against them during a 2½-year trial.

Becciu's lawyer, Fabio Viglione, said he respected the sentence but would appeal.

Prosecutor Alessandro Diddi said the outcome “showed we were correct.”

The trial focused on the Vatican secretariat of state's 350 million euro investment in developing a former Harrod's warehouse into luxury apartments.

Prosecutors alleged Vatican monsignors and brokers fleeced the Holy See of tens of millions of euros in fees and commissions and then extorted the Holy See for 15 million euros to cede control of the building.

Becciu was accused of embezzlement-related charges in two tangents of the London deal and faced up to seven years in prison.

In the end, he was convicted of embezzlement stemming from the original Vatican investment of 200 million euros into a fund that invested in the London property. The tribunal determined canon law prohibited using church assets in such a speculative investment.

Raffaele Mincione, a London-based Italian broker who managed the fund, was also convicted of embezzlement. His lawyers immediately announced an appeal, saying they were incredulous a broker who took under management Vatican funds from Swiss banks could be convicted and sentenced to 5½ years in prison over an “obscure canonical law” that Mincione said he only learned about on Saturday.

Becciu was also convicted of embezzlement for his 125,000 euro donation of Vatican money to a charity run by his brother in Sardinia and of using Vatican money to pay an intelligence analyst who in turn was convicted of using the money for herself.

The trial had raised questions about the rule of law in the city state and Francis' power as absolute monarch, given that he wields supreme legislative, executive and judicial authority and had exercised it in ways the defense says jeopardized a fair trial.

The defense attorneys did praise Judge Giuseppe Pignatone's even-handedness and said they were able to present their arguments amply. But they lamented the Vatican's outdated procedural norms gave prosecutors enormous leeway to withhold evidence and otherwise pursue their investigation nearly unimpeded.

Andrea Tornielli, the Vatican’s editorial director, said the verdicts showed the defendants' rights were respected.

“The outcome of this trial tells us that the judges of the tribunal, as is right, acted with full indepen-

dence based on documentary proofs and witnesses, not pre-confectioned theories,” he wrote in an editorial in Vatican News.

Prosecutors had sought prison terms from three to 13 years and damages of over 400 million euros to try to recover the estimated 200 million euros they say the Holy See lost in the bad deals.

In the end, the tribunal acquitted many of the suspects of many of the biggest charges, including fraud, corruption and money laundering, determining in many cases that the crimes simply didn't exist.

But it nevertheless ordered the confiscation of 166 million euros from them and payment of civil damages to Vatican offices of 200 million euros.

One defendant, Becciu's former secretary Monsignor Mauro Carlino, was acquitted entirely.

The trial was initially seen as a sign of Francis’ financial reforms and willingness to crack down on alleged financial misdeeds in the Vatican. But it had something of a reputational boomerang for the Holy See, with revelations of vendettas, espionage and even ransom payments to Islamic militants.

Much of the London case rested on the passage of the property from one London broker, Mincione, to another in late 2018. Prosecutors allege the second broker, Gianluigi Torzi, hoodwinked the Vatican by maneuvering to secure full control of the building that he relinquished only when the Vatican paid him off 15 million euros.

For Vatican prosecutors, that amounted to extortion. For the defense—and a British judge who rejected Vatican requests to seize Torzi’s assets—it was a negotiated exit from a legally binding contract.

In the end, the tribunal convicted Torzi of several charges, including extortion, and sentenced him to six years in prison. Mincione was absolved of, among other things, of inflating the cost of the building when the Vatican bought into it.

It wasn't clear where the suspects would serve their time, if the convictions are upheld on appeal.

The Vatican has a jail, but Torzi’s whereabouts weren't immediately known and it wasn't clear how or whether other countries would extradite the defendants to serve any sentence.

The former heads of the Vatican financial intelligence agency, Tommaso di Ruzza and Rene Bruelhart, were absolved of the main charge of abuse of office. They were convicted only of failing to report a suspicious transaction involving Torzi to prosecutors and fined 1,750 euros apiece.

They had argued they couldn't tip off Vatican prosecutors to the transaction because they had initiated their own cross-border financial intelligencegathering operation into Torzi after Francis asked them to help the secretariat of state get possession of the property.

A Vatican official, Fabrizio Tirabassi, was convicted of extortion along with Torzi and a moneylaundering charge. The Vatican’s long-time financial adviser, Enrico Crasso was convicted of several charges including embezzlement and sentenced to seven years in prison.

The original London investigation spawned two other tangents that involved the star defendant, Becciu, once one of Francis’ top advisers and himself considered a papal contender.

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Monday, December 18, 2023

US...

Continued from A6

Global shipping has become a target during the war between Israel and Hamas, which, like the Houthis, is backed by Iran.

Houthi rebels said they fired a barrage of drones on Saturday toward the port city of Eilat in southern Israel. The announcement came hours after Egypt's state-run media reported that Egyptian air defense had shot down a "flying object" off the Egyptian resort town of Dahab on the Red Sea. Israeli-linked vessels also have been targeted, but the threat to trade has grown as container ships and oil tankers flagged to countries like Norway and Liberia have been attacked or drawn missile fire while traversing the waterway between Africa and the Arabian Peninsula.

Earlier this month, three commercial ships in the Red Sea were struck by ballistic missiles fired from Houthi-controlled Yemen. A US warship shot down three drones during the assault, the US military said.

The World

French container shipping line CMA CGM Group said Saturday it had ordered all its vessels scheduled to pass through the Red Sea to "pause their journey in safe waters with immediate effect until further notice."

On Friday, Maersk, the world's biggest shipping company, also told all its vessels planning to pass through the Bab el-Mandeb Strait in the Red Sea to stop their journeys after a missile attack on a Liberian-flagged cargo ship. German-based shipper HapagLloyd said it was pausing all of its container ship traffic through the Red Sea until Monday.

Houthi spokesman Mohammed AbdelSalam said Saturday that the rebels have engaged in "communications and discussions" with international parties, brokered

by Oman, on the Houthis' attacks on ships in the Red and Arabian seas.

He tweeted that the Houthis would continue targeting Israel-linked vessels "until the aggression stops" and the siege of Gaza is lifted. He added that "any genuine steps responding to the humanitarian situation in Palestine and Gaza through bringing in food and medicine would contribute to reducing the escalation." Samy Magdy contributed to this report from Cairo.

BusinessMirror

www.businessmirror.com.ph

Fed on verge of defeating inflation sans jobless surge, steep recession

By Christopher Rugaber AP Economics Writer

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ASHINGTON—It was the most painful inflation Americans had experienced since 1981, when “The Dukes of Hazzard” and “The Jeffersons” were topping the TV charts. Yet the Federal Reserve now seems on the verge of defeating it—and without the surge in unemployment and the deep recession that many economists had predicted would accompany it.

Inflation has been falling more or less steadily since peaking in June of last year at 9.1 percent. And when the Fed’s preferred inflation gauge for November is reported next week, it’s likely to show that in the past six months, annual inflation actually

dipped just below the Fed’s target of 2 percent, economists at UBS estimate.

The cost of goods—such as used cars, furniture and appliances—has fallen for six straight months. Compared with a year ago, goods prices are unchanged, held down by improved global supply chains.

Housing and rental costs, a major driver of inflation, are growing more slowly. Wage growth has cooled, too, though it still tops inflation. Milder wage growth tends to ease pressure on restaurants, hotels and other employers to increase their prices to cover their labor costs.

“I think it’s really good to see the progress that we’re making,” Chair Jerome Powell said at a news conference Wednesday after the Fed's latest policy meeting. “If you look at the... six-month measures, you see very low numbers.”

On Friday, the Congressional Budget Office, a nonpartisan agency, estimated that inflation will drop to 2.1 percent by the end of next year.

There will likely be bumps on the road toward getting inflation fully under control, officials have said.

Powell insisted that “no one is declaring victory.” And he reiterated that the central bank wants to see further evidence of falling inflation before it would feel confident that it is sustainably headed back to the 2 percent target.

Yet many economists, normally a cautious lot, are now willing to declare that inflation is nearly back under control after two-plus years in which it imposed hardships on millions of American households.

“It appears that inflation has returned to 2 percent,” said Tim Duy, chief economist at SGH Macroeconomics. “The Fed looks like it has won that battle.”

Prices spikes are also moderating overseas, with both the Bank of England and European Central Bank keeping their benchmark interest rates unchanged this week. Though inflation is still at 4.6 percent in the United Kingdom, it has fallen to 2.4 percent in the 20 countries that use the euro currency.

With inflation cooling, Powell said the 19 officials on the Fed's policy setting committee had discussed

the prospects for rate cuts at this week's meeting. The officials also projected that the Fed will cut its key interest rate three times next year.

That stance marked a drastic shift from the rate-hiking campaign the Fed began in March 2022. Beginning then, the central bank raised its benchmark rate 11 times, from near zero to roughly 5.4 percent, its highest level in 22 years, to try to slow borrowing, spending and inflation.

The result was much higher costs for mortgages, auto loans, business borrowing and other forms of credit.

Powell’s suddenly more optimistic words, and the Fed’s rate-cut projections, sent stock market indexes soaring this week. Wall Street traders now foresee a roughly 80 percent likelihood that the first rate cut will occur when the Fed meets in March, and they are forecasting a total of six cuts in 2024.

On Friday, John Williams, president of the Federal Reserve Bank of New York and a top lieutenant of Powell's, sought to pour some cold water on those expectations. Speaking on CNBC, Williams said it was "premature to be even thinking" about whether to cut rates in March.

But he also mentioned that his forecast was for inflation to move down “sustainably” to 2 percent.

The week’s events represented a departure from just two weeks ago, when Powell had said it was “premature” to say whether the Fed had raised its key rate high enough to fully conquer high inflation. On Wednesday, he suggested that the Fed was almost certainly done with rate increases.

Recent data appeared to have helped shift Powell's thinking. On Wednesday, a measure of wholesale prices came in lower than economists had expected. Some of those figures are used to compile the Fed's preferred inflation gauge, which, as a result, is expected to show much lower inflation numbers next week.

Powell said some Fed officials had even updated their economic projections on Wednesday, not long before they were issued, in light of the lower-than-expected wholesale price report.

“The speed at which inflation has

fallen has been like an earthquake at the Fed,” Duy wrote in a note to clients Wednesday.

And yet in the meantime, the economy keeps growing, defying widespread fears from a year ago that 2023 would bring a recession, a consequence of the much higher borrowing rates the Fed engineered.

A report on retail sales Thursday showed that consumers grew their spending last month, likely encouraged by increased discounting that will also lower inflation. Such trends are supporting the growing belief that the economy will achieve an elusive “soft landing,” in which inflation is defeated without an accompanying recession.

“We think the Fed cannot believe its luck: We are back to ‘immaculate disinflation,’” Krishna Guha, an economic analyst at investment bank Evercore ISI, wrote in a client note.

Economists credit the Fed's rapid rate hikes for contributing to inflation’s decline. In addition, a recovery in global supply chains and a jump in the number of Americans—and recent immigrants—searching for jobs have helped cool the pace of wage growth.

Jon Steinsson, an economics professor at the University of California, Berkeley, said that by aggressively raising their key interest rate in about 15 months—the fastest such pace in four decades—Fed officials kept Americans’ inflation expectations largely in check. Expectations can become self-fulfilling: If people expect higher inflation, they often take actions, such as demanding higher wages, that can send prices higher still. “ They played a crucial role,” Steinsson said.

Still, a continued decline in inflation isn't guaranteed. One wild card is rental prices. Real-time measures of new apartment leases show those costs rising much more slowly than they did a year ago. It takes time for that data to flow into the government’s figures. In fact, excluding what the government calls “shelter” costs—rents, the cost of homeownership and hotel prices—inflation rose just 1.4 percent last month from a year earlier.

UN peacekeeping chief welcomes strong support for its far-flung operations despite ‘headwinds’

By Edith M. Lederer The Associated Press

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NITED NATIONS—The United Nations peacekeeping chief says he was very satisfied with the strong support of many countries for its far-flung operations at a recent ministerial meeting, despite “headwinds and challenges and problems.”

Jean-Pierre Lacroix, the undersecretary-general for peace operations, said in an interview with The Associated Press that the biannual ministerial meeting in Ghana’ s capital, Accra, earlier this month was attended by nearly 100 countries.

He said that 33 countries made pledges of 117 military and police units for the UN’s peacekeeping operations—and 45 countries made more than 100 pledges related to training peacekeepers and partnerships.

“We had really a strong level of support towards peacekeeping, which is great ...and the pledges were very good,” Lacroix said.

The number of UN peacekeepers and staff has fallen from more than 100,000 worldwide to 70,000 as missions have ended, some more successfully than others.

There are now 12 peacekeeping operations in Africa, Asia, Europe and the Middle East and that number will drop again following demands by the leaders of Mali and Congo for UN troops to leave, complaining that the peacekeepers failed in their primary mandate to protect civilians from armed groups.

There had been concern about continuing support for UN peacekeeping with the unprecedented six-month withdrawal of nearly 13,000 peacekeepers from Mali end-

ing this month, and a recent agreement on the phased withdrawal of the more than 14,000-strong force in Congo.

But Lacroix said that there was a strong recommitment to UN peacekeeping.

During the Accra meeting, he said that ministers also discussed UN efforts to address other challenges, including increasing the number of female peacekeepers, safety and security for troops, misinformation and disinformation affecting peacekeeping operations and discipline, which includes ongoing instances of sexual exploitation and sexual violence by peacekeepers.

Paradoxically, he said, UN peacekeeping remains one of the most supported UN operations, but individually, peacekeeping missions face problems because of divisions among the 193 member nations—especially among the 15 members of the UN Security Council who must approve and extend the mandates for peacekeeping missions.

In the list of pledges, Lacroix said, “we probably have more than what we need.”

But it's just the beginning of a process, he stressed, because the peacekeeping department he heads must now work with countries to turn the pledges into military and police units that can be deployed, and to start training missions.

Looking ahead, Lacroix said that member states and host countries have the final say on authorizing new peacekeeping operations and extending existing missions.

In the vast majority of cases, Lacroix said that he believes peacekeeping operations provide “added value...even if all peacekeeping operations are facing a much more difficult environment political and security-wise—all of them, not

only in Africa.”

As for protecting civilians, which the leaders of Mali and Congo strongly criticized, Lacroix said that hundreds of thousands of civilians are protected every day by UN peacekeepers. And he asked what would happen if peacekeepers were removed from Cyprus or the Golan Heights, which Israel captured from Syria in the 1967 war—“and you could say the same thing about many areas in Africa” and elsewhere.

Usually, Lacroix said, the UN can manage difficulties, including a degraded level of security for peacekeeping missions, host governments not being fully cooperative, and fake news about peacekeepers.

But he said that missions become exceedingly difficult to sustain or even untenable when on top of that there is extremism as in Mali, which UN peacekeepers aren't mandated to fight, or regional conflicts like in the Great Lakes region of Africa where its mandate only covered Congo.

As for the future of peacekeeping, Lacroix said, “First of all, we're as strong as the unity and commitment of our member states is towards opting for multilateral solutions.”

In Mali, where peacekeepers were ordered out, and in Sudan, where the UN political mission was expelled, he said, “I think it reflects a world where basically, there is less appetite to sort of go along with the multilateral option.”

The ministerial meeting and Lacroix's interview on Monday took place as two major wars raged, in Ukraine following Russia’s full-scale invasion in February 2022, and the Israel-Hamas war, which began on October 7.

Monday, December 18, 2023

www.businessmirror.com.ph • Editor: Jennifer A. Ng

A9

‘Corn consumption will cut PHL rice imports’

By Jasper Emmanuel Y. Arcalas

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@jearcalas

HE Philippines aims to reduce its reliance on rice imports by boosting the production of white corn and promoting its consumption.

The Department of Agriculture (DA) said it will craft an industry roadmap to prop up the production of white corn, which is widely consumed in some parts of the country.

Agriculture Secretary Francisco P. Tiu Laurel Jr. issued Special Order (SO) 1488 that authorized the creation of a technical committee that would oversee the creation of the white corn industry roadmap.

Laurel said one of the thrusts of the DA under the Philippine Development Plan (PDP) 20232028 is ensuring food security and proper nutrition of the country. Based on this premise, the DA argued that boosting white

Taiwan unveils demo farm in Tarlac

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HE Taipei Economic and Cultural Office in the Philippines (TECO) announced the opening of the Taiwan Technical Mission (TTM) Demonstration Farm at Barangay Sapang Maragul in Tarlac City last December 15.

TECO Representative, Ambassador Wallace M.G. Chow, hosted the said event. Among those dignitaries present at the unveiling ceremony were Chairman and Resident Representative Silvestre H. Bello III of the Manila Economic and Cultural Office (MECO), Department of Agriculture (DA) Undersecretary Roger Navarro, former DA chief William Dar, Tarlac Governor Susan Yap, Congressman Christian Tell Yap, Director General Lien, Yu-Ping of Department of International Cooperation and Economic Affairs, Ministry of Foreign Affairs of the Republic of China (Taiwan), and Secretary General Charles C. Li of International Cooperation and Development Fund (TaiwanICDF).

Chow pointed out in his welcome speech that the establishment of the TTM is regarded as “a substantial milestone” in Taiwan-Philippine agricultural cooperation.

He indicated that TTM’s mission is to introduce Taiwan’s advanced farming technology to the Philippines, thereby upgrading agricultural practices and laying the groundwork for improved food safety and productivity.

Furthermore, he emphasized that such kind of mutual goodwill in forming a solid partnership will strengthen ties between Taiwan and the Philippines while confronting shared challenges amid the fast-changing world.

The introduction of TTM to the Philippines was a joint effort between TECO and MECO in collaboration with TaiwanICDF and DA. Through DA-identified agricultural projects, TTM aims to boost the Philippines’ agricultural production, marketing capabilities, and food security. In addition, the TTM Demonstration Farm, which is composed of post-harvest facilities, smart greenhouses, as well as agricultural waste disposal site, targets to be a learning environment that showcases Taiwanese advanced agricultural technologies to benefit local farmers.

The TTM in the Philippines is the third of its kind in Southeast Asia, following Indonesia and Thailand, and the twenty-first TTM worldwide.

Mr. Dominick Lee, a seasoned horticulturist, was appointed as this TTM’s first Leader.

corn production and consumption would help in attaining the government’s food goals.

“The overall food security could be attained by working on the supply and demand sides of this thrust.

On the supply side, we are exerting significant efforts to increase local rice production, minimizing the need for imports,” Laurel said.

“On the demand side, we are exploring other food crops that are nutritious, could be produced locally and have already a certain degree of acceptability hence leading to reduced rice requirement.”

He said the creation of the white corn industry roadmap was proposed by the Philippine Coun-

WWW.UP.EDU.PH

cil for Agriculture and FisheriesNational Sectoral Committee on Corn and Feed Crops (NSC-CFC) through a recent resolution. “ The roadmap aims to immediately and simultaneously promote white corn consumption and increase its supply in the market.”

The technical committee would be chaired by Dr. Artemio M. Salazar of the University of the Philippines-Los Baños (UPLB) and

co-chaired by Dennis B. Araullo of the NSC-CFC. The members of the committee would come from various government agencies, including attached agencies to the DA, as well as industr y representatives.

“Further, the National Corn Program may invite resource persons from the national government agencies, private sector and other white corn stakeholders,”

Laurel said.

The country’s white corn production from January to September declined by nearly 9.5 percent to 1.472 million metric tons (MMT) from 1.626 MMT recorded in the same 9-month period last year, based on Philippine Statistics Authority (PSA) data.

A nnually, local white corn production accounts for about a quarter of the country’s total corn output, PSA data showed.

Last year, overall white corn production declined by 3.39 percent to 2.166 MMT from 2.242 MMT in 2022.

Dr. Artemio M. Salazar, a retired research professor at the UPLB’s College of Agriculture and Food Science (CAFS), believes that the Philippines can achieve rice sufficiency by encouraging the consumption of white corn.

“Rice sufficiency does not have to be achieved through rice alone but could be achieved with the help of corn,” he said in a statement issued by UPLB in 2019.

Salazar used to head the Cereals Section of the Institute of Plant Breeding (IPB).

“The country imports only 10 percent of our rice requirement,

and if that number can be substituted by other alternatives, like corn, we will achieve self-sufficiency.”

In particular, Salazar is advocating the use of IPB Quality Protein Maize Var. 6 (IPB Var. 6) that his team developed and found to be an ideal corn variety to be used in the mix.

The rice-corn (RiCo) blend, a mixture of rice and corn grits at 70:30 ratio, respectively, is the team’s proposed solution to achieve rice self-sufficiency in the country.

“Aside from reducing our dependence on imported rice, the use of IPB Var 6 has other advantages. It is high in lysine and tryptophan and is more nutritious than regular white corn,” he said.

“Lysine is an essential amino acid that boosts metabolic functions of the body, while tryptophan helps in the production of serotonin that improves appetite, weight loss, and mood.”

The DA said last week that the country’s milled rice output in the first half of 2024 could decline by as much as almost 190 million kilograms because of the projected impact of El Niño on local farms.

Govt to build ₧2.43-B irrigation facility for Bulacan farms

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HE Department of Agriculture broke ground on a P2.43-billion irrigation project that seeks to increase the incomes of farmers and aquaculture investors in Doña Remedios Trinidad (DRT), Bulacan.

Agriculture Secretary Francisco Tiu Laurel Jr. led the groundbreaking ceremony for the Small Reservoir Irrigation Project (SRIP) in Barangay Bayabas last December 13.

“Four years from now, people of Bulacan and Pampanga will benefit from the Bayabas SRIP especially our rice and crop producers.”

Laurel led the ground breaking

ceremony in the DRT, one of the largest towns in Bulacan named after the maternal grandmother of President Ferdinand Marcos Jr. “Ito’y tiyak na makakapagpataas ng ani at kita. Hangarin po ng ating Pangulo na pataasin ang antas ng pamumuhay ng mga magsasakang Pilipino.”

Meanwhile, Laurel accompanied President Marcos in inaugurating the P1.28-billion Balbalungao SRIP in Lupao, Nueva Ecija, and in turning over in Subic the first batch of heavy equipment procured by the National Irrigation Administration (NIA).

The Balbalungao SRIP will cover 976.2 hectares and benefit 560 farmers. Aside from irrigating farm lands in Lupao, the project will also offer tourism and fishery opportunities to residents of the area.

The turnover in Subic is part of NIA’s three-year, P2.59-billion re-fleeting program that will involve more than 330 excavators and other heavy equipment to support various irrigation projects and maintenance activities.

Mea nwhi le, NI A’s Bayabas SRIP will irrigate 150 hectares of new areas and 27,828 hectares in 17 towns in Bulacan and

Pampanga. The project is also expected to help ease the lingering flooding problem in the two food-producing provinces just north of Metro Manila.

Laurel said the Bayabas SRIP is envisaged to generate electricity from solar and hydropower components of the irrigation infrastructure, and help in promoting aquaculture in the area.

“Continuing irrigation development will increase agricultural production and minimize importation of rice and high-value crops.”

Laurel urged the public to support government’s push to

America’s sugar shortfall leaves candy-makers scrounging

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ONBONS and candy canes may dominate the American holiday aesthetic, but confectionery companies in the United States are feeling anything but jolly as they head into one of the sugar market’s tightest years in recent memory.

Prolonged droughts in major caneproducers Mexico and Louisiana have helped push US sugar futures to the highest ever for this time of year and forced users to turn to high-cost imports instead. Sweets-makers paying up to snag supplies are choosing to protect their margins by raising prices for consumers—and hoping shoppers don’t balk at the mark-up.

“We just found that it was better to just pay more for sugar and pass it along to the consumer than to be completely out of sugar,” said Kirk Vashaw, chief executive officer of Dum Dums lollipop maker Spangler Candy Co. “And there’s a lot of other companies that I think thought the same thing.”

Candy is big business in the US: Confectionery retail sales are forecast to be $48.8 billion this year, according to consumer research group Euromonitor International.

With about 1,600 manufacturing sites across all 50 states, the US sector employs more than 200,000 people, the National Confectioners Association estimates—with more than double the number of indirect roles, like suppliers.

Rising food costs have been a problem ever since pandemic-era supply chain snags and labor shortages blindsided businesses in 2020. Even now, food prices for many everyday items remain at their highest levels ever—and sweets have been particularly hard hit. Consumer prices for confectionery items rose 13.4 percent in the 12-month period ending November 25, according to data from consumer researcher NIQ, outpacing overall grocery gains.

PROLONGED droughts in major caneproducers have helped push US sugar futures higher. CESAR RODRIGUEZ/BLOOMBERG

Although inflation is a problem the world over, the US sugar market has been uniquely impacted due to its protectionist regulations. US rules cap both domestic sales and the volume of foreign supplies that can be brought in under low duties; all other sugar imports past those so-called tariffrate quotas are subject to higher taxes. The regulations are intended to protect grower profits, especially given higher US production costs, and prevent other countries from flooding the US with sugar.

“Congress has to continually balance seeking trade opportunities outside of the US while protecting US producers from unfair practices used by other countries to prop up their own industries,” Rob Johansson, director of economics and policy analysis for the American Sugar Alliance, said in an email.

But critics say the rules aren’t nimble enough to keep pace with any domestic production shortfall. An October report from the US Government Accountability Office (GAO) found the program cost sugar users like consumers and food manufacturers more than it benefited producers, resulting in a net economic loss of as much as $1.6 billion

a year. Johansson, whose group represents a coalition of sugarcane and sugar beet producers, said the GAO report “used biased and dated information.”

In normal years, imports from Mexico, which get preferential treatment, and those allowed under quota limits from other countries are generally enough to fulfill US demand. But Mexican imports haven’t held up: In November, the US imported the least sugar from Mexico for that month since at least fiscal 2011, USDA data show.

In fact, shortfalls have become so acute this season that buyers are increasingly turning to so-called high-tier tariff imports, or the ones taxed more for surpassing the quota limits. The US Department of Agriculture forecasts that those priciest imports are approaching the record highs seen after hurricanes Katrina and Rita in 2005 destroyed much of Louisiana’s cane crop and took refineries offline.

The US is currently at “a high moment of anxiety when it comes to our sugar supply,” said Grant Colvin, the executive director of the Alliance for Fair Sugar Policy, a coalition of sugar users who advocate for regulation

reforms. “The program is designed to inflate the cost of sugar.”

The reauthorization of the Farm Bill in 2024 will give advocates a chance to lobby for a change in the way future import quotas are determined. But past efforts to overhaul the process have failed, and companies struggling to afford sugar aren’t just waiting for Washington.

Instead, candy-makers are taking matters into their own hands. In addition to raising prices, some companies are trying to lock in supply costs ahead of schedule.

That’s what Bryan, Ohio-based Spangler Candy did: It booked its 2024 sugar contracts this past February, months earlier than usual. CEO Vashaw said the company is likely to do the same again for 2025, since concerns over shortages have kept prices elevated.

If the sugar problems continue much longer, more companies might look to offshore output. It has happened before. In 2019, Spangler moved production for Sweethearts, the popular heart-shaped Valentine’s Day candy, and Necco candy wafers from Boston to Mexico after the brands’ former owner went out of business. Half of Spangler’s candy cane production was already south of the border at the time. Better automation in the US offsets the higher prices of sugar, so production costs for candy canes are similar in both countries, Vashaw said.

Atkinson Candy Co., the 91-year-old company behind Mary Jane peanut-butter caramels, already moved production of its “Mint Twist” Christmas candies to Guatemala in 2010. Third-generation candy-maker Eric Atkinson said he has considered moving more hard candy output away from Texas if conditions don’t improve, though he hasn’t made any concrete plans.

“One of the things that people read into

modernize agriculture, which he stressed is key to achieving food security and rice self-sufficiency.

At the end of 2022, NIA reported that of the total 3.13 million hectares of irrigable land, just a third or around 990,559 hectares are covered by NIA projects. Including communal, private and government-supported irrigation projects, irrigation coverage only account for 67 percent.

Rice yield, according to data from the Philippine Rice Research Institute, is at 4.48 metric tons in 2022 for irrigated farms compared to 3.24 tons for rainfed areas. that is that we are exporting jobs. And the fact of the matter is those jobs weren’t going to be there anyhow based on the price that we have to charge,” he said. “We’re maintaining a brand in the only way that we could.”

Despite the challenges, larger candy companies have continued to see revenue growth amid strong consumer demand, offsetting sugar costs, said Renata Medeiros, director of food and agriculture client coverage at ING. But for smaller companies with less negotiating power, the impact of expensive raw materials takes a toll. US raw sugar futures eased off the contract’s record highs posted in November but are still close to double levels from a decade ago. Prices for physical refined sugar, especially purchased via the spot market, tend to be much higher than futures.

When manufacturers pass on the higher raw material costs to consumers, there’s always a chance retail sales drop. So far, unit sales in the confectionery category only dipped 0.5 percent over the past year, the NIQ data show, suggesting buyers are still willing to shell out for small luxuries like desserts, even at higher prices. But current levels are “close to the point where significant price increases probably aren’t going to work” and could have “serious consequences” on unit sales, said Paul Steed, a former commodity price risk manager at Mars Inc. The sugar issues are also hitting other users, from pastry shops to cafes. Some commercial bakers are looking to secure multiple suppliers in order to reduce supplychain risks, the American Bakers Association said in an email.

Over the course of last year, Brooklyn institution Junior’s raised its prices 12 percent to partially offset costs, but it hasn’t been enough, with margins slashed in half since the pandemic, said owner Alan Rosen. There are no alternatives to sugar, since that would compromise the quality of its 73-year-old cheesecake recipe. Bloomberg News

A10 Monday, December 18, 2023 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

WHO warning: E-cigarettes target children, adolescents

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he World Health Organization (WHO) on Thursday issued a call to action on e-cigarettes, stressing that urgent and strong decisions to prevent uptake of these products, which are harmful to health, should be taken to protect children as well as non-smokers, and minimize health harms to the population.

WHO sounded the alarm saying the promotion of e-cigarettes has led to marked increases in the product’s use by children and adolescents.

More than 1.27 billion people across the globe are addicted to smoking, which is known to be harmful to human health in the long run. Some of the medical conditions triggered by regular smoking include lung diseases, oral cancer, stroke, heart disease, diabetes, and chronic pulmonary diseases.

“E-cigarettes target children through social media and influencers, with at least 16,000 flavors. Some of these products use cartoon characters and have sleek designs, which appeal to the younger generation. There is an alarming increase in the use of e-cigarettes among children and young people with rates exceeding adult use in many countries,” said Dr. Ruediger Krech, WHO Director for Health Promotion.

Children 13 to 15 years old are using e-cigarettes at rates higher than adults in all WHO regions. In Canada, the rates of e-cigarette use among 16 to 19-year-olds has doubled between 2017 and 2022, and in the United Kingdom the number of young users has tripled in the past three years.

The global e-cigarette market size was worth around $18.32 billion in 2022 and is predicted to grow to around $46.98 billion by 2030.

Even brief exposure to e-cigarette content on social media can be associated with increased intention to use these products, as well as more positive attitudes toward e-cigarettes. Studies consistently show that young people that use e-cigarettes are almost three times more likely to use cigarettes later in life, WHO said, which is why it recommends the following: Where countries ban the sale of e-cigarettes, they should strengthen implementation of the ban and continue monitoring and surveillance to support public health interventions and ensure strong enforcement.

Where countries permit sale, importation, distribution and manufacture of e-cigarettes, they should ensure strong regulations to reduce their appeal and their harm to the population, including by banning all flavors, limiting the concentration and quality of nicotine, and taxing them.

Irrespective of whether countries ban sale of e-cigarettes or permit commercialization as consumer products, these actions should be taken in conjunction with measures to motivate and assist existing users of tobacco products to quit tobacco use using proven methods, including advice from healthcare workers, toll-free quit lines, mobile and digital cessation services, and approved therapies.

While e-cigarettes are often marketed as a safer alternative to traditional tobacco cigarettes for adult smokers, these products still carry risks, especially for young individuals. Children exposed to secondhand e-cigarette aerosols may inhale harmful substances emitted by these devices. The aerosols can contain nicotine, heavy metals, and other potentially toxic chemicals, which can have detrimental effects on their health.

Nicotine exposure during adolescence, which can occur through e-cigarette use, can interfere with brain development. The adolescent brain is still developing, and nicotine can disrupt the growth of brain circuits responsible for attention, learning, mood regulation, and impulse control. This can have long-lasting effects on cognitive function and increase the risk of mental health disorders.

It would do well for governments to heed the WHO warning that e-cigarette use among children and adolescents will serve as a gateway to traditional tobacco smoking. The use of e-cigarettes can normalize the act of smoking and make it more socially acceptable, increasing the likelihood of transitioning to traditional tobacco products.

To protect children from the dangers of e-cigarettes, it is crucial to implement and enforce robust regulations to restrict their access and marketing to young individuals. Education about the risks and harms associated with e-cigarettes should also be provided to children, parents, and schools to promote informed decision-making and prevention.

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DCP’s Pinyapel Initiative and the future of sustainable innovation Atty. Jose Ferdinand M. Rojas II

RISING SUN

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he Design Center of the Philippines (DCP), an attached agency of the Department of Trade and Industry (DTI), works to foster creativity, value creation, and innovation as central tenets of societal development. Its commitment extends beyond mere advocacy for good design, embracing a mission to inspire creative industries to forge human-centered products, services, and spaces that leave a lasting impact on both the Philippines and the global stage.

At the heart of this commitment lies the Pinyapel Initiative, an innovative venture that has not only garnered investor interest but has also positioned the Philippines as a hub for sustainable and innovationdriven manufacturing.

Recently, DCP hosted the Pinyapel Investor’s Forum, marking a significant milestone in the project’s journey. Over half of the investors present expressed keen interest in the investment prospects tied to the Pinyapel pulp mill facility.

This state-of-the-art facility, to be established in Mindanao, is set to produce 20 metric tons of Pinyapel daily. The strategic location of the

facility promises efficiency and ecofriendliness, aligning with the DCP’s quadruple bottom-line approach to circular design.

Pinyapel is not just a sustainable alternative; it encapsulates the Design Center’s commitment to prosperity, planet, people, and purpose. It originated with the noble intent of maximizing agricultural waste to uplift farmers’ livelihoods, addressing concerns about depleting natural resources, offering alternatives to plastic, collaborating with local enterprises, and showcasing the creative and design prowess of the Philippines on a global scale.

Recently, DCP hosted the Pinyapel Investor’s Forum, marking a significant milestone in the project’s journey. Over half of the investors present expressed keen interest in the investment prospects tied to the Pinyapel pulp mill facility. This state-ofthe-art facility, to be established in Mindanao, is set to produce 20 metric tons of Pinyapel daily.

The strategic location of the facility promises efficiency and eco-friendliness, aligning with the DCP’s quadruple bottom-line approach to circular design.

The accolades speak for themselves; Pinyapel is a proud recipient of the Wood Pencil at the 2019 D&AD Future Impact Awards in the Environment and Sustainability category. This recognition not only honors the innovative nature of Pinyapel but also provides a platform for mentorship and training, nurturing early-stage initiatives toward further excellence.

The Pinyapel Investor Forum transcended conventional boundaries, uniting industry partners, visionaries, financiers, and gov-

ernment representatives. The collaboration between DCP, the Competitiveness and Innovation Group (DTI-CIG), and the Export Marketing Bureau (DTI-EMB) during the National Exporter’s Week exemplifies a collective commitment to shaping the future landscape of non-wood pulp investment opportunities.

The comprehensive market studies and detailed strategies presented during the forum by the Philippine Board of Investments Executive Director Evariste Catagan and Engr.

Ray Geganto of TAPPI-Ph showcased the meticulous planning behind the establishment of the Pinyapel pulp mill facility. This investment, transformative in nature, positions the Philippines as a global hub for competitive, sustainable, and innovation-driven manufacturing and services.

DCP’s Pinyapel Initiative and the Investor’s Forum that was organized to share more information about the project underscore the agency’s pivotal role in spearheading sustainable innovation. By combining creativity, value creation, and innovation, the Design Center not only champions positive development within the country but also establishes itself as a beacon of inspiration for the global creative community.

Musk warns of Italy’s shrinking population at Meloni event

By Chiara Albanese, Alberto Brambilla & Eamon Akil Farhat

W

hen Giorgia Meloni first staged an annual political festival, her top guests were colleagues from her small, farright party. On Saturday, star billing went to Elon Musk, the world’s wealthiest man.

A shrinking population poses a major risk to Italy’s workforce that can’t be addressed solely through immigration, Musk said in central Rome, adding that countries including Italy must maintain their cultural identities. Fears about climate change are “somewhat overblown” in the short term, he added.

The Tesla Inc. CEO and owner of the X social media network held one of his young sons in his arms as he took the stage at Meloni’s Atreju festival.

Addressing a packed audience gathered in Sant’Angelo Castle— once a prison and a fortress for

popes—Musk said “it’s important to have children and create the new generation. As simple as it sounds, if people do not have children there is no new generation.”

The billionaire warned of the dangers of “woke mind-virus,” a favorite talking point, and of unchecked migration. He also said that X, formerly Twitter, was “already seeing advertisers return” after recent controversy over extremist content. “I think X will be fine,” he said.

Musk spoke amid a festive, Christmas market-like atmosphere, surrounded by fans of all ages that were also on hand to enjoy traditional

Addressing a packed audience gathered in Sant’Angelo Castle—once a prison and a fortress for popes—Musk said “it’s important to have children and create the new generation.

As simple as it sounds, if people do not have children there is no new generation.”

Roman whipped cream maritozzi and pizza with porchetta, a spicy cured meat.

Even though Musk has recently met with several world leaders, his participation at Saturday’s gathering marks a rare appearance for the tech billionaire at a political event hosted by a single party—in this case, the Brothers of Italy group.

“Immigration isn’t enough to combat population shrinking,” he said. “There is value in cultures, we

don’t want Italy as a culture to disappear, we want to maintain a reasonable cultural identity of those countries or they won’t be those countries,” Musk added. Italy’s birth rate hit a historical low last year.

Meloni’s event dates back to 1998 and is named after a key character in the novel and film The Neverending Story, reflecting the premier’s personal interest in fantasy literature.

Musk took the stage after Albania’s premier Edi Rama and ahead of UK Prime Minister Rishi Sunak, pointing to the rising stature of an event once attended mostly by junior party officials.

The high-level line-up is a win for Meloni, just back from Brussels, where over a bottle of red wine she triangulated with France’s Emmanuel Macron and Germany’s Olaf Scholz to unblock Hungary’s veto over Ukraine’s accession process to See “Musk,” A11

Opinion BusinessMirror

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Philippines as a global tax leader

The Advent and adventure in us Siegfred Bueno Mison, Esq.

Joel L. Tan-Torres

THE PATRIOT

consider the Organization for Economic Co-operation and Development as one of the more prominent tax research and advocacy institutions. As can be glimpsed on its web site at https:// www.oecd.org/tax/, the OECD has several ongoing projects and information sources, most of these are relevant to the Philippines.

he word “adventure” supposedly comes from the Latin word “adventum,” which means to arrive. Some sources say that “adventure” comes from “adventurus,” which means something that is “about to happen.” Hence, “Advent” refers to the arrival of a new adventure, which believers consider as the period of preparation for the coming of Jesus Christ. The four Sundays of Advent are symbolized by four different candles representing four values we ought to find in our Savior—hope, peace, joy, and love. Advent is a session and a season for waiting, and for believers, waiting expectantly for guidance and blessings in their adventures in life.

DEBIT CREDIT Part six

I

It is good that the Bureau of Internal Revenue (BIR) has been participating in the recent events of the OECD. From November 29 to December 1, 2023, BIR Commissioner Romeo Lumagui headed a Philippine delegation to the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum). Over 420 delegates from 115 countries and 13 international organizations gathered in Lisbon, Portugal to discuss the progress and plan future work to promote international tax cooperation, transparency, and exchange of information. These are initiatives that the BIR should actively be pursuing, if not leading, in the global tax community.

The Global Forum discussed the expanding coverage and impact of the automatic exchange of financial account information (AEOI). There are now 123 countries included in this AEOI network. In 2022, information on over 123 million financial accounts, covering total financial assets of over $13 trillion, was exchanged automatically. Furthermore, more than $13.8 billion of additional tax revenues have been identified since 2009, through offshore tax investigations, voluntary disclosure programs, and related initiatives.

The Global Forum also has several capacity-building and outreach activities. In 2023, the Global Forum Secretariat provided multiple forms of assistance to 89 countries and helped train over 8,200 officials, including its flagship “Train the Trainer” program. It will be a great accomplishment if the BIR can arrange for this training program to be held in the Philippines by the OECD, with the other Asean countries attending this Philippine-hosted event. This can be similar to the recent holding of a capacity-building exercise in West Africa on combating tax evasion, avoidance, and illicit financial flows to mobilize domestic resources. If the Philippines can undertake a regional training program, this can showcase the Philippines’ role in leading global tax initiatives and establishing goodwill among its neighboring countries.

The Global Forum also agreed on the establishment of a new group, to monitor and identify risks to the

Musk . . .

continued from A10

the EU, according to people familiar with the matter.

As the conference’s profile has risen, recent editions have seen guests that included Hungarian Prime Minister Viktor Orban and former Donald Trump adviser Steve Bannon, as well as left-wing speakers including former Italian Premier Enrico Letta. Musk’s appearance followed a conversation on diversity and civil rights with LGBTQ activist Paola Concia.

The billionaire’s visit reflects his interest in Italy and cordial relations with Meloni, with whom he met privately for over an hour in June.

They share concerns about Italy’s demographic crisis and the risks of artificial intelligence.

Musk traveled to Italy as he cares about the future of the country and of Europe more broadly, according to people involved in his travel plans.

South African-born Musk believes Europe is rapidly losing its cultural

The Global Forum also has several capacity-building and outreach activities. In 2023, the Global Forum Secretariat provided multiple forms of assistance to 89 countries and helped train over 8,200 officials, including its flagship “Train the Trainer” program.

It will be a great accomplishment if the BIR can arrange for this training program to be held in the Philippines by the OECD, with the other Asean countries attending this Philippine-hosted event.

This can be similar to the recent holding of a capacity-building exercise in West Africa on combating tax evasion, avoidance, and illicit financial flows to mobilize domestic resources. If the Philippines can undertake a regional training program, this can showcase the Philippines’ role in leading global tax initiatives and establishing goodwill among its neighboring countries. tax transparency standards (Group on Risk). As this initiative is in its start-up stage, the BIR can participate and take a leading role in this undertaking. The BIR has more than enough experience in this area of risk management in light of its success in the “Run after Fake Transactions” investigation and sorties against establishments selling articles without the payment of the excise taxes.

To be continued.

Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and Tax partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax and consultancy practice and can be contacted at joeltantorress@yahoo.com and his firm JL2T Consultancy.

identity, with European Union technocrats having a negative impact, according to people briefed on his thinking.

But there’s more to Musk’s connection with Italy. Earlier this year, press reports suggested Musk explored a possible fight against Meta Platform Inc. CEO Mark Zuckerberg in Rome’s Coliseum. Indeed, Saturday’s appearance comes just days after the social media platform Threads, a competitor to Musk’s X, was launched in the EU. Musk’s trip comes as he faces questions over the health of his businesses. Earlier this week, Tesla filed a recall report covering more than 2 million vehicles after the top US auto-safety regulator determined its driver-assistance system Autopilot doesn’t do enough to prevent misuse.

Musk is also under increasing pressure after X generated little more than $600 million in advertising revenue in each of the first three quarters of the year, compared to more than $1 billion per quarter in 2022, Bloomberg reported. With assistance from Daniele Lepido / Bloomberg

Monday, December 18, 2023 A11

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In his professional adventure, Gerald took seven years from earning his law degree to become a lawyer. Yes, five takes and two refresher courses! Failing the first in 2017 was acceptable for Gerald knowing it was one of the hardest given by the Supreme Court. But failing the second in 2018 was frustrating for him since, as the song goes, “I did my best, but I guess my best wasn’t good enough.”

When he took and failed the 2019 Bar exams, Gerald lost confidence as people doubted whether lawyering was part of God’s plan for him, except for some family members and his would-be wife, Atty. Karen. After taking a refresher course, he took the 2020-2021 combined exam, dubbed “Best Bar Ever,” only to earn a grade of 74.228 percent. For Gerald, it was the most painful failure since all of his friends passed. After all, the Best Bar Ever passing percentage was more than 72 percent! “Everyone except me passed that Bar,” Gerald exclaimed. He felt he let down many people who helped him, particularly his law firm mentor, Atty. Vigor Mendoza who paid for his refresher course, and his mother, Ms. Gwendolyn Chavez, who was his constant prayer warrior.

Despite being used to failure, Gerald never gave up on his faith and continued his “law adventure” until he passed after five takes! His 2023 Bar exam mindset was filled with a

steadfast and resolute determination that failures are temporary.

Atty. Gerald Sanchez can be remembered as The Bar Flunker Who Never Quit. I’m sure there are lawyers who doubted themselves. Some relentlessly pursued; others simply gave up.

Most extraordinary mortals would give up and do something else. But not Gerald, a full-fledged attorney in a few days, whose gut-wrenching journey to be part of the legal profession ought to be seen as his own little way of glorifying God’s great works. Sometime in between those five exams, Gerald abandoned his faith despite being a church altar server for almost 15 years. Yet, sometime in between those five exams, Gerald rediscovered his trust in the Lord until his perseverance paid off in keeping with what the Bible tells us in James 1:4, “Let perseverance finish its work so that you may be mature and complete, not lacking anything.“ I’m confident Atty. Gerald’s journey made him complete to the extent that he will be a faithful servant of the Lord first, then an ardent advocate for his clients next.

Another law adventure worth sharing comes from an Octoberian (graduated December 2000 and took the 2001 BAR). She had difficulty earning a law degree in four years, being a working student and a mother to three children, ages 7, 6, and 4. As if the burdens of a daily

Congratulations to all who will take their oath in the legal profession in a few days. Don’t forget those last four words in the Lawyer’s Oath—“So Help Me God.” May you serve God, country, and your clients, in that order, knowing fully well that your license to practice law is more of a gift from our God whose omnipresence in our adventures is worth any advent in us!

commute from Valenzuela to Quezon City, then to the university belt in Manila were not enough, her turbulent marriage and dire financial situation made law school extremely difficult. In the process, she decided to send her children to Davao under their grandmother’s supervision just for her to focus on becoming a lawyer. For Anna, such separation, albeit temporary, was one of the lowest points in her life. She suffered and endured, but not without the inner strength she drew from her aspirations to provide a better future for her children. Anna overcame her desire to be with her children, and even lived thru a failed marriage, just to become a lawyer. Like Gerald, Anna had an overwhelming support from loved ones that can also be seen as an immense pressure to do well in the Bar exams, tagged as the most difficult licensure exams in the country. Most if not all who have taken any pressure-packed exams like the Bar would encounter that underlying fear of failure. Yet, many if not all would rely on God’s promise found in the Bible, “Trust in the Lord with all your heart and lean not on your own understanding;” (Proverbs 3:5) especially during those anxious moments of waiting for the results.

These adventures oftentimes are laced with opportunities to inspire others. For Anna Razonable, having been raised in a family of public servants, there is always that crusader’s quest to advance her clients’ interest without compromising her integrity. Most up and coming trial

Netanyahu, under pressure over hostage deaths, vows to press on

By Roy Katz & Nick Wadhams

C

riticism of Benjamin Netanyahu for not acting with urgency to free hostages held by Hamas is rising as details emerge about the shooting deaths of three Israeli captives at the hands of the nation’s military during fighting in the Gaza Strip.

Netanyahu said on Saturday the killings “struck me hard.” But, he added, “We are more determined than ever to continue to the end— until we eliminate Hamas, return all of our hostages.”

Protests started on Friday outside the nation’s military headquarters, and larger protests were set for Tel Aviv on Saturday evening. The premier is also taking heat for what’s been termed inaction on securing a new prisoner exchange deal, two weeks after a brief cease-fire ended.

The Israel Defense Forces revealed Saturday that the three hostages emerged shirtless from a building in the Shejaiya neighborhood of northern Gaza during fighting, holding a makeshift white flag to signify surrender, and that one shouted “help” in Hebrew. They were shot, contrary to the rules of engagement, as soldiers suspected a Hamas threat.

The men were identified as Yotam Haim, 28, Alon Shamriz, 26, and Samer Talalka, 25. All were abducted from kibbutzim in southern Israel near the Gaza border on Oct. 7. The Times of Israel reported that the three were trying to escape from their captors when they were killed.

Friday’s deaths prompted new questions about the conduct of Israel’s military campaign after US President Joe Biden this week called its bombing of Gaza “indiscriminate.”

Herzi Halevi, the IDF chief of

staff, said he accepted responsibility for the deaths and promised “we will do everything” to prevent future incidents. He said the hostages apparently “did everything possible” to make clear they were surrendering, including holding a white cloth and not wearing shirts to show no weapons were concealed.

“The shooting at the hostages was against the rules of engagement. It is forbidden to shoot at someone who raises a white flag and seeks to surrender,” Halevi said in a statement on Saturday. “However, this shooting was carried out during combat and under pressure.”

The incident occurred while US National Security Adviser Jake Sullivan was visiting the region. Israel’s two-month bombardment of Gaza was triggered by brutal attacks on southern Israel by Hamas fighters on October 7. Some 1,200 people, mostly civilians, were killed and about 240, including the three men shot on Friday, were taken hostage.

Israel and Hamas ended a weeklong cease-fire early in December that included daily exchanges of hostages taken by Hamas in the October attack for prisoners held by Israel.

Fallout from the war has included attacks on Red Sea shipping by Houthi militants, who are backed

by Iran. US Defense Secretary Lloyd Austin headed to Israel, Bahrain and Qatar on Saturday to work “with

partners and allies to advance defense capabilities,” according to a post on X, formerly known as Twitter.

Austin and his UK counterpart Grant Shapps discussed the shipping attacks on Friday and agreed that they “constitute a significant international problem that must be addressed,” according to a Pentagon statement. Both countries have warships in the Red Sea. Some 129 people taken in the October raids are estimated to still be held in Gaza, 70 days after their capture. Israel’s negotiating team was ordered to return from Qatar, which had brokered the earlier exchanges, on December 2.

The head of Israel’s Mossad intelligence agency is expected to meet Qatar’s prime minister this weekend to discuss new negotiations on a hostage deal, Axios reported. The Wall Street Journal earlier reported that talks would take place in Norway. Israel’s Channel 13 reported that the war cabinet would discuss the matter.

“Israel needs to actively pursue another deal, even if it means halting military operations in Gaza or releasing Palestinian prisoners with blood on their hands,” retired Major General Noam Tibon told Bloomberg News. “Otherwise, the cabinet is neglecting the hostages, and we risk not bringing them back alive.”

In a statement late Friday, Netanyahu expressed “deep sorrow” for the deaths, saying Israel would “learn the lessons and continue with a supreme effort” to return the abductees to safety.

“Yesterday, I heard a minister in the cabinet say that the conditions haven’t matured for the return of the captives. What is the cabinet wait-

lawyers, Gerald included, will face similar challenges—maintaining that strong moral compass that was embedded at home and in law school, hopefully, while advocating clients’ causes that may run contrary to such ideals instilled in them prior to joining the legal profession. I surely experienced quite a few of these folks during my court litigation years.

Both Gerald and Anna understand that the Bar exam is not only a knowledge exam but is also a test of character, resiliency and faith. In all trials in life, we wait and put our trust in Him, never giving fear any foothold, for, as declared in 2 Timothy 1:7, “For God has not given us the spirit of fear; but of power, and of love, and of a sound mind.” Over time, and in His perfect timing, we will all experience that kind of an advent and adventure accompanied by hope, peace, joy, and love.

Congratulations to all who will take their oath in the legal profession in a few days. Don’t forget those last four words in the Lawyer’s Oath —“So Help Me God.” May you serve God, country, and your clients, in that order, knowing fully well that your license to practice law is more of a gift from our God whose omnipresence in our adventures is worth any advent in us!

For those who did not pass this time around, do not get tired in your adventure to become lawyers. Be assured in the promise in Isaiah 40:31, “but those who hope in the Lord will renew their strength. They will soar on wings like eagles; they will run and not grow weary, they will walk and not be faint.”

Gerald and Anna never lost hope in their advent season.

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

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

ing for?” said Rubi Chen, the father of Itay Chen, a 19-year-old Israeli soldier and US citizen being held in Gaza. “We urge immediate negotiation for the return of all hostages.”

US National Security Council spokesman John Kirby called the hostages’ deaths “heartbreaking” but cautioned against making broader judgments about Israel’s ability to conduct its campaign with more precision. More than 18,700 Palestinians have been killed since Israel started its campaign two months ago, according to Hamas-run health authorities it Gaza; Israel disputes the estimate.

US officials including Sullivan are also talking to Israel about shifting the war from a crushing military assault to an operation that focuses on targeting leaders of Hamas, which is designated a terrorist group by the US and the European Union.

Sullivan met Palestinian Authority President Mahmoud Abbas in a visit to the West Bank on Friday, and “expressed his deepest sympathy” for Palestinian lives lost since October 7, the NSC said in a statement. The two talked about getting more humanitarian aid into Gaza and “stressed the importance of enhancing the protection of civilians,” the statement said.

The Latin Patriarchate of Jerusalem said on Saturday that Israeli snipers killed a mother and her daughter inside the Holy Family Parish in Gaza, where scores of Christian families have taken refuge.

They were killed as one of the women tried to carry the other to safety, the Patriarchate said in a statement. With assistance from Alisa Odenheimer and Tony Czuczka / Bloomberg

A12 Monday, December 18, 2023

NEED FOR DEDICATED MLA CRUISE TERMINAL RAISED

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

A

By Andrea E. San Juan @andreasanjuan

ANILA is eyeing to get a “respectable” market share of the firms pivoting from China, particularly in the semiconductor industry, as part of its “catch-up plan” to reverse decline in exports amid the global economic slowdown.

PHOTO BY NELSON TERIBLE

TOURISM leader has raised the need for a dedicated cruise terminal in Manila to be able to handle arriving and departing cruise passengers in a more orderly fashion.

Rajah Travel Corp. President Aileen Clemente pointed out that Pier 15 at Manila’s South Harbor, where cruise passengers currently disembark or leave after their tours, is “usually chaotic. It’s a quasi-passenger port that has been converted from a cargo port.”

Clemente, who was vice chair of the Tourism Congress of the Philippines, made the remarks after a story on the disorganized welcome of arriving passengers from the MV Norwegian Jewel went viral. She noted, “There really are no tourist facilities there. I don’t know why they insist on using it as a passenger port. It’s all makeshift.” Asian Terminals Inc. (ATI) is the operator of the passenger port and terminal.

Tourism authorities earlier signed a memorandum of agreement with the Cultural Center of the Philippines (CCP) to craft a master plan for the development and operation of a cruise terminal at the back of CCP. (See, “Government seeks pri-

PHL eyes hefty market share of firms pivoting from China M

vate partners to build Manila cruise terminal,”in the BusinessMirror, October 16, 2017.) Separately, tycoon Enrique K. Razon’s Bloomberry Resorts Corp. proposed in 2019 to construct a cruise center at the back of its Solaire Resort in Parañaque. No updates on said projects have been released since then.

Passenger account MEANWHILE, one Norwegian Jewel passenger, Nelson Terible, noted on Facebook the inadequate number of porters and luggage to service passengers.

He added: “Our nightmare started upon entering what looked like a hall (that could accommodate approximately 1,000 people only), standing side by side.

See “Need,” A2

A statement released by the Philippine Exporters Confederation, Inc. (Philexport) on Friday quoted Frederick Go, Presidential Adviser on Investment and Economic Affairs, as saying the catch-up, which includes attracting foreign investments and investing in infrastructure, targets to realize the country’s “untapped” export potential of $49 billion.

Go said his office is working on how to support the electronics sector which comprises about 60 percent of the country’s total exports.

“The industry has only grown bigger and given the Philippines status as a top global exporter of electronics with the particular strength in the semiconductors; it is an opportune time to fully harness the potential of this sector and to create an entire ecosystem that

produces high-value products for the global market,” Go said during the general membership meeting of Philexport.

The Presidential Adviser on Investments and Economic Affairs described what’s happening within the Asia region: “There is a pivot now away from China by a lot of the Western as well as the Asian countries and a lot of the attention is now going to our neighboring countries such as Thailand, Indonesia, and Vietnam.”

“The most important part of my office’s job now is to ensure that the Philippines gets a respectable market share of this pivot away from China, especially in the semiconductors sector,” Go said.

At a televised interview two weeks ago, Semiconductor and

Electronics Industries of the Philippines Inc. (Seipi) President Danilo C. Lachica said the industry revised this year’s projection for semiconductor and electronics exports from flat to a decline of around 9 to 10 percent in exports, compared to the industry’s $49-billion exports sales in 2022.

The Seipi head noted that the board decided to lower the industry’s growth projection for this year on the back of inventory correction issues and the global headwinds.

In a forum in October 2023, Lachica revealed to reporters that he was still waiting to seek an audience with the Office of the President regarding the issue of incentives rationalization in the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) law. He said addressing such issue would help attract more investments and allow the Philippines to be on a par with its Asean neighbors.

He earlier pointed out that potential investments into the semiconductor industry in the Philippines have gone to its neighbors in Asean such as Vietnam, because of the lack of a development strategy, which Vietnam is implementing.

Asked if the Philippines should

mirror Vietnam, the Seipi head said in October, “We don’t necessarily have all the money that they have but at least make an attempt to focus on the industry, [and not just what] what we’re doing today.

Something has to be done, otherwise, the industry will die.”

Oxford Economics earlier noted that despite the “general downtrend” in electronics, Vietnam’s “six-month winning streak” is being driven by exports of electronics, especially to China.

“We see signs that it will remain a key beneficiary of China Plus One strategies. Indeed, Vietnam is emerging as an alternative to China even for Chinese firms themselves,” the United Kingdom-based think tank said.

According to the latest data from the Philippine Statistics Authority (PSA), export earnings from January to October 2023 amounted to US$60.91 billion, a 7.8-percent decline from the US$66.08 billion recorded in the same period in 2022.

Trade officials earlier noted that the government won’t hit its exports target for 2023. (Full story here: https://businessmirror. com.ph/2023/11/06/govt-tomiss-2023-exports-target/)

Group: ’24 worse than transport strike

By Lorenz S. Marasigan @lorenzmarasigan

S

HOULD the gover nment remain relentless in refusing to extend the deadline for industry consolidation, it is effectively “staging a nationwide transport strike” that could potentially paralyze the Philippines in 2024.

This was how commuter networ k T he Pa s s e n ge r For u m (TPF) Convenor Primo Morillo described the status quo come January 1 once the government effectively revokes the franchise of transport service entities (TSEs) that failed to consolidate into cooperatives or corporations.

About a quarter of the total public utility vehicles (PUVs) will be disenfranchised come New Year’s Day if they fail to undergo consolidation, according to Morillo’s estimates.

“At least 25 percent will be gone by January 1, after the December 31 deadline. With the current capacity operating at 100 percent being insufficient to meet the passenger demand, how much more will the lower supply fare by 2024?” he told the BusinessMirror in an interview on Sunday.

The Land Transportation Franchising and Regulatory Board (LTFRB) issued on late Thursday Memorandum Circular 2023-051, which allows the operations of TSEs in all routes with filed application for consolidation before December 31.

It sweetened the consolidation deal by requiring only three documents: the latest official receipt/ certificate of registration; the official registration to a cooperative; and their attestation to join a cooperative.

‘Relaxed consolidation’ rules

THE same memo, which the government describes as “relaxed consolidation requirements,” provides for the revocation of the franchises of individual operators “without consolidated TSEs.” In layman’s terms, unconsolidated units will not be allowed to ply their routes come January 1.

“This will give birth to another car-centric approach to commuters—many will buy cars or motorcycles because they simply cannot get access to sufficient public transport,” Morillo lamented.

Extend the deadline

AS of Thursday, the LTFRB reported that 153,787 units of PUVs of the 222,617 units have complied with the industry consolidation. The figure, however, includes jeepneys, UV Express units and buses.

The regulator also claimed that 262,653 “operators, drivers, and allied workers” have joined the program, forming 1,739 cooperatives nationwide.

Mindanao is the leading region with a 64-percent consolidation rate, followed by Luzon at 62 percent, and Visayas at 54 percent.

The government designed the industry consolidation, a part of the PUV Modernization Program (PUVMP), to allow individual operators to merge into cooperatives or corporations.

This provides them a better financial capacity to acquire modern units.

According to Morillo, consolidation is a sound initiative, but the government has to rethink its timelines.

“We are not against consolidation because we think that the relationship between the driver and operator will be better, as it will remove the boundary system, which is already outdated,” he explained.

He noted that with consolidation, cooperatives become the employers while drivers become employees, thereby enabling the drivers to enjoy the benefits of employment such as membership to the Social Security System and insurance.

Currently, this is “unimaginable” especially in a one-operator-onejeep situation.

“However, the December 31 consolidation deadline is a different case. For the longest time we have had a PUVMP, but the voice of the industry is falling on deaf ears,” Morilo lamented.

Thus, Morillo said Transporta-

tion Secretary Jaime J. Bautista should “extend the deadline.”

“Aside from the livelihood of the jeepney drivers and operators, the government must realize that the ones who are on strike are those who will also lose their franchises come January 1,” he said. “If the government is ready to lose them, then commuters will be on the losing end.”

Morillo explained that as it is, when a strike was called, commuters were already struggling to get a ride. He fears that this will become the status quo by 2024.

“We will face 2024 without PUV options. We are for modernization as long as it is not a phaseout. Traditional and modern units can coexist,” he added.

“How ready is the government for this possibility?”

Jamon vs hamon

TRANSPORT groups have been staging transport holidays to protest against the consolidation since the start of the year and they have intensified the strikes this December.

Piston even claimed that it had paralyzed 90 percent of Metro Manila’s major routes on December 14.

Manibela President Mar Valbuena said the group will stage a two-week strike starting today, Monday, calling on President Marcos Jr. to “extend our provisional authorities even if we did not consolidate.”

“Ang balak po namin ay mag-Pasko sa harap ng Malacanang—na habang kumakain siya ng jamon, ibang hamon naman ang aming kinakaharap [We plan to spend Christmas in front of Malacanang, so while he’s eating ham, we will be facing a different kind of challenge],” he said in a phone interview on Sunday.

No less than President Marcos himself said that the industry consolidation’s deadline will remain to be December 31.

For Morillo, the effects of these strikes is “just a glimpse of what’s in store for us in 2024.”

The BusinessMirror sought government officials for comment, but none responded to queries as of writing time.

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, December 18, 2023

B1

Broadcasting Govt told to invest in OSW Aliw wins 5 awards

T

By Lenie Lectura

@llectura

he legal counsel of an organization of renewable energy (RE) associations urged the government to have equity participation in offshore wind (OSW) projects to “fully maximize” the potential of the billion-dollar wind industry.

Jay Layug, who is also the president of Developers for Renewable Energy for AdvanceMent, Inc. (DREAM), said OSW is considered a “landmark project” because it is “huge in scale” and that government should take advantage of it.

He likened the industry to the Malampaya Deepwater Gas-to-Power project in which the Philippine

National Oil Co.-Exploration Corp.

(PNOC-EC) has a 10-percent stake in the consortium that operates the precious gas field.

“Malampaya, historically PNOCEC has 10 percent. Because offshore wind is a big project, the government might want to have a stake in it because it’s a landmark project and it’s huge in scale.

So maybe, the government might want to be part of that first offshore wind project. So, I raised that earlier, hopefully, maybe the government can consider that,” said Layug, who previously served as Energy Undersecretary and Chairman of the National Renewable Energy Board.

Based on the World Bank’s offshore wind roadmap, the potential OSW capacity of the country could reach 178 gigawatts (GW). The DOE has so far awarded a total of 82 OSW contracts with potential capacity of 63.4GW. There is no detailed proposal yet on this as Layug said he is deferring it to the experts. Layug is the counsel of the newly-formed association composed of aspiring OSW players.

The Pilipinas Offshore Wind Energy Resource Inc. (POWER) was launched by ACEN Corp., The Blue Circle, BlueFloat Energy, Citicore Renewable Energy Corp., Ignis ZA Global and Marubeni Asian Power

Philippines Corp. Layug is the chief legal counsel of POWER. When sought for comment, Energy Secretary Raphael Lotilla said that at “a certain extent” the PNOC-EC could take part in the development of the emerging OSW industry. However, funding is always a challenge.

“Of course it depends on the availability of government financing but there are other ways where government can assist. For example, in terms of the rights to use the submarine, the sea floor or in the case offshore areas, there needs to be a transmission operator for off-grid areas.

Well, there are possibilities. In other words, where government can facilitate, we should be open in considering facilitating,” said Lotilla.

The government’s participation can be in a form of assistance to interested firms that would encounter challenges.

Globe cloud management platform features AI

G

lobe Telecom Inc. on Sunday said its cloud and AI engineering unit Cascadeo has integrated generative AI into its cloud management platform dubbed Cascadeo AI. A “composite and comprehensive AI-powered cloud management platform,” Cascadeo AI enables businesses to monitor, manage, and optimize

their cloud deployments in real-time.

Jared Reimer, Cascadeo’s CTO and Founder, said that by merging generative AI with human insight, the platform simplifies public cloud management for both managed service providers and enterprise customers.

“The goal is not to get rid of the humans and replace them with au-

tomation. Instead it is to make humans vastly more capable, accurate, productive, and constantly upskilled by augmenting their intelligence with AI and the massive universe of data it has been trained on,” he said.

Reimer added Cascadeo AI is now a flagship product of Cascadeo’s Managed Services, noting that it is positioned as an “essential tool

for efficient, scalable cloud management.”

“Composite AI is the future. We leverage AWS Bedrock, SageMaker, DevOps Guru, Lambda serverless and develop with CodeWhisperer.

Cascadeo is all-in on generative AI and the first to market globally with an AI-enabled cloud management platform,” he said. Lorenz S. Marasigan

(From left) Southeast Asian Premier Business and Achiever Awards Committee Chairman Nirro De Leon Marcelo; Aliw Broadcasting Executive Vice President and General Manager Atty. Mcneil M. Rante, Vice President for Business Development Dennis Antenor Jr., and Aliw Broadcaster Braggy Braganza.

A

liw Broadcasting Corporation has clinched an array of accolades for their outstanding contributions to the broadcasting industry at the Southeast Asian Premier Business and Achiever Awards held on December 8, 2023, at the Winford Resort and Casino Manila.

Aliw Channel 23 was honored as the “Outstanding Broadcasting Company of the Year,” while DWIZ 882 AM and 97.9 Home Radio secured titles for “Outstanding AM Station of the Year” and “Outstanding FM Station of the Year,” respectively.

Individual excellence was also celebrated as Dennis Antenor Jr. received the “Best Radio Newscaster” award, and Braggy Braganza was recognized as the “Best FM Radio

Personality.”

Chairman and President D. Edgard A. Cabangon expressed his gratitude for the recognition. “We are deeply honored by this recognition, and it will serve as an inspiration for us to continue raising the bar in the broadcasting industry. Patuloy kaming maglilingkod at magbabalita ng tama para sa masang Pilipino,” Cabangon said, underscoring their dedication to serving the Filipino audience with accurate and impactful news coverage.

The Southeast Asian Premier Business and Achiever Award aims to acknowledge Filipino individuals, businesses, and organizations that have made a remarkable impact on their respective industries.

B2

Companies BusinessMirror

Monday, December 18, 2023

SNAP plans to beef up RE portfolio via solar projects

R

By Lenie Lectura

see all these things working together as a hybrid and we think there’s room to optimize,” said Yu. SNAP has already put up a 200-kilowatt (kW) floating solar power facility situated over a 2,500-square meter in the Magat reservoir. The company has plans to expand this to around 67MW. “There were a lot of growing pains but we’ve sorted it all out so we’re pretty confident with the technology.

However, we still need to make sure that we can sell the output before we build it,” Yu said.

@llectura

enewable energy company SN Aboitiz Power (SNAP) unveiled plans to build up to 1,000 megawatts (MW) of solar power capacity by 2030, a move that will further boost its renewable energy (RE) goals.

SNAP, a joint venture between Aboitiz Power Corp. and Norwegian firm Scatec, will expand its solar power projects by phases.

“Our goal is to add 1,000 megawatts by 2030, the sooner the better of course. But everybody knows it’s not easy. You have to find land, use something that you can convert; it has to have good radiation and then you have to have access to transmission lines so it’s a tough challenge,” said SNAP President Joseph Yu when asked for the company’s target solar power capacity.

There are no definite locations yet where these solar projects, both floating and land-based, will be put up although Yu mentioned the possibility of constructing one in Benguet, “but that’s a little further behind,” he said.

“We would look at more solar so we would look at both floating and land-based. We’re joining the race for that one because we want to integrate the solar output into our portfolio,” Yu said, adding that solar panels are “highly complementary to the profile” of SNAP’s hydropower plants.

SNAP’s hydroelectric power plants are the 388MW Magat, 105MW Ambuklao, 140MW Binga, and 8.5MW Maris.

“In Magat, there’s a big impounding hydro power plant then downstream is Maris, which is a run-ofriver hydro power plant. Then in the driveway you have the 24-MW BESS [battery energy storage system].

If you go over the crest into the reservoir, you have the floating solar, so you have a single location with four different technologies. We actually

SNAP is expected to arrive at a final investment decision for the planned expansion of the Magat floating solar in 2024.

Last week, SNAP announced it has several BESS projects in the pipeline.

Yu said there will be three BESS with 100MW of capacity that will be located with its existing power facilities in Isabela and Benguet.

“We hope to bring to a final investment decision in 2024. The rule of thumb is $800,000 to $1 million per megawatt,” Yu said, referring to BESS investment cost.

MUTUAL FUNDS

December 15, 2023

NAV

One Year Three Year

Five Year

Y-T-D

per share Return*

Return

Stock Funds -0.28%

-3.25%

1.4379

9.22%

2.31%

0.52%

1.89%

6.97%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9134

ALFM Growth Fund, Inc. -a

209.32

-0.92%

-3.12%

-5.74%

-2.05%

Climbs Share Capital Equity Investment Fund Corp. -a 0.6898

0.69%

-5.84%

-5.11% n.a

First Metro Consumer Fund, Inc. -a

-6.73%

-5.49% n.a

-3.5%

-3.03%

-2.76%

-1.11%

ATRAM Alpha Opportunity Fund, Inc. -a

0.6259

-3.77%

-3.31%

First Metro Save and Learn Equity Fund, Inc. -a 4.5985-1.69%

-0.23%

0.38%

-0.11%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6854-3.04% -4.13% n.a n.a MBG Equity Investment Fund, Inc. -a PAMI Equity Index Fund, Inc. -a 42.6251 Philam Strategic Growth Fund, Inc. -a

83.5

10.6%

-6.11%

-2.08%

-3.74%

-2.99% n.a

-1.31%

-3.67%

-0.16%

444.44

-0.71%

Philequity Dividend Yield Fund, Inc. -a

1.1845

-1.37%

-0.1%

Philequity Fund, Inc. -a

-0.25%

-1.75%

-1.92%

33.4937

-6.3% n.a -3.04%

-1.31% n.a 1.7%

0.01% 0.8%

Philequity MSCI Philippine Index Fund, Inc. -a 0.86040.22%

-2.49% n.a n.a

4.4795

-1.12%

-2.86%

-2.17%

1.48%

-0.36%

745.47

-1.19%

-3.02%

-2.24%

1.52%

-0.46%

Soldivo Strategic Growth Fund, Inc. -a

0.6801

0.7%

-2.69%

-4.75% n.a

0.89%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.3335

-1.73%

-3.35%

-4.04%

-0.26%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8453-1.54%

-3.33%

-2.55% n.a

United Fund, Inc. -a

0.81%

-0.29%

-2.96%

-2.67%

-2.24%

0.59%

Philequity PSE Index Fund, Inc. -a

-0.9%

-1.36%

10.87%

Philippine Stock Index Fund Corp. -a

3.085

-0.05%

1.37%

-0.77%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0489-1.47% n.a n.a n.a

-0.69%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0026 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a

1.0052

-3.86%

-3.43% n.a n.a

-3.94%

Philippine Stock Index Fund Corp. -a

904.84

-1.26% n.a n.a n.a

-0.52%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c101.2188-0.62%-2.66%

-1.93% n.a

0.1%

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

$0.7947

-9.05%

-12.56%

-3.47%

Sun Life Prosperity World Voyager Fund, Inc. -a

$1.6171

8.73%

-0.3%

-1.9%

-6.73%

6.48% n.a

13.56%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.5028

2.43%

-3.64%

-1.97%

ATRAM Philippine Balanced Fund, Inc. -a 2.2068

5.75%

-1.58%

-0.02%

0.63%

4.82%

First Metro Save and Learn Balanced Fund, Inc. -a 2.4832

-1.37%

-2.3%

-0.44%

-0.65%

0.188

-2.89%

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

-1.31%

1.22% -0.89%

-2.22% n.a n.a

-2.84% NCM Mutual Fund of the Phils., Inc. -a

1.9217

-0.94%

-1.04%

PAMI Horizon Fund, Inc. -a

3.5351

1.97%

-2.58%

-0.08%

0.95%

2.76%

Philam Fund, Inc. -a

15.4742

1.35%

-3.27%

-0.63%

0.59%

2.21%

Solidaritas Fund, Inc. -a

2.0203

1.13%

-1.47%

1.76%

1.84%

1.26%

1.7%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3823

1.05%

-2.18%

-1.64%

0.14%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.8952

-0.23%

-0.73% n.a

1.85%

1.35%

-0.54%

0.79%

1.58%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.93441.99%

-3.26% n.a n.a

2.1%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8396-0.02%

-4.55% n.a n.a

0.48%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8184-0.99%

-4.86% n.a n.a

-0.5%

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

$0.03304

PAMI Asia Balanced Fund, Inc. -b$0.8703

-3.65%

1.38%

-5.39%

-8.65%

-1.19%

0.18%

1.98%

-1.54%

-1.36%

3.61%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1806

4.81%

-1.86%

3.87%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0157

1.57%

-4.15%

0.77% n.a

2.87%

8.7% 4.54%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 389.87

1.72%

2.6%

2.2%

3.14%

ATRAM Corporate Bond Fund, Inc. -a

1.9056

1.4%

0.11%

0.52%

-0.03%

1.64%

Cocolife Fixed Income Fund, Inc. -a

3.3186

3.35%

2.64%

1.1%

2.29%

3.76%

3.42%

Ekklesia Mutual Fund, Inc. -a 2.2744

4.45%

-0.28%

1.33%

1.3%

4.07%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4494

2.21%

-0.03%

2.11%

2.18%

-2.61%

1.79%

0.79%

3.36%

Philam Managed Income Fund, Inc. -a

1.3692

3.56%

1.26%

3.02%

1.74%

Philequity Peso Bond Fund, Inc. -a

4.0148

0.25%

2.83%

1.53%

Soldivo Bond Fund, Inc. -a

2.48%

Philam Bond Fund, Inc. -a

4.2791

1.0471

3.67%

1.17%

3.78%

0.28%

3.27% n.a

3.2985

4.36%

1.05%

3.61%

2.1%

Sun Life Prosperity GS Fund, Inc. -a

3.64%

0.25%

2.78%

1.46%

3.95%

1.7626

2.44%

3.77%

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

3% 4.86%

Corporate Debt Vehicle (units) ATRAM Unitized Corporate Debt Vehicle, Inc. -a,3

1.0048 n.a n.a n.a n.a n.a

Primarily invested in foreign currency securities (shares) Dollar Bond Fund, Inc. -a

$493.95

2.9%

0.75%

1.98%

2.52%

2.88%

ALFM Euro Bond Fund, Inc. -a Є213.38

1.52%

-0.87%

0.1%

0.82%

1.77%

-6.84%

-1.78%

0.03%

ATRAM Total Return Dollar Bond Fund, Inc. -b$1.02781.95%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0247 3.78% PAMI Global Bond Fund, Inc. -b$0.8454

-2.32%

-0.16% n.a

-2.56%

-8.14%

-3.85%

-3.24%

-6.07%

4.86%

-3.14%

1.22%

1.91%

5.3%

1.68%

-0.77%

1.34%

1.6%

1.96%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.805

1.16%

-4.26%

-0.46%

0.59%

Philequity Dollar Income Fund, Inc. -a $0.0608682

ALFM

1.82%

$2.2955

Philam Dollar Bond Fund, Inc. -a

4.22%

3.07%

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.66

2.67%

1.76%

2.53%

2.03%

2.56%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1068 3.22%

1.85% n.a n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37382.77%

2.46%

1.97%

2%

3.09%

2.64%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.37

4.06% n.a n.a n.a

3.88%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a

$1.0954

2.46%

1.36%

1.53% n.a

2.45%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.2657-1.98% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a

1.4298

10.83%

1.37%

9.05% n.a n.a

16.05% Sun Life Prosperity World Income Fund, Inc. -a,1

0.9803 n.a n.a n.a n.a n.a

Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7995

-2%

-6.56% n.a n.a

1.2%

a - NAVPS as of the previous banking day.

1 - Launch date is August 22, 2023.

b - NAVPS as of two banking days ago.

2 - Launch date is October 6, 2023.

c - Listed in the PSE.

3 - Launch date is May 25, 2023.

“While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper ’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

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

PSE STOCK QUOTATIONS

December 15, 2023

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK RCBC SECURITY BANK UNION BANK COL FINANCIAL IREMIT MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

36.15 129.9 7.02 101.5 30.1 8.03 50.9 8.5 18.26 21.7 71.25 58.7 2.55 0.5 1,090 0.36 175 2,710 0.76

37.45 130.5 7.47 101.6 30.15 8.08 50.95 8.6 18.36 22.2 73 58.8 2.56 0.58 1,098 0.395 176 2,720 0.81

40 130.6 7.46 101.5 30.05 8.25 51 8.6 18.24 22 71.35 58.65 2.46 0.53 1,090 0.36 175 2,710 0.77

40 131.2 7.55 102.4 30.15 8.25 51.95 8.6 18.4 22.2 73 58.8 2.55 0.58 1,090 0.36 175 2,710 0.77

35.85 129.7 6.95 100.8 30 8.01 50.9 8.6 18.24 21.7 70 58.55 2.44 0.51 1,090 0.36 172.5 2,710 0.76

37.45 129.9 7.03 101.6 30.15 8.08 50.95 8.6 18.36 22.2 73 58.8 2.55 0.58 1,090 0.36 175 2,710 0.76

22,500 4,827,800 4,600 4,341,920 86,700 26,000 5,289,110 100 25,900 2,800 415,650 142,000 161,000 47,000 65 30,000 600 115 400,000

866,210 628,309,303 32,816 441,332,444 2,606,290 210,318 270,974,332 860 474,466 61,470 29,915,250 8,334,647.50 405,470 24,450 70,850 10,800 103,850 311,650 306,950

INDUSTRIAL ACEN CORP 4.39 4.4 0.53 0.56 ALSONS CONS 0.73 0.74 ALTERNERGY HLDG 37.8 37.9 ABOITIZ POWER 1.17 1.22 RASLAG 0.178 0.18 BASIC ENERGY FIRST GEN 16.78 16.96 FIRST PHIL HLDG 61.95 62.4 384.6 385 MERALCO MANILA WATER 18.44 18.66 PETRON 3.43 3.45 6.85 6.98 REPOWER ENERGY 6.44 6.54 SYNERGY GRID 10.92 11.38 SHELL PILIPINAS 6.77 6.8 SPC POWER 1.1 1.12 AGRINURTURE 2.31 2.32 AXELUM CENTURY FOOD 31.9 32 DEL MONTE 6.49 6.5 DNL INDUS 6.1 6.15 EMPERADOR 20.85 20.9 SMC FOODANDBEV 50.25 50.4 0.6 0.61 FIGARO COFFEE 1.01 1.03 FRUITAS HLDG 160 169.9 GINEBRA 244.6 246 JOLLIBEE 1.5 1.51 KEEPERS HLDG 3.03 3.04 MAXS GROUP MG HLDG 0.095 0.098 8.07 8.1 MONDE NISSIN SHAKEYS PIZZA 9.55 9.56 ROXAS AND CO 0.46 0.49 2.97 2.98 RFM CORP 0.054 0.064 SWIFT FOODS 119.1 119.4 UNIV ROBINA 0.475 0.49 VITARICH 3 3.32 VICTORIAS 38.6 48 CONCRETE B 0.88 0.9 CEMEX HLDG EC VULCAN CORP 0.67 0.69 5.76 5.85 EEI CORP 3.03 3.06 MEGAWIDE PHINMA 19.5 20 0.43 0.45 TKC METALS 1.51 1.56 CROWN ASIA 5.7 5.97 MABUHAY VINYL 5.2 5.3 PRYCE CORP 0.243 0.245 GREENERGY 3.35 3.4 INTEGRATED MICR 1.04 1.05 IONICS PANASONIC 4.89 5.68 1.92 1.99 SFA SEMICON CIRTEK HLDG 1.56 1.6

HOLDING & FRIMS

-1.18%

www.businessmirror.com.ph

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT LOPEZ HLDG LT GROUP MABUHAY HLDG PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP

0.86 697 50 10.06 11 0.38 4.62 9.2 5.2 560 40.55 4.25 8.72 0.111 2.72 0.91 903 110.6

0.87 735 50.05 10.1 11.2 0.395 4.63 9.33 5.29 563 41 4.4 8.73 0.147 2.73 0.92 906 110.8

4.5 0.56 0.75 37.85 1.16 0.181 17.06 61.85 380 18.78 3.43 6.85 6.44 11.38 7.3 1.15 2.31 32.65 7 6.04 20.7 51 0.62 1.02 161.9 244 1.52 3 0.095 8.05 9.38 0.465 2.99 0.054 118.4 0.49 3.32 48 0.88 0.67 5.85 3.08 20 0.45 1.54 5.97 5.3 0.247 3.45 1.06 5.68 2.03 1.65

4.54 0.56 0.75 38 1.22 0.181 17.2 62 385 18.8 3.45 6.99 6.58 11.38 7.3 1.16 2.32 33.2 7 6.15 20.9 51 0.62 1.02 169.9 246 1.52 3.04 0.095 8.25 9.55 0.495 2.99 0.054 119.4 0.49 3.32 48 0.91 0.69 5.9 3.08 20 0.45 1.54 5.97 5.3 0.248 3.45 1.07 5.68 2.03 1.65

4.38 0.53 0.74 37.7 1.16 0.176 16.78 61.85 378 18.44 3.42 6.85 6.44 11 6.7 1.05 2.31 32 6.5 6.04 20.65 50 0.6 1.02 160 243.2 1.5 3 0.094 7.92 9.38 0.45 2.97 0.054 116.5 0.49 3 48 0.84 0.66 5.75 3.03 20 0.41 1.54 5.97 5.3 0.241 3.35 1.04 5.68 1.91 1.6

4.4 0.56 0.74 37.9 1.22 0.178 16.78 61.95 385 18.44 3.45 6.99 6.44 11.38 6.8 1.12 2.32 32 6.5 6.1 20.9 50.4 0.61 1.02 169.9 246 1.5 3.04 0.094 8.1 9.55 0.49 2.98 0.054 119.4 0.49 3 48 0.91 0.66 5.85 3.03 20 0.415 1.54 5.97 5.3 0.245 3.35 1.04 5.68 1.91 1.6

63,883,000 109,000 111,000 1,271,900 39,000 650,000 350,300 31,500 690,210 4,006,100 371,000 13,800 753,700 36,800 342,100 3,037,000 80,000 7,838,800 157,500 569,500 3,898,200 14,310 6,330,000 172,000 45,150 533,940 1,024,000 280,000 260,000 8,740,500 260,800 450,000 26,000 50,000 1,675,060 20,000 22,000 200 132,000 180,000 233,800 214,000 78,000 40,000 34,000 500 1,100 24,930,000 226,000 171,000 200 435,000 272,000

281,679,680 58,350 82,300 48,162,560 46,920 115,920 5,903,056 1,952,268 264,553,544 74,032,082 1,276,780 96,072 4,879,053 415,520 2,312,222 3,355,290 185,180 251,739,995 1,040,924 3,468,017 81,371,900 722,903.50 3,862,430 175,440 7,630,853 131,013,476 1,538,870 848,560 24,540 70,536,676 2,488,949 219,200 77,480 2,700 198,509,564 9,800 67,380 9,600 117,930 120,010 1,356,385 652,710 1,560,000 16,900 52,360 2,985 5,830 6,125,120 757,690 180,810 1,136 864,330 439,900

11,053,520 560 -19,948,275 -4,300,240 -23,521,240 -23,483,650 -17,250 -12,582 -3,108,028 -240,118 96,540 -536,080.00 -13,920 -8,362,135 -568,969 -486,588 58,739,290 -464,440.50 10,370 18,360 6,880,329 50,565,614 1,500 -632,320 -33,897,630 1,522,538.00 -2,156,709 24,250 63,840 33,730 530 -2,440 -254,740 1,060 -60,900.00 -

0.89 681 48.7 10 11.24 0.38 4.61 9.57 5.29 563 39.2 4.35 8.86 0.111 2.72 0.92 870 112

0.91 735 50.05 10.24 11.24 0.38 4.64 9.57 5.29 566 41 4.35 8.86 0.111 2.72 0.92 912 112.2

0.86 677 48.3 9.95 11.2 0.38 4.5 9.2 5.2 552.5 39.2 4.35 8.73 0.111 2.71 0.91 870 110.2

0.87 735 50 10.1 11.2 0.38 4.63 9.2 5.2 560 41 4.35 8.73 0.111 2.71 0.91 906 110.8

1,523,000 1,256,090 1,556,290 5,600,900 1,200 80,000 114,000 4,413,600 63,100 301,780 3,720,100 1,166,000 2,420,100 10,000 36,000 12,000 900,000 3,934,810

1,324,730 888,003,160 77,683,040 56,763,459 13,452 30,400 521,330 40,887,037 328,229 169,575,225 150,759,530 5,072,100 21,212,311 1,110 97,620 10,990 813,142,265 436,068,597

-8,800 522,155,210 15,013,359.50 -32,677,570 43,620 -28,893,844 3,323,845 29,092,990 13,050 -544,428 6,440 223,208,460 148,815,084

PROPERTY ARTHALAND CORP 0.415 0.44 0.435 0.44 0.435 0.44 40,000 17,550 4.85 5 5 5 5 5 1,400 7,000 ANCHOR LAND 32.8 32.95 32.75 33 32.55 32.95 17,123,500 563,107,545 AYALA LAND 1.59 1.6 1.62 1.62 1.6 1.6 1,591,000 2,547,080 AYALA LAND LOG 8.99 9.47 9.48 9.48 8.99 8.99 900 8,142 ALTUS PROP 1.02 1.05 1.04 1.09 1.02 1.07 3,613,000 3,785,110 ARANETA PROP AREIT RT 33.5 33.6 32.6 33.5 32.35 33.5 4,526,900 150,859,310 A BROWN 0.63 0.69 0.62 0.69 0.62 0.69 119,000 75,020 0.06 0.068 0.068 0.068 0.068 0.068 10,000 680 CROWN EQUITIES 2.5 2.55 2.54 2.54 2.5 2.5 16,000 40,040 CEB LANDMASTERS 0.285 0.29 0.285 0.285 0.28 0.28 1,150,000 325,800 CENTURY PROP 2.57 2.58 2.56 2.59 2.56 2.57 2,031,000 5,222,630 CITICORE RT 7.42 7.66 7.61 7.88 7.42 7.42 419,300 3,133,145 DOUBLEDRAGON 1.19 1.22 1.21 1.22 1.18 1.22 2,118,000 2,529,860 DDMP RT 6.03 6.05 6.1 6.1 6.05 6.05 45,000 273,085 DM WENCESLAO 0.13 0.133 0.134 0.134 0.13 0.133 2,140,000 281,270 EMPIRE EAST 0.28 0.29 0.29 0.295 0.28 0.28 910,000 262,950 EVER GOTESCO FILINVEST RT 2.7 2.73 2.7 2.74 2.7 2.7 1,790,000 4,841,340 FILINVEST LAND 0.53 0.54 0.57 0.57 0.54 0.54 21,923,000 11,904,340 8990 HLDG 8.31 8.4 9.12 9.13 8.4 8.4 278,400 2,489,975 808 830 807.5 807.5 807.5 807.5 110 88,825 GOLDEN MV 0.52 0.57 0.58 0.58 0.58 0.58 4,000 2,320 PHIL INFRADEV 0.75 0.76 0.75 0.75 0.73 0.75 71,000 53,050 CITY AND LAND 1.95 1.96 2.01 2.02 1.95 1.95 37,348,000 73,340,150 MEGAWORLD 1.46 1.48 1.46 1.48 1.46 1.47 923,000 1,349,170 MRC ALLIED 11.88 12.04 12.06 12.06 11.88 11.88 1,817,300 21,702,260 MREIT RT 0.33 0.335 0.325 0.325 0.325 0.325 380,000 123,500 PHIL ESTATES 1.51 1.54 1.54 1.54 1.51 1.51 17,000 26,150 PREMIERE RT RL COMM RT 4.69 4.78 4.71 4.78 4.69 4.69 3,037,000 14,347,620 ROBINSONS LAND 15.4 15.48 15.54 15.68 15.28 15.42 5,742,300 88,925,112 PHIL REALTY 0.14 0.158 0.14 0.14 0.14 0.14 10,000 1,400 1.35 1.39 1.4 1.4 1.35 1.35 206,000 278,410 ROCKWELL 3.65 3.69 3.65 3.66 3.65 3.65 587,000 2,142,600 SHANG PROP 33.05 33.1 34.15 34.55 33.1 33.1 42,909,200 1,431,566,340 SM PRIME HLDG 1.66 1.67 1.64 1.68 1.64 1.66 196,000 324,010 VISTA LAND 1.68 1.69 1.7 1.7 1.69 1.69 45,000 76,100 VISTAREIT RT

SERVICES ABS CBN 3.7 3.75 3.7 3.7 3.69 3.7 91,000 336,540 8.28 8.29 8.26 8.3 8.26 8.28 143,600 1,189,583 GMA NETWORK 0.2 0.239 0.239 0.239 0.239 0.239 40,000 9,560 MANILA BULLETIN 5.99 8.53 8.53 8.53 8.53 8.53 100 853 MLA BRDCASTING 1,699 1,711 1,705 1,718 1,699 1,699 59,810 101,895,435 GLOBE TELECOM 1,260 1,270 1,270 1,284 1,259 1,260 103,350 131,054,300 PLDT APOLLO GLOBAL 0.014 0.015 0.015 0.015 0.014 0.015 435,500,000 6,507,300 CONVERGE 8.16 8.2 8.28 8.28 8.06 8.2 6,908,000 56,668,017 DFNN INC 3.05 3.18 3.1 3.1 3.1 3.1 19,000 58,900 2.43 2.44 2.25 2.43 2.24 2.43 5,600,000 13,259,470 DITO CME HLDG NOW CORP 1.13 1.15 1.08 1.16 1.08 1.15 2,297,000 2,576,750 0.132 0.143 0.146 0.147 0.132 0.132 120,000 16,290 TRANSPACIFIC BR 1.48 1.52 1.5 1.52 1.48 1.48 655,000 981,390 CHELSEA 32.15 32.5 31.5 32.5 31.5 32.5 733,300 23,527,355 CEBU AIR 237 237.2 229.2 237 229.2 237 2,945,440 691,845,028 INTL CONTAINER 17 18.34 18.4 18.4 18.4 18.4 100 1,840 LBC EXPRESS 3.96 3.98 3.99 4 3.96 3.98 211,000 841,030 MACROASIA METROALLIANCE A 0.46 0.5 0.51 0.51 0.5 0.5 27,000 13,520 5.3 5.38 5.3 5.3 5.3 5.3 2,600 13,780 PAL HLDG 0.77 0.8 0.77 0.81 0.77 0.8 36,000 28,210 HARBOR STAR 0.061 0.063 0.063 0.065 0.06 0.06 6,090,000 382,860 BOULEVARD HLDG 0.375 0.42 0.37 0.37 0.37 0.37 100,000 37,000 WATERFRONT 8.5 8.55 8.55 8.55 8.55 8.55 100 855 CENTRO ESCOLAR 7.3 7.31 7.3 7.31 7.3 7.3 2,400 17,522 IPEOPLE 0.475 0.48 0.48 0.48 0.48 0.48 960,000 460,800 STI HLDG 1.15 1.17 1.15 1.17 1.14 1.17 323,000 371,250 BELLE CORP 9.88 9.9 10.1 10.18 9.9 9.9 27,471,800 272,816,826 BLOOMBERRY 3.12 3.33 3.4 3.4 3.33 3.33 230,000 772,350 PACIFIC ONLINE PH RESORTS GRP 0.98 0.99 1 1.03 0.97 0.99 2,004,000 1,977,800 PREMIUM LEISURE 0.58 0.59 0.59 0.59 0.57 0.58 1,272,000 738,400 6.87 6.88 6.9 6.98 6.86 6.88 5,052,900 35,072,922 DIGIPLUS PHILWEB 1.71 1.72 1.68 1.75 1.68 1.72 32,000 55,180 0.159 0.16 0.16 0.162 0.157 0.16 3,680,000 586,320 ALLDAY 1.1 1.11 1.11 1.12 1.1 1.11 4,138,000 4,592,280 ALLHOME 26.05 26.7 27.25 27.25 26.05 26.05 6,208,500 163,840,935 PUREGOLD 39.15 39.25 39.7 40 39.15 39.25 203,100 8,000,675 ROBINSONS RTL 76 76.25 76.25 76.25 76 76 520,040 39,653,047.50 PHIL SEVEN CORP 2.47 2.53 2.5 2.53 2.47 2.53 339,000 845,600 SSI GROUP 1.57 1.66 1.69 1.69 1.67 1.67 2,000 3,360 UPSON INTL CORP WILCON DEPOT 20.1 20.4 19.98 20.6 19.92 20.4 812,900 16,428,968 APC GROUP 0.215 0.224 0.224 0.224 0.224 0.224 10,000 2,240 2.25 2.97 2 2.25 2 2.25 39,000 84,830 EASYCALL 0.163 0.169 0.169 0.169 0.163 0.163 270,000 45,250 PRMIERE HORIZON

MINING & OIL ATOK 5.02 5.87 5.01 5.01 5.01 5.01 3,000 15,030 2.9 2.92 2.96 2.97 2.9 2.92 1,426,000 4,190,760 APEX MINING 3.27 3.3 3.48 3.48 3.29 3.3 358,000 1,187,260 ATLAS MINING 4.76 4.77 4.75 4.9 4.75 4.76 200,000 963,950 BENGUET A 4.7 4.88 4.47 4.91 4.47 4.91 26,000 125,660 BENGUET B CENTURY PEAK 3.09 3.14 3.1 3.14 3.1 3.14 230,000 718,500 FERRONICKEL 1.98 2 2.2 2.2 1.98 1.98 5,600,000 11,520,110 LEPANTO A 0.081 0.082 0.082 0.085 0.081 0.082 1,410,000 116,370 0.081 0.084 0.084 0.084 0.084 0.084 20,000 1,680 LEPANTO B 1.05 1.07 1.07 1.08 1.05 1.05 437,000 463,110 MARCVENTURES 5.1 5.15 5.15 5.15 5.08 5.15 5,584,800 28,557,587 NICKEL ASIA 0.63 0.67 0.65 0.67 0.61 0.63 805,000 498,490 ORNTL PENINSULA 3 3.1 3.04 3.1 2.98 3.1 1,167,000 3,583,630 PX MINING 28.4 28.5 28.45 28.85 28.25 28.5 2,225,900 63,335,640 SEMIRARA MINING 4.78 4.8 4.78 4.78 4.78 4.78 10,000 47,800 ENEX ENERGY 0.0078 0.0083 0.0078 0.0078 0.0078 0.0078 8,000,000 62,400 PHILODRILL PXP ENERGY 3.36 3.4 3.38 3.5 3.37 3.4 98,000 336,230

PREFFERED HOUSE PREF B 95 96 96 96 96 96 400 38,400 96.1 97.95 97.95 97.95 97.95 97.95 10 979.5 BRN PREF A 31.5 31.9 32 32 31.9 31.9 3,200 102,240 CEB PREF 92.75 93.45 92 93.2 92 92.8 14,260 1,325,705 DD PREF 86.5 94.95 86.2 86.2 86.2 86.2 100 8,620 EEI PREF A 95.55 97 97 97 96.9 97 470 45,586 EEI PREF B GTCAP PREF B 937.5 970 938.5 938.5 937.5 937.5 900 843,975 910 920 920 920 920 920 10 9,200 JFC PREF B 205.2 234 205.2 234 201 234 340 72,298 PNX PREF 4 971 982 971 971 971 971 100 97,100 PCOR PREF 3A 970 980 980 980 980 980 10 9,800 PCOR PREF 3B 998 1,005 998 998 998 998 10 9,980 PCOR PREF 4C 72.5 72.95 72.25 73 72.25 72.95 14,310 1,044,072.50 SMC PREF 2F 71 72.95 72.95 72.95 72.95 72.95 12,000 875,400 SMC PREF 2I 66.1 69.95 66.05 66.05 66.05 66.05 19,000 1,254,950 SMC PREF 2K 78.5 79 79 79 79 79 8,710 688,090 SMC PREF 2L 77.15 78 78 78 77 77 18,690 1,443,428 SMC PREF 2O TECH PREF B2D 40.35 48.75 48.75 48.75 48.75 48.75 1,000 48,750

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

3.28 3.5 3.28 3.5 3.28 3.5 3,000 7.61 8.4 0.3

0.335

127,500 42,080,050 13,161 -89,404,766 -751,225 11,756,165.50 -8,680 17,351,773.00 315,748 -377,440 70,850 10,800 311,650 -

-

-

-

-

-

183,298,835 -100,800 -647,970 49,702,080 -637,450 -2,675,007 -1,568,690 30,500 -1,538,210 -11,355,360.00 -56,245,860.00 -14,364,002 -11,105,790 -20,684,900 -379,880,005 -98,980 -62,537,150 8,032,065 -140,000 -5,653,606.00 1,743,810 -185,760.00 718,240 150,018,520 27,690 -87,180 -45,493,566 -183,650 -2,297,841 -2,177,610 -138,558,905 -6,000,305 -16,775 -722,860 1,670 -9,267,262 3,006 786,510 -40,500 718,500 -6,500,330 2,696,171 13,000 2,523,400 -17,293,285 -79,000 -

10,060 -

-

-

-

SMALL, MEDIUM & EMERGING

0.42 0.42 0.405 0.405 40,000 16,600 0.77 0.77 0.74 0.74 417,000 309,090 1.01 1.03 0.99 1.02 975,000 988,150 0.63 0.64 0.62 0.62 86,000 53,970 1.03 1.05 1.02 1.03 1,374,000 1,416,940 -91,560 0.195 0.21 0.195 0.2 390,000 78,650 -

EXHANGE TRADE FUNDS

101 102.4 100.9 102.2 39,360 4,015,755 165,120

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

FIRST METRO ETF

0.405 0.74 0.99 0.62 1.02 0.2 102

0.415 0.77 1.02 0.64 1.03 0.209 102.2

www.news.businessmirror@gmail.com

Banking&Finance

‘Nothing illegal hiking unprogrammed funds’

By Butch Fernandez @butchfBM

F

ORMER Senate President Franklin M. Drilon, who also served as Secretary of the Department of Justice in a previous administration, declared over the weekend he saw nothing illegal in the decision of Congress to increase the “unprogrammed funds” in the 2024 national budget.

Last week, Senate leaders aired separate views on the move of the bicameral panel on the 2024 budget to increase by P450 billion the unprogrammed appropriations. (See https://businessmirror.com.ph /2023/12/15/ senators-split-on-legality-ofunprogrammed-fund-hike/) In defending Congress’s decision to increase the unprogrammed appropriations in the 2024 national budget, Drilon saw the move as “entirely legal and does not violate the Constitution.”

Drilon explained that unprogrammed funds are standby appropriations that are distinct from the approved fiscal program of the National Government. He added that “transactions related to these funds are recorded when they become actual, contingent upon compliance with conditions specified in the Special Provisions of the unprogrammed appropriations in the General Appropriations Act.” Drilon declared in a statement Friday that “the primary purpose of unprogrammed appropriations, as he underscored,” is to “authorize additional agency expenditures for priority programs and projects beyond the original budget.”

“These expenditures are allowed only when revenue collections surpass the resource targets assumed in the budget or when additional foreign project loan proceeds are realized,” he added.

Moreover, the Minority Leader asserted that he finds “no constitutional violation in the increase of funding for unprogrammed funds.”

“It becomes a non-issue as long as they adhere to the conditions

outlined for releasing the funds,” Drilon asserted, addressing concerns regarding the move’s constitutionality.

“The constitutional prohibition pertains to programmed appropriations,” he stressed, citing the Supreme Court’s opinion in the case of Sarmiento v. The Treasurer of the Philippines, highlighting that the Records of the 1986 Constitutional Commission reveal the intention behind Section 25 (1) Article VI of the 1987 Constitution.

The senator added: “The aim of this constitutional provision is to prevent the occurrence of a substantial budget deficit if Congress were granted unchecked authority in passing appropriation’s recommended by the President, as outlined in the budget.

“This constitutional prohibition,” according to Drilon, “serves as an assurance that the government’s expected income will be sufficient to cover the operational expenses of its various agencies and projects specified in the appropriations law.”

Drilon also pointed out that Congress had previously increased unprogrammed funds in fiscal years 2008 and 2010. However, it should be noted that while Congress raised the allocated amounts for unprogrammed funds during these years, the actual release of funds from these allocations was limited to the expenditure program of the respective fiscal years.

Drilon was chairman of the Senate Committee on Finance that scrutinized the budget from 2010 to 2013.

In addition, Drilon noted that unprogrammed funds are a necessary tool for the government to address unforeseen expenditures and prioritize essential programs and projects. However, Drilon emphasized that the public’s focus should be on the transparent release of funds. He clarified that when considering excess funds, it should encompass the entirety of the government’s revenue collection rather than being limited to specific taxes, such as the Sin Tax.

PDIC to bid out lots via public e-bidding in Jan

T

HE Philippine Deposit Insurance Corp. (PDIC) announced recently that it will accept bids next year for closed bank and corporate-owned residential lots on its e-bidding portal.

With a total minimum disposal price of P69.5 million, 19 residential lots with improvements, 17 vacant residential lots and four residential lots will be sold on an “as-is, where-is” basis, according to the statement issued by the PDIC. These properties are located in Metro Manila and 16 provinces outside of the metropolis, including South Cotabato, the agency’s statement read. The PDIC said the sizes of the properties range from 13 square meters (sqm) to 5,671 sqm, with minimum disposal prices ranging from P182,871 to P17 million.

The PDIC said the complete list and description of the properties, requirements, e-bidding process, and “Conditions of Bid” are posted on the PDIC e-bidding portal. Bidders are reminded of their responsibility to determine the actual condition, status, ownership, and other circumstances of the properties they wish to acquire.

The PDIC said it would accept bids at its portal (https:// assetsforsale.pdic.gov.ph) starting at 9:00 a.m. on January 10, 2024, until 1:00 p.m. on January

11, 2024, and shall be opened at 2:00 pm on January 11, 2024.

A one-time registration in the PDIC e-bidding portal at http:// assetsforsale.pdic.gov.ph/Account/ Register is required for interested buyers. Once registered, interested buyers may submit their bids online and also observe the e-bidding proceedings by clicking the “Assets for Sale” icon on the PDIC website’s homepage at www.pdic.gov.ph.

For participants bidding on behalf of another individual or an organization, a pro-forma “Special Power of Attorney” and “Secretary’s Certificate,” respectively, is required which may be downloaded from the e-bidding portal.

As the statutory receiver, the PDIC sells closed bank-owned assets through public bidding and negotiated sales. Proceeds from the liquidation of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors based on legal priority. The disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds in the closed banks.

Meanwhile, proceeds from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s main fund source for payment of valid deposit insurance claims.

BusinessMirror

Editor: Dennis D. Estopace • Monday, December 18, 2023

B3

Sale of govt assets hits ₧1.21B via ‘strong privatization push’

T

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Privatization and Management Office (PMO) has earned P1.21 billion this year from the sale of government assets, surpassing its performance from 2018 to 2021, the Department of Finance (DOF) said.

The DOF said the PMO has remitted P1.21 billion to the national treasury this year, “exceeding its target 84.6 percent and surpassing performance from 2018 to 2021 in just one year.”

Last May, Finance Undersecretary for Privatization and Corporate Affairs Catherine L. Fong said the DOF is aiming to sell more assets this year.

“We are aiming for higher than last year. At least double of last year or even higher,” Fong said in a news briefing that month.

According to her, the government earned P1.5 billion from the sale of various government assets, mostly real estate properties, last year.

(See https://businessmirror.com. ph/2023/05/15/privatizationgoal-in-23-is-Pts3b/) Finance Secretary Benjamin E. Diokno attributed the PMO’s performance this year to the administration’s “strong privatization push” of selling government assets that have become a burden to the national government.

Diokno said last week that idle state assets are better off sold than hiring staff, such as security personnel, to keep them in check.

“Privatization also plays a key role in funding the needs of the national government spending programs.

Given the administration’s strong pipeline of programs and projects that it aims to implement, the funds generated through the diligent and expedited privatization efforts are crucial to achieving our goals,” Diokno said.

Diokno noted that the PMO has been conservative in terms of its annual targets at about P500 million.

“The target from 2018 to 2021 has been P500 million every year,” he said.

Last year, the PMO was able to raise P1.5 billion from the sale of various government assets, which were mostly real estate properties.

The DOF earlier disclosed that two of the government assets that the administration seeks to dispose are the Mile Long Complex in Makati and the Basay Mining Corp. in Negros Oriental province.

The prospective proceeds from the sale of the Mile Long property were earlier identified by Diokno as one of the possible sources for the Maharlika Investment Fund (MIF), the country’s first sovereign wealth fund.

Fong has said the government plans to sell four mining rights, which includes that of Basay Mining. However, the three other mining rights are still under litigation and are not yet ready for auction, she added.

Three years ago the DOF announced it is “pursuing steps to untangle the legal issues tying down idle mining interests held by the government in an effort to speed up the privatization of these assets and revive their operations.”

“According to the PMO, lawsuits filed by the private sector proponents in the operations of these once-flourishing mining assets have hampered efforts by the government to privatize them,” the DOF has said.

(See https://www.dof.gov.ph/doftakes-steps-to-untie-legal-knoton-govt-held-mining-assets/)

GSIS to insure over 132,000 public school buildings

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HE Government Service Insurance System (GSIS) announced it will provide fire insurance for more than 132,000 public school buildings under the Department of Education (DepEd) nationwide.

The total fire insurance for these public school buildings is worth P843.11 billion and will cover fire, lightning and natural catastrophes for a one-year period effective from

January 1, 2024, the state pension fund manager said through a statement.

The Bureau of the Treasury (BTr) helped put together the insurance coverage, marking a pivotal step in the nation’s focus on educational infrastructure security under the National Indemnity Insurance Program (NIIP), according to the GSIS. The NIIP, an initiative of the BTr, aims to provide adequate and

comprehensive insurance protection to critical government assets such as schools, hospitals, roads and bridges.

“With the rising frequency of natural calamities, protecting public school buildings becomes a priority of the government,” GSIS President and General Manager Jose Arnulfo A. Veloso was quoted in the statement as saying. “Our partnership with [the] DepEd is a step towards

ensuring financial resilience in support of its agenda.”

In addition to insuring DepEd’s school buildings, the GSIS has provided a 24/7 personal accident insurance coverage for all DepEd personnel, covering death and medical expenses.

“We are committed to look after the well-being of our DepEd members by providing them with strong insurance protection,” Veloso said.

Wall Street: Basel 3 ‘endgame’ will upend climate finance

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ALL Street’s biggest banks are warning that existing assumptions around much-needed green finance will no longer hold if the US goes ahead with stricter capital requirements.

The Basel 3 Endgame, as the planned rules have been dubbed, marks the final implementation stage in the US of regulations created after the financial crisis of 2008.

Banks will need to set aside more capital, which will make it costlier for them to provide finance. Proposed in July by a group of US authorities that includes the Federal Reserve, the rules will “fundamentally alter” how banks in the world’s biggest economy approach risk, EY says.

JPMorgan Chase & Co. estimates the plan would leave it facing a 25 percent capital bump, which would “for sure” affect its ability to allocate funds to green projects, according to Chief Operating Officer Daniel Pinto.

And Goldman Sachs Group Inc. Chief Executive Officer David Solomon says the bank’s capital requirements would “quadruple” for certain clean energy projects.

The upshot is that Wall Street will have to rethink existing climate financing structures, said John Greenwood, co-head of Americas structured finance at Goldman.

“Given all the things that commercial banks are facing in the context of Basel,” the financial structures of existing climate deals are starting to look a bit “antiquated,” Greenwood said in an interview. That’s particularly true of a climate-funding model known as blended finance, whereby deals are de-risked by the public sector in order to lure private capital.

Those enticements are now going to need to take banks’ extra capital costs into account, he said.

The eight biggest US banks currently have capital requirements ranging from $9 to $13 for every $100 in risk-weighted assets. Under the new rules, they would need to add

This March 11, 2023 photo, shows smoke billowing from stacks. Banks are jittery over the sourcing of green finance if Washington goes ahead with stricter capital requirements. CREDIT: Bloomberg News

roughly $2 more.

“With the incremental capital needed to fund the green transition, banks will look to work alongside other corners of private finance that perhaps aren’t subject to the same regulations,” Greenwood said.

“What we’re seeing now in terms of new investment in energy and infrastructure is really a need for how do we crowd in and support institutional investors, given the constraints that commercial banks have under Basel.”

It’s the latest reality check from a finance industry that spent much of the COP28 climate summit in Dubai reminding the world that it will only participate in the green transition if the returns are appealing. “You have to make a profit,” hedge fund billionaire Ray Dalio said at COP28.

And private capital can’t get involved if there isn’t “a commercial return,” Shriti Vadera, chair of Prudential Plc, said in Dubai.

According to Jeff Berman, New York-based partner and US financial services regulatory group lead at law firm Clifford Chance, Wall Street is now “looking at a trade-off

between the safety and soundness of the banking system, and the goals of climate policy.”

The clear message from bankers is that achieving a commercial return will be harder once capital requirements go up. That means a lot of finance is set to move away from banks and into the murkier realm of shadow banking, where risk levels aren’t monitored as closely, according to the industry.

“Policymakers should be concerned with a resulting shift away from regulated entities to less-regulated and less transparent markets and institutions,” JPMorgan CEO Jamie Dimon said in a Senate hearing earlier this month.

Goldman’s Solomon says financing will happen in corners of the market over which “regulators have far less visibility,” meaning risks could build up and “ultimately lead to financial shocks.”

Multilateral development banks agree that green finance models may need to be adjusted because of the regulatory environment.

Odile Renaud-Basso, president of the European Bank for Reconstruc-

tion and Development, said Basel 3 presents “a good excuse” for global banks to back away from climate finance. “But there are maybe some elements that we need to look into because emerging market risk is seen as variable and the approach isn’t very conducive for placement,” she said.

Wall Street has spent the past months warning of the impact of stricter capital rules on everything from mortgages to small business loans. The United Nations climate summit was just the latest venue for bankers to spread their message.

In a research paper distributed at COP28, Citigroup Inc. said regulators should “consider the implications of structures such as Basel 3, which can inadvertently hinder investment into infrastructure projects and markets that could make a meaningful difference to climate and development finance.”

The Basel 3 rules make financing green infrastructure difficult for banks, Jay Collins, Citigroup’s vice chairman of corporate and investment banking, said in an interview.

That’s because it’s typically funded at the project level and tends to be long-term and illiquid, which is the kind of lending the Basel rules deter.

“As long as there is so much policy noise and regulatory fog, the multifold increase in climate investment won’t happen,” Collins said.

Hendrik du Toit, CEO of South Africa-based asset manager Ninety One, said his concern is that American and European financiers are already too risk-averse, and any additional hindrance will end up hitting the emerging markets most in need of climate finance.

“Western capital is too conservative,” he said during a panel discussion in Dubai. “It’s buying dollar cash, US dollar bonds, and it’s comfortable sitting at home. We have to change that. There are returns to be had” in emerging markets. Bloomberg News

B4 Monday, December 18, 2023

Explainer BusinessMirror

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Ukraine’s a step closer to joining the EU. Here’s what it means, and why it matters The Ukrainian and EU flags on the Government Ministry Building in Kiev, Ukraine. Wirestock | Dreamstime.com

By Angela Charlton

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request for expedited consideration upended the EU’s go-slow approach to adding new members and reversed years of “enlargement fatigue.”

Thursday’s decision also has an impact on other would-be members, who feel the EU is showing favoritism.

The Associated Press

RUSSELS—Ukraine got a green light Thursday to start sped-up talks on joining the European Union. That’s a big boost for warravaged Ukraine and a loud message to Vladimir Putin—but it could be years before the country actually becomes a member of the EU. Here’s a look at what Thursday’s decision means, and why joining the EU is especially important, and especially hard, for Ukraine.

What is the eu and how do you join?

The European Union was born after World War II as a trading bloc with a bold ambition: to prevent another war between Germany and France. The six founding members were Belgium, France, Germany, Italy, the Netherlands and Luxembourg.

Since then, the EU has steadily expanded to contain 27 democratic nations, many from the former communist bloc in Eastern Europe, inspired by the idea that economic and political integration among nations is the best way to promote prosperity and peace.

This notably led to the creation of the shared euro currency in 1999, the continent’s open borders, and trailblazing rules to re-

duce carbon emissions and regulate tech giants.

To join the EU, candidate countries must go through a lengthy process to align their laws and standards with those of the bloc and show that their institutions and economies meet democratic norms. Launching accession talks requires approval by consensus from the current member nations.

Why joining is important to Ukraine

Ukraine is one of several countries that have long wanted to join the EU, seeing it as a path to wealth and stability. While the EU is not a military alliance like NATO, membership in the bloc is seen by some as a rampart against Russian influence.

Ukraine officially applied for EU accession less than a week after Russia invaded in February 2022.

Its capital, Kyiv, faced the threat of capture, and President Volodymyr

Who are the other candidates?

From left, European Commission President Ursula von der Leyen, Ukraine’s President Volodymyr Zelenskyy and European Council President Charles Michel walk together during an EU summit in Brussels on February 9, 2023. The European Union decided Thursday, December 14, 2023, to open accession negotiations with Ukraine, a stunning reversal for a country at war that had struggled to find the necessary backing for its membership aspirations and long faced opposition from Hungarian Prime Minister Viktor Orban. AP/Virginia Mayo

Zelenskyy’s government faced the threat of collapse.

The start of membership talks less than two years later is only one step in a long journey. But it sends a strong signal of solidarity with Ukraine just as U.S. support for Ukraine’s military is faltering and a Ukrainian counteroffensive is stalled—and as Putin appears increasingly emboldened.

And it offers a ray of hope for Ukraine even as EU members failed Thursday to agree on a more immediate boost in the form of 50 billion euros ($55 billion) in aid to keep the Ukrainian economy afloat.

Why Ukraine’s membership journey is rocky

EU officials had said talks couldn’t officially begin until Ukraine addresses multiple issues including corruption, lobbying concerns and restrictions that might prevent national minorities from studying and reading in their own language.

While EU officials say Ukraine has made progress on these issues in recent months, it still has a long way to go.

Every EU country has gradually agreed to support Ukraine’s bid— except Hungary’s Prime Minister Viktor Orban, Putin’s greatest ally within the EU. Orban maintains

that Ukraine isn’t ready to even start talking about EU membership. In a surprise move, Orban stepped aside Thursday and abstained from the vote to allow Ukraine’s membership talks to begin.

It is just a beginning, and many steps remain.

Debt crises, waves of migration and Brexit had all contributed to the bloc’s skittishness toward expanding its ranks in recent years.

So, too, did the growth of Euroskeptic political forces in many member countries.

But the urgency created by Russia's invasion and Ukraine’s

Turkey applied for membership in 1987, received candidate status in 1999, and had to wait until 2005 to start talks for actual entry. Only one of more than 30 negotiating “chapters” has been completed in the years since, and the whole process is at a standstill as a result of various disputes.

Several countries in the Balkans, meanwhile, have become discouraged by the bloc’s failure to live up to its lofty membership promises.

North Macedonia submitted its entry bid in 2004. Even after subsequently changing its name to settle a longstanding dispute with EU member Greece, the country is still waiting for membership talks to begin because Bulgaria threw up a hurdle related to ethnicity and language.

Bosnia remains plagued by ethnic divisions that make reform an almost impossible challenge.

The commission said last month that it should only start membership talks after more progress is made. It expressed concern about the justice system and other rights failures in the Bosnian Serb part of the country.

Serbia and Kosovo refuse to normalize their relations and stand last in the EU’s line.

Style

BusinessMirror

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Editor: Gerard S. Ramos • Monday, December 18, 2023

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The beauty of self-care and self-love ‘B A CHRISTMAS OF CHERRIES AND PEARS

POSITIVE change starts with a gift. And this Christmas, bring inspiration to your loved ones with The Body Shop’s Limited Edition Cherries & Cheer and Pears & Share collections.

Cherries & Cheer brings love with the joyfully, sweet, fruity fragrance of cherry, almond milk, and vanilla. The body butter leaves skin feeling softer and smoother with a non-greasy formula made with 96 percent natural origin ingredients, as well as Community Fair Trade shea butter from Ghana and sesame seed oil from Nicaragua.

Leave skin feeling cleansed and refreshed with the luscious lather of the shower gel. Glow with the nourishing and comforting body and massage oil, which is enriched with Community Fair Trade organic olive oil from Italy. Soften and protect the skin with the rich, non-greasy hand balm with its 96hour moisture to soften and protect the skin.

The Pears & Share collection, on the other hand, brings joy to the festive season with the sweet and uplifting scent of pear, sloe berries, and peony.

The fast-absorbing lightweight body yogurt instantly hydrates dry skin with 24-hour moisture to leave it smooth; while the shower gel will leave skin feeling cleansed, refreshed, and singing with the sweet and uplifting scent of pear, sloe berries, and peony.

A scoop of the body butter leaves skin feeling softer and smoother, and singing with a sweet uplifting scent. Gently buff lips with the exfoliating sugar lip scrub to leave them feeling smoother and nourished with moisture.

The Body Shop’s Limited Edition Cherries & Cheer and Pears & Share collections are available at Body Shop stores and online at www.thebodyshop.com.ph.

EAUTY allows us to find solace in these most challenging times. But it cannot be fully defined through only the senses.

It’s more than just looking good from the outside. It blossoms from the soul. It is a state of serene emotion.”

This philosophy encapsulates what Christine May Daguno-Canoy believes her new business undertaking, Beauty Re/store, is all about.

“Beauty Re/store came out from countless names we gathered as a team. I was in Seoul and desperate to register a brand name because most names we considered were taken. I actually prayed about it and had to ask myself what our purpose really was in starting this business,” explains Daguno-Canoy, the CEO of Neo Golden Towers Trading, the mother company of Beauty Re/store.

The word “Restore” came out. The business is envisioned to empower individuals and help them not just physically by looking their best with the products the brand offers but also create a community focused on self-care and self-love to restore inner beauty.

“Since we are not merely launching a brand but also a store which will handle multiple K-beauty brands and eventually our very own products formulated in South Korea, I tried to play with the word Restore to also emphasize the word ‘store.’ Thus, the name Beauty Re/store,” adds Daguno-Canoy.

A towering and ageless beauty herself, DagunoCanoy is not just a fledgling skincare guru but a certified fashionista, having produced shows in New York for designers Albert Andrada, Barge Ramos and Cherry Veric.

Here, she dives skin-deep into her new venture that will captivate the Filipino market: n KOREAN MYSTIQUE. “IT started with me loving K-drama and K-pop and admiring Korean skin that got me curious with the brands and products Korean celebrities use. I started using serums and creams, the ones endorsed by my favorite Korean stars. Then I tried the best sunscreen that I really loved because I finally found one that’s free from the white cast common to locally available sunscreen products. I eventually realized that everything in my skincare routine is a K-beauty product.” n BEAUTIFUL PARTNERSHIP. “Mikaela Martinez was the first person I consulted when I considered starting a skincare brand. She’s my go-to person when it comes to beauty and fashion obviously because of who she is—a fashion and beauty influencer who also happens to be my good friend and

a former business partner in Luxe Magazine, a fashion and lifestyle magazine we launched in 2009.

“I am in charge of dealing with our Korean partner GP Club—one of the largest skincare and cosmetic companies in Seoul, South Korea. I am also leading the team that works closely with our local distributors.” n ENTICING SELECTIONS. “Beauty Re/store is committed to delivering premium Korean beauty products that are affordable. Thus, we are targeting the B to C markets, both male and female, from teenagers to those who are already conscious about wrinkles and fine lines in their 50s or older who are searching for high quality but affordable products.

“We carefully selected the products to make sure everything is perfect for our climate. We have a line of products with B5 Hyaluronic Acid as its main ingredient. Between the soothing nature of vitamin B5 and the powerful water-retaining properties of Hyaluronic Acid, this combination of compounds is perfect for reducing inflammation, redness, and breakouts, while defending against signs of aging.

“We are now available in selected All Green

stores under Vista Malls and we have also launched our Tiktok shop. Our local distributors are also in the process of preparing their branches in Manila, Quezon City, Pasay City, Northern Luzon, Region 3, Cavite, Cebu and Davao. All of them are also encouraged to take advantage of social media in marketing the products and thus encourage them to also have their respective Tiktok shops.” n A CLUB THAT CARES. “Beauty Re/store as a Personal Care Club is committed to nurturing beauty through personal growth by engaging our resellers and distributors in a community that will help empower them not just in doing the business by selling our products, but also helping them become better versions of themselves via seminars and pocket events that will provide trainings, counseling and similar events that aim to address mental, emotional as well as the spiritual needs of our members.

“We passionately believe in embracing true beauty that is within each of us. It is not just wanting to look good to keep up with the world’s standards of beauty.

We believe it is so much better when approached from a place of self-love and self-care.” n

Jeweler collaborates with vlogger for jewelry collection like that jewelry Kevin gave me. That’s why this collection is special. It was inspired by our love for each other.”

The collection also signifies love for family, as “Jenela in Japan” was supposed to be just an online diary of the vlogger’s life as an OFW in Japan but her videos became viral, to her surprise, because Facebook and TikTok users could relate to and empathize with her content.

For more information about the Amara Shia Jenela Collection, visit www.amarashiajewelry.com.

I RECENTLY attended a jewelry event and had this feeling that the new brand ambassador was someone I knew. It wasn’t until the question-and-answer portion that I realized I did but only from TikTok. Jenela is “Jenela in Japan,” a healthcare worker whose daily life vlogs in Japan became viral, thanks to her soothing voice. I only realized it was her when she said “good morning” in her unique tone.

“I met Jenela online when she wanted to have some jewelry custom-made. My husband and I personally met her in Japan and that’s when I realized she would make the perfect ambassador for Amara Shia,” said Shina Aquino, who is the CEO of Amara Shia Jewelry.

Aquino felt an instant connection with Jenela because they both love jewelry and see their pieces both as an investment and things to wear, love and cherish.

“When I had some pieces custom-made with Amara Shia, I was amazed at the quality of their workmanship. The price was so reasonable that I genuinely felt I should be paying more for them,” said Jenela.

The vlogger said she really loves jewelry and has

GIFT IDEAS FROM SUNNIES STUDIOS

special memories connected to it.

“When I was younger, my mother would sometimes use gold jewelry to pay for things that we needed, like school stuff, food, or bills. I knew then that jewelry wasn’t only beautiful but also valuable.”

The Amara Shia Jenela Collection is a set of dainty, classic and timeless pieces made from white 18k Hong Kong gold and diamonds. The collection incudes

heart-shaped earrings with a matching necklace and ring. Jenela shared that the design was inspired by the first piece of jewelry that her husband gave her.

“Since we were still struggling financially at the time, what Kevin bought me was not made of real gold. I still treasure it just the same. So when designing my first collection for Amara Shia, I thought it would be a good idea to make something

SUNNIES Studios has stuff that would make good gifts and stocking stuffers for the holidays.

I recently visited Sunnies Studios’ branch in SM Megamall to pick up gifts for my family and friends.

I got a lot of their colorful pouches, which I think are limited-edition. Aside from that, I also have a couple of their Duo Sac. Pouches for eyeglasses may sound boring but if you’re someone who wears glasses and needs sunnies for the outdoors, you’ll understand why these would make practical gifts.

Another good gift idea is the Anti Rad Eyewear (prices at P636), which are designed to provide blue light protection for your daily screen time. This eyewear comes in different styles and now has photochromic lenses that darken under the sun.

I also love Sunnies Studios’ Readers, their readymade reading glasses made from with scratchresistant lenses that give you clear vision at close range. These are available in various lens powers from +1.00 to +3.00 diopters. The Readers collection is made up of ready-made frames that are responsiblymade with recycled polyester.

THESE colorful pouches from Sunnies Studios would make great gifts (left). Jenela is the new brand ambassador of Amara Shia Jewelry.

PHOTOS FROM AMARA SHIA JEWELRY AND DINNA CHAN VASQUEZ

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Monday, December 18, 2023

www.businessmirror.com.ph

ASIAN YOUNG LEADER AWARDEE

SHOPEE LIVE HITS 50X UPLIFT IN HOLIDAY ORDERS DURING SUCCESSFUL 12.12 MEGA PAMASKO SALE

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HOPEE, the leading e-commerce platform in the country, joined the country’s holiday shopping season with an outstanding 50x uplift in orders on Shopee Live, an interactive live-streaming feature in Shopee during its 12.12 Mega Pamasko Sale. With the gifting season in full swing, the first two minutes of the highly anticipated sale resulted in a whopping 12 million items sold on Shopee Live across markets.

The local holiday celebrations wouldn’t be complete without the cherished tradition of “monito-monita” or the surprise exchange of gifts, which usually stretches for days. With the need to purchase gifts frequently and the holiday rush at its peak, shoppers have gone live-stream shopping to complete their lists. This gave Shopee Live 46x more new buyers

locally and buyers collectively saved a massive P509 million with bigger savings brought in partnership with brands and sellers.

As the year draws to a close, Filipinos also look forward to year-end bonuses, which typically signal the opportunity to acquire major purchases, buy gifts for their loved ones, or reward themselves after a full year’s work. True enough, Home and Living items emerged as the top best-selling category, followed by Women’s Apparel and Mobile Accessories.

The holidays are also a good excuse for some retail therapy. Be it for looking their best during holiday parties, refreshing their wardrobe, or starting on an early resolution to stick to a skincare routine, Filipinos took this to heart as both the Fashion, and Health and Beauty categories saw a five times uplift

in orders. Crowd favorites Uni-Care, Maybelline, and Issy & Co. were seen as the topperforming brands with the highest number of orders platform-wide, while o.two.o.ph, Uni-Care, and Lovito.ph gained the highest number of orders on Shopee Live.

With all the shopping, Filipinos remain frugal and make good use of their money by stocking up on top-selling essentials such as face masks, organic baby wipes, and 3-in-1 twin coffee packs.

“Shopping on the platform has become part of the Filipinos’ purchasing behavior, especially during key celebrations. The holiday season is an integral part of the Filipino culture, and we are happy to be part of this special tradition of giving,” said Vincent Lee, Head of Shopee Philippines. “This is why we continue to find ways to provide both our buyers and sellers a more entertaining and rewarding shopping experience—and the great success achieved by Shopee Live during the 12.12 Mega Pamasko Sale is a testament to one of the many ways we continue to innovate.”

In addition, a whopping 2.3 million entries poured into the 12.12 Shopee Live Milyonaryo, where lucky winners can potentially walk away with up to one million pesos. “Beyond being a platform for shopping and entertainment, we also aim to become a transformative force in the lives of Filipinos, and the holiday season is one of the best times to gift the community with a life-changing opportunity,” Lee added.

The 12.12 Mega Pamasko Sale was extended until December 15, 2023.

Festivities, treats await guests at Seda BGC this magical holiday season

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X PE R I E NC E a n e x t r a o rd i n a r y Christmas at Seda BGC! The hotel ushered in the holiday season with a Christmas tree lighting ceremony that unveiled an exquisite giant potted tree symbolizing prosperity, growth and unbridled cheer. Honoring traditions with a contemporary twist, the hotel presents delightful ways of celebrating the Season to give you extraordinary memories you will treasure for always.

Sweeten up the holiday table with the hotel’s signature Artisanal HoneyGlazed Ham boasting of a juicy, meaty interior and crunchy, sweet crust glazed with honey. The chef ’s own recipe, the ham is minimally-processed and free of harmful chemicals. Perfect for family dinners, parties or gift-giving at Php1,700 net.

Seda BGC also offers gift hampers, a grazing box, a range of cakes and saccharine treats that make delectable presents or for personal indulgence. Available at the lobby Christmas shop.

For reunions or get-togethers in your own private venue, consider an extraordinary six-course dinner at Misto Café for rates starting at only P4,500 net per person for a minimum group of 20 persons.

Wine pairing is an option, for an additional Php1,500.

A roof deck celebration is also avail-

EasyLife’s New Massager Collection: Your Gateway to Ultimate Relaxation

December 25, 2023 Lunch buffet P3,000 net December 31, 2023 New Year’s Eve Dinner buffet P4,500 January 1, 2024 Lunch buffet P3,000 net

HOLIDAY goodies at Seda BGC may be purchased at the lobby shop. able! Al fresco” and indoor areas, plus a private room offer f lexibility and convenience with this VIP Cocktail Party Package that promises an enchanted evening with filling cocktail fare and beverages amid a stunning view of the urban skyline. Package is good for up to 50 persons at only P150,000, consumable for food and beverages.

Or enjoy a full buffet with beverages in Misto!

December 24, 2023 Lunch Buffet P3500 net December 24, 2023 Dinner Buffet P4,500 net

The Bellevue Manila Unveils Latest Culinary Marvel: Johnny’s Steak and Grill at Cellar XXII

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HE Bellevue Manila, a five-star Filipino hospitality brand and known also for its culinary excellence, is proud to announce the newest addition to its distinguished lineup of dining outlets: Johnny’s Steak and Grill at Cellar XXII. Johnny’s Steak and Grill promises an unparalleled gastronomic experience, combining the mastery of a classic steakhouse with a contemporary flair.

Nestled within the chic ambiance of Cellar XXII, this new venture is set to captivate the palates of discerning diners.

Johnny’s Steak and Grill at Cellar XXII opened its doors to the public on December 16, 2023 and invites guests to embark on a culinary journey every Monday to Saturday from 5 pm to 11 pm.

The ambiance, a perfect blend of sophistication and warmth, sets the stage for an exceptional dining experience, suited for those seeking a refined and upscale atmosphere. “The culinary offerings at Johnny’s Steak and Grill extend beyond steaks,”shared Arthur Cayanan, Director of Food & Beverages of The Bellevue Manila. “In addition to our prime steak selections, guests can indulge in a diverse menu

Securities and Exchange Comission Commissioner Kelvin Lester King Lee was recently awarded as “Asia’s Most Admirable Young Leader” by the international Asia Corporate Excellence and Sustainability Awards (ACES) in Malaysia. The ACES awards are given to organizations and individuals who have demonstrated outstanding achievements in leadership, innovation, and in promoting ESG (environmental, social, governance) and sustainability practices. Lee, who is the Supervising Commissioner of the Markets and Securities Regulation Department (MSRD) and the Information & Communications Technology Department (ICTD) of the SEC, was also awarded this year the “Asia’s Digital Leader” prize at the inaugural SPARK Digital Leaders Award. The SPARK prize is given to business leaders, tech leaders, and tech solutions providers for exceptional achievements and contributions to the digital transformation landscape of Southeast Asia. Lee was also recognized this year as one of the “Top 100 Filipinos on LinkedIn.” Lee is one of the foremost proponents and experts in fintech in the Philippines and Southeast Asia has spoken numerous times as a resource person and panelist in conferences in the country, the Asian Region, and Europe as well.

featuring enticing options such as rack of lamb, flavorful soups, and delectable desserts.”

Johnny’s Steak & Grill made its debut on the dynamic culinary scene of Quezon City in late June 2016, finding its home within the modern ambiance of B Hotel. Situated strategically on the serene end of Scout Rallos, this steakhouse entered the bustling Tomas Morato area, adding to the burgeoning trend of steakhouses in Metro Manila.

“Named after my father, Johnny Chan, the Chairman of Bellevue Hotels & Resorts, the restaurant is a tangible expression of the owners’ deep affection for steak. Its mission is to deliver a distinctive and

Seda BGC is also offering dinner specials at Straight Up rooftop bar with its unbeatable view of the urban skyline: December 24, 2023 Set Dinner - P7,500 net with plated main course meat or seafood and buffet of soup, salad, appetizer and dessert December 31, 2023 New year’s Eve Dinner Buffet and Countdown Party P9,800 with unlimited select beverages, guest band Inquiries and reser vations can be made through: Holiday Ham, Christmas Goodies and Misto-(0917) 702 4762 or dining.bgc@ sedahotels.com Straight Up rooftop bar-(0917)866 3860 or dining.bgc@sedahotels.com Seda BGC Trunk lines are 7945 8888 and 8588 5700. Seda BGC is located at 30th Street cor. 11th Avenue, Bonifacio Global City, Taguig, Metro Manila.

memoreable dining experience to the community,” shared Patrick Chan, Managing Director of The Bellevue Manila.

Following its triumphant journey in the North, Johnny’s Steak and Grill extended its reach to B Hotel Alabang last June of this year, aiming to satisfy the palates of steak enthusiasts in the South. Capitalizing on its expanding market, The Bellevue Manila recognized an opportunity to enhance the steak experience, introducing a refined dining concept.

Johnny’s Steak & Grill at Cellar XXII, nestled on the 22nd Floor of the Tower Wing, elevates the culinary journey amid a beautiful and sophisticated ambiance.

Mavic Recio, General Manager of The Bellevue Manila, expressed, “This exclusive steakhouse-within-a-bar concept represents a noteworthy expansion of The Bellevue Manila’s culinary repertoire, ensuring an unmatched dining experience for aficionados of premium steaks within an elegantly refined setting.”

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I

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Marketing BusinessMirror

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Monday, December 18, 2023 B7

A Word of Thanks for my 40-year journey in the PR industry A

S t he yea r 2023 comes to an end, I look back at my 40-year journey as a public relations professional and feel immense gratitude for my time well spent in the PR, advertising, marketing, and communications industry. It’s been a richly rewarding career path that—to this day—continues to impart priceless lessons that I now take pride and pleasure in sharing with you.

When I first started the agency in 1983, I never imagined that it would grow and expand into a dynamic and noteworthy player in the Philippine PR and comms industry. In fact, I could hardly call it an agency. Our office address was literally wherever my Volkswagen Beetle would go in the course of a workday. My former student turned first PR assistant Joseph Pastrana would type our press releases on a manual typewriter right inside the tiny confines of the Beetle and then photocopy these for distribution to all the publications. I would drive the car and Joseph would get off at every media office and head for the editors’ desks.

There were no computers yet, no mobile devices, and no internet to see us through relentless deadlines. However, we had the smarts to know that sincerity, enthusiasm, and a tremendous amount of goodwill would help us get those press releases accommodated.

Thankfully, our efforts produced very good results so our clientele grew by the year. And today, after 40 years of that long and winding road, we have earned “bragging rights” for a full service agency now called Buensalido Public Relations and Communications. Joseph has moved to New York City where he happily works with a PR firm and is a published author, as well.

And the Beetle? It’s been retired and the company stands proud at its prestigious Makati CBD address as we work with clients we love and who love us back.

I have written an article entitled “Ten Simple Lessons on How to Build a Career in PR,” which is part of IPRA’s first published book “PR Matters—A Communicator’s guide to the Dynamic World of Public Relations” (still available upon order). But now that I have gained vast experience since I wrote it 10 years ago, let me add three more lessons here: Lesson 11. Build and nurture relationships not only with individuals you like or who like you but also with those who challenge you or often question your point of view. You might be surprised that there is something to be learned from other people’s perspectives and that you could eventually become allies when you prove that you can outthink or outdo them. Be open minded and patient. It takes a lot of effort but it can be done.

Joy Buensalido (center) is proud of the young, hardworking and dynamic team of Buensalido PR and Communications who are shown above at their recent 40th year milestone celebration.

Our two Buensalido “artists” Jv Ramos and Guia Santiago with two of their artworks

Lesson 12. Never burn your bridges. If you cannot stand working with a toxic boss, client, or colleague or even when work has ceased being meaningful to you, make a clean break. Never leave your work in disarray and complete all pending tasks. Your personal and professional reputation has a way of circulating in the industry you move in. You’re more likely to encounter the same people or run into them at some future point so it’s best not to leave with unresolved issues. A graceful exit will give you more strength and power to move forward. And it will be lighter on your psyche.

Lesson 13. The last and most important lesson is a highly personal one that I want to share with everyone: PRAY. Prayers work for me and have sustained me not only in the last 40 years but as far back as I can remember. I believe prayers will work for anyone who believes and has faith in God or whatever Higher Power or Being they choose to trust in. Prayers also allow you to reflect, to meditate, and most of all, to be grateful for whatever blessings or graces you are given. When going through a rough patch at work, prayers ease your stress and remove roadblocks to your plans. After you’ve done your best, entrust everything to the Almighty Father who is sovereign and know that things will fall into place.

These are the three additional lessons I have learned to live by and I certainly hope it can work not only for PR practitioners but for everyone whatever their careers are.

I am proud of the hard work that we’ve done as an agency, and this shows in the strong ties that we’ve fostered and nurtured with our longstanding clients. We especially appreciate those who have trusted us with their brands for

Some of the books published

by Buensalido PR and Communications. For those interested to get a copy, you may send a message via Viber 0920 9542980 or email at books@buensalido.com.ph

Our 40th year anniversary calendar for 2024

more than a decade, and to our media friends who have shown respect for what we do and who regard us as a vital source of news, information, and creative ideas.

I thank all of our past and present clients, all the suppliers we have worked with, and especially the editors and writers who have been a part of Buensalido PR’s journey.

Our gratitude also goes to the people in our agency. I am proud to say that for the past four decades, I have worked with a close-knit group of creative, strategic, and hardworking individuals plus a dedicated support staff who do their jobs tirelessly behind the scenes.

Allow me to acknowledge my entire team’s names here and grant them well-deserved credits in this column: Guia Santiago, Monique Buensalido, Javelyn “Jv” Ramos, Marion Manigbas, Trisha Macas, Nickolo Domingo, Mark Razo, Pancho Dizon, Cristina Allarey, Honey Muta, Andy Adriano, Marivic Inaudito, Jolan Lumawig, Clifford Go, Cris Sajelan, Amby Mallorca and Nonoy Bispe. Some of them have been with me for 15 to 25 years of my whole life. That, for me, is like forever!

T ha n k s to t he Buensa l ido team’s infectious energy and drive, 40 years on, we’re still looking forward to being better, to flourish, improve, and keep pace with the times.

At our simple anniversary event which we held at the Shangri-La Plaza in October, we highlighted

the amazing creations of two of our senior team members with an art exhibit entitled, Peering Through a Keyhole: Worlds Behind the Printed Word.

Let me highlight that: Worlds Behind the Printed Word.

I’d like to say that aside from providing excellent work for our clients, we also strive to encourage, inspire, and nurture our own creative pursuits, interests and passions. And that is the reason we focused on them in our exhibit for our 40th year.

The two-day showcase marked the public debut of our very own artists Guia Santiago and Jv Ramos. I’ve always been inspired by these two remarkable communicators and creative talents. Since 2021, the duo has been lending their beautiful artwork to our annual Buensalido PR calendar which we’ve been producing for the past two years.

The essence of this exhibit captures ideas that Guia and Jv both love—primarily, the magic of stories from books and poetry and other forms of literature, which have also become a well of inspiration for the work that we do at Buensalido PR. As PR practitioners and communicators, the written word is very much part and parcel of our work.

It seemed like a natural progression for us to further get into publishing.

I have written about previous titles I have personally published and I have helped our IPRA Philippines group, as well, in publishing our recent book “PR Matters.”

Personally, publishing is something that I have always been passionate about. Book publishing is just one of the manifestations of our love for literature. Apart from leaving a legacy for future generations, it is another way for us to continue telling stories and helping people articulate their passions.

Finally, I would also like to thank Marita Nuque who was our editor for the book ”PR Matters”; BusinessMirror’s editor Chuchay Fernandez for her constant encouragement and support for this column; Millie Dizon who initiated and continues to sustain this group effort; and of course to all our IPRA Philippines members past and present.

Let us all look forward to 2024 with much hope, love, happiness and optimism.

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premiere association for senior communications professionals around the world. Joy Lumawig-Buensalido is the President and CEO of Buensalido PR and Communications. She was past Chairman of the IPRA Philippine chapter for two terms.

PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@ gmail.com.

Sports

RED LIONS CHAMPIONS S

AN BEDA University beat Mapua, 76-66, to work its way to the National Collegiate Athletic Association Season 99 crown before a mammoth crowd at the Smart Araneta Coliseum on Sunday night.

The conquest ended five years of title drought for the Mendiola-based Red Lions, who’re back to their NCAA history-making ways while frustrating the Cardinals’ bid to end 32 long years for another title.

It wasn’t Lion King Jacob Cortez who delivered the biggest of blows this time in Game 3, but Yuki Andrada who had 20 points—nine he made in a decisive fourth quarter breakaway.

Andrada’s five triples in that breakaway virtually sealed the deal for the Red Lions—who reigned supreme in 2018—who now own a league record 23 championships, three more than the Letran Knights.

The coronation was witnessed by 23,077 fans, including the Red Lions’ top patron Manny V. Pangilinan.

Andrada’s impact in Game 3, however, wasn’t enough for him to snatch finals MVP honors, which went to James Payosing, the unassuming forward from Surigao del Sur who was lethal from behind the scene doing most

B8 | M

onday, December 18, 2023 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

of the dirty work and heavy lifting.

He didn’t even expect to hoist the trophy.

“It’s so unexpected,” said Payosing, who had 11 points, 14 rebounds and two steals in the biggest game of the season. “Pay day, all hard work by the entire team. But for me, to win? I’ll do everyting I could.”

Cortez, the 21-year-old son of former Philippine Basketball Association player and De La Salle star Mike, was as effective although as a silent operator.

He did as he took the burden of carrying the brunt of drawing most of Mapua’s defense and had to sit out long stretch after succumbing to cramps.

He wound up with eight points, eight assists and three rebounds and missed winning his first individual award.

Without Cortez’s 21-point effort in a Game 2, 71-65, last week at the Mall of Asia Arena, San Beda would have been already sulked.

He carried San Beda on his back.

“My players are really that good,” San Beda coach Yuri Escueta said. “When we were struggling in the second round, they’re the ones who wanted to go to the other round and they told me they want to go this way and this our round.”

Meneses, Cool Masters display grit, passion in winning All-Filipino crown

C

REAMLINE swept its way to the Premier Volleyball League (PVL) All-Filipino crown at the expense of sister team Choco Mucho before a record crowd at the Smart Araneta Coliseum on Saturday night.

An early Christmas gift for the country’s most decorated women’s professional club that has evolved from a star-studded team with a deep bench to one squad where stepping up when most necessary has become a norm.

“Last conference, we were a deep team, now every players stepped up when needed most,” said coach Sherwin Meneses after Creamline’s 22-25, 25-20, 29-27, 24-26, 15-12 victory in Game 2 before a Philippine volleyball record of 24,459 fans.

Making the title conquest sweeter was the Cool Smashers’ 15-game sweep of the conference.

“This is the happiest interview that I’ll be making,” Meneses told reporters. “We’re champions with no injuries on the players, now it’s time to rest.”

Meneses, a master of motivation, thanked Rebisco family for believing in their potential and

BusinessMirror

credited the team’s depth and resilience for their success.

Meneses lost top setter Jia de Guzman and middle Ced Domingo after the invitational but got Bernadette Pons, Mafe Buenafe and Bea Bonafe, who all responded to the call.

“The players really wanted to win…during training, they’re very competitive,” he said.

Meneses, however said the nervewracking fifth set where they trailed by three points got them on their toes.

THE Red Lions now own the most championships with 23 trophies in the league. COURTESY RUDY ESPERAS THE Cool Smashers celebrate their second all-Filipino crown and seventh title overall in the league.

“But we’re glad we’re here after going through a lot,” added Carlos, who praised her teammates Jema Galanza, Alyssa Valdez, Pangs Panaga, Bernadette Pons, Risa Sato, Michele Gumabao, Lorie Bernardo, Kyla Atienza, Ella de Jesus and Mafe Galanza.

The All-Filipino crown was Creamline’s second in an all-Filipino conference and seventh overall since it joined the league organized by Sports Vision in 2017.

KAREEM ABDUL-JABBAR is undergoing surgery. AP

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OS ANGELES—Kareem AbdulJabbar was undergoing surgery for a broken hip Saturday after falling at a concert in Los Angeles.

The National Basketball Association (NBA) Hall of Famer was attending a show Friday night when he was injured.

Paramedics at the undisclosed venue responded and the 76-year-old was taken to Ronald Reagan UCLA

Losing that Mojo I WAS wondering…for years, Kamaru Usman was the top dog of the UFC’s welterweight division—he destroyed one challenger after another and had a long reign as the division’s champion.

‘Salubong’ for PacMan

Former Senator Manny Pacquiao gets a “salubong” birthday treat from his wife Jinkee, relatives and close friends at the stroke of midnight Sunday in his General Santos City residence.

PHOTO COURTESY OF WENDELL ALINEA

“Five sets, it’s anybody’s game,” he said. “We may be lucky at times, no one knows how set five would result to.”

Finals MVP Tots Carlos emphasized their mental preparation helped them a lot.

“It’s all about mindset,” said Carlos, who had 16 points in Game 1 and 26 in Game 2 where the crowd attendance beat the previous record of 22,84 fans who watched the University Athletic Association of the Philippines Season 78 finals in 2016.

Abdul-Jabbar breaks hip at LA concert Medical Center.

His business partner, Deborah Morales, declined to provide a further update Saturday and referred only to a statement posted on Abdul-Jabbar’s social media.

“We are all deeply appreciative of all the support for Kareem,” it said.

Abdul-Jabbar was a key player on the Los Angeles Lakers’ teams during their “Showtime” era in the 1980s, leading them to five NBA championships. He was a six-time NBA MVP. The 7-foot-2 center was the NBA’s career-scoring leader until being passed by current Laker LeBron James in February. Abdul-Jabbar owned the mark for 39 years.

He starred at UCLA, when he was known as Lew Alcindor and was a three-time national player of the year under coach John Wooden.

Abdul-Jabbar disclosed in 2020 that he had prostate cancer. In 2009, he said he had been diagnosed the previous year with chronic myeloid leukemia, a blood cancer.

PNG-Batang Pinoy nationals unwrap

MP Promotions tabs unbeaten Ifugao pride

CARL JAMMES MARTIN (left) with Sean Gibbons.

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FUGAO pride Carl Jammes Martin signed with the Manny Pacquiao’s MP Promotions, Premier Boxing Champions (PBC) of Al Haymon and TGB Promotions to bolster his young and unbeaten professional career starting next year.

“Welcome to the Promotions,” Manny Pacquiao told Martin who will be fighting on Monday against Thailand’s Chaiwat Butkrathok for the vacant World Boxing

But after that loss to Leon Edwards, it was all downhill.

Granted he has lost back-to-back matches—and both against Edwards—but he isn’t the same.

If you want something longer, how about Lewis Hamilton’s long reign as Formula 1 Driver of the Year.

Seven straight years. However, after that controversial final race three years ago where he lost to Max Verstappen, he has yet to win a race. And Mercedes has not been the same.

When the Golden State Warriors ruled the National Basketball Association (NBA), I thought that they could win six, seven NBA titles. But even with their Big Three of Steph Curry, Klay Thompson and Draymond Green, they are not the same team. Granted they have been injured at one point or another, and they have lost key teammates in that glorious run, that fear in the faces of opponents is gone.

They are now beatable.

What gives?

Yes, no one stays on top forever. But how quick is that fall when they no longer resemble the athlete they were?

Does success get to their heads where they do not work

Organization global super bantamweight title at the Elorde Sports Complex in Parañaque City.

“We are so happy and proud to announce the signing of Carl Jammes Martin to the MP Promotions,” said the former senator and eight-division world champion who celebrated his 45th birthday in General Santos City on Sunday.

“I’m honored,” said the 24-year-old Martin, who now has as stablemates Marlon Tapales, Mark Magsayo, Jerwin Ancajas, Vincent Astrolobio, Eumir Felix Marcial and Reymart Gaballo.

“This newest chapter in my career will truly boost my goal of becoming a world champion,” Martin added.

Undefeated in 22 fights he highlighted with 17 knockouts, Martin is fighting under the guidance of his father Abel Martin.

“Carl Jammes Martin has everything to offer from his good looks up to his extraordinary boxing skills,” MP Promotions President Sean Gibbons said. “We believe he will go far.”

Gibbons said Martin is bound for the US early next year to intensify his goal of becoming the best 122-pounder.

“He is going to be the next big thing in professional boxing,” Gibbons said. “He is a world champion material.”

Josef Ramos

as hard? The hunger is not there anymore?

It’s mental and it’s the attitude for sure because the skills are still there.

In contrast, I noticed that teams that win, lose, then win again, then lose, stay in it because of a different type of hunger.

Take for example the San Antonio Spurs who used to win the NBA title every other year. And stayed very good even when they were not in title form.

I guess that is why football teams reload every other year. While there is a core, I would always wonder why they keep spending lavish sums on transfers. That is because they keep tinkering to stay on top.

There is that window of opportunity that isn’t open for so long then the worm turns.

Speaking of the worm turning, when Leon Edwards fought Kamaru Usman the first time, Usman was winning until an opening appeared and Edwards took advantage of it and won.

Prior to that, you could hear the concern from his coaches, the look of disappointment in Edwards’ face.

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By Josef Ramos

HE Philippine National Games (PNG)-Batang Pinoy 2023 nationals kicked off in a glitzy atmosphere on Sunday afternoon at the Ninoy Aquino Stadium with at last 18,000 athletes in 24 sports seeing action starting Monday in dozens of venues in Metro Manila, Santa Rosa and Tagaytay City.

The stars of Philippine sports were present to provide inspiration to the Batang Pinoy athletes aged 17 and younger and the participants in the PNG who’re 18 and older and including members of the national teams.

Tokyo Olympics gold medalist Hidilyn Diaz-Naranjo and bronze medalist Eumir Felix Marcial, who’re rooted in both Philippine Sports Commission (PSC) flagship programs, were on hand for the occasion.

“Just believe in what you do, always listen and be confident in all times,” Marcial told BusinessMirror during the ceremony as he dabbled as co-host in a livestreaming program.

“Learn to believe and work hard.”

PSC chairman Richard Bachmann and Senator Christopher Lawrence “Bong” Go led the festivities that usher in the five-day competitions ending on Friday and featuring participation from 193 local government units.

“I stand before you with immense pride and excitement as we gather for the opening rites of the 2023 Batang Pinoy and Philippine National Games,” Bachmann said in his welcome speech.

“It is truly an honor to witness the convergence of our nation’s finest athletes, representing the wide spectrum of talent that makes our country unique and vibrant.

In the heart of every athlete lies a seed that grows in the pursuit of excellence and the passion to overcome challenges,” he added.

Competitions in archery, archery, athletics, badminton, 3x3 basketball, boxing, chess, dancesport, football, gymnastics, judo, karate, kickboxing, lawn tennis, muay thai, pencak silat, sepak takraw, swimming, table tennis, taekwondo, wrestling, weightlifting and wushu will be played in the big city while Tagaytay City hosts cycling and Santa Rosa has beach volleyball in Nuvali.

Following that win, it was totally different.

What a championship does for one’s confidence.

Against Colby Covington in UFC 296 this past Sunday, this is the sharpest that Edwards had been. There was precision in his strikes. Power in his strikes and leg kicks.

Granted that Covington is coming off a two-year lay-off and didn’t look like his old self, still…

Even the way noted mixed martial arts analyst Joe Rogan would talk during UFC 296, Tony Ferguson and Steven “Wonderboy” Thompson, underdogs as they were, were like this and like that.

Instead, Paddy Pimblett and Shavkat Rakhmonov won and looked really, really good.

Slides are due to many factors, but this is why sports are interesting and compelling. It makes for many stories.

Including…will Lewis Hamilton ever win again? Or even if Kamaru Usman is finished.

This is where you appreciate people like Muhammad Ali who even when done still came back to win.

And that is why he is the greatest.